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 Wednesday, October 10, 2007, Vol. 8, No. 201 Headlines A U S T R I A EVERGREEN LLC: Feldkirch Court Orders Business Shutdown EXQWERT LLC: Vienna Court Orders Business Shutdown HERZOG & PARTNER: Claims Registration Period Ends Oct. 15 HOFFI TRANSPORT: Claims Registration Period Ends Oct. 15 M.PUFF AKTIVPUTZ: Creditors' Meeting Set for Oct. 16 NUTRADE LLC: Vienna Court Orders Business Shutdown OK VISION: Claims Registration Period Ends Oct. 12 TOURISMUS & FREIZEITPARKS: Claims Registration Ends Oct. 15 D E N M A R K POLYONE CORP: Will Pay US$15.2MM Remediation Charge in 3rd Qtr. F R A N C E ARVINMERITOR: Negative Cash Flow Cues Fitch to Cut Low-B Ratings DELPHI CORP: Disclosure Statement Hearing Moved to October 25 DELPHI CORP: Initiates 707 Adversary Cases Under Seal SMOBY-MAJORETTE: Faces Compulsory Administration G E O R G I A * S&P Puts Positive Outlook on Georgia's Strong Economic Growth G E R M A N Y B.B.C. CUSTOMER: Claims Registration Ends November 19 BANDOSZ TROCKENBAU: Claims Registration Ends Nov. 16 BAUUNTERNEHMEN K: Claims Registration Period Ends Nov. 6 CHRYSLER LLC: UAW Strike Deadline Looms, Contract Talks Stall D. DAVIDS TIEFBAU: Claims Registration Ends November 2 DESIGNPROMOTION GMBH: Claims Registration Period Ends Oct. 31 DMT VERWALTUNGSGESELLSCHAFT: Claims Registration Ends Nov. 15 EM-BE VOLKSHAUS: Claims Registration Ends November 20 ESTATE GERMANY: Moody's Rates EUR39.9 Mln Class E Notes at Ba2 FAHRZEUGTEILE HAMBURG: Claims Registration Ends November 16 GENECRAFT GMBH: Claims Registration Ends November 2 GROOS SPORTHALLEN: Claims Registration Ends November 5 HAMMER & NAGEL: Claims Registration Ends November 14 HANSISCHE GILDENDRUCKEREI: Claims Registration Ends November 14 HEIMELEKTRIK-BERGFELDE: Creditors Must File Claims by November 6 IRSV MARKETING: Claims Registration Ends Nov. 15 KOGLER TRANSPORT: Claims Registration Ends November 5 MS-DIVISION GMBH: Claims Registration Period Ends Nov. 5 MTU AERO: Signs Contract with Norwegian Air Shuttle NDL BETEILIGUNGS: Claims Registration Period Ends Oct. 29 OMEGA HOTELS: Claims Registration Period Ends Nov. 7 OPTIC MUELLER: Claims Registration Ends November 14 PETERS GMBH: Claims Registration Period Ends Oct. 26 POWER CONCERTS: Creditors Must File Claims by November 5 PRO CONCEPT: Claims Registration Ends November 16 PROPEX INC: High Leverage Cues Moody's to Cut Rating to Caa1 PROPEX INC: Operating Conditions Cue S&P to Watch B- Ratings SCHWARZ & VOGEL: Claims Registration Ends November 16 W + H MASSIVHAUS: Claims Registration Period Ends Nov. 2 SMART EVENTS: Claims Registration Ends Nov. 15 STAHL SYSTEMLOGISTIK: Claims Registration Period Ends Oct. 25 VAN HOI: Claims Registration Ends Nov. 15 ZG DRUCKVERTRIEB: Claims Registration Ends November 1 H U N G A R Y HERTZ CORP: Fitch Affirms BB Issuer Default & Debt Ratings I R E L A N D DISCUS FUND: Restructures Due to Sentinel's Bankruptcy I T A L Y ALITALIA SPA: Names Six Suitors for Italy's 49.9% Stake K A Z A K H S T A N ACTION-UNICOM LLP: Proof of Claim Deadline Slated for November 9 ANTI FIRE: Creditors Must File Claims November 9 BATYS KURYLYS: Claims Filing Period Ends November 9 BUSINESS LOGISTICS: Creditors' Claims Due on November 9 ENGINEER-CONSULTING LLP: Claims Registration Ends November 9 KORNEYEV & K LLP: Proof of Claim Deadline Slated for November 9 NUR OIL: Creditors Must File Claims November 9 REM-INTERSERVICE LLP: Claims Filing Period Ends November 9 SCANDINAV LLP: Creditors' Claims Due on November 9 UK PROFSPETSCOMPLEX: Claims Registration Ends November 9 K Y R G Y Z S T A N PANTECH & QURITEL-FEZ: Creditors Must File Claims by November 9 L U X E M B O U R G EVRAZ GROUP: Board Declares US$4.80 per Share Interim Dividend N E T H E R L A N D S BAUSCH & LOMB: WP Prism Deal Cues Moody's B2 Rating P O L A N D NETIA SA: Novator Informs Stake Exceeds 29% Voting Limit NETIA SA: Introduces Lower Fixed-to-Mobile Rates P O R T U G A L INTERTAPE POLYMER: Raises US$62.9MM from Common Shares Offering KNOLL INC: Moody's Withdraw Ba3 Corporate Family Rating R U S S I A CHERNOERKOVSKAYA PMK: Asset Sale Slated for Oct. 30 CONSTRUCTION MATERIALS: Asset Sale Slated for Nov. 14 EVRAZ GROUP: Board Declares US$4.80 per Share Interim Dividend INT'L PAPER: Completes US$620MM Joint Venture with Ilim Holding KUPINSKIJ OJSC: Creditors Must File Claims by Nov. 29 MY BANK: Moody's Upgrades Ratings to B3/E+/Baa3.ru NOVOSIBIRSKIJ OJSC: Creditors Must File Claims by Oct. 29 ORLOVSKIJ LLC: Creditors Must File Claims by Oct. 29 PETUSHKI INTERLES: Creditors Must File Claims by Nov. 29 REGIONGASNEFTESTROY LLC: Court Starts Bankruptcy Supervision REGIONNEFT' LLC: Creditors Must File Claims by Oct. 29 ROSNEFT OIL: Board Approves Bond Issue & Adjusts Business Plan SISTEMA: Asks Morgan Stanley to Reconsider Sky Mobile's Sale VIMPEL-COMMUNICATIONS: Earns US$359.3 Million in Second Quarter VORONEZHSKAYA LLC: Bankruptcy Hearing Slated for Dec. 27 YUZHURALSTROY LLC: Creditors Must File Claims by Oct. 29 S W I T Z E R L A N D AKTIUM EQUITY: Creditors' Liquidation Claims Due October 17 BOTTGER (SWITZERLAND): Creditors' Liquidation Claims Due Oct. 17 EDELFLOR JSC: Thurgau Court Closes Bankruptcy Proceedings HEUSCHER-HAUSTECHNIK: Claims Registration Period Ends October 15 IT PROJECT: Schwyz Court Closes Bankruptcy Proceedings LANESTRA JSC: Creditors' Liquidation Claims Due October 15 OERTIG BLUMENIMPORT: Creditors' Liquidation Claims Due Oct. 15 ROHRER HEIZUNG: Creditors' Liquidation Claims Due October 15 SCHREIBER + FRITSCH: Creditors' Liquidation Claims Due Oct. 15 SQUEEZE LLC: Claims Registration Period Ends October 14 U K R A I N E INTERTOP CJSC: Creditors Must File Claims by October 11 KHRESCHATYK BANK: Moody's Lifts Deposit Rating to B2 MILLENIUM MUSIK: Creditors Must File Claims by October 11 ORION LTD: Creditors Must File Claims by October 11 POTENTIAL-KIEV LLC: Creditors Must File Claims by October 11 SBS LTD: Creditors Must File Claims by October 11 SOFT SERVICE: Creditors Must File Claims by October 11 TOP INTERTAINMENT: Creditors Must File Claims by October 11 UKRAINIAN ENERGY: Creditors Must File Claims by October 11 VINETALON LLC: Creditors Must File Claims by October 11 VINNICA-FARM LTD: Creditors Must File Claims by October 11 U N I T E D K I N G D O M ABSOLUTE CAPITAL: Restructuring Five Equity Funds ALL TRADESPAY: Brings In Liquidators from Mazars ALLIANCE BOOTS: Responds to S&P Rating Action AVENDIS GLOBAL: Brings In Liquidators from BDO Stoy Hayward BEAR STEARNS: Court Directs Liquidators to Make US$8 Mln Deposit BEAR STEARNS: U.S. Prosecutors Conduct Probe on Funds' Collapse DURA AUTOMOTIVE: Plan Confirmation Hearing Set for November 26 ELITE FLOORING: M. C. Bowker Leads Liquidation Procedure EMI GROUP: Converts US$243 Million Guaranteed Bonds FGX INT'L: S&P Affirms B Ratings; Changes Outlook to Stable HASBRO INC: Paying US$0.16 Per Share Dividend on Nov. 15 KITFORM LTD: Calls In Liquidators from Moore Stephens KOOCA LTD: Taps Liquidators from Tenon Recovery NASH FINCH: Court Grants TRO Enjoining Senior Noteholders PATHFINDER ESTATES: Appoints Liquidators from BDO Stoy Hayward REFCO INC: Court Junks Appeal on Sphinx-Refco Creditors Deal REMY WORLDWIDE: Files Pre-Packaged Bankruptcy in Delaware REMY WORLDWIDE: Case Summary and 30 Largest Unsecured Creditors SAMSONITE CORP: Pending CVC Deal Cues S&P to Retain Neg. Watch ********* ============= A U S T R I A ============= EVERGREEN LLC: Feldkirch Court Orders Business Shutdown ------------------------------------------------------- The Land Court of Feldkirch entered Sept. 11 an order shutting down the business of LLC Evergreen (FN 259990p). Court-appointed estate administrator Dieter Helbok 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. Dieter Helbok Kirchplatz 11/1 6973 Hoechst Austria Tel: 05578/77722 Fax: 05578/77722-4 E-mail: d.helbok@vol.at Headquartered in Riezlern, Austria, the Debtor declared bankruptcy on Sept. 7 (Bankr. Case No 14 S 36/07t). EXQWERT LLC: Vienna Court Orders Business Shutdown -------------------------------------------------- The Trade Court of Vienna entered Sept. 10 an order shutting down the business of LLC EXQWERT (FN 269041z). Court-appointed estate administrator Matthias Schmidt 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. Matthias Schmidt c/o Dr. Florian Gehmacher Dr. Karl Lueger-Ring 12 1010 Vienna Austria Tel: 533 16 95 Fax: 535 56 86 E-mail: schmidt@preslmayr.