T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Friday, October 12, 2007, Vol. 8, No. 203 Headlines A U S T R I A APG PROJEKTMANAGEMENT: Linz Court Orders Business Shutdown EDEN CARE: Claims Registration Period Ends Oct. 24 F.I.P. LLC: Claims Registration Period Ends Oct. 23 HENNEL LLC: Vienna Court Orders Business Shutdown ISMAIL AVCI: Claims Registration Period Ends Oct. 23 JAV LLC: Claims Registration Period Ends Oct. 23 RUDOLF GABMANN: Claims Registration Period Ends Oct. 23 ZIKOLI LLC: St. Poelten Court Orders Business Shutdown B E L A R U S BST LTD: Asset Auction Slated for Oct. 17 B E L G I U M SOLUTIA INC: Disclosure Statement Hearing Continued to Oct. 17 SOLUTIA INC: Named as Co-Defendant in US$685 Mln Cancer Lawsuits F R A N C E EUROTUNNEL GROUP: Consolidates GET Shares Effective Nov. 12 GAP INC: Inks Deal with Filipino Franchisee Rustan Group REALOGY CORPORATION: Signs License Deal with Meredith SMOBY-MAJORETTE: Exits Bankruptcy; Court Orders Receivership G E R M A N Y 3G-TRADING GMBH: Claims Registration Ends November 7 ARGUS GRUNDBESITZ: Claims Registration Period Ends Nov. 1 AUTOHAUS SIEVERS: Claims Registration Ends November 6 FIT & FUN: Claims Registration Ends November 7 GRABFELDMOEBEL GMBH: Claims Registration Period Ends Oct. 25 INTERMARIS KREUZFAHRTEN: Claims Registration Period Ends Oct. 19 KA BA TEX: Claims Registration Period Ends Oct. 31 KAUFFMANN & HAUG: Claims Registration Ends Nov. 5 LANDHANDELS- UND RECYCLING: Claims Registration Ends Oct. 30 POETTER GMBH: Claims Registration Ends Nov. 5 RIETSCHEL-STUCK VERWALTUNGS: Claims Registration Ends Nov. 5 THIELEN GMBH: Claims Registration Ends Nov. 5 ROSCONI DESIGN: Claims Registration Ends November 7 SCHROETER & NEU: Claims Registration Period Ends Nov. 21 TIME-SOFT SOFTWARE: Claims Registration Period Ends Oct. 31 ZIBEC STAHL: Claims Registration Period Ends Oct. 31 I R E L A N D ADVANCED MEDICAL: Names M. Lambert as Chief Financial Officer ADVANCED MEDICAL: Moody's Cuts Corporate Family Rating to B2 WR GRACE: Court Refuses to Appoint Examiner for Tersigni Probe K A Z A K H S T A N ADIL & K LLP: Proof of Claim Deadline Slated for Nov. 21 AL-GAS-OIL LLP: Creditors Must File Claims Nov. 16 ALLIANCE BANK: High Credit Risks Cue S&P’s B+ Credit Ratings BANK TURANALEM: Fitch Affirms BB+ IDR; Outlook to Stable CASPIAN CONSTRUCTION: Claims Filing Period Ends Nov. 16 ESIL AGRO: Creditors' Claims Due on Nov. 21 HALYK BANK: Fitch Affirms BB+ IDR; Outlook to Stable KAZKOMMERTSBANK: Fitch Affirms BB+ IDR; Outlook to Stable RIDDER-NIVA LLP: Claims Registration Ends Nov. 20 TAIKO GROUP: Proof of Claim Deadline Slated for Nov. 16 TOUS LLP: Creditors Must File Claims Nov. 21 VTORPROM CJSC: Creditors' Claims Due on Nov. 16 K Y R G Y Z S T A N BISHKEKSKY PASSAJYRSKY: Creditors' Meeting Slated for October 15 IMSTALCON JSC: Proof of Claim Deadline Slated for November 14 P O L A N D EUROFAKTOR SA: Bondholders Threaten Bankruptcy Filing TOORA POLAND: Faces PLN120 Million Claim From Bank Lenders ZLOMREX SA: S&P Cuts Ratings to B on Liquidity Concerns R U S S I A BALTIJSKAYA ZARYA: Creditors Must File Claims by Nov. 29 BANK ROSSIYA: Fitch Resolves Watch on B- IDR; Outlook Stable BEZYMYANSKIJ ELEVATOR: Asset Sale Slated for November 2 INTERPROMBANK JSCB: Moody's Assigns Global Scale Ratings KOMSOMOL'SKIJ OJSC: Creditors Must File Claims by Nov. 29 KRASNOGORSKAGROPROMCHEMI MUE: Asset Sale Slated for October 29 ORLOVSLOYE OJSC: Asset Sale Slated for October 26 PARADISE CLUB: Creditors Must File Claims by Nov. 29 PSKOVGEOFIZKABEL' CJSC: Creditors Must File Claims by Nov. 29 ROCK CHEMISTRY: Bankruptcy Hearing Slated for Feb. 19, 2008 SHAHTINSKAYA ONIKS: Creditors Must File Claims by Oct. 29 SHEL'F & K: Creditors Must File Claims by Oct. 29 SHELANGOVSKIJ OLSC: Court Starts Competitive Proceedings TENLIN OJSC: Auction of Share Slated for October 31 TOLYATTISTROYIZYSKANIA: Bankruptcy Hearing Slated for Dec. 14 S P A I N EMPRESAS BANESTO 1: S&P Rates EUR35 Million Class D Notes at BB- SYSMO: Seeks Court-Supervised Administration S W E D E N BOMBARDIER INC: Bags US$100-Mil Train Order from S. Prasarana U K R A I N E ALBA INVESTMENTS: Creditors Must File Claims by October 13 ALIANCE OMEGA: Creditors Must File Claims by October 13 AVANGARD PLANT: Creditors Must File Claims by October 13 DIVIKOM LLC: Creditors Must File Claims by October 13 DON SUPPLY-SERVICE: Creditors Must File Claims by October 13 EUROCON-STYLE VN: Creditors Must File Claims by October 13 KREDITPROMBANK: Fitch Affirms IDR at B-; Outlook Stable MILKOT LLC: Creditors Must File Claims by October 13 POLOVOE LLC: Creditors Must File Claims by October 13 UKRAINIAN PHARM: Creditors Must File Claims by October 13 U N I T E D K I N G D O M AXON FINANCIAL: Funding Concerns Cue Fitch’s Junk Ratings DURA AUTOMOTIVE: Noteholders Appeal Amendment to Backstop Deal EAST CENTRAL: Brings In Liquidators from Grant Thornton EUROTUNNEL GROUP: Consolidates GET Shares Effective Nov. 12 INT'L PAPER: Paying US$0.25 per Share Quarterly Div. on Dec. 14 INT'L PAPER: Lower Land Sales Earnings to Impact 3rd Qtr. Gains INTERNATIONAL PAPER: Earns US$190 Mln in Quarter Ended June 30 JULIE MOORE: J. M. Titley Leads Liquidation Procedure NORTHERN ROCK: Bank of England & UK Treasury Extend Guarantees NORTHERN ROCK: Hedge Fund Trader Lifts Stake to 4.03% PROTOTYPE GRAPHICS: Taps David Elliott to Liquidate Assets SCO GROUP: Taps Pachulski Stang as Bankruptcy Co-Counsel TOTEM PRODUCTIONS: Appoints J. M. Titley as Liquidator VK MOBILE: Names Keith Aleric Stevens Liquidator * BOOK REVIEW: Long-Term Care in Transition: The Regulation of Nursing Homes ********* ============= A U S T R I A ============= APG PROJEKTMANAGEMENT: Linz Court Orders Business Shutdown ---------------------------------------------------------- The Land Court of Linz entered Sept. 7 an order shutting down the business of LLC APG Projektmanagement (FN 247172p). Court-appointed estate administrator Christian Ebmer 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 Ebmer Schillerstr. 12 4020 Linz Austria Tel: 65 69 69 Fax: 65 69 69-60 E-mail: office@hep.co.at Headquartered in Linz, Austria, the Debtor declared bankruptcy on Sept. 5 (Bankr. Case No 38 S 48/07y). EDEN CARE: Claims Registration Period Ends Oct. 24 -------------------------------------------------- Creditors owed money by LLC Eden Care Personalservice (FN 219025x) have until Oct. 24 to file written proofs of claim to court-appointed estate administrator Stefan Langer at: Dr. Stefan Langer c/o Dr. Annemarie Kosesnik-Wehrle Oelzeltgasse 4 1030 Vienna Austria Tel: 712 63 02 E-mail: kanzlei@kosesnik-langer.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:30 a.m. on Nov. 7 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1707 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Sept. 7 (Bankr. Case No. 2 S 120/07w). Annemarie Kosesnik- Wehrle represents Dr. Langer in the bankruptcy proceedings. F.I.P. LLC: Claims Registration Period Ends Oct. 23 --------------------------------------------------- Creditors owed money by LLC F.I.P. (FN 277913x) have until Oct. 23 to file written proofs of claim to court-appointed estate administrator Karl Schirl at: Dr. Karl Schirl Krugerstrasse 17/3 1010 Vienna Austria Tel: 513 22 31 Fax: 513 22 31-1 E-mail: dr.karl.schirl@der-rechtsanwalt.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:15 a.m. on Nov. 6 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1606 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Oct. 23 (Bankr. Case No. 4 S 107/07y). HENNEL LLC: Vienna Court Orders Business Shutdown ------------------------------------------------- The Trade Court of Vienna entered Sept. 7 an order shutting down the business of LLC HENNEL (FN 285086w). Court-appointed estate administrator Michael Neuhauser 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. Michael Neuhauser c/o Dr. Christof Stapf Esslinggasse 9 1010 Vienna Austria Tel: 536 50-0 Fax: 536 50-14 E-mail: officewien@aaa-law.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Aug. 27 (Bankr. Case No 4 S 99/07x). Christof Stapf represents Mag. Neuhauser in the bankruptcy proceedings. ISMAIL AVCI: Claims Registration Period Ends Oct. 23 ---------------------------------------------------- Creditors owed money by KEG Ismail Avci (FN 147563f) have until Oct. 23 to file written proofs of claim to court-appointed estate administrator Ulla Reisch at: Dr. Ulla Reisch Praterstrasse 62-64 1020 Vienna Austria Tel: 212 55 00 Fax: 212 55 005 E-mail: office.wien@ulsr.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on Nov. 6 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1606 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Sept. 7 (Bankr. Case No. 4 S 103/07k). JAV LLC: Claims Registration Period Ends Oct. 23 ------------------------------------------------ Creditors owed money by LLC JAV (FN 281566v) have until Oct. 23 to file written proofs of claim to court-appointed estate administrator Werner Stanek at: Dr. Werner Stanek Wollzeile 33/20 1010 Vienna Austria Tel: 512 29 02 Fax: 512 29 02 30 E-mail: werner-stanek@chello.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 a.m. on Nov. 6 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1609 16th Floor Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Sept. 12 (Bankr. Case No. 38 S 51/07p). RUDOLF GABMANN: Claims Registration Period Ends Oct. 23 ------------------------------------------------------- Creditors owed money by LLC Rudolf Gabmann (FN 74374z) have until Oct. 23 to file written proofs of claim to court-appointed estate administrator Johannes Jaksch at: Dr. Johannes Jaksch c/o Dr. Stephan Riel Landstrasser Hauptstrasse 1/2 1030 Vienna Austria Tel: 713 44 33 Fax: 713 10 33 E-mail: kanzlei@jsr.