/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/070914.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, September 14, 2007, Vol. 8, No. 183 Headlines A U S T R I A AKUDA BLUE: Wiener Neustadt Court Orders Business Shutdown ALMER BAUTRAGER: Claims Registration Period Ends Oct. 9 KEY INDUSTRIAL: Claims Registration Period Ends Oct. 3 MARASKA LLC: Claims Registration Period Ends Sept. 24 MET TRANSPORT: Claims Registration Period Ends Sept. 25 PREITE RAMONA: Feldkirch Court Orders Business Shutdown ROY HANDEL: Eisenstadt Court Orders Business Shutdown SEHO LLC: Linz Court Orders Business Shutdown B E L G I U M POLYONE CORP: Posts US$5.4 Million in Second Quarter 2007 POLYONE CORP: Taps Kedrowski as Senior VP of Operations D E N M A R K BLOCKBUSTER INC: Nick Shepherd to Step Down as CEO BLOCKBUSTER INC: Names Two New Senior Level Executives F I N L A N D DYNEA INT'L: Moody's Lifts Corporate Family Rating to B1 from B2 F R A N C E ALCATEL-LUCENT: To Expand Mobinil's Wireless Network in Egypt ALLIANCE ONE: Starts Exchange Offer for Senior Notes Due 2012 BOSTON SCIENTIFIC: Ray Elliot Joins Board of Directors G E R M A N Y ALERIS INTERNATIONAL: Completes Purchase of Wabash Alloys CHRYSLER LLC: May Drop Some Models Due to Market Slump, CEO Says CHRYSLER LLC: Boom in Russian Car Market Cues Expansion Plans DUNKER BAU: Claims Registration Period Ends Nov. 1 IF-CONSULTING PETER: Claims Registration Ends Oct. 26 ILSEDER MOEBELWERK: Claims Registration Ends October 31 JURAXX EUGEN: Claims Registration Period Ends Oct. 30 KS - ART & DESIGN: Claims Registration Ends October 31 L T V SCHOHL: Creditors' Meeting Slated for October 17 LUISE VOIGT: Claims Registration Ends Oct. 26 NDL-MOEBEL: Claims Registration Period Ends Sept. 27 NOVELL INC: Posts US$3.43 Mln Net Loss for Third Quarter 2007 PASAYA GMBH: Claims Registration Ends Oct. 26 PP SERVICES: Claims Registration Period Ends Oct. 30 PROVIDE VR 2002-1: S&P Lowers Ratings on Class E Notes to B R/N BAUPROJEKT: Claims Registration Period Ends Sept. 27 R.S. SPEDITION: Claims Registration Period Ends Sept. 28 RETTEL BAUTRAGER: Claims Registration Period Ends Sept. 28 SATIN HOLDING: Claims Registration Ends Oct. 26 UNITY AUTOVERMIETUNG: Claims Registration Ends October 31 UNIVERSAL DRUCK: Claims Registration Period Ends Oct. 30 I R E L A N D MERCATOR CLO: Moody's Rates EUR10.9 Mln Class B-2 Notes at Ba3 WINDMILL CLO: Moody's Rates EUR15 Mln Class E Notes at (P)Ba3 I T A L Y ALITALIA SPA: Posts EUR211.14 Mln Net Loss for First Half 2007 AVAGO TECH: Appoints Bian Ee Tan as Chief Operating Officer K A Z A K H S T A N ARLAN PLUS: Proof of Claim Deadline Slated for Oct. 21 KAZAKHGOLD GROUP: Extensive Gold Reserve Cues Fitch’s B IDR KAZAKHKONTRACT LLP: Creditors Must File Claims Oct. 19 KAZTRANSLOGISTICS LLP: Claims Filing Period Ends Oct. 19 LEGAL FINANCIAL: Creditors' Claims Due on Oct. 19 RENISANSSE LLP: Claims Registration Ends Oct. 19 SKAD & K: Proof of Claim Deadline Slated for Oct. 21 TOHNUR LLP: Creditors Must File Claims Oct. 21 UCHASTOK STROITELSTVA: Claims Filing Period Ends Oct. 21 K Y R G Y Z S T A N AL-MASHRIG LLC: Creditors Must File Claims by October 24 P O L A N D ELEKTRIM SA: Court Orders Asset Sale to Repay PLN4.58 Bln Debt ELEKTRIM SA: KNF Calls for Share Bid Ahead of WSE Withdrawal R U S S I A AVTO-REM-LES: Creditors Must File Claims by Oct. 25 BAYKAL LLC: Creditors Must File Claims by Sept. 18 CENTRAL ROADS: Creditors Must File Claims by Sept. 18 FINLAJN-S CJSC: Creditors Must File Claims by Sept. 18 KARAMASKALY-MIXED FODDER: Creditors Must File Claims by Sept. 18 KEY-CONSULTING CJSC: Creditors Must File Claims by Sept. 18 KHLEVENSKOE TRANSPORT: Creditors Must File Claims by Sept. 18 KVINTA-HOLDING CJSC: Bankruptcy Hearing Slated for Dec. 17 OVOSHEVOD CJSC: Creditors Must File Claims by Oct. 25 SIB-KHIM-TORG: Creditors Must File Claims by Sept. 18 STANEKO OJSC: Court Names A. Dordzhiev as Insolvency Manager TERSA CJSC: Final Bidding Deadline Slated for Sept. 19 URALSKIY FOUNDATION: Creditors Must File Claims by Oct. 18 UST’-ISHIM-LES-PROM: Creditors Must File Claims by Oct. 18 VENICE LLC: Creditors Must File Claims by Sept. 18 S P A I N UTSTARCOM INC: Inks Multi-Year Contract with Power Bell S W I T Z E R L A N D ALBERT AEBERLI: Creditors' Liquidation Claims Due September 28 FUN MAXX: Aargau Court Starts Bankruptcy Proceedings GRUTH IMMOBILIEN: Claims Registration Period Ends September 24 INVOLVO HOLDING: Aargau Court Starts Bankruptcy Proceedings NIEVERGELT ELEKTRO: Claims Registration Period Ends September 24 T U R K E Y EREGLI DEMIR: Earns TRY375.8 Million in First Half 2007 EREGLI DEMIR: Moody's Assigns Ba3 Corporate Family Rating FINANSBANK: Fitch Affirms BB IDR with Stable Outlook KUVEYT TURK: Fitch Affirms IDR at B with Stable Outlook U K R A I N E ALVARI LLC: Creditors Must File Claims by September 15 BUKOVINA LLC: Creditors Must File Claims by September 15 COMMUNE FARM: Claims Submission Deadline Set September 15 GOODYEAR TIRE: Hires Mark Purtilar as Chief Procurement Officer INTERSTYLE LLC: Creditors Must File Claims by September 15 ISD FINANCE: Fitch Withdraws B+ Ratings on Postponed Loan ISLE OF CAPRI: Names Marketing & Human Resources Senior VPs LUCITE INT’L: S&P Holds B+ Ratings; Changes Outlook to Negative MRKS IMPEX: Creditors Must File Claims by September 15 NOVA LLC: Creditors Must File Claims by September 15 RHINEBRIDGE PLC: S&P Junks Combo Notes; Placed on Watch Negative SKIF LLC: Creditors Must File Claims by September 15 SPACE WEST: Creditors Must File Claims by September 15 TULTCHINAL AGRICULTURAL: Creditors Must File Claims by Sept. 15 UKRAINE LLC: Creditors Must File Claims by September 15 U N I T E D K I N G D O M BALLY TOTAL: Files Supplement to Modified First Amended Plan BALLY TOTAL: AGT Crunch, et al. Balk at Modified Plan BALLY TOTAL: Asks Court to Deny Prepayment of Premium Claims BAYSWATER TUBES: Calls In Liquidators from BDO Stoy Hayward CANWEST MEDIAWORKS: Merger Public Hearing Moved to November 19 DAVID HIAM: Joint Liquidators Take Over Operations EAGLE-PICHER HILLSDALE: Appoints Liquidators from Cooper Parry EAGLE-PICHER UK: Brings In Liquidators from Cooper Parry GENERAL MOTORS: Has Until Midnight to Finalize Deal with UAW GENERAL MOTORS: Projects Russia as Biggest Car Market in Europe MATERIALS HANDLING: Claims Filing Period Ends October 1 RENOIR JEWELS: Hires Liquidators from BDO Stoy Hayward SEA CONTAINERS: Seeks Extension of Plan-filing Period to Dec. 21 TOTAL MARKETING: Taps Liquidators from BDO Stoy Hayward VECTA CORPORATION: Brings In Liquidators from KPMG * BOOK REVIEW: Investing in Junk Bonds: Inside the High Yield Debt Market ********* ============= A U S T R I A ============= AKUDA BLUE: Wiener Neustadt Court Orders Business Shutdown ---------------------------------------------------------- The Land Court of Wiener Neustadt entered Aug. 13 an order shutting down the business of LLC Akuda blue Water and Holidays (FN 31726g). Court-appointed estate administrator Thomas Wanek 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. Thomas Wanek Hochstrasse 31 2380 Perchtoldsdorf Austria Tel: 01/86 93 888 Fax: 01/8691660 33 E-mail: anwalt@aon.at Headquartered in Moedling, Austria, the Debtor declared bankruptcy on Aug. 1 (Bankr. Case No 11 S 88/07p). ALMER BAUTRAGER: Claims Registration Period Ends Oct. 9 ------------------------------------------------------- Creditors owed money by LLC Almer Bautrager (fka LLC Panda Bautrager)(FN 183986v) have until Oct. 9 to file written proofs of claim to court-appointed estate administrator Joerg Beirer at: Dr. Joerg Beirer c/o Dr. Michael Lentsch Hauptplatz 32 2700 Wiener Neustadt Austria Tel: 02622/27041 Fax: 02622/29246 E-mail: beirer@kosch-partner.at office@kosch-partner.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:30 a.m. on Oct. 23 for the examination of claims. The meeting of creditors will be held at: The Land Court of Wiener Neustadt Room 15 Wiener Neustadt Austria Headquartered in Moedling, Austria, the Debtor declared bankruptcy on Aug. 13 (Bankr. Case No. 11 S 94/07w). Michael Lentsch represents Dr. Beirer in the bankruptcy proceedings. KEY INDUSTRIAL: Claims Registration Period Ends Oct. 3 ------------------------------------------------------ Creditors owed money by LLC key industrial solutions (FN 247802s) have until Oct. 3 to file written proofs of claim to court-appointed estate administrator Ute Toifl at: Dr. Ute Toifl c/o Mag. Astrid A. Haider Tuchlauben 12/20 1010 Vienna Austria Tel: 01/535 46 11 Fax: 01/535 46 11 11 E-mail: haider@thr.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on Oct. 17 for the examination of claims. The meeting of creditors will be held at: The Land Court of Korneuburg Room 204 Second Floor Korneuburg Austria Headquartered in Klosterneuburg, Austria, the Debtor declared bankruptcy on Aug. 13 (Bankr. Case No. 36 S 103/07z). Astrid A. Haider represents Dr. Toifl in the bankruptcy proceedings. MARASKA LLC: Claims Registration Period Ends Sept. 24 ----------------------------------------------------- Creditors owed money by LLC Maraska (FN 232702i) have until Sept. 24 to file written proofs of claim to court-appointed estate administrator Martin Beck at: Mag. Martin Beck Franz Liszt-Gasse 1 7000 Eisenstadt Austria Tel: 02682/62468 Fax: 02682/66214 E-mail: office@wirhabenrecht.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:15 a.m. on Oct. 8 for the examination of claims. The meeting of creditors will be held at: The Land Court of Eisenstadt Hall F Eisenstadt Austria Headquartered in Eisenstadt, Austria, the Debtor declared bankruptcy on Aug. 13 (Bankr. Case No. 26 S 84/07s). MET TRANSPORT: Claims Registration Period Ends Sept. 25 ------------------------------------------------------- Creditors owed money by LLC Met Transport (FN 221701g) have until Sept. 25 to file written proofs of claim to court- appointed estate administrator Adolf Leeb at: Dr. Adolf Leeb LLC GT Masseverwaltung Petersgasse 128a 8010 Graz Austria Tel: 0316/4780-300 Fax: 0316/4780-5311 E-mail: adolf.leeb@grazertreuhand.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on Oct. 4 for the examination of claims. The meeting of creditors will be held at: The Land Court of Graz Room 222 Second Floor Graz Austria Headquartered in Werndorf, Austria, the Debtor declared bankruptcy on Aug. 13 (Bankr. Case No. 26 S 61/07a). PREITE RAMONA: Feldkirch Court Orders Business Shutdown ------------------------------------------------------- The Land Court of Feldkirch entered Aug. 13 an order shutting down the business of KEG Preite Ramona (FN 265463m). Court-appointed estate administrator Lukas Pfefferkorn recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Mag. Lukas Pfefferkorn c/o Dr. Michael Kaufmann Schulgasse 7 6850 Dornbirn Austria Tel: 05572/20210 Fax: 05572/34414 E-mail: office@ktg.at Headquartered in Feldkirch, Austria, the Debtor declared bankruptcy on Aug. 8 (Bankr. Case No 13 S 41/07w). Michael Kaufmann represents Mag. Pfefferkorn in the bankruptcy proceedings. ROY HANDEL: Eisenstadt Court Orders Business Shutdown ----------------------------------------------------- The Land Court of Eisenstadt entered Aug. 13 an order shutting down the business of LLC ROY Handel (FN 287329v). Court-appointed estate administrator Peter Hajek 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 Hajek Blumengasse 5 7000 Eisenstadt Austria Tel: 02682/63108 Fax: 02682/65640 E-mail: eisenstadt@hbw.co.at Headquartered in Bad Sauerbrunn, Austria, the Debtor declared bankruptcy on Aug. 1 (Bankr. Case No 26 S 111/07m). SEHO LLC: Linz Court Orders Business Shutdown --------------------------------------------- The Land Court of Linz entered Aug. 13 an order shutting down the business of LLC SEHO (FN 278551i). Court-appointed estate administrator Guenther Grassner recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Dr. Guenther Grassner c/o Dr. Norbert Mooseder Suedtirolerstrasse 4-6 4020 Linz Austria Tel: 70 77 08 15 Fax: 70 77 08 16 E-mail: lawfirm@gltp.at Headquartered in Neuhaus an der Donau, Austria, the Debtor declared bankruptcy on Aug. 8 (Bankr. Case No 12 S 65/07g). Norbert Mooseder represents Dr. Grassner in the bankruptcy proceedings. ============= B E L G I U M ============= POLYONE CORP: Posts US$5.4 Million in Second Quarter 2007 --------------------------------------------------------- PolyOne Corporation reported its unaudited results for the second quarter ended June 30, 2007, and for the first half of 2007. For the second quarter ended June 30, 2007, the company registered a net loss of US$5.4 million compared with the US$42.5-million net income in the same quarter last year. Sales in the second quarter of 2007 reached US$688.8 million, up 5% from the first quarter of 2007 and flat compared with second- quarter 2006 sales. PolyOne reported a US$0.06 per share loss in the quarter. Second quarter 2007 earnings included special items, of which US$0.15 per share were charges associated with the divestment of the Oxy Vinyls, L.P. (OxyVinyls) joint venture, which was sold on July 6, 2007, and the premium costs associated with the redemption of US$100 million of the company's 10.625% Senior Notes due 2010. Adjusting for the above and other special items, the Company earned US$0.10 per share. For the second quarter of 2006, the company earned US$0.46 per share. The year-over-year decline in second quarter 2007 earnings is primarily attributable to: -- The July 6, 2007, strategic divestment of the OxyVinyls joint venture and the redemption of US$100 million of the company's 10.625% Senior Notes due in 2010, which in combination resulted in charges of US$22.3 million; -- Lower income from the Resin and Intermediates (R&I) joint ventures (US$17.0 million) and the Vinyl Business segment (US$6.7 million); -- Non-recurring benefits to second quarter 2006 results that included one-time insurance, legal settlements and adjustments to related reserves of US$8.4 million; and -- A reversal totaling US$14.1 million of a deferred tax allowance associated with domestic earnings when compared to the second quarter of 2006. A marked downward shift in residential building and construction demand drove OxyVinyls earnings down US$40.4 million, dropping from US$41.3 million for the first six months of 2006 to US$0.9 million for same period in 2007. As previously noted, on July 6, 2007, the company divested its OxyVinyls equity interest for US$261 million in cash. With a portion of the net proceeds from the OxyVinyls divestment, the company has called for redemption on August 9, 2007, of the entire outstanding balance of US$141.4 million of its 10.625% Senior Notes due 2010. The cumulative elimination of US$241.4 million of these Senior Notes in the second and third quarters of 2007 will lower annual interest expense by approximately US$25 million in 2008 compared with 2006, with the company realizing an anticipated US$5 million interest expense reduction in the third quarter 2007 compared to the second quarter. "While the downturn in construction and residential housing significantly affected our R&I joint ventures and Vinyl Business in North America, we are encouraged by the operating performance in our non-vinyl businesses," said Stephen D. Newlin, chairman, president and chief executive officer. "Second quarter operating income for the four businesses that comprise the All Other business segment improved 60%, led by increased gross margins realized through specialization efforts. Additionally, in the second quarter, North American Color and Additives turned profitable and our International Color and Engineered Materials segment delivered double-digit sales and earnings growth." For the second quarter of 2007, PolyOne reported operating income of US$12.4 million and gross margin of 12.3%, down from the same period in 2006, primarily due to weakness in the chloro-vinyl businesses. Gross margin in the Vinyl Business segment declined due to continued softness in residential construction demand. Operating income in the aggregate for the Company's non- vinyl operating segments increased 33%, or US$4.8 million, compared to the second quarter of 2006. Reflecting progress from the Company's specialization strategy, aggregate gross margin as a percentage of sales for these businesses improved 1.2 percentage points to 12.7% compared with the same period a year ago. Newlin added, "Although much work remains in our transformation, our strategies are delivering results earlier than anticipated. Moreover, with the divestment of our interest in the OxyVinyls joint venture, we have significantly reduced our exposure to the building and construction end markets, eliminated a major source of earnings volatility and reduced our debt. We now have increased flexibility to explore new value-creating opportunities for the company in support of our strategy." Third-quarter 2007 Business Outlook PolyOne anticipates that the overall North American economic environment in the third quarter of 2007 will continue to be challenging and reflect only modest improvement compared with the second quarter of 2007. North American construction and automotive demand are projected to remain weak and below third quarter 2006 levels. Consequently, Vinyl Business sales are expected to be flat sequentially, but decline up to 10% compared with the third quarter of 2006. Aggregate non-Vinyl business sales, on the other hand, are anticipated to grow 6% to 9% compared with the third quarter of 2006. In particular, solid demand is expected in most key international markets, driving continued growth in sales and earnings. Total gross margin is projected to increase year-over-year reflecting early benefits from the company's specialization strategy. SunBelt earnings are anticipated to decline moderately compared with the prior year, but overall chlor-alkali margins are projected to remain relatively strong. After the divestment on July 6, 2007, OxyVinyls results will no longer be reported. In the third quarter of 2006, the company realized US$6.8 million net benefit from legal settlements and adjustments to related reserves. The company does not anticipate realizing a similar benefit this year. The Company anticipates that third quarter "Corporate and eliminations," excluding non-operational charges, should be consistent with the first half 2007 average. The Company projects that interest expense for the third quarter will decline approximately US$5 million sequentially as a result of its planned redemption on August 9, 2007, of the outstanding balance of the 10.625% Senior Notes due 2010. The completion of the OxyVinyls divestiture will result in a US$31.5 million non-recurring tax benefit in the third quarter from the reversal of deferred tax liabilities. Partially offsetting this benefit will be debt premium costs and the write-off of unamortized debt issuance fees associated with the redemption of the US$141.4 million outstanding balance of the Senior Notes as well as other factors that should total approximately US$10.5 million. Consistent with the first and second quarters of this year, the company will record tax expense related to domestic earnings in the third quarter of 2007 in contrast with the same period in 2006. Recording this tax expense will not affect cash flow due to PolyOne's remaining domestic net operating loss carry- forwards. Cash taxes will continue to be associated principally with non-U.S. earnings. As of June 30, 2007, the company's balance sheet shows total assets of US$1.76 million and US$1.16 million of total liabilities, resulting in a shareholders' equity of US$601 thousand. About PolyOne Headquartered in Avon Lake, Ohio, PolyOne Corp. -- http://www.polyone.com/-- is a global compounding and North American distribution company with operations in thermoplastic compounds, specialty polyvinyl chloride (PVC) vinyl resins, specialty polymer formulations, color and additive systems, and thermoplastic resin distribution, with equity investments in manufacturers of PVC resin and its intermediates. The company has 53 manufacturing sites and 14 warehouses in North America, Europe and Asia. The company maintains operations in China, Colombia, Thailand, Singapore, Belgium, Denmark, France, the United Kingdom, among others. * * * As reported in the Troubled Company Reporter on July 13, 2007, Fitch Ratings upgraded PolyOne Corporation's Issuer Default Rating to 'BB-' from 'B', Senior unsecured debt and debentures to 'BB-' from 'B+/RR3', and rating outlook to stable. POLYONE CORP: Taps Kedrowski as Senior VP of Operations ------------------------------------------------------- On September 10, 2007, Tom Kedrowski was appointed as PolyOne Corporation's senior vice president of operations Prior to joining PolyOne, Mr. Kedrowski served as vice president for the H.B. Fuller Company, where he served in various executive-level leadership positions, both domestically and internationally, during his 24-years with the company. "Tom is a seasoned, global executive leader with an exceptionally strong background in manufacturing, supply chain strategy and Lean Six Sigma implementation. He brings to PolyOne an extremely high level of senior expertise in operational excellence that will drive continuous improvements throughout our manufacturing, sourcing, logistics and supply chain organizations," said Stephen D. Newlin, PolyOne's chairman, president and chief executive officer. "With the addition of Tom, we have further strengthened our talented leadership team in