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 Thursday, October 11, 2007, Vol. 8, No. 202 Headlines A U S T R I A AIRCOMPOWER ENERGIETECHNIK: Court Orders Business Shutdown ANNEMARIE & FRANZ: Claims Registration Period Ends Oct. 22 BONSTINGL BAU: Eisenstadt Court Orders Business Shutdown GEOMECHANIK LLC: Ried im Innkreis Court Orders Business Shutdown KALT & WARM: Innsbruck Court Orders Business Shutdown PRO-DOMO NEDIC: Claims Registration Period Ends Oct. 22 ROSEMARIE UND HELMUT: Linz Court Orders Business Shutdown ZIKOLI LLC: Claims Registration Period Ends Oct. 16 B E L G I U M AVNET INC: Closes Acquisition of Magirus Infrastructure Division F R A N C E HEXCEL CORP: Embarks on US$180-Million Carbon Fiber Expansion SPANSION INC: Inks Definitive Contract with Saifun Semiconductor G E R M A N Y CHRYSLER LLC: Inks Tentative Pact on New Labor Contract w/ UAW CHRYSLER LLC: Third Quarter Sales Increase by 10% in 2007 COMPLICE GMBH: Claims Registration Ends October 31 DOMIZIL CONZEPT: Claims Registration Ends Oct. 30 ENGLERT BAU: Claims Registration Ends November 2 GOETZ KRUEGER: Claims Registration Ends Oct. 29 HANIDO TRANSPORT: Claims Registration Period Ends Nov. 10 HEROS GROUP: Court Rejects Appeal After Chairman Misses Deadline HR-INSPIRED GMBH: Claims Registration Period Ends Oct. 30 ISOFIRE GMBH: Claims Registration Period Ends Nov. 13 KURKLINIK VICTORIA: Claims Registration Period Ends Oct. 25 LAUKEMANN GMBH: Claims Registration Period Ends Oct. 30 LET'S BUY: Claims Registration Ends Oct. 25 MESSEBAU SCHLEY: Claims Registration Ends November 2 NRG ENERGY: Earns US$149 Million in Second Quarter Ended June 30 NOWOTEL.DE BETEILIGUNGS: Creditors' Meeting Slated for Nov. 20 OMEGA HOTELS: Claims Registration Period Ends Nov. 7 OTTENEDER BAU: Claims Registration Ends November 2 PARKETT POPIELA: Claims Registration Period Ends Oct. 31 PROSIEBENSAT.1 MEDIA: Cartel Office Closes Fine Payment Case REINIGUNG DIENSTLEISTUNG: Claims Registration Ends October 30 STUTH BAMBERG-HALLSTADT: Claims Registration Ends Oct. 17 WEINBRENNER UMFORMSYSTEME: Claims Registration Ends November 2 WOHNBAU STADLER: Claims Registration Ends October 30 WSF ANLAGEN: Claims Registration Period Ends Nov. 12 H U N G A R Y AES CORP: Prices US$2 Billion Private Debt Placement AES CORP: Moody's Rates Proposed US$500MM Sr. Unsec. Notes at B1 AES CORP: S&P Affirms BB- Credit Ratings with Stable Outlook AES CORP: Fitch Rates US$500 Million Senior Notes at BB I T A L Y GOODYEAR TIRE: Extends Procurement Outsourcing Deal with ICG IMAX CORP: Will Restate Financial Records on Real Estate Leases K A Z A K H S T A N AKRIHIN OJSC: Proof of Claim Deadline Slated for Nov. 16 AMINA LLP: Creditors Must File Claims Nov. 16 ARYSTANDY JSC: Claims Filing Period Ends Nov. 21 BANK TURANALEM: Completes US$750 Million Bond Securitization BANK TURANALEM: EGM Absentee Voting Deadline Slated for Nov. 20 BESTAU-M LLP: Creditors' Claims Due on Nov. 20 BURSHYK LLP: Claims Registration Ends Nov. 21 ISTOK LLP: Proof of Claim Deadline Slated for Nov. 21 KAZAKH AGRARIAN: Sovereign Ratings Cue S&P’s BB+ Credit Ratings KAZKOMMERTSBANK JSC: Acquires 50% Stake in IC East Capital Ltd. KAZPOST JSC: Sovereign Ratings Cue S&P’s BB+ Credit Ratings MORTGAGE GUARANTEE: Sovereign Ratings Cue S&P’s BB Ratings PANORAMA PLUS: Creditors Must File Claims Nov. 20 VOSTOKURKOLLEGIYA LLP: Claims Filing Period Ends Nov. 20 K Y R G Y Z S T A N CASTER COMPANY: Proof of Claim Deadline Slated for November 9 GOLD HOLDING: Creditors Must File Claims by November 9 N E T H E R L A N D S FOOT LOCKER: S&P Cuts Ratings to BB on Low Operating Performance SYNIVERSE TECH: Bags Saudi Telecom Anti-Fraud Contract WEIGHT WATCHERS: June 30 Balance Sheet Upside-Down by US$991,266 X5 RETAIL: To Create Store Franchising Joint Venture in Russia P O R T U G A L BEARINGPOINT INC: Bags US$14.1-Mil. Contract from Calif. Agency COMPANHIA SIDERURGICA: In Talks with Pernambuco Over Concession R U S S I A GENERAL INSURANCE: Creditors Must File Claims by October 29 GENERAL INSURANCE: Bankruptcy Hearing Set for March 11, 2008 INDUSTRY INVESTMENT: Asset Sale Slated for October 31 KOMSOMOL'SKIJ LLC: Bankruptcy Hearing Slated for Jan. 1, 2008 KRASAVINSKIJ OJSC: Creditors Must File Claims by Nov. 29 KURAGINSKIJ MEZHHOZYASTVENNYJ: Claims Filing Period Ends Nov. 29 MOBILE TELESYSTEMS: Moody's Lifts Corporate Family Rating to Ba2 NOVOCHERKASSKNEFTEMASH: Court Hearing Slated for Feb. 6, 2008 PKF KOMPLEKTSTROYSERVICE: Asset Sale Slated for October 30 RUSSIAN STANDARD: Fitch Downgrades IDR to BB- on Lower Margins SEVERNAYA LLC: Creditors Must File Claims by Nov. 29 SIBIRSKIJ RODNIK: Asset Sale Slated for Oct. 31 SIBPLAST CJSC: Creditors Must File Claims by Oct. 22 SIBSOL' INTEGRATED: Asset Sale Slated for November 16 SISTEMA JSFC: Earns US$877.1 Million for First Half 2007 TSIMLYANSKAYA CARPET: Creditors Must File Claims by Nov. 29 VERHOYANSKIJ SUE: Creditors Must File Claims by October 29 VOLZHKO-KAVKAZSKAYA: Bankruptcy Hearing Slated for Jan. 15, 2008 X5 RETAIL: To Create Store Franchising Joint Venture in Russia S P A I N BANKINTER 15: Moody's Junks EUR25.5 Million Series E Notes GRUPO LLANERA: Drops Expansion Plans Due to Bankruptcy Filing S W I T Z E R L A N D FIM JSC: Creditors' Liquidation Claims Due December 12 GARAGE GEMPELER: Creditors' Liquidation Claims Due October 31 HERCULES INC: Earns US$34.5 Mln in Second Quarter Ended June 30 I-GRA LLC: Creditors' Liquidation Claims Due October 31 INTELSA JSC: Creditors' Liquidation Claims Due October 17 KRIEBEL IT CONSULTING: Creditors' Liquidation Claims Due Oct. 25 MK PICA: Creditors' Liquidation Claims Due October 31 MR PROJEKTE: Creditors' Liquidation Claims Due October 31 PETROS CITY: Creditors' Liquidation Claims Due October 31 PURPOSE HOLDING: Creditors' Liquidation Claims Due October 31 SCHMUTZ JSC: Creditors' Liquidation Claims Due October 19 U K R A I N E AFFINIA GROUP: Closes Indiana Manufacturing & Packaging Assets BALAKRON LLC: Creditors Must File Claims by October 12 BK SVITIAZ: Creditors Must File Claims by October 12 HOME TEXTILE: Creditors Must File Claims by October 12 KATERINOPOL AGRICULTURAL: Creditors Must File Claims by Oct. 12 KUYBISHEV AGRICULTURAL: Creditors Must File Claims by October 12 MILKO: Creditors Must File Claims by October 12 PROFI BUSINESS: Creditors Must File Claims by October 12 REFERENCE LLC: Creditors Must File Claims by October 12 VIRGO-2005: Creditors Must File Claims by October 12 YUNIPERUS-LUX: Creditors Must File Claims by October 12 U N I T E D K I N G D O M ALLSTAR QUALITY: Brings In Liquidators from BDO Stoy Hayward BUDGET LEASING: Calls In Liquidators from Menzies CONSTELLATION BRANDS: Earns US$72.1 Million in Second Quarter DKD CONTACT: Brings In Administrators from KPMG ERINACEOUS GROUP: Consensus Business Group May Make an Approach GENERAL MOTORS: GM-UAW 2007 National Labor Agreement Ratified GENERAL MOTORS: Launches Uzbekistan Car Venture With Uzavtoprom HEALM ENGINEERING: Joint Liquidators Take Over Operations HEALTHY COMPUTING: Names Keith Aleric Stevens Liquidator KITCHEN MARKET: Taps Liquidators from BDO Stoy Hayward MAGENTA ONE: Hires Liquidators from Smith & Williamson MILLENNIUM BUILDERS: M. H. Abdulali Leads Liquidation Procedure REFCO INC: Customers Sue Thomas H. Lee & Other Former Directors REMY WORLDWIDE: Gets Interim Court OK on US$160 Million DIP Loan RENTAL XPRESS: Taps Liquidators from Chantrey Vellacott DFK SEA CONTAINERS: Wants to Allocate Funds to Two Non-Debtor Units SHARPTONE LTD: Appoints Liquidators from Menzies SKYEPHARMA PLC: Names Jeremy Scudamore Non-Executive Director TEAM GROUP: Joint Liquidators Take Over Operations VONAGE HOLDINGS: Requests Rehearing of Verizon Patent Decision * Upcoming Meetings, Conferences and Seminars ********* ============= A U S T R I A ============= AIRCOMPOWER ENERGIETECHNIK: Court Orders Business Shutdown ---------------------------------------------------------- The Land Court of Korneuburg entered Sept. 13 an order shutting down the business of LLC AirComPower Energietechnik (FN 244440x). Court-appointed estate administrator Kurt Schick 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. Kurt Schick c/o Mag. Thomas Stenitzer Bahnstrasse 1 A 2130 Mistelbach Austria Tel: 02572/320 20-0 Fax: 02572/320 20 32 E-mail: kanzlei-laa@ra-stenitzer.at Headquartered in Mistelbach an der Zaya, Austria, the Debtor declared bankruptcy on Aug. 17 (Bankr. Case No 36 S 106/07s). Thomas Stenitzer represents Mag. Schick in the bankruptcy proceedings. ANNEMARIE & FRANZ: Claims Registration Period Ends Oct. 22 ---------------------------------------------------------- Creditors owed money by LLC Annemarie & Franz Schneider (FN 78317y) have until Oct. 22 to file written proofs of claim to court-appointed estate administrator Guenther Hoedl at: Dr. Guenther Hoedl c/o Dr. Andrea Simma Schulerstrasse 18 1010 Vienna Austria Tel: 513 16 55 Fax: 513 16 55 33 E-mail: Hoedl@anwaltsteam.at RA_Simma@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on Nov. 5 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1609 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Sept. 11 (Bankr. Case No. 38 S 50/07s). Andrea Simma represents Dr. Hoedl in the bankruptcy proceedings. BONSTINGL BAU: Eisenstadt Court Orders Business Shutdown -------------------------------------------------------- The Land Court of Eisenstadt entered Sept. 13 an order shutting down the business of LLC Bonstingl Bau (FN 290168v). Court-appointed estate administrator Elisabeth Hrastnik 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. Elisabeth Hrastnik