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:15 a.m. on Nov. 6 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1606 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Sept. 7 (Bankr. Case No. 4 S 104/07g). Stephan Riel represents Dr. Jaksch in the bankruptcy proceedings. ZIKOLI LLC: St. Poelten Court Orders Business Shutdown ------------------------------------------------------ The Land Court of St. Poelten entered Sept. 13 an order shutting down the business of LLC Zikoli (FN 107586s). Court-appointed estate administrator Hans-Peter Pfluegl recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Mag. Hans-Peter Pfluegl Oberndorfer Ortsstrasse 56a 3130 Herzogenburg Austria Tel: 02782/83 553 Fax: 02782/83 553-55 E-mail: hanspeter.pfluegl@aon.at 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 A R U S ============= BST LTD: Asset Auction Slated for Oct. 17 ----------------------------------------- The buildings and equipment of bankrupt Belarusian winery BST Ltd. located near Homyel are set to be auctioned off at a starting price of around BYR2.5 billion on Oct. 17, 2007, Naviny reports, citing Yury Hancharow, a business liquidation officer. According to the report, interested buyers have until Oct. 16, 2007, to submit their bids. In 1999, BST with debts of around BYR7.8 billion declared bankruptcy and called in temporary crisis managers. In 2003, KGB officers seized the winery's papers and seals five days after a takeover deal with Vikont private company took effect, Naviny relates. Subsequently, the Supreme Economic Court ordered the liquidation of the bankrupt winery, whose facilities were sealed by the Committee for State Security, the State Control Committee and the tax authorities, Naviny says. ============= B E L G I U M ============= SOLUTIA INC: Disclosure Statement Hearing Continued to Oct. 17 -------------------------------------------------------------- The United States Bankruptcy Court for the Southern District of New York has adjourned the hearing to consider the approval of Solutia Inc. and its debtor-affiliates' Disclosure Statement describing their Second Amended Plan of Reorganization until Oct. 17, 2007, at 2:30 p.m. in Courtroom 701. As previously reported, the Debtors filed their Second Amended Plan and related Second Amended Disclosure Statement in July 2007. Jeffry N. Quinn, chairman, president and chief executive officer of Solutia, Inc., stated that the Second Amended Plan, among other things, does not alter the material terms of the reallocation of Legacy Liabilities set forth in: (a) the Debtors' original Plan of Reorganization, filed February 14, 2006, or the First Amended Joint Plan of Reorganization, filed May 22, 2007; (b) the Relationship Agreement, which will be entered into between Solutia and Monsanto Company upon confirmation of the Plan; or (c) the Retiree Settlement Agreement, as amended among Solutia, the Official Committee of Unsecured Creditors, the Official Committee of Retirees and Monsanto. The Second Amended Plan also contemplates the potential distribution of warrants to equity holders who own above a certain threshold of Solutia common stock. Last week, Solutia announced that it has secured the full support of the Ad Hoc Committee of Solutia Noteholders, the Official Committee of Equity Security Holders, the Official Committee of Unsecured Creditors, Monsanto Company, Pharmacia Corporation, the Official Committee of Retirees, and the Ad Hoc Committee of Trade Creditors for a comprehensive settlement and consensual plan of reorganization in the Debtors' Chapter 11 cases. The revised plan will position Solutia to emerge from bankruptcy by the end of this year as a financially healthy organization well-positioned to create significant value for its stakeholders, said Mr. Quinn. Mr. Quinn recently said in a press statement that the revised plan will provide for about US$250,000,000 of new investment in reorganized Solutia through a backstopped rights offering to certain creditors, as well as a reallocation of the legacy liabilities that Solutia assumed when it was spun off. It will also provide for a resolution of all the litigation between the settling parties including a potential appeal by Solutia noteholders, the adversary proceeding filed by current equity holders against Monsanto and Pharmacia, and related objections to the Monsanto and Pharmacia claims. Solutia will update its Plan and Disclosure Statement to reflect the terms of the settlement, and anticipates filing the documents with the Court within the next few days. About Solutia Inc. Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ) -- http://www.solutia.com/-- and its subsidiaries, engage in the manufacture and sale of chemical-based materials, which are used in consumer and industrial applications worldwide. Solutia has operations in Malaysia, China, Singapore, Belgium, and Colombia. The company and 15 debtor-affiliates filed for chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949). When the Debtors filed for protection from their creditors, they listed US$2,854,000,000 in assets and US$3,223,000,000 in debts. Solutia is represented by Allen E. Grimes, III, Esq., at Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson, Dunn & Crutcher, LLP. Trumbull Group LLC is the Debtor's claims and noticing agent. Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP represent the Official Committee of Unsecured Creditors, and Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital provides the Creditors' Committee with financial advice. On Feb. 14, 2006, the Debtors filed their Reorganization Plan & Disclosure Statement. On May 15, 2007, they filed an Amended Reorganization Plan and on July 9, 2007, filed a 2nd Amended Reorganization Plan. The Disclosure Statement hearing began on July 10, 2007. (Solutia Bankruptcy News, Issue No. 100; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). SOLUTIA INC: Named as Co-Defendant in US$685 Mln Cancer Lawsuits ---------------------------------------------------------------- Solutia Inc. was named as co-defendant in 77 cancer lawsuits, seeking US$685,000,000 in total damages, over Monsanto Company's old plant in Nitro, Chris Dickerson at The West Virginia Record reported. The complaints, filed by Stuart Calwell, Esq., at The Calwell Practice PLLC, in Charleston, West Virginia, in Putnam Circuit Court, on October 1, 2007, also list Monsanto, Pharmacia Corporation, Akzo Nobel Inc., Flexsys America, and Apogee Coal Company, as defendants. According to the Complaints, the plaintiffs seek: (a) compensatory damages of US$5,000,000 each to compensate them for past, present and future medical bills and pain and suffering, as well as 'mental anguish and loss of enjoyment of life"; (b) US$300,000,000 in total punitive damages; and (c) certification of the cases as a class action. "We think the lawsuits have great merit," Mr. Dickerson quoted Mr. Calwell as saying. "The complaints speak for themselves." Under each complaint, the "plaintiffs allege the same series of occurrences involving the negligent and otherwise unlawful release of dioxin from properties owned and/or controlled by the defendants caused or significantly contributed to their cancer." Mr. Calwell's complaints detail the history of Nitro, the Old Monsanto plant, the Monsanto Company and the other defendant companies which are successors, Mr. Dickerson reported. "During the years that Monsanto was operating its trichlorophenol plant, it adopted an unlawful practice of disposing of dioxin waste materials by a continuous process of open 'pit' burning," the Complaints state. "This practice was largely denied by Monsanto whose representatives characterized the practice as an 'incineration process' when asked by regulatory authorities. "Further, the manufacturing process itself was dusty and Monsanto's dust control was haphazard." According to the Complaints, more than 3,000 pounds of a dioxin was released into the Nitro air because of that. Sampling showed levels of 2,200 parts per trillion, while U.S. Environmental Protection Agency standards require a level less than 4 parts per trillion, Mr. Dickerson said. Monsanto owned and operated the plant from 1934 to 2000, according to the complaints. The Nitro plant was operated by Monsanto until 1995 when the plant merged with Akzo Nobel, a Dutch company, and began operating as Flexsys America Inc. In 1997, Monsanto renamed a subsidiary as Solutia Inc. and the Nitro was distributed to Solutia. The plant closed in 2004. Specifically, the Complaints cite a 1949 incident in which a safety disc failed at the plant, exposing workers to a chemical cloud that caused 226 people to become ill, noted Mr. Dickerson. The dioxin in question, known as 2,4,5 trichlorophenoxyacidic acid or 2,4,5-T, was used by the military as part of the herbicide "Agent Orange" in Vietnam. The Complaints say production of the dioxin "continued 7 days a week 365 days a year from 1949 to approximately 1971 at the Monsanto Nitro plant." The Plaintiffs maintain that the Defendants knew or should have known the Nitro plant site was contaminated and dangerous. According to the Complaints, the Defendants "acted carelessly, negligently, recklessly and/or deliberately," according to The West Virginia Record. "The proposed class is made up of persons with one or more dioxin related cancers and who live or lived in the class defined area ... for at least two years during the period 1949 to the present and/or have attended school in the class defined area for at least two years and/or who have been employed in a building in the class defined area for two years or more," the Complaints state, adding that there are 12,503 residences in the area, the paper said. Earlier this year, nine families filed similar suits in Kanawha Circuit Court, asserting that the former Monsanto Company is responsible for personal injury and wrongful death by exposure to the dioxins or furans produced at the plant, the paper noted. Mr. Calwell told the paper that he has another pair of possible class-action lawsuits about property damage stemming from dioxin exposure in Nitro against Monsanto that are pending in Putnam Circuit Court, which suits were filed in December 2004, and are up for class certification later this month. According to a June 29, 2007 progress report on the Nitro facility, Solutia has indicated to the appropriate government agencies that it would continue on-site remediation activities. Demolition of the area began in June 2004 and was completed in June 2005. Solutia is presently evaluating the surface water management program for the Nitro facility. About Solutia Inc. Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ) -- http://www.solutia.com/-- and its subsidiaries, engage in the manufacture and sale of chemical-based materials, which are used in consumer and industrial applications worldwide. Solutia has operations in Malaysia, China, Singapore, Belgium, and Colombia. The company and 15 debtor-affiliates filed for chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949). When the Debtors filed for protection from their creditors, they listed US$2,854,000,000 in assets and US$3,223,000,000 in debts. Solutia is represented by Allen E. Grimes, III, Esq., at Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson, Dunn & Crutcher, LLP. Trumbull Group LLC is the Debtor's claims and noticing agent. Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP represent the Official Committee of Unsecured Creditors, and Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital provides the Creditors' Committee with financial advice. On Feb. 14, 2006, the Debtors filed their Reorganization Plan & Disclosure Statement. On May 15, 2007, they filed an Amended Reorganization Plan and on July 9, 2007, filed a 2nd Amended Reorganization Plan. The Disclosure Statement hearing began on July 10, 2007. (Solutia Bankruptcy News, Issue No. 100; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). =========== F R A N C E =========== EUROTUNNEL GROUP: Consolidates GET Shares Effective Nov. 12 ----------------------------------------------------------- Eurotunnel Group (fka Groupe Eurotunnel SA) will carry out a consolidation of the GET SA shares in accordance with the ratio of one new share with a nominal value of EUR0.40 for every 40 existing shares with a nominal value of EUR0.01, effective Nov. 12, 2007. This consolidation does not relate to the TNU units. The consolidation relate to the 2,391,364,450 ordinary shares in issue of Groupe Eurotunnel SA. The attention of holders of Crest Depositary Interests (CDI) is drawn to the fact that, while every holding of 40 Shares CDI each representing an entitlement to an existing GET SA share will automatically be exchanged on Nov. 12, 2007, for a new Share CDI representing an entitlement to one new GET SA share, the terms set out applying to share fractions do not apply to CDI. It is open to Share CDI holders whose holding does not correspond to an exact multiple of 40 to round up or down their holding to such a multiple before Nov. 12, 2007. The following terms apply to GET SA shares only and not to Share CDI. The number of shares to be consolidated is 2,391,364,450 shares. The number of shares in Groupe Eurotunnel SA following the consolidation is 59,784,111 shares. Effective Nov. 12, 2007, all shareholding formed of a multiple of 40 existing shares will automatically be exchanged for new consolidated shares. In accordance with French law, shareholders whose holding does not correspond to a multiple of 40: -- may, from today, round up or down their holding so as to form a multiple of 40; and -- will, between Nov. 12, 2007 and Nov. 12, 2009, be able to buy or sell non-consolidated shares representing fractional entitlement in order to round up or down their holding. In order to facilitate dealing with the shares that cannot be consolidated immediately, the consolidated GET SA shares and the existing GET SA shares will be listed on two separate lines on Euronext from Nov. 12, 2007: -- consolidated GET SA shares will be listed in Compartment B of Eurolist by EuronextTM; and -- non-consolidated GET SA shares will have a separate listing within Euronext list of stocks to be delisted for a further 6 months, i.e. on May 12, 2008. Until Nov. 12, 2009, BNP Paribas Securities Services will deal with requests to exchange non consolidated shares for new shares. On Nov. 12, 2009, any unclaimed new shares will be sold on the market and the net proceeds of sale will be held in a blocked account open with BNP Paribas Securities Services for this purpose and made available to original holders of the shares for a period of 10 years. This decision to sell will be announced in due course. On expiry of that 10-year period, any unclaimed sums will be transferred to the French Caisse des Depots et Consignations and will remain available to them subject to the applicable French prescription period. The rights of holders of securities which may be converted into equity of Groupe Eurotunnel SA will be adjusted accordingly in accordance with the terms set out in the Securities Note which received visa 07-113 by the French market authority on April 4, 2007. Such adjustment will also be announced in due course. About Eurotunnel Headquartered in Folkestone, United Kingdom and Calais, France, Eurotunnel Group (aka Groupe Eurotunnel S.A.) -- http://www.eurotunnel.co.uk/-- operates a fleet of 25 shuttle trains, which carry cars, coaches and trucks. It manages the infrastructure of the Channel Tunnel and receives toll revenues from train operating companies whose trains pass through the Tunnel. The British and French governments have granted Eurotunnel a concession to operate the Channel Tunnel until 2086. Eurotunnel Group files reports in the U.S. Securities and Exchange Commission under the names of Eurotunnel PLC (ETNUF.PK) and Eurotunnel S.A. (ETTFF.PK). At Dec. 31, 2006, Eurotunnel's balance sheet showed GBP5.25 billion in total assets, GBP6.56 billion in total liabilities and GBP1.32 billion in shareholders' deficit. Safeguard Protection Eurotunnel obtained Aug. 2, 2006, an order placing the channel operator under the protection of the Court pursuant to the new safeguard legislation (Procedure de sauvegarde). At the end of 2006, the group's creditors and bondholders approved a plan to decrease its GBP6.2 billion debt to GBP2.84 billion. On Jan. 15, 2007, the Court approved Eurotunnel's safeguard plan, backed by the court-appointed representatives to the company and to the creditors. For the first half ended June 30, 2007, Group Eurotunnel posted net loss of EUR32 million compared with a net loss of EUR105 million for the same period in 2006. GAP INC: Inks Deal with Filipino Franchisee Rustan Group -------------------------------------------------------- Gap Inc. disclosed a franchise agreement to introduce the Gap and Banana Republic brands to the Philippines. Over the next five years, Gap Inc.'s franchise partner –- Rustan Group of Companies –- plans to open a combined total of approximately eight Gap stores and four Banana Republic stores throughout the Philippines. The first Gap store is expected to open by the end of this year, and the first Banana Republic stores by spring 2008. All stores are scheduled to be open by 2012. "The Philippines represents a natural market for Gap Inc. to expand its international presence," Ron Young, senior vice president of international strategic alliances for Gap Inc., said. "The country has a strong, steadily growing economy, and consumers in this market have a great interest in iconic apparel brands such as ours." Gap Inc. will leverage the Rustan Group's local operational expertise, and will provide access to Gap and Banana Republic's clothing and accessories. In addition, the Rustan Group of Companies will hold exclusive rights to operate Gap and Banana Republic stores in the Philippines, will purchase merchandise from Gap Inc. or suppliers designated by Gap Inc., and must adhere to Gap Inc.'s quality standards to preserve the reputation of the Gap and Banana Republic brands. "We're pleased to have forged a relationship with such an excellent local partner," Mr. Young continued. "In addition to strong operational expertise and a deep understanding of their local customer base, the Rustan Group of Companies has a track record of successfully introducing well-known fashion and apparel brands to international markets." Gap Inc. (NYSE: GPS) -- http://www.gapinc.com/-- is an international specialty retailer offering clothing, accessories and personal care products for men, women, children and babies under the Gap, Banana Republic, Old Navy, Forth & Towne and Piperlime brand names. Gap Inc. operates more than 3,100 stores in the United States, the United Kingdom, Canada, France, Ireland and Japan. In addition, Gap Inc. is expanding its international presence with franchise agreements for Gap and Banana Republic in Southeast Asia and the Middle East. * * * The company continues to carry Fitch's BB+ Issuer Default Rating. The company also carries Standard & Poor's Ratings Services' BB+ corporate credit rating. REALOGY CORPORATION: Signs License Deal with Meredith ----------------------------------------------------- Realogy Corporation has entered into a long-term agreement to license the Better Homes and Gardens(R) Real Estate brand from Meredith Corporation, one of the nation's leading media and marketing companies. Realogy intends to build a new international residential real estate franchise company using the Better Homes and Gardens(R) Real Estate brand name. "We are very pleased to add Better Homes and Gardens Real Estate to our family of real estate companies, and we are equally proud to be entrusted by Meredith with the stewardship of this well- known and respected brand that is so deeply tied to the concept of owning and improving one's home," said Richard A. Smith, Realogy's vice chairman and president. "Looking more broadly, this agreement demonstrates our confidence in the long-term strength of the housing market, particularly in the U.S., and the favorable demographic factors that will continue to drive homeownership and household growth during the years and decades to come." The licensing agreement between Realogy and Meredith is for a 50-year term, with a renewal option for another 50 years. Financial terms of the transaction were not