our relentless pursuit to drive our strategic direction." Kedrowski began his career at H.B. Fuller as a chemist and applications engineer. He advanced to several executive level operations and business leader positions and also headed up key roles in Asia Pacific and Japan for the company. In addition, he served as vice president of Global Operations and Lean Six Sigma Deployment Champion. About PolyOne Headquartered in Avon Lake, Ohio, PolyOne Corp. -- http://www.polyone.com/-- is a global compounding and North American distribution company with operations in thermoplastic compounds, specialty polyvinyl chloride (PVC) vinyl resins, specialty polymer formulations, color and additive systems, and thermoplastic resin distribution, with equity investments in manufacturers of PVC resin and its intermediates. The company has 53 manufacturing sites and 14 warehouses in North America, Europe and Asia. The company maintains operations in China, Colombia, Thailand and Singapore. * * * As reported in the Troubled Company Reporter on July 13, 2007, Fitch Ratings upgraded PolyOne Corporation's Issuer Default Rating to 'BB-' from 'B', Senior unsecured debt and debentures to 'BB-' from 'B+/RR3', and rating outlook to stable. ============= D E N M A R K ============= BLOCKBUSTER INC: Names Two New Senior Level Executives ------------------------------------------------------ Blockbuster Inc. has appointed two senior level executives to its management team. Keith Morrow has been named Chief Information Officer for the company, and David Podeschi has been named Senior Vice President, Merchandising, Distribution and Logistics. A veteran IT executive known for his ability to develop innovative technology solutions, especially in retail environments, Mr. Morrow was most recently the Chief Information Officer and Senior Vice President of Information Systems at 7- Eleven Inc. where he was responsible for leading the company's North American information technology activities. Prior to his tenure with 7-Eleven, Mr. Morrow held senior management positions with Associates First Capital Corporation (now CitiFinancial) and ADP, one of the nation's largest human resources and payroll services companies. With more than 30 years of experience in the retail industry, Mr. Podeschi most recently served as the Senior Vice President, Merchandising and Logistics at 7-Eleven Inc., where he was responsible for all merchandising, marketing and supply-chain processes for the convenience store company. Messrs. Morrow and Podeschi were both part of the 7-Eleven executive team that was widely regarded for its implementation of creative retail system technologies, innovative distribution logistics, and a collaborative approach with product suppliers, which resulted in the unprecedented introduction of new products and services for the convenience store chain. Their efforts, along with those of current Blockbuster Chairman and CEO Jim Keyes, also resulted in 7-Eleven's record sales and profits during Keyes' tenure as CEO of that company from 2000 to 2005. "I am delighted to welcome Keith and David to the Blockbuster management team," said Jim Keyes, Blockbuster Chairman and CEO. "Their extensive experience in their respective fields, their creative approach to providing business solutions and their proven leadership skills should greatly contribute to our efforts to transform Blockbuster into a brand that can deliver media content to consumers in an ever growing variety of ways." Mr. Morrow holds a Bachelor of Science degree in Business Management and an MBA with an emphasis in e-commerce from Dallas Baptist University. He also serves on the board of the State of Texas Department of Information Resources. Mr. Podeschi received a Bachelor of Arts degree in Communications from St. Louis University and serves on the board of the Dallas Chapter of the Juvenile Diabetes Research Foundation. About Blockbuster Inc. Headquartered in Dallas, Texas, Blockbuster Inc. (NYSE: BBI, BBI.B) -- http://www.blockbuster.com/-- provides in-home movie and game entertainment, with more than 9,000 stores throughout the Americas, Europe, Asia and Australia. The company maintains operations in Brazil, Mexico, Denmark, Italy, Taiwan, Australia, among others. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 8, 2007, Moody's Investors Service downgraded Blockbuster Inc.'s corporate family rating to Caa1, its senior secured credit facilities to B3, and speculative grade liquidity rating to SGL-4. In addition, Moody's affirmed the senior subordinated notes rating at Caa2. Moody's said the rating outlook remains negative. BLOCKBUSTER INC: Nick Shepherd to Step Down as CEO -------------------------------------------------- Blockbuster Inc. has announced that Nick Shepherd, Senior Executive Vice President and Chief Operating Officer, will leave the company at the end of this month. "The Board of Directors and I greatly appreciate the leadership Nick has provided to the company and the major role he has played in helping us lay the foundation for the transformation of Blockbuster from a video retailer into a company that provides completely convenient access to media entertainment," said Jim Keyes, Blockbuster Chairman and CEO. "I am personally grateful for Nick's support during my early days here at the Company and wish him well in his new endeavors." Mr. Shepherd joined Blockbuster in 1995 as managing director of the company's United Kingdom business and subsequently served in several executive positions including senior vice president international, chief marketing and merchandising officer, and president worldwide stores. About Blockbuster Inc. Headquartered in Dallas, Texas, Blockbuster Inc. (NYSE: BBI, BBI.B) -- http://www.blockbuster.com/-- provides in-home movie and game entertainment, with more than 9,000 stores throughout the Americas, Europe, Asia and Australia. The company maintains operations in Brazil, Mexico, Denmark, Italy, Taiwan, Australia, among others. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 8, 2007, Moody's Investors Service downgraded Blockbuster Inc.'s corporate family rating to Caa1, its senior secured credit facilities to B3, and speculative grade liquidity rating to SGL-4. In addition, Moody's affirmed the senior subordinated notes rating at Caa2. Moody's said the rating outlook remains negative. ============= F I N L A N D ============= DYNEA INT'L: Moody's Lifts Corporate Family Rating to B1 from B2 ---------------------------------------------------------------- Moody's Investors Service has upgraded the corporate family rating of Dynea International OY to B1 from B2. The outlook is stable. The rating action is supported by the significant deleveraging of the group and the renegotiation of the terms of the remaining bank facility allowing greater operational flexibility, as well as an overall reduction in business risk profile of the group following its timely disposal of the North American operations that were reliant to a large extent on the performance of the US construction and housing market. Dynea has sold its North American operations to Teachers' Private Capital for US$350 million. The transaction was closed on July 11, 2007. North America accounted for almost 40% of LTM April 2007 group sales and 41% of the group's EBITDA. The proceeds from the disposal were largely applied to debt reduction with pro-forma debt post closing declining to EUR229 million from EUR460 million at the end of 2006 leading to a substantial improvement in debt and cash flow metrics. The rating outlook is stable reflecting Moody's expectation that Dynea's debt and cash flow metrics will remain strong and will allow Dynea to maintain its financial flexibility and pursue its strategy of organic growth and small bolt-on acquisitions. Moody's notes that the current rating would come under further upward pressure if the company's EBITDA and cash flow generation were to strengthen with Debt / EBITDA dropping below 3.0 and Adjusted RCF / Adjusted Debt of more than 25% on a sustainable basis. These ratings were upgraded from B2 to B1: -- Corporate Family Rating -- Probability of Default Rating Headquartered in Helsinki, Finland, Dynea International Oy -- http://www.dynea.com/-- provides adhesion and surfacing solutions. In 2005, Dynea International had revenues of EUR1.2 billion. After the transaction Dynea International has 39 production units and some 2,200 employees in 23 countries in Europe, Asia Pacific and Brazil in South America. =========== F R A N C E =========== ALCATEL-LUCENT: To Expand Mobinil's Wireless Network in Egypt ------------------------------------------------------------- Alcatel-Lucent disclosed a turnkey contract with Mobinil, Egypt's leading mobile operator. This multi-million euro contract covers wireless and convergence solutions that will further improve the quality of Mobinil's network and extend its coverage throughout the country, bringing mobile services to a greater number of people. Alcatel-Lucent will expand and enhance Mobinil's wireless network with the latest generation of Enhanced GSM radio solutions, dramatically increasing data transfer speeds while reducing operating expenses, helping the operator meet growing demand for its services. These solutions enable high performance in a new compact design that offers Mobinil exceptional flexibility in introducing new advanced multimedia services on its existing radio access network, including the expansion of its mobile Internet service. The upgraded GSM network will be operational by the end of the third quarter 2007. "Rapidly evolving market conditions combined with the ongoing introduction of innovative subscriber services and applications dictate the need for a high degree of flexibility and scalability in terms of our network infrastructure," said Alex Shalaby of Mobinil. "We are confident that with Alcatel- Lucent's cutting-edge solutions and service support we are fully prepared for future network evolutions, including the introduction of 3G and WiMAX technologies." "This agreement further confirms Mobinil's confidence in Alcatel-Lucent's industry-leading solutions and service support capabilities, and highlights the strong relationship our companies have maintained since the establishment of the Mobinil network in 1998," said Olivier Picard, President for Europe and South. "We will devote all our efforts to delivering the best- in-class turnkey solution to Mobinil to help it enhance the high quality of service it is committed to providing its subscribers. This new contract reinforces Alcatel-Lucent's worldwide leadership in mobile broadband and its leading position in the Middle East market." Under the terms of the contract, Alcatel-Lucent will provide its end-to-end Enhanced GSM solution comprising the Base Station Subsystem -- including Alcatel-Lucent's ATCA-based 9130 BSC/MFS and TWIN Transceiver -- and a new generation of microwave transmission system that provide fast and efficient transport of voice and data traffic between base stations and the core network. Alcatel-Lucent also will supply Mobinil with Convergence solutions including High Capacity Core Switching and Intelligent Network extensions. Alcatel-Lucent will provide a range of services including network management, architecture and design, technical support, radio optimization and managed services. In 2007 Alcatel-Lucent introduced a completely renovated Enhanced GSM family of products designed to satisfy two formerly conflicting demands: the need to address the ever-growing demand for network capacity resulting from the explosion of voice and data traffic in urban areas, and the need to expand coverage in rural environments, primarily for lower income customers. To meet these needs, Alcatel-Lucent's evolutionary platforms have been designed to dramatically reduce capital and operating expenses for operators, while protecting their investments through the ability to support more advanced, emerging technologies in the future. Alcatel-Lucent is a leading player in the GSM market with more than 170 customers in more than 90 countries. The company is also the world's leading manufacturer of microwave transmission equipment, with more than one-half million microwave radios delivered worldwide, including low, medium and high capacity microwave radios for voice, video and data communications. About Mobinil Since its inception in May 1998, Mobinil has strived to maintain its position as the leading Mobile service operator in Egypt. Honoring the trust of 13 million customers, Mobinil is committed to being the leading Mobile service provider in Egypt, providing the best quality service for our customers, the best working environment for our employees, top value for our shareholders, and proudly contributing to the development of the community. Its shareholders, Orange and Orascom Telecom Holding are international leaders in the realm of telecommunications. Mobinil has benefited from years of experience in an international context to become the largest wireless service provider in the Middle East. About Alcatel-Lucent Headquartered in Paris, France, Alcatel-Lucent -- http://www.alcatel-lucent.com/-- provides solutions that enable service providers, enterprises and governments worldwide to deliver voice, data and video communication services to end users. Alcatel-Lucent maintains operations in 130 countries, including, Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada, United States, Costa Rica, Dominican Republic, El Salvador, Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and Cambodia. On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed their merger transaction, and began operations as a communication solutions provider under the name Alcatel-Lucent on Dec. 1, 2006. * * * As reported on April 13, 2007, Fitch Ratings affirmed Alcatel- Lucent's ratings at Issuer Default 'BB' with a Stable Outlook, senior unsecured 'BB' and Short-term 'F2' and simultaneously withdrawn them. As of Feb. 7, 2007, Moody's Investor Services put a Ba2 rating on Alcatel's Corporate Family and Senior Debt rating. Lucent carries Moody's B1 Senior Debt rating and B2 Subordinated debt & trust preferred rating. Alcatel-Lucent's Long-Term Corporate Credit rating and Senior Unsecured Debt carry Standard & Poor's Ratings Services' BB rating. Its Short-Term Corporate Credit rating stands at B. ALLIANCE ONE: Starts Exchange Offer for Senior Notes Due 2012 ------------------------------------------------------------- Alliance One International, Inc. has commenced an exchange offer for all of its outstanding 8-1/2% Senior Notes due 2012. The company is offering to exchange up to US$150,000,000 aggregate principal amount of its 8-1/2% Senior Notes due 2012 which have been registered under the Securities Act of 1933, as amended, for a like principal amount of its original unregistered 8-1/2% Senior Notes due 2012. The terms of the exchange securities are identical in all material respects to the terms of the original securities for which they are being exchanged, except that the registration rights and the transfer restrictions, applicable to the original securities are not applicable to the exchange securities. Alliance One will accept for exchange any and all original securities validly tendered on or prior to 5:00 p.m., New York City time, on the date the exchange offer expires, which will be October 1, 2007, unless the exchange offer is extended by the company. The exchange offer is made only pursuant to Alliance One's prospectus, dated August 30, 2007, which will be filed with the Securities and Exchange Commission as part of Alliance One's Registration Statement on Form S-4. The Registration Statement was declared effective by the Securities and Exchange Commission on August 29, 2007. Copies of the prospectus and transmittal materials governing the exchange offer may be obtained from the Exchange Agent, Deutsche Bank Trust Company Americas, at the following address: Deutsche Bank Trust Company Americas DB Services Tennessee, Inc. Reorganization Unit P.O. Box 305050 Nashville, Tennessee 37211 Phone (800) 735-7777 Fax: (615) 835-3701 e-mail: SPU-Reorg.Operations@db.com. About Alliance One Based in Morrisville, North Carolina, Alliance One International, Inc. (NYSE:AOI) -- http://www.aointl.com/-- is a leaf tobacco merchant. The company has worldwide operations, including those in Indonesia, Argentina, Brazil, Bulgaria, Canada, China, France, India, Philippines, Malaysia, and Singapore. * * * The Troubled Company Reporter-Asia Pacific reported on Sept. 29, 2006, that in connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the US Consumer Products, Beverage, Toy, Natural Product Processors, Packaged Food Processors and Agricultural Cooperative sectors, the rating agency confirmed its B2 Corporate Family Rating for Alliance One International, Inc., and upgraded its B2 rating on the company's US$300 million senior secured revolver to B1. In addition, Moody's assigned an LGD3 rating to notes, suggesting note holders will experience a 37% loss in the event of a default. BOSTON SCIENTIFIC: Ray Elliot Joins Board of Directors ------------------------------------------------------ Boston Scientific Corporation's board of directors has elected Ray Elliott as a director, increasing the Boston Scientific board to 15 members. Mr. Elliott, 58, is chairman of the board of Zimmer Holdings Inc. He served as chairman, president and chief executive officer of Zimmer from 2001 to 2007, and president of Zimmer since 1997. Mr. Elliott has operating and director experience in medical devices, orthopaedics and other industries. Prior to his roles at Zimmer, Mr. Elliott was president and chief executive officer of Cybex International Inc. Before assuming his role at Cybex, he was a president and chief operating officer of Southam Inc., and group president of John Labatt Ltd. He served for 15 years in a number of executive capacities with American Hospital Supply Corporation, a predecessor to Baxter International, including President of their Far East divisions in Tokyo. He holds a B.A. from the University of Western Ontario. "Ray is a highly regarded health care industry executive who has successfully led complex global businesses for more than 20 years," Pete Nicholas, chairman of the board of Boston Scientific, said. "He has a keen understanding of the role of technology in improving health outcomes, and he will bring a wealth of valuable experience to our board. We are pleased to welcome Ray to Boston Scientific." About Boston Scientific Headquartered in Natick, Massachusetts, Boston Scientific Corporation (NYSE: BSX) -- http://www.bostonscientific.com/-- develops, manufactures and markets medical devices used in a broad range of interventional medical specialties. The company has offices in Argentina, Chile, France, Germany, and Japan. * * * As reported in the Troubled Company Reporter on Aug. 28, 2007, Standard & Poor's Ratings Services said that its ratings on Boston Scientific Corporation, including the 'BB+' corporate credit rating, remain on CreditWatch with negative implications, where they were placed Aug. 3, 2007. Earlier, Fitch Ratings downgraded the rating on the company's 'BBB-' Senior Unsecured Notes to 'BB+'. The Outlook is Negative. ============= G E R M A N Y ============= ALERIS INTERNATIONAL: Completes Purchase of Wabash Alloys --------------------------------------------------------- Aleris International, Inc., has completed its purchase of Wabash Alloys, a producer of aluminum casting alloys and molten metal, from Connell Limited Partnership. Steve Demetriou, Chairman and Chief Executive Officer stated, "The combination of Wabash Alloys and our specification alloy business unit will create an organization well positioned to serve the needs of a broad customer base with enhanced processing capabilities." Headquartered in Beachwood, Ohio, Aleris International Inc. (NYSE: ARS) -- http://www.aleris.com/-- manufactures rolled aluminum products and offers aluminum recycling and the production of specification alloys. The company also manufactures value-added zinc products that include zinc oxide, zinc dust and zinc metal. The company operates 42 production facilities in the United States, Brazil, Germany, Mexico and Wales, and employs approximately 4,200 employees. * * * Standard & Poor's assigned Aleris International Inc. a B+ senior secured first-lien term loan rating and gave the company a '2' recovery rating after the report that the company increased the term loan by US$125 million. With the add-on, the total amount of the facility is now US$1.23 billion. CHRYSLER LLC: May Drop Some Models Due to Market Slump, CEO Says ---------------------------------------------------------------- Chrysler LLC is reviewing its restructuring plan in the wake of the downturn in the U.S. vehicle market and may stop producing some of its Chrysler, Dodge and Jeep models, The Financial Times reports, quoting Chrysler CEO Bob Nardelli. Mr. Nardelli told the Automotive Press Association in Detroit that his motto was “listen, learn and lead”, and that his “goal is not to slow things down but to speed things up -– a bias for decision,” FT relates. Meanwhile, Ron Gettelfinger, president of the United Auto Workers union, has expressed his confidence in the intentions of Chrysler LLC's new private equity owner, Reuters relates. The union leader believes in the assurance given by Stephen Feinberg, the founder of Cerberus