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, October 9, 2007, Vol. 8, No. 199 Headlines A U S T R I A ALLVEDYA AYURVEDA: Claims Registration Period Ends Nov. 8 EVERGREEN LLC: Creditors' Meeting Slated for Oct. 11 PISCHLOEGER LLC: Linz Court Orders Business Shutdown PRIMEUR PRODUIT: Creditors' Meeting Slated for Oct. 16 ROSEMARIE UND HELMUT: Claims Registration Ends Nov. 2 B E L G I U M LEVI STRAUSS: Discloses Expiration of Consent Payment Deadline LEVI STRAUSS: Names Vanessa Castagna & Stephen Neal to Board F I N L A N D HILTON HOTELS: Tender Offer Expiration Date Extended to Oct. 24 F R A N C E ASPEN TECHNOLOGY: Gets Staff Determination Letter from Nasdaq CHRYSLER LLC: UAW Gives 72-Hour Deadline for Deal Closure G E R M A N Y AIRNERGY MOTORSPORT: Claims Registration Period Ends Nov. 5 CYBERSOFT SYSTEMTECHNIK: Claims Registration Period Ends Oct. 24 DESIGNPROMOTION GMBH: Claims Registration Period Ends Oct. 31 FT-RETAIL GMBH: Claims Registration Ends Oct. 23 G & Z FACILITY: Claims Registration Ends October 23 HAVENROCK II: Fitch Junks US$11.375 Million Facility A Loan JARRETT GMBH: Claims Registration Period Ends Nov. 5 MA BAU GMBH: Claims Registration Period Ends Nov. 5 MEDICAL VITA: Claims Registration Ends Oct. 20 MTU AERO: Moody's Lifts Rating to Ba1 on Improved Performance NORMBAU VERWALTUNG: Claims Registration Ends October 23 PAUL DIBOWSKI: Claims Registration Ends Oct. 22 PETERS GMBH: Claims Registration Period Ends Oct. 26 REHBERG & MILESEVIC: Claims Registration Period Ends Oct. 25 RHEIN-RUHR-POLSTER: Claims Registration Ends Oct. 15 SCHIEDER-MOEBELWORK: MCA-Agentur Buys Polish Subsidiaries SECURITY PROTECTION: Claims Registration Period Ends Nov. 1 I R E L A N D RITCHIE IRELAND: Selling Insurance Policies at Nov. 9 Auction RITCHIE IRELAND: Wants Plan Filing Period Moved to January 16 K A Z A K H S T A N AKTUBINSKY ZAVOD: Proof of Claim Deadline Slated for Nov. 9 APPLE CITY: Creditors Must File Claims Nov. 9 CONSTRUCTIVE-LTD LLP: Claims Filing Period Ends ELDORADO ZAPAD: Creditors' Claims Due on Nov. 9 JAKLIN LLP: Claims Registration Ends Nov. 9 JANA FASYR: Proof of Claim Deadline Slated for Nov. 9 PROM AUTO: Creditors Must File Claims Nov. 9 SAUYTBEK LLP: Claims Filing Period Ends Nov. 9 VOSTOK-REMIX LLP: Creditors' Claims Due on Nov. 9 K Y R G Y Z S T A N KIMIA INTERNATIONAL: Creditors Must File Claims by November 9 L U X E M B O U R G EVRAZ GROUP: Earns US$1.16 billion for First Half 2007 EVRAZ GROUP: To Form Vanadium Unit Before Yearend N E T H E R L A N D S LYONDELL CHEMICAL: Board Declares Conditional Quarterly Dividend P O L A N D SCHIEDER-MOEBELWORK: MCA-Agentur Buys Polish Subsidiaries R O M A N I A TRACTORUL UTB: EU Commission to Look Into Privatization Process R U S S I A CREAMERY AZOVSKIJ: Creditors Must File Claims by Oct. 29 ELSAN LLC: Creditors Must File Claims by Nov. 29 EVRAZ GROUP: Earns US$1.16 billion for First Half 2007 EVRAZ GROUP: To Form Vanadium Unit Before Yearend GAZPROM NEFT: May Create Joint Venture with OAO Lukoil ORENBURGSTROYMECHANIZATSIA OJSC: Claims Filing Ends Nov. 29 PECHORAENERGOSTROY OJSC: Creditors Must File Claims by Nov. 29 RUS'-TRADING LLC: Creditors Must File Claims by Oct. 29 SORTSEMOVOSCH OJSC: Asset Sale Slated for October 26 TANTAL-A LLC: Creditors Must File Claims by Oct. 29 TNK-BP HOLDING: Earns US$2.15 Billion for First Half 2007 TUNAICHA-M CJSC: Asset Sale Slated for October 30 URALELECTROCOMPLECT CJSC: Creditors Must File Claims by Nov. 29 ZBSM-137 LLC: Court Names Tsybenov B.B. as Liquidator * S&P Affirms Omsk City's B Rating on Poor Debt Profile S P A I N MADRID RMBS II: Fitch Rates Class E Notes at BB on Review SANTANDER 06: Fitch Junks EUR10.2 Million Class E Notes S W I T Z E R L A N D ALTE SWISS: Creditors' Liquidation Claims Due October 15 CANINA LLC: Creditors' Liquidation Claims Due October 15 FRANZ PFISTER: Schwyz Court Closes Bankruptcy Proceedings FRITZ LUTHI: Creditors' Liquidation Claims Due October 15 GARAGE HOFWIL: Creditors' Liquidation Claims Due October 15 INHAND JSC: Zug Court Closes Bankruptcy Proceedings RUBENA LLC: Creditors' Liquidation Claims Due October 15 SOLUTEC HARD: Creditors' Liquidation Claims Due October 15 U. SCHNELL DIAMONDS: Claims Registration Period Ends October 15 WIGAPLAN METALLBAU: Claims Registration Period Ends October 15 T U R K E Y TURKIYE PETROL: Fitch Affirms IDR at BB on Strong Balance Sheet U K R A I N E FORMULA OF QUALITY: Proofs of Claim Deadline Set October 10 LET’S PLAY: Creditors Must File Claims by October 10 PLANET LLC: Proofs of Claim Deadline Set October 10 PROFICENTER LLC: Proofs of Claim Deadline Set October 10 RIKON-SERVICE LLC: Proofs of Claim Deadline Set October 10 SANGRIL LLC: Creditors Must File Claims by October 10 STELLS ALIANCE: Creditors Must File Claims by October 10 TPF KLINKER: Creditors Must File Claims by October 10 VPP CONTOUR: Creditors Must File Claims by October 10 ZOLOTOY KOLOS: Creditors Must File Claims by October 10 U N I T E D K I N G D O M ACTIVATED PROMOTIONS: Court Starts Wind Up Petition on Nov. 2 ALERIS INTERNATIONAL: Earns US$34.9 Mln in Quarter Ended June 30 ARVINMERITOR INC: S&P Cuts Credit Rating to B+ with Neg. Outlook BEST BUY: Claims Filing Period Ends October 22 BLUESTONE SECURITIES 2004-1: Fitch Upgrades Class D Notes to BB+ BLUESTONE SECURITIES 2005-01: Fitch Affirms Class D Notes at BB BLUESTONE SECURITIES 2006-01: Fitch Rates Class E Notes at B BRENT FABRICATIONS: Creditors' Meeting Slated for Oct. 19 CONSTELLATION BRANDS: Earns US$72.1 Million in Second Quarter CORPORATE JET: Bank of Scotland Taps PwC as Receivers ECLAT DESIGN: Brings In Liquidators from Tenon Recovery ERINACEOUS GROUP: Posts GBP3.1 Mln Net Loss in 2007 First Half FIRSTPOINT HEALTHCARE: Royal Bank Appoints Receivers from Kroll JALNA ARC: Calls In Liquidators from KPMG JALNA (FLEETCARE) LTD: Taps Liquidators from KPMG K E AUTOSPRAY: Claims Filing Period Ends November 19 KINGSTON TRADE: Claims Filing Period Ends October 19 NASDAQ STOCK: Lenders Raise Debt Commitment to US$2.2 Billion NASDAQ STOCK: Earns US$56.1 Mln in Second Quarter Ended June 30 NORTHERN ROCK: Apollo, Blackstone May Bid; Flowers Prepares Fund NPM GROUP: Claims Filing Period Ends November 23 PAPER ROLL: Court to Hear Winding Up Petition on Jan. 23, 2008 REDWELLY MEDIA: A. Poxon Leads Liquidation Procedure REGENT HOUSE: High Court to Start Wind Up Petition on Oct. 30 SCREEN PLAY: Hires Liquidators from Tenon Recovery TEAM CONTRACTS: Claims Filing Period Ends November 26 WARD PHILIPSON: Creditors' Meeting Slated for Oct. 12 YOOT LTD: Appoints J. M. Titley as Liquidator * Large Companies with Insolvent Balance Sheet ********* ============= A U S T R I A ============= ALLVEDYA AYURVEDA: Claims Registration Period Ends Nov. 8 --------------------------------------------------------- Creditors owed money by LLC Allvedya Ayurveda Projekt (FN 236631m) have until Nov. 8 to file written proofs of claim to court-appointed estate administrator Helmut Platzgummer at: Dr. Helmut Platzgummer Kohlmarkt 14 1010 Vienna Austria Tel: 01/533 19 39 Fax: 01/533 19 39 39 E-mail: helmut.platzgummer@lp-law.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on Nov. 22 for the examination of claims. The meeting of creditors will be held at: The Land Court of Korneuburg Hall 2 Room 104 First Floor Korneuburg Austria Headquartered in Loosdorf, Austria, the Debtor declared bankruptcy on Aug. 31 (Bankr. Case No. 32 S 20/07i). EVERGREEN LLC: Creditors' Meeting Slated for Oct. 11 ---------------------------------------------------- Creditors owed money by LLC Evergreen (FN 259990p) are encouraged to attend the creditors' meeting at 2:00 p.m. on Oct. 11. The creditors' meeting will be held at: The Land Court of Feldkirch Conference Hall 45 First Floor Feldkirch Austria Headquartered in Riezlern, Austria, the Debtor declared bankruptcy on Sept. 7 (14 S 36/07t). Dieter Helbok serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Mag. Dieter Helbok Kirchplatz 11/1 6973 Hoechst Austria Tel: 05578/77722 Fax: 05578/77722-4 E-mail: d.helbok@vol.at PISCHLOEGER LLC: Linz Court Orders Business Shutdown ---------------------------------------------------- The Land Court of Linz entered Aug. 31 an order shutting down the business of LLC Pischloeger (FN 86939b). Court-appointed estate administrator German Storch 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. German Storch Buergerstrasse 62 4020 Linz Austria Tel: 0732/661861 Fax: 0732/661861-19 E-mail: storch@storch-ra.at Headquartered in Kirchberg-Thening, Austria, the Debtor declared bankruptcy on Aug. 20 (Bankr. Case No 12 S 67/07a). PRIMEUR PRODUIT: Creditors' Meeting Slated for Oct. 16 ------------------------------------------------------ Creditors owed money by LLC primeur produit (FN 252249f) are encouraged to attend the creditors' meeting at 12:30 p.m. on Oct. 16. The creditors' meeting 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 Sept. 11 (40 S 48/07k). Oliver Lorber serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Mag. Oliver Lorber St. Veiter Ring 51/2 9020 Klagenfurt Austria Tel: 0463/57950 Fax: 0463/57950-9 E-mail: rechtsanwalt@lorber.at ROSEMARIE UND HELMUT: Claims Registration Ends Nov. 2 ----------------------------------------------------- Creditors owed money by LLC Rosemarie und Helmut Wurm (FN 81121x) have until Nov. 2 to file written proofs of claim to court-appointed estate administrator Christian Atzwanger at: Mag. Christian Atzwanger Luefteneggerstrasse 12 4020 Linz Austria Tel: 77 88 670 Fax: 78 32 644 E-mail: office@schuh-atzwanger.