/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/070925.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 Tuesday, September 25, 2007, Vol. 8, No. 190 Headlines A U S T R I A A.S. BAU: Salzburg Court Orders Business Shutdown DEPONIE RIEDERBERG: Claims Registration Period Ends October 5 FIT FUN: First Creditors' Meeting Slated for October 4 KIWEG DI.KIRCHNER: Claims Registration Period Ends October 9 LW-BAU LLC: St. Poelten Court Orders Business Shutdown SARUS TECHNOLOGIE: Claims Registration Period Ends October 1 SELLTEK LLC: Claims Registration Period Ends October 5 WAGNER LLC: Eisenstadt Court Orders Business Shutdown B E L G I U M ADVANCED MICRO: Introduces World's First Triple-Core Processors CHIQUITA BRANDS: Colombia Seeking Extradition of Firm's Officers GREIF INC: Board Elects David B. Fischer as President & COO C Z E C H R E P U B L I C MAGNA INTERNATIONAL: Plan of Arrangement Takes Effect D E N M A R K TDC A/S: Closes Deal to Supply Telephony Service to Scandic F R A N C E PRIDE INTERNATIONAL: Gives Update on Fleet Contract Status G E R M A N Y BARIS MOSAIK: Claims Registration Period Ends October 5 BEREUTHER GMBH: Claims Registration Ends October 30 BM-AUTOMOBILE VERWALTUNGS: Claims Registration Ends October 19 BODE U. PARTNER: Claims Registration Period Ends October 19 CIES FISCHEREI-GMBH: Creditors Must File Claims by October 26 CONREX GMBH: Claims Registration Ends October 30 ELRO-PC GMBH: Claims Registration Ends October 30 EXPERTEAM TA: Claims Registration Ends October 26 FK NORDSEE-FISCHEREI: Claims Registration Ends October 29 FOTO 90: Creditors Must File Claims by October 16 GLS GETRANKE: Claims Registration Ends October 26 H.T.-BAU-GMBH: Creditors Must File Claims by October 5 HAHN GASTRONOMIEBETRIEBE: Claims Registration Ends October 26 HANS STREICHERT: Claims Registration Period Ends September 28 HOME-CONCEPT GMBH: Creditors' Meeting Slated for October 8 INGENYS FNG: Claims Registration Period Ends October 17 KLINKERBAU ZUEHLOW: Claims Registration Period Ends October 19 KREATIV & BUNT: Claims Registration Period Ends September 26 LIFE COMMUNE: Claims Registration Ends October 26 LOOK AGENTUR: Claims Registration Ends October 26 MGS MALER: Claims Registration Period Ends October 2 MIRO DATA: Claims Registration Ends October 25 MUENCHNER KINDL: Claims Registration Ends November 1 NEWTRAL GMBH: Claims Registration Ends October 8 PETERSITZKE GMBH: Claims Registration Ends October 8 PICO SOFT: Claims Registration Ends October 8 PREMIA WIN: Creditors Must File Claims by October 10 PROSECURITY PERSONEN: Claims Registration Ends October 10 PSG CLASSIC: Creditors Must File Claims by October 5 H U N G A R Y GUESS? INC: Caris Maintains Average Rating on Firm's Shares I R E L A N D INDEPENDENT NEWS: Net Profit Up 9.7% in First Half 2007 SANYO ELECTRIC: Sells Semiconductor Unit to Advantage Partners I T A L Y AVAGO TECHNOLOGIES: S&P Places 'B' Rating Under Positive Watch DANA CORP: To Pay US$1.2 Bln to Anthony Wayne School District K A Z A K H S T A N AITAN LLP: Proof of Claim Deadline Slated for October 26 BIRLIK LLP: Creditors Must File Claims October 23 GAUHAR LLP: Claims Filing Period Ends October 23 KAZ-BI LLP: Creditors' Claims Due on October 24 SATRID LLP: Claims Registration Ends October 24 SEMEY GORTOP: Proof of Claim Deadline Slated for October 26 SHEBER-1 LLP: Creditors Must File Claims October 23 SPECTR-STORY LLP: Claims Filing Period Ends October 23 TULPAR-TRANS-SERVICE & K: Creditors' Claims Due on October 23 K Y R G Y Z S T A N ENERGOSTROY SERVICE: Proof of Claim Deadline Slated for Oct. 31 P O R T U G A L COMPANHIA SIDERURGICA: Rio Grande Eyes Firm's Planned Steel Mill R U S S I A ALTAYSKIY STOCKINET: Names D. Mishenko as Insolvency Manager FINANCIAL CARTEL: Creditors Must File Claims by October 1 FRUNZE CJSC: Creditors Must File Claims by November 1 HYNIX SEMICONDUCTOR: Signs Nitrogen Supply Deal w/ Air Products KAMAG CJSC: Creditors Must File Claims by October 1 MAYSKOE LLC: Creditors Must File Claims by October 1 NOVOMOSKOVSKIY HOUSE: Creditors Must File Claims by October 1 OKHOTSKAYA ELECTRIC: Asset Sale Slated for October 2 POULTRY FARM: Creditors Must File Claims by November 1 ROSNEFT OIL: Eyes Refining Up to 40 Million Tons of Oil in 2007 RUS’ LLC: Creditors Must File Claims by October 1 SAKHA DIAM: Creditors Must File Claims by November 1 SIBERIAN REGION: Creditors Must File Claims by October 1 SOLNECHNOE LLC: Creditors Must File Claims by October 1 TALMENSKIY ELEVATOR: Creditors Must File Claims by November 1 TSELINNYJ CJSC: Creditors Must File Claims by October 1 ZELENODOLSKAYA FURNITURE: Creditors Must File Claims by Nov. 1 S P A I N SANTANDER CONSUMER SPAIN 07-2: S&P Junks EUR20 Mln Class E Notes SANTANDER HIPOTECARIO 4: Moody's Junks EUR14.8MM Series F Notes SANTANDER HIPOTECARIO 4: S&P Junks EUR14.8 Million Class F Notes S W I T Z E R L A N D ALLIANZ GLOBAL: Creditors' Liquidation Claims Due October 4 HAFLIGER ST. MORITZ: Creditors' Liquidation Claims Due October 4 INTER GASTRO: Creditors' Liquidation Claims Due October 31 JORDI FILM: Creditors' Liquidation Claims Due October 12 MATTHEES JSC: Creditors' Liquidation Claims Due October 10 MF PLANBAU: Solothurn Court Closes Bankruptcy Proceedings NOVA CHEMICALS: Moody's Confirms Ba3 Corporate Family Rating S + L MONTAGEN: Obwalden Court Closes Bankruptcy Proceedings TIFFIN FINANCE: Creditors' Liquidation Claims Due October 4 TRON UMWELTTECHNIK: Claims Registration Period Ends September 30 WALDEGG MUNCHWILEN: Claims Registration Period Ends October 3 T U R K E Y ERZURUM: Fitch Affirms B+ Ratings with Stable Outlook U K R A I N E GURMAN-SERVICE: Creditors Must File Claims by September 27 MIZOTSKAYA AGRICULTURAL: Proofs of Claim Deadline Set Sept. 27 OLIGOPOL-BREAD: Creditors Must File Claims by September 27 ROVNO MILK: Proofs of Claim Deadline Set September 27 SOFIYA-2002 LLC: Proofs of Claim Deadline Set September 27 STEEL COMPANY: Creditors Must File Claims by September 27 TEMPRO LLC: Proofs of Claim Deadline Set September 27 U N I T E D K I N G D O M AVAYA INC: Advisors Recommend Sierra Deal to Stockholders BRAKE BROS: S&P Withdraws Junk Ratings on EUR210 Million Bonds BRITISH AIRWAYS: Set to Reveal Long-Haul Aircraft Order Winner CLAVIS 2006-01: Fitch Affirms GBP8.1 Mln Class B2a Notes at BB CMH REALISATIONS: Taps Liquidators from Cooper Parry COTT CORP: Expects Lower 2007 Outlook Due to Volume Declines COTT CORP: Moody's May Cut Low-B Ratings After Review CUMMINS INC: Picks Scott Patrohay as Distributor Principal FLETCHER BUILDING: Raises US$325 Million in U.S. Debt Market FORSYTH PARTNERS: Taps Grant Thornton as Joint Administrators GBW X X: J. M. Titley Leads Liquidation Procedure GENERAL MOTORS: Failed Contract Talks Spurs UAW Work Stoppage INDEPENDENT NEWS: Net Profit Up 9.7% in First Half 2007 INDOOR PUB: Claims Filing Period Ends October 11 KRISPY KREME: Board Approves Officer Indemnification Agreement MARSDEN DOMESTIC: Brings In Liquidators from Tenon Recovery NASDAQ STOCK: Inks Pacts with Borse Dubai on LSE Stake Sale NASDAQ STOCK: Submits Investment Deals for CFI's Consideration NASDAQ STOCK: S&P Puts BB Counterparty Credit Rating on Watch RADLEY CONTRACTS: Calls In Liquidators from UHY Hacker Young R.I.O. FREIGHT: Appoints J. M. Titley as Liquidator TATA MOTORS: Praveen Kadle Quits Post as Executive Director * Large Companies with Insolvent Balance Sheet ********* ============= A U S T R I A ============= A.S. BAU: Salzburg Court Orders Business Shutdown ------------------------------------------------- The Land Court of Salzburg entered Aug. 27 an order shutting down the business of LLC A.S. Bau (FN 181100z). Court-appointed estate administrator Gernot Franz Herzog 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. Gernot Franz Herzog Haunspergstrasse 33 5020 Salzburg Austria Tel: 0662/870046 Fax: 0662/878462 E-mail: office@hauserherzog.com Headquartered in Siezenheim, Austria, the Debtor declared bankruptcy on Aug. 9 (Bankr. Case No 23 S 63/07w). DEPONIE RIEDERBERG: Claims Registration Period Ends October 5 ------------------------------------------------------------- Creditors owed money by LLC Deponie Riederberg & Co.KG (FN 21732i) have until Oct. 5 to file written proofs of claim to court-appointed estate administrator Herbert Matzunski at: Dr. Herbert Matzunski Salurner Strasse 16 6020 Innsbruck Austria Tel: 0512/58 27 16 Fax: 0512/57 14 67 E-mail: law@hauska-matzunski.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on Oct. 19 for the examination of claims. The meeting of creditors will be held at: The Land Court of Innsbruck Conference Hall 214 Second Floor New Building Maximilianstrasse 4 A-6020 Innsbruck Austria Headquartered in Kirchberg in Tirol, Austria, the Debtor declared bankruptcy on Aug. 23 (Bankr. Case No. 9 S 16/07p). FIT FUN: First Creditors' Meeting Slated for October 4 ------------------------------------------------------ Creditors owed money by LLC Fit Fun Wellnesscenter Maico (FN 231727a) are encouraged to attend the first creditors' meeting at noon on Oct. 4. The creditors' meeting will be held at: The Land Court of Graz Room 227 Second Floor Graz Austria The Court will also examine the claims at 2:00 p.m. on Oct. 18, at Room 230 of the same venue. Creditors have until Oct. 5 to file written proofs of claim to court-appointed estate administrator Claudia Sorgo at: Mag. Claudia Sorgo Gartengasse 19 8200 Gleisdorf Austria Tel: 03112/6644 Fax: 03112/6644-20 E-mail: office@ra-sorgo.at Headquartered in Hartmannsdorf, Austria, the Debtor declared bankruptcy on Aug. 28 (25 S 100/07d). KIWEG DI.KIRCHNER: Claims Registration Period Ends October 9 ------------------------------------------------------------ Creditors owed money by LLC KIWEG DI.Kirchner & Wesenscheg ZT (FN 265494h) have until Oct. 9 to file written proofs of claim to court-appointed estate administrator Wolfgang Kofler at: Mag. Wolfgang Kofler Bahnhofstrasse 51/DG 9020 Klagenfurt Austria Tel: 0463/50 73 50 Fax: 0463/50 73 50-55 E-mail: office@juridicom.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on Oct. 16 for the examination of claims. The meeting of creditors will be held at: The Land Court of Klagenfurt Conference Hall 225 Second Floor Klagenfurt Austria Headquartered in Klagenfurt, Austria, the Debtor declared bankruptcy on Aug. 29 (Bankr. Case No. 40 S 43/07z). LW-BAU LLC: St. Poelten Court Orders Business Shutdown ------------------------------------------------------ The Land Court of St. Poelten entered Aug. 29 an order shutting down the business of LLC LW-Bau (FN 271064z). Court-appointed estate administrator Hans-Peter Pfluegl 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. Hans-Peter Pfluegl Oberndorfer Ortsstrasse 56a 3130 Herzogenburg Austria Tel: 02782/83 553 Fax: 02782/83553-55 E-mail: hanspeter.pfluegl@aon.at Headquartered in Karlstetten, Austria, the Debtor declared bankruptcy on Aug. 22 (Bankr. Case No 14 S 147/07v). SARUS TECHNOLOGIE: Claims Registration Period Ends October 1 ------------------------------------------------------------ Creditors owed money by LLC Sarus Technologie (FN 212024a) have until Oct. 1 to file written proofs of claim to court-appointed estate administrator Andreas Rabl at: Dr. Andreas Rabl Ringstrasse 14 4600 Wels Austria Tel: 07242/41824 Fax: 07242/41824-80 E-mail: office@rakanzlei.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:20 a.m. on Oct. 11 for the examination of claims. The meeting of creditors will be held at: The Land Court of Wels Hall 101 First Floor Maria Theresia Strasse 12 Wels Austria Headquartered in Wels, Austria, the Debtor declared bankruptcy on Aug. (Bankr. Case No. 20 S 103/07h). SELLTEK LLC: Claims Registration Period Ends October 5 ------------------------------------------------------ Creditors owed money by LLC SELLTEK (FN 279323w) have until Oct. 5 to file written proofs of claim to court-appointed estate administrator Claudia Sorgo at: Mag. Claudia Sorgo Gartengasse 19 8200 Gleisdorf Austria Tel: 03112/6644 Fax: 03112/6644-20 E-mail: office@ra-sorgo.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 2:10 p.m. on Oct. 18 for the examination of claims. The meeting of creditors will be held at: The Land Court of Graz Room 230 Hall L Graz Austria Headquartered in Gleisdorf, Austria, the Debtor declared bankruptcy on Aug. 30 (Bankr. Case No. 25 S 101/07a). WAGNER LLC: Eisenstadt Court Orders Business Shutdown ----------------------------------------------------- The Land Court of Eisenstadt entered Aug. 29 an order shutting down the business of LLC Wagner (fka LLC WTL)(FN 256427z). Court-appointed estate administrator Barbara Senninger 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. Barbara Senninger Kastellstrasse 4 7551 Stegersbach Austria Tel: 03326/52423 Fax: 03326/54156 E-mail: office@anwalt-bgld.at Headquartered in Neuberg im Burgenland, Austria, the Debtor declared bankruptcy on Aug. 24 (Bankr. Case No 26 S 122/07d). ============= B E L G I U M ============= ADVANCED MICRO: Introduces World's First Triple-Core Processors --------------------------------------------------------------- Delivering a multi-core triple threat, AMD has revealed the addition of AMD Phenom triple-core processors to its desktop roadmap. AMD Phenom triple-core processors, expected to be the world’s first PC processors to integrate three computational cores on a single die of silicon, can help deliver the visual experience, performance and multitasking capabilities of true multi-core technology to a broader audience. The industry’s only x-86 triple-core desktop processor offers state-of-the-art platforms and a next-generation architecture with expected availability in the first quarter of 2008. AMD Phenom quad-core processors remain on schedule to ship in 2007. “With our advanced multi-core architecture, AMD is in a unique position to enable a wider range of premium desktop solutions, providing a smarter choice for customers and end users,” said Greg White, vice president and general manager for AMD's Desktop Division. “This innovation is a direct result of our development of the industry’s first true, native quad-core design, coupled with AMD’s manufacturing flexibility, to create multi-core processors in two, three, and four computational core configurations on a single die of silicon. As a customer-centric company, AMD is committed to working with our OEMs to deliver compelling value propositions across their multi-core product families with capabilities that address their requirements and aspirations,” Mr. White added. AMD Phenom processors with three cores are a response to demand for increased performance delivered by multi-core processors when running state-of-the-art applications. According to Mercury Research, quad-core processors represented less than two percent of desktop shipments in the second quarter of 2007. AMD believes this suggests a need for a wider selection of multi- core solutions. Triple-core AMD processors may stimulate broader multi-core adoption with a product family that scales to more points-of-entry for the customer. “Microsoft is excited to see AMD creating new technologies like the AMD Phenom triple-core processors,” said Bill Mitchell, corporate vice president of the Windows Hardware Ecosystem at Microsoft Corp. “We see potential for power and performance improvements through triple-core processing in the industry and are exploring with AMD the possibility of taking advantage of this in the Microsoft family of products.” The true multi-core design of the upcoming AMD Phenom processor family of products, based on Direct Connect Architecture, features an integrated memory controller, accelerating performance for productivity, content creation, entertainment, and gaming. In addition, this next-generation architecture includes AMD’s Balanced Smart Cache for rapid access to memory, with a shared L3 cache for leading-edge performance on multi- threaded software. AMD Phenom triple-core processors are expected to deliver increased performance for multitasking usage models and multi- threaded applications, aligned with similar benefits available with the upcoming AMD Phenom quad-core processors. In addition, triple-core processors from AMD can provide significant performance advantages over similar dual-core AMD processors in key industry standard benchmarks, including SYSmark 2007 and 3DMark 2006, as well as similar quad-core AMD processors in certain gaming and digital content creation scenarios. “A continued commitment to elegant design and innovative processor architecture is instrumental to revolutionizing the technology industry,” said Richard Shim, research manager for IDC's Personal Computing program. “The advent of triple-core processors is a valuable market opportunity for customers to deliver compelling solutions to end-users and further differentiate themselves within the desktop PC market.” About AMD Advanced Micro Devices Inc. -- http://www.amd.com/-- (NYSE: AMD) designs and manufactures microprocessors and other semiconductor products. The company has a facility in Singapore. It has sales offices in Belgium, France, Germany, the United Kingdom, Mexico and Brazil. * * * As reported in the Troubled Company Reporter on Aug. 14, 2007, Standard & Poor's Ratings Services affirmed its B/Negative/-- corporate credit rating on Sunnyvale, California-based Advanced Micro Devices Inc. At the same time, S&P assigned its 'B' rating to the company's US$1.5 billion 5.75% senior convertible notes due 2012, and raised the rating on the company's existing senior unsecured debt to 'B' from 'B-', because the company no longer has secured debt in its capital structure. As reported in the Troubled Company Reporter on Aug. 13, 2007, Fitch Ratings has assigned a 'CCC+/RR6' rating to Advanced Micro Devices Inc.'s private placement of US$1.5 billion 5.75% convertible senior notes due 2012. The 'CCC+/RR6' rating also applies to up to US$225 million of additional notes issued within the next 30 days to cover over-allotments. The 'BB-/RR2' rating on AMD's US$1.69 billion Term Loan B due 2010 is affirmed and withdrawn, as the company will use net proceeds from debt issuance, as well as available cash, to fully repay the term loan. Fitch also affirmed the company's Issuer Default Rating at 'B'; and Senior unsecured debt at 'CCC+/RR6'. As reported in the Troubled Company Reporter on July 26, 2007, Standard & Poor's Ratings Services affirmed its 'B/Negative/--' corporate credit rating on Sunnyvale, California-based Advanced Micro Devices Inc. At the same time, Standard & Poor's lowered the rating on the company's 7.75% senior notes due 2012 to 'B-' from 'BB-', which is now rated the same as the company's other senior unsecured notes, reflecting release of the collateral securing the issue. CHIQUITA BRANDS: Colombia Seeking Extradition of Firm's Officers ---------------------------------------------------------------- The Colombian government told The China Post that it would seek the Chiquita Brands International officials' extradition if they had broken local law after the company made a US$25-million settlement for paying off terrorists. As reported in the Troubled Company Reporter-Europe on Sept. 20, 2007, the U.S. federal court ordered Chiquita Brands to pay US$25 million in fines for paying millions of dollars to Colombian terrorist groups from 1997 to 2004. Chiquita Brands pleaded guilty to paying some US$1.7 million to Colombian paramilitary group United Self-Defense Committees of Colombia, explaining that the payments were made by a former unit due to threats to the safety of workers. The Honorable Royce Lamberth authorized an accord between Chiquita Brands and the US government in March 2007 that spared company officials. The prosecution also agreed not to name or prosecute Chiquita Brands executives who were involved in paying the terrorist groups. Colombian officials were angry the settlement. Reporters say that the fine was small compared to other cases. The China Post relates that Colombian Vice President Francisco Santos demanded that the fine be given to the terrorists' victims, whose families have already filed a lawsuit against Chiquita Brands to seek unspecified damages. The foreign ministry said in a statement, "If the conduct of executives at the banana company Chiquita Brands constitutes any crime in Colombia, then we will ask, with the help of the attorney general, for these people to be extradited." Colombia would launch its own separate probe, The China Post says, citing the attorney general. "It makes no sense here or anywhere that for US$25 million a multinational company can buy immunity," Interior Minister Carlos Holguin told the press. Cincinnati, Ohio-based Chiquita Brands International, Inc. (NYSE: CQB) -- http://www.chiquita.com/-- markets and distributes fresh food products including bananas and nutritious blends of green salads. The company markets its products under the Chiquita(R) and Fresh Express(R) premium brands