Capital Management LLC, that he is committed to saving Chrysler rather than selling off its parts. "I am confident that they are not coming into this with an attitude of strip and flip," Mr. Gettelfinger said, Reuters notes. "I don't think they will own it forever, but they will take it public again, I assume," he added. About Chrysler LLC Headquartered in Auburn Hills, Michigan, Chrysler LLC -- http://www.chrysler.com/-- offers cars and minivans, pick-up trucks, sport utility vehicles, and vans under the Chrysler, Jeep, and Dodge brand names. It also sells parts and accessories under the MOPAR brand. The company has dealers worldwide, including Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil, Venezuela, China, Japan and Australia. Chrysler LLC is facing a difficult market environment in the United States with excess inventory, non-competitive legacy costs for employees and retirees, continuing high fuel prices and a stronger shift in demand toward smaller vehicles. At the same time, key competitors have further increased margin and volume pressures -- particularly on light trucks -- by making significant price concessions. In addition, increased interest rates caused higher sales & marketing expenses. * * * The TCR-Europe reported on Aug. 8, 2007, that Moody's Investors Service has affirmed Chrysler Automotive LLC's B3 Corporate Family Rating, and the Caa1 (LGD4, 66) rating of the company's US$2 billion senior secured, second lien term loan in connection with Monday's closing of Daimler Chrysler AG's sale of a majority interest of Chrysler Group to Cerberus Capital Management LLC. CHRYSLER LLC: Boom in Russian Car Market Cues Expansion Plans ------------------------------------------------------------- In line with Chrysler LLC's plans to keep up with growth in the Russian car market, it intends to establish a manufacturing presence in the country within the next two to four years, eyeing a potential partnership with another company, Reuters reports. "We're talking to some potential partners about that and those conversations are going well," said Mike Manley, Chrysler's executive vice president for international sales, marketing and business development, during an interview at the Frankfurt International Motor Show. Mr. Manley notes that even though Chrysler is a relatively tiny player in Russia -- selling 10,000 vehicles annually, or a fraction of the 250,000 sold by Russia’s import leader General Motors Corp. -- the company plans to harness growth in the country by introducing smaller vehicles and establishing a local production base, John D. Stoll writes for the Wall Street Journal. "Today in Russia, we import all of our vehicles," Mr. Manley said, adding "and we're growing ahead of the market. But as you look out at the next two, three, four years, it's clear that if you're going to continue to grow and continue to be successful, you need to be localized in that region," Reuters notes. Mr. Manley has revealed possible partners for Chrysler, including Chinese automaker Chery Automobile Co., a Chrysler ally, as well as Magna International Inc., the Canadian auto parts maker and vehicle assembler in which Russian billionaire Oleg Deripaska recently took a stake, Reuters relates. The growth in Russia was especially strong in the smaller car segments, particularly the so-called B segment, where Chrysler is trying to fill a gap in its line-up by a partnership with Chery, Reuters states, quoting Mr. Manley. He explained that Chrysler's relationship with Chery will enable both companies to develop a suitable B segment platform. About Chrysler LLC Headquartered in Auburn Hills, Michigan, Chrysler LLC -- http://www.chrysler.com/-- offers cars and minivans, pick-up trucks, sport utility vehicles, and vans under the Chrysler, Jeep, and Dodge brand names. It also sells parts and accessories under the MOPAR brand. The company has dealers worldwide, including Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil, Venezuela, China, Japan and Australia. Chrysler LLC is facing a difficult market environment in the United States with excess inventory, non-competitive legacy costs for employees and retirees, continuing high fuel prices and a stronger shift in demand toward smaller vehicles. At the same time, key competitors have further increased margin and volume pressures -- particularly on light trucks -- by making significant price concessions. In addition, increased interest rates caused higher sales & marketing expenses. * * * The TCR-Europe reported on Aug. 8, 2007, that Moody's Investors Service has affirmed Chrysler Automotive LLC's B3 Corporate Family Rating, and the Caa1 (LGD4, 66) rating of the company's US$2 billion senior secured, second lien term loan in connection with Monday's closing of Daimler Chrysler AG's sale of a majority interest of Chrysler Group to Cerberus Capital Management LLC. DUNKER BAU: Claims Registration Period Ends Nov. 1 -------------------------------------------------- Creditors of Dunker Bau GmbH have until Nov. 1 to register their claims with court-appointed insolvency manager Sandra Bach. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Dec. 7, 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 Neumuenster Meeting Hall B.126 Law Courts Boostedter Strasse 26 Neumuenster Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Sandra Bach Langenstuecken 34 22393 Hamburg Germany The District Court of Neumuenster opened bankruptcy proceedings against Dunker Bau GmbH on Aug. 28. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Dunker Bau GmbH Haberstrasse 27 24537 Neumuenster Germany IF-CONSULTING PETER: Claims Registration Ends Oct. 26 ----------------------------------------------------- Creditors of if-consulting peter schueler GmbH have until Oct. 26 to register their claims with court-appointed insolvency manager Gunther Neef. Creditors and other interested parties are encouraged to attend the meeting at 1:05 p.m. on Nov. 28, 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 Hof Meeting Hall 012 Ground Floor Berliner Platz 1 95030 Hof 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: Gunther Neef Bismarckstrasse 21 95028 Hof Germany Tel: 09281/140056 Fax: 09281/14005777 The District Court of Hof opened bankruptcy proceedings against if-consulting peter schueler GmbH on Aug. 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: if-consulting peter schueler GmbH Bachstr. 4 95176 Konrads Germany Attn: Peter Schueler Bachstr. 4 95176 Konrads Germany ILSEDER MOEBELWERK: Claims Registration Ends October 31 ------------------------------------------------------- Creditors of Ilseder Moebelwerk GmbH have until Oct. 31 to register their claims with court-appointed insolvency manager Dipl.-Ing. Paul Niederhagemann. Creditors and other interested parties are encouraged to attend the meeting at 8:45 a.m. on Nov. 21, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Gifhorn Hall 118 Schlossgarten 4 38518 Gifhorn 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: Dipl.-Ing. Paul Niederhagemann Witzlebenstrasse 123 29223 Celle Germany Tel: 05141/540890 Fax: 05141/540891 The District Court of Gifhorn opened bankruptcy proceedings against Ilseder Moebelwerk GmbH on Sept. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Ilseder Moebelwerk GmbH Attn: Karsten Winzer and Hermann Cassel, Managers Emilieschacht 10 31241 Ilsede/Bülten Germany JURAXX EUGEN: Claims Registration Period Ends Oct. 30 ----------------------------------------------------- Creditors of juraXX Eugen Boss Rechtsanwaltsgesellschaft mbH have until Oct. 30 to register their claims with court-appointed insolvency manager Dr. Christoph Schulte-Kaubruegger. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Nov. 30, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Dortmund Hall 3.201 Second Floor Gerichtsplatz 1 44135 Dortmund Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Christoph Schulte-Kaubruegger Koenigswall 21 44137 Dortmund Germany The District Court of Dortmund opened bankruptcy proceedings against juraXX Eugen Boss Rechtsanwaltsgesellschaft mbH on Sept. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: juraXX Eugen Boss Rechtsanwaltsgesellschaft mbH Hansastr. 30 44137 Dortmund Germany Attn: Eugen Boss, Manager Kirchhoerder Kopf 7 44229 Dortmund Germany KS - ART & DESIGN: Claims Registration Ends October 31 ------------------------------------------------------ Creditors of KS - Art & Design Kunst- und Rahmenhandel GmbH have until Oct. 31 to register their claims with court-appointed insolvency manager Ralph Schmid. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Nov. 21, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court Muenster Meeting Hall 101 B Gerichtsstr. 2-6 First Floor 48149 Muenster Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ralph Schmid Dülmener Str. 92 48653 Coesfeld Germany Tel: 02541/915-01 Fax: 02541-915600 The District Court of Muenster opened bankruptcy proceedings against KS - Art & Design Kunst- und Rahmenhandel GmbH on Aug. 28. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: KS - Art & Design Kunst- und Rahmenhandel GmbH Baumschulenweg 2 59348 Luedinghausen Germany Attn: Klaus Kersting, Manager Boesingskamp 10 48653 Coesfeld Germany L T V SCHOHL: Creditors' Meeting Slated for October 17 ------------------------------------------------------ The court-appointed insolvency manager for L T V Schohl GmbH Landschaftsgestaltung, Dr. Udo Michalsky will present his first report on the Company's insolvency proceedings at a creditors' meeting at 2:50 p.m. on Oct. 17. The meeting of creditors and other interested parties will be held at: The District Court of Saarbruecken Meeting Hall 24 Second Floor Vopeliusstrasse 2 66280 Sulzbach Germany The Court will also verify the claims set out in the insolvency manager's report at 2:15 p.m. on Nov. 28 at the same venue. Creditors have until Oct. 31 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Udo Michalsky Kaiserstrasse 77 66386 St. Ingbert Germany Tel: (06894) 3876 311 Fax: (06894) 382 185 The District Court of Saarbruecken opened bankruptcy proceedings against L T V Schohl GmbH Landschaftsgestaltung on Sept. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: L T V Schohl GmbH Landschaftsgestaltung Attn: Rosemarie Schohl, Manager Gass 12 66646 Marpingen Germany LUISE VOIGT: Claims Registration Ends Oct. 26 --------------------------------------------- Creditors of Luise Voigt GmbH have until Oct. 26 to register their claims with court-appointed insolvency manager Kai Roehler. Creditors and other interested parties are encouraged to attend the meeting at 1:27 p.m. on Nov. 27, 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 Hof Meeting Hall 012 Ground Floor Berliner Platz 1 95030 Hof 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: Kai Roehler Aussere Sulzbacher Str. 159 90491 Nuernberg Germany Tel: 0911/9593690 Fax: 0911/95936999 The District Court of Hof opened bankruptcy proceedings against Luise Voigt GmbH on Sept. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Luise Voigt GmbH Seulbitz 7 95126 Schwarzenbach Germany Attn: Thomas Voigt, Manager Kopfschlachterei Seulbitz Nr. 7 95126 Schwarzenbach/Saale Germany NDL-MOEBEL: Claims Registration Period Ends Sept. 27 ---------------------------------------------------- Creditors of NDL-Moebel GmbH & Co. KG have until Sept. 27 to register their claims with court-appointed insolvency manager Lucas F. Floether. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on Oct. 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 Magdeburg Hall 14 Justizzentrum Breiter Weg 203-206 39104 Magdeburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Lucas F. Floether Halberstadter Str. 55 39112 Magdeburg Germany Tel: 0391/5556840 Fax: 0391/5556849 E-mail: magdeburg@feigl.biz The District Court of Magdeburg opened bankruptcy proceedings against NDL-Moebel GmbH & Co. KG on Sept. 3. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: NDL-Moebel GmbH & Co. KG Stadtfeld 6 39167 Irxleben Germany NOVELL INC: Posts US$3.43 Mln Net Loss for Third Quarter 2007 ------------------------------------------------------------- Novell Inc. released its financial results for its third fiscal quarter ended July 31, 2007. Novell posted US$3.42 million in net losses on US243 million in net revenues for the third fiscal quarter 2007, compared with US$6.47 million in net losses on US$236 million in revenues for the same period in 2006. The loss available to common stockholders from continuing operations in the third fiscal quarter 2007 was US$3 million, or US$0.01 loss per common share. This compares to a loss available to common stockholders from continuing operations of US$17 million, or US$0.05 loss per common share, for the third fiscal quarter 2006. Foreign currency exchange rates favorably impacted total revenue by approximately US$4 million and negatively impacted the loss from operations by US$1 million year-over-year. On a non-GAAP basis, adjusted income from operations for the third fiscal quarter 2007 was US$12 million. This compares to non-GAAP adjusted income from operations of US$6 million in the same quarter in 2006. Non-GAAP adjusted income available to common stockholders from continuing operations for the third fiscal quarter 2007 was US$16 million, or US$0.05 per adjusted diluted common share. This compares to non-GAAP adjusted income available to common stockholders from continuing operations of US$24 million, or US$0.06 per adjusted diluted common share, for the third fiscal quarter 2006. For the third fiscal quarter 2007, Novell reported US$22 million of revenue from Open Platform Solutions of which US$21 million was from Linux Platform Products, up 77 percent year-over-year. Linux Platform Products invoicing was US$38 million, up 95% year-over-year. Revenue from Identity and Security Management was US$30 million of which Identity and Access Management was US$27 million, up 2%year-over-year. Revenue from Systems and Resource Management was US$35 million, up 4% year-over-year. Revenue from our Workgroup business unit declined 2% from the year-ago period to US$83 million. "We are encouraged by our Linux performance and the market's continued enthusiasm for our desktop to datacenter strategy," said Ron Hovsepian, president and CEO of Novell. "In addition, we are pleased with our operating margin expansion and progress on our strategic initiatives." Cash, cash equivalents and short-term investments were US$1.8 billion at July 31, 2007, consistent with last quarter. Days sales outstanding in accounts receivable was 74 days at the end of the third fiscal quarter 2007, down from 88 days at the end of the year-ago quarter. Total deferred revenue was US$734 million at the end of the third fiscal quarter 2007, up US$343 million, or 88 percent, from July 31, 2006. Cash flow from operations was US$26 million for the third fiscal quarter 2007, compared to US$36 million in the third fiscal quarter 2006. Financial Outlook Novell management issues these financial guidance: For the full fiscal year 2007: -- net revenue is expected to be between US$925 million and US$955 million, in line with prior guidance; -- on a non-GAAP basis, adjusted income from operations is expected to exceed previously stated guidance of between break-even and US$10 million; and -- Novell reiterates fiscal 2007 non-GAAP exit rate operating margin, as defined below, of between 5% and 7%. About Novell Inc. Headquartered in Waltham, Massachusetts, Novell Inc. (Nasdaq: NOVL) -- http://www.novell.com/-- delivers infrastructure software for the Open Enterprise based on Linux. With more than 50,000 customers in 43 countries, Novell helps customers manage, simplify, secure and integrate their technology environments by leveraging best-of-breed, open standards-based software. The company has offices in Australia, Argentina, Austria, Belgium, Brazil, China, Czech Republic, Finland, Germany, Hong Kong, Hungary, India, Ireland, Japan, Luxembourg, Malaysia, Netherlands, New Zealand, Norway, Philippines, Poland, Singapore, South Korea, Spain, Sweden, Switzerland, Taiwan, Thailand and United Kingdom. * * * Novell Inc.'s subordinated debt carries Moody's Investors Service's B1 rating. PASAYA GMBH: Claims Registration Ends Oct. 26 --------------------------------------------- Creditors of Pasaya GmbH have until Oct. 26 to register their claims with court-appointed insolvency manager Prof. Dr. Bernd Schneiderbanger Kreuz. Creditors and other interested parties are encouraged to attend the meeting at 1:20 p.m. on Nov. 28, 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 Hof Meeting Hall 012 Ground Floor Berliner Platz 1 95030 Hof 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: Prof. Dr. Bernd Schneiderbanger Kreuz steinstradde 41 95028 Hof Germany Tel: 09281/71550 Fax: 09281/715555 The District Court of Hof opened bankruptcy proceedings against Pasaya GmbH on Sept. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Pasaya GmbH Muenchberger Str. 57 95234 Sparneck Germany Attn: Ruediger Kaiser, Manager Muenchberger Str. 57 95234 Sparneck Germany PP SERVICES: Claims Registration Period Ends Oct. 30 ---------------------------------------------------- Creditors of PP Services GmbH have until Oct. 30 to register their claims with court-appointed insolvency manager Dr. Sebastian Henneke. Creditors and other interested parties are encouraged to attend the meeting at 8:40 a.m. on Nov. 30, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Dortmund Hall 3.201 Second Floor Gerichtsplatz 1 44135 Dortmund 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. Sebastian Henneke Hansastrasse 61 44137 Dortmund Germany The District Court of Dortmund opened bankruptcy proceedings against PP Services GmbH on Aug. 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PP Services GmbH Walter-Welp-Str. 24 44149 Dortmund Attn: Peter Klitzke, Manager Knappenberg 109 44139 Dortmund Germany PROVIDE VR 2002-1: S&P Lowers Ratings on Class E Notes to B ----------------------------------------------------------- Standard & Poor's Ratings Services lowered its ratings on the class C notes in PROVIDE VR 2002-1. At the same time, it removed from CreditWatch with negative implications and lowered the ratings on the class D and E notes and affirmed its ratings on the class A+, A, and B notes. PROVIDE VR 2002-1 is a partially-funded synthetic German RMBS transaction. The junior notes had been placed on CreditWatch in June 2007 as a result of ongoing deterioration of the underlying loan portfolio, as well as significant loss allocations to the unrated class F notes. The resolution of these CreditWatch placements and the consequent rating actions are the result of an extensive loan- level analysis we have now undertaken of the current portfolio, as well as historical loan resolutions. S&P’s analysis also took into account insights gained during an onsite review of the servicer, Deutsche Genossenschafts-Hypothekenbank AG's operations and work-out procedures. Total loss allocation in the transaction amounts to EUR4.5 million to date, or a 37% erosion of the EUR12.3 million class F notes which act as the first-loss piece. The remaining first- loss protection now represents only 2.09% of the outstanding principal balance, which contrasts with the current balance of the total defaulted reference claims and credit events of EUR15.7 million, representing 4.25% of the total balance, or more than twice the protection available to the lowest-rated notes. Performance of German RMBS remains generally solid, with total delinquencies and credit events remaining relatively stable over the last quarter. Indeed, most transactions are currently reporting lower credit events than available first-loss protection. However, there are noticeable exceptions, of which PROVIDE VR 2002-1—as a second-lien securitization featuring only loan parts in excess of the pieces eligible for covered bond issuance—is one. Such transactions are generally more prone to produce realized losses than first-lien securitizations, as shown in Standard & Poor's German RMBS index, where the three transactions with the highest loss allocations, including PROVIDE VR 2002-1, are all second-lien securitizations that include such loan pieces. Of these, PROVIDE VR 2002-1 is exhibiting the highest percentage of first-loss piece exhaustion. S&P’s analysis of losses to date in this transaction has demonstrated that the realized losses were mainly triggered by a marked deterioration of property valuations, and were most prevalent in non-owner occupied properties and in properties that were not sold on the open market but in an auction process. Furthermore, we observed a more severe deterioration for properties located in eastern Germany. Given S&P’s observation of the loss experience to date in this particular pool, they have assessed the likelihood of future losses at the various rating levels from both the performing and nonperforming parts of the pool, refining their expectations of foreclosure and subsequent recoverable value based on recent work-out experiences within the pool. The required enhancement levels were compared to the actual credit protection in the transaction, which indicated that the class C, D, and E notes had insufficient support to maintain their current ratings. Amortization in PROVIDE VR 2002-1 has reduced the pool factor to 70%. S&P will continue to closely monitor the performance of the transaction and pay close attention to loss crystallization and recovery rates over the near and medium term. Ratings List Class Rating To From PROVIDE VR 2002-1 EUR115.45 Million Floating-Rate Credit-Linked Notes Ratings Lowered C A AA Ratings Removed From CreditWatch with Negative Implications and Lowered D BB BBB/Watch Neg E B BBB/Watch Neg Ratings Affirmed A AAA A+ AAA B AA R/N BAUPROJEKT: Claims Registration Period Ends Sept. 27 -------------------------------------------------------- Creditors of R/N Bauprojekt GmbH have until Sept. 27 to register their claims with court-appointed insolvency manager Andreas Kienast. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Oct. 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 Magdeburg Hall 14 Justizzentrum Breiter Weg 203-206 39104 Magdeburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Andreas Kienast Lennestr. 10 39112 Magdeburg Germany Tel: 0391/5973322 Fax: 0391/5973333 The District Court of Magdeburg opened bankruptcy proceedings against R/N Bauprojekt GmbH on Sept. 3. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: R/N Bauprojekt GmbH Attn: Torsten Radtke, Manager Tismarstr. 26 39108 Magdeburg Germany R.S. SPEDITION: Claims Registration Period Ends Sept. 28 -------------------------------------------------------- Creditors of R.S. Spedition GmbH have until Sept. 28 to register their claims with court-appointed insolvency manager Ruediger Bauch. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on Oct. 23, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Magdeburg Hall 13 Justizzentrum Breiter Weg 203-206 39104 Magdeburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ruediger Bauch Schleinufer 11 39104 Magdeburg Germany Tel: 0391/5354-0 Fax: 0391/5354-100 E-mail: RBauch@schubra.de The District Court of Magdeburg opened bankruptcy proceedings against R.S. Spedition GmbH on Aug. 31. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: R.S. Spedition GmbH Hospitalstr. 13 39124 Magdeburg Germany Attn: Rotraud Strobach, Manager Schillerstr. 9B 21407 Deutsch Evern Germany RETTEL BAUTRAGER: Claims Registration Period Ends Sept. 28 ---------------------------------------------------------- Creditors of Rettel Bautrager GmbH have until Sept. 28 to register their claims with court-appointed insolvency manager Martin Glasow. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Oct. 31, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Saarbruecken Area Hall 13 First Floor Vopeliusstrasse 2 66280 Sulzbach Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Martin Glasow Kathe-Kollwitz-Strasse 11 66115 Saarbruecken Germany Tel: 0681/7097 790 Fax: 0681/7097 7910 The District Court of Saarbruecken opened bankruptcy proceedings against Rettel Bautrager GmbH on Sept. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Rettel Bautrager GmbH Attn: Franko Willems, Manager Pfaffenweg 34a 66709 Weiskirchen Germany SATIN HOLDING: Claims Registration Ends Oct. 26 ----------------------------------------------- Creditors of Satin Holding GmbH have until Oct. 26 to register their claims with court-appointed insolvency manager Gerald Bittner. Creditors and other interested parties are encouraged to attend the meeting at 1:35 p.m. on Nov. 28, 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 Hof Meeting Hall 012 Ground Floor Berliner Platz 1 95030 Hof 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: Gerald Bittner Kreuzsteinstrasse 41 95028 Hof Germany Tel: 09281/71550 Fax: 09281/715555 The District Court of Hof opened bankruptcy proceedings against Satin Holding GmbH on Sept. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Satin Holding GmbH Muenchberger Str. 57 95234 Sparneck Germany Attn: Ruediger Kaiser, Manager Muenchberger Str. 57 95234 Sparneck Germany UNITY AUTOVERMIETUNG: Claims Registration Ends October 31 --------------------------------------------------------- Creditors of Unity Autovermietung GmbH have until Oct. 31 to register their claims with court-appointed insolvency manager Henning Samisch. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on Nov. 21, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Uelzen Hall 2 Main Building Fritz-Roever-Str 5 29525 Uelzen 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: Henning Samisch Muehlenkamp 59 22303 Hamburg Germany Tel: 040/650390 Fax: 040/65039199 The District Court of Uelzen opened bankruptcy proceedings against Unity Autovermietung GmbH on Aug. 29. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Unity Autovermietung GmbH Attn: Sabrina Brackerbohm, Manager Celler Strasse 5 29525 Uelzen Germany UNIVERSAL DRUCK: Claims Registration Period Ends Oct. 30 -------------------------------------------------------- Creditors of Universal Druck GmbH have until Oct. 30 to register their claims with court-appointed insolvency manager Stephan Heinrichsmeyer. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on Nov. 30, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Dortmund Hall 3.201 Second Floor Gerichtsplatz 1 44135 Dortmund 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 Heinrichsmeyer Spiekergasse 6-8 33330 Guetersloh Germany The District Court of Dortmund opened bankruptcy proceedings against Universal Druck GmbH on Aug. 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Universal Druck GmbH Erinstr. 25 44575 Castrop-Rauxel Germany Attn: Silvia Elisabeth Kumherr, Manager Berkelstr. 6 44623 Herne Germany ============= I R E L A N D ============= MERCATOR CLO: Moody's Rates EUR10.9 Mln Class B-2 Notes at Ba3 -------------------------------------------------------------- Moody's Investors Service assigned definitive credit ratings to five classes of notes issued on Aug. 23, 2007 by Mercator CLO III Limited, a special purpose company incorporated under the laws of Ireland. The ratings are: -- Aaa to the EUR199.5 million Class A-1 Senior Secured Floating Rate Notes due 2024; -- Aa2 to the EUR31.5 million Class A-2 Senior Secured Floating Rate Notes due 2024; -- A2 to the EUR18 million Class A-3 Deferrable Senior Secured Floating Rate Notes due 2024; -- Baa3 to the EUR18,000,000 Class B-1 Deferrable Senior Secured Floating Rate Notes due 2024; -- Ba3 to the EUR10.9 million Class B-2 Deferrable Senior Secured Floating Rate Notes due 2024. The definitive ratings address the expected loss posed to investors by the legal final maturity in 2024. These definitive ratings are based upon: 1. An assessment of the eligibility criteria and portfolio guidelines applicable to the future additions to the portfolio; 2. The protection against losses through the subordination of the more junior classes of notes to the more senior classes of notes; 3. The overcollateralization of the notes; 4. The proposed currency swap and foreign exchange option transactions, which insulate the Issuer from the volatility of the foreign currency exchange rates in respect of non-Euro denominated obligations; 5. The expertise of NAC Management (Cayman) Limited as a collateral manager and New Amsterdam Capital Management LLP as a collateral adviser; and 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 EUR300 million, comprised primarily of European senior secured, second lien and mezzanine obligations (with a predominance of senior secured loans) and senior bonds. This portfolio is dynamically managed by NAC Management (Cayman) Limited as collateral manager to the Issuer and New Amsterdam Capital Management LLP as collateral adviser to the collateral manager. This portfolio will be partially acquired at closing date and partially acquired during the 9 month ramp-up period in compliance with portfolio guidelines (which include, among other tests, a diversity score test, a weighted average rating factor test and a weighted average spread test). Thereafter, the portfolio will be actively managed by the collateral manager, pursuant to the advice of the collateral adviser to buy or sell assets in the portfolio. Any addition or removal of assets will be subject to a number of portfolio criteria. WINDMILL CLO: Moody's Rates EUR15 Mln Class E Notes at (P)Ba3 ------------------------------------------------------------- Moody's Investors Service assigned provisional credit ratings to the notes issued by Windmill CLO I Limited, a special purpose company incorporated in Ireland. The ratings are: -- (P)Aaa to the EUR200,000,000 Class A-1R Senior Secured Revolving Floating Rate Notes due 2029; -- (P)Aaa to the EUR165,000,000 Class A-1T Senior Secured Floating Rate Notes due 2029; -- (P)Aaa to the EUR60,000,000 Class A-2 Senior Secured Floating Rate Notes due 2029; -- (P)Aa2 to the EUR55,000,000 Class B Senior Secured Deferrable Floating Rate Notes due 2029; -- (P)A2 to the EUR32,000,000 Class C Senior Secured Deferrable Floating Rate Notes due 2029; -- (P)Baa2 EUR21,000,000 Class D Senior Secured Deferrable Floating Rate Notes due 2029; and -- (P)Ba3 EUR15,000,000 Class E Senior Secured Deferrable Floating Rate Notes due 2029. EUR52,000,000 Subordinated Notes due 2029 will be issued but not rated by Moody's. The provisional ratings of the Class A, B, C, D and E notes address the expected loss posed to investors by the legal final maturity in 2029. The ratings assigned by Moody's are primarily based on: 1. An assessment of the eligibility criteria and portfolio guidelines applicable to the future additions to the portfolio; 2. The protection against losses through the subordination of the more junior classes of notes to the more senior classes of notes; 3. The expertise of Mizuho Investment Management (UK) Ltd as the Portfolio Manager; and 4. The legal and structural integrity of the issue. This transaction is a high yield collateralized loan obligation related to a portfolio of mostly European senior loans, mezzanine loans, second lien loans, and PIK-only loans (with the ability to include equity investments provided they are principal protected). This portfolio will be partially acquired at closing date and partially during the 12 months ramp-up period in compliance with portfolio guidelines (which include, among other tests, a diversity score test, a weighted average rating factor test and a weighted average spread test). Thereafter, the portfolio of loans will be actively managed and the portfolio manager will have the option, on behalf of the issuer, to buy or sell loans. Any addition or removal of loans will be subject to a number of portfolio criteria. Throughout the seven year reinvestment period, the total amount of the portfolio may vary between EUR400,000,000 and EUR600,000,000, depending on the total commitment amount required to be provided by the EUR200,000,000 Class A-1R Revolving Notes. Moody's issues provisional ratings in advance of the final sale of financial instruments, but these ratings only represent Moody's provisional credit opinions. Upon a conclusive review of the transaction and associated documentation, Moody's will endeavor to assign definitive ratings. A definitive rating (if any) may differ from a provisional rating. ========= I T A L Y ========= ALITALIA SPA: Posts EUR211.14 Mln Net Loss for First Half 2007 -------------------------------------------------------------- Alitalia S.p.A. posted EUR211.14 million in net losses on EUR2.31 billion in net revenues for the first half ended June 30, 2007, compared with EUR220.38 million in net losses on EUR2.24 billion in net revenues for the first half ended June 30, 2006. Labor costs amounted to EUR439 million showing an increase of EUR55 million compared to 2006 (+14.2%) due to: -- a non-recurring increase of 14 million euros caused by the new regulations for severance pay (TFR) which changed the calculation of allocated funds as of Dec. 31, 2006; -- an increase of EUR41 million due mainly to the redundancy incentives program carried out by the Group, the effect of the agreements relating to integrative welfare benefits for flight staff, and the larger average workforce (from 10,048 people in the first half of 2006 to 10,268 in the first half 2007) due to the end of benefits from "Solidarieta" for flight staff and "Cassa Integrazione Guadagni Straordinaria" for almost all ground staff (temporary cost reduction equivalent to redundancies tools) and the changed business perimeter during the periods in question (consolidation of the subsidiary Volare as of April 2006); -- fuel costs amounted to EUR464 million showing a reduction of EUR7 million compared to the first half of 2006, mainly arising from the balance between lower costs due to positive forex levels and increased costs relating to the changed business perimeter during the periods in question (consolidation of the subsidiary Volare as of April 2006). The Group’s workforce on June 30, 2007 was 11,240 people (of which 10,218 with open-ended contract), down by 423 (-3.6% circa) compared to June 30, 2006. The Group’s operational fleet on June 30, 2007 consisted of 186 aircraft of which 157 for short/medium-haul routes and 29 for long-haul. As of June 30, 2007, Alitalia S.p.A. had around EUR4.1 billion in total assets, EUR3.37 billion in total liabilities and EUR725.59 billion in total shareholders' equity. About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/-- provides air travel services for passengers and air transport of cargo on national, international and inter-continental routes. The Italian government owns 49.9% of Alitalia. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia posted EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked annual net losses of EUR520 million in 2003, EUR813 million in 2004, and EUR168 million in 2005. AVAGO TECH: Appoints Bian Ee Tan as Chief Operating Officer ----------------------------------------------------------- Avago Technologies disclosed that effective November 1, 2007, Bian Ee Tan is appointed to the newly created position of Chief Operating Officer, reporting to Hock E. Tan, Avago's president and CEO. "Bian Ee brings a wealth of experience to his new role and his appointment reflects his outstanding capabilities at managing successful operations over his long tenure with the Company," said Hock Tan, president and CEO of Avago Technologies. "In his new role as COO, Bian Ee will focus on overseeing and driving closer integration of our manufacturing organization with Avago's worldwide sales organization." "I am enthusiastic about the opportunity to contribute to the future growth and success of Avago. This new role will allow me to apply all the skills and experiences I have acquired over my 30-plus years of service to this Company," said Bian Ee Tan. Bian Ee Tan has served as president of Avago's Asia operations since December 2005. Prior to the closing of the acquisition of Avago by KKR and Silver Lake Partners, Bian Ee served as Vice President and General Manager, Electronic Components Business Unit of Agilent. He has held various other positions with Hewlett-Packard and Agilent, including Operations Manager for the Singapore Components Operation, Managing Director of Hewlett-Packard Malaysia, and Manufacturing Manager for the Semiconductor Products Business segment. Bian Ee began his career with Hewlett-Packard in 1973. Bian Ee holds a diploma in medical laboratory technology and received an MBA, graduating with distinctions, from Golden Gate University. About Avago Tech Headquartered both in San Jose, CA, and in Singapore, Avago Technologies Holdings Pte. Ltd. -- http://www.avagotech.com/-- is a semiconductor company, with approximately 6,500 employees worldwide. Avago provides an extensive range of analog, mixed- signal and optoelectronic components and subsystems to more than 40,000 customers. The company's products serve four end markets: industrial and automotive, wired networking, wireless communications, and computer peripherals. Worldwide Design, Manufacturing and Marketing Centers in the United States, Italy, Germany, Singapore, Korea, China, Japan and Malaysia. Avago Technologies is the successor to the Semiconductor Products Group of Agilent. Avago Technologies purchased the business of SPG as of December 1, 2005, for US$2.6 billion in cash. * * * As reported by the Troubled Company Reporter - Asia Pacific on Oct. 2, 2006, Moody's Investors Service revised these ratings for Avago: -- US$250 million Senior Secured Revolver due on 2012, from B1 to Ba2, LGD1, 4%; -- US$500 million 10.125% Senior Unsecured Notes due on 2013,from B3 to B2, LGD3, 47%; -- US$250 million Floating Rate Senior Unsecured Notes due on 2013, from B3 to B2, LGD3, 47%; and -- US$250 million 11.875% Senior Subordinated Notes due on 2015, from Caa2 to Caa1, LGD6, 91%. =================== K A Z A K H S T A N =================== ARLAN PLUS: Proof of Claim Deadline Slated for Oct. 21 ------------------------------------------------------ The Specialized Inter-Regional Economic Court of Almaty has declared LLP Company Arlan Plus insolvent. Creditors have until Oct. 21 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Almaty Timiryazev Str. 61-2 Almaty Kazakhstan Tel: 8 (3272) 56-75-46 KAZAKHGOLD GROUP: Extensive Gold Reserve Cues Fitch’s B IDR ----------------------------------------------------------- Fitch Ratings has affirmed KazakhGold Group Limited's Long-term Issuer Default rating at 'B' and US$200 million senior notes issue rating at 'B'. The Outlook for the Long-term IDR is Stable. The ratings reflect KazakhGold's extensive gold reserve base, which is expected to support long mine lives (in excess of 15 years), its projected relatively low production costs, diversified production across mines, as well as demonstrated strong revenue growth and profitability. The company possesses the largest reserve base in Kazakhstan, accounting for more than a quarter of the country's reserves. Furthermore, the group is well positioned on the cost curve compared with major global gold peers. In addition, the gold production of KazakhGold is diversified across three major mines, thus reducing the risk of reliance on one mine, which could exacerbate the impact of production disruptions at this mine on the group's operating performance. Moreover, the initial progress in implementing the extensive production expansion strategy and cost advantages of the company was reflected in its strong revenue growth in 2006 and relatively high profitability. In Fitch's view, the group's performance will also be underpinned by the favorable gold industry fundamentals, with the current market price substantially exceeding the five year historic average. However, Fitch notes that KazakhGold's credit metrics are conditional on the successful implementation of the extensive investment program. Fitch believes that the company is capable of generating robust EBITDA with its subsequent transformation into ample cash flows (despite negative fiscal year 2006 cash flow from operations), which in turn will enable it to lower its gross leverage, however, the agency notes certain execution risks inherent in the expansion strategy implementation. Given the planned extensive capital expenditure, Fitch believes that the company's free cash flow will remain in a negative territory for the next two to three years. Another risk springs from KazakhGold's single commodity focus which exposes it fully to gold price volatility. Furthermore, the current level of the group's revenue and EBITDAR is relatively small, which limits its financial flexibility. Fitch also notes the exposure of the company to potential cost over- runs, delays and commissioning risks, as mentioned above, as well as foreign exchange risk. The Stable Outlook reflects Fitch's expectation that KazakhGold will undertake its capital expenditure and modernization program generally in line with plans. KAZAKHKONTRACT LLP: Creditors Must File Claims Oct. 19 ------------------------------------------------------ LLP Kazakhkontract has declared insolvency. Creditors have until Oct. 19 to submit written proofs of claims to: LLP Kazakhkontract Micro District 28a Aktau Mangistau Kazakhstan Tel: 8 (3292) 41-49-00 8 (3292) 41-79-99 KAZTRANSLOGISTICS LLP: Claims Filing Period Ends Oct. 19 -------------------------------------------------------- Branch of LLP Kaztranslogistics in Mangistau Region has declared insolvency. Creditors have until Oct. 19 to submit written proofs of claims to: Branch of LLP Kaztranslogistics Micro District 24, 13-1 Aktau Mangistau Kazakhstan LEGAL FINANCIAL: Creditors' Claims Due on Oct. 19 ------------------------------------------------- LLP Legal Financial Certified Group has declared insolvency. Creditors have until Oct. 19 to submit written proofs of claims to: LLP Legal Financial Certified Group Office 401] Amangeldi Str. 49a Almaty Kazakhstan RENISANSSE LLP: Claims Registration Ends Oct. 19 ------------------------------------------------ LLP Renisansse Company Plus has declared insolvency. Creditors have until Oct. 19 to submit written proofs of claims to: LLP Renisansse Company Plus Office 40 Rayimbek ave. 162 Almaty Kazakhstan SKAD & K: Proof of Claim Deadline Slated for Oct. 21 ---------------------------------------------------- The Specialized Inter-Regional Economic Court of West Kazakhstan has declared LLP Skad & K insolvent. Creditors have until Oct. 21 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of West Kazakhstan Seifullin Str. 39-16 Uralsk West Kazakhstan Kazakhstan Tel: 8 (3112) 51-27-24 TOHNUR LLP: Creditors Must File Claims Oct. 21 ---------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Tohnur insolvent. Creditors have until Oct. 21 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Almaty Sain Str. 8-94 Almaty Kazakhstan Tel: 8 (3272) 56-75-46 UCHASTOK STROITELSTVA: Claims Filing Period Ends Oct. 21 -------------------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan has declared LLP Uchastok Stroitelstva I Mehanizatsiyi insolvent. Creditors have until Oct. 21 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of East Kazakhstan Utepov Str. 31/4-54 Ust-Kamenogorsk East Kazakhstan Kazakhstan Tel: 8 (3232) 24-29-03 =================== K Y R G Y Z S T A N =================== AL-MASHRIG LLC: Creditors Must File Claims by October 24 -------------------------------------------------------- LLC Al-Mashrig has declared insolvency. Creditors have until Oct. 24 to submit written proofs of claim. Inquiries can be addressed to (+996 312) 29-97-42. =========== P O L A N D =========== ELEKTRIM SA: Court Orders Asset Sale to Repay PLN4.58 Bln Debt -------------------------------------------------------------- A court in Warsaw, Poland, has ordered Elektrim S.A. to sell its assets, estimated to be worth PLN1.89 billion, after the court decided the amount would be sufficient to repay the bankrupt company's debts of about PLN4.58 billion, The Financial Times reports, citing the Polish News Bulletin as its source. According to the report, the only creditor listed in the reasons for the judgement was the government, to whom Elektrim owes more than PLN556 million. The company's failure to pay its debts for more than three months prompted the court to rule on its bankruptcy. The company's bondholders are waiting for the final evaluation of assets, which will facilitate the calculation of the final installment that Elektrim owes them, FT relates, citing the Polish News story as its source. They said the court neglected to include in the assets list the 35-hectare Warsaw-based site on the Vistula river called Port Praski, which may be worth PLN700 million. Elektrim's stake in PAK was also excluded from the list. KGHM wants to buy the stake for more than PLN1 billion. 