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on Nov. 12 for the examination of claims. The meeting of creditors will be held at: The Land Court of Linz Room 522 Fifth Floor Linz Austria Headquartered in Linz - Ebelsberg, Austria, the Debtor declared bankruptcy on Sept. 4 (Bankr. Case No. 12 S 70/07t). ============= B E L G I U M ============= LEVI STRAUSS: Discloses Expiration of Consent Payment Deadline -------------------------------------------------------------- Levi Strauss & Co. disclosed that the consent payment deadline in connection with the cash tender offer and related consent solicitation for any and all outstanding US$525.0 million aggregate principal amount of its 12.25% Senior Notes due 2012 was on Oct. 3, 2007, at 5 p.m., New York City time. The company was seeking consent to amend the indenture under which the Notes were issued to eliminate or make less restrictive most of the restrictive covenants, and certain related events of default, contained in the indenture. Adoption of the proposed amendments requires the consent of holders of at least a majority of the aggregate principal amount of the Notes. As of the consent payment deadline, the company had received tenders of Notes and deliveries of related consents from holders of approximately US$505.7 million aggregate principal amount (or 96.3%) of the Notes. Accordingly, the requisite consents to adopt the proposed amendments have been received. The proposed amendments will become operative when the company initially accepts the Notes for purchase pursuant to the terms of the offer, which will occur promptly following, and subject to, the satisfaction or waiver of the conditions to the offer, including the company’s amendment of its senior secured revolving credit facility to increase its line of credit thereunder by an additional US$200.0 million to US$750.0 million, which shall include a US$250.0 million tranche that is secured by certain U.S. trademarks associated with the Levi’s(R) brand upon terms and conditions satisfactory to the company. The company expects to accept for purchase Notes tendered prior to the consent payment deadline on Oct. 11, 2007. The tender offer yield for the Notes tendered and accepted will be 4.565% and was determined as of 10 a.m. New York City time, on Oct. 3, 2007 by reference to a fixed spread of 50 basis points over the yield of 4.065% of the 4.375% U.S. Treasury Note due Dec. 31, 2007 (as reported by Bloomberg Government Pricing Monitor on "Page PX3"), as described in the Offer to Purchase and Consent Solicitation Statement, dated Sept. 19, 2007. Assuming an initial payment date of Oct. 11, 2007, the total consideration for each US$1,000 principal amount of Notes validly tendered and not validly withdrawn prior to Oct. 3, 2007, is US$1,073.99, which includes an early consent payment of US$30.00 per US$1,000 principal amount of the Notes. Notes tendered may no longer be withdrawn except as required by law. As previously announced, the tender offer will expire at midnight, New York City time, on Oct. 17, 2007, unless extended or earlier terminated by the company. Holders of Notes tendered after the consent payment deadline but prior to the expiration of the tender offer will not be entitled to the consent payment of US$30.00 per US$1,000 aggregate principal amount of Notes. The company has retained Credit Suisse as dealer manager and solicitation agent in connection with the tender offer and consent solicitation. Questions about the tender offer and consent solicitation may be directed to Credit Suisse at 212- 325-4951 (collect). Holders can request documents from D.F. King & Co., Inc., the information agent and tender agent, at 888-887-0082 (U.S. toll free) or 212-269-5550 (collect). Founded in 1853 by Bavarian immigrant Levi Strauss, Levi Strauss & Co. -- http://www.levistrauss.com/-- is one of the world's largest brand-name apparel marketers with sales in more than 110 countries. The company market-leading apparel products are sold under the Levi's(R), Dockers(R) and Levi Strauss Signature(R) brands. Levi Strauss & Co. is privately held by descendants of the family of Levi Strauss. Shares of company stock are not publicly traded. Shares of Levi Strauss Japan K.K., the company's Japanese affiliate, are publicly traded in Japan. The company employs a staff of approximately 10,000 worldwide, including approximately 1,010 at the company's San Francisco, California headquarters. Levi Strauss Europe is headquartered in Brussels, Belgium, while Levi's Asia Pacific division is based in Singapore. Levi's has operations in Brazil, Mexico, Chile and Peru. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 31, 2007, Standard & Poor's Ratings Services has it raised its ratings on San Francisco-based apparel company Levi Strauss & Co. by one notch, including its long-term corporate credit rating to 'B+' from 'B'. S&P said the outlook is stable. LEVI STRAUSS: Names Vanessa Castagna & Stephen Neal to Board ------------------------------------------------------------ Levi Strauss & Co. has elected two additional members to its board of directors: Vanessa Castagna, a seasoned retail executive, and Stephen Neal, the chairman and chief executive officer of Cooley Godward Kronish LLP. The company also said that Pat House, a current LS&CO. director, was stepping down from LS&CO.’s board at the end of this year. Vanessa Castagna "Vanessa brings 34 years of retail experience, including senior leadership positions at Mervyns, JCPenney and Wal-Mart," said LS&CO.'s chairman Bob Haas. "We will benefit from Vanessa’s perspectives on both the wholesale side of our business, which represents the majority of our sales, as well as on our growing retail operations around the world. Vanessa’s a seasoned leader who will add tremendous value to our strategic discussions and board deliberations." Ms. Castagna most recently led Mervyns department stores as its executive chairwoman of the board from 2005 until earlier this year. Prior to Mervyns, Ms. Castagna served as chairman and chief executive officer of JCPenney Stores, Catalog and Internet from 2002 through 2004. She joined JCPenney in 1999 as chief operating officer, and was both president and COO in 2001. Ms. Castagna’s extensive retail career includes senior-level merchandising positions at retail companies including Wal-Mart, Marshall’s and Target. Ms. Castagna joined Lazarus, a division of Federated Department Stores, in 1972, after she was graduated from Purdue University in 1971. "I have a deep and very positive connection to Levi Strauss & Co. going back more than two decades," said Ms. Castagna. "Levi’s(R) is a legendary and enduring global brand, and I am excited and honored about the opportunity to work with the company’s leadership team and board to help drive future growth and shareholder value." Ms. Castagna was listed for four consecutive years as one of Fortune magazine’s "50 Most Powerful Women in Business" and for two years as one of Forbes magazines "100 Most Powerful Women." Ms. Castagna is a fundraiser for the Children’s Miracle Network and the New York University Medical Center’s Rusk Institute. She is also involved with the Boys and Girls Clubs of America, the American Cancer Society, the American Red Cross, the March of Dimes and the United Way. Stephen Neal Stephen Neal is the chairman and chief executive officer of the law firm Cooley Godward Kronish. In addition to his extensive experience as a trial lawyer on a broad range of corporate issues, Mr. Neal has represented and advised numerous boards of directors, special committees of boards and individual directors on corporate governance and other legal matters. His clients have included many large and high profile companies, such as General Motors, PG&E, PacifiCare Health Systems and USG Corporation. "In recent years, Steve Neal has provided invaluable advice to LS&CO.’s board, and I am very pleased to welcome him now as a director," said Mr. Haas. "Steve is a highly respected attorney with deep knowledge and broad experience in corporate governance. We look forward to benefiting from his seasoned perspectives." "Levi Strauss & Co. has a well-deserved corporate reputation for doing business distinctly and responsibly for more than 150 years," said Mr. Neal. "I have tremendous respect and admiration for the Haas family and LS&CO., and look forward to working closely with the board and contributing to the company’s future success." Prior to joining Cooley Godward in 1995 and becoming CEO in 2001, Mr. Neal was with Kirkland & Ellis in Chicago. He started there in 1973 and was a partner from 1978 until 1995. He received his J.D. from Stanford in 1973 after attending Harvard as an undergraduate. Pat House "At the same time we are adding two new directors, I am disappointed to announce the departure of Pat House," said Mr. Haas. "Pat, one of our directors since 2003, has decided to leave the board as of the end of this year. She recently joined the Symphony Technology Group as an advisory board member and, coupled with her other professional and civic activities, unfortunately will no longer have the necessary time to devote to our business. I want to thank Pat for her insights, enthusiasm and commitment the past four years. She has been a great help during our business transformation." Founded in 1853 by Bavarian immigrant Levi Strauss, Levi Strauss & Co. -- http://www.levistrauss.com/-- is one of the world's largest brand-name apparel marketers with sales in more than 110 countries. The company market-leading apparel products are sold under the Levi's(R), Dockers(R) and Levi Strauss Signature(R) brands. Levi Strauss & Co. is privately held by descendants of the family of Levi Strauss. Shares of company stock are not publicly traded. Shares of Levi Strauss Japan K.K., the company's Japanese affiliate, are publicly traded in Japan. The company employs a staff of approximately 10,000 worldwide, including approximately 1,010 at the company's San Francisco, California headquarters. Levi Strauss Europe is headquartered in Brussels, Belgium, while Levi's Asia Pacific division is based in Singapore. Levi's has operations in Brazil, Mexico, Chile and Peru. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 31, 2007, Standard & Poor's Ratings Services has it raised its ratings on San Francisco-based apparel company Levi Strauss & Co. by one notch, including its long-term corporate credit rating to 'B+' from 'B'. S&P said the outlook is stable. ============= F I N L A N D ============= HILTON HOTELS: Tender Offer Expiration Date Extended to Oct. 24 --------------------------------------------------------------- Hilton Hotels Corporation has extended the offer expiration date and price determination date for its previously announced tender offers for any and all of its: * 7.625% Notes due 2008, * 7.200% Notes due 2009, * 8.250% Notes due 2011, * 7.625% Notes due 2012 and * 7.500% Notes due 2017, * 7.430% Chilean Inflation-Indexed (UF) Notes due 2009 and * 8.000% Quarterly Interest Bonds due 2031 The offer expiration date will now be 8:00 a.m., New York City time, on Oct. 24, 2007, unless extended or earlier terminated by Hilton in its sole discretion. As indicated in the Offer to Purchase referred to below, it is expected that the Offer Expiration Date will be extended as necessary to coincide with the date that the Merger referred to below becomes effective. In addition, Hilton announced that the price determination date applicable to the tender offers for the Notes will now be 11:00 a.m., New York City time, on Oct. 19, 2007, unless extended or earlier terminated by Hilton in its sole discretion. Hilton announced that the changes to the offer expiration date and the price determination date have no effect on the consent payment deadline applicable to the Bonds, which deadline remains 5:00 p.m., New York City time, on Oct. 9, 2007, unless extended or terminated by Hilton. Hilton has previously indicated that it is likely that the Bonds will be called for redemption at US$25 per US$25 principal amount of Bonds, plus accrued and unpaid interest, concurrent with the completion of the Merger in the event that the requisite consents are not obtained with respect to the Bonds. Hilton further announced that holders of the CLP Notes who have validly tendered their CLP Notes will receive CLP65,560.95 for each CLP50,000 original principal amount payable in U.S. dollars based on the Observed Exchange Rate, as defined in the Officer’s Certificate for the CLP Notes, which is published at or about 5:00 p.m. (Santiago, Chile time) on the second business day prior to the Offer Expiration Date for the CLP Notes purchased pursuant to the tender offer for such securities, namely Oct. 22, 2007, if the tender offer for the CLP Notes is not extended. Holders of the Bonds must tender their securities at or prior to the Consent Payment Deadline in order to be eligible to receive the total consideration offered for the Bonds of US$25.125 per US$25 principal amount. Holders of the Bonds that are tendered after the Consent Payment Deadline and at or prior to the Offer Expiration Date will only be eligible to receive the tender offer consideration offered for the Bonds of US$24.125 per US$25 principal amount. Holders whose Bonds are accepted for payment in the tender offer for the Bonds will also receive accrued and unpaid interest in respect of such purchased Bonds from the last interest payment date for such Bonds preceding the payment date for purchased Bonds to, but not including, such payment date. Holders of the Notes and the CLP Notes who have not already tendered their Consented Securities may do so at any time at or prior to the Offer Expiration Date, but such holders will only be eligible to receive the applicable tender offer consideration, which is an amount, paid in cash, equal to the applicable total consideration less the applicable consent payment, for their Consented Securities. As of 5:00 p.m., New York City time, on Oct. 4, 2007, the company had received tenders in respect of the following principal amounts of Securities: Series of Securities Principal Amount Tendered -------------------- ------------------------- 7.625% Notes due 2008 US$361.6 million (approx. 90.4%) 7.200% Notes due 2009 US$122.2 million (approx. 61.1%) 8.250% Notes due 2011 US$289.3 million (approx. 96.4%) 7.625% Notes due 2012 US$369.3 million (approx. 98.5%) 7.500% Notes due 2017 US$139.0 million (approx. 69.5%) 7.430% Chilean Inflation-Indexed (UF) CLP67.7 billion (100%) Notes due 2009 8.000% Quarterly Interest US$91.4 million (approx. 45.7%) Bonds due 2031 Hilton’s tender offers and consent solicitations for the Securities are being made pursuant to the terms of Hilton’s Offer to Purchase and Consent Solicitation Statement dated Sept. 12, 2007, and the related Consent and Letter of Transmittal, as previously amended and as amended hereby. The tender offers and consent solicitations are being conducted in connection with the previously announced merger agreement that provides for the acquisition of Hilton by BH Hotels LLC, an entity controlled by investment funds affiliated with The Blackstone Group L.P. The completion of the Merger is a condition to the completion of the tender offers and consent solicitations. However, the completion of the tender offers and consent solicitations is not a condition to completion of the Merger. Each tender offer and consent solicitation is being made independently of the other tender offers and consent solicitations and Hilton reserves the right to terminate, withdraw or amend each tender offer and consent solicitation independently of the other tender offers and consent solicitations at any time and from time to time. The tender offers and consent solicitations relating to the Securities are made upon the terms and conditions set forth in the Offer to Purchase and the Letter of Transmittal, as amended. The tender offers and consent solicitations are subject to the satisfaction of certain conditions, including the receipt of consents sufficient to approve the Proposed Amendments and the Merger having occurred, or such Merger occurring substantially concurrent with the Offer Expiration Date. Further details about the terms and conditions of the tender offers and the consent solicitations are set forth in the Offer to Purchase. Hilton has retained Bear, Stearns & Co. Inc. and UBS Investment Bank to act as the lead Dealer Managers for the tender offers and lead Solicitation Agents for the consent solicitations, and they can be contacted at (877) 696-BEAR (toll-free), (212) 272- 5112 (collect), and (888) 719-4210 (toll-free) ((203) 719-4210 (collect)), respectively. Banc of America Securities LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Lehman Brothers Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley & Co. Incorporated are also acting as Dealer Managers and Solicitation Agents in connection with the tender offers and the consent solicitations. Requests for documentation may be directed to Global Bondholder Services Corporation, the Information Agent, which can be contacted at (212) 430-3774 (for banks and brokers only) or (866) 924-2200 (for all others toll-free). Headquartered in Beverly Hills, California, Hilton Hotels Corp. -- http://www.hilton.com/-- together with its subsidiaries, engages in the ownership, management, and development of hotels, resorts, and timeshare properties, as well as in the franchising of lodging properties in the United States and internationally, including Australia, Austria, Barbados, Finland, India, Indonesia, Trinidad and Tobago, Philippines and Vietnam. * * * As reported on May 1, 2007, Standard & Poor's Ratings Services said its rating and outlook on Hilton Hotels Corp. (BB+/Stable/--) would not be affected by the company's announcement that it has entered into an agreement with Morgan Stanley Real Estate to sell up to 10 hotels for approximately US$612 million in proceeds (net of property level debt repayment, taxes, and transaction costs). Upon the close of the transactions, Hilton Hotels plans to use the net proceeds to repay debt. Standard & Poor's rating upgrade for Hilton Hotels in March 2007 incorporated the expectation that the company would sell a meaningful level of additional assets over the near term, which would likely lead to additional debt reduction. Still, Standard & Poor's is encouraged by the expected transaction multiple related to today's announcement. If the lodging transaction market remains strong, enabling Hilton Hotels to generate substantial proceeds from remaining asset sales, if these proceeds are used for debt reduction, and if the lodging environment remains strong, an outlook revision to positive could be considered as 2007 progresses. Any movement signaling the potential for a higher rating will depend on Hilton Hotels's commitment to maintaining credit measures aligned with higher ratings over the lodging cycle. In February 2007, Moody's Investors Service upgraded Hilton Hotels Corporation's corporate family rating to Ba1 from Ba2 reflecting a reduction in leverage from a faster than expected pace of asset sales and strong earnings during 2006. Adjusted debt to EBITDAR has improved to around 5.0x from 6.0x in January 2006. =========== F R A N C E =========== ASPEN TECHNOLOGY: Gets Staff Determination Letter from Nasdaq ------------------------------------------------------------- Aspen Technology received a Nasdaq Staff Determination on Oct. 1, indicating that the company fails to comply with the filing requirements for continued listing stated in Marketplace Rule 4310(c)(14) as a result of its failure to file timely with the Securities and Exchange Commission its annual report on Form 10- K for the year ended June 30, 2007, and that the company’s securities are therefore subject to delisting from The Nasdaq Global Market. The company has requested a hearing before a Nasdaq Listing Qualifications Panel to review the Staff Determination. There can be no assurance that the panel will grant the company’s request for continued listing. The delay in AspenTech’s filing of its Form 10-K is attributed to the previously announced intention to restate certain historical financial statements. The company is working diligently to complete its annual report on Form 10-K. Based in Cambridge, Massachusetts, Aspen Technology Inc. (Nasdaq:AZPN) -- http://www.aspentech.com/-- provides software and professional services that help process companies improve efficiency and profitability by enabling them to model, manage and control their operations. The company has locations in Brazil, Malaysia and France. * * * In October 2001, Moody's placed the company's long-term