and other related trademarks. Chiquita employs approximately 25,000 people operating in more than 70 countries worldwide, including Belgium, Columbia, Germany, Panama, Philippines, among others. * * * The company continues to carry Moody's Investors Service Ratings' B3 corporate family rating with a negative outlook. Furthermore, Standard & Poor's Ratings Services placed the company's B corporate credit rating under CreditWatch with negative implications. GREIF INC: Board Elects David B. Fischer as President & COO ----------------------------------------------------------- The Board of Directors of Greif, Inc., has elected David B. Fischer as the company's president and chief operating officer. Mr. Fischer was senior vice president and divisional president of Industrial Packaging & Services of Greif's North and South America, Asia, Africa and Australia business units. The position of president had been held by Chairman and Chief Executive Officer Michael J. Gasser. Michael C. Patton, senior vice president of Paper, Packaging & Services, will also lead IP&S - North America. He was named divisional president as well. Senior Vice President Ivan Signorelli, at Greif's IP&S - Europe strategic business unit, also adds the title of divisional president. Mr. Signorelli and Mr. Patton will report to Mr. Fischer. The changes are effective Oct. 1. Mr. Gasser said, "David's proven track record in operations, mergers and acquisitions and business integration make him ideally suited for his new position. His leadership and counsel will be a driving force as we continue to execute our aggressive growth strategy. "Mike has been a strong leader in all his roles within Greif. Because of his deep understanding of the Greif Business System and his ability to effect change, he is the right person to take our business in North America to the next level. "With Ivan in Europe, we have a strong operations team in place that will be instrumental in achieving our goals," Mr. Gasser said. Mr. Fischer joined Greif in November 2004 to lead Greif's Industrial Packaging & Services - Americas business. He was later assigned responsibility for the company's IP&S businesses in Asia, Africa and Australia. He came to Greif from The Dow Chemical Company, where he was previously global business vice president of the company's US$1.8 billion polyurethanes business. Mr. Fischer holds a bachelor's degree from Purdue University where he majored in Chemistry. Mr. Patton joined Greif in March 2000 as vice president and general manager, Multiwall Packaging. He was named vice president of Steel, IP&S - North America in 2002, and vice president and general manager for IP&S - North America, Midwest, in 2004. Later that year, he was named senior vice president, Transformation Worldwide and in 2005, was named to head Paper, Packaging & Services. Mr. Patton holds a bachelor's degree in Finance from Seton Hall University. Mr. Signorelli joined Van Leer (acquired by Greif in 2001) in 1992 as the business unit manager of Italy. He was named BU manager of closures business American Flange in 1993 and promoted to strategic business unit manager of Latin America in 1997. Greif's African businesses were added to his responsibilities in 2003. He was promoted to his current position in 2005. Mr. Signorelli holds an undergraduate degree in Business Administration from Inst. Educ. Luzwell and an MBA degree with a major in Marketing from Fundacao Getulio Vargas, both in Brazil. About Greif Headquartered in Delaware, Ohio, Greif, Incorporated, (NYSE: GEF, GEF.B) -- http://www.greif.com/-- is a world leader in industrial packaging products and services. The company provides extensive expertise in steel, plastic, fibre, corrugated and multi-wall containers for a wide range of industries. Greif also produces containerboard and manages timber properties in the United States. For fiscal year 2006, the company generated approximately US$2.6 billion in net sales and US$326 million in EBITDA. The company has operations in Australia, Argentina, Brazil, Belgium, China, Malaysia, among others. * * * As reported in the Troubled Company Reporter-Europe on Jan. 26, 2007, Standard & Poor's Ratings Services assigned its 'BB-' ratings to Greif Inc.'s proposed US$300 million senior unsecured notes due 2017. The proceeds from the notes will be used to retire approximately US$248 million in existing senior subordinated notes due 2012 and for general corporate purposes. The new senior notes issue is contingent upon consummation of the tender offer for the senior subordinated notes. =========================== C Z E C H R E P U B L I C =========================== MAGNA INTERNATIONAL: Plan of Arrangement Takes Effect ----------------------------------------------------- Magna International Inc.'s plan of arrangement and agreements relating to the strategic investment in Magna by Open Joint Stock Company Russian Machines became effective on Sept. 20, 2007. "We are pleased to have completed this very important transaction with Russian Machines," Frank Stronach, Magna's chairman commented. "I believe we are now well positioned to capitalize on the growth opportunities in Russia and other automotive markets, while minimizing the risks of investing in those markets." "Our strategic investment in Magna will allow Magna to build a strong presence in the rapidly expanding Russian automotive market as well as in Eastern Europe and other key markets," Oleg Deripaska, chairman of the supervisory board of basic element and chairman of the board of directors of Russian Machines, said. Under the arrangement, M Unicar Inc. , through its indirectly owned subsidiary 2143455 Ontario Inc., a Canadian holding company funded by a subsidiary of Russian Machines, acquired 20 million Magna Class A Subordinate Voting Shares for approximately US$1.54 billion. Newco is owned indirectly by the Stronach Trust, Russian Machines and Donald Walker, Siegfried Wolf, Vincent Galifi, Jeffrey Palmer and Peter Koob, members of Magna's executive management. Newco and its subsidiaries now hold 726,829 Class B Shares, which were previously held by 445327 Ontario Inc., all of the shares of which are directly owned by the Stronach Trust, representing 100% of the outstanding Class B Shares, and 20,605,000 Class A Subordinate Voting Shares, representing approximately 15.9% of the outstanding Class A Subordinate Voting Shares, which collectively represent approximately 68.6% of the total voting power of all the outstanding shares of Magna. The transaction allows Newco and its shareholders to effect a strategic investment in Magna and participate in the future growth and success of Magna on a global basis. Magna also disclosed that, as a result of the arrangement becoming effective, all of the conditions to its offer to purchase for cash up to US$1,536,600,000 in value of its Class A Subordinate Voting Shares, which expired at 5:00 p.m., Toronto time, on Sept. 20, have been satisfied or waived. Magna will issue a statement with respect to the outcome of the bid after it has determined the number of Class A Subordinate Voting Shares which have been validly tendered and the clearing purchase price for such shares under the "modified Dutch auction" procedure applicable to the bid. About Magna International Inc. Headquartered in Ontario, Canada, Magna International Inc. (TSX: MG.A, MG.B; NYSE: MGA) -- http://www.magna.com/-- is a diversified automotive supplier that designs, develops and manufactures automotive systems, assemblies, modules and components, and engineers and assembles complete vehicles, for sale to original equipment manufacturers of cars and light trucks in North America, Europe, Asia, South America and Africa. The company's capabilities include the design, engineering, testing and manufacture of automotive interior systems; seating systems; closure systems; metal body and chassis systems; vision systems; electronic systems; exterior systems; powertrain systems; roof systems; well as complete vehicle engineering and assembly. The company has approximately 83,000 employees in 229 manufacturing operations and 62 product development and engineering centers in 23 countries including Brazil, China, Czech Republic, France, Germany, Korea, among others. ============= D E N M A R K ============= TDC A/S: Closes Deal to Supply Telephony Service to Scandic ----------------------------------------------------------- TDC A/S has concluded an agreement with the Scandic hotel chain on the supply of data and voice in Northern Europe. It is an expansion of an existing partnership to also include Scandic hotels in Finland, the Netherlands, Belgium, Germany and the Baltics. This means that every Scandic office and hotel will now be covered by the same service and support agreement. "We are very pleased that Scandic has so much faith in us. We see expanding collaboration with a corporation with such high requirements for service and stability as a seal of approval for our communications solutions and for our service organization," says Lars Glarborg, senior vice president at TDC Sweden. The scope of the agreement is two years, and it represents a total value of about SEK100 million. It covers all telephony as well as service and support for all company switchboards. Scandic is also expanding its data network solution, TDC IP VPN, to include the traffic prioritization service. This will ensure better traffic management so that Scandic can optimize its customer service. In addition, the data communication will cover new hotels in the Netherlands, Belgium, Germany and the Baltics. "With TDC's solutions, we can optimize our company by cutting our costs and at the same time improving our service level. Furthermore, this is a solution that we can grow with. For instance, now we can easily include new hotels, which is a plus with regard to Scandic's expansion plans," says Mr. Thomas Engelhart, vice president Commercial Operations, Scandic. When Scandic was faced with the task of expanding its data and voice network, their natural first step was to contact the supplier they have used for years, TDC. "We were looking for a partner who could take full responsibility for our data, voice and telephony system as well as provide support and service in Northern Europe. With TDC we have just one partner to contact for all these things. We also had extremely high requirements for the level of service, and that is where TDC differed from the competition by being particularly attentive to our needs," says Mr. Engelhart. Scandic is the leading hotel chain in Northern Europe with 129 hotels in nine countries. About TDC A/S Headquartered in Copenhagen, Denmark, TDC A/S -- http://www.tdc.dk/-- through its subsidiaries and affiliates, provides communication solutions in Europe. It provides communication services in Denmark and Switzerland, and has a significant presence in selected Northern and Central European telecommunication markets. It operates through five business lines. * * * As reported in the TCR-Europe on June 27, 2007, Fitch Ratings affirmed TDC A/S's Long-term Issuer Default rating at 'BB-' including TDC's and NTC Holdings' debt. The Short-term IDR is affirmed at 'B'. All the ratings are removed from Rating Watch Negative. A Stable Outlook is assigned to the Long-term IDR. In April 2007, in connection with the implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa, Moody's Investors Service confirmed its Ba3 Corporate Family Rating for TDC A/S. Moody's also assigned a Ba3 Probability-Of-Default-rating to the company. * Issuer: TDC A/S Projected Old New LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- US$6-billion Sr. Unsecured Medium-Term Note Program Ba3 B1 LGD5 81% DEM500-billion 5% Sr. Unsecured Ba3 B1 LGD5 81% Regular Bond/ Debenture Due 2008 JPY3-billion 1.28% Sr. Unsecured Regular Bond/ Debenture Due 2008 Ba3 B1 LGD5 81% EUR350-million 5.625% Senior Unsecured Regular Bond/ Debenture Due 2009 Ba3 B1 LGD5 81% EUR750-million 6.5% Senior Unsecured Regular Bond/ Debenture Due 2012 Ba3 B1 LGD5 81% Senior Secured Bank Credit Facility Ba2 Ba2 LGD3 34% At the same time, Standard & Poor's Ratings Services affirmed all its ratings on Danish telecoms operator TDC A/S and its parent company Nordic Telephone Co. Holding ApS, including the 'BB-/B' corporate credit ratings on TDC. S&P said the outlook is stable. =========== F R A N C E =========== PRIDE INTERNATIONAL: Gives Update on Fleet Contract Status ---------------------------------------------------------- Pride International Inc. announced that its report of drilling rig status and contract information covering the company's fleet of offshore drilling rigs, its five drilling management projects, along with a summary status of its Eastern Hemisphere- based land fleet, has been updated as of Sept. 19, 2007. The updated report, titled "Monthly Fleet Update," is available through the company's Web site and can be accessed at the Investor Relations link. About Pride International Headquartered in Houston, Texas, Pride International Inc. (NYSE: PDE) -- http://www.prideinternational.com/-- provides onshore and offshore contract drilling and related services in more than 25 countries, operating a diverse fleet of 277 rigs, including two ultra-deepwater drillships, 12 semisubmersible rigs, 28 jackups, 16 tender-assisted, barge and platform rigs, and 214 land rigs. The company maintains worldwide operations in France, Mexico, Kazakhstan, India, and Brazil, among others. * * * As reported in the Troubled Company Reporter-Europe on Sept. 5, 2007, Fitch Ratings has affirmed Pride International Inc.'s Issuer Default Rating at 'BB' in addition to affirming the ratings on Pride International's senior secured revolving credit facility, senior unsecured notes and their convertible senior notes. The Rating Outlook is Stable. Fitch maintains the following ratings for Pride International: -- Issuer Default Rating (IDR) at 'BB'; -- Senior unsecured at 'BB'; -- Senior secured bank facility at 'BBB-'; -- Senior convertible notes at 'BB'. As reported in the Troubled Company Reporter-Europe on July 31, 2007, Moody's affirmed Pride International, Inc.'s credit ratings following the company's announcement of the acquisition of a newbuild drillship to be delivered in 2010. The ratings affirmed include the Ba1 corporate family rating, the Ba2 rating on Pride's US$500 million senior notes due 2014, the Baa2 rating on its US$500 million senior secured credit facility and speculative grade liquidity rating of SGL-2. Moody's said the outlook is stable. Pride Ratings Affirmed: -- Ba1 CFR and Probability of Default Rating; -- US$500 million Senior Notes due 2014 rated Ba2 (LGD5, 71%); -- US$500 million Senior Secured Credit Facility rated Baa2 (LGD2, 13%); -- Speculative Grade Liquidity Rating -- SGL-2; -- Senior Unsecured Shelf rated (P)Ba2 (LGD5, 71%); -- Subordinated Shelf rated (P)Ba2 (LGD6, 97%); -- Preferred Shelf rated Ba2 (LGD6, 97%) ============= G E R M A N Y ============= BARIS MOSAIK: Claims Registration Period Ends October 5 ------------------------------------------------------- Creditors of Baris Mosaik- und Pflasterbau GmbH have until Oct. 5 to register their claims with court-appointed insolvency manager Annegret Schwarz. Creditors and other interested parties are encouraged to attend the meeting at 11:30 a.m. on Oct. 30, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Gera Hall 317 Rudolf-Diener-Str. 1 Gera Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Annegret Schwarz Helenenstrasse 15 99867 Gotha Germany The District Court of Gera opened bankruptcy proceedings against Baris Mosaik- und Pflasterbau GmbH on Sept. 5. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Baris Mosaik- und Pflasterbau GmbH Gartenstrasse 9 07774 Frauenpriessnitz Germany BEREUTHER GMBH: Claims Registration Ends October 30 --------------------------------------------------- Creditors of Bereuther GmbH & Co. KG have until Oct. 30 to register their claims with court-appointed insolvency manager Hendrik Rogge. Creditors and other interested parties are encouraged to attend the meeting at 9:55 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 Hamburg Hall B405 Fourth Floor Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Hendrik Rogge Haferweg 22 22769 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Bereuther GmbH & Co. KG on Sept. 7. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bereuther GmbH & Co. KG Attn: Emanuel Bereuther, Manager Klosterallee 100 20144 Hamburg Germany BM-AUTOMOBILE VERWALTUNGS: Claims Registration Ends October 19 -------------------------------------------------------------- Creditors of BM-Automobile Verwaltungs mbH have until Oct. 19 to register their claims with court-appointed insolvency manager Sebastian Henneke. Creditors and other interested parties are encouraged to attend the meeting at 8:35 a.m. on Nov. 14, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duisburg Hall C207 Kardinal-Galen-Strasse 124-132 47058 Duisburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Sebastian Henneke Muelheimer Str. 100 47057 Duisburg Germany The District Court of Duisburg opened bankruptcy proceedings against BM-Automobile Verwaltungs mbH on Sept. 6. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BM-Automobile Verwaltungs mbH Falkstr.73-77 47058 Duisburg Germany Attn: Hans-Juergen Walbrunn, Manager Koelner Str.359 b 45481 Muelheim Germany BODE U. PARTNER: Claims Registration Period Ends October 19 ----------------------------------------------------------- Creditors of Bode u. Partner GmbH have until Oct. 19 to register their claims with court-appointed insolvency manager Michael Wilbert. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.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 Bonn Hall S 2.18 William-Strasse 23 53111 Bonn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Michael Wilbert Simrockstrasse 7 53113 Bonn Germany Tel: 0228-336255-5 Fax: 0228-336255-6 The District Court of Bonn opened bankruptcy proceedings against Bode u. Partner GmbH on Sept. 4. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bode u. Partner GmbH Attn: Wilfried Bode, Manager Stolpstr. 22 53359 Rheinbach Germany CIES FISCHEREI-GMBH: Creditors Must File Claims by October 26 ------------------------------------------------------------- Creditors of Cies Fischerei-GmbH have until Oct. 26 to register their claims with court-appointed insolvency manager Thilo Streck. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.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 Hamburg Hall B 405 Fourth Floor Annex Civil Justice Bldg. Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Thilo Streck Neuer Wall 86 20354 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Cies Fischerei-GmbH on Sept. 6. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Cies Fischerei-GmbH Grevenweg 89 20537 Hamburg Germany CONREX GMBH: Claims Registration Ends October 30 ------------------------------------------------ Creditors of ConRex GmbH have until Oct. 30 to register their claims with court-appointed insolvency manager Sebastian Laboga. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Nov. 29, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Neuruppin Hall 325 Karl-Marx-Strasse 18a 16816 Neuruppin Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Sebastian Laboga Einemstrasse 24 10785 Berlin Germany The District Court of Neuruppin opened bankruptcy proceedings against ConRex GmbH on Sept. 5. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ConRex GmbH Waldstr. 1 16798 Fuerstenberg Germany Attn: Herrn Laurent Bruno Schulz, Manager Koloniestrasse 1 16348 Wandlitz Germany ELRO-PC GMBH: Claims Registration Ends October 30 ------------------------------------------------- Creditors of ELRO-PC GmbH have until Oct. 30 to register their claims with court-appointed insolvency manager Sebastian Laboga. Creditors and other interested parties are encouraged to attend the meeting at 10:20 a.m. on Nov. 29, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Neuruppin Hall 325 Karl-Marx-Strasse 18a 16816 Neuruppin Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Sebastian Laboga Einemstrasse 24 10785 Berlin Germany The District Court of Neuruppin opened bankruptcy proceedings against ELRO-PC GmbH on Sept. 5. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ELRO-PC GmbH Attn: Frau Andrea Gose-Block, Manager Seetorstrasse 34 19309 Lenzen Germany EXPERTEAM TA: Claims Registration Ends October 26 ------------------------------------------------- Creditors of ExperTeam TA Telearbeit Gesellschaft fuer innovative Arbeits-, Organisations- und Geschaftsformen mbH i. L. have until Oct. 26 to register their claims with court- appointed insolvency manager Klaus Bollig. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.