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. * * * As previously reported in the TCR-Europe on Aug. 24, 2007, Elektrim S.A. filed for bankruptcy protection in a court in Warsaw on Aug. 10, 2007, after its second debt restructuring talks with bondholders failed. Subsequently, the court has granted bankruptcy protection to Elektrim with the possibility of settlement and appointed a trustee to oversee the company's assets. The court gave creditors three months to file their proofs of claim. ELEKTRIM SA: KNF Calls for Share Bid Ahead of WSE Withdrawal ------------------------------------------------------------ Elektrim S.A. intends to cease trading on the Warsaw Stock Exchange following the approval of its bankruptcy petition, The Financial Times reports, citing Polish News Bulletin as its source. However, according to Lukasz Dajnowicz, a spokesman for The Polish Financial Supervision Authority (KNF), a bid for all Elektrim shares must be carried out first before the company can withdraw its stock from trading on the WSE, although he did not specify as to who should call it. "The withdrawal would be possible provided that the bid is called for all Elektrim shares, at a minimum price of about ZL8 per share, which is a six-month average," Mr. Dajnowicz was quoted by FT as saying. Under the law on public trading, Elektrim, whose main shareholders are PAI Media and Vivendi, can either invite all investors holding the shares to sell them, or any of its shareholders may do so, FT relates. Ludwik Sobolewski, head of the WSE, expects a decision within a few days. 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. * * * As previously reported in the TCR-Europe on Aug. 24, 2007, Elektrim S.A. filed for bankruptcy protection in a court in Warsaw on Aug. 10, 2007, after its second debt restructuring talks with bondholders failed. Subsequently, the court has granted bankruptcy protection to Elektrim with the possibility of settlement and appointed a trustee to oversee the company's assets. The court gave creditors three months to file their proofs of claim. =========== R U S S I A =========== AVTO-REM-LES: Creditors Must File Claims by Oct. 25 --------------------------------------------------- Creditors of OJSC Avto-Rem-Les (TIN 2723020080) have until Oct. 25 to submit proofs of claim to: A. Krylov Insolvency Manager Office 9 Amurskiy Avenue 11 680028 Khabarovsk Russia Tel/Fax: 347-060 The Arbitration Court of Khabarovsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A73-1054/2007-38. The Debtor can be reached at: OJSC Avto-Rem-Les Krasnorechenskaya Str. 139 Khabarovsk Russia BAYKAL LLC: Creditors Must File Claims by Sept. 18 -------------------------------------------------- Creditors of LLC Trading House Baykal have until Sept. 18 to submit proofs of claim to: S. Vinnik Temporary Insolvency Manager Post User Box 2699 Central Post Office 644099 Omsk Russia The Arbitration Court of Omsk will convene at 10:40 a.m. on Dec. 11 to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A46-5673/2007. The Debtor can be reached at: LLC Trading House Baykal Magistralnaya Str. 45 Omsk Russia CENTRAL ROADS: Creditors Must File Claims by Sept. 18 ----------------------------------------------------- Creditors of OJSC Central Roads have until Sept. 18 to submit proofs of claim to: B. Vasilyev Temporary Insolvency Manager Room 309 Krupskoj 19 Yakutsk 677007 Sakha Russia The Arbitration Court of Sakha commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A58-2471/07. The Debtor can be reached at: OJSC Central Roads O. Koshevogo Str. 67 Markha Sakha Russia FINLAJN-S CJSC: Creditors Must File Claims by Sept. 18 ------------------------------------------------------ Creditors of CJSC Finlajn-S have until Sept. 18 to submit proofs of claim to: Y. Remizov Insolvency Manager Kirova Str. 118 454091 Chelyabinsk Russia The Arbitration Court of Chelyabinsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A76-7701/2007-48-100. The Court is located at: The Arbitration Court of Chelyabinsk Vorovskogo Str. 2 454091 Chelyabinsk Russia The Debtor can be reached at: CJSC Finlajn-S Lenina Str. 28 Snezhinsk Chelyabinsk Russia KARAMASKALY-MIXED FODDER: Creditors Must File Claims by Sept. 18 ---------------------------------------------------------------- Creditors of OJSC Karamaskaly-Mixed Fodder (TIN 0229009589) have until Sept. 18 to submit proofs of claim to: M. Zamuragin Temporary Insolvency Manager Post User Box 89 Ufa-39 450039 Bashkortostan Russia The Arbitration Court of Bashkortostan will convene on Dec. 19 to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A07-8129/07-G-ShAB. The Court is located at: The Arbitration Court of Bashkortostan Oktyabrskoy Revolyutsii Str. 63a Ufa Bashkortostan Russia The Debtor can be reached at: OJSC Karamaskaly-Mixed Fodder Frunze Str. 2 Ulukulevo Karmaskalinskiy Bashkortostan Russia KEY-CONSULTING CJSC: Creditors Must File Claims by Sept. 18 ----------------------------------------------------------- Creditors of CJSC Key-Consulting (TIN 7448060728) have until Sept. 18 to submit proofs of claim to: R. Shuvarov Insolvency Manager Mashinostroitelej Str. 14 Uchaly 453700 Bashkortostan Russia The 18th Arbitration Court of Chelyabinsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A76-7802/2007-36-99. The Court is located at: The Arbitration Court of Chelyabinsk Vorovskogo Str. 2 454091 Chelyabinsk Russia The Debtor can be reached at: CJSC Key-Consulting Chelyabinsk Russia KHLEVENSKOE TRANSPORT: Creditors Must File Claims by Sept. 18 ------------------------------------------------------------- Creditors of OJSC Khlevenskoe Transport Enterprise (TIN 48170000661) have until Sept. 18 to submit proofs of claim to: M. Fedyaev Insolvency Manager The Arbitration Court of Lipetsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A36-2984/2005. The Court is located at: The Arbitration Court of Lipetsk Skorokhodova Str. 2 398019 Lipetsk Russia The Debtor can be reached at: OJSC Khlevenskoe Transport Enterprise Khlebnoe Lipetsk Russia KVINTA-HOLDING CJSC: Bankruptcy Hearing Slated for Dec. 17 ---------------------------------------------------------- The Arbitration Court of Tatarstan will convene at 8:30 a.m. on Dec. 17 to hear the bankruptcy supervision procedure on CJSC Kvinta-Holding. The case is docketed under Case No. A65-13952/ 2007-SG4-26. The Temporary Insolvency Manager is: R. Mubarakshin Post User Box 304 Naberezhnye Chelny 423812 Tatarstan Russia The Court is located at: The Arbitration Court of Tatarstan Room 12 Floor 2 Entrance 2 Building 1 Kremlin Kazan Tatarstan Russia The Debtor can be reached at: CJSC Kvinta-Holding Zelenodolskiy Tatarstan Russia OVOSHEVOD CJSC: Creditors Must File Claims by Oct. 25 ----------------------------------------------------- Creditors of CJSC Ovoshevod have until Oct. 25 to submit proofs of claim to: A. Lyasman Insolvency Manager Office 166 Lermontova Str. 127/1 644001 Omsk Russia The Arbitration Court of Omsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A46-20087/2006. The Debtor can be reached at: CJSC Ovoshevod Berezovaya Str.1 Klyuchi 644516 Omsk Russia SIB-KHIM-TORG: Creditors Must File Claims by Sept. 18 ----------------------------------------------------- Creditors of LLC Sib-Khim-Torg (TIN 5521006723) have until Sept. 18 to submit proofs of claim to: A. Budelev Insolvency Manager Bratskaya Str. 11/1 644020 Omsk 20 Russia The Arbitration Court of Omsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A46-15338/2006. The Debtor can be reached at: LLC Sib-Khim-Torg Komsomolskaya Str. 1A Moskalenki 646070 Omsk Russia STANEKO OJSC: Court Names A. Dordzhiev as Insolvency Manager ------------------------------------------------------------ The Arbitration Court of Stavropol appointed A. Dordzhiev as Insolvency Manager for OJSC Staneko. He can be reached at: A. Dordzhiev R. Lyuksemburg 1 Budennovsk Stavropol Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A63-14850/06-S5. The Court is located at: The Arbitration Court of Stavropol Mira Str. 4586 Stavropol Russia The Debtor can be reached at: A. Dordzhiev R. Lyuksemburg 1 Budennovsk Stavropol Russia TERSA CJSC: Final Bidding Deadline Slated for Sept. 19 ------------------------------------------------------ The insolvency manager and the bidding organizer for CJSC Tersa will open a public auction for the company's properties at 2:00 p.m. on Sept. 24 at: CJSC Tersa Portovaya Str. 16/7 Volzhskiy Volgograd Russia The company has set a RUR7,742,000 starting price for the auctioned assets. Interested participants have until Sept. 19 to deposit an amount of RUR1,040,000 to: CJSC Tersa Settlement Account 40702810900040000650 Correspondent Account 30101810600000000794 BIK 041806794 Volzhskiy OJSC ACB Volgoprombank Volgograd Russia Bidding documents must be submitted to: Insolvency Manager Office 402 7th Gvardeyskoj Divizii Str., 12 Volgograd Russia The Debtor can be reached at: CJSC Tersa Portovaya Str. 16/7 Volzhskiy Volgograd Russia URALSKIY FOUNDATION: Creditors Must File Claims by Oct. 18 ---------------------------------------------------------- Creditors of CJSC Company Uralskiy Foundation have until Oct. 18 to submit proofs of claim to: V. Dubovoj Insolvency Manager Bolshevistskaya Str. 4 454038 Chelyabinsk Russia The Arbitration Court of Chelyabinsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A76-6580/2007-60-92. The Court is located at: The Arbitration Court of Chelyabinsk Vorovskogo Str. 2 454091 Chelyabinsk Russia The Debtor can be reached at: CJSC Company Uralskiy Foundation Shkolnaya Str. 8-A Plast 457020 Chelyabinsk Russia UST’-ISHIM-LES-PROM: Creditors Must File Claims by Oct. 18 ---------------------------------------------------------- Creditors of LLC UST’-Ishim-Les-Prom (TIN 5538003978) have until Oct. 18 to submit proofs of claim to: M. Kuznetsov Insolvency Manager Post User Box 9383 644024 Omsk Russia The Arbitration Court of Omsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A46-19215/2006. The Debtor can be reached at: LLC UST’-Ishim-Les-Prom Sovetskaya Str. 72, 1 Ust’-Ishim 646580 Omsk Russia VENICE LLC: Creditors Must File Claims by Sept. 18 -------------------------------------------------- Creditors of LLC Venice (TIN 2124018163) have until Sept. 18 to submit proofs of claim to: I. Kolsanov Temporary Insolvency Manager Post User Box 28 Guzovskogo Str. 14 Cheboksary 428000 Chuvashiya Russia The Arbitration Court of Chuvashiya will convene at 10:00 a.m. on Oct. 2 to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A79-5330/2007. The Debtor can be reached at: LLC Venice Vinokurova Str. 48 Novocheboksarsk Chuvashiya Russia ========= S P A I N ========= UTSTARCOM INC: Inks Multi-Year Contract with Power Bell ------------------------------------------------------- UTStarcom Inc. has entered into a multi-year, multi-million dollar contract with Bell & Tell, Pvt. Ltd., to offer bundled voice and data services in Pakistan using UTStarcom's Gigabit Ethernet Passive Optical Network (GEPON) and VoIP technologies. Representatives from Bell & Tell and UTStarcom will be discussing the new relationship and forthcoming deployment at UTStarcom's booth #Z-E1, stand ZA at GULFCOMMS during GITEX Technology Week in Dubai, United Arab Emirates. This win demonstrates UTStarcom's continued commitment and success in the EMEA region delivering innovative and cost- effective broadband, VoIP and IPTV solutions to fixed carriers and cable operators, while leveraging field-proven, scalable and easy-to-deploy Fiber to the Home/Building (FTTH/B) technology. The broadband voice and data deployment by Bell & Tell is scheduled to roll out in phases. The first phase will consist of a multi-million dollar deployment of UTStarcom's GEPON, a FTTH/B platform that is designed to deliver high-speed voice, data and video services to residential and business subscribers. An iAN-08E Series VoIP Gateway will also be integrated into the network -- extending the existing phone equipment's functionality by enabling an end-to-end interconnection between legacy analog phones and voice-enabled broadband networks. Maxim Telecom, UTStarcom's local reseller, will help with the deployment of the network. The second phase, which will start in Q1 2008, involves expansion to additional regions in Pakistan. "Due to the changing telecom climate in Pakistan, Bell & Tell plans to aggressively deploy new voice and data network technologies in the coming months, with plans to exceed 100,000 subscribers using the company's broadband and next generation network services in the next two to three years," said Shafqat Iqbal, CEO of Bell & Tell. "With UTStarcom's complete end-to- end, IP-based GEPON and VoIP solutions, our company will enjoy more flexibility in our deployments and offerings and become better equipped to answer the individual needs of our customers and ensure that we remain at the forefront of that climate change." The current Pakistani telecom market is facing deregulation, and the area is experiencing consistent annual growth in telecommunications usage. The combined teledensity in the region's fixed, mobile and wireless local loop is currently 45 percent, a significant 62 percent increase over last year's teledensity figures. With its FTTH/B broadband, VoIP and IPTV solutions, UTStarcom is positioned to help emerging carriers build an infrastructure that supports triple play applications over their steadily evolving NGN. "We are pleased to partner with Bell & Tell to bring unlimited end user services and applications to this market, enabled by UTStarcom's completely IP-based GEPON Fiber-To-The-Home solution," said Youssef Kassissia, vice president of sales, EMEA Region, UTStarcom. "As UTStarcom's Fiber-To-The-Home/Building market share expands across the EMEA region, we are proving our commitment to not only expand our global client base, but to provide an efficient broadband infrastructure alternative that promises to be an innovative experience." About Bell & Tell Abottabad, Pakistan-based Bell & Tell, Pvt. Ltd. is an affiliate of Worldcall Telecommunication, Ltd. The company was founded in 1995 to provide voice services throughout Pakistan. About UTStarcom, Inc. Headquartered in Alameda, Calif., UTStarcom Inc. (Nasdaq: UTSI) -- http://www.utstar.com/-- provides IP-based, end-to-end networking solutions and international service and support. The company sells its broadband, wireless, and handset solutions to operators in both emerging and established telecommunications markets around the world. The company maintains operations in France, Italy, Spain, China, India, Japan, Argentina and Brazil. * * * As reported on Jan. 18, 2007, noteholders of UTStarcom Inc.'s 7/8% convertible subordinated notes due 2008 agreed to the proposed amendments of certain provisions of the indenture pursuant to which the notes were issued and a waiver of rights to pursue remedies available under the indenture with respect to certain default. Under the terms of the indenture, during the period beginning Jan. 9, 2007 and ending 5:30 p.m., May 31, 2007, any failure by the company to comply with certain provisions will not result in a default or an event of default, and the Notes will accrue an additional 6.75% per annum in special interest from and after Jan. 9, 2007 to the maturity date of the Notes, unless the Notes are earlier repurchased or converted. ===================== S W I T Z E R L A N D ===================== ALBERT AEBERLI: Creditors' Liquidation Claims Due September 28 -------------------------------------------------------------- Creditors of JSC Albert Aeberli have until Sept. 28 to submit their claims to: Albert Aeberli Liquidator Untere Bahnhofstrasse 11 8910 Affoltern am Albis Affoltern ZH Switzerland The Debtor can be reached at: JSC Albert Aeberli Affoltern am Albis Affoltern ZH Switzerland FUN MAXX: Aargau Court Starts Bankruptcy Proceedings ---------------------------------------------------- The Bankruptcy Court of Aargau commenced bankruptcy proceedings against LLC Fun Maxx on July 19. The Bankruptcy Service of Aargau can be reached at: Bankruptcy Service of Aargau Office Oberentfelden 5036 Oberentfelden Aarau AG Switzerland The Debtor can be reached at: LLC Fun Maxx Zurichstrasse 52 4665 Oftringen Zofingen AG Switzerland GRUTH IMMOBILIEN: Claims Registration Period Ends September 24 -------------------------------------------------------------- The Bankruptcy Court of Zurich commenced bankruptcy proceedings against JSC Gruth Immobilien on April 19. Creditors have until Sept. 24 to file their written proofs of claim. The Bankruptcy Service of Zurich can be reached at: Bankruptcy Service of Zurich 8042 Zurich Switzerland The Debtor can be reached at: JSC Gruth Immobilien Rolf Weinmann Rotelstrasse 125 8037 Zurich Switzerland INVOLVO HOLDING: Aargau Court Starts Bankruptcy Proceedings ----------------------------------------------------------- The Bankruptcy Court of Aargau commenced bankruptcy proceedings against JSC Involvo Holding on Aug. 21. The Bankruptcy Service of Aargau can be reached at: Bankruptcy Service of Aargau Office Brugg 5201 Brugg AG Switzerland The Debtor can be reached at: JSC Involvo Holding Reblandstrasse 17 5622 Waltenschwil Muri AG Switzerland NIEVERGELT ELEKTRO: Claims Registration Period Ends September 24 ---------------------------------------------------------------- The Bankruptcy Court of Zurich commenced bankruptcy proceedings against JSC Nievergelt Elektro on Feb. 28. Creditors have until Sept. 24 to file their written proofs of claim. The Bankruptcy Service of Zurich can be reached at: Bankruptcy Service of Zurich 8050 Zurich Switzerland The Debtor can be reached at: JSC Nievergelt Elektro Eisfeldstrasse 10A 8050 Zurich Switzerland =========== T U R K E Y =========== EREGLI DEMIR: Earns TRY375.8 Million in First Half 2007 ------------------------------------------------------- Eregli Demir ve Celik Fabrikalari T.A.S. and its subsidiaries (Erdemir Group) released financial results for the first half of 2007. Erdemir Group's net profit in this period increased by 265.6% to a peak of TRY375.8 million compared to the same period of 2006. Accordingly, net profit margin jumped to 13.2% in the first half of 2007 from 4.6% in the same period of the previous year. In the first half of 2007, Erdemir Group's EBIT figure rose by 68.3% over the same period of 2006 in an amount of TRY185.9 million to reach TRY458.2 million. Related margin soared by 4 points to tick 16.1%. At Eregli plants, at the end of the mentioned period of this year, production of cold rolled and hot rolled flat steel products amounted to 742.3 thousand tons and 1,204.7 thousand tons respectively. Consequently, total flat steel production advanced by 6.5% above the first half of the last year to achieve a level of 1947 tons. At Iskenderun plants, in first 6 months of 2007, 151.4 thousand tons of slab and 1,141.2 thousand tons long steel production was realized. Flat steel sales, compared to the first half of the previous year, rose by 7.2% to attain 2,115 thousand tons of which was comprised of 824.1 thousand tons cold rolled and 1,290.9 thousand tons hot rolled products. As to the long steel products, including 145.1 tons slab, sales volume increased by 4.9% to reach 1,256 thousands tons in the first half of the current year. In the first half of 2007, Erdemir Group's consolidated sales revenue increased by 26% over the same time period of 2006 to reach TRY2.8 