corporate family rating at B2 equity-linked rating at Caa1. These ratings still hold true to date. The outlook is stable. In April 2005, Standard & Poor's placed the company's long-term foreign and local issuer credits at B- which still holds true to date. The outlook is negative. CHRYSLER LLC: UAW Gives 72-Hour Deadline for Deal Closure --------------------------------------------------------- The United Auto Workers union gave Chrysler LLC 72 hours to complete a contract patterned from General Motors Corp.'s tentative agreement with the union, otherwise they will hold a strike, the Associated Press reports, citing an inside source. Both parties have resumed negotiations on Sunday, but more details have to be ironed out, AP relates. The talks, John Lippert of Bloomberg News says, started after UAW President Ron Gettelfinger decided, on Friday, to forego discussions with Ford Motor Co., instigating speculations that Chrysler's two-month old owner, Cerberus Capital Management LP, would be easier to handle than Ford, which was under restructuring since last year. As reported in the Troubled Company Reporter on Oct. 4, 2007, Ford disclosed that total September sales dropped 21% compared with a year ago. As previously reported, GM and the UAW reached a tentative agreement on a new national labor contract after more than 73,000 UAW union members throughout the United States went on strike against GM. The tentative agreement, covering approximately 74,000 represented employees, includes a memorandum of understanding to establish an independent retiree health care trust, as well as other changes to the national agreement. Headquartered in Auburn Hills, Michigan, Chrysler LLC -- http://www.chrysler.com/-- offers cars and minivans, pick-up trucks, sport utility vehicles, and vans under the Chrysler, Jeep, and Dodge brand names. It also sells parts and accessories under the MOPAR brand. The company has dealers worldwide, including Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil, Venezuela, China, Japan, and Australia. * * * On Oct. 1, 2007, Standard & Poor's Ratings Services placed its corporate credit ratings on Chrysler LLC and DaimlerChrysler Financial Services Americas LLC on CreditWatch with positive implications. As reported in the Troubled Company Reporter on Aug. 8, 2007, Standard & Poor's Ratings Services revised its loan and recovery ratings on Chrysler LLC's (B/Negative/--) US$10 billion senior secured first-lien term loan facility due 2013, following various changes to terms and conditions prior to closing. The US$10 billion first-lien term loan now consists of a US$5 billion "first-out" tranche and a US$5 billion "second-out" tranche, so the aggregate amount of first-lien debt remains unchanged. Accordingly, S&P assigned a 'BB-' rating to the US$5 billion "first-out" first-lien term loan tranche. This rating, two notches above the corporate credit rating of 'B' on Chrysler LLC, and the '1' recovery rating indicate S&P's expectation for very high recovery in the event of payment default. S&P also assigned a 'B' rating to the US$5 billion "second-out" first- lien term loan tranche. This rating, the same as the corporate credit rating, and the '3' recovery rating indicate S&P's expectation for a meaningful recovery in the event of payment default. Moody's Investors Service has affirmed Chrysler Automotive LLC's B3 Corporate Family Rating, and the Caa1 rating of the company's US$2 billion senior secured, second lien term loan in connection with Monday's closing of DaimlerChrysler AG's sale of a majority interest of Chrysler Group to Cerberus Capital Management LLC. ============= G E R M A N Y ============= AIRNERGY MOTORSPORT: Claims Registration Period Ends Nov. 5 ----------------------------------------------------------- Creditors of Airnergy Motorsport GmbH have until Nov. 5 to register their claims with court-appointed insolvency manager Dirk Obermueller. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Dec. 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 Bonn Hall S 2.18 Second 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: Dirk Obermueller Godesberger Allee 125-127 53175 Bonn Germany Tel: 81 000 45 Fax: 81 000 820 The District Court of Bonn opened bankruptcy proceedings against Airnergy Motorsport GmbH on Sept. 18. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Airnergy Motorsport GmbH Attn: Joerg Klemm, Manager Wehrstr. 24 53773 Hennef Germany CYBERSOFT SYSTEMTECHNIK: Claims Registration Period Ends Oct. 24 ---------------------------------------------------------------- Creditors of Cybersoft Systemtechnik GmbH have until Oct. 24 to register their claims with court-appointed insolvency manager Dr. Sebastian Henneke. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on Dec. 5, 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 C315 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 Cybersoft Systemtechnik GmbH on Sept. 24. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Cybersoft Systemtechnik GmbH Rheinstr.49 47228 Duisburg Germany Attn: Thomas Toennis, Manager Wintgensstr.56 47058 Duisburg Germany DESIGNPROMOTION GMBH: Claims Registration Period Ends Oct. 31 ------------------------------------------------------------- Creditors of designpromotion GmbH have until Oct. 31 to register their claims with court-appointed insolvency manager Dr. Winfrid Andres. 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 Duesseldorf Meeting Hall A 341 Fourth Floor Muehlenstrasse 34 40213 Duesseldorf 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. Winfrid Andres Neuer Zollhof 3 40221 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against designpromotion GmbH on Sept. 25. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: designpromotion GmbH Attn: Kai-Uwe Stuellgens, Manager Marienstr. 5 45476 Muelheim an der Ruhr Germany FT-RETAIL GMBH: Claims Registration Ends Oct. 23 ------------------------------------------------ Creditors of ft-retail GmbH have until Oct. 23 to register their claims with court-appointed insolvency manager Markus Froehlich. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Oct. 31, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Neu-Ulm Room 211/II Heiner-Metzger-Platz 1 89231 Neu-Ulm 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: Markus Froehlich Marienstr. 1 89231 Neu-Ulm Germany Tel: 0731/2055993-0 Fax: 0731/2055993-90 The District Court of Neu-Ulm opened bankruptcy proceedings against ft-retail GmbH on Sept. 24. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ft-retail GmbH Heidenheimer Str. 64 89312 Guenzburg Germany G & Z FACILITY: Claims Registration Ends October 23 --------------------------------------------------- Creditors of G & Z Facility Service GmbH have until Oct. 23 to register their claims with court-appointed insolvency manager Goerge Scheid. Creditors and other interested parties are encouraged to attend the meeting at 10:10 a.m. on Nov. 20, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Gera Hall 317 Rudolf-Diener-Str. 1 Gera Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Goerge Scheid Rudolf-Diener-Str. 9 07545 Gera Germany The District Court of Gera opened bankruptcy proceedings against G & Z Facility Service GmbH on Sept. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: G & Z Facility Service GmbH Attn: Oleg Morunov, Manager Randla-32 Estonia HAVENROCK II: Fitch Junks US$11.375 Million Facility A Loan ----------------------------------------------------------- Fitch Ratings has downgraded the loan facilities provided by IKB Deutsche Industriebank AG and IKB International S.A. to Havenrock II Limited as follows: -- US$165 million loan provided by IKB International: downgraded to 'BBB+' from 'A-'; Outlook Negative -- US$404.88 million Facility C loan provided by IKB: downgraded to 'BBB+' from 'A-'; Outlook Negative -- US$43.75 million Facility B loan provided by IKB: downgraded to 'B+' from 'BB'; Outlook Negative -- US$11.375 million Facility A loan provided by IKB: downgraded to 'CCC' from 'B'; Outlook Negative The 364-day committed facilities can be drawn on to cover Havenrock II's obligations under a credit default swap. The downgrades are the result of rating migrations in the portfolio referenced by the Havenrock II credit default swap. The above ratings have been assigned using the Vector 3.1 model and current criteria for Collateralized Debt Obligations. JARRETT GMBH: Claims Registration Period Ends Nov. 5 ---------------------------------------------------- Creditors of Jarrett GmbH have until Nov. 5 to register their claims with court-appointed insolvency manager Jochen Wagner. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Dec. 10, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Ingolstadt Meeting Hall 28 I Schrannenstr. 3 85049 Ingolstadt 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: Jochen Wagner Goldknopfgasse 2 85049 Ingolstadt Germany Tel: 0841/14 28 99-0 Fax: 0841/14 28 99-10 The District Court of Ingolstadt opened bankruptcy proceedings against Jarrett GmbH on Sept. 20. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Jarrett GmbH Attn: Richard Simon Clive Jarrett, Manager Kirchplatz 6 91809 Wellheim/Konstein Germany MA BAU GMBH: Claims Registration Period Ends Nov. 5 --------------------------------------------------- Creditors of Ma Bau GmbH have until Nov. 5 to register their claims with court-appointed insolvency manager Thomas Erdmann. Creditors and other interested parties are encouraged to attend the meeting at 9:10 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 Celle Hall 014 First Floor Muehlenstrasse 4 29221 Celle Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Thomas Erdmann Einfrielinger Weg 4 29614 Soltau Germany Tel: 05191-96730 Fax: 05191-967320 E-mail: Rae.Erdmann@t-online.de The District Court of Celle opened bankruptcy proceedings against Ma Bau GmbH on Sept. 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Ma Bau GmbH Attn: Matthias Riedler, Manager Bienenweg 25 29640 Schneverdingen Germany MEDICAL VITA: Claims Registration Ends Oct. 20 ---------------------------------------------- Creditors of Medical Vita GmbH have until Oct. 20 to register their claims with court-appointed insolvency manager Anton Rosenauer. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on Dec. 4, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Stuttgart Hall 13 Ground Floor Hauffstr. 5 (Am Neckartor) 70190 Stuttgart Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Anton Rosenauer Industriestr. 3 70565 Stuttgart Germany Tel: 0711/2 3175 93 Fax: 0711/2 3175 94 The District Court of Stuttgart opened bankruptcy proceedings against Medical Vita GmbH on Sept. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Medical Vita GmbH Calwer Str. 27 70173 Stuttgart Germany MTU AERO: Moody's Lifts Rating to Ba1 on Improved Performance ------------------------------------------------------------- Moody's Investors Service upgraded the Corporate Family Rating of MTU Aero Engines Holding AG to Ba1 from Ba2; the outlook was changed to stable. The last rating action before was issued on Dec. 7, 2006, when the Ba2 ratings were affirmed and the outlook changed to positive. The rating upgrade from Ba2 to Ba1 reflects the improvements in MTU's credit profile over the last 2 years from its highly leveraged past. As a result of the substantial de-leveraging of the group's capital structure but also due to improving operating performance and cash generation levels, credit metrics have improved beyond the expectations for the Ba2 rating category, notably Debt to EBITDA -- which improved from 2.8x in 2005 and 5.3x in 2004 to 2.2x in the twelve months ending June 2007. The upgrade reflects the benefits from a strong market environment given the continued increase in global air traffic which has substantially supported performance improvements in both of MTU's division, resulting in rising demand for engine components in the civil and military original equipment manufacturer division and growing demand for MTU's engine Maintenance, Repair and Overhaul services. Given the dynamic growth of the MRO division over the last years, MTU's credit profile benefits from a more balanced mix between OEM and Aftermarket business on the one side and MRO service business with recurring revenues but lower margins than in manufacturing on the other side. The stable outlook reflects Moody's expectation for a stabilization of MTU's performance and credit profile around the current level, but also incorporates management challenges like the weakening US$ rate, high research and development requirements to keep its share of OEM-led programs, and the potential for M&A activity to solidify MTU's market positions. The rating is now strongly positioned in the Ba1 rating category and may come under further upward rating pressure, should recent improvements be preserved despite: (1) an environment of unfavorable foreign exchange developments, given the fact that the majority of MTU's revenues are factored in US dollar; (2) substantial R&D spending and investment needs to sustain its competitive advantage; (3) the launch of several new projects that may initially dilute margins because of a lower share of the very profitable aftermarket business; (4) any changes in the aviation market environment, i.e. a slowdown in global air traffic driven by a change in the economic environment or rising fuel prices. An upgrade in MTU's ratings would be considered upon evidence that the group's financial profile in 2007 is sustainable through 2008, as evidenced by: (i) preservation of an EBITA-Margin above 8%; (ii) increasing amounts of free cash flow generated; (iii) preservation of credit metrics, namely keeping RCF to net debt constantly above 25%, and EBIT to Interest Coverage above 3.0x; (iv) maintaining a solid liquidity cushion supported by moderate Working Capital volatility; and (v) modest shareholder orientation. Downward pressure on MTU's ratings could be exerted by a reduction in EBITA-margins below 6% and negative cash flows resulting from a deterioration in the underlying operational performance of the group. Furthermore, whilst Moody's expects the company may undertake debt-financed bolt-on acquisitions, any acquisition resulting in a deterioration of credit metrics beyond the company's current metrics is likely to pressure the rating. MTU's Ba1 rating reflects: (1) the company's leadership position as a global supplier of aero engines, sub-systems and components; (2) the benefits from revenue diversity due to the company's diverse engine portfolio and segmental diversification, given the company's focus on OEM and MRO services for commercial and military customers; (3) revenue stability and visibility based on long-term contracts and the high market barriers to entry that exist in the aeronautical industry; (4) strong cash generation ability and a solid liquidity position in light of the company's access to a EUR250 million senior revolving credit facility; and (5) Moody's expectation of only bolt-on acquisitions. MTU's Ba1 rating is constrained by: (1) inherent exposure to US dollar/euro fluctuations; (2) Cash Flow variability driven by Working Capital volatility; (3) funding needs that are highly determined by customers' willingness to continuously provide substantial advance payments; (4) substantial R&D spending and investment needs to sustain competitive advantage; and (5) a cyclical industry with event risk; and (6) the influence of high jet fuel prices on market conditions. Headquartered in Munich, Germany, MTU is a world-leading manufacturer of aircraft engines, sub-systems and components and a provider of MRO services for commercial and military jet engines. For the 12 months ended 2006, MTU reported revenues of EUR2.4 billion. NORMBAU VERWALTUNG: Claims Registration Ends October 23 ------------------------------------------------------- Creditors of Normbau Verwaltung GmbH have until Oct. 23 to register their claims with court-appointed insolvency manager Andreas Stratenwerth. Creditors and other interested parties are encouraged to attend the meeting at 9:30 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 Bielefeld Meeting Hall 4065 Fourth Floor Gerichtstr. 6 33602 Bielefeld Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Andreas Stratenwerth Lemgoer Str. 4 33604 Bielefeld Germany The District Court of Bielefeld opened bankruptcy proceedings against Normbau Verwaltung GmbH on Sept. 24. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Normbau Verwaltung GmbH Fichtenweg 13 33649 Bielefeld Germany Attn: Johann Schmidt, Manager Essener Str. 21 33649 Bielefeld Germany PAUL DIBOWSKI: Claims Registration Ends Oct. 22 ----------------------------------------------- Creditors of Paul Dibowski Schluesselfertigbau GmbH & Co KG have until Oct. 22 to register their claims with court-appointed insolvency manager Eberhard Stock. Creditors and other interested parties are encouraged to attend the meeting at noon 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 Kleve Meeting Hall C 58 Ground Floor Schlossberg 1 47533 Kleve 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: Eberhard Stock Wilhelmshofallee 75 47800 Krefeld Germany Tel: 02151/5813 0 Fax: 02151/5813 134 The District Court of Kleve opened bankruptcy proceedings against Paul Dibowski Schluesselfertigbau GmbH & Co KG on Sept. 27. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Paul Dibowski Schluesselfertigbau GmbH & Co KG Viemannsweg 12 46459 Rees Germany PETERS GMBH: Claims Registration Period Ends Oct. 26 ---------------------------------------------------- Creditors of Peters GmbH have until Oct. 26 to register their claims with court-appointed insolvency manager Reiner Linck. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Dec. 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 Rostock Hall 330 Zochstrasse 18057 Rostock 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: Reiner Linck Paulstrasse 44 18055 Rostock Germany The District Court of Rostock opened bankruptcy proceedings against Peters GmbH on Sept. 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Peters GmbH Attn: Mathias Peters, Manager Robert-Koch-Strasse 8 b 18059 Rostock Germany REHBERG & MILESEVIC: Claims Registration Period Ends Oct. 25 ------------------------------------------------------------ Creditors of Rehberg & Milesevic GmbH have until Oct. 25 to register their claims with court-appointed insolvency manager Dr. Winfrid Andres. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Nov. 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 Duesseldorf Meeting Hall A 388 Muehlenstrasse 34 40213 Duesseldorf 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. Winfrid Andres Neuer Zollhof 3 40221 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against Rehberg & Milesevic GmbH on Sept. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Rehberg & Milesevic GmbH Nuernberger Strasse 12 a 40599 Duesseldorf Germany Attn: Goran Milesevic, Manager Ernst-Abbe-Weg 41 40589 Duesseldorf und Dirk Rehberg Stammheimer Strasse 11 50735 Koln Germany RHEIN-RUHR-POLSTER: Claims Registration Ends Oct. 15 ---------------------------------------------------- Creditors of Rhein-Ruhr-Polster GmbH have until Oct. 15 to register their claims with court-appointed insolvency manager Raimund Kress. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on Nov. 5, 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: Raimund Kress Universitatsstrasse 125 44789 Bochum Germany The District Court of Essen opened bankruptcy proceedings against Rhein-Ruhr-Polster GmbH on Sept. 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Rhein-Ruhr-Polster GmbH Husmannshofstr. 