T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Tuesday, October 16, 2007, Vol. 8, No. 205 Headlines A U S T R I A AUFZUG- UND BAUSCHLOSSEREI: Claims Registration Ends Oct. 30 BASLA LLC: Claims Registration Period Ends Oct. 31 BKW LLC: Claims Registration Period Ends October 30 BRUESTLE LLC: Claims Registration Period Ends November 2 GLASEREI STEINLECHNER: Wels Court Orders Business Shutdown INOVAT LLC: Vienna Court Orders Business Shutdown X-TENDER ELEKTROINSTALLATION: Claims Registration Ends Nov. 2 ZIVKO STOJANOVIC: Claims Registration Period Ends Nov. 2 B E L G I U M LEVI STRAUSS: Satisfies Terms on US$525MM Senior Notes Offering SOLUTIA INC: Files Consensual Plan of Reorganization SOLUTIA INC: Incurs $9,000,000 Net Loss in Month Ended August 31 TELENET BIDCO: Fitch Rates EUR2.3 Billion Senior Loan at BB F R A N C E EDITIS HOLDING: Moody's Lifts Corporate Family Rating to Ba3 G E R M A N Y 1A AUTOMATION: Creditors' Meeting Slated for October 29 A&O 4TEC: Creditors' Meeting Slated for November 8 A&O ITEC: Creditors' Meeting Slated for November 8 ABBING VIEH: Claims Registration Period Ends October 30 AKZENT HOTEL: Creditors Must File Claims by November 10 BAU GMBH: Creditors Must File Claims by November 5 BAUUNTERNEHMUNG LANGENBAHN: Creditors Must File Claims by Nov. 5 BERND MEYN: Claims Registration Period Ends November 2 C CAFE GASTRONOMIEBETRIEBE: Claims Period Ends Oct. 29 CASALITH VERWALTUNGS: Claims Registration Period Ends Oct. 16 CHRYSLER LLC: Council Approves New Contract Ratification COMPEDO TINTEN: Claims Registration Period Ends Oct. 23 DIGITALDRUCKE BAYERLEIN: Claims Registration Ends November 13 ECKL UND WIEDENHOEFT: Claims Registration Ends October 30 FRUEH-LINK TRANSPORT: Claims Registration Period Ends Nov. 1 KLINKSIEK GMBH: Creditors Must File Claims by November 8 KOMBINART GMBH: Creditors Must File Claims by November 6 MT INTERNATIONEL: Claims Registration Period Ends Nov. 2 MT MALER: Claims Registration Period Ends November 3 NYLSTAR DEUTSCHLAND: Claims Registration Ends November 12 PORTIUS GMBH: Claims Registration Ends November 13 RATIE FOTO: Claims Registration Ends November 12 RESERV GESELLSCHAFT: Creditors Must File Claims by November 5 I R E L A N D COMMSCOPE: Moody's Cuts Rating to Ba3 Pending Andrew Acquisition I T A L Y DANA CORP: Amends Centerbridge Capital Investment Agreement IMAX CORPORATION: Catalyst Fund Withdraws New York Lawsuit K A Z A K H S T A N BUSINESS ALSTROI: Proof of Claim Deadline Slated for Nov. 20 DOS CREDO: Creditors Must File Claims November 21 FORUM TRADING: Claims Filing Period Ends November 20 IMAN-TV LLP: Creditors' Claims Due on November 20 LIDER REALTY: Claims Registration Ends November 20 MILK WAY: Proof of Claim Deadline Slated for November 21 PV SKB: Creditors Must File Claims November 16 SGKP KAINAR: Claims Filing Period Ends November 21 SMART LLP: Creditors' Claims Due on November 21 L U X E M B O U R G EVRAZ GROUP: Merging Units to Focus on Local Demand R U S S I A BASHKIRSKIYE SEMIPRECIOUS: Creditors Must File Claims by Dec. 6 DALSVYAZ OAO: Fitch Upgrades IDR to B+ on Financial Improvements DYURTYULINSKOYE OJSC: Asset Sale Slated for November 9 EVRAZ GROUP: Merging Units to Focus on Local Demand GORNAYA: Creditors Must File Claims by December 6 IMPRO CJSC: Creditors Must File Claims by December 6 LENINA SOVKHOZ* PAC*: Creditors Must File Claims by Nov. 6 MECHETLINSKIJ STROITEL': Creditors Must File Claims by Nov. 6 MK VITYAZ' & VITYAZ'-TRANS: Asset Sale Slated for Oct. 28 MPO TOIR: Bidding Deadline Slated for October 31 MUE* RB*: Bankruptcy Hearing Slated for Feb. 13, 2008 OILMASH OJSC: Asset Sale Slated for November 12 RUSSIAN STANDARD: Moody's Changes Rating Outlook to Negative URAL BUSINESS: Creditors Must File Claims by Dec. 6 URALCHEMPRODUCT CJSC: Creditors Must File Claims by Dec. 6 S W I T Z E R L A N D CABALLERO FM: Claims Registration Period Ends October 21 DENTALWEB LLC: Creditors' Liquidation Claims Due October 22 FINSERVE JSC: Creditors' Liquidation Claims Due October 22 JOERGENSEN ASSOCIATED: Creditors' Liquidation Claims Due Oct. 24 KEMMOR JSC: Creditors' Liquidation Claims Due October 22 KMK KARL: Creditors' Liquidation Claims Due October 24 PANNEKUK HOLDING: Zug Court Starts Bankruptcy Proceedings PAR-JEW JSC: Creditors' Liquidation Claims Due October 22 PETER & CO: Creditors' Liquidation Claims Due October 24 PROPACK ASIA: Creditors' Liquidation Claims Due October 24 SANITARFIX SUISSE: Claims Registration Period Ends October 22 SOCIETE ANONYME: Creditors' Liquidation Claims Due October 31 STC SAFETRADE: Creditors' Liquidation Claims Due October 22 TIGON JSC: Zug Court Starts Bankruptcy Proceedings WIKIM JSC: Creditors' Liquidation Claims Due October 24 U K R A I N E BUSINESS-PARTNER LLC: Creditors Must File Claims by October 17 HEAT TECHNICIAN: Creditors Must File Claims by October 17 OBRIY OJSC: Creditors Must File Claims by October 17 RAMITA OJSC: Proofs of Claim Deadline Set October 17 REPUBLICAN MANAGEMENT: Creditors Must File Claims by October 17 SVET: Creditors Must File Claims by October 17 TERMINAL LLC: Proofs of Claim Deadline Set October 17 TRAYMAX-DNIPRO LLC: Creditors Must File Claims by October 17 UKRAINIAN LIGHT: Creditors Must File Claims by October 17 ZHMERINKA FOOTBALL: Creditors Must File Claims by October 17 U N I T E D K I N G D O M AQUARIUS DRINKS: Taps Joint Administrators from Begbies Traynor COLLINS & AIKMAN: Closes Sale of Soft Trim Division to IAC NA CONNEXXION UK: Brings In Vantis as Joint Administrators FORD MOTOR: Names Jim Farley VP of Marketing & Communications GENERAL MOTORS: Provides Overview of National Agreement w/ UAW HOSPITAL TELEPHONE: Taps Smith & Williamson as Administrators NORTHERN ROCK: Virgin Group Consortium Prepares Bid RANK GROUP: Retail Business Revenue Drops on Smoking Ban REMY INT'L: Bankruptcy Filing Cues Moody's to Withdraw Ratings REMY INTERNATIONAL: S&P Assigns Default Rating on US$125MM Notes REMY WORLDWIDE: Can Use Cash Collateral for Debt Payment REMY WORLDWIDE: Gets Interim Court Nod on US$160MM DIP Financing SEA CONTAINERS: Earns US$11,158,734 in Month Ended August 31 * Large Companies with Insolvent Balance Sheet ********* ============= A U S T R I A ============= AUFZUG- UND BAUSCHLOSSEREI: Claims Registration Ends Oct. 30 ------------------------------------------------------------ Creditors owed money by Aufzug- und Bauschlosserei Ltd. (FN 262379b) have until Oct. 30 to file written proofs of claim to court-appointed estate administrator Matthias Klissenbauer at: Dr. Matthias Klissenbauer Gonzagagasse 15 1010 Vienna Austria Tel: 533 28 55 Fax: 533 28 55 28 E-mail: office@klissenbauer.com Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 a.m. on Nov. 13 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1607 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Sept. 10 (Bankr. Case No. 28 S 102/07i). BASLA LLC: Claims Registration Period Ends Oct. 31 -------------------------------------------------- Creditors owed money by LLC Basla (FN 184168k) have until Oct. 31 to file written proofs of claim to court-appointed estate administrator Thomas Steiner at: Mag. Thomas Steiner Weihburggasse 18-20/50 1010 Vienna Austria Tel: 513 53 63 E-mail: steiner.steiner@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on Nov. 14 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. 