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Aug. 30 (Bankr. Case No 2 S 115/07k). Florian Gehmacher represents Dr. Schmidt in the bankruptcy proceedings. HERZOG & PARTNER: Claims Registration Period Ends Oct. 15 --------------------------------------------------------- Creditors owed money by LLC Herzog & Partner Immobilientreuhand (FN 142256a) have until Oct. 15 to file written proofs of claim to court-appointed estate administrator Martin Mutz at: Mag. Martin Mutz Gabelsbergerstrasse 5 9020 Klagenfurt Austria Tel: 0463/591 638 Fax: 0463/591638-20 E-mail: martin.mutz@wmwp.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:00 a.m. on Oct. 22 for the examination of claims. The meeting of creditors will be held at: Land Court of Klagenfurt Conference Hall 225 Second Floor Klagenfurt Austria Headquartered in Klagenfurt, Austria, the Debtor declared bankruptcy on Sept. 11 (Bankr. Case No. 41 S 91/07s). HOFFI TRANSPORT: Claims Registration Period Ends Oct. 15 -------------------------------------------------------- Creditors owed money by LLC Hoffi Transport (FN 112833g) have until Oct. 15 to file written proofs of claim to court-appointed estate administrator Paul Wachschuetz at: Dr. Paul Wachschuetz Postgasse 6/IV 9500 Villach Austria Tel: 04242/28896 Fax: 04242/28896-6 E-mail: rajw@inode.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:30 a.m. on Oct. 22 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 Villach, Austria, the Debtor declared bankruptcy on Sept. 12 (Bankr. Case No. 41 S 92/07p). M.PUFF AKTIVPUTZ: Creditors' Meeting Set for Oct. 16 ---------------------------------------------------- Creditors owed money by LLC M.Puff Aktivputz (FN 179304h) are encouraged to attend the creditors' meeting at noon on Oct. 16. The creditors' meeting will be held at: The Land Court of Klagenfurt Conference Hall 225 Second Floor Klagenfurt Austria Headquartered in St. Veit an der Glan, Austria, the Debtor declared bankruptcy on Sept. 12 (40 S 49/07g). Christian Kleinszig serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Dr. Christian Kleinszig Unterer Platz 11 9300 St. Veit/Glan Austria Tel: 04212/2040 Fax: 04212/28122 E-mail: office@kleinszig-puswald.at NUTRADE LLC: Vienna Court Orders Business Shutdown -------------------------------------------------- The Trade Court of Vienna entered Sept. 10 an order shutting down the business of LLC NUTRADE (FN 225372f). Court-appointed estate administrator Martina Simlinger-Haas 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. Martina Simlinger-Haas Reisnerstrasse 31 1030 Vienna Austria Tel: 713 99 46 Fax: 713 99 46 22 E-mail: ra.reisnerstr31@aon.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Aug. 31 (Bankr. Case No 38 S 47/07z). OK VISION: Claims Registration Period Ends Oct. 12 -------------------------------------------------- Creditors owed money by LLC OK Vision Naturhaus (FN 265184b) have until Oct. 12 to file written proofs of claim to court- appointed estate administrator Edwin Stangl at: Mag. Edwin Stangl Allerheiligengasse 10 2700 Wiener Neustadt Austria Tel: 02622/84 7 14 Fax: 02622/84 7 14-22 E-mail: e.stangl@stangl-ferstl.com Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:30 a.m. on Oct. 24 for the examination of claims. The meeting of creditors will be held at: The Land Court of Wiener Neustadt Room 15 Wiener Neustadt Austria Headquartered in Wiener Neustadt, Austria, the Debtor declared bankruptcy on Sept. 11 (Bankr. Case No. 10 S 90/07z). TOURISMUS & FREIZEITPARKS: Claims Registration Ends Oct. 15 ----------------------------------------------------------- Creditors owed money by LLC Tourismus & Freizeitparks (FN 241908y) have until Oct. 15 to file written proofs of claim to court-appointed estate administrator Gunter Huainigg at: Mag. Gunter Huainigg Dr. Franz Palla-Gasse 21 9020 Klagenfurt Austria Tel: 0463/599 399, 512 889 Fax: 0463/599 399-15 E-mail: office@hdp-law.com Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:30 a.m. on Oct. 22 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-Viktring, Austria, the Debtor declared bankruptcy on Sept. 11 (Bankr. Case No. 41 S 90/07v). ============= D E N M A R K ============= POLYONE CORP: Will Pay US$15.2MM Remediation Charge in 3rd Qtr. --------------------------------------------------------------- PolyOne Corporation said Friday that it will take a special charge in the third quarter of 2007 for remediation costs at a site located in Calvert City, Kentucky. PolyOne has been informed of rulings by the United States District Court for the Western District of Kentucky on several pending motions in the case of Westlake Vinyls Inc. v. Goodrich Corporation, et al., which has been pending since 2003. The Court held that third-party defendant PolyOne must pay the remediation costs at the former Goodrich Corporation (now Westlake Vinyls, Inc.) Calvert City facility, together with certain defense costs of Goodrich Corporation. The rulings also provided that PolyOne can seek indemnification for contamination attributable to Westlake. The environmental obligation at the site arose as a result of an agreement by PolyOne's predecessor, the Geon Company, at the time of its spin-off from Goodrich Corporation in 1993, to indemnify Goodrich for environmental costs at the site. Neither PolyOne nor the Geon Company ever owned or operated the facility. Subject to the indemnification and other potential recovery rights discussed below, PolyOne will make a good faith payment of certain past remediation invoices. PolyOne currently estimates that the negative impact on third-quarter 2007 net income for this payment will be a special charge of approximately US$15.2 million. In addition, as a result of the rulings in the litigation, in accordance with U.S. generally accepted accounting principles, PolyOne will adjust its environmental reserve from US$59.0 million at June 30, 2007, a portion of which already relates to the Calvert City site. The uncertainty associated with the litigation does not make it possible to conclusively determine what PolyOne's environmental reserve will be upon resolution of the case, but PolyOne will increase the reserve in the third quarter of 2007, resulting in a charge of approximately US$18.7 million (after tax) in the third quarter for remediation costs. Should the rulings stand, PolyOne expects that the annual additional cash cost for this remediation will be approximately US$1.5 million to US$2.0 million. PolyOne retains the right to appeal the decisions in this case, will vigorously pursue insurance proceeds and reimbursement for costs incurred to the extent attributable to actions or inaction by Westlake and will challenge amounts that PolyOne believes were improperly invoiced by Goodrich Corporation. PolyOne intends to decrease the environmental reserve in future periods upon receipt of recoveries from Westlake, applicable insurance policies or other sources. About PolyOne Corp. Headquartered in northeast Ohio, PolyOne Corporation (NYSE: POL) - -- http://www.polyone.com/-- is a leading global provider of specialized polymer materials, services and solutions. PolyOne has operations in North America, Europe, Asia and Australia, and joint ventures in North America and South America. The company maintains operations in China, Colombia, Thailand, Singapore, Belgium, Denmark, France, the United Kingdom, among others. * * * As reported in the Troubled Company Reporter on July 13, 2007, Fitch Ratings upgraded PolyOne Corporation's Issuer Default Rating to 'BB-' from 'B', Senior unsecured debt and debentures to 'BB-' from 'B+/RR3', and rating outlook to stable. =========== F R A N C E =========== ARVINMERITOR: Negative Cash Flow Cues Fitch to Cut Low-B Ratings ---------------------------------------------------------------- Fitch Ratings downgraded its ratings on ArvinMeritor as: -- Issuer Default Rating to 'BB-' from 'BB'; -- Senior secured revolver to 'BB' from 'BB+' -- Senior unsecured notes to 'B+' from 'BB-' The rating outlook is negative. Including the undrawn portion of the secured revolver, about US$2.2 billion of debt is affected by these actions. Fitch's downgrade reflects continuing and expanded negative cash flow, and the associated balance sheet erosion. Fitch expects negative free cash flow to persist through at least the first half of ARM's fiscal 2008, and the timing and extent of a reversion to positive free cash flow remains uncertain. Improvement