Hauptplatz 11 Atrium Top 16 A 7400 Oberwart Austria Tel: 03352/31375 Fax: 03352/31375-16 E-mail: dr.hrastnik@utanet.at Headquartered in Oberwart, Austria, the Debtor declared bankruptcy on Sept. 6 (Bankr. Case No 26 S 129/07h). GEOMECHANIK LLC: Ried im Innkreis Court Orders Business Shutdown ---------------------------------------------------------------- The Land Court of Ried im Innkreis entered Sept. 10 an order shutting down the business of LLC Geomechanik (FN 81326y). Court-appointed estate administrator Monika Holzinger 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. Monika Holzinger Stadtplatz 36 5280 Braunau/Inn Austria Tel: 07722/83 4 00 Fax: 07722/84 3 16 E-mail: anwalt@ktv-one.at Headquartered in Feldkirchen bei Mattighofen, Austria, the Debtor declared bankruptcy on Sept. 4 (Bankr. Case No 17 S 32/07y). KALT & WARM: Innsbruck Court Orders Business Shutdown ----------------------------------------------------- The Land Court of Innsbruck entered Sept. 10 an order shutting down the business of LLC Kalt & Warm Installationstechnik (FN 238764z). Court-appointed estate administrator Stephan Kasseroler 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. Stephan Kasseroler Lieberstrasse 3 6020 Innsbruck Austria Tel: 0512/57 13 31 Fax: 0512/57133199 E-mail: office@kasseroler.at Headquartered in Wattens, Austria, the Debtor declared bankruptcy on Oct. 19 (Bankr. Case No 19 S 85/07h). PRO-DOMO NEDIC: Claims Registration Period Ends Oct. 22 ------------------------------------------------------- Creditors owed money by KEG Pro-Domo Nedic (FN 214895y) have until Oct. 22 to file written proofs of claim to court-appointed estate administrator Klemens Dallinger at: Dr. Klemens Dallinger c/o Dr. Guenther Hoedl Schulerstrasse 18 1010 Vienna Austria Tel: 513 28 33 Fax: 513 28 33 22 E-mail: dallinger@anwaltsteam.at Hoedl@anwaltsteam.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 a.m. on Nov. 5 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1609 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Sept. 11 (Bankr. Case No. 38 S 49/07v). Guenther Hoedl represents Dr. Dallinger in the bankruptcy proceedings. ROSEMARIE UND HELMUT: Linz Court Orders Business Shutdown --------------------------------------------------------- The Land Court of Linz entered Sept. 13 an order shutting down the business of LLC Rosemarie und Helmut Wurm (FN 81121x). Court-appointed estate administrator Christian Atzwanger 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. Christian Atzwanger Luefteneggerstrasse 12 4020 Linz Austria Tel: 77 88 670 Fax: 78 32 644 E-mail: office@schuh-atzwanger.at Headquartered in Linz - Ebelsberg, Austria, the Debtor declared bankruptcy on Sept. 4 (Bankr. Case No 12 S 70/07t). ZIKOLI LLC: Claims Registration Period Ends Oct. 16 --------------------------------------------------- Creditors owed money by LLC Zikoli (FN 107586s) have until Oct. 16 to file written proofs of claim to court-appointed estate administrator Hans-Peter Pfluegl at: Mag. Hans-Peter Pfluegl Oberndorfer Ortsstrasse 56a 3130 Herzogenburg Austria Tel: 02782/83 553 Fax: 02782/83 553-55 E-mail: hanspeter.pfluegl@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 12:10 p.m. on Nov. 6 for the examination of claims. The meeting of creditors will be held at: The Land Court of St. Poelten Room 216 Second Floor Old Building St. Poelten Austria Headquartered in St. Veit an der Goelsen, Austria, the Debtor declared bankruptcy on Sept. 7 (Bankr. Case No. 14 S 157/07i). ============= B E L G I U M ============= AVNET INC: Closes Acquisition of Magirus Infrastructure Division ---------------------------------------------------------------- Avnet Inc. has completed its acquisition of the Enterprise Infrastructure Division of Magirus Group. The acquired business, which has annual revenues of approximately US$500 million, is a value-added distributor of IBM and Hewlett-Packard enterprise computing products in seven European countries and Dubai. The acquisition is expected to meet or exceed the company’s stated return-on-capital-employed goal and add approximately US$0.08 EPS in calendar 2008. The integration of the acquired business into Avnet’s Technology Solutions group in Europe is expected to be essentially complete by June 2008. Roy Vallee, Avnet’s chairman and chief executive officer, stated, "This acquisition positions Avnet Technology Solutions as Europe’s largest value-added IT distributor for enterprise solutions with the broadest capabilities in the market. Following completion of the recently announced Acal IT Solutions acquisition, Avnet Technology Solutions will have US$2.5 billion of annual revenue in the region and possess unique scale and scope advantages that further enhance Avnet’s value proposition to our trading partners. In support of Avnet Technology Solutions’ strategy to enable complete solutions, we will continue to pursue value creating acquisitions that expand our customer base and/or broaden our products and services portfolio." Avnet Technology Solutions has now significantly increased its presence in the two largest European markets, Germany and UK, while expanding its operations in six additional countries. The addition of 140 skilled employees and 1,300 value-added-reseller customers presents additional opportunities for cross selling and materially expands Technology Solutions' role in the European IT distribution channel. "This move strengthens our position as a pan-European value- added distributor with industry-leading system integration, marketing, financial and technical services," said Dick Borsboom, president of Avnet Technology Solutions EMEA. "With expanded geographic coverage and deep technical resources, we will address a wider range of solutions and accelerate the growth of our trading partners." About Magirus The Magirus Group -- http://www.magirus.com/-- is an international IT company, whose core businesses are IT infrastructure, technology, supply chain, marketing and financial services. With approx. EUR700 million in revenues and more than 600 employees, Magirus is one of the leading IT infrastructure and solutions provider in Europe. Its portfolio comprises high-end servers, storage systems and network products, as well as software for system, storage, network, Internet and security management in addition to middleware, groupware and applications, virtualization, information lifecycle management, databases, internet/intranet and e- business software. With a network of subsidiaries, joint ventures and offices, the company operates in Europe and the Middle East. Together with qualified system and software houses, Magirus supplies companies in all industries, such as financial service providers, telecommunications and automotive, as well as public sector clients. The strategic alliance with Agilysys Inc., Cleveland, Ohio, enables it to support companies planning to realize projects in the US market. About Avnet Inc Headquartered in Phoenix, Arizona, Avnet, Inc. -- http://www.avnet.com/-- distributes electronic components and computer products, primarily for industrial customers. It has operations in the following countries: Australia, Belgium, China, Germany, Hong Kong, India, Indonesia, Italy, Japan, Malaysia, New Zealand, Philippines, Singapore, and Sweden, Brazil, Mexico and Puerto Rico. * * * Moody's Investors Service affirmed Avnet's Ba1 corporate family long-term debt ratings in March 2007. Moody's said the outlook is positive. =========== F R A N C E =========== HEXCEL CORP: Embarks on US$180-Million Carbon Fiber Expansion ------------------------------------------------------------- Hexcel Corporation will expand its carbon fiber production capacity through the addition of both new carbon fiber lines and a new precursor line. The construction will be completed within two years, increasing Hexcel’s carbon fiber production nameplate capacity by approximately 70% to a total of about 16 million pounds. The expansion is needed to meet existing customer forecasts in commercial aerospace, space & defense and strategic industrial applications such as the recently announced contract for rotor tubes for the American Centrifuge Plant. Commenting on the expansion investment, Mr. David E. Berges, Hexcel’s Chairman and Chief Executive Officer said, "We are excited by the accelerating demand for carbon fiber composites, driven by market growth and the increasing penetration of these materials, particularly in commercial aerospace. As a world leader in advanced structural materials, Hexcel is committed to supporting this growth through product development and capacity expansion. The expansion will cost about US$180 million spread over 2007, 2008 and 2009. Our team has done an outstanding job on our first expansion, and the knowledge gained has enabled us to continue to drive down capital costs per pound and shorten the time for construction and qualification." Headquartered in Stamford, Connecticut, Hexcel Corporation (NYSE: HXL) -- http://www.hexcel.com/-- is an advanced structural materials company. It develops, manufactures and markets lightweight, high-performance structural materials, including carbon fibers, reinforcements, prepregs, honeycomb, matrix systems, adhesives and composite structures, used in commercial aerospace, space and defense and industrial applications. The company has operations in Australia, Brazil, China, France, Japan, among others. * * * As reported in the Troubled Company Reporter on April 5, 2007, Moody's Investors Service has raised the ratings of Hexcel Corporation, Corporate Family