disclosed, and the transaction is not expected to have an immediate material impact on Realogy's financial results. Meredith will receive ongoing license fees based upon the royalties that Realogy earns from franchising the Better Homes and Gardens Real Estate brand. Meredith, owner of an 85-million name consumer database, will offer Realogy selected database services. Realogy plans a July 1, 2008 launch of the Better Homes and Gardens Real Estate franchise system and will engage in various pre-launch activities in the interim. "This is a tremendous opportunity to capitalize on the power of America's leading consumer magazine brand on behalf of the world's most successful real estate franchise company," said Meredith President and Chief Executive Officer Stephen M. Lacy. "It fits extremely well with our strategic objective to further diversify our business by providing Meredith with significant sources of revenue not dependent on traditional advertising." "Better Homes and Gardens Real Estate is a highly strategic addition to Realogy's premier portfolio of real estate franchise holdings, a brand that comes with well-established equity and one that we expect will compete well in the marketplace," added Mr. Smith. The Better Homes and Gardens name has been a staple in American life ever since 1924 when Meredith first published the magazine under that masthead. Today, the magazine boasts a circulation of 7.6 million and a readership of nearly 40 million. In 1978, Meredith launched the former Better Homes and Gardens Real Estate service, which it owned and operated for 20 years, and grew the business into a highly respected name in the real estate industry. Meredith sold its real estate business in 1998 while retaining ownership of the Better Homes and Gardens Real Estate brand name. Better Homes and Gardens Real Estate will become Realogy's fifth residential real estate franchise brand and sixth overall. Today, Realogy owns the CENTURY 21(R), Coldwell Banker(R) and ERA(R) residential real estate brands, along with a commercial real estate franchise system in Coldwell Banker Commercial(R). Realogy also has a similar long-term licensing agreement with Sotheby's Holdings, Inc. to license the Sotheby's International Realty(R) name, a relationship that began in February 2004 and has grown to approximately 400 franchise and company-owned offices globally with more than 8,000 agents around the world. "We have more than a decade of experience in managing world- class real estate brands that compete successfully in the local marketplace, and we also recognize that there is ample room for continued growth in the industry," said Alex Perriello, president and CEO of the Realogy Franchise Group. "We believe that there are substantial domestic and international growth opportunities in real estate franchising, and Better Homes and Gardens Real Estate will help us accelerate that growth." The National Association of Realtors(R) (NAR) 2006 Profile of Real Estate Firms reported that 77% of residential real estate brokerages and 45% of real estate agents are unaffiliated with any franchise. Furthermore, the same NAR survey showed the value of franchising in that 88% of real estate firms reported that their franchise affiliation improved their name recognition; 83% reported a beneficial impact on their ability to acquire listings; and 72% reported that their franchise affiliation contributed to an increase in profits. About Meredith Corp. Meredith Corporation -- http://www.meredith.com/-- is one of the nation's leading media and marketing companies with businesses centering on magazine and book publishing, television broadcasting, integrated marketing and interactive media. The Meredith Publishing Group features 25 subscription magazines –- including Better Homes and Gardens, Ladies' Home Journal, Family Circle, Parents, American Baby, Fitness and More -– and publishes more than 200 special interest publications under approximately 80 titles. Meredith has more than 400 books in print. Meredith owns 13 television stations, including properties in top-25 markets Atlanta, Phoenix and Portland, OR. Meredith has an extensive online presence that includes more than 40 Web sites and two broadband channels -– Better.tv and Parents.tv. About Realogy Corp. Headquartered in Parsippany, N.J., Realogy Corporation (NYSE: H)-- http://www.realogy.com/-- is real estate franchisor and a member of the S&P 500. The company has a diversified business model that also includes real estate brokerage, relocation, and title services. Realogy's world-renowned brands and business units include CENTURY 21(R), Coldwell Banker(R), Coldwell Banker Commercial(R), ERA(R), Sotheby's International Realty(R), NRT Incorporated, Cartus, and Title Resource Group. Realogy has more than 15,000 employees worldwide. The company operates in Australia, Brazil and France. * * * As reported in the Troubled Company Reporter-Latin America on July 13, 2007, Standard & Poor's Ratings Services lowered and removed from CreditWatch Negative its issue-level rating on Realogy Corp.'s previously senior unsecured notes that were part of the company's capital structure prior to the April 2007 going private acquisition of the company by Apollo Management L.P. SMOBY-MAJORETTE: Exits Bankruptcy; Court Orders Receivership ------------------------------------------------------------ The Commercial Court of Lons-le-Saunier placed Smoby-Majorette under receivership on Oct. 9, 2007, ending the company's bankruptcy protection, Financial Times Ltd. reports citing La Tribune as its source. According to La Tribune's Julieta Garnier, the court blamed Smoby's buyer, MGA Entertainment, for failing to revive the company. MGA is considering an appeal against the court's decision. As reported in the TCR-Europe on Oct. 10, 2007, MGA's debt restructuring negotiation with Smoby's creditor banks fell through and it failed to pay the EUR11 million it pledged to invest in Smoby. Deutsche Bank, which submitted a rival bid, said that it was stunned at MGA's behavior and failure to keep its promises, Financial Times relates. 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 R M A N Y ============= 3G-TRADING GMBH: Claims Registration Ends November 7 ---------------------------------------------------- Creditors of 3G-Trading GmbH have until Nov. 7 to register their claims with court-appointed insolvency manager Klaus Regeling. Creditors and other interested parties are encouraged to attend the meeting at 9:40 a.m. on Dec. 14, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bonn Hall S 2.22 Second Floor Wilhelmstr. 23 53111 Bonn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Klaus Regeling Godesberger Allee 125-127 53175 Bonn Germany Tel: 0228/81000-56 Fax: 0228/81000820 The District Court of Bonn opened bankruptcy proceedings against 3G-Trading GmbH on Sept. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: 3G-Trading GmbH Attn: Galina Germogentova, Manager Adenauer Allee 108 53113 Bonn Germany ARGUS GRUNDBESITZ: Claims Registration Period Ends Nov. 1 --------------------------------------------------------- Creditors of ARGUS Grundbesitz und Kapital Verwaltungs GmbH have until Nov. 1 to register their claims with court-appointed insolvency manager Hans-Gerd Jauch. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on Nov. 21, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court 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: Hans-Gerd Jauch Sachsenring 81 50677 Cologne Germany Tel: 0221/33660130 Fax: +492213366085 The District Court of Cologne opened bankruptcy proceedings against ARGUS Grundbesitz und Kapital Verwaltungs GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ARGUS Grundbesitz und Kapital Verwaltungs GmbH Lindenallee 43 50968 Cologne Germany Attn: Thomas Tulowitzki, Manager Sachsenring 81 50677 Cologne Germany AUTOHAUS SIEVERS: Claims Registration Ends November 6 ----------------------------------------------------- Creditors of Autohaus Sievers GmbH have until Nov. 6 to register their claims with court-appointed insolvency manager Reinhold Schmid- Sperber. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Nov. 27, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Kiel Hall 17 Kiel 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: Reinhold Schmid- Sperber Westring 455 24118 Kiel Germany The District Court of Kiel opened bankruptcy proceedings against Autohaus Sievers GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Autohaus Sievers GmbH Hamburger Chaussee 174 24113 Kiel Germany FIT & FUN: Claims Registration Ends November 7 ---------------------------------------------- Creditors of FIT & FUN Fitnessstudio GmbH have until Nov. 7 to register their claims with court-appointed insolvency manager Ottmar Hermann. Creditors and other interested parties are encouraged to attend the meeting at 9:30 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 Darmstadt Hall 4.310 Fourth Floor Building D Mathildenplatz 15 64283 Darmstadt 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 Germany Tel: 069-9130920 Fax: 069-91309230 The District Court of Darmstadt opened bankruptcy proceedings against FIT & FUN Fitnessstudio GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: FIT & FUN Fitnessstudio GmbH Marburgerstrasse 20 64289 Darmstadt Germany Attn: Thomas Nixdorf, Manager Rhoenring 36 64289 Darmstadt Germany GRABFELDMOEBEL GMBH: Claims Registration Period Ends Oct. 25 ------------------------------------------------------------ Creditors of Grabfeldmoebel GmbH & Co. KG 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 10:05 a.m. on Dec. 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 Grabfeldmoebel GmbH & Co. KG on Oct. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Grabfeldmoebel GmbH & Co. KG Industriestr. 