in operating performance will depend on the pace and strength of a rebound in the truck market, as well as the success of restructuring efforts in the low-margin light vehicle systems segment. For the last twelve months ended June 30, ARM's free cash flow (excluding receivable securitizations and factoring from operating cash flow) was negative US$334 million, including a non-recurring working capital adjustment associated with a divestiture and a voluntary pension contribution. Negative cash flow was financed in part by proceeds from asset sales. The company also increased utilization under an accounts receivable (A/R) Expectations of continued weakness in operating performance caused ARM to obtain an amendment to its fixed charge coverage ratio for the fiscal fourth quarter, continuing through fiscal 2008. The ability to return to positive free cash flow in 2008 remains uncertain and any improvement in the balance sheet is expected to be limited. Further pressuring operating cash flow will be a continued high level of restructuring outflows and higher capital expenditures. LTM capital expenditures were US$118 million, representing 1.5% of sales. ARM's capital investment, as a percent of revenues is one of the lowest among the automotive suppliers covered by Fitch. Given the company's level of capital investment relative to its peers, Fitch is concerned additional expenditures may be needed, potentially constraining the company's ability to generate Free Cash Flow. Incremental capital investment is likely needed to improve CVS Europe operating efficiency, expand LVS overseas manufacturing, fund incremental restructuring efforts, and to invest in supplier parks required at automakers' facilities as well as a reduction in new vehicle life cycles. Financial support to stressed Tier II and Tier III suppliers can also require capital investment. Weakness in the housing market could extend the current cyclical trough and mute the expected upswing in Class 8 truck demand ahead of more stringent 2010 diesel emission regulations. In addition, inefficiencies in CVS Europe operations have arisen due to higher than expected demand. ARM was unable to capitalize on higher volumes and suffered higher costs for premium freight, higher cost sources of supply and customer late penalties. Fitch expects inefficiencies to continue well into fiscal 2008 and ARM is likely to increase investment to improve operating flexibility. ARM has demonstrated improvement in LVS profitability, although margins remain modest. Any improvement will be derived largely from restructuring programs, as margins remain under pressure from significant exposure to the Detroit Three, annual contractual pricedowns, higher raw material costs and costs related to a financially strained automotive supply base. Cash flow has been impacted by a working capital outflow of included in fiscal year-to-date discontinued operations cash flow of negative US$118 million. The company expects to recoup about US$40 million in the first quarter of fiscal 2008 from cash purchase price adjustments. In addition, ARM made substantial pension contributions during fiscal 2007, including a significant discretionary payment to its UK plan. With the improved funded status, pension contributions will be reduced going forward. ARM maintains adequate liquidity and has no major debt maturities until after 2010. Fitch calculates, at the end of the fiscal third quarter, liquidity was US$1.3 billion, including US$870 million available under a revolving credit facility, US$178 million in available securitization and US$284 million in cash and cash equivalents. However, coverage and leverage ratios have eroded. For the LTM as of June 30, Operating EBITDA to gross interest expense was 2.8x versus 2.9x at the end of fiscal 2006. Over the same time period, total debt to operating EBITDA was 3.8x compared with 3.3x, while total adjusted debt to operating EBITDAR climbed to 4.9x from 4x at fiscal year end, reflecting higher accounts receivable financing. DELPHI CORP: Disclosure Statement Hearing Moved to October 25 ------------------------------------------------------------- The Hon. Robert Drain of the United States Bankruptcy Court for the Southern District of New York moved the hearing to consider approval of the disclosure statement explaining Delphi Corp.'s plan of reorganization to Oct. 25, 2007, The Associated Press reports. Delphi asked the Court at a hearing on October 3 to defer ruling on the adequacy of the disclosure statement to give the company time to negotiate for financing to fund the plan, AP says. Delphi Chairman Robert Miller said the company is very close to securing a financing deal to fund its chapter 11 plan, The Wall Street Journal reports. Mr. Miller noted that the turmoil in credit markets that created financing difficulties for the company appeared to be settling down, the Journal says. "I am confident that we will get the funding put together very shortly," Mr. Miller said. John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, in Chicago, Illinois, told the Court at a hearing Wednesday that the funding may be less than the US$7.1 billion originally sought. Mr. Butler also told Judge Drain the Plan will undergo "laser- like, focused amendments" which may affect creditor recoveries, the Journal says. Delphi expects to have a financing commitment letter by the end of the disclosure hearing, Bloomberg News relates. Mr. Miller expects the company to emerge from bankruptcy by the end of the year. About Delphi Headquartered in Troy, Mich., Delphi Corporation (OTC: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of Mar. 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in total assets and US$23,851,000,000 in total debts. The Debtors' exclusive plan-filing period expires on Dec. 31, 2007. On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan of Reorganization and a Disclosure Statement explaining that Plan. (Delphi Bankruptcy News, Issue No. 88 Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). DELPHI CORP: Initiates 707 Adversary Cases Under Seal ----------------------------------------------------- Delphi Corp. has initiated 707 adversary cases against suppliers and other business contacts before the U.S. Bankruptcy Court for the Southern District of New York. Delphi initially filed: * 440 lawsuits on Sept. 28, 2007, * 137 lawsuits on Sept. 29, and * 130 lawsuits on Sept. 30. All of the adversary complaints have been filed under seal. The Debtors obtained permission in August to file the lawsuits secret. The Debtors want to keep the actions secret to avoid "unnecessarily alarming potential defendants." The Debtors had pointed out they have worked to preserve and repair their business relationship with many of the potential defendants and have negotiated or regained favorable credit terms with many suppliers and are continuing to do so. The Debtors had estimated that they may have more than 11,000 potential preference claims arising from transfers totaling US$5,800,000,000 without taking into account potential defenses. According to John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, in Chicago, Illinois, the Debtors' counsel, the constructively fraudulent transfer reach-back period, made applicable by Section 544(b) of the Bankruptcy Code and state law, is generally six years under the law of Michigan and New York. With a company of Delphi's size, there are literally hundreds of thousands of transactions that occurred during those constructively fraudulent transfer reach-back periods, Mr. Butler had said. Mr. Butler also had noted that the Debtors initially do not intend to pursue avoidance actions in light of their anticipated reorganization. However, as a precautionary measure, the Debtors must preserve the actions in some manner, he said. The Court had granted a temporary stay of the adversary proceedings. The stay would continue until the earlier of service of process and further Court order. During the stay, the Debtors may amend their complaint, and after notice to the statutory committees, dismiss it. The docket for the adversary proceedings have likewise been sealed. The Debtors won't pursue any preference action against an entity if the aggregate value of transfers to, or for the benefit of, that entity is less than US$250,000 in value. If the preference action is against an insider or involves a person or transaction associated with the