Rating to Ba3 from B1. The ratings on Hexcel's senior secured credit facility have been upgraded to Ba1 from Ba2, while the subordinated notes ratings were upgraded to B1 from B3. Moody's said the ratings outlook is stable. SPANSION INC: Inks Definitive Contract with Saifun Semiconductor ---------------------------------------------------------------- Spansion Inc. has inked an agreement for the purchase of Saifun Semiconductors Ltd. This transaction consolidates all MirrorBit(R) and NROM IP, design and manufacturing expertise into a single company. As a result, the combination will expand Spansion's product portfolio, and enable Spansion's immediate entry into the technology licensing business, significantly expanding Spansion's market opportunity. This transaction allows Spansion to: -- Consolidate Intellectual Property (IP) complementary to Spansion's MirrorBit technology; -- Immediately enter the technology licensing business; -- Drive adoption of MirrorBit beyond the NOR segment, into new markets including NAND, DRAM, and systems on a chip; -- Accelerate and diversify Spansion's product roadmap through the addition of Saifun's world-class engineering team who are already familiar with MirrorBit technology; and -- Expand operating margins. Under the terms of the agreement, each Saifun shareholder will receive 0.7429 shares of Spansion common stock and approximately US$5.05 per share in cash for each share of Saifun common stock. The cash distribution will be funded solely from Saifun's existing cash on hand concurrently or before the closing of the transaction. Based on closing stock prices on Oct. 5, the total consideration values Saifun at US$11.26 per share, for a total consideration of US$368 million on a fully-diluted basis, or approximately US$135 million net of cash acquired and cash distributed to Saifun shareholders. The transaction is subject to satisfaction of customary closing conditions that include Israeli court approval, regulatory approvals and the Saifun shareholders' approval, and is expected to close in the first quarter of 2008. "Throughout our long-term partnership with Saifun we have been impressed with the depth of technology expertise, the quality of people and the ingenuity of the Saifun organization and look forward to establishing a team in Israel," said Bertrand Cambou, president and Chief Executive Officer, Spansion Inc. "We look forward to collaborating with them to serve Saifun's existing licensees, and enter new markets with a powerful technology licensing strategy and a broadened and diversified product portfolio." Since 2002, Spansion has been a licensee of Saifun's NROM intellectual property, which has formed the cornerstone of Spansion's proprietary MirrorBit technology. MirrorBit Technology now represents nearly one fourth of the entire NOR Flash memory segment, and generates revenues at a run rate approaching US$2 billion per year. As part of this relationship, Saifun has also provided design services to Spansion, including the successful development of Spansion's MirrorBit Quad and SPI product families. By combining the two companies, Spansion can further accelerate the development of its next generation product roadmap by directly leveraging over 150 MirrorBit technology and design experts and also eliminate its own licensing and royalty payments to Saifun. "Joining forces with Spansion enables us to take our licensing business to the next level," said Boaz Eitan, CEO of Saifun Semiconductor. "By combining Spansion MirrorBit expertise with our successful NROM IP licensing model, we will more rapidly enable our current and future customers to commercialize new generations of Flash memory technology. We will continue to support all of our existing licensees with the same commitment and dedication as before. We are certain that the addition of the Spansion IP and manufacturing know-how will only accelerate all programs." The boards of directors of both companies have approved the definitive agreement. Following the close of the transaction, Dr. Boaz Eitan will become a member of Spansion's Board of Directors. Dr. Boaz Eitan, who together with his affiliates, owns approximately 35 percent of Saifun outstanding shares, has entered into a voting agreement with Spansion and agreed to vote all of his shares in favor of the transaction. After the transaction, current Saifun shareholders will hold approximately 15 percent of Spansion's shares. Citigroup Global Markets Inc. served as financial advisor to Spansion and Lehman Brothers served as financial advisor to Saifun. O'Melveny & Myers represented Spansion with Yigal Arnon & Co., as special Israeli counsel and Morrison & Foerster represented Saifun with Eitan-Mehulal Law Group as Israeli counsel. About Saifun Saifun Semiconductor -- http://www.spansion.com/-- (Nasdaq: SFUN) is a provider of intellectual property (IP) solutions for the non- volatile memory (NVM) market. The company's innovative Saifun NROM(R) technology allows semiconductor manufacturers to deliver high performance, reliable products at a lower cost per megabit, with greater storage capacity, using a single process for all NVM applications. Saifun licenses its IP to semiconductor manufacturers who use this technology to develp and manufacture a variety of stand-alone and embedded NVM products. These include Flash memory for the telecommunications, consumer electronic, networking and automotive markets. Among the companies currently licensing Saifun NROM technology are Macronix International, NEC Electronics, Semiconductor Manufacturing International Corporation, Sony Corporation, Spansion, and Tower Semiconductor. About Spansion Spansion Inc. -- http://www.spansion.com/-- (Nasdaq: SPSN), headquartered in Sunnyvale, California, and parent of Spansion LLC, is a leading provider of flash memory semiconductors that's after its initial public offering in December 2005, is owned approximately 38% by Advanced Micro Devices and 25% by Fujitsu Limited. The company has European operations in France, Asia-Pacific facilities in Japan, China, Malaysia and Thailand, as well as sales offices in Latin American countries including Brazil and Mexico. * * * As reported in the Troubled Company Reporter-Latin America on May 18, 2007, Fitch Ratings has assigned a rating of 'B+/RR2' to Spansion Inc.'s US$550 million senior secured floating- rate notes due 2013 issued pursuant to Rule 144A, the net proceeds from which will be used to repay the outstanding obligations under the company's US$500 million senior secured term loan facility due 2012. The remainder of net proceeds will be used for general corporate purposes, including capital expenditures and working capital. Fitch has withdrawn the 'BB-/RR1' rating of the approximately US$500 million senior secured term loan facility in anticipation of Spansion's repayment of this tranche of debt. Additionally, Fitch has downgraded the US$175 million senior secured revolving credit facility due 2010 to 'B+/RR2' from 'BB-/RR1.' In conjunction with the refinancing, Fitch has affirmed these ratings: -- Issuer Default Rating of 'B-'; -- US$250 million of 11.75% senior unsecured notes due 2016 at 'CCC+/RR5'; and -- US$207 million of 2.25% convertible senior subordinated debentures due 2016 at 'CCC/RR6'. Fitch said the rating outlook remains negative. Approximately US$1.1 billion of total debt is affected by Fitch's actions. ============= G E R M A N Y ============= CHRYSLER LLC: Inks Tentative Pact on New Labor Contract w/ UAW -------------------------------------------------------------- Tom LaSorda, Vice Chairman and President of Chrysler LLC, disclosed that the company and the United Auto Workers union have reached a tentative agreement on a new national labor contract, covering approximately 45,000 represented employees. The agreement is subject to UAW member ratification. The tentative agreement includes a memorandum of understanding to establish an independent retiree health care trust, as well as other changes to the national agreement. Following ratification, implementation of the memorandum of understanding is subject to approval by the courts and satisfactory review of accounting treatment with the Securities Exchange Commission. The national agreement is consistent with the economic pattern, and balances the needs of its employees and company by providing a framework to improve its long-term manufacturing competitiveness. At this time, both parties cannot discuss specifics of the agreement pending a ratification vote -- an internal UAW process. 