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 Cologne Meeting Hall 142 First Floor Luxemburger Strasse 101 50939 Cologne Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Klaus Bollig Duerener Str. 189 50931 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against ExperTeam TA Telearbeit Gesellschaft fuer innovative Arbeits-, Organisations- und Geschaftsformen mbH i. L. on Aug. 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ExperTeam TA Telearbeit Gesellschaft fuer innovative Arbeits-, Organisations- und Geschaftsformen mbH i. L. Claudius-Dornier-Str. 1 50829 Cologne Germany FK NORDSEE-FISCHEREI: Claims Registration Ends October 29 --------------------------------------------------------- Creditors of FK Nordsee-Fischerei GmbH have until Oct. 29 to register their claims with court-appointed insolvency manager Dr. Thilo Streck. Creditors and other interested parties are encouraged to attend the meeting at 11:45 a.m. on Nov. 29, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hamburg Hall B 405 Fourth Floor Annex Civil Justice Bldg. Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Thilo Streck Neuer Wall 86 20354 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against FK Nordsee-Fischerei GmbH on Sept. 6. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: FK Nordsee-Fischerei GmbH Baumwall 5 20459 Hamburg Germany FOTO 90: Creditors Must File Claims by October 16 ------------------------------------------------- Creditors of Foto 90 GmbH have until Oct. 16 to register their claims with court-appointed insolvency manager Justus Schneidewind. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Nov. 13, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Cottbus Hall 210 Platz 2 Cottbus Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Justus Schneidewind Behlertstr. 28 a 14469 Potsdam Germany The District Court of Cottbus opened bankruptcy proceedings against Foto 90 GmbH on Sept. 6. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Foto 90 GmbH Gulbener Strasse 11 03046 Cottbus Germany GLS GETRANKE: Claims Registration Ends October 26 ------------------------------------------------- Creditors of GLS Getranke GmbH have until Oct. 26 to register their claims with court-appointed insolvency manager Stephan Jaeger. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.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 Munich Meeting Hall 102 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Stephan Jaeger Leopoldstr. 139 80804 Munich Germany Tel: 089/361930-750 Fax: 089/361930-999 The District Court of Munich opened bankruptcy proceedings against GLS Getranke GmbH on Sept. 5. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: GLS Getranke GmbH Phantasiestr. 34 81827 Munich Germany H.T.-BAU-GMBH: Creditors Must File Claims by October 5 ------------------------------------------------------ Creditors of H.T.-Bau-GmbH have until Oct. 5 to register their claims with court-appointed insolvency manager Gerd Honsdorf. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Oct. 26, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Paderborn Meeting Hall 230a Second Floor Bogen 2-4 33098 Paderborn 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: Gerd Honsdorf Detmolder Strasse 57-59 33100 Paderborn Germany The District Court of Paderborn opened bankruptcy proceedings against H.T.-Bau-GmbH on Sept. 3. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: H.T.-Bau-GmbH Muehlenholzweg 12 33106 Paderborn Germany HAHN GASTRONOMIEBETRIEBE: Claims Registration Ends October 26 ------------------------------------------------------------- Creditors of Hahn Gastronomiebetriebe GmbH have until Oct. 26 to register their claims with court-appointed insolvency manager Thomas Linse. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.m. on Dec. 13, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Fuerth Hall 3 Ground Floor Baumenstrasse 32 Fuerth Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Thomas Linse Aussere Sulzbacher Str. 29 90491 Nuernberg Germany Tel: 0911/598704 Fax: 0911/5987379 The District Court of Fuerth opened bankruptcy proceedings against Hahn Gastronomiebetriebe GmbH on Sept. 10. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hahn Gastronomiebetriebe GmbH Bismarckstr. 15 91054 Erlan Germany HANS STREICHERT: Claims Registration Period Ends September 28 ------------------------------------------------------------- Creditors of Hans Streichert Brennstoffhandelsgesellschaft mbH have until Sept. 28 to register their claims with court- appointed insolvency manager Heiko Fialski. Creditors and other interested parties are encouraged to attend the meeting at 9:40 a.m. on Oct. 22, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Walsrode Hall 130 Lange Strasse 29-33 29664 Walsrode Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Heiko Fialski Raboisen 38 20095 Hamburg Germany Tel: (040) 3344 6-0 Fax: (040) 3344 6111 The District Court of Walsrode opened bankruptcy proceedings against Hans Streichert Brennstoffhandelsgesellschaft mbH on Sept. 3. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hans Streichert Brennstoffhandelsgesellschaft mbH Attn: Annerose Thesinga, Manager Jechaer Weg 4 99706 Sondershausen Germany HOME-CONCEPT GMBH: Creditors' Meeting Slated for October 8 ---------------------------------------------------------- The court-appointed insolvency manager for Home-Concept GmbH, Dr. Christian Willmer will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:30 a.m. on Oct. 8. The meeting of creditors and other interested parties will be held at: The District Court of Verden (Aller) Hall 212 Main Building Johanniswall 8 27283 Verden (Aller) Germany The Court will also verify the claims set out in the insolvency manager's report at 9:00 a.m. on Dec. 14 at the same venue. Creditors have until Oct. 30 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Christian Willmer Georgstr. 5 27283 Verden (Aller) Germany Tel: 04231/884-45 Fax: 04231/884-55 The District Court of Verden (Aller) opened bankruptcy proceedings against Home-Concept GmbH on Sept. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Home-Concept GmbH Attn: Klaus Wiemann, Andreas Klimek and Dr. Volker Wiemann, Managers Max-Planck-Str. 7-13 27721 Ritterhude Germany INGENYS FNG: Claims Registration Period Ends October 17 ------------------------------------------------------- Creditors of Ingenys FNG GmbH have until Oct. 17 to register their claims with court-appointed insolvency manager Bettina Schmudde. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Nov. 19, 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 Schwerin Hall 7 Demmlerplatz 14 Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Bettina Schmudde Jungfernstieg 51 20354 Hamburg Germany The District Court of Schwerin opened bankruptcy proceedings against Ingenys FNG GmbH on Sept. 4. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Ingenys FNG GmbH BT Neubrandenburg Krusehofer Strasse 11 17036 Neubrandenburg Germany Attn: Mathias Schielke, Manager Brauereistrasse 39-42 19306 Neustadt-Glewe Germany KLINKERBAU ZUEHLOW: Claims Registration Period Ends October 19 -------------------------------------------------------------- Creditors of Klinkerbau Zuehlow GmbH have until Oct. 19 to register their claims with court-appointed insolvency manager Andreas Sontopski. Creditors and other interested parties are encouraged to attend the meeting at 8:40 a.m. on Nov. 9, 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 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: Andreas Sontopski Gnoiener Platz 10 48493 Wettringen Germany Tel: 02557/9384-0 Fax: +492557938450 The District Court of Muenster opened bankruptcy proceedings against Klinkerbau Zuehlow GmbH on Sept. 6. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Klinkerbau Zuehlow GmbH Attn: Klaus Zuehlow, Manager Spieker 1 48432 Rheine Germany KREATIV & BUNT: Claims Registration Period Ends September 26 ------------------------------------------------------------ Creditors of Kreativ & Bunt GmbH have until Sept. 26 to register their claims with court-appointed insolvency manager Juergen Wallner. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on Nov. 19, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Dresden Hall D131 Olbrichtplatz 1 01099 Dresden Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Juergen Wallner Unterer Kreuzweg 1 01097 Dresden Germany Web site: http://www.wallnerweiss.info/ The District Court of Dresden opened bankruptcy proceedings against Kreativ & Bunt GmbH on Aug. 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kreativ & Bunt GmbH Attn: Stefan Birnbaum, Manager Frankenbergstr. 45 01159 Dresden Germany LIFE COMMUNE: Claims Registration Ends October 26 ------------------------------------------------- Creditors of Life Commune (Germany) GmbH have until Oct. 26 to register their claims with court-appointed insolvency manager Stephan Neubauer. Creditors and other interested parties are encouraged to attend the meeting at 9:05 a.m. on Nov. 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 Hamburg Hall B 405 Fourth Floor Annex Civil Justice Bldg. Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Stephan Neubauer Spitalerstrasse 4 20095 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Life Commune (Germany) GmbH on Sept. 6. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Life Commune (Germany) GmbH Duesternstrasse 1 20355 Hamburg Germany LOOK AGENTUR: Claims Registration Ends October 26 ------------------------------------------------- Creditors of LOOK Agentur - Polstermoebel mit Funktion GmbH & Co. KG have until Oct. 26 to register their claims with court- appointed insolvency manager Sylvia Fiebig. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Nov. 16, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Detmold Meeting Room 12 Ground Floor Gerichtsstr. 6 32756 Detmold 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: Sylvia Fiebig Jungfernstieg 51 20354 Hamburg Germany The District Court of Detmold opened bankruptcy proceedings against LOOK Agentur - Polstermoebel mit Funktion GmbH & Co. KG on Sept. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: LOOK Agentur - Polstermoebel mit Funktion GmbH & Co. KG Eimterstr. 124 32049 Herford Germany Attn: Karl-Heinz Rahrbach, Manager Schwoenkamp 6 32479 Hille Germany MGS MALER: Claims Registration Period Ends October 2 ---------------------------------------------------- Creditors of mgs Maler Gipser Stuckateur GmbH have until Oct. 2 to register their claims with court-appointed insolvency manager Peter Depre. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Nov. 13, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Karlsruhe Hall IV First Floor Schlossplatz 23 76131 Karlsruhe 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: Peter Depre O 4 13-16 68161 Mannheim Germany Tel: (0621) 1207 80 The District Court of Karlsruhe opened bankruptcy proceedings against mgs Maler Gipser Stuckateur GmbH on Sept. 5. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: mgs Maler Gipser Stuckateur GmbH Attn: Martin Knab, Manager Goethestr. 20 76327 Pfinztal Germany MIRO DATA: Claims Registration Ends October 25 ---------------------------------------------- Creditors of MiRo Data EDV-Dienstleistungs-GmbH have until Oct. 25 to register their claims with court-appointed insolvency manager Wilhelm Wessel. Creditors and other interested parties are encouraged to attend the meeting at 10:35 a.m. on Nov. 15, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Luebeck Hall E3 Am Burgfeld 7 23568 Luebeck Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Wilhelm Wessel Roeckstr. 1 23568 Luebeck Germany The District Court of Luebeck opened bankruptcy proceedings against MiRo Data EDV-Dienstleistungs-GmbH on Sept. 4. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MiRo Data EDV-Dienstleistungs-GmbH Attn: Michael Moellinger, Manager Moislinger Allee 53-55 23558 Luebeck Germany MUENCHNER KINDL: Claims Registration Ends November 1 ---------------------------------------------------- Creditors of Muenchner Kindl Reisen GmbH have until Nov. 1 to register their claims with court-appointed insolvency manager Hubert Ampferl. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Dec. 3, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Munich Meeting Room 102 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Hubert Ampferl Nymphenburger Str. 20 80335 Munich Germany Tel: 089/3090586-0 Telefax: 089/3090586-10 The District Court of Munich opened bankruptcy proceedings against Muenchner Kindl Reisen GmbH on Aug. 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Muenchner Kindl Reisen GmbH Attn: Joachim Rist, Manager Plinganserstr. 65 81369 Munich Germany NEWTRAL GMBH: Claims Registration Ends October 8 ------------------------------------------------ Creditors of Newtral GmbH have until Oct. 8 to register their claims with court-appointed insolvency manager Johannes Graute. Creditors and other interested parties are encouraged to attend the meeting at 1:00 p.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 Essen Meeting Hall 293 Second Floor Zweigertstr. 52 45130 Essen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Johannes Graute III. Hagen 30 45127 Essen Germany Tel: 02 01/10953 The District Court of Essen opened bankruptcy proceedings against Newtral GmbH on Sept. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Newtral GmbH Im Teelbruch 77 45219 Essen Germany Attn: Sven Hellmuth, Manager Zweigertstr. 31 45130 Essen Germany PETERSITZKE GMBH: Claims Registration Ends October 8 ---------------------------------------------------- Creditors of Petersitzke GmbH have until Oct. 8 to register their claims with court-appointed insolvency manager Jens M. Schmittmann. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Oct. 29, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Essen Meeting Hall 293 Second Floor Sommerburgstr. 16 45149 Essen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Prof. Dr. Jens M. Schmittmann Zweigertstrasse 28-30 45130 Essen Germany The District Court of Essen opened bankruptcy proceedings against Petersitzke GmbH on Aug. 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Petersitzke GmbH Attn: Astrid Urlitzki, Manager Allinghofstr. 31 45964 Gladbeck Germany PICO SOFT: Claims Registration Ends October 8 --------------------------------------------- Creditors of PICO SOFT Gesellschaft fuer Systemanalyse und Programmierung mbH have until Oct. 8 to register their claims with court-appointed insolvency manager Michael Farnbacher. Creditors and other interested parties are encouraged to attend the meeting on Nov. 12, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Nuremberg Meeting Hall 152/I Flaschenhofstr. 35 Nuremberg 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: Michael Farnbacher Martin-Luther-Str. 20 91207 Lauf Germany Tel: 09123/9720-0 Fax: 0911/9720-20 The District Court of Nuremberg opened bankruptcy proceedings against PICO SOFT Gesellschaft fuer Systemanalyse und Programmierung mbH on Sept. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PICO SOFT Gesellschaft fuer Systemanalyse und Programmierung mbH Attn: Matthias Arnold, Manager Buehlackerstr. 1 90592 Schwarzenbruck Germany PREMIA WIN: Creditors Must File Claims by October 10 ---------------------------------------------------- Creditors of Premia Win GmbH have until Oct. 10 to register their claims with court-appointed insolvency manager Jan Koerber. Creditors and other interested parties are encouraged to attend the meeting at 11:15 a.m. on Nov. 7, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Braunschweig Hall E 01 Martinikirche 8 38100 Braunschweig Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Jan Koerber Museumstrasse 2 D 38100 Braunschweig Germany The District Court of Braunschweig opened bankruptcy proceedings against Premia Win GmbH on Aug. 31. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Premia Win GmbH Leopoldstrasse 38 38100 Braunschweig Germany PROSECURITY PERSONEN: Claims Registration Ends October 10 --------------------------------------------------------- Creditors of Prosecurity Personen & Objektschutz GmbH have until Oct. 10 to register their claims with court-appointed insolvency manager Thomas Steger. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Nov. 16, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bonn Hall W 1.26 Ground Floor William-Strasse 23 53111 Bonn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Thomas Steger Koelnstrasse 135 53757 Sankt Augustin Germany Tel: 02241/90600 Fax: 02241/906090 The District Court of Bonn opened bankruptcy proceedings against Prosecurity Personen & Objektschutz GmbH on Aug. 31. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Prosecurity Personen & Objektschutz GmbH Attn: Monika Stammel-Heine, Manager Zum Hoeffelfeld 4 53797 Lohmar Germany PSG CLASSIC: Creditors Must File Claims by October 5 ---------------------------------------------------- Creditors of PSG Classic GmbH have until Oct. 5 to register their claims with court-appointed insolvency manager Hans-W. Goetsch. 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 Mainz Hall 174 Building B Ernst-Ludwig Strasse 7 55116 Mainz Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Hans-W. Goetsch Libellenweg 4 55128 Mainz Germany The District Court of Mainz opened bankruptcy proceedings against PSG Classic GmbH on Sept. 5. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PSG Classic GmbH Alicenplatz 4 55116 Mainz Germany ============= H U N G A R Y ============= GUESS? INC: Caris Maintains Average Rating on Firm's Shares ----------------------------------------------------------- Caris & Company analyst Scott Birkby has kept his "average" rating on Guess? Inc's shares, Newratings.com reports. According to Newratings.com, the target price for Guess?'s shares was increased to US$57 from US$54. Mr. Birkby said in a research note that recent checks indicated that Guess?'s shoes and handbags have been receiving positive customer response in Europe. Mr. Birkby told Newratings.com that Guess?'s August 2007 "comp store sales" had a double-digit increase. The earnings per share estimate for fiscal year 2008 was increased to US$2.28 from US$2.16, Newratings.com states. Guess? Inc. (NYSE: GES) -- http://www.guessinc.com/-- designs, markets, distributes and licenses a lifestyle collection of contemporary apparel, accessories and related consumer products. At May 5, 2007, the company operated 336 retail stores in the United States and Canada. The company also distributes its products through better department and specialty stores around the world, including the Philippines, Hungary and the Dominican Republic. * * * Guess? Inc. still carries Standard & Poor's "BB" long-term foreign and local issuer credit ratings, which were assigned in December 2006. ============= I R E L A N D ============= INDEPENDENT NEWS: Net Profit Up 9.7% in First Half 2007 ------------------------------------------------------- Independent News & Media plc released its interim financial results for the six months ended June 30, 2007. In the six months ended June 30, 2007, INM's net profit increased by 9.7% to EUR62 million from EUR56.5 million in the same period in the prior year, reflecting the group's diversified growth and rigorous cost management strategy. The Group's profit for the period was EUR76.2 million, compared with EUR87.3 million a year ago. Each of INM's main geographic regions performed strongly with first half Group Operating Profit (before exceptionals) increasing by 4.5% (6.1% in constant currency terms) to EUR154.6 million. This produced a strong half year margin of 19.0% (up 40 bps). Group revenues increased by 2.4% to EUR815.5 million (up 4.2% in constant currency), despite adverse currency movements and the loss of some low-margin distribution contracts in Ireland. This growth was largely driven by the Publishing division whose revenues grew by 5.1% in constant currency, on the back of good increases in advertising revenues (up 6.3%) and circulation revenues (up 2.5%). Significantly, all markets showed growth in advertising, with increases in both aggregate volumes and rate. A net exceptional charge of EUR27.6 million relates mainly to payroll restructuring charges in the Group's Irish, Australasian and United Kingdom operations, and reflects the Group's continuing business re-engineering in its publishing operations. The exceptional charge also includes costs associated with the APN Scheme of Arrangement, which did not proceed. The tax charge, at EUR17.9 million, was EUR3.4 million less than 2006 due mainly to tax credits associated with the exceptional restructuring charges. Adjusted Earnings per Share increased to 8.03 cent (+8.1%) due to the Group's strong operating and financial performance. At June 30, 2007, the Group's unaudited balance sheet showed EUR4.1 billion in total assets, EUR1.9 billion in total liabilities and EUR2.2 billion in stockholders' equity. The