U.S. Securities and Exchange Commission investigation of the Debtors, the Debtors may also abandon the actions after notice to the Statutory Committees. If a Statutory Committee objects within 10 days after service of the notice, the Debtors would bring the matter before the Court for a ruling on whether the proposed abandonment satisfies Section 554(a) of the Bankruptcy Code. The Debtors may abandon these categories of preference actions: * payments to parties with a secured or priority interest in the payments; * union dues; * pension plan contributions; * payments required under the terms of collective bargaining agreements; * payments to reimburse employee business expenses; * ordinary course wages, salaries, and employee benefits; * payments required by a garnishment to satisfy third-party judgments and obligations; * contributions to charitable organizations; and * payments to foreign suppliers, shippers, insurance providers, and utilities. For purposes of identifying and preserving potential fraudulent transfer claims, the Debtors considered merger and acquisition deals at or exceeding US$20,000,000; transfers to Delphi's board of directors or strategy board members other than for compensation or ordinary-course expense reimbursements; unusual securities transactions; dividend distributions to 5% shareholders; and Delphi's financially troubled supplier program. About Delphi Headquartered in Troy, Mich., Delphi Corporation (OTC: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of Mar. 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in total assets and US$23,851,000,000 in total debts. The Debtors' exclusive plan-filing period expires on Dec. 31, 2007. On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan of Reorganization and a Disclosure Statement explaining that Plan. (Delphi Bankruptcy News, Issue No. 87 Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). SMOBY-MAJORETTE: Faces Compulsory Administration ------------------------------------------------ The Commercial Court of Lons-le-Saunier might place Smoby- Majorette under compulsory administration after buyer MGA Entertainment failed to pay the EUR11 million it pledged to invest in the company, Le Figaro says in a report carried by the Financial Times. According to Catherine Genisson of Les Echos, MGA's debt restructuring negotiations with Smoby's creditor banks recently fell through, and Smoby's public prosecutor and the administrators doubted MGA's plans for restructuring the company. On May 18, 2007, MGA, having exercised the purchase option conferred on it by the Breuil and Moquin families, became the main shareholder of the Smoby Group, with 55.5% of the capital and 70.5% of the voting rights. The Management Board now consists of Eric Villette (President) and Thierry Louis (Managing Director). The priority is now for MGA to come out of the current Safeguard Procedure and is to secure the level of year end sales. About Smoby Headquartered in Lavans les Saint-Claude, France, Smoby -- http://www.smoby.fr/-- specializes in the creation, development, production and distribution of toys for children from birth to age 10. Smoby has a presence in over 90 countries globally, with commercial and/or industrial operations in South America, Asia and throughout Europe. The Company's products are sold worldwide through a network of 18 subsidiaries, with 65% of sales generated outside of France. In France, the Company employs 1, 300 workers. The Commercial Court of Lons-le-Saunier opened bankruptcy proceedings against Smoby on March 19, 2007, upon the Debtor's request. Smoby was hoping to snag an investor who will inject fresh capital yet remain a minority, as the company grapples with a EUR330-million debt. The company reported a net loss of EUR15.87 million for the year ended March 31, 2006, compared with a net profit of EUR1.56 million in 2005. ============= G E O R G I A ============= * S&P Puts Positive Outlook on Georgia's Strong Economic Growth --------------------------------------------------------------- Standard & Poor's Ratings Services revised its outlook on the Government of Georgia to positive from stable, on strong economic growth prospects despite a challenging external environment. At the same time, Standard & Poor's affirmed its 'B+' long-term and 'B' short-term foreign and local currency sovereign credit ratings on Georgia, and also affirmed its 'BB' transfer and convertibility assessment on the sovereign. "The outlook revision reflects Georgia's strong economic growth in 2007, which has exceeded our expectations that were dampened by the trade embargo imposed by Russia in 2006," said Standard & Poor's credit analyst Trevor Cullinan. "In practice, Georgia's GDP growth is estimated to have accelerated above 10% in 2007, on the back of the successful diversification of its exports markets. This, along with the government's continued drive to improve the market orientation of its institutional framework and business environment, reduce corruption, and strengthen the legal system, improves Georgia's growth prospects." Even so, the ratings are constrained by a narrow economic structure and geopolitical risks, including the tense relationship with the Russian Federation (foreign currency BBB+/Stable/A-2, local currency A-/Stable/A-2, national scale ruAAA), which further aggravates Georgia's weak external indicators. As a consequence, we expect the current account deficit to widen to 17% of GDP in 2007 and to remain at this level between now and 2010. Georgia's monetary environment is also a weakness, with inflation expected to remain above 8% in 2007 as a result of the continued rapid expansion in domestic credit and strong capital inflows. Meanwhile, the near doubling of financial sector external debt in 2007, to 10% of GDP from a very low base, also raises questions about the asset quality of the rapidly growing commercial banking system. "Georgia's credit profile would gain further support if the interaction of fiscal and monetary policy were to maintain inflation below double digits," added Mr. Cullinan. "Conversely, slippage on this front, or a further widening in external balances absent significant foreign direct investment financing would put downward pressure on the ratings. Such pressure would also arise from an increase in general government debt financing after 2007, given the significant slowdown in privatization proceeds from next year." ============= G E R M A N Y ============= B.B.C. CUSTOMER: Claims Registration Ends November 19 ----------------------------------------------------- Creditors of B.B.C. Customer Care GmbH have until Nov. 19 to register their claims with court-appointed insolvency manager Stephan Poppe. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on Dec. 17, 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 Halle-Saalkreis Hall 1.043 Judicial Center Thueringer Strasse 16 06112 Halle 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 Poppe Emil-Eichhorn-Str. 1 06114 Halle Germany Tel: 0345/530490 Fax: 0345/5304926 The District Court of Halle opened bankruptcy proceedings against B.B.C. Customer Care GmbH on Sept. 28. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: B.B.C. Customer Care GmbH Leipziger Chaussee 191 g 06112 Halle Germany Attn: Joerg Bordt, Manager Tieckstrasse 4 Leipzig Germany BANDOSZ TROCKENBAU: Claims Registration Ends Nov. 16 ---------------------------------------------------- Creditors of Bandosz Trockenbau GmbH have until Nov. 16 to register their claims with court-appointed insolvency manager Dr. Petra Mork. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on Dec. 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 Dortmund Hall 3.201 Second Floor Gerichtsplatz 1 44135 Dortmund Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Petra Mork Arndtstr. 28 44135 Dortmund Germany The District Court of Dortmund opened bankruptcy proceedings against Bandosz Trockenbau GmbH on Sept. 27. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bandosz Trockenbau GmbH Proepstingstr. 1 59065 Hamm Germany BAUUNTERNEHMEN K: Claims Registration Period Ends Nov. 6 -------------------------------------------------------- Creditors of Bauunternehmen K. Fritsch GmbH have until Nov. 6 to register their claims with court-appointed insolvency manager Matthias Lechleitner. Creditors and other interested parties are encouraged to attend the meeting at 9:30 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 Chemnitz Hall 24 Fuerstenstrasse 21-23 09130 Chemnitz Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Matthias Lechleitner Franz-Mehring-Strasse 15 08058 Zwickau Germany Tel: (03 75) 211 857 0 Fax: (03 75) 211 857 28 E-Mail: zwickau@scharl-schenk-scheuffler.de The District Court of Chemnitz opened bankruptcy proceedings against Bauunternehmen K. Fritsch GmbH on Sept. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bauunternehmen K. Fritsch GmbH Attn: Kathrin Fritsch, Manager Jacobusstrasse 31 08132 Muelsen St. Jacob Germany CHRYSLER LLC: UAW Strike Deadline Looms, Contract Talks Stall ------------------------------------------------------------- The United Auto Workers union's deadline to rally against Chrysler LLC draws near as contract negotiations between the parties stall over wages, health care and other issues, various papers report citing sources familiar with the matter. As reported in yesterday's Troubled Company Reporter, Chrysler has until 11 a.m. today, Wednesday, Oct. 10, 2007, to close its contract negotiations with the UAW, otherwise 49,000 union members will hold a strike against the company. Chrysler employees, sources say, are wary of the track record of new owner Cerberus Capital Management LP, who have less experience with the UAW. As previously reported, Cerberus Capital doesn't want to be burdened with the cost of transferring retiree health care administration to the UAW. Chrysler indicated that it opts to use more convertible bonds, and less cash in a union-administered fund, the Wall Street Journal relates. The company is also reluctant to agree to a deal preventing outsourcing jobs to UAW workers and committing product lines beyond the next contract. Various papers report that the car maker is likely to displace 1,500 non-union workers, probably through early retirement or buyout offers. The lay-offs add to the 11,000 hourly and 2,000 salaried jobs Chrysler had planned to cut over three years, before it was bought by private-equity firm Cerberus Capital Management LP from DaimlerChrysler AG nka Daimler AG. In February 2007, DaimlerChrysler intended to cut 10,000 factory jobs and shut down at least two plants at Chrysler Group to return the U.S.-based division to profitability, Reuters reports citing the Detroit News as its source. According to the report, a hidden restructuring plan called "Project X" aims to transform Chrysler into a smaller, more efficient automaker. About Chrysler LLC Headquartered in Auburn Hills, Michigan, Chrysler LLC -- http://www.chrysler.com/-- offers cars and minivans, pick-up trucks, sport utility vehicles, and vans under the Chrysler, Jeep, and Dodge brand names. It also sells parts and accessories under the MOPAR brand. The company has dealers worldwide, including Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil, Venezuela, China, Japan and Australia. * * * 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/--) $10 billion senior secured first-lien term loan facility due 2013, following various changes to terms and conditions prior to closing. The $10 billion first-lien term loan now consists of a $5 billion "first-out" tranche and a $5 billion "second-out" tranche, so the aggregate amount of first-lien debt remains unchanged. Accordingly, S&P assigned a 'BB-' rating to the $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 $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 $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. D. DAVIDS TIEFBAU: Claims Registration Ends November 2 ------------------------------------------------------ Creditors of D. Davids Tiefbau GmbH have until Nov. 2 to register their claims with court-appointed insolvency manager Gerhard Brinkmann. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Dec. 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 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: Gerhard Brinkmann Freiligrathstrasse 1 18055 Rostock Germany Tel: 0381/49170 Fax: 0381/491749 The District Court of Rostock opened bankruptcy proceedings against D. Davids Tiefbau GmbH on Sept. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: D. Davids Tiefbau GmbH Attn: Dieter Davids, Manager Kirschenallee 23 18279 Lalendorf/OT Vietgest 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 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 Third 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 DMT VERWALTUNGSGESELLSCHAFT: Claims Registration Ends Nov. 15 ------------------------------------------------------------- Creditors of DMT Verwaltungsgesellschaft mbH & Co. Immobilien KG have until Nov. 15 to register their claims with court-appointed insolvency manager Berthold Brinkmann. Creditors and other interested parties are encouraged to attend the meeting at 12:35 p.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 Neubrandenburg Hall 1 Fr.-Engels-Ring 15-18 Neubrandenburg 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: Berthold Brinkmann Freiligrath Str. 1 18055 Rostock Germany The District Court of Neubrandenburg opened bankruptcy proceedings against DMT Verwaltungsgesellschaft mbH & Co. Immobilien KG on Sept. 28. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: DMT Verwaltungsgesellschaft mbH & Co. Immobilien KG Woldeforster Str. 5 17109 Demmin Germany EM-BE VOLKSHAUS: Claims Registration Ends November 20 ----------------------------------------------------- Creditors of EM-BE Volkshaus GmbH have until Nov. 20 to register their claims with court-appointed insolvency manager Marco Kuhlmann. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Dec. 11, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bielefeld 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: Marco Kuhlmann Osnabruecker Strasse 7 32312 Luebbecke Germany The District Court of Bielefeld opened bankruptcy proceedings against EM-BE Volkshaus GmbH on Sept. 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: EM-BE Volkshaus GmbH Attn: Fred Meier-Boeke, Manager Uffler Str. 21 32479 Hille Germany ESTATE GERMANY: Moody's Rates EUR39.9 Mln Class E Notes at Ba2 -------------------------------------------------------------- Moody's Investors Service assigned these definitive ratings to the notes issued by Estate Germany 2007-I Limited: -- Aaa to the EUR500,000 Class A+ Floating Rate Credit Linked Notes due May 2064; -- Aaa to the EUR68,500,000 Class A Floating Rate Credit Linked Notes due May 2064; -- Aa2 to the EUR95,700,000 Class B Floating Rate Credit Linked Notes due May 2064; -- A2 to the EUR60,700,000 Class C Floating Rate Credit Linked Notes due May 2064; -- Baa2 to the EUR45,600,000 Class D Floating Rate Credit Linked Notes due May 2064; and -- Ba2 to the EUR39,900,000 Class E Floating Rate Credit Linked Notes due May 2064. Moody's has not assigned a definitive rating to the Class F Notes of Estate Germany 2007-I Limited. In addition, Moody's Investors Service assigned this definitive rating to a Credit Default Swap between Hypo Real Estate Bank AG (A2, P-1) and a third party in connection with the notes issued by Estate Germany 2007-I Limited: -- Aaa to the EUR1,947,276,790 Senior Credit Default Swap due May 2064. In this transaction, Hypo Real Estate Bank AG transfers the credit risk of 4,861 small commercial mortgage loans granted to approximately 1,708 borrowers to investors. The reference portfolio has a total volume of Euro 2.28 billion. HRE transfers the senior portion of the portfolio's credit risk via a credit default swap to a third party, while the junior portion of the risk is transferred to Estate Germany 2007-I Limited via a loss guarantee. Estate Germany hedges itself through the issuance of credit-linked notes to investors. The proceeds from the issuance of the Notes are invested in HRE Public Sector Pfandbriefe (Aaa), which will serve as note collateral. 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. Moody's ratings address only the credit risks associated with the transaction; other non-credit risks have not been addressed, but may have significant effect on yield to investors. FAHRZEUGTEILE HAMBURG: Claims Registration Ends November 16 ----------------------------------------------------------- Creditors of Fahrzeugteile Hamburg Import-Export GmbH have until Nov. 16 to register their claims with court-appointed insolvency manager Peter-Alexander Borchardt. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Dec. 