10 45143 Essen Germany SCHIEDER-MOEBELWORK: MCA-Agentur Buys Polish Subsidiaries --------------------------------------------------------- Liechtenstein-based MCA-Agentur has acquired all shares of NOVA E Sp.z.o.o. and TOP SOFA Oborniki Sp.z.o.o., the Polish upholstery specialist subsidiaries of insolvent Schieder Group. Both companies are major manufacturers within the European upholstered furniture industry and employ about 500 staff. MCA has confirmed its intention to continue running both companies with their current headcount. MCA will take over the assets and acquire all the model rights for Collection E, Luebbecke. Collection E will also be integrated into the restructuring strategy. The present solution is the third restructuring success in the Schieder Group’s insolvency process and is a result of the meticulous preparatory work and effective negotiations conducted by Claudia Jansen, insolvency administrator at White & Case, Frankfurt. A major objective was to ensure that valuable and well-established structures were transferred to MCA without disruption. “MCA is a company with an excellent industry track record. We are excited to have won over MCA to continue a substantial part of the upholstery business of the Schieder Group,” says Claudia Jansen. “In particular, we are pleased to see that a large majority of employees in both Poland and Germany are securing interesting prospects with their new employer,” adds Ms. Jansen. About Schieder Moebel Headquartered in Herford, Germany, Schieder Moebel Holding GmbH -- http://www.schieder.com/-- was one of the leading furniture designers and manufacturers in Europe. The company has 41 production plants and employs 11,000 people worldwide, 9,000 of which are in Poland. It had turnover of EUR950 million in the financial year 2005/06. Schieder applied for insolvency proceedings at the District Court of Detmold on June 22, 2007, after incurring debts of nearly EUR300 million due to high capital costs. SECURITY PROTECTION: Claims Registration Period Ends Nov. 1 ----------------------------------------------------------- Creditors of SPS Security Protection Service GmbH have until Nov. 1 to register their claims with court-appointed insolvency manager Joerg Meyer. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.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 Chemnitz Hall 28 Fuerstenstrasse 21-23 09130 Chemnitz Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Joerg Meyer Plantagenstrasse 3 08371 Glauchau Germany Tel: (03 763) 77 870 Fax: (03 763) 77 87 11 E-mail: info@inso-verwalter.de The District Court of Chemnitz opened bankruptcy proceedings against SPS Security Protection Service GmbH on Sept. 24. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: SPS Security Protection Service GmbH Attn: Gunnar Preiss, Manager Badener Strasse 20 08393 Meerane Germany ============= I R E L A N D ============= RITCHIE IRELAND: Selling Insurance Policies at Nov. 9 Auction ------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York has approved the procedures proposed by Ritchie Risk-Linked Strategies Trading (Ireland) Ltd. and Ritchie Risk-Linked Strategies Trading (Ireland) II, Ltd. for the sale of a pool of life settlement policies, which constitutes all or substantially all of their assets. Public sale of the assets will take place on Nov. 9, 2007. To participate in the auction, initial overbids must be in an amount of at least US$1 million for any Ritchie I Asset Pool, US$.5 million for any Ritchie II Asset Pool and US$3 million for a bid on all the assets. Submission of qualified bids ends on Oct. 19, 2007, at 5:00 p.m. Objections to the sale, if any, are due Nov. 12, 2007. The Court will convene a hearing Nov. 14, 2007, at 10:00 a.m. (Eastern Time), to consider approval of the sale to the highest bidder/s. The Debtors sought Houlihan Lokey Howard & Zukin Capital Inc.'s services in the sale process. Based in Dublin, Ireland, Ritchie Risk-Linked Strategies Trading (Ireland) Ltd. and Ritchie Risk-Linked Strategies Trading (Ireland) II Ltd. -- http://www.ritchiecapital.com/-- are Dublin-based funds of hedge fund group Ritchie Capital Management LLC. The Debtors were formed as special purpose vehicles to invest in life insurance policies in the life settlement market. The Debtors filed for Chapter 11 protection on June 20, 2007 (Bankr. S.D.N.Y. Case Nos. 07-11906 and 07- 11907). Allison H. Weiss, Esq., David D. Cleary, Esq., and Lewis S. Rosenbloom, Esq., at LeBoeuf, Lamb, Greene & MacRae, LLP represent the Debtors in their restructuring efforts. No Official Committee of Unsecured Creditors has been appointed to date. When the Debtors filed for bankruptcy, they listed estimated assets and debts of more than US$100 million. The Debtors' exclusive period to file a Chapter 11 plan expires on Oct. 18, 2007. RITCHIE IRELAND: Wants Plan Filing Period Moved to January 16 ------------------------------------------------------------- Ritchie Risk-Linked Strategies Trading (Ireland) Ltd. and Ritchie Risk-Linked Strategies Trading (Ireland) II, Ltd. ask the U.S. Bankruptcy Court for the Southern District of New York to extend their exclusive periods to: -- file a plan until January 16, 2008; and -- solicit acceptances of that plan until March 17, 2008. The Debtors' exclusive period to file a plan is set to expire on October 18, 2007. The Debtors remind the Court that their bankruptcy cases commenced only three months ago, and since that time, they have implemented first day relief, each secured post-petition financing, and have commenced a process for the sale of a pool of life settlement policies, which constitutes all or substantially all of their assets. According to the Debtors, an extension of their exclusive periods is both necessary and appropriate to permit them to consummate the next stage in the administration of their cases. "[T]he Debtors have done much in these cases in a relatively short period of time. . . . [n]evertheless, given the complexity of these cases, much work remains to be done, including completion of the sale of [the Debtors' insurance] [p]olicies, before [they] can propose a viable plan," Lewis S. Rosenbloom, Esq., at Dewey & LeBoeuf LLP says. The Court is set to consider the request at a hearing on October 16. Deadline to object to the extension motion is October 12. Based in Dublin, Ireland, Ritchie Risk-Linked Strategies Trading (Ireland) Ltd. and Ritchie Risk-Linked Strategies Trading (Ireland) II Ltd. -- http://www.ritchiecapital.com/-- are Dublin-based funds of hedge fund group Ritchie Capital Management LLC. The Debtors were formed as special purpose vehicles to invest in life insurance policies in the life settlement market. The Debtors filed for Chapter 11 protection on June 20, 2007 (Bankr. S.D.N.Y. Case Nos. 07-11906 and 07- 11907). Allison H. Weiss, Esq., David D. Cleary, Esq., and Lewis S. Rosenbloom, Esq., at LeBoeuf, Lamb, Greene & MacRae, LLP represent the Debtors in their restructuring efforts. No Official Committee of Unsecured Creditors has been appointed to date. When the Debtors filed for bankruptcy, they listed estimated assets and debts of more than US$100 million. The Debtors' exclusive period to file a Chapter 11 plan expires on Oct. 18, 2007. =================== K A Z A K H S T A N =================== AKTUBINSKY ZAVOD: Proof of Claim Deadline Slated for Nov. 9 ----------------------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Alcohol Factory Aktubinsky Zavod Shampanskyh Vin insolvent. Creditors have until Nov. 9 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 APPLE CITY: Creditors Must File Claims Nov. 9 --------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Apple City Group (RNN 600900508369) insolvent on Aug. 16. Creditors have until Nov. 9 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Almaty Third Floor Makataev Str.117 Almaty Kazakhstan Tel: 8 (3272) 34-39-77 8 701 111 77-02 CONSTRUCTIVE-LTD LLP: Claims Filing Period Ends ----------------------------------------------- LLP Constructive-Ltd has declared insolvency. Creditors have until Nov. 9 to submit written proofs of claims to: LLP Constructive-Ltd Bolashak, 19/1 Saryarka District Astana Kazakhstan ELDORADO ZAPAD: Creditors' Claims Due on Nov. 9 ----------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Eldorado Zapad insolvent. Creditors have until Nov. 9 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 JAKLIN LLP: Claims Registration Ends Nov. 9 ------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Jaklin insolvent on Aug. 16. Creditors have until Nov. 9 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Almaty Third Floor Makataev Str.117 Almaty Kazakhstan Tel: 8 (3272) 34-39-77 8 701 111 77-02 JANA FASYR: Proof of Claim Deadline Slated for Nov. 9 ----------------------------------------------------- The Specialized Inter-Regional Economic Court of Kyzylorda has declared LLP Jana-Fasyr insolvent on Aug. 22. Creditors have until Nov. 9 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kyzylorda Suleymenov Str. 21 Josaly Karmakchinsky District Kyzylorda Kazakhstan Tel: 8 (237) 2-27-31 8 701 412 72-65 PROM AUTO: Creditors Must File Claims Nov. 9 -------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan has declared LLP Prom Auto Complect insolvent on Aug. 13. Creditors have until Nov. 9 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of East Kazakhstan Office Three Valihanov Str. 149 Semey East Kazakhstan Kazakhstan Tel: 8 777 213 83-80 SAUYTBEK LLP: Claims Filing Period Ends Nov. 9 ---------------------------------------------- The Specialized Inter-Regional Economic Court of Jambyl has declared LLP Sauytbek insolvent on July 31. Creditors have until Nov. 9 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Jambyl Balasaguni Str. 17 Taraz Jambyl Kazakhstan VOSTOK-REMIX LLP: Creditors' Claims Due on Nov. 9 ------------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan has declared LLP Vostok-Remix insolvent on Aug. 13. Creditors have until Nov. 9 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of East Kazakhstan Office Three Valihanov Str. 149 Semey East Kazakhstan Kazakhstan Tel: 8 777 213 83-80 =================== K Y R G Y Z S T A N =================== KIMIA INTERNATIONAL: Creditors Must File Claims by November 9 ------------------------------------------------------------- LLC Kimia International Company has declared insolvency. Creditors have until Nov. 9 to submit written proofs of claim to: LLC Kimia International Company Vostochnaya Promzona Kant Chui