12 (Bankr. Case No. 2 S 122/07i). BKW LLC: Claims Registration Period Ends October 30 --------------------------------------------------- Creditors owed money by LLC BKW (FN 273040f) have until Oct. 30 to file written proofs of claim to court-appointed estate administrator Johannes Hofmann at: Dr. Johannes Hofmann Ringstrasse 38 4600 Wels Austria Tel: 07242/65358 Fax: 07242/65358-25 E-mail: ra.hofmann@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 1:20 p.m. on Nov. 8 for the examination of claims. The meeting of creditors will be held at: The Land Court of Wels Hall 101 First Floor Maria Theresia Str. 12 Wels Austria Headquartered in Wels, Austria, the Debtor declared bankruptcy on Sept. 12 (Bankr. Case No. 20 S 117/07t). BRUESTLE LLC: Claims Registration Period Ends November 2 -------------------------------------------------------- Creditors owed money by LLC Bruestle (FN 143292z) have until Nov. 2 to file written proofs of claim to court-appointed estate administrator Harald Burmann at: Dr. Harald Burmann Meraner Strasse 1 6020 Innsbruck Austria Tel: 0512/ 58 86 86 Fax: 0512/ 58 86 86 20 E-mail: kanzlei@jus-tirol.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:50 a.m. on Nov. 16 for the examination of claims. The meeting of creditors will be held at: The Land Court of Innsbruck Room 214 Second Floor Maximilianstrasse 4 6020 Innsbruck Austria Headquartered in Hall in Tirol, Austria, the Debtor declared bankruptcy on Sept. 10 (Bankr. Case No. 7 S 50/07y). GLASEREI STEINLECHNER: Wels Court Orders Business Shutdown ---------------------------------------------------------- The Land Court of Wels entered Sept. 12 an order shutting down the business of LLC Glaserei Steinlechner (FN 277309h). Court-appointed estate administrator Gerhard Goetschhofer 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. Gerhard Goetschhofer Schlossplatz 15 4655 Vorchdorf Austria Tel: 07614/7575 Fax: 07614/7575-14 E-mail: rechtsanwalt@goetschhofer.at Headquartered in Gmunden, Austria, the Debtor declared bankruptcy on Sept. 10 (Bankr. Case No 20 S 114/07a). INOVAT LLC: Vienna Court Orders Business Shutdown ------------------------------------------------- The Trade Court of Vienna entered Sept. 13 an order shutting down the business of LLC Inovat (FN 255062t). Court-appointed estate administrator Walter Kainz 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. Walter Kainz c/o Dr. Eva Wexberg Gusshausstrasse 23 1040 Vienna Austria Tel: 505 88 31 Fax: 505 94 64 E-mail: kanzlei@kainz-wexberg.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Sept. 5 (Bankr. Case No 2 S 118/07a). Eva Wexberg represents Dr. Kainz in the bankruptcy proceedings. X-TENDER ELEKTROINSTALLATION: Claims Registration Ends Nov. 2 ------------------------------------------------------------- Creditors owed money by LLC X-Tender Elektroinstallation (FN 268561v) have until Nov. 2 to file written proofs of claim to court-appointed estate administrator Leopold Riess at: Dr. Leopold Riess c/o Dr. Eva Riess Zeltgasse 3/12 1080 Vienna Austria Tel: 402 57 01 Fax: 402 57 01 21 E-mail: law@riess.co.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:15 a.m. on Nov. 15 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1703 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Sept. 7 (Bankr. Case No. 5 S 107/07f). Eva Riess represents Dr. Riess in the bankruptcy proceedings. ZIVKO STOJANOVIC: Claims Registration Period Ends Nov. 2 -------------------------------------------------------- Creditors owed money by KEG Zivko Stojanovic (FN 211490s) have until Nov. 2 to file written proofs of claim to court-appointed estate administrator Felix Stortecky at: Dr. Felix Stortecky c/o Dr. Katharina Widhalm-Budak Schulerstrasse 18 1010 Vienna Austria Tel: 513 88 37 Fax: 512 88 37 22 E-mail: office@stortecky.at widhalm-budak@anwaltsteam.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 a.m. on Nov. 15 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1703 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Sept. 10 (Bankr. Case No. 5 S 109/07z). Katharina Widhalm- Budak represents Dr. Stortecky in the bankruptcy proceedings. ============= B E L G I U M ============= LEVI STRAUSS: Satisfies Terms on US$525MM Senior Notes Offering --------------------------------------------------------------- Levi Strauss & Co. has satisfied certain conditions to the tender offer for all of its outstanding US$525 million aggregate principal amounts of its 12.25% Senior Notes due 2012, including the amendment of its senior secured revolving credit facility. The company also disclosed that the holders of Notes representing not less than a majority in aggregate principal amount of the outstanding Notes have validly tendered their Notes and delivered their consents. The company and the trustee for the Notes have executed a supplemental indenture to the indenture governing the Notes that eliminates or makes less restrictive most of the restrictive covenants, and certain related events of default, contained in the indenture. The company has entered into a second amended and restated credit agreement among the company, Levi Strauss Financial Center Corporation, the financial institutions party thereto and Bank of America, N.A., as agent. A summary description of the material terms of the amendment includes: * The term of the Credit Agreement has been extended through Oct. 11, 2012. * The maximum availability under the Credit Agreement was increased from US$550 million to US$750 million and includes a US$250 million term loan tranche. The entire Credit Agreement will be secured by certain U.S. trademarks associated with the Levi's(R) brand. The term loan tranche amortizes on a quarterly basis based on a straight line two-year amortization schedule to a residual value of 25% of the net orderly liquidation value of the trademarks with no additional repayments required until maturity so long as the remaining amount of the tranche does not exceed such 25% valuation. The term loan tranche will be borrowed on a first dollar drawn basis. As the term loan tranche is repaid, the maximum availability under the Credit Agreement will not be automatically reduced by the amount of the repayment. The lien on the trademarks, but not the other assets, will be released upon the full repayment of the term loan tranche. * The Credit Agreement includes as a financial covenant a springing fixed charge coverage ratio of 1:1, which arises when excess availability under the Credit Agreement is less than US$100 million. This covenant will be discontinued upon termination and repayment of the term loan tranche described above and the implementation of a liquidity reserve of US$50 million. * The revolving portion of the Credit Agreement initially bears an interest rate of LIBOR plus 150 basis points or base rate plus 25 basis points subject to adjustments based on availability. The term loan tranche bears an interest rate of LIBOR plus 250 basis points or base rate plus 125 basis points. In connection with its tender offer and consent solicitation, the company has accepted for purchase US$505.8 million of the outstanding aggregate principal amount of the Notes for a total payment of US$563.2 million, including US$15.2 million in consent payments to holders who validly tendered their Notes and delivered their consents on or prior to 5 p.m., New York City time, on Oct. 3, 2007. The company drew US$343.2 million under the second amended and restated revolving credit facility and used US$220 million from cash on hand to fund these payments. The tender offer will expire at midnight, New York City time, Wednesday, Oct. 17, 2007, unless extended by the company. Holders who validly tender their Notes after 5 p.m., New York City time, on Oct. 3, 2007 and prior to the expiration of the tender offer will not receive the consent payment and, therefore their tender consideration will be US$1,043.99 per US$1,000 principal amount of Notes. The company has retained Credit Suisse Securities (USA) LLC as a dealer manager and solicitation agent in connection with the tender offer and consent solicitation. Questions about the tender offer and consent solicitation may be directed to Credit Suisse at 212-325-4951 (collect). Holders can request documents from D.F. King & Co. Inc., the information agent and tender agent, at 888-887-0082 (U.S. toll free) or 