5 97528 Sulzdorf Germany INTERMARIS KREUZFAHRTEN: Claims Registration Period Ends Oct. 19 ---------------------------------------------------------------- Creditors of Intermaris Kreuzfahrten GmbH have until Oct. 19 to register their claims with court-appointed insolvency manager Dr. Bruno Kuebler. Creditors and other interested parties are encouraged to attend the meeting at 10:20 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 Munich Meeting Room 102 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Bruno Kuebler Konrad-Zuse-Platz 1 81829 Muenchen Germany Tel: 99299-0 Fax: 99299-299 The District Court of Munich opened bankruptcy proceedings against Intermaris Kreuzfahrten GmbH on Sept. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Intermaris Kreuzfahrten GmbH Buchhierlstr. 6 81479 Muenchen Germany KA BA TEX: Claims Registration Period Ends Oct. 31 -------------------------------------------------- Creditors of KA BA TEX GmbH have until Oct. 31 to register their claims with court-appointed insolvency manager Tobias Hoefer. 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 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: Tobias Hoefer Soldnerstr. 2 68219 Mannheim Germany Tel: 0621/877080 The District Court of Karlsruhe opened bankruptcy proceedings against KA BA TEX GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: KA BA TEX GmbH Attn: Markus Dages, Manager Descostr. 16-18 76307 Karlsbad-Ittersbach Germany KAUFFMANN & HAUG: Claims Registration Ends Nov. 5 ------------------------------------------------- Creditors of Kauffmann & Haug GmbH & Co. KG Rohrleitungs und Apparatebau have until Nov. 5 to register their claims with court-appointed insolvency manager Gerhard Walter. 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 Tuebingen Hall 208 Second Floor Branch Office Schulberg 14 72074 Tuebingen 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 Walter Beim Kupferhammer 5/4 72070 Tuebingen Germany The District Court of Tuebingen opened bankruptcy proceedings against Kauffmann & Haug GmbH & Co. KG Rohrleitungs und Apparatebau on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kauffmann & Haug GmbH & Co. KG Rohrleitungs und Apparatebau Stuttgarter Str. 25 72766 Reutlingen Germany LANDHANDELS- UND RECYCLING: Claims Registration Ends Oct. 30 ------------------------------------------------------------ Creditors of LRZ Landhandels- und Recycling-Zentrum GmbH have until Oct. 30 to register their claims with court-appointed insolvency manager Tatjana Gotsch. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 27 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: Tatjana Gotsch Buettenstr. 4 08058 Zwickau Germany Tel: (0375) 818920 Fax: (0375) 8189214 E-Mail: gotsch@zwickau-net.de The District Court of Chemnitz opened bankruptcy proceedings against LRZ Landhandels- und Recycling-Zentrum GmbH on Oct. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: LRZ Landhandels- und Recycling-Zentrum GmbH Attn: Dr. Hans-Joachim Auerbach, Manager Lauterbacher Strasse 32 08459 Neukirchen Germany POETTER GMBH: Claims Registration Ends Nov. 5 --------------------------------------------- Creditors of Poetter GmbH & Co. KG have until Nov. 5 to register their claims with court-appointed insolvency manager Dr. Norbert Kuepper. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Nov. 26, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bielefeld Hall 4065 Fourth Floor Gerichtstrasse 66 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: Dr. Norbert Kuepper Paderborner Str. 11 33415 Verl Germany The District Court of Bielefeld opened bankruptcy proceedings against Poetter GmbH & Co. KG on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Poetter GmbH & Co. KG Marienfelder Str. 93 33442 Herzebrock-Clarholz Germany RIETSCHEL-STUCK VERWALTUNGS: Claims Registration Ends Nov. 5 ------------------------------------------------------------ Creditors of Rietschel-Stuck Verwaltungs GmbH have until Nov. 5 to register their claims with court-appointed insolvency manager Dr. Bettina Breitenbuecher. Creditors and other interested parties are encouraged to attend the meeting at 2:45 p.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 Erfurt Hall 15 Judicial Center Rudolfstr. 46 99092 Erfurt 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. Bettina Breitenbuecher Gustav-Weisskopf-Str. 4 99092 Erfurt Germany The District Court of Erfurt opened bankruptcy proceedings against Rietschel-Stuck Verwaltungs GmbH on Sept. 29. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Rietschel-Stuck Verwaltungs GmbH Attn: Klaus Rietschel, Manager Baumschulenweg 4 d 99425 Weimar Germany THIELEN GMBH: Claims Registration Ends Nov. 5 ---------------------------------------------- Creditors of Thielen GmbH & Co. KG have until Nov. 5 to register their claims with court-appointed insolvency manager Dr. Peter Neu. Creditors and other interested parties are encouraged to attend the meeting at 9:20 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 Wuppertal Meeting Hall A234 Second Floor Eiland 2 42103 Wuppertal 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. Peter Neu Elberfelder Strasse 39 42853 Remscheid Germany Tel: 02191/499 18-0 Fax: 02191/499 18-50 The District Court of Wuppertal opened bankruptcy proceedings against Thielen GmbH & Co. KG on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Thielen GmbH & Co. KG Lotharstrasse 6 42655 Solingen Germany ROSCONI DESIGN: Claims Registration Ends November 7 --------------------------------------------------- Creditors of Rosconi Design + Funktion GmbH have until Nov. 7 to register their claims with court-appointed insolvency manager Dr. Peter G. Theile. Creditors and other interested parties are encouraged to attend the meeting at 10:15 on Nov. 26, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Limburg Hall B 12 Walderdorffstrasse 12 65549 Limburg Germany The Court will also verify the claims set out in the insolvency manager's report at 10:20 a.m. on the same date at the same venue, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Peter G. Theile Kapellenstrasse 7 65555 Limburg-Offheim Germany Tel: 06431/77990-0 Fax: 06431/77990-35 E-mail: limburg@ts-Insolvenzanwaelte.de The District Court of Limburg opened bankruptcy proceedings against Rosconi Design + Funktion GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Rosconi Design + Funktion GmbH Attn: Ingo Zutt and Thomas Brandenburger, Managers Loehnberger Weg 7 35781 Weilburg Germany SCHROETER & NEU: Claims Registration Period Ends Nov. 21 -------------------------------------------------------- Creditors of Schroeter & Neu GmbH have until Nov. 21 to register their claims with court-appointed insolvency manager Joern Weitzmann. 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 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: Joern Weitzmann Arnold-Heise-Strasse 9 20249 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Schroeter & Neu GmbH on Sept. 25. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Schroeter & Neu GmbH Attn: Michael Winkmann, Manager Horner Moor 16 22119 Hamburg Germany TIME-SOFT SOFTWARE: Claims Registration Period Ends Oct. 31 ----------------------------------------------------------- Creditors of Time-Soft Software GmbH have until Oct. 31 to register their claims with court-appointed insolvency manager Tobias Hoefer. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Dec. 12, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Tobias Hoefer Soldnerstr. 2 68219 Mannheim Germany Tel: (0621) 87 70 80 The District Court of Karlsruhe opened bankruptcy proceedings against Time-Soft Software GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Time-Soft Software GmbH Attn: Franz Kelnhofer, Manager Kleinoberfeld 7 76149 Karlsruhe Germany ZIBEC STAHL: Claims Registration Period Ends Oct. 31 ---------------------------------------------------- Creditors of ZIBEC Stahl- und Metallbau GmbH have until Oct. 31 to register their claims with court-appointed insolvency manager Axel Bierbach. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on Nov. 28, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Meiningen Hall 208 Lindenallee 15 Meiningen 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: Axel Bierbach Schwanthalerstr. 32 80336 Munich Germany The District Court of Meiningen opened bankruptcy proceedings against ZIBEC Stahl- und Metallbau GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ZIBEC Stahl- und Metallbau GmbH Attn: Juergen Becher, Manager Industriestr. 19 98544 Zella-Mehlis Germany ============= I R E L A N D ============= ADVANCED MEDICAL: Names M. Lambert as Chief Financial Officer ------------------------------------------------------------- Advanced Medical Optics Inc. has selected Michael J. Lambert as its chief financial officer effective Oct. 15. Mr. Lambert is a seasoned executive who brings to Advanced Medical approximately 20 years of experience and a diverse financial background. Most recently, he was senior vice president and chief financial officer of Quest Software, Inc. where he drove productivity gains and controlled costs, improved cash flow performance, integrated multiple acquisitions, and improved resource allocation processes. Prior to joining Quest in November 2004, Mr. Lambert was chief financial officer at Quantum Corporation, and Nervewire, Inc., a pre-IPO Internet services firm. He was also chief financial officer for a division of Lucent Technologies. Mr. Lambert holds a master's degree from Harvard Graduate School of Business Administration and a bachelor's degree from Stonehill College. "Michael is an outstanding addition to our executive leadership team," said Jim Mazzo, AMO chairman, president and chief executive officer. "He is an experienced leader with an excellent reputation and a deep understanding of the financial requirements of a public company with a global presence. I expect Michael to play an integral role in advancing our strategy to achieve sustained, profitable growth through innovative vision technologies that enhance the quality of life for people of all ages. I am pleased to welcome Michael to AMO." At AMO, Mr. Lambert will oversee the company's finance, accounting, tax, treasury and information technology