Kyrgyzstan Tel: (+996 312) 59-15-93 =================== L U X E M B O U R G =================== EVRAZ GROUP: Earns US$1.16 billion for First Half 2007 ------------------------------------------------------ Evraz Group S.A. posted US$1.16 billion in net income on US$6.02 billion in net revenues for the first six months of 2007, compared with US$608 million in net income on US$2.83 billion in net revenues for the same period in 2006. "In the first half of the year Evraz delivered excellent results and value for our shareholders," Alexander Frolov, Evraz Group’s Chairman and CEO, said. "The progress we made in pursuit of our growth strategy reflects favorable trading environment, successful acquisitions, solid organic growth and efficient cost management. The Company has once again proven its ability to set stretching tasks and successfully achieve them globally" "In Russia, where continued economic growth is boosting construction activity and new infrastructure projects, the Company enjoyed its competitive advantage as a leading producer of construction and railway products. Moreover, this leadership position was further enhanced with the acquisition of Oregon Steel Mills last January, renamed Evraz Oregon Steel Mills, with Evraz becoming the global leader in rails with a strong presence in the two world largest railway markets. "One of the major accomplishments over the period was a shift from semi-finished products to higher value added products. In world markets, Evraz benefited from higher plate prices and the first time contribution from our newly acquired Evraz Oregon Steel Mills. Evraz became a major player in the world vanadium market, having acquired control over Highveld Steel and Vanadium Corporation. "These acquisitions fit perfectly with our strategy and complemented our existing production base. The focU.S. of our efforts in the first half of the year was, and will remain for some time, consolidation and integration of these new assets into our global business. "This year we faced some challenges in our Russian operations, which we overcame successfully. We closed the open hearth furnaces in Novokuznetsk, resolving one of our major environmental issues and improving our overall production efficiency. Ensuring safe production at all the production sites has always been a core objective of the management. However, in the first half of the year we had to deal urgently with the reasons and the consequences of the tragic accidents at Yuzhkuzbassugol coal mines. We believe that the steps we have taken will minimize the risks inherent in certain underground coal mining environments and ensure uninterrupted operations in the mining segment of the group. "Management at all the subsidiaries demonstrated good teamwork abilities in successfully attaining the targets that had been set. I am confident that all the employees of Evraz will continue to do their best to ensure value growth in the interests of all the Company’s stakeholders." Outlook for Rest of 2007 "In the second half of the year we expect to produce 7.6 million to 7.8 million tons of crude steel and 7.4-7.6 million tons of rolled products including 1 million tons in the U.S. and 370,000 tons in South Africa," Mr. Frolov said. "For the full year pig iron sales will amount to 1 million tons including 437,000 tons sold in the first half of 2007." "The revised 2007 capex program of approximately US$690 million will mainly be for the ongoing projects and maintenance as well as efficiency improvements at Highveld and production safety at Yuzhkuzbassugol. Zapsib blast furnace 1 reline was successfully completed in early October." "Continued growth in the Russian construction market together with a positive impact from newly acquired assets in the U.S. and South Africa on the back of estimated strong pricing environment through the second half of the year are expected to increase Evraz consolidated revenues for the full year by 45-55% and EBITDA by 55-60%." As of June 30, 2007, Evraz Group had US$14.45 billion in total assets, US$5.33 billion in total liabilities and US$3.92 billion in shareholders' equity. About Evraz Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) -- http://www.evraz.com/-- manufactures and distributes steel and related products. In addition, the Company owns and operates certain mining assets. Its steel production and mining facilities are mainly located in the Russian Federation. It operates three steel mills in Russia, one mill in the Sverdlovsk region and two mills in the Kemerovo region. * * * As reported in the TCR-Europe on July 23, 2007, Fitch Ratings affirmed Evraz Group S.A.'s Long-term Issuer Default and senior unsecured ratings at 'BB' and its Short-term IDR at 'B'. At the same time, Fitch has affirmed the ratings of Mastercroft Ltd., a 100%-owned subsidiary of Evraz that controls the group's Russia-based assets, at Long-term IDR 'BB' and Short- term IDR 'B'. Evraz Securities S.A.'s senior unsecured rating is affirmed at 'BB'. The Outlooks on the Long-term IDRs are Stable. Evraz Group also carries a Ba3 Corporate Family Rating for Evraz Group S.A. and a Ba3 Probability-of-Default Rating from Moody's Investor Service. Moody's also assigned these ratings: * Issuer: Evraz Group S.A. Projected Old Debt New Debt LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ------- 8.25% Senior Unsecured Regular Bond/ Debenture Due 2015 B2 B2 LGD5 88% * Issuer: Evraz Securities S.A. Old Debt New Debt LGD Loss Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ------- 10.875% Senior Unsecured Regular Bond/ Debenture Due 2009 B1 Ba3 LGD3 47% In November 2006, Fitch Ratings affirmed Luxembourg-based Evraz Group S.A.'s Issuer Default and senior unsecured ratings at BB and its Short-term rating at B. Standard & Poor's rated Evraz Group's 8-1/4% notes due November 2015 at B+. EVRAZ GROUP: To Form Vanadium Unit Before Yearend ------------------------------------------------- Evraz Group S.A. plans to create A vanadium division by the end of 2007, RIA Novosti reports, company president Alexander Frolov. Mr. Frolov said the division, which would set up using Evraz's own assets, will help the company optimize its vanadium business, RIA Novosti relates. Evraz, according to RIA Novosti, is the sole producer of vanadium-rich ore in Russia and one of the largest producers of vanadium slag globally. About Evraz Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) -- http://www.evraz.com/-- manufactures and distributes steel and related products. In addition, the Company owns and operates certain mining assets. Its steel production and mining facilities are mainly located in the Russian Federation. It operates three steel mills in Russia, one mill in the Sverdlovsk region and two mills in the Kemerovo region. * * * As reported in the TCR-Europe on July 23, 2007, Fitch Ratings affirmed Evraz Group S.A.'s Long-term Issuer Default and senior unsecured ratings at 'BB' and its Short-term IDR at 'B'. At the same time, Fitch has affirmed the ratings of Mastercroft Ltd., a 100%-owned subsidiary of Evraz that controls the group's Russia-based assets, at Long-term IDR 'BB' and Short- term IDR 'B'. Evraz Securities S.A.'s senior unsecured rating is affirmed at 'BB'. The Outlooks on the Long-term IDRs are Stable. Evraz Group also carries a Ba3 Corporate Family Rating for Evraz Group S.A. and a Ba3 Probability-of-Default Rating from Moody's Investor Service. Moody's also assigned these ratings: * Issuer: Evraz Group S.A. Projected Old Debt New Debt LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ------- 8.25% Senior Unsecured Regular Bond/ Debenture Due 2015 B2 B2 LGD5 88% * Issuer: Evraz Securities S.A. Old Debt New Debt LGD Loss Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ------- 10.875% Senior Unsecured Regular Bond/ Debenture Due 2009 B1 Ba3 LGD3 47% In November 2006, Fitch Ratings affirmed Luxembourg-based Evraz Group S.A.'s Issuer Default and senior unsecured ratings at BB and its Short-term rating at B. Standard & Poor's rated Evraz Group's 8-1/4% notes due November 2015 at B+. ===================== N E T H E R L A N D S ===================== LYONDELL CHEMICAL: Board Declares Conditional Quarterly Dividend ---------------------------------------------------------------- On Oct. 4, 2007, Lyondell Chemical Company's Board of Directors declared a conditional quarterly dividend of US$0.225 per share of common stock to stockholders of record as of the close of business at 5 p.m. EST on Nov. 26, 2007. On July 17, 2007, Basell and Lyondell entered into a definitive merger agreement that would result in each holder of Lyondell common stock receiving US$48 per share in cash merger consideration and Lyondell becoming a wholly owned subsidiary of Basell. A special meeting of Lyondell shareholders has been called for Nov. 20, 2007 to vote on the merger proposal. While the closing date of the merger has yet to be determined, we are working toward a completion date in the fourth quarter of 2007, although there can be no assurance regarding the exact timing. The dividend will be payable on Dec. 17, 2007 only if the merger has not closed on or prior to the Record Date. If the closing of the merger occurs after the Record Date, the dividend will be paid on the Payment Date to persons who were holders of record on the Record Date, even if the closing were to occur before the Payment Date. If the merger closes on or prior to the Record Date, Lyondell shareholders will receive the merger consideration, but no dividend will be paid. About Lyondell Chemical Headquartered in Houston, Texas, Lyondell Chemical Company (NYSE: LYO) -- http://www.lyondell.com/-- is North America's third-largest independent, publicly traded chemical company. Lyondell manufacturers basic chemicals and derivatives including ethylene, propylene, titanium dioxide, styrene, polyethylene, propylene oxide and acetyls. It also refines heavy, high-sulfur crude oil and produces gasoline-blending components. It operates on five continents and employs approximately 11,000 people worldwide. The company also has locations in