billion. The still ongoing brisk demand conditions in the long and flat steel markets played a major role on this favorable outcome. Despite higher input prices, the strong sales performance in the first half of the year pushed up gross profit by 57% from TRY363.1 million in the first half of 2006 to TRY571.1 million. The Gross margin of the Group increased by nearly 4 points from 16.2% to 20.1% over the same period. Share of the operating expenses over net sales revenue maintained its level at 4%. Mounting up by 39.1%, EBITDA figure reached TRY620.8 million which lifted the margin by two points to 21.9%. Erdemir Group's net financial debt balance improved by TRY131.1 million, bouncing back to TRY1.2 billion. Headquartered in Zonguldak, Turkey, Eregli Demir ve Celik Fabrikalari T.A.S. (Erdemir) -- http://www.erdemir.com.tr/-- manufactures iron, steel and flat steel. The company has eight subsidiaries, including Isdemir, Erdemir-Maden, Erdemir- Lojistik, Erdemir-Romanya, Erdemir Celik Servis Merkezi, Erenco, Erdemir Gaz and Celbor. * * * As reported in the TCR-Europe on July 5, 2007, Standard & Poor's Ratings Services had revised its outlook on Turkey-based steel producer Eregli Demir ve Celik Fabrikalari T.A.S. to stable from negative. At the same time, the 'BB-' long-term corporate credit rating was affirmed. EREGLI DEMIR: Moody's Assigns Ba3 Corporate Family Rating --------------------------------------------------------- Moody's Investors Service assigned a Ba3 corporate family rating with a stable outlook to Eregli Demir ve Celik Fabrikalari, the Turkish steel producer. At the same time, Moody's assigned a Turkish national scale rating of Baa1.tr. The Ba3/Baa1.tr ratings reflect: (i) the strong market position of Erdemir in Turkey, with a market share of close to 30% in the Turkish flat steel market and its especially strong position in the production of Tin Plate (50% market share) as well as the market position in long steel with a market share of around 24%. The rating also reflects; (ii) Erdemir's low cost production base and strong internal cash generation which supports its organic expansion programs; (iii) Moody's view that the implementation of the modernization of its rolling facilities with the aim of further developing high value-added products will succeed and should further reduce earnings volatility going forward. Moody's also considers a credit positive Erdemir's disciplined approach solely towards organic growth and the company's consistency in its strategy and financial policy, which should also benefit from the ownership and control exercised by Ordu Yardimlasma Kurumu (Oyak, rated Ba2). Therefore the Ba3 rating assumes that Erdemir will not significantly increase indebtedness, and that the future cash outflows to shareholders will be limited, allowing the company to maintain a positive free cash flow from 2009 onwards. The rating further incorporates Moody's belief that the improved performance in 2006 and in the first half of 2007 is also a partial reflection of a structural improvement in domestic demand. This improvement has been triggered by increased investments into infrastructure and real estate construction and a growing domestic production base among the international major manufacturers, such as automotive producers. In Moody's view, these structural improvements will not fully insulate Erdemir against ongoing volatilities of global steel prices, but they should reduce the impact of such swings on Erdemir as long as the benign domestic environment continues. On a more cautious note, Moody's notes that the Ba3 corporate family rating continues to reflect: (i) a high level of earnings cyclicality which remains characteristic for the steel industry and which Moody's expects to continue despite some structural improvements; (ii) Erdemir's currently limited vertical integration, although it has a 90% ownership in the largest Turkish iron ore mine (Erdemir Maden) with capacity of 1.2 million tons p.a. of pellets and proven reserves of around 835 million tons, which, however, has not been fully developed yet; (iii) the risks involved with the significant capital expenditure program that is currently under way to increase production capacity at its two major plants in Eregli and Iskenderun, although Moody's notes that the major part of the capital expenditure has been spent, and the increased capacity should be implemented shortly, which should help in the short term to significantly increase turnover and profits; and (iv) continuous dependency on export revenues, and the company's - albeit mostly indirect - exposure to currency volatilities. While benefiting from its strong market position in Turkey, the Ba3 rating also takes into consideration the greater risks associated to its operations in Turkey, where a more volatile economic, financial and political track record indicates a higher business risk than in other developed countries. Moody's National Scale Ratings are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs in Turkey are designated by the ".tr" suffix. NSRs differ from global scale ratings, as assigned by Moody's Investors Service, in that they are not globally comparable to the full universe of Moody's rated entities, but only with other rated entities within the same country. Eregli Demir ve Celik Fabrikalari is the largest steel manufacturer in Turkey with a market share of around 29% in 2006. Erdemir produces both, long steel as well as flat steel products and is benefiting from growing demand in both the domestic and international markets. In 2006 Erdemir generated revenues of US$3.4 billion and an EBIT margin of 17.7%. FINANSBANK: Fitch Affirms BB IDR with Stable Outlook ---------------------------------------------------- Fitch Ratings has affirmed Turkey-based Finansbank's Long-term foreign and local currency Issuer Default ratings at 'BB' and 'BB+', respectively. Fitch has also affirmed Finansbank's Short-term foreign and local currency IDRs at 'B', Individual rating at 'C/D', Support rating at '3' and National rating at 'AA+ (tur)'. The Outlooks for the Long-term IDRs and the National rating are Stable. The IDRs, National and Support ratings of Finansbank reflect the high likelihood of support from its 84.6%-shareholder, National Bank of Greece (rated 'A-'), in case of need. However, this might be affected by the potential difficulties arising in a weak and volatile environment, which could affect the flow of support from the provider to its creditors. Additionally, Finansbank accounts for a sizeable 14% of NBG Group Assets and 19% of Group Equity. The foreign currency IDR is constrained by the Country Ceiling and the local currency IDR is rated two notches above Turkey's Sovereign Rating. The Individual rating reflects improved capitalization and asset quality, which are balanced by rapid portfolio growth, a structural mismatch and a sharply higher concentration in Turkey due to the disposal of international subsidiaries in the NBG transaction. Operating profits weakened in 2006 due to a surge in costs and impairment charges, which were offset by gain on sale of foreign operations when NBG acquired a majority stake in August 2006. Operating earnings rebounded in first half of 2007 as the bank's margin strengthened and new provisions were contained. Although assets diminished by TRY7.1 billion due to the sale of subsidiaries, this masked rapid SME and retail credit growth of 69% and 116%, respectively, in 2006. Credit at Finansbank Turkey (including corporate loans booked in Malta) expanded by 55% during 2006, but slowed to an annualized 34% (still higher than peer) in first half of 2007. Non-performing loans diminished to 2.01% of the portfolio at end-2006 (2005: 2.35%) through write-offs and sales and remained flat at end-June 2007 due to portfolio growth. In addition to maintaining reserve coverage of NPLs, Finansbank established impairment for performing loans in excess of US$1 million and a portfolio reserve for performing loans less than US$1 million. Similar to other Turkish banks, the bank has a short-term deposit structure and large one-month negative mismatch of TRY6.2 billion. This potential liquidity risk is partially mitigated by a growing stable deposit base, a stronger owner that has committed cash or non-cash support if needed, and improved fundamentals and risk management. After implementation of an operational risk charge, Tier 1 and total capital ratios weakened to 13.28% and 15.01%, respectively, at end-June 2007 from 14.57% and 16.91%, respectively, at end-2006. NBG has committed to maintain a minimum capital ratio of 12% at Finansbank. KUVEYT TURK: Fitch Affirms IDR at B with Stable Outlook ------------------------------------------------------- Fitch Ratings affirmed Kuveyt Turk Katilim Bankasi A.S.'s ratings at Long-term foreign currency Issuer Default rating 'BB', Short-term foreign currency IDR 'B', LT local currency IDR 'BB+', ST local currency IDR 'B', National LT 'AA+ (tur)', Individual 'D' and Support '3'. The Outlooks on the LT IDRs and National rating are Stable. The LT foreign currency IDR is constrained by Turkey's 'BB' Country Ceiling. The LT local currency IDR is rated two notches higher than the Sovereign rating due to potential shareholder support. Kuveyt Turk's Long- and Short-term IDRs and Support ratings reflect the moderate likelihood of support from its majority shareholder, Kuwait Finance House ('A'/Outlook Stable) in case of need. The Individual rating reflects below-average, albeit improving, operating profitability and Kuveyt Turk's relatively small size versus that of its immediate peers. These factors are offset by better asset quality, more stable funding and improving capitalization. Operating profit grew sharply during 2006, principally due to improved financing income related to substantial lending growth, better fee and commissions and effective cost control. This was partially offset by narrow, although improving, margins with respect to its peers and increasing credit provisions. Asset quality continued to improve, with non-performing loans falling to 5.41% of funds granted at end-2006 (2005: 6.52%); reserve coverage has also been elevated to a moderate 69.7% of impaired loans in 2006 from a weak 52% in 2005. ============= U K R A I N E ============= ALVARI LLC: Creditors Must File Claims by September 15 ------------------------------------------------------ Creditors of LLC Alvari (code EDRPOU 32873137) have until Sept. 15 to submit their proofs of claim to: Vasily Lovas Liquidator V. Stus Str. 11a/6 76000 Ivano-Frankovsk Ukraine The Economic Court of Ivano-Frankovsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. B-7/106. The Court is located at: The Economic Court of Ivano-Frankovsk Shevchenko Str. 16a 76000 Ivano-Frankovsk Ukraine The Debtor can be reached at: LLC Alvari Builders Str. 16/11 76000 Ivano-Frankovsk Ukraine BUKOVINA LLC: Creditors Must File Claims by September 15 -------------------------------------------------------- Creditors of Agricultural LLC Bukovina (code EDRPOU 03800936) have until Sept. 15 to submit their proofs of claim to: Dorin Ungurian Liquidator Glavnaya Str. 204D/5 58032 Chernovcy Ukraine The Economic Court of Chernovcy commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 8/301/b. The Court is located at: The Economic Court of Chernovcy O. Kobylianska Str. 14 58000 Chernovcy Ukraine The Debtor can be reached at: Agricultural LLC Bukovina Vizhnitsky District Milievo 59220 Chernovcy Ukraine COMMUNE FARM: Claims Submission Deadline Set September 15 --------------------------------------------------------- Creditors of LLCAL Agricultural Commune Farm (code EDRPOU 01355685) have until Sept. 15 to submit their proofs of claim to: The Economic Court of Donetsk Artema Str. 157 83048 Donetsk Ukraine The Economic Court of Donetsk commenced bankruptcy supervision procedure on the company on July 23. The case is docketed under Case No. 5/127B. The Debtor can be reached at: LLCAL Agricultural Commune Farm Frunze Str. 4 Illich Village Konstantinovka District 85143 Donetsk Ukraine GOODYEAR TIRE: Hires Mark Purtilar as Chief Procurement Officer --------------------------------------------------------------- The Goodyear Tire & Rubber Company has appointed Mark Purtilar as chief procurement officer, effective Sept. 17. He replaces Gary Miller, who is retiring after 40 years as a Goodyear associate. Mr. Purtilar, formerly a procurement executive for ArvinMeritor Automotive Inc., will oversee Goodyear's global procurement strategy and be responsible for the company's approximately US$10 billion in annual purchases. "An innovative and aggressive procurement plan is a key element of Goodyear's growth strategy," said Christopher W. Clark, senior vice president of global sourcing. "In Mark, we found an individual with a successful history of developing global procurement strategies to reduce costs, maximize efficiency and maintain quality. Moreover, he has done it in a very competitive marketplace." Prior to his Goodyear appointment, Mr. Purtilar was vice president of global procurement for commercial vehicle systems for ArvinMeritor, a global supplier of automotive parts based in Troy, Mich. Responsible for US$3 billion annually in company purchases, he developed the company's global supplier strategy, initiated a low-cost country strategy and routinely exceeded purchasing performance targets. Mr. Purtilar first joined ArvinMeritor in 1994 as manager of purchasing and inventory planning and held several other positions until being named vice president and general manager of the Americas Commercial Vehicle Aftermarket Distributions division in 2000. He left ArvinMeritor from 2002 to 2004 to serve as the chief executive officer of Auto Body Panels Inc. in Cincinnati, Ohio. He returned to ArvinMeritor in 2004 as the vice president of global procurement. Prior to ArvinMeritor, Mr. Purtilar worked for the Sara Lee Corporation from 1983 to 1994 as a manager in purchasing, production and capacity planning. "This is an exciting time to join Goodyear's leadership team," said Mr. Purtilar. "Through procurement strategies, we have the opportunity to significantly impact the company and benefit its customers and its shareholders." Mr. Purtilar received his bachelor's degree and his master of business administration in international business from Northern Kentucky University. About Goodyear Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company (NYSE: GT) -- http://www.goodyear.com/-- is the world's largest tire company. The company manufactures tires, engineered rubber products and chemicals in more than 90 facilities in 28 countries. Goodyear maintains Asia-Pacific facilities in Australia, China and Korea. Its European bases are located in Austria, France, Germany, Italy, Russia, Spain, and the United Kingdom. Goodyear's Latin-American operations are located in Argentina, Brazil, Chile, Colombia, Jamaica, Mexico, and Peru. * * * As reported in the Troubled Company Reporter on June 4, 2007, Standard & Poor's Ratings Services raised its ratings on Goodyear Tire & Rubber Co., including its corporate credit rating to 'BB-' from 'B+'. In addition, the ratings were removed from CreditWatch where they were placed with positive implications on May 10, 2007. Recovery ratings were not on CreditWatch. INTERSTYLE LLC: Creditors Must File Claims by September 15 ---------------------------------------------------------- Creditors of LLC Interstyle (code EDRPOU 20412800) have until Sept. 15 to submit their proofs of claim to: Anatoly Svintsitsky Liquidator Moscovskaya Str. 39, Office 1 01015 Kiev Ukraine The Economic Court of Zhytomir commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 3/60B. The Court is located at: The Economic Court of Zhytomir Putiatinskiy Square 3/65 10014 Zhytomir Ukraine The Debtor can be reached at: LLC Interstyle Shkolnaya Str. 74 Teterevka 12420 Zhytomir Ukraine ISD FINANCE: Fitch Withdraws B+ Ratings on Postponed Loan --------------------------------------------------------- Fitch Ratings has withdrawn ISD Finance Plc's proposed issue of US$350-500 million loan participation notes expected senior unsecured 'B+' and Recovery 'RR4' ratings assigned on July 9, 2007. The ratings have been withdrawn due to a postponement of the transaction until later in the year. Industrial Union of Donbass is the largest steel producer in Ukraine (including international operations) with crude steel production of 9.7 million tonnes in 2006. Its fiscal year 2006 revenues reached UAH24.5 billion (US$4.9 billion). ISLE OF CAPRI: Names Marketing & Human Resources Senior VPs ----------------------------------------------------------- Isle of Capri Casinos, Inc., has named Douglas Burkhalter as senior vice president of marketing and R. Ronald Burgess as senior vice president of human resources. Both appointments are subject to regulatory approval. Mr. Burkhalter brings more than 15 years of experience in marketing, including brand development, customer segmentation, loyalty programs, database marketing, advertising, media buying and analysis. Having served at the corporate and property levels of major gaming companies, his critical strengths include implementing strategic marketing initiatives, multi-property management, building team-oriented business processes and brand management. Most recently, Mr. Burkhalter served as vice president of marketing strategy for Trump Entertainment Resorts, where he was responsible for the launch of the company's unified card program. He also held the position of corporate director of marketing for Argosy Gaming Company, where he was responsible for the campaign to rebrand the company, as well as director of marketing for the Alton Belle Casino. Mr. Burkhalter holds a degree in marketing from Webster University in St. Louis. Mr. Burgess brings over 20 years of human resources experience at leading gaming companies to his new role, having responsibility for human resources during the turnaround of Argosy Gaming Company, and serving as the corporate director of human resources at Harrah's during their period of major growth. In these roles, Mr. Burgess was instrumental in the development and implementation of innovative service and courtesy programs, performance management systems, and executive development programs, as well as improving employee retention rates. Most recently he served as a consultant on the launch of gaming in Macau, creating a foundation for human resources programs and a service culture for Galaxy Entertainment. Prior to joining Harrah's in 1986, he was responsible for human resources at a major operating unit of RCA, ultimately managing the merger into GE; as well as serving as the director of human resources for the Peabody Hotel. Mr. Burgess holds graduate degrees in education from the University of Memphis. "I am pleased to welcome both Ron and Doug to the Isle of Capri Casinos team. We have added two strong gaming experts with very valuable skill sets to a solid leadership team that is focused on taking deliberate, measured steps toward strategic growth and improved financial performance," Virginia McDowell, president and chief operating officer, said. Based in Biloxi, Missippi and founded in 1992, Isle of Capri Casinos Inc. (Nasdaq: ISLE) -- http://www.islecorp.com/-- owns and operates casinos in Biloxi, Lula and Natchez, Mississippi; Lake Charles, Louisiana; Bettendorf, Davenport, Marquette and Waterloo, Iowa; Boonville, Caruthersville and Kansas City, Missouri and a casino and harness track in Pompano Beach, Florida. The company also operates and has a 57 percent ownership interest in two casinos in Black Hawk, Colorado. Isle of Capri Casinos' international gaming interests include a casino that it operates in Freeport, Grand Bahama, a casino in Coventry, England, and a two-thirds ownership interest in casinos in Dudley and Wolverhampton, England. There are four Isle of Capri Casinos brands including "the isle," Isle of Capri, Colorado Central Station and Rhythm City, providing over 16,000 slot machines, 550 table games and 3000 hotel rooms for our guests' enjoyment. As reported in the Troubled Company Reporter on June 21, 2007, Standard & Poor's Ratings Services revised its rating outlook on Isle of Capri Casinos Inc. to negative from stable. Ratings on the company, including the 'BB-' corporate credit rating, were affirmed. LUCITE INT’L: S&P Holds B+ Ratings; Changes Outlook to Negative --------------------------------------------------------------- Standard & Poor's Ratings Services revised its outlook on U.K.