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 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: Peter-Alexander Borchardt Deichstrasse 1 20459 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against FAHRZEUGTEILE HAMBURG IMPORT-EXPORT GmbH on Sept. 24. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: FAHRZEUGTEILE HAMBURG IMPORT-EXPORT GmbH Attn: Lina Briedeline & Algimantas Briedelis, Managers Scharlbarg 29 21149 Hamburg Germany GENECRAFT GMBH: Claims Registration Ends November 2 --------------------------------------------------- Creditors of GeneCraft GmbH have until Nov. 2 to register their claims with court-appointed insolvency manager Wolfgang Lorisch. Creditors and other interested parties are encouraged to attend the meeting at 11:35 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 Muenster Meeting Hall 112 B Ground Floor 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: Wolfgang Lorisch Kurt-Schumacher-Str. 48 45699 Herten Germany Tel: 02366/10820 Fax: +492366108282 The District Court of Muenster opened bankruptcy proceedings against GeneCraft GmbH on Sept. 25. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: GeneCraft GmbH Attn: Dr. Dimitri Plachov, Manager Raiffeisenstrasse 12 59348 Luedinghausen Germany GROOS SPORTHALLEN: Claims Registration Ends November 5 ------------------------------------------------------ Creditors of Groos Sporthallen- und Fertigbau GmbH have until Nov. 5 to register their claims with court-appointed insolvency manager Helmut Eisner. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Dec. 6, 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 Crailsheim Hall 113 Ground Floor Schillerstrasse 1 74564 Crailsheim 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. Helmut Eisner Josef-Schmitt-Str. 10 97922 Lauda-Koenigshofen Germany Tel: 09343/2065 Fax: 09343/3833 The District Court of Crailsheim opened bankruptcy proceedings against Groos Sporthallen- und Fertigbau GmbH on Sept. 27. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Groos Sporthallen- und Fertigbau GmbH Attn: Hans-Otto Gutekunst, Manager Boxberger Str. 33 97980 Bad Mergentheim Germany HAMMER & NAGEL: Claims Registration Ends November 14 ---------------------------------------------------- Creditors of Hammer & Nagel GmbH have until Nov. 14 to register their claims with court-appointed insolvency manager Gert Freydag. Creditors and other interested parties are encouraged to attend the meeting at 9:35 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 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. Gert Freydag Speersort 4-6 20095 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Hammer & Nagel GmbH on Sept. 17. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hammer & Nagel GmbH Attn: Marc-Oliver Michel & Dr. Werner Mueller, Managers Laufgraben 37 20146 Hamburg Germany HANSISCHE GILDENDRUCKEREI: Claims Registration Ends November 14 --------------------------------------------------------------- Creditors of Hansische Gildendruckerei Kruemmel & Co. GmbH have until Nov. 14 to register their claims with court-appointed insolvency manager Gideon Boehm. Creditors and other interested parties are encouraged to attend the meeting at 10:20 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 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. Gideon Boehm Bachstrasse 85 a 22083 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Hansische Gildendruckerei Kruemmel & Co. GmbH on Sept. 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hansische Gildendruckerei Kruemmel & Co. GmbH Attn: Klaus Richter, Manager Bramfelder Strasse 119a 22305 Hamburg Germany HEIMELEKTRIK-BERGFELDE: Creditors Must File Claims by November 6 ---------------------------------------------------------------- Creditors of Heimelektrik-Bergfelde Bau GmbH have until Nov. 6 to register their claims with court-appointed insolvency manager Steffi Radack-Mueller. Creditors and other interested parties are encouraged to attend the meeting at 11:15 a.m. on Dec. 6, 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 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: Steffi Radack-Mueller Franzoesische Strasse 9-12 10117 Berlin Germany The District Court of Neuruppin opened bankruptcy proceedings against Heimelektrik-Bergfelde Bau GmbH on Sept. 25. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Heimelektrik-Bergfelde Bau GmbH Lehnitzstr. 49 16562 Bergfelde Germany IRSV MARKETING: Claims Registration Ends Nov. 15 ------------------------------------------------ Creditors of IRSV Marketing GmbH have until Nov. 15 to register their claims with court-appointed insolvency manager Rolf G. Pohlmann. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on Dec. 6, 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: Rolf G. Pohlmann Rosental 6 80331 Munich Germany Tel: (089)548033-0 Fax: (089)548033-111 The District Court of Munich opened bankruptcy proceedings against IRSV Marketing GmbH on Sept. 24. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: IRSV Marketing GmbH Johann-Karg-Str. 30 85540 Haar-Salmdorf Germany KOGLER TRANSPORT: Claims Registration Ends November 5 ----------------------------------------------------- Creditors of Kogler Transport GmbH have until Nov. 5 to register their claims with court-appointed insolvency manager Klaus Siemon. Creditors and other interested parties are encouraged to attend the meeting at 9:45 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 Chemnitz 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: Klaus Siemon Strasse der Nationen 51 09111 Chemnitz Germany Tel: (03 71) 47 29 90 Telefax: (03 71) 472 99 50 E-mail: ra_siemon_ch@t-online.de The District Court of Chemnitz opened bankruptcy proceedings against Kogler Transport GmbH on Sept. 25. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kogler Transport GmbH Attn: Manfred Kogler, Manager Gewerbegebiet Sued 16 09405 Gornau Germany MS-DIVISION GMBH: Claims Registration Period Ends Nov. 5 -------------------------------------------------------- Creditors of MS-Division GmbH have until Nov. 5 to register their claims with court-appointed insolvency manager Markus Neumann. Creditors and other interested parties are encouraged to attend the meeting at 11:30 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 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: Markus Neumann Gerichtsstr. 12 32791 Lage Germany The District Court of Detmold opened bankruptcy proceedings against MS-Division GmbH on Sept. 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MS-Division GmbH Bielefelder Str. 121 33818 Leopoldshoehe Germany Attn: Andreas Rischer, Manager Remser Weg 12a 33428 Harsewinkel Germany MTU AERO: Signs Contract with Norwegian Air Shuttle --------------------------------------------------- MTU Maintenance Zhuhai has signed a contract with Norwegian Air Shuttle for the maintenance of CFM56-3 engines. The five years contract includes 44 engines powering Boeing 737-300 aircraft operated by the airline and is worth in excess of EUR90 million. �We are proud to welcome Norwegian Air Shuttle as a new customer,� MTU Aero Engines President and CEO Commercial Maintenance Bernd Kessler noted. He continued: "MTU is pleased to be in a position to partner the airline with our world class facility in Zhuhai and the local support of our Hannover facility. Norwegian Air Shuttle continue to demonstrate significant expansion in the European market and we are confident that both partners will grow together and develop a successful long term relationship.� Norwegian Air Shuttle Technical Director, Bjorn Ivar Aarseth commented: �We know MTU as a very professional and customer focused organization and are confident that we have reached a very cost effective solution together with them. We are looking forward to a friendly and professional relationship in the years to come.