212-269-5550 (collect). About Levi Strauss & Co. Headquartered in San Francisco, California, Levi Strauss & Co. -- http://www.levistrauss.com/-- is a branded apparel company. The company designs and markets jeans and jeans-related pants, casual and dress pants, tops, jackets and related accessories for men, women and children under its Levi's, Dockers and Levi Strauss Signature brands in markets around the world. Levi Strauss & Co. distributes its Levi's and Dockers products primarily through chain retailers and department stores in the United States, and through department stores, specialty retailers and franchised stores abroad. The company distributes its Levi Strauss Signature products through mass channel retailers in the United States and abroad. Levi Strauss Europe is headquartered in Brussels, Belgium, while Levi's Asia Pacific division is based in Singapore. Levi's has operations in Brazil, Mexico, Chile and Peru. * * * As reported in the Troubled Company Reporter on Aug. 30, 2007, Standard & Poor's Ratings Services raised its ratings on Levi Strauss & Co. including its long-term corporate credit rating to 'B+' from 'B'. The outlook is stable. SOLUTIA INC: Files Consensual Plan of Reorganization ---------------------------------------------------- Solutia Inc. filed a consensual plan of reorganization on Oct. 15, 2007, that has the support of all major constituents in its Chapter 11 case. The plan -- known as the fifth amended plan of reorganization -- was filed with the U.S. Bankruptcy Court for the Southern District of New York along with Solutia's fifth amended disclosure statement. As reported in the Troubled Company Reporter on Sept. 27, 2007, Solutia secured the support of all of the major constituents in its Chapter 11 cases for a consensual plan of reorganization, including 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. As part of the settlement, the following parties executed agreements earlier this month in support of the settlement and revised plan of reorganization: Monsanto, noteholders controlling at least $300.1 million in principal amount of the 2027/2037 notes, the official committee of general unsecured creditors, the official committee of equity security holders, the ad hoc trade committee, and Solutia. "This consensual plan of reorganization will facilitate Solutia's emergence from Chapter 11 as a financially healthy company," Jeffry N. Quinn, chairman, president and chief executive officer of Solutia Inc., said. Major Terms Underlying Settlement and Reorganization Plan (1) $250 Million of New Investment The revised plan will provide for $250 million of new investment in reorganized Solutia. This investment will be in the form of a rights offering to the noteholders and general unsecured creditors, who will be given the opportunity to purchase shares of the new common stock on a pro rata basis at a 33.3% discount to the implied equity value. The rights offering will be backstopped by a group of Solutia's creditors (i.e. they will purchase any shares not bought by other creditors). For this commitment they will receive a fee of 2.50% and an allocation of 15% of the rights offering. The $250 million generated as a result of the rights offering will be used: $175 million will be set aside in a Voluntary Employees' Beneficiary Association Retiree Trust to fund the retiree welfare benefits for those pre-spin retirees whom receive these benefits from Solutia; and $75 million will be used by Solutia to pay for other legacy liabilities being retained by the company. (2) Relief from Tort Litigation and Environmental Remediation Liabilities Consistent with Solutia and Monsanto's prior agreement, the settlement provides that Monsanto will take on financial responsibilities in the areas of tort litigation and environmental remediation. -- Monsanto will be financially responsible for all current and future tort litigation costs arising from Pharmacia's chemical business prior to the Solutia spinoff. This includes litigation arising from exposure to PCBs and other chemicals. -- Monsanto will accept financial responsibility for environmental remediation and clean-up obligations at all sites for which Solutia was required to assume responsibility at the spinoff but which were never owned or operated by Solutia. Solutia will remain responsible for the environmental liabilities at sites that it presently owns or operates. -- Solutia and Monsanto will share financial responsibility with respect to two sites. Under this cost-sharing arrangement the first $50 million of post- emergence remediation and cleanup costs will be funded by the proceeds of the rights offering described above. Upon emergence, Solutia would be responsible for the funding of these sites up to an agreed amount. Thereafter, if needed, Monsanto and Solutia would share responsibility equally. (3) Current Equity Holders New Common Stock Purchase Option Under the revised plan, in addition to other considerations, current equity holders that own at least a specified number of shares of Solutia common stock will receive rights to purchase, at the time of the company's emergence from bankruptcy, a pro rata share of up to 17% of the new common stock for $175 million which is at a discount from the implied equity value under the revised plan. The proceeds from the sale of this equity will fund a cash payment to Monsanto of up to $175 million. Any portion of the 17% of the new common stock that is not purchased by current equity holders will be distributed to Monsanto under the revised plan. (4) Settlement of Litigation and Claims Objection Each of the settling parties has agreed to stay all pending litigation relating to Solutia's chapter 11 cases until the effective date of the plan, at which time this litigation will be dismissed. This includes objections to the disclosure statement and plan of reorganization filed by the noteholders and the equity security holders, the adversary proceeding filed by the equity security holders against Monsanto and Pharmacia, objections to the claims filed in the case by Monsanto and Pharmacia, and the noteholders' appeal of the decision in the litigation related to the secured or unsecured nature of their claims. (5) Composition of Board of Directors Under the revised plan, reorganized Solutia's Board of Directors will be comprised of nine members, including: Jeffry N. Quinn, Solutia's chairman, president and chief executive officer; J. Patrick Mulcahy, a current director of Solutia; one director designated by each of Monsanto, the general unsecured creditors and the noteholders; and four directors designated by a five- person search committee consisting of Mr. Quinn, two representatives from the noteholders and one representative each from the general unsecured creditors and the ad hoc trade creditors. Solutia has engaged the services of Spencer Stuart, a global search firm, to begin the process of helping identify and recommend highly qualified board candidates. (6) Anticipated Creditor Recoveries and Equity Ownership Assuming full subscription to the rights offering by the participating parties (including the backstop parties), a full exercise of the new common stock purchase option, and an estimated general unsecured claims pool of $342 million, the following creditors and equity security holders will receive these distributions: -- General Unsecured Creditors will receive their pro rata share of 31.4% of the new common stock, resulting in a recovery of 80.6 cents on the dollar. -- Noteholders will receive their pro rata share of 43.8% of the new common stock, resulting in a recovery of 88.4 cents on the dollar. -- Monsanto will receive up to $175 million in cash. Any shares of new common stock not purchased by current equity holders pursuant to the new common stock purchase option will be distributed to Monsanto