- based acrylics producer and distributor Lucite International Group Holdings Ltd. to negative from stable. At the same time, the 'B+' long-term corporate credit rating on Lucite and the 'BB-' debt ratings on guaranteed subsidiaries Lucite International Finco Ltd. and Lucite International U.S. Finco LLC were affirmed. "The outlook revision reflects Standard & Poor's concerns over Lucite's ability to pass on rising raw material and energy costs to customers in an increasingly challenging market environment," said Standard & Poor's credit analyst Sophia Dedemadis. The company is weakly positioned within the rating category and its credit ratios were below our expectations in 2006, although they have shown steady improvement in the first half of 2007. In the 12 months to June 30, 2007, average funds from operations to debt were in the mid single digits. Standard & Poor's expects Lucite to maintain a ratio of FFO to adjusted debt of about 10%, including payment-in-kind loans, through the cycle. "To retain the rating, we expect the company's financial performance to improve by fiscal year-end 2007--specifically the ability to pass on rising raw material costs and the subsequent impact on margins and cash flow generation," Ms. Dedemadis added. The ratings could come under pressure if Lucite undertakes additional shareholder-oriented measures or midsize or large debt-funded acquisitions, or if it does not maintain discipline on capital expenditures. The outlook could be revised back to stable if the company is able to demonstrate sustainable improvement in operating performance, specifically management of input costs. Upgrade potential remains limited in the next few quarters. MRKS IMPEX: Creditors Must File Claims by September 15 ------------------------------------------------------ Creditors of LLC MRKS Impex (code EDRPOU 31301984) have until Sept. 15 to submit their proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 15/473-b. The Debtor can be reached at: LLC MRKS Impex Apartment 14 Vladimirskaya Str. 63 01033 Kiev Ukraine NOVA LLC: Creditors Must File Claims by September 15 ---------------------------------------------------- Creditors of LLC Kharkov Furniture Factory Nova (code EDRPOU 32938576) have until Sept. 15 to submit their proofs of claim 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. B50/155-07. The Debtor can be reached at: LLC Kharkov Furniture Factory Nova Apartment 35 Internatsyonalnaya Str. 31 Pokotilovka Kharkov Ukraine RHINEBRIDGE PLC: S&P Junks Combo Notes; Placed on Watch Negative ---------------------------------------------------------------- Standard & Poor's Ratings Services has lowered and placed on CreditWatch with negative implications its ratings on the mezzanine capital notes and combination notes issued by Rhinebridge PLC and Rhinebridge LLC, two co-issuing structured investment vehicles. At the same time, it has placed the ratings on Rhinebridge's commercial paper and medium-term note programs, and the issuer credit ratings on Rhinebridge on CreditWatch negative. Rhinebridge is a SIV structure managed by IKB Credit Asset Management GmbH (London branch), which is responsible for purchasing assets, managing the portfolio, and overseeing the issuance of CP and MTNs. Current pressure on market prices has led to deterioration in the net asset value of this vehicle, which has reached a level below 70% of capital. In addition, the vehicle has had to draw on breakable deposits and liquidity facilities to meeting upcoming liabilities. As a consequence, it is currently breaching one of its net cumulative outflow tests, which if uncured could lead the vehicle into a restricted funding mode. As of today, due to this breach, the vehicle is in a restricted investment mode of operation. As a result, we have placed the CP and MTNs on CreditWatch negative, awaiting confirmation of a possible move to the restricted funding mode and possible realized losses in case of asset sales. The ratings on the mezzanine capital notes and combination notes have been lowered due to the possibility of the sale of assets to meet maturing liabilities in the near future and the downward pressure this places on current ratings. S&P expects this sale of assets to reduce the vehicle's ability to meet current repayment obligations on these notes. The current Standard & Poor's rated outstanding debt of the vehicle is US$1.767 billion in CP and US$130 million in mezzanine capital notes. The portfolio is predominantly invested in structured finance assets, and the majority of this is U.S. residential mortgage- backed securities. Ratings List Rhinebridge PLC And Rhinebridge LLC Up To US$20 Billion European and U.S. CP and MTN Programs and Up to US$3 Billion Capital Note Program Class Ratings To From Issuer credit rating AAA/Watch Neg/A-1+ AAA/--/A-1+ CP A-1+/Watch Neg A-1+ MTN AAA/Watch Neg AAA Capital note program BB-/Watch Neg A Mezzanine capital notes BB-/Watch Neg A SKIF LLC: Creditors Must File Claims by September 15 ---------------------------------------------------- Creditors of LLC Skif (code EDRPOU 30395812) have until Sept. 15 to submit their proofs of claim to: Alexander Zolotavin Liquidator Shevtsova Str. 33 Simferopol 95023 AR Krym Ukraine The Economic Court of AR Krym commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 2-5/8846-2006. The Court is located at: The Economic Court of AR Krym Karl Marks Str. 18 Simferopol 95000 AR Krym Ukraine The Debtor can be reached at: LLC Skif Novopavlovka Krasnoperekopsky AR Krym Ukraine SPACE WEST: Creditors Must File Claims by September 15 ------------------------------------------------------ Creditors of LLC Space West (code EDRPOU 33741853) have until Sept. 15 to submit their proofs of claim to: Vasily Redko Liquidator Apartment 6 Mayakovsky Str. 69-a 02232 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 43/414. The Court is located at: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC Space West Novokonstantinovskaya Str. 4A 04080 Kiev Ukraine TULTCHINAL AGRICULTURAL: Creditors Must File Claims by Sept. 15 --------------------------------------------------------------- Creditors of LLC Tultchinal Agricultural Commune Enterprise (code EDRPOU 30806671) have until Sept. 15 to submit their proofs of claim to: The Economic Court of Vinnica Hmelnickiy Str. 7 21036 Vinnica Ukraine The Economic Court of Vinnica commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 5/264-07. The Debtor can be reached at: LLC Tultchinal Agricultural Commune Enterprise Tultchin District Kirnasovka 23652 Vinnica Ukraine UKRAINE LLC: Creditors Must File Claims by September 15 ------------------------------------------------------- Creditors of LLC Ukraine (code EDRPOU 03792733) have until Sept. 15 to submit their proofs of claim to: Oksana Gentash Liquidator Sheptitsky Str. 39/1 Sokal 80000 Lvov Ukraine The Economic Court of Lvov commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 6/72-4/70. The Court is located at: The Economic Court of Lvov Lichakivska Str. 81 79010 Lvov Ukraine The Debtor can be reached at: LLC Ukraine Sokal District Khorobriv Lvov Ukraine =========================== U N I T E D K I N G D O M =========================== BALLY TOTAL: Files Supplement to Modified First Amended Plan ------------------------------------------------------------ Bally Total Fitness Holding Corporation and its debtor- affiliates delivered to the U.S. Bankruptcy Court for the Southern District of New York in Manhattan a copy of their Liquidation Analysis, to supplement their Modified First Amended Joint Prepackaged Chapter 11 Plan of Reorganization. David S. Heller, Esq., at Latham & Watkins LLP, in Chicago, Illinois, explains that the initial Liquidation Analysis filed on July 31, 2007, inadvertently omitted certain portions. The Debtors' Liquidation Analysis states that the Plan meets the "best interest of creditors" test as set forth in Section 1129(a)(7) of the Bankruptcy Code. The Liquidation Analysis was prepared by the Debtors' management, with the assistance of their professionals, and assumes the case would convert to Chapter 7 soon after initially filing for Chapter 11. The Analysis provides that: * priority unsecured claims are assumed to be paid from the net proceeds available, if any, after the payment of liquidation costs, secured claims, and administrative claims; * Prepetition Senior Notes Claims are assumed to be paid on a pro rata basis from the net proceeds available for all unsecured creditors, plus the pro rata distribution that would be payable with regard to the Prepetition Senior Subordinated Notes Claims absent the subordination provisions in the Prepetition Senior Subordinated Notes Indenture; * although unsecured claims against only Bally Total Fitness Holding Corporation would likely receive a smaller distribution in a liquidation than unsecured claims against the Affiliate Debtors because Bally is a holding company with limited assets, for the purposes of the Liquidation Analysis, it is assumed that all unsecured claims will be paid on a pro rata basis from the net proceeds available for all unsecured creditors; and * no pro rata proceeds are estimated to be available solely for the Prepetition Senior Subordinated Notes Claims. A full-text copy of the Debtors' Liquidation Analysis is available for free at http://researcharchives.com/t/s?234e The Debtors believe the Liquidation Analysis and the conclusions set forth in the Analysis are fair and accurate, and represent management's best judgment with regard to the results of a Chapter 7 liquidation of the Debtors. Bally Board of Directors The Debtors were scheduled to identify the members of their board of directors in a supplemental filing that was supposed to be submitted to the Court on September 7, 2007. However, the Plan Supplement is not yet final, Mr. Heller tells Judge Lifland. The Debtors will file the Plan Supplement as soon as possible, before the confirmation hearing on the Debtors' Plan scheduled for September 17, 2007, Mr. Heller adds. About Bally Total Fitness Based in Chicago, Illinois, Bally Total Fitness Holding Corp. (Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/-- operates fitness centers in the U.S., with over 375 facilities located in 26 states, Mexico, Canada, Korea, United Kingdom, China and the Caribbean under the Bally Total Fitness(R), Bally Sports Clubs(R) and Sports Clubs of Canada (R) brands. Bally Total and its affiliates filed for chapter 11 protection on July 31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after obtaining requisite number of votes in favor of their pre-packaged chapter 11 plan. Joseph Furst, III, Esq. at Latham & Watkins, L.L.P. represents the Debtors in their restructuring efforts. As of June 30, 2007, the Debtors had US$408,546,205 in total assets and US$1,825,941,54627 in total liabilities. The Debtors filed their Joint Prepackaged Plan & Disclosure Statement on July 31, 2007. On Aug. 13, 2007, they filed an Amended Joint Prepackaged Plan and on Aug. 17 filed a Modified Amended Prepackaged Plan. The hearing to consider confirmation of the Debtors' prepackaged plan is set for Sept. 17, 2007. (Bally Total Fitness Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Services Inc. http://bankrupt.com/newsstand/or 215/945-7000) BALLY TOTAL: AGT Crunch, et al. Balk at Modified Plan ----------------------------------------------------- Several creditors filed objections to Bally Total Fitness Holding Corporation and its debtor-affiliates' disclosure statement and accompanying Modified First Amended Joint Prepackaged Plan of Reorganization. A. AGT Crunch Counsel for AGT Crunch Acquisition LLC, Glenn E. Siegel, Esq., at Dechert LLP, in New York, states that the Debtors' proposed Plan is not feasible under Section 1129(a)(11) of the Bankruptcy Code because it does not make adequate allowance for the payment of AGT Crunch's disputed claim. As previously reported, AGT Crunch has a litigation claim in excess of US$10,000,000 against the Debtors. Under the Plan, AGT Crunch's Claim is treated under Class 3 -- Unimpaired Unsecured Claims. Class 3 claimholders are presumed to accept the Plan and are not entitled to vote. Class 3 Claims incurred by the applicable Debtor in the ordinary course of business may be paid in the ordinary course of business in accordance with the terms and conditions of any relating agreements, without further notice to or order of the U.S. Bankruptcy Court for the Southern District of New York in Manhattan. Mr. Siegel notes that in essence, the Plan provides that on the initial distribution date, in full and final satisfaction of the claims, each Holder of an Allowed Class 3 Claim would receive Cash in an amount equal to the Holder's Allowed Class 3 Claim. However, the Plan fails to provide any real reserve for contingent, disputed or liquidate claims, he adds. "In the absence of an adequate reserve, [AGT] Crunch seriously questions whether it will be paid in full, like all other unsecured creditors," Mr. Siegel asks the Court. Moreover, he says, the Plan and its accompanying disclosure statement do not provide any evidence that funds will be available to pay a large litigation judgment. "[A] judgment in the magnitude of AGT Crunch's claim could cause a default under the Debtors' exit financing agreement, Mr. Siegel tells Judge Lifland. B. Messrs. Dwyer and Hillman John W. Dwyer and Lee S. Hillman, former officers of Bally Total Fitness Holding Corporation, states that the Plan with the enhancements provided by Harbinger Capital Partners Master Fund I, Ltd. and Harbinger Capital Partners Special Situations Fund L.P. represents a significant advance over the initial plan filed by the Debtors. However, the Plan still falls short of the requirements imposed by the Bankruptcy Code for confirmation of a plan of reorganization in at least four respects, Stephen L. Ascher, Esq., at Jenner & Block LLP, in New York, explains. Specifically, Mr. Ascher says: * the Plan places Messrs. Dwyer and Hillman's indemnification claims in classes consisting of other claims to which they are not substantially similar, contrary to the Bankruptcy Code; * the Plan proposes various amendments to the current and existing Restated Certificate of Incorporation, which is prohibited by Delaware state law, which in turn, governs the affairs of the reorganized company; * Mr. Dwyer's claim for damages arising from the Debtors' failure to honor its obligations under certain options contracts, and Mr. Hillman's claim for damages arising from Bally's failure to maintain a registration statement relating to certain warrants are improperly classified; and * the Plan calls for claims for rejection damages to be placed in a class separate from the Unimpaired Unsecured Claims, contrary to the Bankruptcy Code provisions. Under Bally's amended and restated bylaws, and certain other indemnification agreements, the Debtors agreed to indemnify Messrs. Dwyer and Hillman, Mr. Ascher tells Judge Lifland. When Messrs. Dwyer and Hillman resigned from their positions, their individual separation agreements reaffirmed the Debtors' obligation to indemnify the Former Officers based on their individual acts or omissions during each of their tenure as an officer or director for Bally. Between May 2004 and April 2006, several lawsuits were commenced against the Former Officers relating to their alleged acts or omissions as part of their service as officers or directors of the Debtors. C. Novi Town Center Investors Novi Town Center Investors LLC are parties to an unexpired lease, which the Debtors intend to assume under the Plan. Richard J. Bernard, Esq., at Baker & Hostetler LLP, in New York, states that Novi Town objects to the Debtors' proposed Plan, to the extent that the Plan provides for release by Novi Town of "any claims, demands, debts, rights, causes of Action or liabilities under the Lease which is being assured pursuant to the terms of the Proposed Plan." Mr. Bernard notes that the proposed release improperly fails to contain a similar exclusion and, so, contravenes the requirements of Section 365 of the Bankruptcy Code in respect of cure and adequate assurance of future performance. Novi Town reserves its rights in respect of cure amounts and resolution procedures, Mr. Bernard adds. Novi Town, he explains, has not received payment for the September 2007 rent yet, which constitutes an administrative expense of the Debtors. Novi Town is entitled to payment by the effective date of the Proposed Plan, and would be otherwise required as part of Novi Town's monetary cure. D. Pima County Pima County is a secured creditor in the Debtors' Chapter 11 proceedings asserting US$6,704 for personal property tax, for the year 2007. According to German Yusufov, deputy county attorney for Pima County's civil division, Pima County's Claim continues to accrue interest at a statutory rate of 16% per annum, prorated monthly. Pima County objects to confirmation of the Debtors' proposed Plan because it does not provide for the County's statutory interest rate of 16%, Mr. Yusufov says. E. The Mattone Group The Mattone Group Ltd. and The Mattone Group Jamaica, Co. LLC, are parties to a non-residential real property lease with Jack La Lanne Fitness Centers, Inc., one of the Debtors. The Mattone Group asserts that the Debtors them US$74,296 for basic rent and related expenses under the Lease, which includes fees and expenses incurred by Mattone in connection with the Debtors' Chapter 11 proceedings. The Mattone Group are certain that they will be able to resolve all of their disputes and issues with the Debtors, Andrew I. Silfen, Esq., at Arent Fox LLP, in New York, states. However, in the event a consensual resolution is not achieved, Mattone presents to the Court, their limited objection to the Debtors' proposed Plan. Specifically, The Mattone Group asserts that the Disclosure Statement and the Plan do not indemnify the amounts the Debtors intend to cure on the effective date of the Plan. Thus, even if Mattone were assured that the Debtors intended to assume the Lease, the Plan and the Disclosure Statement provide no mechanism by which Mattone can determine if there is a dispute, and the amount of any discrepancy. If The Mattone Group disputes the cure amount alleged by the Debtors, under the Plan and Disclosure Statement, it could be required to litigate the issue outside the Bankruptcy Court, notes Mr. Silfen. "This is impermissible under the Bankruptcy Code," Mr. Silfen asserts. "It can serve no purpose other than to frustrate the legitimate efforts of Mattone and other landlords to exercise their rights under Section 365 of the Bankruptcy Code." The Mattone Group, therefore, objects to confirmation of the Plan because it would permit the Debtors to avoid their obligations to cure the Lease, if assumed. F. Objecting Landlords Various landlords ask the Court to deny approval of the Debtors' Disclosure Statement, arguing that it doesn't provide adequate information as required under Section 1125 of the Bankruptcy Code. Kevin M. Newman, Esq., at Menter, Rudin & Trivelpiece, PC, in Syracuse, New York, counsel for Inland Commercial Property Management, Inc., states that under the Debtors' proposed Disclosure Statement, the Plan provides that all unexpired leases to which the Debtors are party to, will be deemed assumed on the effective date of the Plan, unless the leases are rejected prior to the Effective Date. Moreover, the Disclosure Statement provides that the Debtors will cure monetary defaults existing under assumed unexpired leases on the Effective Date. However, the Debtors do not identify the amounts they intend to cure in either the Disclosure Statement or the Plan, notes Mr. Newman. "The Disclosure Statement fails to provide the Objecting Landlords with adequate information of the process by which proposed cure amounts will be identified, disputed and paid under the Plan," he says. Mr. Newman also notes that under the Plan, if a dispute exists with respect to any amount necessary to cure the the defaults, the cure amount will be paid upon resolution of the dispute. "Again, there is nothing in the Disclosure Statement or the Plan that identifies the amounts to be paid by the Debtors to cure defaults under assumed leases in order to determine if a dispute exists, nor are any firm deadlines set forth by which disputes must occur," Mr. Newman contends. "Any dispute as to cure amounts to be paid in connection with the assumption of the Leases should be decided by this Court if the parties cannot work out their disputes." Certain Objecting Landlords also object to the Disclosure Statement and Plan to the extent that the Plan restructuring transactions permit the Debtors to assign any of the Leases to non-debtor third parties in a way that eliminates any guarantees that have been executed by the Debtors in connection with the Leases. Dustin P. Branch, Esq., at Katten Muchin Rosenman LLP, in Los Angeles, California, counsel for RREEF USA Funds and West Valley Properties, Inc., contends that the Debtors may not assume the Leases unless there is adequate assurance of future performance, as required by Section 365(b) of the Bankruptcy Code. The Objecting Landlords, and their Leases' cure amounts, if any, are: Objecting Landlords Cure Amounts ------------------- ------------ Inland Commercial Property, managing agent for: Six Corners Shopping Center US$85,576 Park Center Plaza 32,261 Chatham Ridge Shopping Center 22,804 University & Dunlap 176,721 Inland U.S. Management, managing agent for: Towson Circle 56,217 Lincoln Plaza 38,283 Thrifty Payless, Inc. 41,227 PREIT Services LLC, managing agent for: PR North Dartmouth LLC 26,329 PR Prince Georges Plaza LLC - RREEF USA Funds' Deerbrook Shopping Mall 77,000 West Valley Properties Inc.'s The Terraces 5,751 The Taubman Landlords - Sywest Development, asset manager for: Contra Costa Retail Center, LLC 41,472 CLPV, LLC - Hawthorne LP 20,141 Wheaton Plaza Regional Shopping Center LLP 62,362 Centro Property Group - Federal Realty Investment Trust - Simon Property Group Inc. 199,591 Waterways Plaza LLC 185,882 G. High Definition and Waterways High Definition Realty LLC and Waterways Plaza LLC object to the the Debtors' Disclosure Statement and Plan because neither of the two specifically address the effects of a blanket assumption of all leases, and leases in which the Debtors