� Norwegian Air Shuttle is a Low Cost Carrier based in Oslo, Norway, and was founded in 1993. The airline operates within Norway, Europe, Russia and CIS serving 82 routes carrying over five million passengers in 2006. MTU Maintenance Zhuhai, a joint venture of MTU Aero Engines and China Southern Airlines, is China�s largest maintenance shop. It focuses on the repair of V2500 and CFM56 engines. In addition to the CFM56-3, also the CFM56-5B and CFM56-7 have been included in the portfolio. MTU Aero Engines is Germany's leading engine manufacturer and ranks among the global players in the industry. In the commercial domain, it is the world's largest independent provider of engine maintenance services. Having established a leading position in engine technology, MTU excels in low- pressure turbines, high-pressure compressors, engine control units, and in manufacturing and repair techniques. Headquartered in Munich, Germany, MTU Aero Engines -- http://www.mtu.de/-- develops, manufactures, markets, and repairs commercial and military engine modules and components for aircraft engines and industrial gas turbines. * * * As reported in the Troubled Company Reporter on Oct. 9, 2007, 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. NDL BETEILIGUNGS: Claims Registration Period Ends Oct. 29 --------------------------------------------------------- Creditors of NDL Beteiligungs GmbH have until Oct. 29 to register their claims with court-appointed insolvency manager Andre Loeffler. Creditors and other interested parties are encouraged to attend the meeting at 9:20 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 Magdeburg Hall 13 Justizzentrum Magdeburg Breiter Weg 203-206 39104 Magdeburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Andre Loeffler Klewitzstr. 15 39112 Magdeburg Germany Tel: 0391/7324630 o. 39 Fax: 0391/7324633 E-mail: magdeburg@loeffler-insolvenzverwalter.de The District Court of Magdeburg opened bankruptcy proceedings against NDL Beteiligungs GmbH on Sept. 27. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: NDL Beteiligungs GmbH Attn: Dirk Loges, Manager Stadtfeld 6 39167 Irxleben Germany OMEGA HOTELS: Claims Registration Period Ends Nov. 7 ---------------------------------------------------- Creditors of OMEGA Hotels GmbH have until Nov. 7 to register their claims with court-appointed insolvency manager Dr. Christoph Niering. Creditors and other interested parties are encouraged to attend the meeting at 11:00 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 Cologne Meeting Hall 1240 12th. 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: Dr. Christoph Niering Brabanter Str. 2 50674 Koeln Germany Tel: 99 22 30-0 Fax: +4922199223035 The District Court of Cologne opened bankruptcy proceedings against OMEGA Hotels GmbH on Sept. 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: OMEGA Hotels GmbH Innere Kanalstr. 15 50823 Koeln Germany Attn: Michael Bauer, Manager Hildebrandstr. 33 76227 Karlsruhe Germany OPTIC MUELLER: Claims Registration Ends November 14 --------------------------------------------------- Creditors of Optic Mueller & Scholten GmbH have until Nov. 14 to register their claims with court-appointed insolvency manager Andreas Amelung. Creditors and other interested parties are encouraged to attend the meeting at 9:25 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 Cologne Meeting Hall 1240 12th 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: Andreas Amelung Im Mediapark 6 B 50670 Cologne Germany Tel: 57437910 Fax: +4922157437938 The District Court of Cologne opened bankruptcy proceedings against Optic Mueller & Scholten GmbH on Sept. 10. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Optic Mueller & Scholten GmbH Attn: Werner Mueller-Steffens, Manager Merowingerstr. 16 50677 Cologne 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 POWER CONCERTS: Creditors Must File Claims by November 5 -------------------------------------------------------- Creditors of Power Concerts Tourneen GmbH have until Nov. 5 to register their claims with court-appointed insolvency manager Jochen Zaremba. Creditors and other interested parties are encouraged to attend the meeting at 9:25 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 Amberg Room 115 Meeting Hall V First Stock Baustadelgasse 1 Amberg 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 Zaremba Waisenhausgasse 3-4 92224 Amberg Germany The District Court of Amberg opened bankruptcy proceedings against Power Concerts Tourneen GmbH on Sept. 28. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Power Concerts Tourneen GmbH Rote-Kreuz-Str. 10 93133 Burglengenfeld Germany PRO CONCEPT: Claims Registration Ends November 16 ------------------------------------------------- Creditors of Pro Concept GmbH have until Nov. 16 to register their claims with court-appointed insolvency manager Konrad Menz. Creditors and other interested parties are encouraged to attend the meeting at 2:30 p.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 Ulm Hall 103 Olgastr. 107 89073 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: Konrad Menz c/o Derra, Meyer & Partner Frauenstr. 14 89073 Ulm Germany Tel: 0731/92288-0 Fax: 0731/9228888 The District Court of Ulm opened bankruptcy proceedings against Pro Concept GmbH on Sept. 17. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Pro Concept GmbH Hindenburgring 31 89077 Ulm Germany Attn: Manfred Hausner, Manager Fahreweg 9 89233 Neu-Ulm Germany PROPEX INC: High Leverage Cues Moody's to Cut Rating to Caa1 ------------------------------------------------------------ Moody's Investors Service downgraded the Corporate Family Rating of Propex Inc.'s to Caa1 from B2, reflecting very high leverage in recent quarters and expectations of very weak internal cash flow generation in relation to debt obligations in the near term. The outlook for the ratings, which had been negative since January 2007, is stable. Moody's took these rating actions: -- Downgraded the Corporate Family Rating to Caa1 from B2; -- Downgraded the Probability of Default Rating to Caa1 from B2; Downgraded to B2 (LGD2, 29%) from Ba3 (LGD 3, 30%) the senior secured credit facilities consisting of a US$50 million revolver due 2011, and the original US$260 million term loan due 2012; Downgraded to Caa2 (LGD 5, 81%) from Caa1 (LGD 5, 82%) the US$150 million senior unsecured notes due 2012; The ratings outlook is stable. The stable outlook reflects the high likelihood of a continuing core level of demand for the company's products, company's leading position in its markets, indications of progress with cost cutting efforts and the company's relatively low capital expenditure requirements in the medium term. The downgrade reflects Moody's expectation of weak interest coverage at least through 2008 (defined as EBITDA less capital expenditures divided by interest expense) in line with the Caa1 rating category and long-term structural industry trends which include overcapacity and competitive pressures. The ratings also take into account the long-term effects of the backward integration into carpet backing by the larger carpet manufacturers that took place in 2005 and 2006. These longer term threats are exacerbated by cyclical but ongoing weakness in residential construction and its effect on demand for carpet backing and other end products, potential for adverse raw material fluctuations and the need for error-free execution to navigate this period. Propex's ratings are supported by leadership positions in its principal markets and aggressive moves to cut costs. Notwithstanding the company's likely non-compliance with financial covenants as of Sept. 30, 2007, Moody's believes that covenant relief will be provided by the lender group at levels which recognize current cyclical weakness in the company's principal end markets and the temporary nature of some of the expense drivers. Failure to obtain such relief will result in an immediate downgrade. The Speculative Grade Liquidity Rating was also downgraded to SGL-4 from SGL-2, subject to covenant relief. Based in Gronau, Germany and Gyor, Hungary, Propex International -- http://www.geotextile.com/europe/-- is recognized as an internationally leading manufacturer of carpet backings, geotextiles and composite sheets. Strict manufacturing specifications, quality control monitoring and laboratory testing ensure our products consistently meet or exceed European standards. Based in Chattanooga, Tennessee, Propex Inc. -- http://www.propexinc.com/-- manufactures primary and secondary carpet backing. The company also manufactures and markets woven and nonwoven polypropylene fabrics and fibers used in geosynthetic and a variety of other industrial applications. Revenues for the 12 months ended July 1, 2007 were US$685 million. PROPEX INC: Operating Conditions Cue S&P to Watch B- Ratings ------------------------------------------------------------ Standard & Poor's Services placed its 'B-' corporate credit and its senior secured and senior unsecured ratings on Chattanooga, Tenn.