Austria, France, Italy, The Netherlands, Belgium, Germany, Spain, United Kingdom, Brazil, China, Japan, Taiwan, India and Singapore. * * * As reported on July 23, 2007, Moody's Investors Service placed the ratings of Lyondell Chemical Company, Equistar Chemical Company LP and Millennium Chemicals Inc. (Corporate Family Ratings of Ba3) under review for possible downgrade following the announcement that Lyondell has agreed to be acquired by Basell AF SCA (Ba3 CFR under review for possible downgrade) in a transaction worth roughly US$19 billion including the assumption of debt. Moody's also affirmed Lyondell's speculative grade liquidity rating at SGL-1. However, the financing of this potential transaction, could result in a change to the SGL rating as well. On Jul 23, 2007, Fitch Ratings has placed Lyondell, Equistar and Millennium on Rating Watch Negative following the announcement that Lyondell has agreed to be acquired by Basell for US$12.66 billion, or US$48 per share. The transaction is valued at US$19 billion including the consolidated debt outstanding at Lyondell. Fitch has placed these ratings on Rating Watch Negative: Lyondell: -- Issuer Default Rating 'BB-'; -- Senior secured credit facility and term loan 'BB+'; -- Senior secured notes 'BB+'; -- Senior unsecured notes 'BB-'; -- Debentures 'BB-'. =========== P O L A N D =========== SCHIEDER-MOEBELWORK: MCA-Agentur Buys Polish Subsidiaries --------------------------------------------------------- Liechtenstein-based MCA-Agentur has acquired all shares of NOVA E Sp.z.o.o. and TOP SOFA Oborniki Sp.z.o.o., the Polish upholstery specialist subsidiaries of insolvent Schieder Group. Both companies are major manufacturers within the European upholstered furniture industry and employ about 500 staff. MCA has confirmed its intention to continue running both companies with their current headcount. MCA will take over the assets and acquire all the model rights for Collection E, Luebbecke. Collection E will also be integrated into the restructuring strategy. The present solution is the third restructuring success in the Schieder Group’s insolvency process and is a result of the meticulous preparatory work and effective negotiations conducted by Claudia Jansen, insolvency administrator at White & Case, Frankfurt. A major objective was to ensure that valuable and well-established structures were transferred to MCA without disruption. “MCA is a company with an excellent industry track record. We are excited to have won over MCA to continue a substantial part of the upholstery business of the Schieder Group,” says Claudia Jansen. “In particular, we are pleased to see that a large majority of employees in both Poland and Germany are securing interesting prospects with their new employer,” adds Ms. Jansen. About Schieder Moebel Headquartered in Herford, Germany, Schieder Moebel Holding GmbH -- http://www.schieder.com/-- was one of the leading furniture designers and manufacturers in Europe. The company has 41 production plants and employs 11,000 people worldwide, 9,000 of which are in Poland. It had turnover of EUR950 million in the financial year 2005/06. Schieder applied for insolvency proceedings at the District Court of Detmold on June 22, 2007, after incurring debts of nearly EUR300 million due to high capital costs. ============= R O M A N I A ============= TRACTORUL UTB: EU Commission to Look Into Privatization Process --------------------------------------------------------------- The European Commission will examine whether a financial scheme was involved in the privatization of Tractorul UTB S.A.'s assets, BURSA On Line reports. PLD Senator Nicolae Vlad Popa agreed with the decision, alleging that the Transilvania Insolvency House, Tractorul's liquidator, received extremely large fees compared to the company's mission, BURSA relates. "The amount of EUR3 million, claimed to have been paid in order to draw up a few papers, is enormous. But I found out from sources inside the Transilvania Insolvency House that the fee was in fact double, meaning EUR6 million. This being public money, it is unacceptable," Sen. Popa was quoted by BURSA as saying. The Romanian government had put the company on the auction block due to Tractorul's debt liability of EUR180 million. About Tractorul Based in Brasov, Romania, Tractorul UTB SA -- http://www.utb.ro/ -- manufactures industrial and farming tractors, spare parts, engines, and components. It posted sales of ROL42 billion (EUR1.2 million) and has 18,300 employees according to its Web site. =========== R U S S I A =========== CREAMERY AZOVSKIJ: Creditors Must File Claims by Oct. 29 -------------------------------------------------------- Creditors of Creamery Azovskij CJSC have until Oct. 29 to submit proofs of claim to: 13th Store Libknechta str. 35 644043 Omsk Russia The Arbitration court of Omsk commenced competitive proceedings against the company after finding it insolvent. The Court appointed Ratkovskij V.V. as Competitive proceedings manager for the company. The case is docketed under Case No. A46-5969/2007. The Debtor can be reached at: Creamery Azovskij CJSC 40th Anniversary VLKSM 50 Azovo Settlement Azovskij NNR 646880 Omsk Russia ELSAN LLC: Creditors Must File Claims by Nov. 29 ------------------------------------------------ Creditors of Elsan LLC have until Nov. 29 to submit proofs of claim to: Letter OT Mayakovskogo 1a 390046 Ryazan Russia The Arbitration court of the Ryazan commenced competitive proceedings against the company after finding it insolvent. The Court appointed Tazin G.V. as Competitive proceedings manager for the company. The case is docketed under Case No. A54-603/ 2007. The Court is located at: The Arbitration Court of Ryazan Pochtovaya Str. 43/44 Ryazan Russia The Debtor can be reached at: Elsan LLC Building 1 Kujbyshevskoye shosse 25 390011 Ryazan Russia EVRAZ GROUP: Earns US$1.16 billion for First Half 2007 ------------------------------------------------------ Evraz Group S.A. posted US$1.16 billion in net income on US$6.02 billion in net revenues for the first six months of 2007, compared with US$608 million in net income on US$2.83 billion in net revenues for the same period in 2006. "In the first half of the year Evraz delivered excellent results and value for our shareholders," Alexander Frolov, Evraz Group’s Chairman and CEO, said. "The progress we made in pursuit of our growth strategy reflects favorable trading environment, successful acquisitions, solid organic growth and efficient cost management. The Company has once again proven its ability to set stretching tasks and successfully achieve them globally" "In Russia, where continued economic growth is boosting construction activity and new infrastructure projects, the Company enjoyed its competitive advantage as a leading producer of construction and railway products. Moreover, this leadership position was further enhanced with the acquisition of Oregon Steel Mills last January, renamed Evraz Oregon Steel Mills, with Evraz becoming the global leader in rails with a strong presence in the two world largest railway markets. "One of the major accomplishments over the period was a shift from semi-finished products to higher value added products. In world markets, Evraz benefited from higher plate prices and the first time contribution from our newly acquired Evraz Oregon Steel Mills. Evraz became a major player in the world vanadium market, having acquired control over Highveld Steel and Vanadium Corporation. "These acquisitions fit perfectly with our strategy and complemented our existing production base. The focU.S. of our efforts in the first half of the year was, and will remain for some time, consolidation and integration of these new assets into our global business. "This year we faced some challenges in our Russian operations, which we overcame successfully. We closed the open hearth furnaces in Novokuznetsk, resolving one of our major environmental issues and improving our overall production efficiency. Ensuring safe production at all the production sites has always been a core objective of the management. However, in the first half of the year we had to deal urgently with the reasons and the consequences of the tragic accidents at Yuzhkuzbassugol coal mines. We believe that the steps we have taken will minimize the risks inherent in certain underground coal mining environments and ensure uninterrupted operations in the mining segment of the group. "Management at all the subsidiaries demonstrated good teamwork abilities in successfully attaining the targets that had been set. I am confident that all the employees of Evraz will continue to do their best to ensure value growth in the interests of all the Company’s stakeholders." Outlook for Rest of 2007 "In the second half of the year we expect to produce 7.6 million to 7.8 million tons of crude steel and 7.4-7.6 million tons of rolled products including 1 million tons in the U.S. and 370,000 tons in South Africa," Mr. Frolov said. "For the full year pig iron sales will amount to 1 million tons including 437,000 tons sold in the first half of 2007." "The revised 2007 capex program of approximately US$690 million will mainly be for the ongoing projects and maintenance as well as efficiency improvements at Highveld and production safety at Yuzhkuzbassugol. Zapsib blast furnace 1 reline was successfully completed in early October." "Continued growth in the Russian construction market together with a positive impact from newly acquired assets in the U.S. and South Africa on the back of estimated strong pricing environment through the second half of the year are expected to increase Evraz consolidated revenues for the full year by 45-55% and EBITDA by 55-60%." As of June 30, 2007, Evraz Group had US$14.45 billion in total assets, US$5.33 billion in total liabilities and US$3.92 billion in shareholders' equity. About Evraz Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) -- http://www.evraz.com/-- manufactures and distributes steel and related products. In addition, the Company owns and operates certain mining assets. &n