Group's balance sheet at June 30, 2007 also showed strained liquidity with EUR453.2 million in total current assets available to pay EUR536 million in total liabilities coming due within the next 12 months. Outlook "INM is pleased to report another set of record results. This strong performance reflects the clear benefits of our low cost ethos and our multi-market and multi-media strategy, Sir Anthony O'Reilly, chief executive of INM, said. "We believe that our new work practices are right at the forefront in the production of newspapers, and we will continue our unrelenting attention on driving revenue growth while achieving cost and margin improvements in all of our businesses." "The positive trends we have experienced in the first half across all our markets have continued into the second half and, based on the continuation of these trends, we believe that your Group's wide-ranging activities will deliver continued earnings growth and sustain industry-leading operating margins," Mr. O'Reilly added. Restructuring Over the past few years, INM has fundamentally re-defined and re-shaped how its publishing divisions operate. This singular focus has allowed the Group to identify: -- how best to compile its market-leading editorial products; -- how best to enhance its interaction with its customers; -- how best to manage its sales resources; and -- how best to prioritize its investment in marketing and product innovation. All divisions within the Group are already working to, or are currently adopting, these new operating principles and work flows within their publishing divisions. This has resulted in new (and in some instances, outsourced) centralized customer contact centers (telesales), advertising production centers and financial shared service centers in Australia (Brisbane), Ireland (Clonakilty), New Zealand (Tauranga and Whangerei) and the United Kingdom (Armagh). To facilitate this business re-engineering and to ensure that journalists are better focused on content creation and origination (rather than production), all publishing systems have now been upgraded to a common Atex editorial system that streamlines page production, enhances quality control and enables real-time editorial page sharing across the Group. By leveraging the Group's global scale, adopting new and more efficient work flows and through the better use of technology, the Group has achieved a significant reduction in its permanent headcount, generating significant cost savings, and sponsoring new revenue growth across print and online. This restructuring program continues through 2007, where the full year cost of restructuring is expected to be approximately EUR45 million, delivering an expected payback period of between 2.0 - 2.5 years. To date, over 450 of the 579 forecasted headcount reductions in 2007 (in Australasia, Ireland and the United Kingdom) have been achieved and the remainder are expected to be completed before year-end. Education As part of the Group's successful diversification strategy -- both in terms of sector platforms and markets -- INM has identified the area of education as an attractive and fast- growing sector in which to strategically invest. The Group's initial investment is the launch of Independent College in Dublin, Ireland. Independent College builds on INM's existing educational platforms -- editorial and online -- creating a learning experience that is complementary to our existing portfolio of assets. Independent College has already assembled a team of exceptional lecturers to staff each of the core faculties of Law, Accountancy, Journalism, Arts and Continuous Professional Development, with enrolments commencing now for courses starting in November. Further information on this will be available in the coming weeks. This concept is scaleable across each of the Group's markets and will greatly benefit from cross-promotion across the Group's leading titles, radio stations and outdoor sites. Capital Management As part of INM's efficient capital management policy, the Company has repurchased 32.4 million Treasury Shares to date in 2007. The objective of this is to minimize the dilutive impact for all shareholders which will arise on the maturity of the New Zealand Cumulative Exchangeable Preference Shares, if as expected, they convert into INM shares (c. 56 million) in late November 2007. Dividend The Board is recommending an interim dividend of 4.57 cent per share, an increase of 10.1% on 2006, reflecting the strong half year operating performance and confidence in the Group's ability to deliver continued earnings growth. This dividend will be paid on Nov. 19, 2007 to ordinary shareholders registered at the close of business on Sept. 28, 2007. A scrip dividend alternative will also be available. Independent News & Media PLC (ticker: INWS.I; INWS.L) -- http://www.inmplc.com/-- is an international newspaper and Communications group, with its main interests in Australia, India, Ireland, New Zealand, South Africa and the United Kingdom. The Group publishes over 175 newspaper and magazine titles and operates 132 radio stations. * * * As reported in the TCR-Europe on June 14, 2007, Fitch Ratings affirmed Independent News & Media Plc's Issuer Default and senior unsecured ratings at 'BB-' and removed them from Rating Watch Evolving. Fitch said a Stable Outlook is assigned to the Issuer Default rating. SANYO ELECTRIC: Sells Semiconductor Unit to Advantage Partners -------------------------------------------------------------- Sanyo Electric Co. Ltd. has decided to sell all shares of its solely owned subsidiary Sanyo Semiconductor Co. to Advantage Partners, fully withdrawing from the semiconductor business, The Yomiuri Shimbun reports. According to Yomiuri, Sanyo gave Advantage the preferential rights regarding the sale of its semiconductor business, in which both parties are expected to reach a basic agreement in early October. The sale is likely to be valued at more than JPY100 billion, sources revealed to Yomiuri. Sanyo, notes Yomiuri, first considered keeping part of its shares in the subsidiary, but opted to sell all of them as the business is easily influenced by market conditions and requires large-scale capital investment. About Sanyo Electric Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. -- http://www.sanyo.com/-- is one of the world's leading manufacturers of consumer electronics products. The company has global operations in Brazil, Germany, India, Ireland, Spain, the United States and the United Kingdom, among others. * * * In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s BB+ long-term foreign and local currency issuer default and senior unsecured ratings on rating watch negative. ========= I T A L Y ========= AVAGO TECHNOLOGIES: S&P Places 'B' Rating Under Positive Watch -------------------------------------------------------------- Standard & Poor's Ratings Services placed its 'B' corporate credit and other ratings on San Jose, California- and Singapore- based Avago Technologies Holdings Pte. Ltd. on CreditWatch with positive implications reflecting the company's operational stability, despite challenging market conditions, and leverage measures that are strong for the rating. "Revenues have been flat for the past three quarters as gains in cell phone and automotive products have offset some weakness in wired infrastructure and computer peripherals," said Standard & Poor's credit analyst Lucy Patricola. Margins have improved following restructuring actions and additional outsourcing. Over the past year, debt was modestly reduced through surplus cash flow, leaving cash balances intact at about $200 million. Debt to EBITDA is about 3x. S&P will meet with management to review the company's expectations for operational trends in the near to intermediate term and financial policies with respect to acquisitions in order to determine the final impact on the credit rating. 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. DANA CORP: To Pay US$1.2 Bln to Anthony Wayne School District ------------------------------------------------------------- Dana Corp. will pay about US$1.25 billion to Anthony Wayne Local School District for missing tax abatement donations, The Toledo Blade reports. The payment is part of a settlement that Dana has entered with Anthony Wayne. Under the settlement terms, US$1,625,000 will be paid in cash and stock from reorganized Dana after it emerges from bankruptcy. The settlement, which is subject for approval of the U.S. Bankruptcy Court for the Southern District of New York, is still in the works, the Blade says. The Blade relates that negotiations began last year after Dana missed a third straight annual payment of about US$237,000 to the school district. Dana had agreed to pay Anthony Wayne as part of a property tax abatement for Dana's Maumee Technical Center that opened in 2004. Charlie Burns relates to the Blade that the agreement, if approved [by the Bankruptcy Court], will "basically make the district whole" and could have been a lot worse. "For the board, from the beginning, we were very concerned that we may not receive anything. But it's worked out well for us, and we're excited about it." Chuck Hartlage, Dana's spokesman, said he was unfamiliar with the settlement and would investigate, according to the Blade. Mr. Hartlage said the corporation was "pleased to have reached this agreement" with the district, but added that he couldn't discuss how it would affect other Dana creditors. About Dana Corp. Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. Dana has facilities in China in the Asia-Pacific, Argentina in the Latin-American regions and Italy in Europe. The company and its affiliates filed for chapter 11 protection on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Sept. 30, 2005, the Debtors listed US$7,900,000,000 in total assets and US$6,800,000,000 in total debts. Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represent the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners serves as Dana's Chief Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents the Official Committee of Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the Official Committee of Equity Security Holders. Stahl Cowen Crowley, LLC serves as counsel to the Official Committee of Non-Union Retirees. The Debtors filed their Joint Plan of Reorganization on Aug. 31, 2007. The Court has set a hearing on Oct. 23, 2007, to consider the adequacy of the Disclosure Statement explaining the Debtors' Plan. (Dana Corporation Bankruptcy News, Issue No. 53; Bankruptcy Creditors' Service Inc.; http://bankrupt.com/newsstand/or 215/945-7000). =================== K A Z A K H S T A N =================== AITAN LLP: Proof of Claim Deadline Slated for October 26 -------------------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan has declared LLP Aitan insolvent. Creditors have until Oct. 26 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of East Kazakhstan Protazanov Str. 25 Ust-Kamenogorsk East Kazakhstan Kazakhstan Tel: 8 (3222) 56-11-36 BIRLIK LLP: Creditors Must File Claims October 23 ------------------------------------------------- The Specialized Inter-Regional Economic Court of Kyzylorda has declared LLP Birlik insolvent. Creditors have until Oct. 23 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kyzylorda Suleymenov Str. 21 Josaly Karmakshynsky District Kyzylorda Kazakhstan GAUHAR LLP: Claims Filing Period Ends October 23 ------------------------------------------------ The Specialized Inter-Regional Economic Court of Atyrau has declared LLP Gauhar insolvent. Creditors have until Oct. 23 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Atyrau Third Floor Abai Str. 10a Atyrau Kazakhstan Tel: 8 (31222) 32-90-02 KAZ-BI LLP: Creditors' Claims Due on October 24 ----------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Kaz-Bi insolvent. Creditors have until Oct. 24 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktobe Aktube Kazakhstan Tel: 8 (3132) 21-30-32 SATRID LLP: Claims Registration Ends October 24 ----------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Satrid insolvent. Creditors have until Oct. 24 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktobe Aktube Kazakhstan Tel: 8 (3132) 21-30-32 SEMEY GORTOP: Proof of Claim Deadline Slated for October 26 ----------------------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan has declared LLP Semey Gortop Service insolvent. Creditors have until Oct. 26 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of East Kazakhstan Protazanov Str. 25 Ust-Kamenogorsk East Kazakhstan Kazakhstan Tel: 8 (3222) 56-11-36 SHEBER-1 LLP: Creditors Must File Claims October 23 --------------------------------------------------- The Specialized Inter-Regional Economic Court of Mangistau has declared LLP sheber-1 insolvent. Creditors have until Oct. 23 to submit written proofs of claims to: Building Of Auto Station Second Floor Room Nine Micro District 28 Aktau Mangistau Kazakhstan Tel: 8 (3292) 41-14-58 SPECTR-STORY LLP: Claims Filing Period Ends October 23 ------------------------------------------------------ The Specialized Inter-Regional Economic Court of Atyrau has declared LLP Construction Company Spectr-Stroy insolvent. Creditors have until Oct. 23 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Atyrau Third Floor Abai Str. 10a Atyrau Kazakhstan Tel: 8 (31222) 32-90-02 TULPAR-TRANS-SERVICE & K: Creditors' Claims Due on October 23 ------------------------------------------------------------- The Specialized Inter-Regional Economic Court of Kyzylorda has declared LLP Tulpar-Trans-Service & K insolvent. Creditors have until Oct. 23 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kyzylorda Suleymenov Str. 21 Josaly Karmakshynsky District Kyzylorda Kazakhstan =================== K Y R G Y Z S T A N =================== ENERGOSTROY SERVICE: Proof of Claim Deadline Slated for Oct. 31 --------------------------------------------------------------- LLC Energostroy Service has declared insolvency. Creditors have until Oct. 31 to submit written proofs of claim to: LLC Energostroy Service Abdrahmanov Str. 281 Bishkek Kyrgyzstan =============== P O R T U G A L =============== COMPANHIA SIDERURGICA: Rio Grande Eyes Firm's Planned Steel Mill ---------------------------------------------------------------- The Rio Grande do Norte state development secretary, Marcelo Caetano Rosado, told Business News Americas that the state wants to host Companhia Siderurgica Nacional's planned new steel mill. Companhia Siderurgica head Benjamin Steinbruch confirmed to BNamericas that the firm wants to construct a 4.5-million-ton- per-year steel plant in northeast Brazil. "We have gas production that could supply the mill. The state also has iron ore production and fiscal incentives, in addition to a privileged geographic location. We have all the conditions necessary to have this project. We'll make all necessary efforts to bring this project to Rio Grande do Norte," Mr. Rosado commented to BNamericas. Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional S.A. -- http://www.csn.com.br/-- produces, sells, exports and distributes steel products, like hot-dip galvanized sheets, tin mill products and tinplate. The company also runs its own iron ore, manganese, limestone and dolomite mines and has strategic investments in railroad companies and power supply projects. The group also operates in Brazil, Portugal and the U.S. * * * As reported in the Troubled Company Reporter-Latin America on July 26, 2007, Standard & Poor's Ratings Services affirmed its 'BB' long-term corporate credit rating on Brazil-based steel maker Companhia Siderurgica Nacional. S&P said the outlook is stable. =========== R U S S I A =========== ALTAYSKIY STOCKINET: Names D. Mishenko as Insolvency Manager ------------------------------------------------------------ The Arbitration Court of Altay appointed D. Mishenko as Insolvency Manager for CJSC Altayskiy Stockinet. He can be reached at: D. Mishenko Post User Box 16 656015 Barnaul Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A03-11880/06-B. The Debtor can be reached at: CJSC Altayskiy Stockinet Lugovaya Str. 1 Belaya Kholunitsa 613200 Altay Russia FINANCIAL CARTEL: Creditors Must File Claims by October 1 --------------------------------------------------------- Creditors of CJSC Financial Cartel have until Oct. 1 to submit proofs of claim to: A. Bondarev Temporary Insolvency Manager Apartment 35 Kosmonavtov Pr. 2912 Korolev 252090 Moscow Russia The Arbitration Court of Moscow will convene at 10:30 a.m. on Nov. 15 to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A41-K2-12640/07. The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: CJSC Financial Cartel Chaykovskogo Str. 8 Pushkin 141200 Moscow Russia FRUNZE CJSC: Creditors Must File Claims by November 1 ----------------------------------------------------- Creditors of CJSC Named After Frunze have until Nov. 1 to submit proofs of claim to: I. Vysotskaya Insolvency Manager G. Lizyukova Str. 66a-12 Voronezh Russia The Arbitration Court of Voronezh commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A14-2309-2007/14/7b. The Court is located at: The Arbitration Court of Voronezh Room 606 Srednemoskovskaya Str. 77 Voronezh Russia The Debtor can be reached at: CJSC Named After Frunze Dmitrievka Ertilskiy Voronezh Russia HYNIX SEMICONDUCTOR: Signs Nitrogen Supply Deal w/ Air Products --------------------------------------------------------------- Air Products' Korea subsidiary has signed a long-term contract to supply nitrogen to Hynix Semiconductor Inc. The nitrogen will be supplied to a new back-end test and packaging fab which Hynix is building in the Cheongju Industrial Complex, North Chungcheong Province, Korea. Air Products will build, own and operate the nitrogen air separation plant which is scheduled to come on-stream in mid- 2008. "This contract underscores our commitment to expanding infrastructure locally to complement the business plans of our customers so as to provide a more cost-effective and reliable supply to the Asia region, which is the largest and fastest growing market for electronics," said David Price, regional vice president and general manager of Asia Electronics, Air Products. "This project will further enhance Air Products' position in the memory segment of the semiconductor industry, which is forecast to grow by up to 20 percent annually over the next five years." Hynix has two wafer fabrication plants producing flash memory chips, and one back-end test and packaging fab in Cheongju. It is now adding a second back-end unit to support the current production lines in the complex. "This contract reaffirms our partnership with Hynix, whom we have been supplying with electronics specialty gases and chemicals, and liquid bulk gases in Korea," said Soo Yon Lee, president of Air Products Korea. "The electronics industry is a high growth platform for Air Products, and Korea is one of the largest such markets. The new investment further reinforces our commitment and leading position in the Korean electronics market." The strong growth in demand of memory chips is being driven by new applications in mobile communications, automobiles, game systems, portable multimedia players and personal computer operating systems. About Hynix Semiconductor Headquartered in Echon, South Korea, Hynix Semiconductor Inc. -- http://www.hynix.com/-- is a semiconductor manufacturer. Through a merger with LG Semiconductor in 1999, Hynix Semiconductor now has the world's largest dynamic random access memory chip production capacity as well as the industry's best technical development capacity by fully exploiting synergies resulting from the historical integration of both companies. The company has operations in Russia, and the United States. * * * The Troubled Company Reporter-Asia Pacific reported on June 19, 2007, that Moody's Investors Service upgraded to Ba2 from Ba3 Hynix Semiconductor Inc's senior unsecured bond rating and corporate family rating. At the same time, Moody's assigned a Ba2 senior unsecured bond rating for Hynix's proposed US$500 million issuance. The outlook for the ratings is stable. On June 14, 2007, Standard & Poor's assigned its 'BB-' rating on Hynix Semiconductor Inc.'s proposed US$500 million global bonds maturing in 2017, which will replace the currently rated seven- year notes issued in 2005. The TCR-AP reported on June 14, 2007, that Fitch Ratings assigned an expected rating of 'BB' to the proposed issue of US$500 million senior unsecured notes due 2017 by Hynix Semiconductor Inc. KAMAG CJSC: Creditors Must File Claims by October 1 --------------------------------------------------- Creditors of CJSC Kamag have until Oct. 1 to submit proofs of claim to: M. Yusupov Insolvency Manager Oktyabrya Pr. 93/3-42 Ufa 450075 Bashkortostan Russia The Arbitration Court of Chelyabinsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A 