functions and report directly to Mr. Mazzo. Before Mr. Lambert's appointment, Richard (Randy) A. Meier, held positions of chief financial officer and chief operating officer at AMO. Mr. Meier will continue as AMO's chief operating officer and assume additional responsibility for management of the company's cataract/implant business and global customer services function, while maintaining his existing management responsibilities for AMO's eye care business and the company's global manufacturing and supply chain operations. C. Russell Trenary, III, 50, who was previously president of the company's cataract/implant business, has been named executive vice president of global public policy and medical education encompassing all of AMO's businesses and product lines. Both executives will continue to report directly to Mr. Mazzo. Headquartered in Santa Ana, California, Advanced Medical Optics -- http://www.amo-inc.com/-- develops, manufactures and markets ophthalmic surgical and contact lens care products. The company has operations in Germany, Japan, Ireland, Puerto Rico and Brazil. * * * As reported in the Troubled Company Reporter-Europe on Sept. 6, 2007, Standard & Poor's Ratings Services lowered its corporate credit rating on Advanced Medical Optics Inc. to 'B+' from 'BB-'; the ratings have been removed from CreditWatch with negative implications, where they were placed on Aug. 6, 2007. ADVANCED MEDICAL: Moody's Cuts Corporate Family Rating to B2 ------------------------------------------------------------ Moody's Investors Service downgraded Advanced Medical Optics, Inc.'s Corporate Family Rating and Probability of Default Rating to B2 from B1. The rating outlook was revised to stable. These rating actions conclude the review process for possible downgrade, which began on May 29, 2007. The downgrade of the company's Corporate Family Rating to B2 from B1 reflects Moody's view that the worldwide recall of the Complete MoisturePlus multipurpose solution will cause approximately US$160 million of incremental costs and several months of lost revenues. "Over the intermediate term, Advanced Medical Optics' operating performance will be muted because of additional brand rebuilding costs, some collateral damage to its products and litigation costs," Sidney Matti, Analyst, stated. Moreover, the company's cash flow generation will be hampered resulting in debt levels higher than Moody's expectations. Additionally, the company's integration of IntraLase will continue to be a risk factor. Moody's notes that the company's other business segments continue to experience revenue growth. AMO continues to have the leading position within the refractive surgery space with over a 50% market share. The stable ratings outlook anticipates the company will successfully integrate IntraLase and experience continued improved operating performance in the high single digits within its existing businesses. Additionally, the rating outlook incorporates Moody's expectation that the company will continue its acquisition strategy, albeit smaller in size, over the near term. These ratings were downgraded: -- Corporate Family Rating to B2 from B1; -- Probability of Default Rating to B2 from B1; -- Senior Secured Revolver (LGD2/14%) due 2013 to Ba2 from Ba1; -- Senior Secured Term Loan B (LGD2/14%) due 2014 to Ba2 from Ba1; -- Senior Subordinated Notes (to LGD4/46% from LGD4/50%) due 2017 to B2 from B1; and -- Convertible Subordinated Notes (to LGD5/80% from LGD5/81%) due 2024 to Caa1 from B3. Headquartered in Santa Ana, California, Advanced Medical Optics, Inc. is a leader in the development, manufacturing and marketing of medical devices for the eye through three major product lines: cataract/implant, laser vision correction, and eye care. For the 12 months ended June 29, 2007, Advanced Medical Optics, Inc. generated approximately US$1 billion in revenues. The company has operations in Germany, Japan, Ireland, Puerto Rico and Brazil. WR GRACE: Court Refuses to Appoint Examiner for Tersigni Probe -------------------------------------------------------------- The Hon. Judith Fitzgerald of the U.S. Bankruptcy Court for the District of Delaware refused to appoint a Court examiner to probe on the bills paid by W.R. Grace & Co. and its debtor affiliates to L. Tersigni Consulting until the Office of the U.S. Trustee for Region 3 can explain why it took them 17 months to inform the Court of the investigation initiated by the Department of Justice on Loreto Tersigni and the Tersigni firm, Bloomberg News reports. At a Sept. 24, 2007, hearing, Judge Fitzgerald noted that the U.S. Trustee's office was made aware of the Tersigni billing problems back in April 2006. Judge Fitzgerald asked David M. Klauder, Esq., counsel to the U.S. Trustee, at the hearing, whether an investigation has been conducted with respect to Mr. Tersigni and whether that investigation has been completed or is still ongoing. Mr. Klauder, however, refused to answer Judge Fitzgerald's questions and said that he was "instructed" not to comment about the matter. Mr. Klauder said that he has "stuff [he's] not permitted to divulge in open court . . ." "What I'm trying to find out is, why on earth I am not being permitted to be given information concerning matters that affect the administration of these estates, from the entity that is charged with supervising the administration of these estates," Judge Fitzgerald stated. The Court acknowledged that the U.S. Trustee is charged under the Bankruptcy Code with the task of "watch dogging" and monitoring entities under bankruptcy. "It appears that the watchdog needs watchdogging," Judge Fitzgerald said. Mr. Klauder told the Court that the intent for the U.S. Trustee's request was for an examiner to ultimately determine what causes of action exist for Grace with respect to the alleged fraudulent billing practices of the Tersigni firm. The Tersigni firm was retained by the Official Committee of Asbestos Personal Injury Claimants in Grace's bankruptcy case as its financial advisors in 2003. Judge Fitzgerald, during the hearing, expressed her concern on the additional expense Grace will likely incur if an examiner is appointed. A continued hearing for Oct. 25 and 26, 2007, has been set for the examiner request. The judge further instructed Mr. Klauder to "find someone" permitted to comment on the Tersigni issues. About W.R. Grace Headquartered in Columbia, Md., W.R. Grace & Co. (NYSE:GRA) -- http://www.grace.com/-- supplies catalysts and silica products, especially construction chemicals and building materials, and container products globally including Argentina, Australia, and Ireland. The Company and its debtor-affiliates filed for chapter 11 protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139). James H.M. Sprayregen, Esq., at Kirkland & Ellis, and Laura Davis Jones, Esq., at Pachulski, Stang, Ziehl, Young, Jones & Weintraub, P.C., represent the Debtors in their restructuring efforts. The Debtors hired Blackstone Group, L.P., for financial advice. PricewaterhouseCoopers LLP is the Debtors' accountant. Stroock & Stroock & Lavan LLP represent the Official Committee of Unsecured Creditors. The Creditors Committee tapped Capstone Corporate Recovery LLC for financial advice. David T. Austern, the legal representative of future asbestos personal injury claimants, is represented by Orrick Herrington & Sutcliffe LLP and Phillips Goldman & Spence, PA. Anderson Kill & Olick, P.C., represent the Official Committee of Asbestos Personal Injury Claimants. The Asbestos Committee of Property Damage Claimants tapped Martin W. Dies, III, Esq., at Dies & Hile L.L.P., and C. Alan Runyan, Esq., at Speights & Runyan,to represent it. Lexecon, LLP, provided asbestos claims consulting services to the Official Committee of Equity Security Holders. The Debtors' filed their Chapter 11 Plan and Disclosure Statement on Nov. 13, 2004. On Jan. 13, 2005, they filed an Amended Plan and Disclosure Statement. The hearing to consider the adequacy of the Debtors' Disclosure Statement began on Jan. 21, 2005. The Debtors' exclusive period to file a chapter 11 plan expired on July 23, 2007. At Dec. 31, 2006, the W.R. Grace's balance sheet showed total assets of US$3,620,400,000 and total debts of US$4,189,100,000. (W.R. Grace Bankruptcy News, Issue No. 140; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). =================== K A Z A K H S T A N =================== ADIL & K LLP: Proof of Claim Deadline Slated for Nov. 21 -------------------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan has declared LLP Security Agency Adil & K insolvent on Sept. 12. Creditors have until Nov. 21 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of South Kazakhstan Ilyaev Str. 24 Shymkent South Kazakhstan Kazakhstan AL-GAS-OIL LLP: Creditors Must File Claims Nov. 16 -------------------------------------------------- LLP Al-Gas-Oil has declared insolvency. Creditors have until Nov. 16 to submit written proofs of claims to: LLP Al-Gas-Oil Micro District 8, 38-201 Aktau 130000, Mangistau Kazakhstan Tel: 8 (3292) 42-84-54 8 (3292) 42-84-64 ALLIANCE BANK: High Credit Risks Cue S&P’s B+ Credit Ratings ------------------------------------------------------------ Standard & Poor's Ratings Services assigned its 'B+' long- and 'B' short-term counterparty credit ratings to Kazakhstan-based Alliance Bank JSC. The outlook is stable. "The ratings on Alliance reflect high credit risks in its unseasoned and rapidly built-up loan portfolio, substantial dependence on confidence-sensitive wholesale funding and its young franchise, which is vulnerable to above-average economic and industry risks in Kazakhstan," said Standard & Poor's credit analyst Ekaterina Trofimova. The Republic of Kazakhstan is rated foreign currency BBB- /Stable/A-3, local currency BBB/Stable/A-3. "Supportive rating factors are the bank's adequate risk management, supportive shareholders, improved profitability, competent management team, and strong commercial dynamism--in particular in retail and small and midsize enterprise