and the cash distribution reduced accordingly. -- Equity Security Holders will receive their pro rate share of 1% of the new common stock and pursuant to the new common stock purchase option, holders that own at least a specified number of shares of Solutia common stock will receive rights to purchase a pro rata share of up to 17% of the new common stock. Assuming the new common stock purchase option is fully exercised, current equity security holders will own up to 18% of the new common stock. Additionally, current equity security holders will have these rights: i) holders who own at least a specified number of shares of Solutia common stock will receive their pro rata share of five-year warrants to purchase 7.5% of the common stock; and ii) holders who own at least a specified number of shares of Solutia common stock will receive the right to participate in a buy out for cash of general unsecured claims of less than $100,000 for an amount equal to 52.35% of the allowed amount of such claims, subject to election of each general unsecured creditor to sell their claim. -- Retirees will receive the benefits provided for under the terms of the settlement between Solutia and its retirees, which was previously announced and is not being altered by the settlement currently announced. In accordance with that settlement, the retirees, as a class, will receive 2% of the new common stock. This stock will be deposited into a VEBA trust that will be used to pay retiree welfare benefits. This is in addition to the $175 million from the rights offering that will also be deposited into the VEBA trust. -- Backstop Parties (the backstoppers of the rights offering) will own 4.7% of the new common stock. General Plan Assumptions Solutia will be an independent, publicly traded company listed on a national exchange. The enterprise value of reorganized Solutia is currently estimated to be $2.85 billion, with corresponding implied reorganization equity value of approximately $1.2 billion. In total, 59.75 million common shares will be issued and allocated upon emergence, exclusive of an anticipated management incentive plan to be approved as part of the revised plan of reorganization. An Oct. 19, 2007 hearing has been set at which the court will be asked to approve the disclosure statement. Once approved, the disclosure statement will be sent to Solutia's creditors and equity interest holders to solicit approval of the plan. The solicitation period will run for 30 days from the mailing of the solicitation materials. Following the solicitation period, the court will hold a hearing to confirm the plan, after which Solutia will emerge from Chapter 11. Full-text copies of the fifth amended plan of reorganization and disclosure statement is available for free at http://www.solutia.com/reorganization/ 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. Saflex is a registered trademark of Solutia Inc. 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 $2,854,000,000 in assets and $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, and is set to continue on Oct. 10, 2007. SOLUTIA INC: Incurs $9,000,000 Net Loss in Month Ended August 31 ---------------------------------------------------------------- Solutia Chapter 11 Debtors Unaudited Statement of Consolidated Financial Position As of August 31, 2007 ASSETS Cash $68,000,000 Trade Receivables, net 200,000,000 Account Receivables-Unconsolidated Subsidiaries 62,000,000 Inventories 176,000,000 Other Current Assets 76,000,000 Assets of Discontinued Operations 6,000,000 -------------- Total Current Assets 588,000,000 Property, Plant and Equipment, net 650,000,000 Investments in Subsidiaries and Affiliates 687,000,000 Intangible Assets, net 100,000,000 Other Assets 56,000,000 -------------- Total Assets $2,081,000,000 LIABILITIES AND SHAREHOLDERS' DEFICIT Accounts Payable $213,000,000 Short Term Debt 922,000,000 Other Current Liabilities 152,000,000 Liabilities of Discontinued Operations 4,000,000 -------------- Total Current Liabilities 1,291,000,000 Long-Term Debt 19,000,000 Other Long-Term Liabilities 194,000,000 -------------- Total Liabilities not Subject to Compromise 1,504,000,000 Liabilities Subject to Compromise 1,850,000,000 Shareholders' Deficit (1,273,000,000) -------------- Total Liabilities & Shareholders' Deficit $2,081,000,000 Solutia Chapter 11 Debtors Unaudited Consolidated Statement of Operations For the Month Ended August 31, 2007 Total Net Sales $219,000,000 Total Cost Of Goods Sold 198,000,000 -------------- Gross Profit 21,000,000 Total MAT Expense 19,000,000 -------------- Operating Income (Loss) 2,000,000 Equity Earnings from Affiliates 0 Interest Expense, net (11,000,000) Other Income, net 3,000,000 Reorganization Items: Professional fees (6,000,000) Employee severance and retention costs 0 Adjustment to allowed claim amounts 5,000,000 Settlements of prepetition claims (2,000,000) -------------- (3,000,000) -------------- Income from continuing operations before taxes (9,000,000) Income tax expense (benefit) 0 Income from discontinued operations 0 -------------- Net Income (Loss) ($9,000,000) 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. Saflex is a registered trademark of Solutia Inc. 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 $2,854,000,000 in assets and $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, and is set to continue on Oct. 10, 2007. TELENET BIDCO: Fitch Rates EUR2.3 Billion Senior Loan at BB ----------------------------------------------------------- Fitch Ratings has assigned Belgium-based Telenet BidCo NV's new EUR2.3 billion senior secured bank facility a rating of 'BB'. Fitch has withdrawn the ratings of the existing EUR1 billion bank facility ('BB+'), Telenet Communications NV's senior notes ('BB'), and Telenet Group Holding NV's senior discount notes ('B+') following the repayment and cancellation of the existing bank facility and the redemption of the bonds on Oct. 10, 2007. Telenet's new bank facility is structured as: -- EUR530 million five year term loan A; -- EUR532.5 million six and a half year (6 year average life) term loan B; -- EUR1.1 billion eight year term loan C; and -- EUR175 million seven year revolving credit facility. The security package reflects that of the retired facility, and includes share pledges over key group companies, pledges over business assets and mortgages over real estate. Financial covenants include a maximum incurrence test (Net Total Debt / Consolidated Annualized EBITDA) of 5x, leverage covenant (Net Total Debt / Consolidated Annualized EBITDA) of 6.25x, falling to 6.0x in 2010 and minimum Consolidated EBITDA / Total Cash Interest of 2.1x. The rating of the new bank facilities is one notch lower ('BB') than that of the bank facility being replaced ('BB+'). This compression (relative to Telenet's Long-term Issuer Default rating of 'BB-') reflects the higher leverage multiple the company has now indicated it will run its business at, along with the fact that, once the refinancing and capital distribution are complete, the company will be funded largely with senior bank debt. As at year ending 2006, Telenet had senior leverage (senior debt/EBITDA) of approximately 1.9x and total leverage of 3.8x. Fitch estimates at present that the company will end 2007 with leverage in the range of 4.7-4.8x, which, but for a small amount of finance leases and accrued fees relating to the use of its Partner network, will reflect drawings under the new bank facility. The company has recently indicated it will maintain leverage at up to 5x. Telenet is the cable operator in the Flanders region in Belgium. It has approximately 1.7 million unique customers accessed through its own two-way capable cable network, and provides coverage to a further 800,000 homes through the Interkabel/Partner network (with which Telenet has a 50 