76-8741/2007-36-122. The Court is located at: The Arbitration Court of Chelyabinsk Vorovskogo Str. 2 454091 Chelyabinsk Russia The Debtor can be reached at: M. Yusupov Insolvency Manager Oktyabrya Pr. 93/3-42 Ufa 450075 Bashkortostan Russia MAYSKOE LLC: Creditors Must File Claims by October 1 ---------------------------------------------------- Creditors of LLC Mayskoe (TIN 7208002313, OGRN 1057200337391) have until Oct. 1 to submit proofs of claim to: A. Vorontsov Temporary Insolvency Manager Floor 5 Minskaya Str. 88 325027 Tyumen Russia The Arbitration Court of Tyumen will convene on Nov. 13 to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A-70-4304/3-2007. The Court is located at: The Arbitration Court of Tyumen Khokhryakova Str. 77 627000 Tyumen Russia The Debtor can be reached at: LLC Mayskoe Yubileynaya Str. 3 Mayskoe Abatskiy Tyumen Russia NOVOMOSKOVSKIY HOUSE: Creditors Must File Claims by October 1 ------------------------------------------------------------- Creditors of OJSC Novomoskovskiy House Builder (TIN 7116013474) have until Oct. 1 to submit proofs of claim to: I. Sapegin Temporary Insolvency Manager Post User Box 1977 300012 Tula Russia The Arbitration Court of Tula will convene on Nov. 29 to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A68-4226/07-289/B. The Court is located at: The Arbitration Court of Tula Hall 35 Sovetskaya Str. 112 Tula Russia The Debtor can be reached at: OJSC Novomoskovskiy House Builder Mayakovskogo Str. 25 Novomoskovsk 301670 Tula Russia OKHOTSKAYA ELECTRIC: Asset Sale Slated for October 2 ---------------------------------------------------- LLC Delo Centre, the bidding organizer for OJSC Okhotskaya Electric Power Station, will open a public auction for the company's properties at 11:00 a.m. on Oct. 2 at: LLC Delo Centre Room 407 Volochaevskaya Str. 181-b Khabarovsk Russia The case is docketed under Case No. A73-16071/2005-36. The company has set a RUR11,025,700 starting price for the auctioned assets. Interested participants have until Sept. 28 to deposit an amount of RUR100,000 to: OJSC Okhotskaya Electric Power Station Settlement Account 40702810443350000212 Correspondent Account 30101810800000000783 BIK 040813783 OJSC ACB ROSBANK (Dalnevostochnyj) Khabarovsk Russia Bidding documents must be submitted to: LLC Delo Centre Room 407 Volochaevskaya Str. 181-b Khabarovsk Russia Tel: (4212) 34-60-90 Fax: 41-21-49 The Debtor can be reached at: OJSC Okhotskaya Electric Power Station Okhotsk Okhotskiy Khabarovsk Russia POULTRY FARM: Creditors Must File Claims by November 1 ------------------------------------------------------ Creditors of LLC Poultry Farm have until Nov. 1 to submit proofs of claim to: M. Leongardt Insolvency Manager Post User Box 2583 614070 Perm Russia The Arbitration Court of Perm commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A50-1564/2007-B-3. The Court is located at: The Arbitration Court of Perm Lunacharskogo Str. 3 Perm Russia The Debtor can be reached at: LLC Poultry Farm Yayva Aleksandrovsk 618340 Perm Russia ROSNEFT OIL: Eyes Refining Up to 40 Million Tons of Oil in 2007 --------------------------------------------------------------- OAO Rosneft Oil Co. plans to refine nearly 40 million tons of oil in 2007, Interfax News reports citing the company's vice president Dmitry Bogdanov. "Our company could process 38 million to 39 million tons by the end of 2007, and given the new facilities we have acquired, the figure could be higher at 48 million to 50 million tons in 2008," Mr. Bogdanov was quoted by RIA Novosti as saying. Mr. Bogdanov said Rosneft refined 15 million tons of oil for the first half of 2007, and plans to refine 25 million tons in the second half using newly acquired assets. Rosneft's vice-president, however, noted that its newly acquired assets need an overhaul to compete with plants that operate under European standards. Mr. Bogdanov said Rosneft is currently implementing a program seeking to modernize its Black Sea refining infrastructure by 2012. Mr. Bogdanov did not reveal how much Rosneft will spend for the upgrade, saying that the plan still has to obtain the company's board nod in November. About Rosneft Headquartered in Moscow, Russia, OAO Rosneft Oil Co. -- http://www.rosneft.com/-- produces and markets petroleum products. The Company explores for, extracts, refines and markets oil and natural gas. Rosneft produces oil in Western Siberia, Sakhalin, the North Caucasus, and the Arctic regions of Russia. * * * As of July 17, 2007, OAO Rosneft Oil Co. carries a BB+ long-term corporate credit rating from Standard & Poor's Ratings Services. S&P said the outlook is positive. RUS’ LLC: Creditors Must File Claims by October 1 ------------------------------------------------- Creditors of LLC Agricultural Company Rus’ have until Oct. 1 to submit proofs of claim to: V. Gusich Temporary Insolvency Manager Office 317 Serafimovicha 58 Rostov-na-Donu Russia The Arbitration Court of Rostov commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A53-8797/2007-S1-51. The Court is located at: The Arbitration Court of Rostov Stanislavskogo Str. 8a 344008 Rostov-na-Donu Russia The Debtor can be reached at: LLC Agricultural Company Rus’ Molodezhnaya 19-1 Volchenskiy Kamenskiy Rostov Russia SAKHA DIAM: Creditors Must File Claims by November 1 ---------------------------------------------------- Creditors of CJSC Sakha Diam have until Nov. 1 to submit proofs of claim to: S. Fedorov Insolvency Manager Post User Box 515 Central Post Office Yakutsk 677000 Sakha- Yakutiya Russia The Arbitration Court of Sakha-Yakutiya commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A58-7844/2006. The Court is located at: The Arbitration Court of Sakha-Yakutiya Kurashova Str. 28 677000 Sakha-Yakutiya Russia The Debtor can be reached at: CJSC Sakha Diam 4th km 31 Sergelyakhskoe Shosse Yakutsk Sakha-Yakutiya Russia SIBERIAN REGION: Creditors Must File Claims by October 1 -------------------------------------------------------- Creditors of CJSC Siberian Region have until Oct. 1 to submit proofs of claim to: L. Shishmareva Temporary Insolvency Manager Post User Box 146 664025 Irkutsk Russia The Arbitration Court of Irkutsk will convene at 10:00 a.m. on Dec. 5 to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A19-10330/07-60. The Court is located at: The Arbitration Court of Irkutsk Room 303 Gagarina Avenue 70 664025 Irkutsk Russia The Debtor can be reached at: L. Shishmareva Temporary Insolvency Manager Post User Box 146 664025 Irkutsk Russia SOLNECHNOE LLC: Creditors Must File Claims by October 1 ------------------------------------------------------- Creditors of LLC Solnechnoe have until Oct. 1 to submit proofs of claim to: E. Sergeev Insolvency Manager Apartment 53 K. Marksa Str. 71b 305021 Kursk Russia The Arbitration Court of Kursk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A35-166/070 g. The Court is located at: The Arbitration Court of Kursk K. Marksa Str. 25 305004 Kursk Russia The Debtor can be reached at: LLC Solnechnoe Kastorenskiy Kursk Russia TALMENSKIY ELEVATOR: Creditors Must File Claims by November 1 ------------------------------------------------------------- Creditors of OJSC Talmenskiy Elevator have until Nov. 1 to submit proofs of claim to: A. Rubashanov Insolvency Manager Post User Box 841 Barnaul 656015 Altay Russia The Arbitration Court of Altay commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A03-10422/06-B. The Debtor can be reached at: OJSC Talmenskiy Elevator Vokzalnaya Str. 12 Talmenka Talmenskiy 658030 Altay Russia TSELINNYJ CJSC: Creditors Must File Claims by October 1 ------------------------------------------------------- Creditors of CJSC Tselinnyj (TIN 7530003049) have until Oct. 1 to submit proofs of claim to: N. Ivanchenko Temporary Insolvency Manager Post Use Box 658 Post Office 7 Zhuravleva Str. 672007 Chita Russia The Arbitration Court of Chita will convene at 2:30 p.m. on Nov. 22 to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A-78-2030/2007-B-234. The Debtor can be reached at: CJSC Tselinnyj Tselinnyj Krasnokamenskiy 674697 Chita Russia ZELENODOLSKAYA FURNITURE: Creditors Must File Claims by Nov. 1 -------------------------------------------------------------- Creditors of CJSC Zelenodolskaya Furniture Factory have until Nov. 1 to submit proofs of claim to: I. Timina Insolvency Manager Post User Box 114 Kazan 420107 Tatarstan Russia The Arbitration Court of Tatarstan commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A65-4484/2007-SG4-21. 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 Zelenodolskaya Furniture Factory Zelenodolsk Tatarstan Russia ========= S P A I N ========= SANTANDER CONSUMER SPAIN 07-2: S&P Junks EUR20 Mln Class E Notes ---------------------------------------------------------------- Standard & Poor's Ratings Services has assigned its credit ratings to the EUR1.02 billion floating-rate notes issued by Fondo de Titulizacion de Activos, Santander Consumer Spain 07-2. The class A, B, C, and D notes are backed by consumer and auto loan receivables originated by Santander Consumer, E.F.C., S.A., a subsidiary of Santander Consumer Finance, S.A. Santander Consumer is the European consumer finance subsidiary of Spain's largest bank, Banco Santander. In September 2006, Standard & Poor's conducted a review of the originator's origination, underwriting and collection processes. This review is an integral part of the rating analysis. The issuer purchased auto and consumer loan receivables from Santander Consumer and issued five classes of notes. The class E notes are not backed by receivables. The issuer used the proceeds of the class E notes to fund the initial reserve fund. Ratings List Fondo de Titulizacion de Activos, Santander Consumer Spain 07-2 EUR1.02 Billion Floating-Rate Notes Amount Class Rating (Mln. EUR) ----- ------ --------- A AAA 929.0 B AA 27.0 C A 17.5 D BBB 26.5 E(1) CCC- 20.0 (1)-- The class E notes are backed by excess spread. SANTANDER HIPOTECARIO 4: Moody's Junks EUR14.8MM Series F Notes --------------------------------------------------------------- Moody's Investors Service assigned these provisional ratings to eight series of residential mortgage-backed "Bonos de Titulizacion de Activos" to be issued by Fondo de Titulizacion de Activos Santander Hipotecario 4, a Spanish Asset Securitisation Fund created by Santander de Titulizacion, S.G.F.T, S.A.: -- (P)Aaa to the EUR184.3 million Series A1 notes; -- (P)Aaa to the EUR661,9 million Series A2 notes; -- (P)Aaa to the EUR278 million Series A3 notes; -- (P)Aa2 to the EUR20.9 million Series B notes; -- (P)A1 to the EUR30.7 million Series C notes; -- (P)Baa1 to the EUR27.1 million Series D notes; -- (P)Ba2 to the EUR27.1 million Series E notes; and -- (P)Ca to the EUR14.8 million Series F notes. This transaction consists of the securitization of a pool of first-lien residential mortgage loans originated and serviced by Banco Santander, one of the leading Spanish banks and with a proven track record in the securitization market. All of the loans comprising the collateral have a Loan-to-Value exceeding 80%. The portfolio comprises 7,743 loans representing a provisional portfolio of EUR1,363,120,908. The collateral backing the notes issuance is entirely made up of first lien residential mortgages. The loans were originated between 1993 and 2006 with a weighted average seasoning of approximately 1.1 years. The original WALTV is 92.42%. The current weighted average LTV is 91.61%. The pool is well diversified across Spain. According to Moody's, this deal benefits from several strengths, including: (1) a swap agreement that fully hedge interest rate risk and guarantees a 65-bp pa excess spread over senior costs; (2) a reserve fund that is fully funded at closing; (3) an 18-month artificial write-off mechanism to trap excess spread; and (4) the fact that 100% of the loans are secured by first lien mortgages on residential properties. However, Moody's notes that the deal also features a number of credit weaknesses, notably: (1) the fact that the collateral comprises loans with an LTV of over 80%, which leads to a higher expected default frequency and more severe losses in case of defaults; (2) the absence of any information on the occupancy type of the property; and (3) the fact that, although the deferral of interest payments on each of Series B, C, D and E benefits the repayment of the series senior to each of them, it increases the expected loss on Series B, C, D and E themselves. All of these increased risks were reflected in Moody's credit enhancement calculation. Moody's has based its ratings on: (1) an evaluation of the underlying portfolio of mortgage loans securing the structure; (2) the transaction's structural protections, which include the subordination of the notes, the strength of the cash flows (including the reserve fund) and any excess spread available to cover losses; and (3) the credit quality of the parties involved in the transaction. The ratings address the expected loss posed to investors by the legal final maturity. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors. In Moody's opinion, the structure allows for timely payment of interest and ultimate payment of principal at par on or before the rated final legal maturity date on Series A1, A2, A3, B, C, D and E, and for ultimate payment of interest and principal at par on or before the rated final legal maturity date on Series F. Moody's issues provisional ratings in advance of the final sale of financial instruments, but these ratings only represent Moody's preliminary credit opinions. Upon a conclusive review of the transaction and associated documentation, the rating agency will endeavor to assign a definitive rating. A definitive rating may differ from a provisional rating. SANTANDER HIPOTECARIO 4: S&P Junks EUR14.8 Million Class F Notes ---------------------------------------------------------------- Standard & Poor's Ratings Services assigned its preliminary credit ratings to the EUR1.23 billion mortgage-backed floating- rate notes to be issued by Fondo de Titulizacion de Activos Santander Hipotecario 4. In addition, Santander Hipotecario 4 will issue an overissuance of EUR14.8 million floating-rate notes (the class F notes). This will be the 25th securitization to be originated by the Santander group over its residential mortgage portfolio. Santander Hipotecario 4 will purchase mortgage transmission certificates from the participation issuer, Banco Santander S.A. (AA/Stable/A-1+) and will issue six classes of floating-rate notes. The class A to E notes will be backed by a pool of first-ranking mortgages secured over residential properties in Spain and originated by Santander. The class F notes will fund the reserve fund and will be repaid with excess spread. The transaction features mortgage insurance on a portion of the loans. This insurance will be provided by AIG Europe S.A. and Genworth Financial Mortgage Insurance Ltd., reducing the losses incurred. The swap agreement will provide credit enhancement to the transaction by providing additional excess spread and adjusted notional. The transaction will also feature an artificial write-off mechanism, whereby the outstanding balance of loans more than 18 months past due will be added to the amortization amount of the notes, and therefore the notes will pay at a faster pace. The notes will pay sequentially unless the pro rata triggers are hit. Ratings List Fondo de Titulizacion de Activos Santander Hipotecario 4 EUR1.23 Billion Mortgage-Backed Floating-Rate Notes and an Overissuance of EUR14.80 Million Floating-Rate Notes Prelim. Prelim. Amount Class Rating (Mln. EUR) ----- ------ -------- A1 AAA 184.3 A2 AAA 661.9 A3 AAA 278.0 B AA 20.9 C A 30.7 D BBB 27.1 E BB 27.1 F(1) CCC- 14.8 (1) -- The class F note proceeds will fully fund the reserve fund at closing. ===================== S W I T Z E R L A N D ===================== ALLIANZ GLOBAL: Creditors' Liquidation Claims Due October 4 ----------------------------------------------------------- Creditors of JSC Allianz Global Investors have until Oct. 4 to submit their claims to: David Kanzig Liquidator Thouvenin Rechtsanwalte Klausstrasse 33 8034 Zurich Switzerland The Debtor can be reached at: JSC Allianz Global Investors Zurich Switzerland HAFLIGER ST. MORITZ: Creditors' Liquidation Claims Due October 4 ---------------------------------------------------------------- Creditors of LLC HAFLIGER St. Moritz have until Oct. 4 to submit their claims to: JSC Anton Hafliger Liquidator Chommlibachstrasse 11 6210 Sursee LU Switzerland The Debtor can be reached at: LLC HAFLIGER St. Moritz St. Moritz Maloja GR Switzerland INTER GASTRO: Creditors' Liquidation Claims Due October 31 ---------------------------------------------------------- Creditors of JSC Inter Gastro Design have until Oct. 31 to submit their claims to: Dr. Max Glauser Liquidator Seefeldstrasse 7 8034 Zurich Switzerland The Debtor can be reached at: JSC Inter Gastro Design Kusnacht ZH Switzerland JORDI FILM: Creditors' Liquidation Claims Due October 12 -------------------------------------------------------- Creditors of JSC Jordi Film & TV Productions have until Oct. 12 to submit their claims to: E. Jordi Liquidator Drahtzugstrasse 53 8008 Zurich Switzerland The Debtor can be reached at: JSC Jordi Film & TV Productions Zurich Switzerland MATTHEES JSC: Creditors' Liquidation Claims Due October 10 ---------------------------------------------------------- Creditors of JSC Matthees have until Oct. 10 to submit their claims to: Bundtenweg 2 4710 Balsthal Thal SO Switzerland The Debtor can be reached at: JSC Matthees Balsthal Thal SO Switzerland MF PLANBAU: Solothurn Court Closes Bankruptcy Proceedings --------------------------------------------------------- The Bankruptcy Service of Solothurn entered Aug. 24 an order closing the bankruptcy proceedings of LLC MF Planbau. The Bankruptcy Service of Solothurn can be reached at: Bankruptcy Service of Solothurn 4702 Oensingen Gau SO Switzerland The Debtor can be reached at: LLC MF Planbau Hohenweg 6 4612 Wangen bei Olten SO Switzerland NOVA CHEMICALS: Moody's Confirms Ba3 Corporate Family Rating ------------------------------------------------------------ Moody's Investors Service confirmed NOVA Chemicals Corporation's Ba3 corporate family rating and senior unsecured debt ratings following regulatory approval for the expansion of its styrenics joint venture and the belief that low olefin feedstock costs could allow the company to meaningfully reduce debt over the next 12-18 months. Moody's also affirmed the company's SGL-3 rating. Given the uncertainty in the company ability to meaningfully reduce debt, the rating outlook will remain negative until net balance sheet debt declines below US$1.5 billion. This concludes the review which began on Feb. 1, 2007. The ratings confirmation reflects the expectation that NOVA will be able to generate over US$700 million of EBITDA in 2007 and that Alberta ethane prices will remain low relative to Gulf Coast prices and other crude oil-based feedstocks through 2008, especially during the second and third calendar quarters. This should provide NOVA with the opportunity to de-lever its balance sheet and reduce net debt to roughly US$1.5 billion by the end of 2007 and get it well below US$1.5 billion in 2008. The expanded styrenics joint venture with INEOS, including the contractual arrangement with Sterling Chemical, will enable NOVA to minimize its exposure to a business that has been a cash drain and a credit negative over much of the past decade. Furthermore, given the likelihood of additional US styrene capacity rationalization (Dow and Chevron Phillips venture), Moody's believes that the INEOS NOVA joint venture may not require additional funding. The combination of these factors should improve NOVA's credit metrics over the cycle and allow the company to maintain its Ba3 corporate family rating. NOVA needs to reduce its balance sheet debt as it has roughly US$1.2 billion of debt maturities over the next five years and a large portion of this debt may have to be refinanced during unfavorable conditions in the global olefin/polyolefin markets. The negative outlook reflects the inherent uncertainty surrounding the company's earnings and cash flow, as well as its ability to reduce debt over the next 12-16 months. The company is effectively a single product commodity producer whose financial performance can be greatly impacted by exogenous events. The company's quarterly financial performance over the past two and a half years, arguably the strongest part of the current up-cycle in olefins, has been very volatile due to feedstock prices, uneven market demand and several unplanned production outages. Moody's would likely move the outlook to stable as net debt falls below US$1.5 billion and the company continues to benefit from low feedstock prices. Conversely, Moody's could reassess the appropriateness