banking," Ms. Trofimova said. With assets of KZT1.33 billion at June 30, 2007, Alliance ranked among the top five banks in Kazakhstan, with a leading market share of about 20% in retail loans, including more than 50% in express consumer loans. "The stable outlook balances the current market pressures with Alliance's adequate commercial and financial management, which should protect its credit standing and fundamentals," added Ms. Trofimova. Although unlikely in the near future, any potential rating upgrade will depend on market stabilization, as well as a longer track record for the bank of sustained good commercial, financial, and credit performance. The current ratings incorporate a possibility of some weakening in the bank's liquidity, asset quality, and capital position. A material deterioration in these areas could threaten the ratings. BANK TURANALEM: Fitch Affirms BB+ IDR; Outlook to Stable -------------------------------------------------------- Fitch Ratings has affirmed Bank TuranAlem’s Long-term foreign currency IDR at BB+. Outlook revised to Stable from Positive. The change in Outlooks for the bank follow Fitch's action which changed Outlooks for the Kazakhstani sovereign's 'BBB' Long-term foreign currency IDR and 'BBB+' Long-term local currency IDR to Stable from Positive. The IDR of BTA is underpinned by Fitch's view of the strong propensity of the Kazakhstan authorities to provide support to the banks in case of need, and hence, taking into account ability to support, the moderate probability of such support being forthcoming. In Fitch's view, refinancing risks for Kazakhstani banks are moderate as a result of currently limited access to foreign funding. However, banks face heightened risks in the current market environment, in particular due to: -- a tightening of liquidity in the corporate sector as banks restrict issuance of new loans, especially to the more highly-leveraged construction and real estate development sectors, which are major borrowers from banks; -- downward pressure on real estate prices as a result of the tighter credit environment, which could impact both the performance of the construction/real estate sector itself and the sufficiency of collateral held by banks on existing corporate and retail loans; -- downward pressure on the KZT/USD exchange rate due to capital outflows replacing the strong capital inflows of the last few years, which could impact the ability of unhedged Kazakhstani borrowers to meet their obligations under foreign currency loans from the banking sector, although in mitigation Fitch notes that the authorities have so far been prepared to deploy official reserves to stem this downwards pressure. These heightened risks compound the already high credit risks in the banking sector resulting from the very rapid loan expansion of recent years and the still considerable individual borrower concentrations in banks' loan books. Fitch again notes that, should these risks start to feed through into particular banks and/or general market concerns leading to confidence issues, then the Individual ratings of the bank would be likely to come under downward pressure. At the same time, Fitch also notes that the Long-term IDRs of the country's six largest commercial banks - KKB, BTA, Halyk, Alliance Bank ('BB-'), ATF Bank ('BB-') and Bank CenterCredit ('BB-') - are underpinned by the possibility of sovereign support. Thus, they would be downgraded only if the Kazakhstani sovereign itself was downgraded or if Fitch revised its view of the propensity of the authorities to provide support to these banks. Rating actions: BTA: -- Long-term foreign currency IDR: affirmed at 'BB+'; Outlook revised to Stable from Positive -- Long-term local currency IDR: affirmed at 'BBB-' -- Short-term foreign currency IDR: affirmed at 'B' -- Short-term local currency IDR: affirmed at 'F3' -- Individual rating: affirmed at 'C/D' -- Support rating: affirmed at '3' -- Support Rating Floor: affirmed at 'BB+' CASPIAN CONSTRUCTION: Claims Filing Period Ends Nov. 16 ------------------------------------------------------- LLP Caspian Construction Company has declared insolvency. Creditors have until Nov. 16 to submit written proofs of claims to: LLP Caspian Construction Company Micro District 6, 3-51 Aktau 130000, Mangistau Kazakhstan Tel: 8 (3292) 21-22-98 ESIL AGRO: Creditors' Claims Due on Nov. 21 ------------------------------------------- OJSC Esil Agro Technika has declared insolvency. Creditors have until Nov. 21 to submit written proofs of claims to: OJSC Esil Agro Technika Gasheka Str. 27 Petropavlovsk North Kazakhstan Kazakhstan HALYK BANK: Fitch Affirms BB+ IDR; Outlook to Stable ---------------------------------------------------- Fitch Ratings has affirmed Halyk Bank’s Long-term foreign currency IDR at BB+. Outlook revised to Stable from Positive. The change in Outlooks for the bank follow Fitch's action which changed Outlooks for the Kazakhstani sovereign's 'BBB' Long-term foreign currency IDR and 'BBB+' Long-term local currency IDR to Stable from Positive. The IDR of Halyk Bank is underpinned by Fitch's view of the strong propensity of the Kazakhstan authorities to provide support to those banks in case of need, and hence, taking into account ability to support, the moderate probability of such support being forthcoming. In Fitch's view, refinancing risks for Kazakhstani banks are moderate as a result of currently limited access to foreign funding. However, banks face heightened risks in the current market environment, in particular due to: -- a tightening of liquidity in the corporate sector as banks restrict issuance of new loans, especially to the more highly-leveraged construction and real estate development sectors, which are major borrowers from banks; -- downward pressure on real estate prices as a result of the tighter credit environment, which could impact both the performance of the construction/real estate sector itself and the sufficiency of collateral held by banks on existing corporate and retail loans; -- downward pressure on the KZT/USD exchange rate due to capital outflows replacing the strong capital inflows of the last few years, which could impact the ability of unhedged Kazakhstani borrowers to meet their obligations under foreign currency loans from the banking sector, although in mitigation Fitch notes that the authorities have so far been prepared to deploy official reserves to stem this downwards pressure. These heightened risks compound the already high credit risks in the banking sector resulting from the very rapid loan expansion of recent years and the still considerable individual borrower concentrations in banks' loan books. Fitch again notes that, should these risks start to feed through into particular banks and/or general market concerns leading to confidence issues, then the Individual ratings of the bank would be likely to come under downward pressure. At the same time, Fitch also notes that the Long-term IDRs of the country's six largest commercial banks - KKB, BTA, Halyk, Alliance Bank ('BB-'), ATF Bank ('BB-') and Bank CenterCredit ('BB-') - are underpinned by the possibility of sovereign support. Thus, they would be downgraded only if the Kazakhstani sovereign itself was downgraded or if Fitch revised its view of the propensity of the authorities to provide support to these banks. Rating actions: Halyk Bank: -- Long-term local currency IDR: affirmed at 'BBB-' -- Short-term foreign currency IDR: affirmed at 'B' -- Short-term local currency IDR: affirmed at 'F3' -- Individual rating: affirmed at 'C/D' -- Support rating: affirmed at '3' -- Support Rating Floor: affirmed at 'BB+' KAZKOMMERTSBANK: Fitch Affirms BB+ IDR; Outlook to Stable --------------------------------------------------------- Fitch Ratings has affirmed Kazkommertsbank’s Long-term foreign currency IDR at BB+. Outlook revised to Stable from Positive. The change in Outlooks for the bank follow Fitch's action which changed Outlooks for the Kazakhstani sovereign's 'BBB' Long-term foreign currency IDR and 'BBB+' Long-term local currency IDR to Stable from Positive. DBK's ratings reflect Fitch's view of the very strong propensity of the Kazakhstani authorities to provide support to the bank in case of need, and hence, taking into account the authorities' ability to support, the high probability of such support being forthcoming. The IDR of Kazkommertsbank is underpinned by Fitch's view of the strong propensity of the Kazakhstan authorities to provide support to those banks in case of need, and hence, taking into account ability to support, the moderate probability of such support being forthcoming. In Fitch's view, refinancing risks for Kazakhstani banks are moderate as a result of currently limited access to foreign funding. However, banks face heightened risks in the current market environment, in particular due to: -- a tightening of liquidity in the corporate sector as banks restrict issuance of new loans, especially to the more highly-leveraged construction and real estate development sectors, which are major borrowers from banks; -- downward pressure on real estate prices as a result of the tighter credit environment, which could impact both the performance of the construction/real estate sector itself and the sufficiency of collateral held by banks on existing corporate and retail loans; -- downward pressure on the KZT/USD exchange rate due to capital outflows replacing the strong capital inflows of the last few years, which could impact the ability of unhedged Kazakhstani borrowers to meet their obligations under foreign currency loans from the banking sector, although in mitigation Fitch notes that the authorities have so far been prepared to deploy official reserves to stem this downwards pressure. These heightened risks compound the already high credit risks in the banking sector resulting from the very rapid loan expansion of recent years and the still considerable individual borrower concentrations in banks' loan books. Fitch again notes that, should these risks start to feed through into particular banks and/or general market concerns leading to confidence issues, then the Individual ratings of the bank would be likely to come under downward pressure. At the same time, Fitch also notes that the Long-term IDRs of the country's six largest commercial banks - KKB, BTA, Halyk, Alliance Bank ('BB-'), ATF Bank ('BB-') and Bank CenterCredit ('BB-') - are underpinned by the possibility of sovereign support. Thus, they would be downgraded only if the Kazakhstani sovereign itself was downgraded or if Fitch revised its view of the propensity of the authorities to provide support to these banks. Rating actions: Kazkommertsbank: -- Long-term local currency IDR: affirmed at 'BBB-' -- Short-term foreign currency IDR: affirmed at 'B' -- Short-term local currency IDR: affirmed at 'F3' -- Individual rating: affirmed at 'C/D' -- Support rating: affirmed at '3' -- Support Rating Floor: affirmed at 'BB+' RIDDER-NIVA LLP: Claims Registration Ends Nov. 20 ------------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan has declared LLP Ridder-Niva insolvent on Aug. 27. Creditors have until Nov. 20 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of East Kazakhstan Chasnikov Str. 55 Micro District 23 Ust-Kamenogorsk East Kazakhstan Kazakhstan Tel: 8 (3232) 25- 47-06 TAIKO GROUP: Proof of Claim Deadline Slated for Nov. 16 ------------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Taiko Group insolvent on Aug. 28. Creditors have until Nov. 16 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Almaty Office Four Kassin Str. 2/1 Mamyr 050052, Almaty Kazakhstan Tel: 8 (3272) 63-84-42 8 777 559 68-31 8 777 258 50-41 TOUS LLP: Creditors Must File Claims Nov. 21 -------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan has declared LLP Tous insolvent on Sept. 12. Creditors have until Nov. 21 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of South Kazakhstan Ilyaev Str. 24 Shymkent South Kazakhstan Kazakhstan VTORPROM CJSC: Creditors' Claims Due on Nov. 16 ----------------------------------------------- CJSC Vtorprom has declared insolvency. Creditors have until Nov. 16 to submit written proofs of claims to: CJSC Vtorprom Ushanov Str. 66-39 Ushanov Str. 66-39 Ust-Kamenogorsk East Kazakhstan Kazakhstan =================== K Y R G Y Z S T A N =================== BISHKEKSKY PASSAJYRSKY: Creditors' Meeting Slated for October 15 ---------------------------------------------------------------- Creditors of Utility Enterprise Bishkeksky Passajyrsky Autocombinate will convene at 11:00 a.m. on Oct. 15 at: Fatyanov Str. 20 Bishkek Kyrgyzstan The Inter-District Court of Bishkek for Economic Issues dismissed T. Ashyrbayev dismissed from the position of temporary insolvency manager of the company on Sept. 11, 2007. Subsequently, Nurlan Akambayev has been appointed new temporary insolvency manager. Creditors must submit their proofs of claim and be registered within seven days before the meeting with the temporary insolvency manager. Proxies must have authorization to vote. The temporary insolvency manager can be reached at (0-502) 50-43-05. IMSTALCON JSC: Proof of Claim Deadline Slated for November 14 ------------------------------------------------------------- Branch of JSC Bishkek Constructing-Montage Firm Imstalcon (INN 41307200410139) has declared insolvency. Creditors have until Nov. 14 to submit written proofs of claim to: Abai Str. 79a Bishkek Kyrgyzstan =========== P O L A N D =========== EUROFAKTOR SA: Bondholders Threaten Bankruptcy Filing ----------------------------------------------------- Eurofaktor S.A. CEO Bronislaw Herman is hoping to reach a compromise with the company's bondholders within 2-3 weeks in order to avert a possible involuntary bankruptcy case, Polish News Bulletin says in a report carried by the Financial Times. According to the report, the investors have threatened a bankruptcy filing after the company offered to repurchase only 5 percent of PLN45.5 million notes it sold early this year. FT says the investors are also threatening to sue Raiffeisen Bank, which managed the bond sale along with PKO BP, after it recommended the company's commercial papers to them even though the bank was allegedly aware of Eurofaktor's financial woes, a claim which Raiffeisen denied. Headquartered in Myslowice, Poland, Eurofaktor S.A. -- http://www.eurofaktor.pl/-- offers factoring services for companies located in Poland. TOORA POLAND: Faces PLN120 Million Claim From Bank Lenders ---------------------------------------------------------- Polish car parts manufacturer Toora Poland owes more than PLN120 million to bank lenders, including Pekao, Caylon Bank and the Polish unit of Benelux-based Fortis, Thomson Financial reports, citing Parkiet daily as its source. According to the report, Toora owes PLN86 million to Pekao, Poland's second largest bank. Robert Moren, a spokesman for Pekao, told Parkiet that the bank is waiting for Toora to present a restructuring plan. Meanwhile, the Polish News Bulletin says Caylon Bank is demanding repayment of its PLN20 million loan to the car parts manufacturer. Some of the banks already created reserves for the loans they extended as it expect Toora to become insolvent, the Polish News Bulletin relates. In the first half of 2007, Toora incurred losses of over PLN50 million, 35% more than indicated by preliminary data. Its equity capital exceeds PLN90 million, although the auditor stressed the real sum may be lower, Polish News Bulletin states. As previously reported in the TCR-Europe on Sept. 18, 2007, Polish debt collecting agency Pragma Inkaso is set to file a bankruptcy petition at the Tarnobrzeg court against Toora, saying the company lost its liquidity and failed to pay suppliers. "Although the debts amount to only several dozen thousands, Toora's authorities have not answered to any claims. The company has lost liquidity, therefore the best solution is to declare bankruptcy," Szymon Kobierski of Pragma Inkaso told Puls Biznesu. At June 30, 2007, Toora's debts totaled PLN406 million. According to figures obtained by Puls Biznesu, the company incurred losses of PLN37 million on revenues of PLN145 million in the first half of 2007. ZLOMREX SA: S&P Cuts Ratings to B on Liquidity Concerns ------------------------------------------------------- Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Poland-based integrated steel group Zlomrex S.A. to 'B' from 'B+' following a review of the company's liquidity, growth strategy, and financial policy. The senior secured debt rating on the EUR170 million 8.5% callable bonds due 2014 issued by subsidiary Zlomrex International Finance S.A. was lowered to 'B-' from 'B'. The ratings were removed from CreditWatch with negative implications, where they had been placed on Aug. 15, 2007. The outlook is negative. At the same time, Standard & Poor's affirmed its 'B' short-term credit rating on Zlomrex. "The downgrade reflects Zlomrex's constrained liquidity and refinancing risks given high short-term debt, limited cash resources and available credit lines, cash payments for acquisitions during the second half of 2007, and negative free operating cash flow," said Standard & Poor's credit analyst Alex Herbert. In addition, Zlomrex's financial policy and acquisition-led growth strategy are more aggressive than expected, following the completion of its acquisition of Polish steel distribution company Stalexport Trade for about PLN130 million in October 2007 and the expected completion of its announced acquisition of Croatia-based reinforcement steel bar manufacturer Zeljezara Split by year-end 2007 for about PLN100 million (both including debt). Pro forma for the acquisitions, S&P estimates a ratio of funds from operations to adjusted debt of about 10%-15% on a last-12- month basis to June 30, 2007. This is somewhat weaker than our guidance for the ratings of 15%-20% over the cycle. We see limited scope for meaningful improvement in Zlomrex's leverage ratios, given ongoing likely acquisitions, including possibly indebted loss-making targets. "We are concerned that the company's very limited short-term liquidity headroom may not be adequate to cover unforeseen events or an unexpected reduction in the willingness and ability of banks to provide financing," Mr. Herbert added. There is a risk of a further downgrade if liquidity pressures are not eased. Offsetting measures could include lengthening debt maturities and increasing available committed bank facilities, which could lead to the outlook being revised to stable. Further material debt-financed acquisitions are not factored into the ratings. =========== R U S S I A =========== BALTIJSKAYA ZARYA: Creditors Must File Claims by Nov. 29 -------------------------------------------------------- Creditors of Baltijskaya Zarya CJSC have until Nov. 29 to submit proofs of claim at: Office 6 Baltijskaya 18 236029 Kaliningrad Russia The Arbitration court of Kaliningrad commenced one-year competitive proceedings on the company. The Court appointed Muhin V.V. as Competitive proceedings manager. The case is docketed under Case No. A21-2029/2007. The Court is located at: The Arbitration Court of Kaliningrad Rokossovskogo Str. 2 Kaliningrad Russia The Debtor can be reached at: Baltijskaya Zarya CJSC Kalininskoye Settlement Guryevskij Raion 238051 Kaliningrad Russia BANK ROSSIYA: Fitch Resolves Watch on B- IDR; Outlook Stable ------------------------------------------------------------ Fitch Ratings has resolved the Rating Watch Negative on Russia- based Bank Rossiya's Long-term Issuer Default rating 'B-', Short-term IDR 'B' and National Long-term 'BB-(rus)'. Fitch has also affirmed BR's ratings at Long-term IDR 'B-', Short-term IDR 'B', Individual 'D/E', Support '5', National Long-term 'BB- (rus)' and Support Rating Floor 'No Floor'. The Outlooks for BR's Long-term IDR and National Long-term rating are Stable. The bank's Long and Short-term IDRs and National Long-term rating were placed on RWN in December 2006 due to the then- announced acquisition of a majorit