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. CHRYSLER LLC: Third Quarter Sales Increase by 10% in 2007 --------------------------------------------------------- Chrysler LLC has announced an increase of 10 percent compared to the same period of 2006 in the third quarter of 2007. From July to September, Chrysler sold 149,800 vehicles outside of the U.S. Third quarter figures include a 20 percent sales increase Internationally, outside of North America (62,516 units); a 5.5 percent sales increase in Mexico (30,648 units); and a sales increase of 2.8 percent in Canada (56,636 units). Chrysler's worldwide vehicle sales declined 3 percent during the third quarter of 2007 to 615,530 units (2006: 634,656 units). Sales increases in select markets were driven by the worldwide appeal and strong customer interest in Chrysler's new vehicles, including the Jeep(R) Wrangler, Jeep Compass and Jeep Patriot. "The North American market will continue to be vital to the overall growth of Chrysler," said Steven Landry, Executive Vice President - North American Sales. "Although the U.S. is our largest market, it is important to note the growing importance of regions like Canada and Mexico that are contributing more and more to this Company, as we expand our product portfolio to meet the needs of our global customer base." Chrysler's International Markets Fueled by demand for new Jeep and Dodge models, third quarter sales for markets outside North America were up 20 percent to 62,516 units during the third quarter (2006: 52,114 units). For the month of September, sales increased 12.3 percent to 23,016 units, bringing the number of consecutive months for year-over- year sales improvement to 28. Many new models have had a significant impact on the recent increases. Jeep Wrangler sales of 11,650 units in 2007 have nearly doubled last year's total for the same time period. And the recently introduced Dodge Nitro was among the top-selling vehicles Internationally in September. "The Company is now experiencing the strength of our International product offensive," said Michael Manley -- Executive Vice President of International Sales, Marketing and Business Development. "Though we have achieved approximately 20 percent growth this year, we recognize that we are working from a relatively low base, and continue to have opportunity to grow. We are however, pleased for our dealers who have worked hard and had the confidence to invest in us. As we move forward, we will continue to focus on them and satisfying our customers, as that is the key to our continued success." Chrysler Mexico Posting its best September ever, Chrysler Mexico sales rose 3.2 percent to 10,543 units in September 2007. SUV sales were up 62.4 percent for the month while total trucks advanced 20.6 percent. Also posting an all-time third quarter record, from July to September, Chrysler Mexico sales rose 5.5 percent to 30,648 units (2006: 29,055 units). Chrysler Canada Chrysler Canada recorded another successful month of sales extending the growth streak to 14 months in a row. Chrysler Canada September sales of 17,011 vehicles rose 5.1 percent over the same month last year. During the third quarter, sales also advanced 2.8 percent in Canada to 56,636 units. Chrysler's U.S. market In the highly competitive market environment of the U.S., Chrysler sales declined 5.4 percent to 159,799 units in September 2007, driven by planned fleet reductions of 21 percent. However, Chrysler brand car sales rose 10 percent year-over-year in September led by the Sebring Sedan and Convertible. Dodge brand sales, aided by the Ram Pickup and Nitro, advanced 5 percent from the same period last year. And the Jeep Wrangler continued to make progress with sales up 71 percent for the month. During the third quarter, sales in the U.S. declined 6.6 percent to 465,730 units in 2007 (2006: 498,402 units). The Recovery and Transformation Plan helps facilitate International growth outside of North America To help the Company expand globally, a team from the Recovery and Transformation Plan is working on many fronts to assess new International growth opportunities and prepare Chrysler for expansion in select International markets. The International Growth team aims to identify the right products and entry strategies to introduce Chrysler, Jeep and Dodge brands to targeted audiences and develop a more balanced global footprint. This team is working with Product Strategy to develop vehicles aimed at International markets. The recent appointments of Philip Murtaugh as Chief Executive Officer -- Asia Operations and John Stech as the Head of Chrysler Russia LLC further underscore Chrysler's commitment to these markets as they continue to grow and expand. 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/--) 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. COMPLICE GMBH: Claims Registration Ends October 31 -------------------------------------------------- Creditors of Complice GmbH Bluses & Coordinates have until Oct. 31 to register their claims with court-appointed insolvency manager Axel Kulas. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Hechingen Room 055 Heiligkreuzstrasse 9 Hechingen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Axel Kulas Gansheidestr. 43 70184 Stuttgart Germany Telefax: 0711/70707588 The District Court of Hechingen opened bankruptcy proceedings against Complice GmbH Bluses & Coordinates on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Complice GmbH Bluses & Coordinates Schmidl-Siedlung 2 72511 Bingen Germany DOMIZIL CONZEPT: Claims Registration Ends Oct. 30 ------------------------------------------------- Creditors of Domizil Conzept GmbH have until Oct. 30 to register their claims with court-appointed insolvency manager Frank Ruediger Scheffler. Creditors and other interested parties are encouraged to attend the meeting at 10:30 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 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: Frank Ruediger Scheffler Ulmenstrasse 14 09112 Chemnitz Germany Tel: (0371) 382260 Fax: (0371) 3822623 Website: http://www.tiefenbacher.de/ The District Court of Chemnitz opened bankruptcy proceedings against Domizil Conzept GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Domizil Conzept GmbH Attn: Andreas Wolfram, Manager Zwickauer Strasse 56 09112 Chemnitz Germany ENGLERT BAU: Claims Registration Ends November 2 ------------------------------------------------ Creditors of Englert Bau - Gesellschaft mbH have until Nov. 2 to register their claims with court-appointed insolvency manager Ottmar Hermann. Creditors and other interested parties are encouraged to attend the meeting at 9:45 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 Frankfurt (Main) Hall 2 Building F Klingerstrasse 20 60313 Frankfurt (Main) Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ottmar Hermann Bleichstrasse 2-4 60313 Frankfurt am Main Germany Tel: 069/9130920 Fax: 069/91309230 The District Court of Frankfurt (Main) opened bankruptcy proceedings against Englert Bau - Gesellschaft mbH on Sept. 28. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Englert Bau - Gesellschaft mbH Friedrich-Ebert-Strasse 40 61118 Bad Vilbel Germany GOETZ KRUEGER: Claims Registration Ends Oct. 29 ----------------------------------------------- Creditors of Goetz Krueger GmbH have until Oct. 29 to register their claims with court-appointed insolvency manager Hendrik Rogge. Creditors and other interested parties are encouraged to attend the meeting at 10:45 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 Pinneberg Hall 3 First Floor Bahnhofstrasse 17 25421 Pinneberg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Hendrik Rogge Haferweg 22 22769 Hamburg Germany The District Court of Pinneberg opened bankruptcy proceedings against Goetz Krueger GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Goetz Krueger GmbH Friedrichshulder Weg 101 25469 Halstenbek Germany HANIDO TRANSPORT: Claims Registration Period Ends Nov. 10 --------------------------------------------------------- Creditors of Hanido Transport GmbH have until Nov. 10 to register their claims with court-appointed insolvency manager Thorsten Klepper. Creditors and other interested parties are encouraged to attend the meeting 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 Dortmund Hall 3.316 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: Thorsten Klepper Kleppingstrasse 20 44135 Dortmund Germany The District Court of Dortmund opened bankruptcy proceedings against Hanido Transport GmbH on Sept. 27. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hanido Transport GmbH Attn: Harry Niggemann, Manager Goellenkamp 31 a 44357 Dortmund Germany HEROS GROUP: Court Rejects Appeal After Chairman Misses Deadline ---------------------------------------------------------------- The Regional Court of Hildesheim has rejected as inadmissible the appeal filed by Heros Group founder and former Chairman Karl-Heinz Weis because his lawyers failed to provide any justification for the appeal in time to meet the deadline, The Financial Times reports. The TCR-Europe reported on May 29, 2007, that the Hildesheim State Court had convicted Mr. Weis, along with a procurement manager and two branch managers, of embezzling up to EUR240 million (US$324 million) from the company's clients. The court found that the four former managers intentionally delayed cash transfers to their customers, comprised mostly of retailers and banks, in order to cover up losses. Mr. Weis received a 10-year sentence whereas the other defendants received prison sentences ranging from 6-1/2 to 10 years. The provision of justification for his appeal was delayed because the lawyers defending Mr. Weis sent the wrong fax to the court, and have applied to return to the previous position. If the application is approved, the law firm will be able to provide justification for the appeal later, FT states. The Federal Supreme Court must now decide whether to allow the appeal despite the error. The other three former Heros executives have also appealed and have reportedly taken the necessary steps by the deadline, FT relates. Headquartered in Hanover, Germany, Heros Group -- http://www.heros-unternehmensgruppe.de/-- previously controlled around half of Germany's money- transport business transporting around EUR600 million a day. Heros Group and 23 of its subsidiaries filed for insolvency proceedings on Feb. 21, 2006, following the arrest of four executives from its Nordcash Geldbearbeitung unit. The court in Hanover formally opened the insolvency proceedings against the company on April 28, 2006, effecting a takeover deal by US investor MatlinPatterson. Since then, Heros traded under the SecurLog name. Financial losses caused by the bankruptcy were placed at EUR469 million (US$632 million). HR-INSPIRED GMBH: Claims Registration Period Ends Oct. 30 --------------------------------------------------------- Creditors of HR-INSPIRED GmbH have until Oct. 30 to register their claims with court-appointed insolvency manager Dr. Heiner Buss. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on Nov. 30, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wilhelmshaven Hall 109 Old Building Market Route 15 26382 Wilhelmshaven 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. Heiner Buss Hauptstrasse 169 26639 Wiesmoor Germany Tel: (04944) 1033/1034 Fax: (04944) 912035 E-Mail: BUSS.Wiesmoor@t-online.de The District Court of Wilhelmshaven opened bankruptcy proceedings against HR-INSPIRED GmbH on Sept. 27. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HR-INSPIRED GmbH Attn: Wolfgang Janssen, Manager Schaarreihe 113 26389 Wilhelmshaven Germany ISOFIRE GMBH: Claims Registration Period Ends Nov. 13 ----------------------------------------------------- Creditors of Isofire GmbH have until Nov. 13 to register their claims with court-appointed insolvency manager Sabine Feuerborn. Creditors and other interested parties are encouraged to attend the meeting at 9:55 a.m. on Dec. 11, 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 Cologne Meeting Hall 14 Ground 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. Sabine Feuerborn Else-Lang-Str. 1 50858 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against Isofire GmbH on Sept. 17. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Isofire GmbH Koerner Str. 73 50823 Cologne Germany Attn: Kadira Kasic, Manager Subbelrather Str. 439 50825 Cologne Germany KURKLINIK VICTORIA: Claims Registration Period Ends Oct. 25 ----------------------------------------------------------- Creditors of Kurklinik Victoria GmbH have until Oct. 25 to register their claims with court-appointed insolvency manager Frank Hanselmann. Creditors and other interested parties are encouraged to attend the meeting at 9:35 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 Schweinfurt Meeting Hall 22 Eingang Friedenstr. 2 Schweinfurt 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: Frank Hanselmann Berliner Platz 6 97080 Wuerzburg Germany Tel: 0931/359800 The District Court of Schweinfurt opened bankruptcy proceedings against Kurklinik Victoria GmbH on Oct. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kurklinik Victoria GmbH Kurgarten 5 97688 Bad Kissingen Germany LAUKEMANN GMBH: Claims Registration Period Ends Oct. 30 ------------------------------------------------------- Creditors of Laukemann GmbH, Hoch, Tief-, Strassenbau have until Oct. 30 to register their claims with court-appointed insolvency manager Ottmar Hermann. Creditors and other interested parties are encouraged to attend the meeting at 10:30 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 Karlsruhe Hall IV First Floor Schlossplatz 23 76131 Karlsruhe Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ottmar Hermann Bleichstr. 2-4 60313 Frankfurt am Main Germany Tel: (069)) 91 30 92 0 The District Court of Karlsruhe opened bankruptcy proceedings against Laukemann GmbH, Hoch, Tief-, Strassenbau on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Laukemann GmbH, Hoch, Tief-, Strassenbau Attn: Juergen Laukemann, Manager Hermann-Leichtlin-Str. 9a 76185 Karlsruhe Germany LET'S BUY: Claims Registration Ends Oct. 25 ------------------------------------------- Creditors of Let's Buy Clever GmbH have until Oct. 25 to register their claims with court-appointed insolvency manager Michael Bremen. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Nov. 15, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duesseldorf Meeting Hall A 409 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: Michael Bremen Sternstr. 58 40479 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against Let's Buy Clever GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Let's Buy Clever GmbH Oberbilker Allee 105 40227 Duesseldorf Germany MESSEBAU SCHLEY: Claims Registration Ends November 2 ---------------------------------------------------- Creditors of Messebau Schley GmbH have until Nov. 2 to register their claims with court-appointed insolvency manager Guenter Staab. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Nov. 13, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Saarbruecken Meeting Hall 13 First Floor Vopeliusstrasse 2 66280 Sulzbach Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Guenter Staab Sulzbachstrasse 26 66111 Saarbruecken Germany Tel: (0681) 3090 416 Fax: (0681) 3090 456 The District Court of Saarbruecken opened bankruptcy proceedings against Messebau Schley GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Messebau Schley GmbH Attn: Peter Pfeifer, Manager Birken 11 66130 Saarbruecken Germany NRG ENERGY: Earns US$149 Million in Second Quarter Ended June 30 ---------------------------------------------------------------- NRG Energy Inc. reported net income for the three months ended June 30, 2007, of US$149 million, as compared to net income of US$203 million for the same period last year. These results include a US$35 million non-cash, pre-tax charge related to the completion of the US$4.4 billion refinancing of the company's Senior Credit Facility in conjunction with the company's Comprehensive Capital Allocation Plan, while the 2006 period benefited from US$15 million in pre-tax settlement agreements. Quarterly operating income improved to US$436 million from US$410 million in 2006. Second quarter 2007 results included US$36 million in net development costs for the RepoweringNRG program. Operating income for the three months ended June 30, 2007, were favorably impacted by increased gas generation and pricing in the Northeast region. Net income from continuing operations for the first half of this year was US$214 million, compared to US$217 million for the same period last year. Operating income for the first six months of 2007 improved to US$709 million from US$619 million in 2006. First half results were favorably impacted by the inclusion of an additional month for NRG Texas as this business was acquired on Feb. 2, 2006, and higher generation and pricing in the Northeast region. Cash flow from operations for the first six months of 2007 was US$459 million, after the posting of US$103 million of net collateral outflows, versus adjusted cash flow from operations of US$604 million, including the benefit of US$272 million of net collateral inflows, during the same period last year. "Through RepoweringNRG and FORNRG we have our business well positioned for the future, while the strong execution of our commercial and plant operations has put us in a position to exceed the financial goals we had announced at the beginning of the year," commented David Crane, NRG president and chief executive officer. "The quarter also marked the timely completion of construction at Long Beach, our first repowering, and demonstrates how quickly and capably we can act upon a type of project which will become increasingly prevalent as reserve margins tighten in all of our core markets." Balance Sheet At June 30, 2007, the company's consolidated balance sheet showed US$18.94 billion in total assets, US$13.36 billion in total liabilities, US$1 million in minority interest, US$247 million in 3.625% redeemable perpetual preferred stock, and US$5.33 billion in total stockholders' equity. Full-text copies of the company's consolidated financial statements for the quarter ended June 30, 2007, are available for free at http://researcharchives.com/t/s?2424 Liquidity and Capital Resources Liquidity at June 30, 2007, was approximately US$1.85 billion, down US$373 million since Dec. 31, 2006, and US$123 million since June 30, 2006. The reduction in current liquidity is mainly due to the US$200 million reduction in synthetic letter of credit capacity as part of the recent restructuring of the first lien credit facility. Outlook The company is raising 2007 adjusted EBITDA guidance to US$2.20 billion from US$2.15 billion and cash flow from operations to US$1.42 billion from US$1.40 billion to reflect its strong first half performance, its fully hedged baseload position for the balance of the year and the expected reduction in second half operating expenses. About NRG Energy Hearquartered in Princeton, New Jersey, NRG Energy Inc. (NYSE: NRG) -- http://www.nrgenergy.com/-- owns and operates a diverse portfolio of power-generating facilities, primarily in Texas and the Northeast, South Central and West regions of the U.S. Its operations include baseload, intermediate, peaking, and cogeneration and thermal energy production facilities. NRG also has ownership interests in generating facilities in Australia, Germany, and Brazil. * * * Standard & Poor's Ratings Services rates NRG Energy Inc.'s US$4.7 billion unsecured bonds at 'B'. In addition, Standard & Poor's rates NRG Energy Inc.'s corporate credit rating at 'B+'. S&P said the outlook is stable. NOWOTEL.DE BETEILIGUNGS: Creditors' Meeting Slated for Nov. 20 -------------------------------------------------------------- The court-appointed insolvency manager for nowoTel.de Beteiligungs- und Vertriebsgesellschaft mbH, Andreas Kienast, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:15 a.m. on Nov. 20. The meeting of creditors and other interested parties will be held at: The District Court of Magdeburg Hall 13 Insolvency Department Breiter Weg 203 - 206 39104 Magdeburg Germany The Court will also verify the claims set out in the insolvency manager's report at 9:05 a.m. on Jan. 30, 2008, at the same venue. Creditors have until Oct. 31 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Andreas Kienast Lennestr. 