of the Ba3 rating if NOVA is unable to reduce debt as expected over the next year or if the company's trailing four quarter EBITDA falls below US$450 million. Headquartered in Calgary, Alberta, Canada, Nova Chemicals Co. (NYSE:NCX) (TSX:NCX) -- http://www.novachem.com/-- is a leading producer of ethylene, polyethylene, styrene, polystyrene, and expanded polystyrene. NOVA Chemicals' manufacturing sites are strategically situated throughout Canada, the US and South America. The company has operating centers in the U.S., Switzerland, and China. Nova will retain its Performance Styrenics business, which has sales of roughly US$400 million. NOVA reported revenues of US$6.5 billion for the LTM ending June 30, 2007. S + L MONTAGEN: Obwalden Court Closes Bankruptcy Proceedings ------------------------------------------------------------ The Bankruptcy Service of Obwalden entered Aug. 21 an order closing the bankruptcy proceedings of LLC S + L Montagen. The Bankruptcy Service of Obwalden can be reached at: Bankruptcy Service of Obwalden 6060 Sarnen OW Switzerland The Debtor can be reached at: LLC S + L Montagen Spitzlermatte 19 6056 Kagiswil Switzerland TIFFIN FINANCE: Creditors' Liquidation Claims Due October 4 ----------------------------------------------------------- Creditors of JSC Tiffin Finance have until Oct. 4 to submit their claims to: Treuco Treuhand Liquidator 2172 8027 Zurich Switzerland The Debtor can be reached at: JSC Tiffin Finance Wollerau Hofe SZ Switzerland TRON UMWELTTECHNIK: Claims Registration Period Ends September 30 ---------------------------------------------------------------- The Bankruptcy Court of Aargau commenced bankruptcy proceedings against JSC Tron Umwelttechnik on Aug. 13. Creditors have until Sept. 30 to file their written proofs of claim. The Bankruptcy Service of Aargau can be reached at: Bankruptcy Service of Aargau Office Baden 5400 Baden AG Switzerland The Debtor can be reached at: JSC Tron Umwelttechnik Bleicheweg 5 5605 Dottikon Bremgarten AG Switzerland WALDEGG MUNCHWILEN: Claims Registration Period Ends October 3 ------------------------------------------------------------- The Bankruptcy Court of Thurgau commenced bankruptcy proceedings against JSC Waldegg Munchwilen on Aug. 3. Creditors have until Oct. 3 to file their written proofs of claim. The Bankruptcy Service of Thurgau can be reached at: Bankruptcy Service of Thurgau 8510 Frauenfeld TG Switzerland The Debtor can be reached at: JSC Waldegg Munchwilen Weinfelderstrasse 17 9542 Munchwilen TG Switzerland =========== T U R K E Y =========== ERZURUM: Fitch Affirms B+ Ratings with Stable Outlook ----------------------------------------------------- Fitch Ratings has affirmed the Turkish Metropolitan Municipality of Erzurum's ratings at Long-term foreign and local currency 'B+'. The Outlooks on both ratings are Stable. The ratings reflect Erzurum's below-national average economic profile and the projected rise in capital expenditure, primarily in relation to the light railway system. These factors are balanced by the municipality's good budgetary performance due to its capacity to adjust expenditure to revenue availability and the benefits of the national tax revenues redistribution system. Erzurum benefits from the redistribution of national taxes, as this source fills the gap created by the relatively low local tax revenues. There is investment and services support from the national government due to the importance of Erzurum in its region. This support compensates somewhat for Erzurum's weaker- than-national average socio-economic profile. Erzurum's credit profile is directly affected by central government policies and actions, as the municipality is vulnerable to changes in the distribution percentage of national tax-sharing. Investment- related expenditure accounted for an average 31% of total expenditure in the past five years. This significant proportion gives the administration some flexibility to cut costs in times of slower revenue growth. Nevertheless capital expenditure in the coming years would be driven by the implementation of the light railway system project with an estimated debt funding of TRY100 million. Fitch expects debt to reach maximum 160% of current revenue and 7/8 years of current balance, all else being equal. These ratios are in line with the current ratings. Erzurum is located in north-east Turkey and is one of the smallest of the country's 16 metropolitan areas. It has a population of around 0.5 million and accounts for 0.7% of national GDP. The administration's main responsibilities are investment-driven, primarily in infrastructure, as well as the provision of metropolitan services such as public transport. ============= U K R A I N E ============= GURMAN-SERVICE: Creditors Must File Claims by September 27 ---------------------------------------------------------- Creditors of LLC Gurman-Service (code EDRPOU 30625135) have until Sept. 27 to submit written proofs of claim to: Sergey Kostin Temporary Insolvency Manager Buzhskaya Str. 104 Nikolaev Ukraine The Economic Court of Nikolaev commenced bankruptcy supervision procedure on the company on July 24. The case is docketed as 5/694/07. The Court is located at: The Economic Court of Nikolaev Admiralskaya Str. 22 54009 Nikolaev Ukraine The Debtor can be reached at: LLC Gurman-Service Komsomolskaya Str. 101 54008 Nikolaev Ukraine MIZOTSKAYA AGRICULTURAL: Proofs of Claim Deadline Set Sept. 27 -------------------------------------------------------------- Creditors of OJSC Mizotskaya Agricultural Machine-Technological Station (code EDRPOU 30032581) have until Sept. 27 to submit written proofs of claim to: The Court is located at: The Economic Court of Rovno Yavornitskiy Str. 59 33001 Rovno Ukraine The Economic Court of Rovno commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as 8/18. The Debtor can be reached at: OJSC Mizotskaya Agricultural Machine-Technological Station Vishnevaya Str. 1 Zdolbunov Rovno Ukraine OLIGOPOL-BREAD: Creditors Must File Claims by September 27 ---------------------------------------------------------- Creditors of LLC Oligopol-Bread (code EDRPOU 30796805) have until Sept. 27 to submit written proofs of claim to: The Court is located at: The Economic Court of Vinnica Hmelnickiy Str. 7 21036 Vinnica Ukraine The Economic Court of Vinnica commenced bankruptcy supervision procedure on the company. The case is docketed as 10/208-07. The Debtor can be reached at: LLC Oligopol-Bread 1st May Str. 87 Oligopol Tchetchelnik District 24800 Vinnica Ukraine ROVNO MILK: Proofs of Claim Deadline Set September 27 ----------------------------------------------------- Creditors of LLC Rovno Milk Processing Plant (code EDRPOU 31141286) have until Sept. 27 to submit written proofs of claim to: The Economic Court of Rovno Yavornitskiy Str. 59 33001 Rovno Ukraine The Economic Court of Rovno commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as 9/38. The Debtor can be reached at: LLC Rovno Milk Processing Plant Shevchenko Str. 1 Zdolbunov Rovno Ukraine SOFIYA-2002 LLC: Proofs of Claim Deadline Set September 27 ---------------------------------------------------------- Creditors of LLC Sofiya-2002 (code EDRPOU 32149834) have until Sept. 27 to submit written proofs of claim to: The Economic Court of Zaporozhje Shaumiana Str. 4 69001 Zaporozhje Ukraine The Economic Court of Zaporozhje commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as 21/172/07. The Debtor can be reached at: LLC Sofiya-2002 Verbitsky Str. 24 Orekhov 70500 Zaporozhje Ukraine STEEL COMPANY: Creditors Must File Claims by September 27 --------------------------------------------------------- Creditors of CJSC Steel Company (code EDRPOU 31000959) have until Sept. 27 to submit written proofs of claim to: The Economic Court of Donetsk Artema Str. 157 83048 Donetsk Ukraine The Economic Court of Donetsk commenced bankruptcy supervision procedure on the company on Aug. 2. The case is docketed as 45/52b. The Debtor can be reached at: CJSC Steel Company Titovka Str. 24 Amvrosiyevka 87302 Donetsk Ukraine TEMPRO LLC: Proofs of Claim Deadline Set September 27 ----------------------------------------------------- Creditors of LLC Tempro (code EDRPOU 31166917) have until Sept. 27 to submit written proofs of claim to: The Court is located at: The Economic Court of Zaporozhje Shaumiana Str. 4 69001 Zaporozhje Ukraine The Economic Court of Zaporozhje commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as 16/170/07. The Debtor can be reached at: LLC Tempro Zaporozhskaya Str. 92 Vilniansk Zaporozhje Ukraine =========================== U N I T E D K I N G D O M =========================== AVAYA INC: Advisors Recommend Sierra Deal to Stockholders --------------------------------------------------------- Avaya Inc. has disclosed that Institutional Shareholder Services and Glass Lewis & Co., both independent proxy advisory firms, have recommended that Avaya stockholders vote "FOR" the proposed merger agreement providing for the acquisition of Avaya by Sierra Holdings Corp., a company formed by two private equity firms, Silver Lake Partners and TPG Capital. As previously announced, Avaya will hold a special meeting of stockholders on Sept. 28, 2007. At this meeting, stockholders will be asked to consider and vote upon a proposal to adopt the merger agreement providing for the acquisition of Avaya by Sierra Holdings Corp., thereby approving the merger of a subsidiary of Sierra Holdings Corp. with and into Avaya. The Avaya Inc. Board of Directors has approved the merger agreement and recommends its approval by Avaya Inc. stockholders. Sierra Holdings Corp. was formed by Silver Lake Partners III, L.P. and TPG Partners V, L.P. solely for the purpose of entering into the merger agreement and consummating the merger. If the merger agreement is adopted and other conditions to the closing of the transaction are satisfied, Avaya Inc. will become a wholly owned subsidiary of Sierra Holdings Corp. and stockholders will be entitled to receive US$17.50 in cash, without interest, for each share of Avaya Inc. common stock they own. Subject to the satisfaction of certain conditions, including stockholder approval, Avaya Inc. expects the transaction to close in the fourth calendar quarter of 2007. About Avaya Headquartered in Basking Ridge, New Jersey, Avaya, Inc. (NYSE:AV) -- http://www.avaya.com/-- designs, builds and manages communications networks for more than one million businesses worldwide, including more than 90% of the FORTUNE 500(R). Avaya is a world leader in secure and reliable Internet Protocol telephony systems and communications software applications and services. Avaya has locations in Malaysia, Argentina and the United Kingdom. * * * As reported in the Troubled Company Reporter on June 7, 2007, Standard & Poor's Ratings Services lowered its corporate credit rating on Basking Ridge, New Jersey-based Avaya Inc. two notches to 'B+', and placed the rating on CreditWatch with negative implications. BRAKE BROS: S&P Withdraws Junk Ratings on EUR210 Million Bonds -------------------------------------------------------------- Standard & Poor's Ratings Services’ 'B' long-term corporate credit rating on U.K.-based food service distributor Brake Bros Finance PLC remains on CreditWatch with negative implications, where it was placed on July 5, 2007. At the same time, the 'CCC+' debt ratings on the company's EUR105 million 11.5% subordinated bonds and GBP105 million 12% subordinated bonds, both due Dec. 15, 2011, were withdrawn, following redemption of the notes on Sept. 12, 2007. The corporate credit rating was originally placed on CreditWatch following the announcement of a takeover bid by U.S. private- equity group Bain Capital LLC for about GBP1.4 billion. "The CreditWatch placement continues to reflect our expectation that the group's debt could materially increase from the GBP700 million adjusted level posted at year-end 2006," said Standard & Poor's credit analyst Paul Bradley. The ratings could be lowered if Brake Bros' leverage increases following the debt refinancing that will result from the change in the shareholding structure. S&P expects to resolve the CreditWatch status within the next 30 days, once they have been able to evaluate the group's new financial profile, as well as the global strategy and financial policy that the new shareholders intend to put in place. The ratings continue to reflect Brake Bros' highly leveraged financial risk profile. This is partially mitigated by its No. 1 position in the growing U.K. food service distribution industry. BRITISH AIRWAYS: Set to Reveal Long-Haul Aircraft Order Winner -------------------------------------------------------------- British Airways plc is set to announce the winner of its multi- billion pound long-haul aircraft contract in two weeks, published reports say. According to the Daily Telegraph, BA is looking to replace 20 Boeing 747-400s and 14 767s, which have a listed price of US$8 billion (GBP4 billion). BA has yet to decide on whether to award the contract to Airbus or Boeing, the Daily Telegraph relates. However, Jefferies & Co. analyst Howard Rubel told the Associated Press he believes investors are expecting the airline to split its order between the two aerospace rivals. Meanwhile, Willie Walsh, chief executive of British Airways plc, said there will be no problems in financing the order. "I wouldn't say it is more difficult because this is secured finance," Mr. Walsh was quoted by the Daily Telegraph as saying. "There's reasonable appetite. We are confident about financing in these markets." As previously reported in the TCR-Europe on Feb. 23, 2007, BA has taken the first step towards expanding its long-haul fleet by ordering four Boeing 777-200 ER aircraft for delivery during early 2009. The airline has also taken out options on four Boeing 777-200 ER aircraft for delivery in 2010. The airline's competition for additional and replacement long-haul aircraft to be delivered in the next decade is considering the Airbus A330, Airbus A350, Airbus A380, Boeing 787, Boeing 777 and Boeing 747-8. Headquartered in West Drayton, United Kingdom, British Airways Plc -- http://www.ba.com/-- operates of international and domestic scheduled and charter air services for the carriage of passengers, freight and mail, and provides of ancillary services. The British Airways group consists of British Airways Plc and a number of subsidiary companies including in particular British Airways Holidays Ltd. and British Airways Travel Shops Ltd. BA has offices in India and Guatemala. * * * As reported in the TCR-Europe on Aug. 16, 2007, Moody's Investors Service upgraded the senior unsecured rating of British Airways plc to Ba1, one notch lower than the Corporate Family Rating (upgraded to Baa3, stable outlook), reflecting the subordination of unsecured debt to a substantial portion of secured debt. The debt instruments affected by the rating action are: -- GBP100 million 10.875% senior unsecured notes due 2008 to Ba1 from Ba2; -- GBP250 million 7.25% senior unsecured notes due 2016 to Ba1 from Ba2; -- US$115 million 5.25% and US$85 million 7.625% senior unsecured industrial revenue notes due 2032 to Ba1 from Ba2; -- EUR300 million 6.75% perpetual guaranteed preferred securities to Ba2 from Ba3 issued by British Airways Finance (Jersey) L.P. CLAVIS 2006-01: Fitch Affirms GBP8.1 Mln Class B2a Notes at BB -------------------------------------------------------------- Fitch Ratings has affirmed all outstanding tranches of Clavis Securities plc Series 2006-01 plc, following a satisfactory review of this U.K. non-conforming RMBS transaction. The rating actions are: -- GBP76.203 million Class A2a (ISIN XS0255456997): affirmed at 'AAA'; Outlook Stable -- GBP125 million Class A3a (ISIN XS0255457706): affirmed at 'AAA'; Outlook Stable -- EUR181.95 million Class A3b (ISIN XS0255438748): affirmed at 'AAA'; Outlook Stable -- GBP12.250 million Class M1a (ISIN XS0255424441): affirmed at 'AA'; Outlook revised to Positive from Stable -- EUR45 million Class M1b (ISIN XS0255439043): affirmed at 'AA'; Outlook revised to Positive from Stable -- GBP24 million Class M2a (ISIN XS0255425414): affirmed at 'A'; Outlook revised to Positive from Stable -- GBP2 million Class B1a (ISIN XS0255425927); affirmed at 'BBB'; Outlook revised to Positive from Stable -- EUR16.8 million Class B1b (ISIN XS0255440728); affirmed at 'BBB'; Outlook revised to Positive from Stable -- GBP8.1 million Class B2a (ISIN XS0255426818); affirmed at 'BB'; Outlook revised to Positive from Stable -- Class A1a and A1b redeemed in full in June 2007 The transaction consists of collateral considered to be "near- prime" in nature. As expected arrears levels in the transaction are therefore lower than other non-conforming transactions. Loans in arrears by greater than three months are extremely low and account for 0.62% as of the June investor report, with losses to date only accounting for 0.1% of the original collateral balance. The Outlooks for the class M and B notes have been revised to Positive from Stable to reflect the growing levels of credit enhancement available. The prepayment rate of the transaction is increasing, and as the portfolio comprises near prime loans, Fitch does not anticipate borrowers refinancing options to have been limited by recent market developments. Arrears levels in the transaction should therefore not rise to a level that will adversely affect the transaction as borrowers will still have opportunities to refinance. Issued in June 2006, Clavis 2006-01 is a securitization of loans originated by GMAC-RFC, but owned by Basinghall Finance PLC. CMH REALISATIONS: Taps Liquidators from Cooper Parry ---------------------------------------------------- Jeremy Philip William Meadows and Tyrone Shaun Courtman of Cooper Parry LLP were appointed joint liquidators of CMH Realisations Ltd. (formerly CoMech Ltd.) on Aug. 20 for the creditors' voluntary winding-up proceeding. Mr. Meadows can be reached at: Cooper Parry LLP 1 Colton Square Leicester LE1 1QH England Mr. Courtman can be reached at: Cooper Parry LLP 14 Park Row Nottingham NG1 6GR England COTT CORP: Expects Lower 2007 Outlook Due to Volume Declines ------------------------------------------------------------ Cott Corporation is lowering its earnings expectations for 2007 as a result of higher than expected industry volume declines in key markets, increased promotional activity by national brands, and the continuing impact of commodity costs not sufficiently offset in the short-term by growth and cost-cutting initiatives. The carbonated soft drink market in the U.S. and Canada experienced steeper declines than anticipated in the four weeks ending Aug. 11, 2007, down 7% on a volume basis, while abnormally cool and wet summer weather in the U.K. adversely impacted category volume in that market. Additionally, start-up issues with the new aseptic line in the U.K. resulted in additional costs, a voluntary product withdrawal and significant line downtime which impacted sales of existing and new products. "Passing through commodity cost increases and dealing with higher than anticipated CSD industry declines are proving to be too significant to absorb this year," Brent Willis, Cott's CEO, said. "Although we have closed manufacturing facilities and cut significant other costs, begun expansion of new products, new channels, and new markets, and taken significant pricing, these actions have not been sufficient to offset the negative environment impacts and some of our own internal execution and new product start-up challenges. As a result, we no longer feel we can meet the previously announced targets for 2007 and we expect year over year revenue growth to be flat and operating income to be substantially lower than 2006. We underestimated how much time and effort it was going to take to fully implement our strategy and to capture the return on that strategy. Our focus for the remainder of 2007 and into 2008 will be to continue to take aggressive actions to turn the business around and drive profitability in line with our long-term business model." "2007 has been one of the most challenging years in Cott's history," Frank Weise , Cott's Chairman, added. "While the actions the company has taken to drive the turnaround are on strategy and progressing, the short term results have been undermined by significant declines in the CSD category in North America, unprecedented cost increases and executional challenges. The Board remains confident the right steps are being taken to confront the key challenges and position the company for future growth in sales and profits." About Cott Corp. Headquartered in Toronto, Ontario, Cott Corporation (NYSE: COT; TSX: BCB) -- http://www.cott.com/-- is a non-alcoholic beverage company and a retailer brand beverage supplier. The company commercializes its business in over 60 countries worldwide, with its principal markets being