-based Propex Inc. on CreditWatch with negative implications. "The CreditWatch listing reflects ongoing concerns that difficult operating conditions are likely to forestall Propex's ability to meaningfully improve its highly leveraged financial profile," said Standard & Poor's credit analyst Henry Fukuchi. Recent operating challenges at a key production facility, weak residential construction activity and the possibility for further declines in the domestic housing markets could cause earnings and cash flow to deteriorate to a level inconsistent with the current ratings. In addition, Propex announced that it is unlikely to be in compliance with the financial covenants contained within its credit agreement as of the reporting date for its Sept. 30, 2007, quarter end. While Propex's liquidity position is bolstered by decent cash balances and credit facility availability, the probably of a covenant violation is a concern. "We expect that Propex will take steps to negotiate relief so that it will preserve acceptable liquidity while it implements plans to restore operating results to acceptable levels," Mr. Fukuchi said. "We will resolve the CreditWatch upon indication that the risk of covenant violations has been addressed and after reviewing the company's prospects for improving its sub par financial profile. Further indication that weak operating results will extend into 2008 or failure to obtain covenant relief could result in a downgrade this year." Propex is a leading producer of polypropylene fabrics and fibers used in primary and secondary carpet backing, among other things. Based in Gronau, Germany and Gyor, Hungary, Propex International -- http://www.geotextile.com/europe/-- is recognized as an internationally leading manufacturer of carpet backings, geotextiles and composite sheets. Strict manufacturing specifications, quality control monitoring and laboratory testing ensure our products consistently meet or exceed European standards. Outside of the U.S., Propex International operates in U.K., Germany, France and The Netherlands. Propex Inc. -- http://www.propexinc.com/-- manufactures primary and secondary carpet backing. The company also manufactures and markets woven and nonwoven polypropylene fabrics and fibers used in geosynthetic and a variety of other industrial applications. SCHWARZ & VOGEL: Claims Registration Ends November 16 ----------------------------------------------------- Creditors of Schwarz & Vogel GmbH have until Nov. 16 to register their claims with court-appointed insolvency manager Konrad Menz. Creditors and other interested parties are encouraged to attend the meeting at 11:20 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 Memmingen Meeting Hall 103 Ground Floor Buxacher Strasse 6 Memmingen 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: Konrad Menz Frauenstr. 14 89073 Ulm Germany Tel: 0731/92288-0 Fax: 0731/9228888 The District Court of Memmingen opened bankruptcy proceedings against Schwarz & Vogel GmbH on Sept. 25. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Schwarz & Vogel GmbH Attn: Schwarz Heinz, Manager Dorfstr. 10 86842 Tuerkheim-Irsingen Germany W + H MASSIVHAUS: Claims Registration Period Ends Nov. 2 -------------------------------------------------------- Creditors of W + H Massivhaus GmbH have until Nov. 2 to register their claims with court-appointed insolvency manager Henning Schorisch. Creditors and other interested parties are encouraged to attend the meeting at 9:45 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 Dresden Hall D132 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: Henning Schorisch Wasastrasse 15 01219 Dresden Germany Website: http://www.hww-kanzlei.de The District Court of Dresden opened bankruptcy proceedings against W + H Massivhaus GmbH on Sept. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: W + H Massivhaus GmbH Industriestrasse A11 01612 Glaubitz Germany SMART EVENTS: Claims Registration Ends Nov. 15 ---------------------------------------------- Creditors of SMART events GmbH have until Nov. 15 to register their claims with court-appointed insolvency manager Jana Dettmer. Creditors and other interested parties are encouraged to attend the meeting at 9:32 a.m. on Dec. 11, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Jana Dettmer Weyerstrasse. 54 50676 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against SMART events GmbH on Sept. 25. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: SMART events GmbH Theodor-Heuss-Ring 23 50668 Cologne Germany STAHL SYSTEMLOGISTIK: Claims Registration Period Ends Oct. 25 ------------------------------------------------------------- Creditors of Stahl Systemlogistik und Service GmbH have until Oct. 25 to register their claims with court-appointed insolvency manager Georg Kreplin. Creditors and other interested parties are encouraged to attend the meeting at 10:10 a.m. on Nov. 8, 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 Third 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: Georg Kreplin Breite Strasse 27 40213 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against Stahl Systemlogistik und Service GmbH on Sept. 28. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Stahl Systemlogistik und Service GmbH Ringbahnstrasse 17 41460 Neuss Germany VAN HOI: Claims Registration Ends Nov. 15 ----------------------------------------- Creditors of van Hoi GmbH Asiatische Feinkost have until Nov. 15 to register their claims with court-appointed insolvency manager Maximilian Breitling. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Dec. 6, 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: Maximilian Breitling Rottmannstr. 11a 80333 Munich Germany Tel: 089/5427300 Fax: 089/5427301593 The District Court of Munich opened bankruptcy proceedings against van Hoi GmbH Asiatische Feinkost on Sept. 25. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: van Hoi GmbH Asiatische Feinkost Westendstrasse 146 c/o Francis van Hoi 80339 Munich Germany ZG DRUCKVERTRIEB: Claims Registration Ends November 1 ----------------------------------------------------- Creditors of ZG Druckvertrieb Brandenburg GmbH have until Nov. 1 to register their claims with court-appointed insolvency manager Hort Piepenburg. Creditors and other interested parties are encouraged to attend the meeting at 1:15 p.m. on Nov. 21, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Potsdam Hall 301 Third Floor Nebenstelle Lindenstrasse 6 14467 Potsdam Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Hort Piepenburg Berliner Strasse 32 14467 Potsdam Germany The District Court of Potsdam opened bankruptcy proceedings against ZG Druckvertrieb Brandenburg GmbH on Sept. 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ZG Druckvertrieb Brandenburg GmbH Templiner Strasse 19 14473 Potsdam Germany Attn: Stefan Kerweit, Manager Grabenstrasse 4 14943 Luckenwalde Germany ============= H U N G A R Y ============= HERTZ CORP: Fitch Affirms BB Issuer Default & Debt Ratings ---------------------------------------------------------- Fitch Ratings has affirmed these ratings: The Hertz Corporation -- Issuer Default Rating at 'BB'; -- Senior secured revolving facility at 'BBB'; -- Secured term facility at 'BBB-'; -- Letter of credit facility at 'BBB-'; -- Senior unsecured debt at 'BB-'; -- Subordinated Debt at 'B+'; The Rating Outlook has been revised to Positive from Stable. The affirmation of Hertz's ratings reflects: -- Strength of the company's market position in the airport car rental and commercial equipment markets and ability and experience in managing through cyclicality and seasonality inherent in car and equipment rental sectors; -- Ample liquidity to support growth; -- Limited financial flexibility as a primarily secured borrower; -- Weak capitalization/Lack of tangible equity. The Positive Rating Outlook reflects the improvements in operating performance, cash flow available to repay debt and collateral coverage since being spun-off from the Ford Motor Company in late 2005. Key drivers for a ratings upgrade include the expectation that management's strategy to grow revenue, improve operating efficiency and offset rising fleet costs will continue to generate sustainable operating performance improvement and cashflow to further delever the company. Further improvements in cash flow available for debt repayment or strengthening of collateral coverage may result in up