10 39112 Magdeburg Germany Tel: 0391/5973322 Fax: 0391/5973333 The District Court of Magdeburg opened bankruptcy proceedings against nowoTel.de Beteiligungs- und Vertriebsgesellschaft mbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: nowoTel.de Beteiligungs- und Vertriebsgesellschaft mbH Tranketor 12 39221 Eggersdorf Germany Attn: Dirk Nowosielski, Manager Am Polderdeich 55 39124 Magdeburg 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 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 Cologne 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 Cologne Germany Attn: Michael Bauer, Manager Hildebrandstr. 33 76227 Karlsruhe Germany OTTENEDER BAU: Claims Registration Ends November 2 -------------------------------------------------- Creditors of Otteneder Bau GmbH & Co.KG have until Nov. 2 to register their claims with court-appointed insolvency manager Alexander Saponjic. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on Nov. 16, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Landshut Meeting Hall 9/I Maximilianstrasse 22-24 Landshut 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: Alexander Saponjic Bachstr. 6 84036 Landshut Germany Tel: 0871/943210 Fax: 0871/9432150 The District Court of Landshut opened bankruptcy proceedings against Otteneder Bau GmbH & Co.KG on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Otteneder Bau GmbH & Co.KG Bahnhofstrasse 14 94424 Arnstorf Germany PARKETT POPIELA: Claims Registration Period Ends Oct. 31 -------------------------------------------------------- Creditors of Parkett Popiela GmbH have until Oct. 31 to register their claims with court-appointed insolvency manager Michael Wellstein. Creditors and other interested parties are encouraged to attend the meeting at 90:15 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 Ludwigshafen am Rhein Meeting Hall XIII Wittelsbachstr. 10 67061 Ludwigshafen/Rhein Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Michael Wellstein L 11, 20-22 68161 Mannheim Germany The District Court of Ludwigshafen am Rhein opened bankruptcy proceedings against Parkett Popiela GmbH on Sept. 28. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Parkett Popiela GmbH Attn: Adam Popiela, Manager Pettenkoferstr. 16 67063 Ludwigshafen Germany PROSIEBENSAT.1 MEDIA: Cartel Office Closes Fine Payment Case ------------------------------------------------------------ The Federal Cartel Office will close the proceedings against ProSiebenSat.1 Media AG and its ad sales division SevenOne Media against payment of a fine. The proceedings were part of an industry-wide investigation against advertising sales houses and market participants in Germany. The Federal Cartel Office has concluded in substance that so-called share of advertising rebates -– last implemented in the 2006 booking season -– between ProSiebenSat.1 Media AG and the media agencies are vertical restraints of competition. ProSiebenSat.1 Media AG will no longer offer the share of advertising rebates which have been common industry practice. ProSiebenSat.1 Media AG will now use a new pricing model for media agencies and the advertising industry which is in line with cartel law. ProSiebenSat.1 Media AG is confident that it will be able to continue to achieve its performance targets under the new sales model. In order to avoid lengthy court actions and negative impacts on the business activities of ProSiebenSat.1 Media AG, the Company has decided to accept a fine in the amount of EUR120 million. The Federal Cartel Office has, for the first time, calculated the fine by applying the new rules of the 7th amendment to the cartel law and the Federal Cartel Office’s guidelines for the setting of fines. These new rules result in a significant increase in the level of fines, when compared to prior cartel law cases. About ProsiebenSat.1 Headquartered in Munich, Germany, ProsiebenSat.1 Media AG -- http://en.ProsiebenSat1.com/-- broadcasts and produces TV programs through 24 commercial TV stations, 24 premium Pay TV channels and 22 radio network. In June 2007, the ProSiebenSat.1 Group acquired SBS Broadcasting Group. The company employs around 6,000 Europe-wide. * * * As of Aug. 23, 2007, ProsiebenSat.1 Media AG carries Ba1 senior unsecured and corporate family ratings from Moody's Investors Service. REINIGUNG DIENSTLEISTUNG: Claims Registration Ends October 30 ------------------------------------------------------------- Creditors of Reinigung, Dienstleistung und Service GmbH & Co. KG have until Oct. 30 to register their claims with court-appointed insolvency manager Philipp Grub. Creditors and other interested parties are encouraged to attend the meeting at 9:30 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 Stuttgart Hall 4 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: Dr. Philipp Grub Humboldtstr. 16 70178 Stuttgart Germany Tel: 0711/96 68 90 Fax: 0711/96 68 919 The District Court of Stuttgart opened bankruptcy proceedings against Reinigung, Dienstleistung und Service GmbH & Co. KG on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Reinigung, Dienstleistung und Service GmbH & Co. KG Attn: Uwe Jesse, Manager Benzstr. 15 71332 Waiblingen Germany STUTH BAMBERG-HALLSTADT: Claims Registration Ends Oct. 17 --------------------------------------------------------- Creditors of Stuth Bamberg-Hallstadt GmbH have until Oct. 17 to register their claims with court-appointed insolvency manager Thomas Linse. Creditors and other interested parties are encouraged to attend the meeting at 8:00 a.m. on Nov. 16, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bamberg Meeting Hall 031 Synagogenplatz 1 96047 Bamberg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Thomas Linse Rosenauer Str. 22 96450 Coburg Germany Tel: 09561/8034-0 Fax: 09561/8034-34 The District Court of Bamberg opened bankruptcy proceedings against Stuth Bamberg-Hallstadt GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Stuth Bamberg-Hallstadt GmbH Michelinstr. 142 96103 Hallstadt Germany WEINBRENNER UMFORMSYSTEME: Claims Registration Ends November 2 -------------------------------------------------------------- Creditors of Weinbrenner Umformsysteme GmbH & Co. KG have until Nov. 2 to register their claims with court-appointed insolvency manager Dr. Volker Viniol. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Ludwigsburg Hall 2008 Palace Schuetz Schorndorfer Str. 28 71638 Ludwigsburg 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. Volker Viniol Danneckerstr. 52 70182 Stuttgart Germany Tel: 0711/238890 The District Court of Ludwigsburg opened bankruptcy proceedings against Weinbrenner Umformsysteme GmbH & Co. KG on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Weinbrenner Umformsysteme GmbH & Co. KG Attn: Martin Buchholz, Manager Schwarzwaldstr. 1 71263 Weil der Stadt Germany WOHNBAU STADLER: Claims Registration Ends October 30 ---------------------------------------------------- Creditors of Wohnbau Stadler GmbH have until Oct. 30 to register their claims with court-appointed insolvency manager Thorsten Schleich. Creditors and other interested parties are encouraged to attend the meeting at 9:05 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 Villingen-Schwenningen Hall 2 Second Floor Niedere Str. 94 78050 Villingen-Schwenningen 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. Thorsten Schleich Max-Planck-Str. 11 78052 Villingen-Schwenningen Germany The District Court of Villingen-Schwenningen opened bankruptcy proceedings against Wohnbau Stadler GmbH on Sept. 27. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Wohnbau Stadler GmbH Attn: Kamil Tilleczek, Manager Geisinger Str. 5 a 78166 Donaueschingen Germany WSF ANLAGEN: Claims Registration Period Ends Nov. 12 ---------------------------------------------------- Creditors of WSF Anlagen Service GmbH have until Nov. 12 to register their claims with court-appointed insolvency manager Jan Markus Plathner. Creditors and other interested parties are encouraged to attend the meeting at 9:30 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 Friedberg (Hessen) Room 234 Second Floor Homburger Strasse 18 61169 Friedberg (Hessen) 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. Jan Markus Plathner Lyoner Strasse 14 60528 Frankfurt (Main) Germany Tel: (069) 96 23 34-0 Fax: (069) 96 23 34-22 E-mail: m.plathner@brinkmann-partner.de The District Court of Friedberg (Hessen) opened bankruptcy proceedings against WSF Anlagen Service GmbH on Sept. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: WSF Anlagen Service GmbH Attn: Ruediger Weismantel, Manager Neutorgasse 1 61169 Friedberg Germany ============= H U N G A R Y ============= AES CORP: Prices US$2 Billion Private Debt Placement ---------------------------------------------------- The AES Corporation has priced its previously announced private placement of senior unsecured notes, consisting of: -- US$500 million principal amount of 7.75% senior notes due 2015, and -- US$1.5 billion principal amount of 8% senior notes due 2017. The size of the offer has been increased to US$2 billion from the US$500 million previously announced on Oct. 9, 2007. The Company intends to use the net proceeds from the sale of the senior notes primarily to refinance a portion of its recourse debt. However, depending on the timing of the sources and uses of parent-level funds, up to US$600 million of the net proceeds may be used to support the Company's near-term investment requirements, such as the potential purchase of the Brazilian National Development Bank’s (BNDES) interest in Brasiliana and anticipated investments in the Philippines, South Africa and Northern Ireland, or for general corporate purposes. As previously disclosed in the Company’s Form 10-K/A dated Aug. 7, 2007, AES has a right of first refusal under the Brasiliana shareholders’ agreement to acquire BNDES’s interest in Brasiliana. BNDES has begun the process to sell its interest in Brasiliana. The Company may also use its internally- generated free cash flow, additional financing transactions and portfolio management transactions, including (but not limited to) asset sales and subsidiary recapitalization transactions to fund its investments and for the refinancing of its recourse debt. The senior notes will not be registered under the Securities Act of 1933, or any state securities laws. Therefore, the senior notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933 and any applicable securities laws. This announcement is neither an offer to sell nor a solicitation of an offer to buy the senior notes. About AES Corporation Headquartered in Arlington, Virginia, AES Corporation (NYSE: AES) -- http://www.aes.com/-- is a global power company. The company operates in South America, Europe, Africa, Asia and the Caribbean countries. Specifically, it also has operations in India. Generating 44,000 megawatts of electricity through 124 power facilities, the company delivers electricity through 15 distribution companies. The company's Latin America business group is comprised of generation plants and electric utilities in Argentina, Brazil, Chile, Colombia, Dominican Republic, El Salvador, Panama and Venezuela. AES has been in Eastern Europe for over ten years, since it acquired three power plants in Hungary in 1996. Currently, AES has two distribution companies in Ukraine, which serve 1.2 million customers and generation plants in the Czech Republic and Hungary. AES is also the leading company in biomass conversion in Hungary, generating 37% of the nation's total renewable generation in 2004. AES CORP: Moody's Rates Proposed US$500MM Sr. Unsec. Notes at B1 ---------------------------------------------------------------- Moody's Investors Service assigned a B1 senior unsecured rating to The AES Corporation's proposed issuance of US$500 million senior unsecured notes due 2017. In addition, Moody's has affirmed the ratings of AES, including the company's Corporate Family Rating at B1, its Probability of Default Rating at B1, its senior secured credit facilities at Ba1, its second priority senior secured notes at Ba3, its senior unsecured notes at B1 and its trust preferred securities at B3. The rating outlook for AES is stable. The rating affirmation reflects an expectation that AES will use proceeds from the proposed offering to fund new investment opportunities that are expected to provide appropriate returns. Furthermore, the rating affirmation acknowledges the company's success in restructuring existing businesses and investing in new electric generation projects that, in the near-term, are expected to generate incremental cash flows. These efforts, which include the restructuring of AES's businesses in Brazil, the elimination of a cash trap at its Brazilian holding company plus the construction and commercial operation of approximately 350 megawatts of United States-based wind generation, have been funded without incremental recourse debt. As a result of the above, and in combination with increased distribution from several existing subsidiaries, the aggregate amount of subsidiary distributions to AES in 2008 is expected to exceed the approximate US$1 billion received in each of 2005 and 2006. Moody's notes that the historical results include distributions from C.A. La Electricidad De Caracas, which AES recently sold to Petroleos de Venezuela S.A. Furthermore, the expected commercial operation of various generating stations currently under construction beginning 2009/2010 should further improve the level of subsidiary distributions. That being said, the proposed senior unsecured offering will constrain upward movement in AES's current rating levels over the near-to-intermediate term. The ratings could be pressured should the expected increase in subsidiary distributions not materialize. Rating assigned: * The AES Corporation -- US$500 million of new senior unsecured notes, B1 (LGD4, 57%); Ratings affirmed/LGD assessments revised: * The AES Corporation -- Corporate Family Rating -- B1; -- Probability of Default Rating -- B1; -- Senior secured credit facilities -- Ba1 (LGD1, 3%) from (LGD, 2%); -- Second priority senior secured notes -- Ba3 (LGD3, 41%) from (LGD3, 40%); and -- Senior unsecured notes -- B1 (LGD4, 57%) from (LGD4, 55%). * AES Trust III and AES Trust VII -- Convertible trust preferred securities -- B3 (LGD6, 94%) from (LGD6, 93%). The AES Corporation is a global power company with generation and distribution assets in Europe, Asia, Latin America, Africa and the United States. AES CORP: S&P Affirms BB- Credit Ratings with Stable Outlook ------------------------------------------------------------ Standard & Poor's Ratings Services affirmed its 'BB-' corporate credit rating on the diversified energy company, AES Corp., following its annual review of the company. The outlook is stable. S&P also assigned its 'B' rating to the company's US$500 million senior unsecured notes due 2017. At the same time, Standard & Poor's raised the rating on AES' US$1.8 billion second-lien senior secured debt to 'BB+' from 'BB-', two notches above the corporate credit rating. Standard & Poor's also assigned a recovery rating of '1' to the second- lien senior secured debt, indicating the expectation of very high (90%-100%) recovery in a payment default scenario. The first-lien senior secured debt is unrated. All other debt ratings were affirmed. As of June 30, 2007, Arlington, Va.-based AES had about US$4.7 billion of recourse debt and trust-preferred securities, reflecting its reliance on substantive distributions from jurisdictions with considerable regulatory and operating uncertainties and its exposure to merchant power markets, most notably through its AES Eastern Energy L.P. (BB+/Stable/--) subsidiary. The ratings on AES reflect the need for large expenditures for growth, which are partly serviced by residual distributions from project investments and dividends from operating subsidiaries, and the continuing need for financing that should be funded in a credit-neutral manner. S&P believe’s that the significant investment requirements, which will likely entail leverage, will slow the favorable credit momentum of the past two years. Partly mitigating these weaknesses are benefits of regional and operational diversification, which help to reduce the company's exposure to any one regulatory regime or commodity. The stable outlook on AES reflects our expectation of consistent performance over the next 18 months to 24 months. "We believe that as a result of large investment needs, the positive credit momentum has eased and further debt reduction is unlikely," noted Standard & Poor's credit analyst Aneesh Prabhu. "We could revise the outlook to negative if cash flow distributions deteriorate as a result of substantial investments that do not generate expected distributions, or if project-level financing results in lower distributions," he continued. Substantial loss of distributions from major contributors could also affect credit quality. About AES Corporation Headquartered in Arlington, Virginia, AES Corporation (NYSE: AES) -- http://www.aes.com/-- is a global power company. The company operates in South America, Europe, Africa, Asia and the Caribbean countries. Specifically, it also has operations in India. Generating 44,000 megawatts of electricity through 124 power facilities, the company delivers electricity through 15 distribution companies. The company's Latin America business group is comprised of generation plants and electric utilities in Argentina, Brazil, Chile, Colombia, Dominican Republic, El Salvador, Panama and Venezuela. AES has been in Eastern Europe for over ten years, since it acquired three power plants in Hungary in 1996. Currently, AES has two distribution companies in Ukraine, which serve 1.2 million customers and generation plants in the Czech Republic and Hungary. AES is also the leading company in biomass conversion in Hungary, generating 37% of the nation's total renewable generation in 2004. AES CORP: Fitch Rates US$500 Million Senior Notes at BB ------------------------------------------------------- Fitch Ratings has assigned a 'BB/RR1' rating to AES Corporation's US$500 million issue of senior unsecured notes due 2017. AES' long-term Issuer Default Rating is rated 'B+' by Fitch. The Rating Outlook is Stable. Fitch views this transaction as the pre-funding of growth capital spending and debt refinancing. For high-yield issuers, Fitch believes that pre-funding can be prudent during times of uncertain capital market access. Fitch's rating is based on its expectation that AES will use the proceeds during the next two quarters to pay down debt and/or to invest in several different generation projects. The company has US$415 million of debt maturing in 2008, and will complete several new