the United States, Canada, the United Kingdom and Mexico. Cott markets or supplies over 200 retailer and licensed brands, and company-owned brands including Cott, Royal Crown, Vintage, Vess and So Clear. Its products include carbonated soft drinks, sparkling and flavoured mineral waters, energy drinks, juices, juice drinks and smoothies, ready-to-drink teas, and other non-carbonated beverages. * * * Cott Corp. continues to carry Standard & Poor's Ratings Services' B+ long-term corporate credit rating with a negative outlook. COTT CORP: Moody's May Cut Low-B Ratings After Review ----------------------------------------------------- Moody's Investors Service placed the ratings for Cott Corporation under review for possible downgrade following the announcement that it expects 2007 margins and earnings to be lower than previous guidance. The LGD rates are also subject to change. The rating action reflects the potential for lower margins and cash flow as a result of the weaker-than-expected carbonated soft drink volumes, higher than expected promotional activity from national brands, and the adverse effects of higher input costs which are not being sufficiently offset by the company's many cost cutting initiatives. Moody's last downgraded Cott's ratings in early 2006. These ratings were placed on review for possible downgrade: -- Cott Corporation -- Ba3 corporate family rating and Ba3 probability of default rating; -- Cott Beverages, Inc. -- B1 rating on the US$275 million 8% senior subordinated notes, due 2011. The review for possible downgrade will focus on the impact that the above pressures will have on the company's operating profit, cash flow and debt protection measures going forward, as well as the prospects for the company's restructuring initiatives over the last year and a half to compensate for these business challenges. There have been a number of setbacks to the planned turnaround including additional restructuring charges, slower than expected new product introductions and a voluntary recall of some product in the UK. Therefore the company is currently performing at the lower end of Moody's range of expectations at the time of the last downgrade. Moody's expects sufficient internally generated liquidity to cover cash needs and good availability under the revolver over the next 12 months, although Moody's believes that covenant compliance could be somewhat tight at the end of fourth quarter of 2007. The review will examine Cott's turnaround prospects and timing, its ongoing business and financial strategy as well as its medium-term liquidity. Headquartered in Toronto, Ontario, Cott Corporation is the world's largest retailer-brand, soft drink supplier with a leading position in take-home carbonate soft drink markets in the US, Canada, and the UK. For the latest twelve months ended June 2007, revenue was approximately US$1.8 billion. CUMMINS INC: Picks Scott Patrohay as Distributor Principal ---------------------------------------------------------- Cummins Inc. has selected Scott Patrohay, president and chief executive offier -- Cummins MerCruiser Diesel, as its Distributor Principal, effective January 2008, of a new Cummins distributor joint venture that will serve much of the northeastern United States. Cummins Power Systems LLC will combine the territories of the current Cummins Power Systems and Cummins Metropower distributors. Both are independently owned distributors whose principals are retiring in the coming months. Under the joint venture, Mr. Patrohay and Cummins Inc. will have equity interest in the merged distributor, and Patrohay will lead the day-to-management of the company. The joint venture will serve customers in Connecticut, the New York City metro region, New Jersey, Maryland and eastern Pennsylvania. Succeeding Mr. Patrohay at CMD is Alex Savelli, Managing Director - Energy Solutions and Rental Business at Cummins Power Generation. He assumes his new role effective Nov. 1. CMD is a joint venture between Cummins and Mercury Marine, based in Charleston, S.C., that produces power solutions for the recreational and commercial marine markets. Mr. Patrohay, who joined Cummins in 1988 following his graduation from Purdue University, has led CMD since 2002. He held a number of engineering and marketing positions with the Company prior to joining CMD. "Scott's extensive background in multiple areas uniquely positions him for his new role as Distributor Principal," said Rich Freeland, President - Distribution Business. "Scott will make a strong partner as we work to grow our distribution business in this important region." Mr. Savelli, who earned his bachelor's degree from the University of Sao Paulo - Polytechnic Engineering School and his MBA from the University of Michigan, joined Cummins Engine Business in 1994, holding various marketing and sales roles both in the United States and Europe, prior to moving to the company's Power Generation business in 2004. He has been in his current role since September 2005. "Alex has played a key role in turning around our Energy Solutions and rental businesses, and we're confident he will lead Cummins MerCruiser Diesel to continued growth," said Jim Kelly President - Engine Business for Cummins. About Cummins Headquartered in Columbus, Indiana, Cummins Inc. (NYSE: CMI) -- http://www.cummins.com/-- designs, manufactures, distributes and services engines and related technologies, including fuel systems, controls, air handling, filtration, emission solutions and electrical power generation systems. Cummins has Latin-American operations, particularly in Venezuela, Brazil, Peru, Colombia, and Argentina. Its operations in the Asia-Pacific are found in China, Japan and Korea. Its also has facilities in Europe, particularly in the United Kingdom. * * * Cummins' Junior Convertible Subordinated Debentures carry Fitch's 'BB' rating with a stable outlook. Moody's Investors Service raised Cummins' convertible preferred stock rating to Ba1 from Ba2 and withdrew the company's SGL-1 Speculative Grade Liquidity rating and its Ba1 Corporate Family Rating. FLETCHER BUILDING: Raises US$325 Million in U.S. Debt Market ------------------------------------------------------------ Fletcher Building Ltd has completed an issue of guaranteed senior fixed rate notes in the U.S. Private Placement debt market. The total issue of notes amounted to US$325 million with maturities in 2016 and 2019, and will be completed in two drawings, the first closing which occurred today and the second closing is to occur on Oct. 1, 2007. Ten U.S. institutional investors participated in the note offer. Bill Roest, Chief Financial Officer of Fletcher Building, stated that the note issue has been undertaken to replace the bridge finance facilities utilized to fund the acquisition of Formica Corporation. The new United States debt issue provides extended terms to further improve the Company’s debt maturity profile and diversify its sources of funding. The company has also refinanced its senior bank facility as part of the finalization of the acquisition of Formica Corporation. About Fletcher Building Headquartered in Penrose, New Zealand, Fletcher Building Limited -- http://www.fletcherbuilding.com/-- is the holding company of the Fletcher Building group. The operating segments of the Company include the Building Products division; the Infrastructure division, and the Laminates & Panels division. The Building Products division comprises six business streams, including insulation, metal roof tiles, roll-forming and coatings, long steel, plasterboard and a single businesses stream comprising four business units. The Infrastructure division is an integrated manufacturer of cement, aggregates, ready mix concrete and concrete products. It is also a general contractor and residential house builder in New Zealand and the South Pacific. The Laminates & Panels division manufactures and sells high pressure and low-pressure decorative surface laminates, raw medium density fiberboard, particle board and kitchen components. It distributes other products, such as hardware and timber in some regions. The company acquired the Dunedin-based O'Brien's Group on May 1, 2006. Fletcher Building's businesses operate at more than 300 sites around New Zealand, Australia, Finland, Slovenia, United Kingdom, Japan, Taiwan, among others. * * * The Troubled Company Reporter-Asia Pacific, on Aug. 21, 2007, listed Fletcher Building's bonds as distressed. The bonds have the following coupon, maturity date, and trading price: Coupon Maturity Price ------ -------- ----- 8.600% 03/15/08 NZ$9.45 7.800% 03/15/09 9.25 7.550% 03/15/11 8.70 FORSYTH PARTNERS: Taps Grant Thornton as Joint Administrators ------------------------------------------------------------- David Dunckley and Steve Akers of Grant Thornton LLP were appointed joint administrators of Forsyth Partners Ltd. and Forsyth Partners (Europe) Ltd. on Sept. 12, 2007. According to Mr. Dunckley, the collapse of the EUR1.3 billion Dublin-based fund promoter and manager is unrelated to the current credit crunch which affected hedge funds, the Independent reports. Independent relates that an unsuccessful expansion into the Dubai market causes FPL's problems. The Board of Forsyth Funds Plc were informed by the administrators that it is their intention to endeavor to sell the business of FPL as a going concern, and , in particular, to continue to ensure that the current investment management team led by Peter Toogood will continue to manage the assets of the various fund companies promoted by FPL. A suitable purchaser for the business is expected. Furthermore, the Directors have been informed that as FPL is in administration, its authorization has been suspended by the Financial Services Authority. The directors of Forsyth Funds have decided to exercise their discretion to temporarily suspend the determination of the net asset values of the various funds of the company and also to suspend the issue and redemption of shares of each of the funds of the company. According to the Independent, FPL funds are regulated in Ireland, and most of its subsidiary funds, which invest in everything from international property to Indian stocks, are based in Dublin. The funds of the company amount to between EUR300 million and EUR400 million, some of the other funds are based in offshore locations, including the Caymen Islands, Independent relates. Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/-- provides value-added professional services as assurance services, compensation and benefits, merger and acquisition transaction services, management advisory services, tax consulting and valuation services. Headquartered in London, England, Forsyth Partners -- http://www.forsythpartners.com/-- is an independent global asset management group with offices in the U.K. GBW X X: J. M. Titley Leads Liquidation Procedure ------------------------------------------------- J. M. Titley of DTE Leonard Curtis was appointed liquidator of GBW X X Ltd. on Sept. 5 for the creditors' voluntary winding-up procedure. The liquidator can be reached at: DTE Leonard Curtis DTE House Hollins Mount Hollins Lane Bury Lancs BL9 8AT England GENERAL MOTORS: Failed Contract Talks Spurs UAW Work Stoppage ------------------------------------------------------------- More than 73,000 United Auto Workers union members throughout the United States went on strike against General Motors Corp. yesterday after the two failed to agree on a new labor contract. UAW President Ron Gettelfinger said that UAW members rallied over job security, economic issues, benefits for active workers and winning investment in future products. GM disclosed that it is disappointed in the union's decision to call a national strike, insisting that bargaining involves complex, difficult issues that affect the job security of its U.S. work force and the long-term viability of the company. However, GM is fully committed to working with the UAW to develop solutions together to address the competitive challenges facing the company. GM related that it will continue focusing its efforts on reaching an agreement as soon as possible. Pickets will remain outside GM plants until a contract is reached, Mr. Gettelfinger said before heading back to the bargaining table with UAW Vice President Cal Rapson, who directs the union’s GM Department, and the national committee. “We stand ready 24 hours a day, seven days a week to go back to the bargaining table,” Mr. Gettelfinger, flanked by the UAW GM National Negotiating Committee. Mr. Gettelfinger said it was significant that the union gave GM a nine-day contract extension, the longest in UAW history to avoid a strike, a drastic step no one on the union side wanted. “We were pushed into a strike and that’s where we are at,” Mr. Gettelfinger added. In recent years, UAW members have done their part by working with the company on issues such as the corporate restructuring, the attrition plan, the Delphi bankruptcy, the 2005 health care agreement and numerous quality, productivity and health and safety issues. Workers gave up a 3% general wage increase in 2006 and cost of living allowances. “We’ve met and solved all of GM’s problems since 2003,” Mr. Gettelfinger added. “We’ve worked with General Motors on every issue that came before them. We’ve done a lot of things to help that company. There comes a point in time when you have to draw the line in the sand.” The UAW leader added that the strike had nothing to do with the much-discussed union-controlled health care trust fund Voluntary Employee Benefit Association (VEBA) for retirees, which is a permissible but not mandatory subject of bargaining. Job security, economics and benefits for active members remain critical issues for UAW members at GM. “It’s become apparent to us that as much as workers give, they cannot give enough,” Mr. Gettelfinger said. “As much as executives get, they cannot get enough.” 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. INDEPENDENT NEWS: Net Profit Up 9.7% in First Half 2007 ------------------------------------------------------- Independent News & Media plc released its interim financial results for the six months ended June 30, 2007. In the six months ended June 30, 2007, INM's net profit increased by 9.7% to EUR62 million from EUR56.5 million in the same period in the prior year, reflecting the group's diversified growth and rigorous cost management strategy. The Group's profit for the period was EUR76.2 million, compared with EUR87.3 million a year ago. Each of INM's main geographic regions performed strongly with first half Group Operating Profit (before exceptionals) increasing by 4.5% (6.1% in constant currency terms) to EUR154.6 million. This produced a strong half year margin of 19.0% (up 40 bps). Group revenues increased by 2.4% to EUR815.5 million (up 4.2% in constant currency), despite adverse currency movements and the loss of some low-margin distribution contracts in Ireland. This growth was largely driven by the Publishing division whose revenues grew by 5.1% in constant currency, on the back of good increases in advertising revenues (up 6.3%) and circulation revenues (up 2.5%). Significantly, all markets showed growth in advertising, with increases in both aggregate volumes and rate. A net exceptional charge of EUR27.6 million relates mainly to payroll restructuring charges in the Group's Irish, Australasian and United Kingdom operations, and reflects the Group's continuing business re-engineering in its publishing operations. The exceptional charge also includes costs associated with the APN Scheme of Arrangement, which did not proceed. The tax charge, at EUR17.9 million, was EUR3.4 million less than 2006 due mainly to tax credits associated with the exceptional restructuring charges. Adjusted Earnings per Share increased to 8.03 cent (+8.1%) due to the Group's strong operating and financial performance. At June 30, 2007, the Group's unaudited balance sheet showed EUR4.1 billion in total assets, EUR1.9 billion in total liabilities and EUR2.2 billion in stockholders' equity. The Group's balance sheet at June 30, 2007 also showed strained liquidity with EUR453.2 million in total current assets available to pay EUR536 million in total liabilities coming due within the next 12 months. Outlook "INM is pleased to report another set of record results. This strong performance reflects the clear benefits of our low cost ethos and our multi-market and multi-media strategy, Sir Anthony O'Reilly, chief executive of INM, said. "We believe that our new work practices are right at the forefront in the production of newspapers, and we will continue our unrelenting attention on driving revenue growth while achieving cost and margin improvements in all of our businesses." "The positive trends we have experienced in the first half across all our markets have continued into the second half and, based on the continuation of these trends, we believe that your Group's wide-ranging activities will deliver continued earnings growth and sustain industry-leading operating margins," Mr. O'Reilly added. Restructuring Over the past few years, INM has fundamentally re-defined and re-shaped how its publishing divisions operate. This singular focus has allowed the Group to identify: -- how best to compile its market-leading editorial products; -- how best to enhance its interaction with its customers; -- how best to manage its sales resources; and -- how best to prioritize its investment in marketing and product innovation. All divisions within the Group are already working to, or are currently adopting, these new operating principles and work flows within their publishing divisions. This has resulted in new (and in some instances, outsourced) centralized customer contact centers (telesales), advertising production centers and financial shared service centers in Australia (Brisbane), Ireland (Clonakilty), New Zealand (Tauranga and Whangerei) and the United Kingdom (Armagh). To facilitate this business re-engineering and to ensure that journalists are better focused on content creation and origination (rather than production), all publishing systems have now been upgraded to a common Atex editorial system that streamlines page production, enhances quality control and enables real-time editorial page sharing across the Group. By leveraging the Group's global scale, adopting new and more efficient work flows and through the better use of technology, the Group has achieved a significant reduction in its permanent headcount, generating significant cost savings, and sponsoring new revenue growth across print and online. This restructuring program continues through 2007, where the full year cost of restructuring is expected to be approximately EUR45 million, delivering an expected payback period of between 2.0 - 2.5 years. To date, over 450 of the 579 forecasted headcount reductions in 2007 (in Australasia, Ireland and the United Kingdom) have been achieved and the remainder are expected to be completed before year-end. Education As part of the Group's successful diversification strategy -- both in terms of sector platforms and markets -- INM has identified the area of education as an attractive and fast- growing sector in which to strategically invest. The Group's initial investment is the launch of Independent College in Dublin, Ireland. Independent College builds on INM's existing educational platforms -- editorial and online -- creating a learning experience that is complementary to our existing portfolio of assets. Independent College has already assembled a team of exceptional lecturers to staff each of the core faculties of Law, Accountancy, Journalism, Arts and Continuous Professional Development, with enrolments commencing now for courses starting in November. Further information on this will be available in the coming weeks. This concept is scaleable across each of the Group's markets and will greatly benefit from cross-promotion across the Group's leading titles, radio stations and outdoor sites. Capital Management As part of INM's efficient capital management policy, the Company has repurchased 32.4 million Treasury Shares to date in 2007. The objective of this is to minimize the dilutive impact for all shareholders which will arise on the maturity of the New Zealand Cumulative Exchangeable Preference Shares, if as expected, they convert into INM shares (c. 56 million) in late November 2007. Dividend The Board is recommending an interim dividend of 4.57 cent per share, an increase of 10.1% on 2006, reflecting the strong half year operating performance and confidence in the Group's ability to deliver continued earnings growth. This dividend will be paid on Nov. 19, 2007 to ordinary shareholders registered at the close of business on Sept. 28, 2007. A scrip dividend alternative will also be available. Independent News & Media PLC (ticker: INWS.I; INWS.L) -- http://www.inmplc.com/-- is