year service contract). In the six months to June 2007, the company generated EBITDA of EUR217.9 million (up by 19% year-on-year) on sales of EUR456.7 million (up 15% year-on-year) - reflecting a margin of 48%. Telenet's Long-term IDR is 'BB-' with Stable Outlook. =========== F R A N C E =========== EDITIS HOLDING: Moody's Lifts Corporate Family Rating to Ba3 ------------------------------------------------------------ Moody's Investors Service upgraded to Ba3 from B1 the corporate family rating of Editis Holding S.A. This corporate Family rating has been re-assigned from Odyssee 1 S.A.S. The outlook for the ratings is stable. The rating upgrade reflects: (i) the company's improved operating efficiency with a margin based on reported operating income before other operating items excluding impact of goodwill of 10.6% for FY06 up from 9.3% in FY05 despite the transfer of the Larousse activity; (ii) the company's substantial de-leveraging with leverage down to 4.8 times on a debt to Ebitda basis from 5.2 times in fiscal year 2005 and around 6.3 times on a net basis at the time of the initial rating assignment; and (iii) the successful integration of recent acquisitions such as publishers Cherche Midi, First and XO. The Ba3 corporate family rating also reflects the likelihood that the company could consider larger acquisitions in the fragmented French publishing market in the medium-term, although near-term the credit facilities' covenants afford some protection. The ratings further reflect the relatively high level of seasonality in Editis' business with approximately 80% of its EBITDA generated in the second half and some concern that the company might have to step up its so far limited investment in electronic product development over time. Editis' Ba3 Corporate Family Rating factors the company's leading market positions with well known established brands and the stability of the French publishing market, which enjoys the highest per capita book consumption in Europe as well as relative pricing stability for end-consumers. Editis' broad sales base and diversity of earnings from an approximately equal spread between its three main segments: literature, education and sales and distribution despite a limited geographical distribution in terms of sales, is viewed by Moody's as a credit positive. The relatively high barriers to entry for new (foreign) entrants due to the French language and cultural barriers, and Interforum Editis' strong sales and distribution platform are also reflected in the rating. Moody's expects that the company's main focus will be on organic growth and that the company's free cash flows generated will be used primarily for debt reduction in line with stated strategy. The rating is strongly positioned within the Ba3 rating category. Headroom exists within this rating for the company to consider small bolt-on acquisitions, however any substantial debt funded acquisitions could put downward pressure on the rating. Headquartered in Paris, France, Editis is the second largest publisher in France. For the financial year to Dec. 31, 2006, Editis reported net revenues of EUR755 million. ============= G E R M A N Y ============= 1A AUTOMATION: Creditors' Meeting Slated for October 29 ------------------------------------------------------- The court-appointed insolvency manager for 1a Automation GmbH, Harald E. Manias will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:00 a.m. on Oct. 29. The meeting of creditors and other interested parties will be held at: The District Court of Friedberg (Hessen) Hall 20a Homburger Strasse 18 61169 Friedberg (Hessen) Germany The Court will also verify the claims set out in the insolvency manager's report on Nov. 5 at the same venue. Creditors have until Oct. 25 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Harald E. Manias LG-Fach 70 Zasiusstr. 35 79102 Freiburg i. Br. Germany Tel: 0761/75323 Fax: 0761/73791 The District Court of Freiburg opened bankruptcy proceedings against 1a Automation GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: 1a Automation GmbH Schochenwinkel 16 79353 Bahlingen Germany A&O 4TEC: Creditors' Meeting Slated for November 8 -------------------------------------------------- The court-appointed insolvency manager for a&o 4Tec GmbH, Dr. Frank Kebekus will present his first report on the Company's insolvency proceedings at a creditors' meeting at 11:00 a.m. on Nov. 8. The meeting of creditors and other interested parties 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 at 9:30 a.m. on Nov. 22 at the same venue. Creditors have until Oct. 22 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Frank Kebekus Carl-Theodor-Str. 1 40213 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against a&o 4Tec GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: a&o 4Tec GmbH Forumstrasse 24 41468 Neuss Germany A&O ITEC: Creditors' Meeting Slated for November 8 -------------------------------------------------- The court-appointed insolvency manager for A&O ITEC GmbH, Dr. Frank Kebekus, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 11:45 a.m. on Nov. 8. The meeting of creditors and other interested parties 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 at 9:45 a.m. on Nov. 22 at the same venue. Creditors have until Oct. 22 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Frank Kebekus Carl-Theodor-Str. 1 40213 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against A&O ITEC GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: A&O ITEC GmbH Forumstrasse 24 41468 Neuss Germany ABBING VIEH: Claims Registration Period Ends October 30 ------------------------------------------------------- Creditors of Abbing Vieh u. Futtermittel Handels GmbH have until Oct. 30 to register their claims with court-appointed insolvency manager Tanja Kreimer. Creditors and other interested parties are encouraged to attend the meeting at 8:45 a.m. on Nov. 20, 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 Muenster Meeting Hall 119 B Gerichtsstr. 2-6 48149 Muenster Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Tanja Kreimer Klosterstrasse 33 48703 Stadtlohn Germany Tel: 02563/2083-0 Fax: +492563208320 The District Court of Muenster opened bankruptcy proceedings against Abbing Vieh u. Futtermittel Handels GmbH on Sept. 28. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Abbing Vieh u. Futtermittel Handels GmbH Attn: Maria Abbing, Manager Weststrasse 84 48703 Stadtlohn Germany AKZENT HOTEL: Creditors Must File Claims by November 10 ------------------------------------------------------- Creditors of Akzent Hotel Bayerischer Hof J.& J. Skibba GmbH have until Nov. 10 to register their claims with court-appointed insolvency manager Robert Wartenberg. Creditors and other interested parties are encouraged to attend the meeting at 10:05 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 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: Robert Wartenberg Friedrichstr. 15 96047 Bamberg Germany The District Court of Schweinfurt opened bankruptcy proceedings against Akzent Hotel Bayerischer Hof J.& J. Skibba GmbH on Oct. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Akzent Hotel Bayerischer Hof J.& J. Skibba GmbH Marktplatz 9 97702 Muennerstadt Germany BAU GMBH: Creditors Must File Claims by November 5 -------------------------------------------------- Creditors of Bau GmbH Schreiber have until Nov. 5 to register their claims with court-appointed insolvency manager Friedbert Striewe. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Leipzig Hall 056 Ground Floor Enforcement Court Bernhard Goering Strasse 64 04275 Leipzig 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: Friedbert Striewe Fichtestrasse 3 04275 Leipzig Germany The District Court of Leipzig opened bankruptcy proceedings against Bau GmbH Schreiber on Oct. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bau GmbH Schreiber Benndorfer Landstrasse 02 04509 Delitzsch Germany Attn: Gerhard Schreiber, Manager Johannes-R.-Becher-Strasse 14 04509 Delitzsch Germany BAUUNTERNEHMUNG LANGENBAHN: Creditors Must File Claims by Nov. 5 ---------------------------------------------------------------- Creditors of Bauunternehmung Langenbahn GmbH have until Nov. 5 to register their claims with court-appointed insolvency manager Guenter Staab. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Dec. 5, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Saarbruecken Area 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 The District Court of Saarbruecken opened bankruptcy proceedings against Bauunternehmung Langenbahn GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bauunternehmung Langenbahn GmbH Gartnerstr. 7 - 9 66125 Saarbruecken-Dudweiler Germany BERND MEYN: Claims Registration Period Ends November 2 ------------------------------------------------------ Creditors of Bernd Meyn Werkzeugversandhandels- GmbH have until Nov. 2 to register their claims with court-appointed insolvency manager Norbert Schrader. Creditors and other interested parties are encouraged to attend the meeting at 9:20 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 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: Norbert Schrader Viehhofstr. 117 42117 Wuppertal Germany Tel: 0202-430980 Fax: 0202-4309843 The District Court of Wuppertal opened bankruptcy proceedings against Bernd Meyn Werkzeugversandhandels- GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bernd Meyn Werkzeugversandhandels- GmbH Oberhoelterfelder Str. 54-56 42857 Remscheid Germany C CAFE GASTRONOMIEBETRIEBE: Claims Period Ends Oct. 29 ------------------------------------------------------ Creditors of C Cafe Gastronomiebetriebe GmbH have until Oct. 29 to register their claims with court-appointed insolvency manager Dr. Juergen Toemp. Creditors and other interested parties are encouraged to attend the meeting at 12:00 p.m. on Nov. 19, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Kleve Meeting Hall D 177 Schlossberg 1 47533 Kleve Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Juergen Toemp Wilhelmshofallee 75 47800 Krefeld Germany Tel: 02151-58130 Fax: 02151-5813134 The District Court of COURT opened bankruptcy proceedings against C Cafe Gastronomiebetriebe GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: C Cafe Gastronomiebetriebe GmbH Stechbahn 13 47533 Kleve Germany Attn: Frank Gerwers, Manager Hagsche Strasse 14-16 47533 Kleve Germany CASALITH VERWALTUNGS: Claims Registration Period Ends Oct. 16 ------------------------------------------------------------- Creditors of Casalith Verwaltungs-GmbH have until Oct. 16 to register their claims with court-appointed insolvency manager Jochen Sedlitz. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Oct. 23, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Stuttgart Room 178 Hauffstr. 5 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: Jochen Sedlitz Raiffeisenstr. 30 70794 Filderstadt Germany The District Court of Stuttgart opened bankruptcy proceedings against Casalith Verwaltungs-GmbH on Oct. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Casalith Verwaltungs-GmbH Attn: Baerbel Strobel-Kaeser, Manager Alfred-Klingele-Str. 27 73630 Remshalden Germany CHRYSLER LLC: Council Approves New Contract Ratification -------------------------------------------------------- The UAW Chrysler Council, which includes local union leaders from Chrysler facilities throughout the United States, voted overwhelmingly to recommend ratification of a new tentative labor agreement with Chrysler reached on Oct. 10, 2007. Local union leaders voted to recommend ratification by UAW members after meeting yesterday, Oct. 15, 2007, at Cobo Center in Detroit, Michigan, where they were briefed on details of the proposed new contract. As reported in the Troubled Company Reporter on Oct. 11, 2007, 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. �The UAW negotiating committees at Chrysler, both hourly and salaried, did an excellent job bargaining this agreement and we look forward to discussing it with our members in explanation and ratification meetings which will begin this week,� UAW President Ron Gettelfinger said. �Thanks to the determination of Chrysler workers, we have moved forward on our agenda to protect manufacturing jobs in our communities -- and we have also protected wages, health care and pensions for active and retired workers.� �This proposed agreement meets the challenges of our industry head-on,� UAW Vice President General Holiefield, who heads the UAW Chrysler dept, said. �It sets the stage for future success at Chrysler, and for our members to share in that success.� The UAW represents over 48,000 active workers and 78,000 retirees and surviving spouses at Chrysler. 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. COMPEDO TINTEN: Claims Registration Period Ends Oct. 23 ------------------------------------------------------- Creditors of Compedo Tinten & Farbbaender GmbH CO have until Oct. 23 to register their claims with court-appointed insolvency manager Thorsten Klepper. Creditors and other interested parties are encouraged to attend the meeting at 9:30 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 Hagen Meeting Hall 259 Second Floor Heinitzstrasse 42/44 58097 Hagen 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 Hochstr. 124 58095 Hagen Germany The District Court of Hagen opened bankruptcy proceedings against Compedo Tinten & Farbbaender GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Compedo Tinten & Farbbaender GmbH Corunnastr. 14 - 14 a 58636 Iserlohn Germany Attn: Richard Pennekamp, Manager Ihmerter Str. 228 c 58675 Hemer Germany DIGITALDRUCKE BAYERLEIN: Claims Registration Ends November 13 ------------------------------------------------------------- Creditors of Digitaldrucke Bayerlein GmbH have until Nov. 13 to register their claims with court-appointed insolvency manager Andree Wernicke. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on Nov. 29, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Augsburg Meeting Hall 162 Alten Einlass 1 86150 Augsburg 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: Andree Wernicke Grottenau 6 86150 Augsburg Germany The District Court of Augsburg opened bankruptcy proceedings against Digitaldrucke Bayerlein GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Digitaldrucke Bayerlein GmbH Attn: Dieter Bayerlein, Manager Benzstr. 11 86356 Neusass Germany ECKL UND WIEDENHOEFT: Claims Registration Ends October 30 --------------------------------------------------------- Creditors of Eckl und Wiedenhoeft GmbH have until Oct. 30 to register their claims with court-appointed insolvency manager Torsten Gutmann. Creditors and other interested parties are encouraged to attend the meeting at 9:05 a.m. on Dec. 4, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hannover Hall 226 Second Upper Floor Service Bldg. Hamburger Allee 26 30161 Hannover 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: Torsten Gutmann Kriegerstrasse 44 30161 Hannover Germany Tel: 0511 2206268-0 Fax: 0511 2206268-9 The District Court of Hannover opened bankruptcy proceedings against Eckl und Wiedenhoeft GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Eckl und Wiedenhoeft GmbH Nordstr. 