projects that should create sufficient cash flows to offset the additional debt and interest expense and allow the company to maintain relatively stable credit metrics. The ratings of AES reflect the high degree of parent-company recourse debt, the structural subordination of that debt to project level debt, and the reliance on distributions from its subsidiaries for parent-company debt service. Offsetting, in part, the company's financial risk is the solid base of utility and contracted generation as well as the diversity of cash flow sources. The current Stable Rating Outlook reflects Fitch's expectation that credit metrics will stay within parameters for the current rating. AES is one of the world's largest global power companies, with 2006 revenues of US$11.6 billion. With operations in 28 countries on five continents, the company is active in the generation, transmission and distribution of electricity. The company controls more than 42,000 mw of capacity. About AES Corporation Headquartered in Arlington, Virginia, AES Corporation (NYSE: AES) -- http://www.aes.com/-- is a global power company. The company operates in South America, Europe, Africa, Asia and the Caribbean countries. Specifically, it also has operations in India. Generating 44,000 megawatts of electricity through 124 power facilities, the company delivers electricity through 15 distribution companies. The company's Latin America business group is comprised of generation plants and electric utilities in Argentina, Brazil, Chile, Colombia, Dominican Republic, El Salvador, Panama and Venezuela. AES has been in Eastern Europe for over ten years, since it acquired three power plants in Hungary in 1996. Currently, AES has two distribution companies in Ukraine, which serve 1.2 million customers and generation plants in the Czech Republic and Hungary. AES is also the leading company in biomass conversion in Hungary, generating 37% of the nation's total renewable generation in 2004. ========= I T A L Y ========= GOODYEAR TIRE: Extends Procurement Outsourcing Deal with ICG ------------------------------------------------------------ The Goodyear Tire & Rubber Company has renewed its contract with ICG Commerce. The extension of this relationship is a result of ICG Commerce's ability to meet its commitments and deliver measurable value. Goodyear engaged ICG Commerce in 2005 as part of the company's focus on driving cost reductions, one of the seven key drivers in their corporate strategy to build momentum and maintain profitable growth through improvements in company performance. "Extending our contract with ICG Commerce attests to the success of the relationship to date," said Ted Augustine, Goodyear's Director of Purchasing - North American Tire. "Over the past two and a half years, our joint team has delivered on aggressive targets that directly support company goals." Under the three-year extension, ICG Commerce will continue to assist Goodyear with a full scope of procurement business process outsourcing services: sourcing, category management and purchase-to-pay transaction processing for major indirect spend categories within the company's North American Tire business unit. The program will continue to support Goodyear's cost reduction goals by delivering realized savings and increased efficiencies while allowing the company to focus on core competencies. "Goodyear's dedication to driving performance improvements and efficiencies is impressive," said Carl Guarino, CEO of ICG Commerce. "We are very pleased to be supporting these efforts and look forward to contributing to Goodyear's continued success." This renewal, which follows recent contract expansions signed with Greif, Cameron International Corporation and a leading technology company and new contracts signed with Chiquita Brands International and a global life science company, highlights ICG Commerce's ability to help leading companies drive measurable cost savings, improved visibility and greater control through its comprehensive procurement outsourcing solutions. According to market expert IDC, the renewed contracts also demonstrate a maturation of the procurement services industry and solidify the concept of leading companies' preference for choosing specialist providers for procurement outsourcing engagements. "ICG Commerce's relationships with companies such as Goodyear, Greif and Chiquita are examples of how leading companies are looking to specialist procurement outsourcing providers to help them focus on their core competencies and improve financial results," said David Tapper, Vice President, Outsourcing Services Research, IDC. About ICG Commerce ICG Commerce -- http://www.icgcommerce.com/-- is the leading procurement outsourcing specialist delivering comprehensive source-to-pay as well as strategic sourcing services. Results- driven leaders access ICG Commerce's experienced resources and market intelligence to better manage procurement and logistics spend, gaining significant savings and enhanced visibility and control. ICG Commerce is a privately held company founded in 1992 and a member of Internet Capital Group's (NASDAQ: ICGE) network of partner companies. The company has earned recognition from Forbes, Fortune, The International Association of Outsourcing Professionals (IAOP) and leading industry analysts for its leadership in procurement outsourcing. About Goodyear Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company (NYSE: GT) -- http://www.goodyear.com/-- is the world's largest tire company. The company manufactures tires, engineered rubber products and chemicals in more than 90 facilities in 28 countries. Goodyear maintains Asia-Pacific facilities in Australia, China and Korea. Its European bases are located in Austria, France, Germany, Italy, Russia, Spain, and the United Kingdom. Goodyear's Latin-American operations are located in Argentina, Brazil, Chile, Colombia, Jamaica, Mexico, and Peru. * * * As reported in the Troubled Company Reporter on June 4, 2007, Standard & Poor's Ratings Services raised its ratings on Goodyear Tire & Rubber Co., including its corporate credit rating to 'BB-' from 'B+'. In addition, the ratings were removed from CreditWatch where they were placed with positive implications on May 10, 2007. IMAX CORP: Will Restate Financial Records on Real Estate Leases --------------------------------------------------------------- IMAX Corporation plans to file a Form 10-K/A for fiscal 2006 to amend its Annual Report on Form 10-K for 2006, which was filed on July 20, 2007. The Form 10- K/A will restate financial statements relating to the company's accounting for certain terms of 7 real estate leases for its owned and operated theatres and corporate facilities, with most of the income statement impact being from 1997 - 2002. The company plans to file a Form 10-Q/A to amend its Form 10-Q filings for the first and second quarters of 2007 for the same reason. Previously, the company had recorded rent reductions received in connection with certain real property leases in the years such reductions were received, rather than on a straight-line basis over the remaining lease term. These reductions included rent holidays and abatements. In addition, the company did not properly record certain leasehold improvements funded by landlord construction allowances. The aggregate amount of the charge at issue is approximately US$5.5 - US$6.5 million, with approximately US$5 million relating to the 1997 – 2002 period. The US$5.5 - US$6.5 million deferred rent credit will be amortized into income over the remaining terms of the applicable real estate leases. The company emphasized that this restatement is not expected to impact its cash or liquidity or relate to revenue recognition in connection with theater system or film revenue. Because of the error, management and the Audit Committee have cautioned that the company's prior-filed financial statements on Forms 10-K and 10-Q should not be relied upon until the financial statements are restated, which the company expects to occur within 35 days. In addition, the company's Forms 10-K/A and 10-Q/A will include certain additional and enhanced narrative disclosure in response to comments received by the company from the U.S. Securities and Exchange Commission. About IMAX Corporation Based in New York City and Toronto, Canada, IMAX Corporation (NASDAQ:IMAX) -- http://www.imax.com/-- is an entertainment technology company, with emphasis on film and digital imaging technologies including 3D, post-production and digital projection. IMAX is a fully-integrated, out-of-home entertainment enterprise with activities ranging from the design, leasing, marketing, maintenance, and operation of IMAX(R) theatre systems to film development, production, post- production and distribution of large-format films. IMAX also designs and manufactures cameras, projectors and consistently commits significant funding to ongoing research and development. IMAX has locations in Guatemala, India, Italy, among others. At June 30, 2007, the company's balance sheet showed total assets of US$220.2 million and total liabilities of US$284 million, resulting to a total shareholders' deficit of US$63.8 million. The company recorded a net loss of US$4.9 million for the first quarter of fiscal 2007, compared to a restated net loss of US$3.7 million for the first quarter of fiscal 2006. Net loss for the fiscal year 2006 was US$16.9 million, compared to a net income of US$7.8 million for the fiscal year 2005. =================== K A Z A K H S T A N =================== AKRIHIN OJSC: Pr