an international newspaper and Communications group, with its main interests in Australia, India, Ireland, New Zealand, South Africa and the United Kingdom. The Group publishes over 175 newspaper and magazine titles and operates 132 radio stations. * * * As reported in the TCR-Europe on June 14, 2007, Fitch Ratings affirmed Independent News & Media Plc's Issuer Default and senior unsecured ratings at 'BB-' and removed them from Rating Watch Evolving. Fitch said a Stable Outlook is assigned to the Issuer Default rating. INDOOR PUB: Claims Filing Period Ends October 11 ------------------------------------------------ Creditors of The Indoor Pub Superstar Co. Ltd. (t/a Chalkies) have until Oct. 11 to send in their full names, their addresses and descriptions, full particulars of their debts or claims, and the names and addresses of their solicitors (if any) to: Edward T. Kerr Joint Liquidator PKF (U.K.) LLP Pannell House 159 Charles Street Leicester LE1 1LD England Edward T. Kerr of PKF (U.K.) LLP was appointed liquidator of on for the creditors' voluntary winding-up proceeding. KRISPY KREME: Board Approves Officer Indemnification Agreement -------------------------------------------------------------- The board of directors of Krispy Kreme Doughnuts Inc. has approved a form of Officer Indemnification Agreement, pursuant to which the company agrees to provide for: -- the indemnification of and the advancement of expenses to each officer of the company party to the officer indemnification agreement; and -- the continued coverage of such officer under the company's directors' and officers' liability insurance policies. Headquartered in Winston-Salem, North Carolina, Krispy Kreme Doughnuts Inc. (NYSE: KKD) -- http://www.krispykreme.com/-- retails doughnuts. There are about 411 Krispy Kreme stores including satellites operating system-wide in 41 U.S. states, Australia, Canada, Hong Kong, Indonesia, Japan, Kuwait, Mexico, the Philippines, the Republic of South Korea, the United Arab Emirates, and the United Kingdom. * * * As reported in the Troubled Company Reporter on Sept. 17, 2007, Moody's Investors Service lowered Krispy Kreme Doughnut Corporation's Speculative Grade Liquidity rating to SGL-4 from SGL-3, indicating weak liquidity. Concurrently Moody's revised the rating outlook to negative while affirming Krispy Kreme's Caa1 corporate family rating and B3 rating of its US$160 million senior secured credit facilities. MARSDEN DOMESTIC: Brings In Liquidators from Tenon Recovery ----------------------------------------------------------- Nigel Ian Fox and Stanley Donald Burkett-Coltman of Tenon Recovery were appointed joint liquidators of Marsden Domestic Appliances Ltd. on Sept. 6 for the creditors' voluntary winding- up proceeding. The joint liquidators can be reached at: Tenon Recovery Highfield Court Tollgate Chandlers Ford Eastleigh Hampshire SO53 3TZ England NASDAQ STOCK: Inks Pacts with Borse Dubai on LSE Stake Sale ----------------------------------------------------------- The NASDAQ Stock Market Inc. and Borse Dubai Limited have entered into a series of transactions intended to create a global financial marketplace with a unique footprint spanning the U.S., Europe, the Middle East and strategic emerging markets. The agreements provide, among others, that: * Borse Dubai will become a 19.99% shareholder in NASDAQ (capped at 5 per cent voting rights); * NASDAQ will acquire all OMX shares to be purchased by Borse Dubai in its offer for OMX; * NASDAQ will become a strategic shareholder and the principal commercial partner of Dubai International Financial Exchange; * DIFX will be rebranded with the NASDAQ brand and licensed with market leading technology from the NASDAQ/OMX combination. In addition, Borse Dubai has acquired 28.0 per cent of the total issued share capital in London Stock Exchange Group PLC from NASDAQ at a price of GBP 14.14 per share. ASDAQ To Acquire All OMX Shares Under the agreements, Borse Dubai will continue its existing offer for OMX of SEK 230 per share in cash, and NASDAQ will continue to offer SEK 11.4 billion (USD1.7 billion) and 60.6 million NASDAQ shares for OMX. Upon fulfillment of certain conditions, NASDAQ will withdraw its offer for OMX, and Borse Dubai will open its offer for acceptances. If the conditions are not met by Feb. 15, 2008, the agreements will terminate and be of no further effect, and both Borse Dubai and NASDAQ may pursue their respective offers independently. The Termination Date may be extended in certain circumstances. Assuming the relevant conditions are met (or waived), NASDAQ has agreed to acquire all the OMX shares: 1) already owned by Borse Dubai; 2) purchased by Borse Dubai in its offer; and 3) purchased by Borse Dubai pursuant to its options in respect of OMX shares. In exchange for Borse Dubai’s shares in OMX, NASDAQ will issue to Borse Dubai approximately 60.6 million NASDAQ shares and pay approximately SEK 11.4 billion in cash, assuming Borse Dubai acquires all outstanding OMX shares. This is the same aggregate consideration included in NASDAQ’s offer for OMX announced on May 25, 2007 and implies Borse Dubai will acquire new NASDAQ shares at an indicative implied price of USD 41.01 per share. Should Borse Dubai not acquire all outstanding OMX shares, the cash portion of the consideration will be reduced pro rata at a price of SEK 230 per OMX share to reflect the actual number of OMX shares sold to NASDAQ. Borse Dubai will retain approximately 42.6 million of the NASDAQ shares (representing approximately 19.99 per cent of the fully diluted share capital it receives, restricted to 5.0 per cent of voting rights) with the remaining approximately 18.0 million NASDAQ shares (representing approximately 8.4 per cent the fully diluted share capital) being held in trust, with an affiliate of Borse Dubai as beneficiary, and managed by an independent trustee. The shares will eventually be sold by the trust. While in the trust, the shares will be voted by the trustee pro rata with the votes of NASDAQ's other shareholders. Borse Dubai will be limited to a five per cent voting stake in NASDAQ, which is the maximum allowed by NASDAQ’s certificate of incorporation and bylaws. The parties expect that the conditions will be fulfilled in January 2008, and that Borse Dubai’s tender offer for OMX’s shares will open for acceptances at that time. Thereafter, an acceptance period of at least 20 U.S. business days will follow, on expiration of which, settlement will take place. NASDAQ to Become Strategic Shareholder in DIFX NASDAQ and Borse Dubai also entered into an agreement whereby NASDAQ would become a strategic shareholder in DIFX, Dubai’s international financial exchange. As part of the investment, NASDAQ will make a financial investment as well as commit to provide DIFX with the NASDAQ brand, OMX technology and marketing resources. The investment is designed to accelerate DIFX’s growth in the region and create a world-class electronic exchange and technology platform in one of the world’s fastest growing markets. Borse Dubai to Acquire 28% of LSE from NASDAQ Separately, Borse Dubai has agreed to purchase 28.0 per cent of the outstanding share capital of London Stock Exchange Group plc from NASDAQ at a price of GBP14.14 per share. NASDAQ will retain approximately 3.5 per cent of the outstanding share capital. As previously disclosed, the funds raised as a result of this share sale will be used by NASDAQ to pay down approximately US$1.0 billion of debt and intends to initiate a stock buy back. NASDAQ contemplates that the transaction will result in US$0.30 - 0.35 in additional earnings per share in 2008. NASDAQ may purchase shares from time to time in open market or private transactions, in accordance with applicable laws and regulations, and subject to market conditions and other factors. The repurchases may be commenced or suspended from time to time without prior notice. Background In May 2007, NASDAQ and OMX entered into a transaction agreement to combine the two companies by way of public offer. The proposed combination of NASDAQ and OMX was recommended by both Boards of Directors. On the morning of Aug. 9, 2007, Borse Dubai announced in a press release that it was in the process of purchasing OMX shares and entering into options to purchase OMX shares in a stake-building process with certain selected investors. Borse Dubai purchased shares at SEK 230 per share representing 4.9 per cent of OMX’s total issued and outstanding shares and entered into option agreements with counterparties to purchase another 24.2 per cent of OMX’s shares. Following the acquisition of that strategic stake in OMX, the Board of Directors of Borse Dubai decided on Aug. 17, 2007, to launch an all cash offer of SEK 230 per OMX share. Commenting on the agreements, Bob Greifeld, President and Chief Executive Officer of NASDAQ, said, "These developments herald an important step forward for NASDAQ. Taken together, these strategic actions will provide us with a footprint unlike any other exchange, creating a global exchange leader, with operations in key markets around the world. On the closing of the transactions with Borse Dubai, and completion of the proposed combination with OMX AB, we will have the technological infrastructure and the financial strength to serve our customers and to achieve our global ambitions." Essa Kazim, Chairman of Borse Dubai, relates that, "Our primary objective is to build a world class, growth oriented exchange out of Dubai and to become the center for capital markets activities in the emerging markets. By entering into this partnership with NASDAQ, we will benefit from NASDAQ’s world leading brand, technology and platform. In addition, this combination will establish a gateway to large pools of liquidity." It is contemplated that at the end of this transaction, NASDAQ and OMX will be known as The NASDAQ OMX Group, Inc. About Borse Dubai Incorporated on Aug. 7, 2007, in the Dubai International Financial Centre, Borse Dubai Limited is 60 per cent owned by the Investment Corporation of Dubai, 20 per cent by Dubai Group LLC (a member of the Dubai Holding Group) and 20 per cent by DIFC Investments LLC. Borse Dubai’s sole business purpose is to act as a holding company for investments in stock exchanges, including the Dubai Financial Market and the Dubai International Financial Exchange. About NASDAQ Stock Headquartered in New York City, The Nasdaq Stock Market Inc. (Nasdaq: NDAQ) -- http://www.nasdaq.com/-- is an electronic equity securities market in the United States with about 3,200 companies. NASDAQ STOCK: Submits Investment Deals for CFI's Consideration -------------------------------------------------------------- As part of a series of transactions that includes a 19.99% investment by Borse Dubai in what will become The NASDAQ OMX Group, with a 5% voting rights limitation which can not be altered without SEC approval. The Nasdaq Stock Market Inc. and Borse Dubai will voluntarily submit the transaction for consideration by the Committee on Foreign Investment in the U.S. When finalized, these transactions will create a financial marketplace that will further strengthen New York City and the United States as a financial center. Headquartered in New York City, The Nasdaq Stock Market Inc. (Nasdaq: NDAQ) -- http://www.nasdaq.com/-- is an electronic equity securities market in the United States with about 3,200 companies. NASDAQ STOCK: S&P Puts BB Counterparty Credit Rating on Watch ------------------------------------------------------------- Standard & Poor's Ratings Services placed its ratings on The Nasdaq Stock Market Inc, including its 'BB' long-term counterparty credit rating, on CreditWatch Positive, after Nasdaq announced that it is selling the bulk of its investment in the London Stock Exchange PLC to Borse Dubai, and using the proceeds to pay down rated term loans. The CreditWatch action also considers the strategic steps Nasdaq is taking to secure a merger with OMX AB, announced on May 25, 2007. The ratings on OMX AB remain on CreditWatch Negative. Proceeds from the sale of the LSE shares will total about US$1.6 billion. Nasdaq will use the proceeds to repay US$1.1 billion of rated term loans by the end of September. Nasdaq's agreement to merge with OMX has been stymied by the Borse Dubai, which made a counteroffer to acquire the Swedish exchange. Nasdaq has reached an agreement in which it will ultimately acquire OMX on its original terms and Borse Dubai will have a 19.9% economic interest in the combined Nasdaq OMX. The original consideration for OMX was US$3.7 billion (54% stock, 46% cash). The US$1.7 billion cash portion, which does not change with the agreement with Borse Dubai, is to be financed with a new credit facility that would have placed an additional burden on the company's already heavy debt load. But with the pay-off of existing term loans, the combined organization's debt burden eases modestly. "Nasdaq will remain on CreditWatch until we meet with management and obtain details on Nasdaq's financing plans and capital structure, as well as its new strategic relationship with Borse Dubai. If we gain comfort that these transactions improve the combined Nasdaq OMX's financial profile, compared to the original merger agreement, ratings could be raised," said Standard & Poor's credit analyst Charles D. Rauch. RADLEY CONTRACTS: Calls In Liquidators from UHY Hacker Young ------------------------------------------------------------ Peter Alan Kubik and Ladislav Hornan of UHY Hacker Young LLP were appointed joint liquidators of Radley Contracts Ltd. on Sept. 13 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: UHY Hacker Young LLP St. Alphage House 2 Fore Street London EC2Y 5DH England R.I.O. FREIGHT: Appoints J. M. Titley as Liquidator --------------------------------------------------- J. M. Titley of DTE Leonard Curtis was appointed liquidator of R.I.O. Freight Ltd. on July 27 for the creditors' voluntary winding-up procedure. The liquidator can be reached at: DTE Leonard Curtis DTE House Hollins Mount Hollins Lane Bury Lancs BL9 8AT England TATA MOTORS: Praveen Kadle Quits Post as Executive Director ----------------------------------------------------------- Tata Motors Ltd has informed the Bombay Stock Exchange in a regulatory filing that Praveen P Kadle, Executive Director (Finance & Corporate Affairs), would relinquished his office effective Sept. 18, 2007, in view of his appointment as the managing director of Tata Capital Ltd. Tata Capital is a new company promoted by Tata Sons, which will be the main Tata Group vehicle in the financial services space, the company said in a press release. The BSE filing also disclosed of the appointment of C. Ramakrishnan as Tata Motor's Chief Financial Officer with immediate effect. India's largest automobile company, Tata Motors Limited -- http://www.tatamotors.com/-- is mainly engaged in the business of automobile products consisting of all types of commercial and passenger vehicles, including financing of the vehicles sold by the Company. The Company's operating segments consists of Automotive and Others. In addition to its automotive products, it offers construction equipment, engineering solutions and software operations. Tata Motors has operations in Russia, and the United Kingdom. * * * Standard & Poor's Ratings Services, on July 13, 2007, assigned its 'BB+' issue rating to the proposed USUS$490 million zero- coupon convertible bonds of India's Tata Motors Ltd. (BB+/Stable/--). The bonds represent a direct, unsecured and unsubordinated obligation of the company. Proceeds from the bonds will be used for capital expenditure, overseas investments, acquisitions, and other general corporate purposes. Moody's Investors Service, on July 26, 2005, gave Tata Motors 'Ba1' long-term corporate family and senior unsecured debt ratings. * Large Companies with Insolvent Balance Sheet ---------------------------------------------- Shareholders Total Working Equity Assets Capital Ticker (US$MM) (US$MM) (US$MM) ------ ----------- ------- -------- AUSTRIA ------- Libro AG (111) 174 (182) Rhi AG (85) 1,573 210 BELGIUM ------- City Hotels CITY.BR (7) 210 (15) Sabena S.A. (86) 2,215 (297) CZECH REPUBLIC -------------- Ceskomoravska Kolben & Danek Praha Holding (89) 192 (2,186) DENMARK ------- Elite Shipping (28) 101 19 FRANCE ------ Arbel PA.ARB (116) 194 (94) Banque Nationale de Paris Guyane BNPG (41) 352 N.A. BSN Glasspack (101) 1,151 179 Charbo De France (3,872) 4,738 (2,868) Dollfus Mieg & Cie S.A. DS (16) 143 (45) Euro Computer System (110) 682 377 Genesys S.A. GNS.PA (10) 120 (5) Grande Paroisse S.A. (927) 629 330 Groupe Eurotunnel GET (2935) 9958 (9345) Immob Hoteliere (65) 259 10 Matussiere et Forest S.A. MTF (78) 294 (28) Outremer Telecom OMT (33) 229 (88) Pagesjaunes GRP PAJ (2718) 1,121 (291) Pneumatiques Kleber S.A. (34) 480 139 Rhodia S.A. RHA (828) 6,796 531 SDR Centrest (132) 252 N.A. SDR Picardie (135) 413 N.A. Soderag (3) 404 N.A. Sofal S.A. (305) 6,619 N.A. Spie-Batignolles (16) 5,281 75 Selcodis S.A. SPVX (18) 128 (22) Trouvay Cauvin (0) 134 10 Usines Chausson (23) 249 35 GERMANY ------- Cinemaxx AG MXC (27) 177 (32) Cognis Deutschland GmbH & Co. KG (174) 3,003 606 Dortmunder Actien-Brauerei DABG (13) 118 (29) EM.TV AG EV4G.BE (22) 849 15 Gerresheimer AG GXI (7) 1,241 (11) F.A. Guenther & Son AG GUSG (10) 111 N.A. Kaufring AG KAUG (19) 151 (51) Maternus Kliniken AG MAK.F (4) 201 (20) Nordsee AG (8) 195 (31) Schaltbau Hold SLTG (13) 185 3 SinnLeffers AG WHGG (4) 454 (145) Spar Handels- AG SPAG (442) 1,433 (234) GREECE ------ Empedos S.A. EMPED (34) 175 (48) Radio A.Korassidis KORA (101) 181 (139) Commercial HUNGARY ------- IPK Osijek DD OS IPKORA (18) 190 (320) ICELAND ------- Decode Genetics Inc. DCGN (55) 216 146 IRELAND ------- Waterford Wed Ut WTFU (145) 897 209 ITALY ----- Binda S.p.A. BND (11) 129 (20) Cirio Finanziaria S.p.A. (422) 1,583 (396) Gruppo Coin S.p.A. GC (154) 801 (50) Compagnia Italia ICT (138) 527 (235) Credito Fondiario e Industriale S.p.A. (200) 4,218 N.A. Finpart S.p.A. (152) 732 (322) I Viaggi del Ventaglio S.p.A. VVE.MI (116) 469 (143) Olcese S.p.A. OLCI.MI (13) 180 (64) Parmalat Finanziaria S.p.A. (18,419) 4,121 (12,481) Snia S.p.A. SN (39) 275 36 Technodiffusione Italia S.p.A. TDIFF.PK (90) 152 (24) NETHERLANDS ----------- Baan Company N.V. BAAN (8) 610 46 United Pan-Euro Air UPC (5,266) 5,180 (8,730) NORWAY ------ Petroleum-Geo Services PGO (32) 2,963 (5,250) ROMANIA ------- Rafo Onesti RAF (354) 475 (1421) RUSSIA ------ East Siberia Brd VSNK (40) 106 (70) Gukovugol Pfd GUUGP (58) 144 (4094) OAO Samaraneftegas (332) 892 (16,942) Vimpel Ship SOVP (93) 281 (420) Zil Auto ZILLP (178) 425 (10,597) SPAIN ----- Altos Hornos de Vizcaya S.A. (116) 1,283 (278) Santana Motor S.A. (46) 223 41 TURKEY ------ Nergis Holding (24) 125 26 Turk Tuborg TBORG (1) 153 (109) Yasarbank (948) 623 N.A. UKRAINE ------- Dniprooblenergo DNON (40) 477 (807) Donetskoblenergo DOON (286) 597 (1991) UNITED KINGDOM -------------- Abbott Mead Vickers (2) 168 (16) Adecco UK Ltd. 1055417Z (39) 317 (2316) Alfred McAlpine 1077274Z (14) 212 (1450) Alldays Plc 317056Q (120) 252 (202) Amey Plc AMY (49) 932 (47) Atkins (WS) Plc ATK (150) 1,390 62 BCH Group Plc BCH (6) 188 (44) Blenheim Group BEH (153) 198 (34) Booker Plc BKRUY (60) 1,298 (8) Bradstock Group BDK (2) 269 5 Brent Walker Group BWL (1,774) 867 (1,157) British Energy Ltd 523362Q (5,823) 4,921 290 British Energy Plc BGY (5,823) 4,921 434 British Nuclear Fuels Plc 1046Z (4,248) 40,326 977 Britvic Plc BVIC (108) 874 (20) Cineworld Groug CINE (115) 748 7 Compass Group CPG (668) 2,972 (298) Curos International 1077746Z (550) 382 N.A. Costain Group COST (108) 595 (61) Danka Bus System DNK.L (108) 540 34 Easynet Group ESY.L (45) 323 38 Electrical and Music Industries Group EMI (2266) 2,950 (296) Euromoney Institutional Investor Plc ERM.L (50) 448 (67) Galiform Plc GFRM (152) 889 35 Global Green Tech Group (156) 408 (18) Heath Lambert Fenchurch Group Plc (10) 4,109 (10) HMV Group Plc HMV (26) 1273 (277) Imperial Chemical Industries Plc ICI (370) 8,393 2 Invensys PLC (276) 3,914 357 Jarvis Plc JRVS.L (28) 370 (22) Ladbrokes Plc LAD (1,227) 1,669 (267) Lambert Fenchurch Group (1) 1,827 3 Lattice Group (1,290) 12,410 (1,228) London Stock Exchange LSE (689) 526 (195) M 2003 Plc (2,204) 7,205 (756) Misys Plc MSY (7) 1,123 (131) Mytravel Group MT.L (380) 1,818 (488) Northern Gas Pro 1151895Z (15) 140 (3188) Orange Plc ORNGF (594) 2,902 7 Regus Plc RGU.L (46) 367 (60) Rentokil Initial Plc RTO (1,044) 3,507 (457) Saatchi & Saatchi SSI (119) 705 (41) SFI Group SUF (108) 178 (162) Skyepharma PLC SKP (95) 211 2 Smiths News PLC NWS (204) 249 (41) Telewest Communications Plc TLWT (3,702) 7,581 (5,631) Wincanton Plc WIN (27) 1,451 (78) WRG Environmenta 1124263Z (1) 116 793 ********* 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 D. 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 * * *