9 31515 Wunstorf Germany FRUEH-LINK TRANSPORT: Claims Registration Period Ends Nov. 1 ------------------------------------------------------------ Creditors of FRUEH-LINK Transport GmbH mit Sitz in Zierow have until Nov. 1 to register their claims with court-appointed insolvency manager Bettina Schmudde. Creditors and other interested parties are encouraged to attend the meeting at 10:45 a.m. on Dec. 3, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Schwerin Hall 7 Demmlerplatz 14 19053 Schwerin Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Bettina Schmudde Jungfernstieg 51 20354 Hamburg Germany The District Court of Schwerin opened bankruptcy proceedings against FRUEH-LINK Transport GmbH mit Sitz in Zierow on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: FRUEH-LINK Transport GmbH mit Sitz in Zierow Attn: Volker Wattenbach, Manager Gewerbering 5 23968 Gagelow b. Wismar Germany KLINKSIEK GMBH: Creditors Must File Claims by November 8 -------------------------------------------------------- Creditors of Klinksiek GmbH & Co KG have until Nov. 8 to register their claims with court-appointed insolvency manager Jochen Schnake. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Nov. 29, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Jochen Schnake Ravensberger Str. 11 u. 12 33824 Werther Germany The District Court of Bielefeld opened bankruptcy proceedings against Klinksiek GmbH & Co KG on Sept. 20. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Klinksiek GmbH & Co KG Zum Hiddinghof 16 33775 Versmold Germany KOMBINART GMBH: Creditors Must File Claims by November 6 -------------------------------------------------------- Creditors of Kombinart GmbH have until Nov. 6 to register their claims with court-appointed insolvency manager Bernd Reuss. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Dec. 6, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Giessen Hall 408 Fourth Floor Building B Gutfleischstrasse 1 35390 Giessen 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: Bernd Reuss Mainzer-Tor-Anlage 33 D 61169 Friedberg Germany The District Court of Giessen opened bankruptcy proceedings against Bernd Reuss on Oct. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kombinart GmbH Luetzellindener Strasse 6 35440 Linden Germany Attn: Heiko Glasel, Manager Braugasse 1 63691 Ranstadt Germany MT INTERNATIONEL: Claims Registration Period Ends Nov. 2 -------------------------------------------------------- Creditors of MT Internationel GmbH have until Nov. 2 to register their claims with court-appointed insolvency manager Sven Bader. 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 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: Sven Bader Carl-Grueber-Weg 14 42853 Remscheid Germany Tel: 02191/421010 Fax: 02191/421070 The District Court of Wuppertal opened bankruptcy proceedings against MT Internationel GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MT Internationel GmbH Attn: Monika Troost, Manager Muehlenstr. 7 42897 Remscheid Germany MT MALER: Claims Registration Period Ends November 3 ---------------------------------------------------- Creditors of MT Maler Team GmbH have until Nov. 3 to register their claims with court-appointed insolvency manager Frank Ziegler. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Dec. 3, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Frank Ziegler Untere Koenigsstrasse 71 34117 Kassel Germany Tel: 0561/78496-0 Fax: 0561/78496-22 E-mail: info@rechtsanwalt-in-kassel.de The District Court of Wuppertal opened bankruptcy proceedings against MT Maler Team GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MT Maler Team GmbH Attn: Peter Graf, Manager Naumburger Str. 19 34127 Kassel Germany NYLSTAR DEUTSCHLAND: Claims Registration Ends November 12 --------------------------------------------------------- Creditors of Nylstar Deutschland GmbH have until Nov. 12 to register their claims with court-appointed insolvency manager Dr. Heinz Pantaleon gen. Stemberg. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on Nov. 19, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Freiburg i. Br. Hall I Holzmarkt 2 79098 Freiburg i.Br. 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. Heinz Pantaleon gen. Stemberg LG-Fach 107 Schillerstr. 2 79102 Freiburg i. Br. Germany Tel: 0761/703900 Fax: 0761/7039052 The District Court of Freiburg i. Br. opened bankruptcy proceedings against Nylstar Deutschland GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Nylstar Deutschland GmbH Mitscherlichstr. 8 79108 Freiburg Germany Attn: Maurizio Piglione, Manager c/o Alvarez and Marsal Kitalia srl Via Santa Maria Segreta 6 20123 Milano Italy PORTIUS GMBH: Claims Registration Ends November 13 -------------------------------------------------- Creditors of Portius GmbH have until Nov. 13 to register their claims with court-appointed insolvency manager Burckhardt Reimer. Creditors and other interested parties are encouraged to attend the meeting at 10:55 a.m. on Dec. 13, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hamburg Hall B405 Fourth Floor Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Burckhardt Reimer Domstrasse 15 20095 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Portius GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Portius GmbH Attn: Peter Middelhoff, Manager Marlowring 1 22525 Hamburg Germany RATIE FOTO: Claims Registration Ends November 12 ------------------------------------------------ Creditors of RATIE Foto GmbH have until Nov. 12 to register their claims with court-appointed insolvency manager Christian Graf Brockdorff. Creditors and other interested parties are encouraged to attend the meeting at 10:30 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 Potsdam Hall 301 Nebenstelle Lindenstrasse 6 14467 Potsdam Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Christian Graf Brockdorff Friedrich-Ebert-Strasse 36 14469 Potsdam Germany The District Court of Potsdam opened bankruptcy proceedings against RATIE Foto GmbH on Oct. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: RATIE Foto GmbH Attn: Britta Preusser, Manager Lankwitzer Strasse 33 12107 Berlin Germany RESERV GESELLSCHAFT: Creditors Must File Claims by November 5 ------------------------------------------------------------- Creditors of ReServ Gesellschaft fuer Recycling-Service mbH have until Nov. 5 to register their claims with court-appointed insolvency manager Hans Joachim Sistig. Creditors and other interested parties are encouraged to attend the meeting at 8:50 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 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 Joachim Sistig Hochwinkel 3 a 51069 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against ReServ Gesellschaft fuer Recycling-Service mbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ReServ Gesellschaft fuer Recycling-Service mbH Hansestr. 91 51149 Cologne Germany ============= I R E L A N D ============= COMMSCOPE: Moody's Cuts Rating to Ba3 Pending Andrew Acquisition ---------------------------------------------------------------- Moody's Investors Service concluded its review of CommScope, Inc. and downgraded the company's corporate family rating to Ba3 from Ba2 pending the company's debt financed acquisition of Andrew Corp. Additionally, Moody's downgraded the company's US$250 million convertible subordinated debentures to B2 from Ba3. The acquisition will be financed by US$2.55 billion of senior secured credit facilities to which Moody's has assigned Ba3 ratings. The outlook is stable. Moody's placed CommScope under review for downgrade on June 27, 2007 after the company's announcement of their intent to acquire Andrew Corporation for US$2.6 billion. The acquisition has been approved by both company's boards but is still conditioned on Andrew shareholder and regulatory approvals. These ratings were downgraded: -- Corporate Family Rating -- to Ba3 from Ba2; -- Probability of Default Rating -- to Ba3 from Ba2; -- US$250 million Convertible Senior Subordinated Debentures due 2024 -- to B2, LGD6 (95%) from Ba3, LGD5 (73%). These new ratings were assigned: -- US$250 million Senior Secured Revolving Credit Facility due 2013 -- Ba3, LGD3 (45%); -- US$2.3 billion Senior Secured Term Loan due 2014 -- Ba3, LGD3 (45%). The company's Ba3 rating reflects the relatively high pro forma leverage upon closing the acquisition, the risks associated with integrating two companies roughly equal in size and the cyclicality of the cable, telecommunications, and enterprise connectivity markets. The leverage and integration challenges are reflective of a B1 rating however they are offset by the strength of CommScope's and Andrew's respective market leading positions, the diversity of the combined product portfolio, management's track record of successful large integrations and the potential synergies associated with the Andrew acquisition. The ratings are however considered on the weaker end of the Ba3 ratings category. The closing pro forma debt to EBITDA as adjusted by Moody's is expected to be just under 5.0x, a level more common in B1 rated component manufacturers. The company is expected to de-lever fairly quickly however through a combination of asset sales of non-strategic assets and estimates of up to US$100 million in annual cost savings from consolidating manufacturing and distribution facilities and reducing duplicate operations. Moody's also notes that Commscope's US$250 million in convertible debt is heavily "in the money" and will likely convert to equity in the next 18 months. Moody's notes management's past success in integrating the 2004 acquisition of Avaya's Connectivity Solutions business and track record of reducing leverage. Moody's believes the company is capable of reducing leverage to below 4.0x by the end of fiscal 2008. The stable outlook reflects Moody's expectation that the company will successfully integrate the Andrew acquisition and quickly focus on improving cash flow and reducing debt. The ratings could be positively impacted by success in integrating Andrew and achieving synergy targets, continued growth in revenue, EBITDA and free cash flow and reducing leverage to below 3.5x. CommScope's ratings may be negatively impacted by unexpected challenges associated with the Andrew acquisition, greater than expected increases in material costs, a severe downturn in customer spending across segments, or an additional large debt financed acquisition, share repurchase or dividend. CommScope is a provider of cable and connectivity solutions for enterprise, cable, and telecom industries. The Company is headquartered in Hickory, North Carolina. CommScope has facilities in Brazil, Australia, China and Ireland. ========= I T A L Y ========= DANA CORP: Amends Centerbridge Capital Investment Agreement ----------------------------------------------------------- Dana Corporation has entered into an amendment to an investment agreement it reached with Centerbridge Capital Partners L.P., on July 26, 2007. Dana's board of directors has rejected an alternative investment offer submitted by Appaloosa Management L.P. The original terms of the Centerbridge investment agreement provided, for an affiliate of Centerbridge to purchase US$250 million in convertible preferred shares of reorganized Dana (Series A), and for qualified supporting creditors to have an opportunity to purchase US$500 million in convertible preferred shares (Series B) on a pro rata basis. Centerbridge had agreed to purchase up to US$250 million of any Series B shares that were not purchased by the creditors. Among the amendments to the Centerbridge agreement are: -- A commitment by Centerbridge to fully underwrite the purchase of the US$500 million of Series B shares of reorganized Dana, an increase from the US$250 million that Centerbridge had agreed to underwrite. -- Centerbridge's consent to an amendment to Dana's proposed plan of reorganization to provide for a cash payment of up to US$40 million to certain general unsecured creditors who are not eligible to purchase Series B shares because their individual claims are less than US$25 million or they are not "qualified institutional investors" as defined in U.S. securities laws. -- Dana's agreement not to solicit or entertain any proposal for an investment, transaction, or plan of reorganization that would be an alternative to the Centerbridge investment and the elimination of Dana's right to terminate the Centerbridge investment agreement to accept any alternative investment or transaction proposal. The amendment, which is subject to approval by the Bankruptcy Court for the Southern District of New York, where the company's Chapter 11 bankruptcy proceeding is pending, is required to be approved by Nov. 15, 2007. Appaloosa Management Proposal In conjunction with the Bankruptcy Court's established procedures for qualified potential investors interested in exploring alternative proposals to the Centerbridge investment, Appaloosa delivered an offer for an alternative investment to Dana and the Official Committee of Unsecured Creditors on Sept. 21, 2007. As contemplated by the alternative proposal procedures, Dana's board of directors reviewed and considered Appaloosa's offer. After discussions among the parties and the various bankruptcy constituents, Dana's board rejected Appaloosa's offer. About Dana Corporation Based in Toledo, Ohio Dana Corporation -- http://www.dana.com/ -- designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. Dana has facilities in China in the Asia-Pacific, Argentina in the Latin-American regions and Italy in Europe. The company and its affiliates filed for chapter 11 protection on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Sept. 30, 2005, the Debtors listed US$7,900,000,000 in total assets and US$6,800,000,000 in total debts. Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represent the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners serves as Dana's Chief Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents the Official Committee of Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the Official Committee of Equity Security Holders. Stahl Cowen Crowley, LLC serves as counsel to the Official Committee of Non-Union Retirees. The Debtors filed their Joint Plan of Reorganization on Aug. 31, 2007. The Court has set a hearing on Oct. 23, 2007, to consider the adequacy of the Disclosure Statement explaining the Debtors' Plan. IMAX CORPORATION: Catalyst Fund Withdraws New York Lawsuit ---------------------------------------------------------- IMAX Corporation last Thursday reported that Catalyst Fund Limited Partnership II has withdrawn the lawsuit it filed against IMAX in the New York State Supreme Court. Catalyst was seeking to invalidate the consents the company successfully received from a majority of its bondholders on April 16, 2007 extending the deadline to file the company's annual and other reports and waiving any existing defaults arising from a failure to comply with the reporting covenant under the indenture governing the Company's senior notes. IMAX viewed the suit as entirely without merit and immediately moved to dismiss the complaint when it was filed on May 10, 2007. Catalyst then asked the Court for permission to withdraw the suit, which was granted on Oct. 9, 2007. In September, Catalyst filed an application with the Superior Court for the Province of Ontario to litigate substantially the same matter in Canada. IMAX is contesting that application as well, and similarly views it to be without merit. Catalyst unsuccessfully opposed the company's consent solicitation and unsuccessfully attempted to trigger an event of default under the company's senior notes indenture on numerous occasions. Most recently, Catalyst issued a purported notice of default dated Oct. 10, 2007. The company believes it is in compliance with the senior notes indenture and that Catalyst's claims are without merit. About IMAX Corporation Based in New York City and Toronto, Canada, IMAX Corporation (NASDAQ:IMAX; TSX:IMX) -- 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-