are in default of a non-monetary obligation that cannot be cured. Contrary to the Debtors' assertion that the reorganization process would not affect the landlords of their facilities, the Debtors asked the Court to approve their application to employ Hilco Real Estate LLC as their real estate consultant, notes Mr. Hall. Hilco's employment, he asserts, evidences an intent by the Debtors to utilize the bankruptcy process to affect the rights of the Landlords, and creates doubt that the Debtors intend to comply with Section 365(d)(4) of the Bankruptcy Code. Hence, notes Mr. Hall, the Disclosure Statement does not provide adequate information because it fails to inform creditors that the Debtors have hired a consulting firm whose function is to the change the Debtors' relationship with the Landlords of the Leased properties, even though the Debtors have stated an intent to assume all leases. In addition, High Definition and Waterways Plaza have essentially the same objections to the Disclosure Statement as the Objecting Landlords. Against this backdrop, the High Definition and Waterways Plaza ask the Court to deny: * approval of the Debtors' Disclosure Statement; * confirmation of the Debtors' Plan; and * assumption of the High Definition and Waterways Plaza Lease Agreements. About Bally Total Fitness Based in Chicago, Illinois, Bally Total Fitness Holding Corp. (Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/-- operates fitness centers in the U.S., with over 375 facilities located in 26 states, Mexico, Canada, Korea, United Kingdom, China and the Caribbean under the Bally Total Fitness(R), Bally Sports Clubs(R) and Sports Clubs of Canada (R) brands. Bally Total and its affiliates filed for chapter 11 protection on July 31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after obtaining requisite number of votes in favor of their pre-packaged chapter 11 plan. Joseph Furst, III, Esq. at Latham & Watkins, L.L.P. represents the Debtors in their restructuring efforts. As of June 30, 2007, the Debtors had US$408,546,205 in total assets and US$1,825,941,54627 in total liabilities. The Debtors filed their Joint Prepackaged Plan & Disclosure Statement on July 31, 2007. On Aug. 13, 2007, they filed an Amended Joint Prepackaged Plan and on Aug. 17 filed a Modified Amended Prepackaged Plan. The hearing to consider confirmation of the Debtors' prepackaged plan is set for Sept. 17, 2007. (Bally Total Fitness Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Services Inc. http://bankrupt.com/newsstand/or 215/945-7000) BALLY TOTAL: Asks Court to Deny Prepayment of Premium Claims ------------------------------------------------------------ Last month, the U.S. Bankruptcy Court for the Southern District of New York in Manhattan approved, on a final basis, Bally Total Fitness Holding Corporation and its debtor-affiliates' request to obtain secured postpetition financing for US$292,000,000 from Morgan Stanley Senior Funding Inc. The Court's DIP Order provided the Debtors with authority to enter into a US$292,000,000 DIP financing facility comprised of a US$50,000,000 revolver and a US$242,000,000, pursuant to a superpriority secured DIP financing agreement -- the DIP Credit Agreement. David S. Heller, Esq., at Latham & Watkins LLP, in Chicago, Illinois, states that the DIP Facility has been consummated, and most of the proceeds have been used to repay obligations owed to the Debtors' prepetition secured lenders, under a US$284,000,000 Prepetition Credit Facility. Pursuant to the terms of the DIP Facility, certain Prepetition Secured Lenders that participated in the DIP Facility elected to waive their Prepayment Premium Claims in exchange for the payment of a lender participation fee equal to 0.125% of the greater of their prepetition loan obligations or their financing commitments under the DIP Facility. However, as reflected in the Court's DIP Order, the other Prepetition Secured Lenders retained their right to assert their Prepayment Premium Claims, and the Debtors reserved their right to dispute any of the claims. Accordingly, the Debtors object to the allowance of any Prepetition Premium Claims that may be asserted by a Non-Waiving Prepetition Secured Lender, and ask the Court to deny the payment of the Prepayment Premium Claims. To avoid delay in the refinancing of the Prepetition Credit Facility, the Debtors and JPMorgan Chase Bank, N.A. -- the Prepetition Agent -- on behalf of the Non-Waiving Prepetition Secured Lenders, have agreed to escrow the aggregate amount at issue. Pursuant to the DIP Order, the Parties also agree that: * on or before Sept. 12, 2007, any Non-Waiving Prepetition Secured Lender wishing to assert a Prepayment Premium Claim must file a response to the Debtors' Objection; and * any Non-Waiving Prepetition Secured Lender which fails to file a timely response will be barred from asserting and deemed to have waived its Prepayment Premium Claim. The Court will convene a hearing on September 17, 2007, to determine the allowability of the Prepayment Premium Claims asserted by the Non-Waiving Prepetition Secured Lenders that filed timely responses to the Debtors' Objection. About Bally Total Fitness Based in Chicago, Illinois, Bally Total Fitness Holding Corp. (Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/-- operates fitness centers in the U.S., with over 375 facilities located in 26 states, Mexico, Canada, Korea, United Kingdom, China and the Caribbean under the Bally Total Fitness(R), Bally Sports Clubs(R) and Sports Clubs of Canada (R) brands. Bally Total and its affiliates filed for chapter 11 protection on July 31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after obtaining requisite number of votes in favor of their pre-packaged chapter 11 plan. Joseph Furst, III, Esq. at Latham & Watkins, L.L.P. represents the Debtors in their restructuring efforts. As of June 30, 2007, the Debtors had US$408,546,205 in total assets and US$1,825,941,54627 in total liabilities. The Debtors filed their Joint Prepackaged Plan & Disclosure Statement on July 31, 2007. On Aug. 13, 2007, they filed an Amended Joint Prepackaged Plan and on Aug. 17 filed a Modified Amended Prepackaged Plan. The hearing to consider confirmation of the Debtors' prepackaged plan is set for Sept. 17, 2007. (Bally Total Fitness Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Services Inc. http://bankrupt.com/newsstand/or 215/945-7000) BAYSWATER TUBES: Calls In Liquidators from BDO Stoy Hayward ----------------------------------------------------------- Simon Edward Jex Girling and Graham David Randall of BDO Stoy Hayward LLP were appointed joint liquidators of Bayswater Tubes & Sections Ltd. on Aug. 14 for the creditors' voluntary winding- up procedure. The joint liquidators can be reached at: BDO Stoy Hayward LLP One Victoria Street Bristol BS1 6AA England CANWEST MEDIAWORKS: Merger Public Hearing Moved to November 19 -------------------------------------------------------------- The Canadian Radio-television and Telecommunications Commission said in late August 2007 that the public hearing to consider the application by CanWest MediaWorks Inc. to acquire Alliance Atlantis Communications Inc.'s broadcasting companies has been postponed due to the late filing of additional documents. CanWest filed, in mid-August, 52 documents containing more than 300 pages with marked changes. The CRTC has determined that the extent of the new information is such that interveners should be given a fair opportunity to comment on these documents. In the interest of procedural fairness, the hearing to consider CanWest's application has been rescheduled to the first available date, Nov. 19, 2007. A new deadline of Oct. 10, 2007, has been set for interested parties to submit any amendments to their interventions or comments in respect of the additional information only. CanWest may file amendments to its reply comments no later than Oct. 22, 2007. About The CRTC The CRTC is an independent, public authority that regulates and supervises broadcasting and telecommunications in Canada. About CanWest MediaWorks CanWest MediaWorks Inc. -- http://www.canwestmediaworks.com/-- is a wholly-owned subsidiary of CanWest Global Communications Corp. (TSX: CGS and CGS.A) -- http://www.canwestglobal.com/-- an international media company. In addition to owning the Global Television network, CanWest is Canada's largest publisher of English language daily newspapers, and also owns, operates and/or holds substantial interests in conventional television, out-of-home advertising, specialty cable channels, Web sites and radio networks in Canada, New Zealand, Australia, Turkey, Indonesia, Singapore, the United Kingdom and the United States. * * * As reported in the Troubled Company Reporter on July 5, 2007, Moody's Investors Service affirmed all ratings of CanWest MediaWorks Inc. and CanWest MediaWorks LP following the announcement by CanWest that LP would reduce the amount of its planned debt offerings by about US$130 million related to the privatization of CanWest MediaWorks Income Fund by CanWest. Ratings affirmed include the company's: corporate family rating at B1; probability of default rating at B1; US$760 million senior subordinated notes, due 2012 at B3, LGD 5, 89%; Speculative grade liquidity rating at SGL-2. DAVID HIAM: Joint Liquidators Take Over Operations -------------------------------------------------- C. K. Rayment and S. Hopper of BDO Stoy Hayward LLP were appointed joint liquidators of David Hiam Ltd. on Aug. 31 for the creditors' voluntary winding-up proceeding. The company can be reached at: David Hiam Ltd. 585 Tyburn Road Erdington Birmingham B24 9RX England The joint liquidators can be reached at: BDO Stoy Hayward LLP 125 Colmore Row Birmingham B3 3SD England EAGLE-PICHER UK: Brings In Liquidators from Cooper Parry -------------------------------------------------------- Tyrone Shaun Courtman and Evelyn Adrian Exley of Cooper Parry LLP was appointed liquidator of Eagle-Picher U.K. Ltd. on Aug. 31 for the creditors' voluntary winding-up procedure. Mr. Courtman can be reached at: Cooper Parry LLP 14 Park Row Nottingham NG1 6GR England Ms. Exley can be reached at: Cooper Parry LLP 3 Centro Place Pride Park Derby DE24 8RF England EAGLE-PICHER HILLSDALE: Appoints Liquidators from Cooper Parry -------------------------------------------------------------- Tyrone Shaun Courtman and Evelyn Adrian Exley of Cooper Parry LLP were appointed joint liquidators of Eagle-Picher Hillsdale Ltd. on Aug. 31 for the creditors' voluntary winding-up proceeding. Mr. Courtman can be reached at: Cooper Parry LLP 14 Park Row Nottingham NG1 6GR England Ms. Exley can be reached at: Cooper Parry LLP 3 Centro Place Pride Park Derby DE24 8RF England GENERAL MOTORS: Has Until Midnight to Finalize Deal with UAW ------------------------------------------------------------ General Motors Corp., chosen by the United Auto Workers as lead negotiator on a new four-year contract along with Ford Motor Co. and Chrysler LLC, has until 11:59 tonight to work on its labor contract with the union, various reports say. At that point, the Wall Street Journal relates, GM can either ask for an extension or the union would strike. Chrysler and Ford, WSJ added citing people familiar with the matter, agreed with the union to extend indefinitely the current contract, which was to expire today. The union has been negotiating over cutting health-care expenses by funding a stand-alone trust fund to pay for retiree care, Kevin Krolicki and Jui Chakravorty of Reuters report citing analysts. Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- was founded in 1908. GM employs about 280,000 people around the world and manufactures cars and trucks in 33 countries, including the United Kingdom, Germany, France, Russia, Brazil and India. In 2006, nearly 9.1 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. * * * As reported in the Troubled Company Reporter on May 28, 2007, Standard & Poor's Ratings Services placed General Motors Corp.'s corporate credit rating at B/Negative/B-3. At the same time, Moody's Investors Service affirmed GM's B3 Corporate Family Rating and B3 Probability of Default Rating, and maintained its SGL-3 Speculative Grade Liquidity Rating. The rating outlook remains negative, according to Moody's. GENERAL MOTORS: Projects Russia as Biggest Car Market in Europe --------------------------------------------------------------- General Motors Corp. executives believe Russia will eventually be the company’s largest market in Europe as the country's base of car buyers who can afford a new vehicle continue to grow, the Wall Street Journal relates, quoting GM Europe Chief Carl-Peter Forster. According to the report, Mr. Forster said there is a “good chance” GM could sell 300,000 vehicles in Russia next year, representing a 20% increase in sales over expectations for 2007. GM is considering an increase of production capacity in Russia as its sales there begin to rival its biggest European markets, including Germany, The Financial Times states. GM CEO Rick Wagoner told FT the company was at the “preliminary stages” of studying ways of adding new capacity in one of the world’s fastest-growing car markets. The automaker is mulling the option of producing Opels directly in Russia along with its already popular Chevrolets to satisfy higher than expected demand for the brand, Reuters says. Mr. Forster has disclosed that the company enjoys considerable margins on Opel cars in Russia, before shipping costs are factored in, Dow Jones Newswires states. "We don't produce Opels yet in Russia, but we will have to do down the line," Mr. Forster said, Reuters notes. "We achieve with most of our cars sold in Russia higher average revenue per vehicle than in Western Europe and in principle better margins," he added. GM will sell more than 2 million vehicles in Europe this year, with Russia representing more than 10% of that volume, Dow Jones relates. Mr. Forster said GM's ability to grow in Europe depends on its performance in Russia. He adds, "Russia is our growth engine." Despite GM Europe's difficulty in satisfying demand in Russia, investing in further capacity was risky for the company since it remained unclear how much longer hefty tariffs that penalize imports would remain in place, Reuters reveals. Expanding its capacity in Russia to escape the tariffs was problematic since production plants are built with a time frame of 25 years, according to Mr. Forster. As a result, GM Europe is looking to expand its cooperation with Russian carmaker AvtoVaz. About General Motors Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- was founded in 1908. GM employs about 280,000 people around the world and manufactures cars and trucks in 33 countries, including the United Kingdom, Germany, France, Russia, Brazil and India. In 2006, nearly 9.1 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. * * * As reported in the Troubled Company Reporter on May 28, 2007, Standard & Poor's Ratings Services placed General Motors Corp.'s corporate credit rating at B/Negative/B-3. At the same time, Moody's Investors Service affirmed GM's B3 Corporate Family Rating and B3 Probability of Default Rating, and maintained its SGL-3 Speculative Grade Liquidity Rating. The rating outlook remains negative, according to Moody's. MATERIALS HANDLING: Claims Filing Period Ends October 1 ------------------------------------------------------- Creditors of Materials Handling Services (U.K.) Ltd. have until Oct. 1 to send in their full names, their addresses and descriptions, full particulars of their debts and claims, and names and addresses of their solicitors (if any) to: Steven Philip Ross and Ian William Kings Joint Liquidators Tenon Recovery Tenon House Ferryboat Lane Sunderland Tyne and Wear SR5 3JN Steven Philip Ross and Ian William Kings of Tenon Recovery Were appointed joint liquidators of the company on Aug. 31 for the creditors' voluntary winding-up proceeding. RENOIR JEWELS: Hires Liquidators from BDO Stoy Hayward ------------------------------------------------------ Geoffrey Stuart Kinlan and Antony David Nygate of BDO Stoy Hayward LLP were appointed joint liquidators of Renoir Jewels Ltd. (formerly Crossley Jewellery Holdings Ltd.) on for the creditors' voluntary winding-up proceeding. Mr. Kinlan can be reached at: BDO Stoy Hayward LLP Prospect Place 85 Great North Road Hatfield Hertfordshire AL9 5BS England Mr. Nygate can be reached at: BDO Stoy Hayward LLP 8 Baker Street London W1U 3LL England SEA CONTAINERS: Seeks Extension of Plan-filing Period to Dec. 21 --------------------------------------------------------------- Sea Containers Ltd. asks the U.S. Bankruptcy Court for the District of Delaware to further extend its exclusive periods to: (a) file a Chapter 11 plan through and including December 21, 2007; and (b) solicit acceptances of that plan through and including February 19. While the Debtors have made tremendous progress on many fronts in their efforts to reorganize and maximize their estates for the benefit of creditors, there remain certain outstanding issues which currently prevent the Debtors -- or any party for that matter -- from filing a confirmable Chapter 11 plan, Sean T. Greecher, Esq., at Young Conaway Stargatt & Taylor, LLP, in Wilmington, Delaware, explains. These issues include: (1) obtaining and analyzing information from the discovery process necessary to value the Debtors' interests in GE SeaCo SRL, (2) gaining better clarity on the validity of GE SeaCo's and GE Capital Corporation's significant claims against the estates, including determining whether to estimate the claims in the bankruptcy court pending an arbitrator's decision, and (3) reaching a global settlement among the Debtors, the Unsecured Committees of Sea Containers Ltd. and Sea Container Services Ltd. regarding various intercompany issues and pension and other claims asserted against SCL and SCSL. In addition, Mr. Greecher says, the Debtors are undertaking discovery in connection with, and preparing for, the change of control arbitration with GE Capital, scheduled to begin in mid- October. While the Debtors actively are considering plan alternatives that do not hinge on the outcome of the change of control arbitration, for various reasons, the arbitrator's decision may ultimately "guide the process for confirming a chapter 11 plan in these cases and inform the terms of such plan." "Any plan filed without a resolution of these key issues could suffer such defects as to be patently unconfirmable. Moreover, such a plan would result in needless distraction from the formulation of a confirmable chapter 11 plan," Mr. Greecher says. The Debtors submit that their progress in their Chapter 11 cases coupled with the many restructuring task yet to be completed and contingencies yet to be resolved, amply justify the requested extension. The Court will convene a hearing on September 27, 2007, to consider the Debtors' request. 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 Ltd. disclosed total assets of US$62,400,718 and total liabilities of US$1,545,384,083. The Court extended the Debtors' exclusive period to file a Plan of Reorganization to Sept. 28, 2007. TOTAL MARKETING: Taps Liquidators from BDO Stoy Hayward ------------------------------------------------------- Geoffrey Stuart Kinlan and Antony David Nygate of BDO Stoy Hayward LLP were appointed joint liquidators of Total Marketing Ltd. on Aug. 31 for the creditors' voluntary winding-up procedure. Mr. Kinlan can be reached at: BDO Stoy Hayward LLP Prospect Place 85 Great North Road Hatfield Hertfordshire AL9 5BS England Mr. Nygate can be reached at: BDO Stoy Hayward LLP 8 Baker Street London W1U 3LL England VECTA CORPORATION: Brings In Liquidators from KPMG -------------------------------------------------- Richard John Hill and David John Crawshaw of KPMG LLP Restructuring were appointed joint liquidators of Vecta Corporation Ltd. on Sept. 4 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: KPMG LLP Restructuring Arlington Business Park Theale Reading RG7 4SD England * BOOK REVIEW: Investing in Junk Bonds: Inside the High Yield Debt Market ------------------------------------------------------------- Authors: Edward I. Altman and Scott A. Nammacher Publisher: Beard Books Paperback: 272 pages List Price: US$34.95 Order your personal copy at http://amazon.com/exec/obidos/ASIN/1587981556/internetbankrupt Investing in Junk Bonds: Inside the High Yield Debt Market by Edward I. Altman and Scott A. Nammacher is an especially informative book for all new investors, but is just as useful for the seasoned professional. This is a reprint of one of the first comprehensive books on the rise and operation of the high yield debt market as illustrated by the "junk" bond. This classic volume is still relevant in today's challenging market. Among the concepts discussed are: expected yields; realized returns; default experience; market growth and size; credit quality trends; related mutual fund results and portfolio holdings; mergers/acquisitions and takeovers; new issue and issuer characteristics; underwriter strategies; and developing investment strategies, particularly using an objective credit model. ********* 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, Kristina A. Godinez, and Pius Xerxes Tovilla, Editors. Copyright 2007. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$625 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *