T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Wednesday, October 17, 2007, Vol. 8, No. 206 Headlines A U S T R I A ANNO HOF: Claims Registration Period Ends Nov. 2 DRIKIC KEG: Claims Registration Period Ends Nov. 2 MAXI MARKETING: Claims Registration Period Ends Nov. 5 MAXIMILIAN - KINDERWELT: Claims Registration Period Ends Nov. 6 PRO PERSONALAGENTUR: Claims Registration Period Ends Nov. 1 STORM LLC: Estate Administrator Declares Insufficient Assets SYCOM LLC: Claims Registration Period Ends Nov. 6 B E L G I U M CARMEUSE GROUP: Inks Pact to Buy Oglebay Norton for US$520 Mln CARMEUSE HOLDING: Moody's May Cut Ba2 Rating After Review CARMEUSE HOLDING: Debt-Funded Purchase Cues S&P's Watch on BB+ LEVI STRAUSS: Fitch Rates US$750 Mil. Credit Facility at BB+ D E N M A R K NORTEL NETWORKS: Agrees to Pay US$35MM Penalty in SEC Settlement F I N L A N D ARROW ELECTRONICS: Finalizes Assurance Support Deal w/ Intel F R A N C E DELPHI CORP: To Sell Interiors & Closures Business for US$106MM EUROPCAR GROUPE: Moody's Cuts Corporate Family Rating to B1 ITRON INC: Provides Details on 2.50% Convertible Senior Notes REALOGY CORP: Hires Sherry Chris to Lead Better Homes Brand G E R M A N Y AHEAD ENTERTAINMENT: Claims Registration Period Ends Nov. 20 AUTO KORNTHEUER: Creditors Must File Claims by November 16 AZ-ZEITUNGSVERTRIEB: Claims Registration Ends Nov. 15 BAUUNTERNEHMUNG WOLFF: Claims Registration Ends November 12 BAZ ARMIERUNGSARBEITEN: Claims Registration Ends November 12 BETE & THIEDE: Claims Registration Period Ends Oct. 30 CAR-MEY AUTOMOBIL-SERVICE: Claims Registration Ends November 23 CHRYSLER LLC: Will Fund Employees' Health Trust With US$8.8 Bln ECKERT ELEKTRONIK: Claims Registration Period Ends Nov. 20 ESSER & CO: Creditors' Meeting Slated for Nov. 8 FA FIRST MEDICAL: Claims Registration Ends November 5 FLACHDACHBAU KIRCHHEIM: Claims Registration Period Ends Nov. 2 GISI-MOEBEL GMBH: Creditors Must File Claims by November 6 HOLM AUSSENHANDELS: Claims Registration Period Ends Nov. 19 HSK GMBH: Claims Registration Period Ends Oct. 31 KOELNER CLUB: Claims Registration Ends Nov. 13 MEGEMA GMBH: Creditors Must File Claims by November 16 MSS BAUSTOFFHANDEL: Claims Registration Period Ends Oct. 31 PRINT MEDIEN: Claims Registration Ends Nov. 15 W. HARR GMBH: Claims Registration Period Ends Nov. 16 I R E L A N D SANYO ELECTRIC: Kyocera Offers JPY70 Billion for Handset Unit SANYO ELECTRIC: S&P Revises Outlook on BB- Rating to Stable SANYO ELECTRIC: Reorganization May Do Ratings Good, Moody's Says I T A L Y FIAT SPA: Inks Cooperation Deal with Russia's Avtovaz K A Z A K H S T A N AIBOL-SYSTEM LLP: Proof of Claim Deadline Slated for November 21 ASTANA-JAGUAR LTD: Creditors Must File Claims November 21 BALMED LLP: Claims Filing Period Ends November 16 EML & K LLP: Creditors' Claims Due on November 16 LEGION LLP: Claims Registration Ends November 21 NUR-ALEM-S LLP: Proof of Claim Deadline Slated for November 21 TRI O: Creditors Must File Claims November 16 VALEV LLP: Claims Filing Period Ends November 16 K Y R G Y Z S T A N TURMUN TRADE: Proof of Claim Deadline Slated for November 21 N E T H E R L A N D S BAUSCH & LOMB: Inks Pact to Sell US$650 Million of 9.875% Notes YUKOS FINANCE: Dutch Court to Auction Transpetrol Stake ZINIFEX LTD: To Offer 69.5 Million Shares in Nyrstar IPO P O L A N D TOORA POLAND: Sovereign Capital Eyes Restructuring Plan P O R T U G A L HIPOTOTTA No 6: Moody's Junks EUR11.44 Million Class F Notes R U S S I A ATIS CJSC: Court Starts Competitive Bankruptcy Proceedings FAL'KON OJSC: Court Starts Competitive Bankruptcy Proceedings FIAT SPA: Inks Cooperation Deal with Russia's Avtovaz GOLD-BUSINESS CJSC: Creditors Must File Claims by Nov. 5 KARPILOVSKIJ KOLKHOZ: Creditors Must File Claims by Nov. 5 KORMOVISCHENSKIJ CJSC: Court Hearing Slated for Feb. 22, 2008 LYUBAVA-2 OJSC: Stock Sale Slated for November 13 PROMTEKS CJSC: Creditors Must File Claims by Nov. 5 PUDOZHSKIJ LLC: Court Names Kokotov A.R. as Liquitador RBC INFORMATION: Increasing Capital Needs Cue S&P's B+ Ratings RO ROSTOVOBLGASIFICATION: Creditors Must File Claims by Nov. 6 SECTORAL ENGINEERING: Creditors Must File Claims by Nov. 5 SPETSPOZHSTROY CJSC: Creditors Must File Claims by Nov. 6 TRANSPORTATION INVESTMENTS: Moody's Puts Ba3 Corp. Family Rating YUKOS OIL: Dutch Court to Auction Transpetrol Stake ZNAK-OIL LLC: Creditors Must File Claims by Nov. 6 S P A I N UTSTARCOM INC: Posts US$43 Million Net Loss in Third Qtr. 2007 S W I T Z E R L A N D BERGBAHNEN LUNGERN: Obwalden Court Closes Bankruptcy Proceedings COLUMBUS REISECLUB: Creditors' Liquidation Claims Due October 29 DR. H. SCHLEUSSNER: Creditors' Liquidation Claims Due Dec. 17 FIMS LLC: Aargau Court Starts Bankruptcy Proceedings HOTEL ENGEL: Obwalden Court Closes Bankruptcy Proceedings MCM MOUNTAIN: Creditors' Liquidation Claims Due October 25 MMB METALLBAU: Aargau Court Starts Bankruptcy Proceedings PORTANCE JSC: Creditors' Liquidation Claims Due October 25 RUBIN SPORT: Creditors' Liquidation Claims Due October 25 U K R A I N E ALM COMPANY: Creditors Must File Claims by October 18 IN SERVICE: Creditors Must File Claims by October 18 JOBBING TRADE: Creditors Must File Claims by October 18 LEX LTD: Creditors Must File Claims by October 18 MONOLIT CJSC: Creditors Must File Claims by October 18 NAFTOGAZ NJSC: Fitch Watches B+ Rating on Absent 2006 Financials NEW DEAL: Creditors Must File Claims by October 18 POLITECHCENTER LLC: Creditors Must File Claims by October 18 SYSTEMTECHNICS-2000: Creditors Must File Claims by October 18 TONUS PLUS: Creditors Must File Claims by October 18 VERKON LLC: Creditors Must File Claims by October 18 U N I T E D K I N G D O M ACTUANT CORP: Andrew Lampereur Adopts Prearranged Trading Plan AQUILO MANAGEMENT: Brings In Liquidators from KPMG ARDENT BUILDING: J. M. Titley Leads Liquidation Procedure COSTAIN GROUP: Arden Reaches Financial Close on Derby Project EXITECH LTD: Calls In Liquidators from PricewaterhouseCoopers FORD MOTOR: European Unit Sees 3.1% Sales Growth in September NORTHERN ROCK: Confirms Negotiations With Potential Bidders RANK GROUP: Profit Warning Cues Moody's to Cut Rating to B1 REFCO INC: Trusts Seek Return of US$400 Mln from Former Insiders REMY WORLDWIDE: Court Sets Plan Confirmation Hearing for Nov. 20 REMY WORLDWIDE: Wants Court to Approve CVC Settlement Agreement ********* ============= A U S T R I A ============= ANNO HOF: Claims Registration Period Ends Nov. 2 ------------------------------------------------ Creditors owed money by LLC Anno Hof Hotel (FN 203647g) have until Nov. 2 to file written proofs of claim to court-appointed estate administrator Georg Kahlig at: Dr. Georg Kahlig c/o Mag. Gerhard Stauder Siebensterngasse 42/3 1070 Vienna Austria Tel: 523 47 91-0 Fax: 523 47 91 33 E-mail: kahlig.partner@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 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. 11 (Bankr. Case No. 5 S 110/07x). Gerhard Stauder represents Dr. Kahlig in the bankruptcy proceedings. DRIKIC KEG: Claims Registration Period Ends Nov. 2 -------------------------------------------------- Creditors owed money by KEG Drikic (FN 199005f) have until Nov. 2 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 00 5 E-mail: office.wien@ulsr.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 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 108/07b). MAXI MARKETING: Claims Registration Period Ends Nov. 5 ------------------------------------------------------ Creditors owed money by LLC maxi marketing (FN 157127w) have until Nov. 5 to file written proofs of claim to court-appointed estate administrator Christiane Pirker at: Dr. Christiane Pirker Hasenhutgasse 9 Haus 3 1120 Vienna Austria Tel: 817 57 57 Fax: 817 57 57- 17 Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on Nov. 19 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1705 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Sept. 11 (Bankr. Case No. 3 S 114/07w). MAXIMILIAN - KINDERWELT: Claims Registration Period Ends Nov. 6 --------------------------------------------------------------- Creditors owed money by LLC MAXIMILIAN - Kinderwelt Giesshuebl (FN 284278g) have until Nov. 6 to file written proofs of claim to court-appointed estate administrator Robert Igali-Igalffy at: Mag. Robert Igali-Igalffy Stojanstrasse 43 2344 Maria Enzersdorf am Gebirge Germany Tel: 02236/25138-20 Fax: 02236/25138-15 E-mail: igali-igalffy@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on Nov. 20 for the examination of claims. The meeting of creditors will be held at: The Land Court of Wiener Neustadt Room 15 Wiener Neustadt Austria Headquartered in Giesshuebl bei Wien, Austria, the Debtor declared bankruptcy on Sept. 10 (Bankr. Case No. 11 S 90/07g). PRO PERSONALAGENTUR: Claims Registration Period Ends Nov. 1 ----------------------------------------------------------- Creditors owed money by LLC PRO Personalagentur (FN 281929b) have until Nov. 1 to file written proofs of claim to court- appointed estate administrator Guenther Hoedl at: Dr. Guenther Hoedl c/o Dr. Andrea Simma Schulerstrasse 18 1010 Vienna Austria Tel: 513 16 55 Fax: 513 16 55 33 E-mail: Hoedl@anwaltsteam.at RA_Simma@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on Nov. 15 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1701 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Sept. 10 (Bankr. Case No. 6 S 115/07i). Andrea Simma represents Dr. Hoedl in the bankruptcy proceedings. STORM LLC: Estate Administrator Declares Insufficient Assets ------------------------------------------------------------ Dr. Brigitte Stampfer, the court-appointed estate administrator for LLC Storm (FN 246667x), declared Sept. 11 that the Debtor's property is insufficient to cover creditors' claim. The Trade Court of Vienna is yet to rule on the estate administrator's claim. Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Aug. 17 (Bankr. Case No. 5 S 101/07y). The estate administrator can be reached at: Dr. Brigitte Stampfer Stadlergasse 27 1130 Vienna Austria Tel: 877 33 30 Fax: 877 33 30 33 E-mail: ra-stampfer@utanet.at SYCOM LLC: Claims Registration Period Ends Nov. 6 ------------------------------------------------- Creditors owed money by LLC Sycom (FN 99579s) have until Nov. 6 to file written proofs of claim to court-appointed estate administrator Norbert Abel at: Mag. Norbert Abel Franz-Josefs-Kai 49/19 1010 Vienna Austria Tel: 533 52 72 Fax: 533 52 72 15 E-mail: office@abel-abel.at Creditors and other interested parties are encouraged to attend the creditors' meeting at noon on Nov. 20 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1701 Vienna Austria Headquartered in Moedling, Austria, the Debtor declared bankruptcy on Sept. 12 (Bankr. Case No. 6 S 116/07m). ============= B E L G I U M ============= CARMEUSE GROUP: Inks Pact to Buy Oglebay Norton for US$520 Mln -------------------------------------------------------------- Carmeuse North America, a wholly owned subsidiary of Carmeuse Group, and Oglebay Norton Company have entered into a definitive agreement under which Carmeuse will acquire all of the outstanding shares of Oglebay Norton for US$36.00 per share, or US$520 million, in cash. The transaction, which is expected to close by the end of the year, is subject to, among other things, the expiration or termination of the Hart-Scott-Rodino Act waiting period and approval by Oglebay Norton shareholders. The Special Committee of Oglebay Norton's Board of Directors has approved the merger agreement and unanimously recommends that all Oglebay Norton shareholders vote in favor of the transaction. The merger agreement contains a customary provision allowing the Oglebay Norton Board of Directors or the Special Committee to terminate the merger agreement in the event it receives another offer to purchase Oglebay Norton on terms more favorable to its shareholders than those contained in the merger agreement. "Oglebay Norton is a strong company with world-class assets and outstanding employees who we are proud to welcome to the Carmeuse family," said Thomas Buck, President and Chief Executive Officer of Carmeuse North America. "By combining the resources of our well-established companies, we will be better equipped to serve the needs of today's increasingly competitive and dynamic marketplace. This acquisition provides a high level of market diversity for Carmeuse. In particular, Oglebay Norton's considerable limestone business provides us with added resources to serve the rapidly growing Flue Gas Desulfurization (FGD) market, in which Carmeuse has a high level of technical expertise. We look forward to a quick completion of this transaction and to the seamless integration of our operations." "This transaction with Carmeuse provides meaningful and immediate cash value to all of our shareholders," said Michael Lundin, President and Chief Executive Officer of Oglebay Norton. "It is the culmination of the comprehensive strategic alternatives review process that was conducted by the Special Committee of our Board, together with the Company's financial and legal advisors, and validates our disciplined and deliberate approach to this process." "We are proud of the significant progress we have made at restructuring Oglebay Norton, enhancing the Company's financial flexibility and capitalizing on our strong competitive position in minerals and aggregates," added Mr. Lundin. "Carmeuse, a global leader in lime with a proven track record of success in acquiring and building companies, is the right partner for Oglebay Norton at the right time. We look forward to working closely with the Carmeuse team to deliver to our customers the many benefits inherent in this strategic combination. The ongoing efforts of our talented employees are key to Oglebay Norton's success. I thank them for their continued hard work and dedication." JPMorgan is serving as lead financial advisor and provided a fairness opinion to Oglebay Norton and Imperial Capital, LLC is serving as co-financial advisor. Jones Day is serving as legal counsel to Oglebay Norton and Porter Wright Morris & Arthur is serving as legal counsel to the Special Committee. KeyBanc Capital Markets is serving as financial advisor to Carmeuse, and Reed Smith LLP is serving as legal counsel. About Oglebay Norton Headquartered in Cleveland, Ohio, Oglebay Norton Company -- http://www.oglebaynorton.com/-- provides essential minerals and aggregates to a broad range of markets, from building materials and environmental remediation to energy and industrial applications. The Company and its debtor-affiliates filed for chapter 11 protection on Feb. 23, 2004 (Bankr. D. Del. Case Nos.04- 10559 through 04-10560). Daniel J. DeFranceschi, Esq., at Richards, Layton & Finger, represented the Debtors in their restructuring efforts. When the Debtor filed for protection from its creditors, it listed US$650,307,959 in total assets and US$561,274,523 in total debts. The company emerged from bankruptcy protection on Jan. 31, 2005, pursuant to a plan of reorganization approved by the U.S. Bankruptcy Court for the District of Delaware on Nov. 17, 2004. About Carmeuse North America Based in Pittsburgh, Pennsylvania, Carmeuse North America -- http://www.carmeusena.com/-- is the largest producer of lime and limestone products in North America, manufacturing and distributing over 6 million tons per year of lime products, and a further 4 million tons of chemical grade limestone and aggregates. Its 14 manufacturing facilities supply and serve 27 states and provinces in the eastern USA and Canada, and employ over 1,200 employees. About Carmeuse Group The Carmeuse Group -- http://www.carmeuse.com/-- is a leading global producer of lime, with more than 140 years of experience in the extraction and processing of high calcium limestone and dolomitic stone into lime and lime-related products for industrial and commercial customers. Lime is used in multiple aspects of our everyday life (steel, construction, agro-food, paper, chemicals, plastics, carpets, paints, pollution control, water treatment, among others. Carmeuse is present in about 70 locations across Western Europe (in Italy, Belgium, France and the Netherlands), Central and Eastern Europe (Slovakia, the Czech Republic, Hungary, Romania and Turkey) and North America (the United States and Canada) and Africa (Ghana). Total consolidated group net turnover amounted to EUR940 million in 2006. CARMEUSE HOLDING: Moody's May Cut Ba2 Rating After Review --------------------------------------------------------- Moody's Investors Services placed the Ba2 Corporate Family Rating and Outlook of Carmeuse under review for possible downgrade and reassigned the rating to Carmeuse Holding SA following the merger of LVI Holding NV into Carmeuse Holding SA with retroactive effect as of Jan. 1, 2007. The review has been prompted by Carmeuse's announcement on Oct. 12, 2007 that the group's offer to acquire Oglebay Norton Company (OGBY.PK) has been retained by the management board of the target company. The acquisition will be presented and recommended by the board of the target company to its shareholder's on Nov. 13, 2007. The transaction is expected to close before the end of the year and is also subject to approvals under the Hart-Scott-Rodino Act, which is expected to last thirty days and be obtained prior to the shareholder's meeting. The acquisition offer of Carmeuse Group values Oglebay Norton Company at approximately EUR500 million (US$700 million) including the refinancing of Oglebay Norton Company's financial debt. Carmeuse has secured EUR850 million of credit facilities on top of its EUR250 million senior floating rate notes maturing in 2014. The acquisition of Oglebay Norton Company is expected to increase Total Adjusted Debt/Adjusted EBITDA to approximately 3.8x on a pro-forma basis (post redemption of EUR175 million notes). The review will focus on the implications of this acquisition on Carmeuse's business and financial profile as well as on the group's ability to deleverage the financial structure within an appropriate time horizon through improved operating cash flow generation and potential asset disposals. Moody's anticipates that any rating downgrade would be limited to one-notch. These ratings are affected by the press release: -- Carmeuse Holding SA -- Ba2 Corporate Family Rating/Ba2 Probability of Default Rating -- Calcipar SA -- Ba2/LGD4 rating on Senior Unsecured Notes Carmeuse Holding SA is the holding company for the Carmeuse Group. Carmeuse is one of the world's leading producers of lime and lime-related products enjoying leading positions in a number of European markets and a number one position in North America which has been recently strengthened. The company operates in a relatively concentrated industry with only a handful of large players globally, while its operations are subject to licenses and are difficult to replicate. Carmeuse reported EUR939 million in revenues in 2006. CARMEUSE HOLDING: Debt-Funded Purchase Cues S&P's Watch on BB+ -------------------------------------------------------------- Standard & Poor's Ratings Services put its 'BB+' long-term corporate credit rating on Carmeuse Holding S.A., the holding company of Carmeuse Group, on CreditWatch with negative implications, following the announced debt-financed acquisition of Oglebay Norton Co. (B/Watch Pos/--). Carmeuse, headquartered in Belgium, is the second-largest lime producer in the world with 2006 sales of about EUR1 billion. "The CreditWatch placement of Carmeuse reflects our expectation that leverage and cash flow metrics could weaken materially and for a prolonged period of time, with a doubling in debt from EUR450 million at June 30, 2007," said Standard & Poor's credit analyst Lucas Sevenin. S&P expects the acquisition's impact on business risk to be broadly neutral. Although Carmeuse had leeway for medium-sized debt-funded acquisitions for the current rating, we expect key credit metrics to decline materially with this transaction. Assuming it proceeds, FFO to adjusted debt would rise from more than 30% in 2006 to less than 20% in 2007, compared with the 25% needed for the current rating. The group's ability to improve its financials will depend primarily on asset sales, since we do not expect positive free operating cash flow in 2008 and 2009, given significant capital expenditure for growth. S&P views this move as globally neutral for business risk. Although the acquisition will give Carmeuse North America--the group's key EBITDA contributor--access to substantial limestone reserves, the subsidiary already had long-term access to reserves. Oglebay is also reliant on currently good but cyclical markets, notably steel and oil and gas. However, this move somewhat lowers reliance on the steel market. The transaction is subject to review by antitrust authorities, the absence of new bidders, and the approval of shareholders (who are expected to vote in November). "We aim to resolve the CreditWatch in the next few weeks, when the transaction is finalized and we have a clearer view of the group's strategy and commitment to improve financials. We expect any downgrade to be limited to one notch," said Mr. Sevenin. The current ratings on Carmeuse are constrained by its sensitivity to cyclical and mature markets such as steel--the main end-market, with 47% of 2006 sales-�and paper, which continue to make up most of group sales. The ratings also reflect Carmeuse's improved cash flow ratios, and continuing good EBITDA margin performance across units despite high energy and transportation costs--notably thanks to contractual pass-on clauses. LEVI STRAUSS: Fitch Rates US$750 Mil. Credit Facility at BB+ ------------------------------------------------------------ Fitch Ratings assigned a 'BB+' rating to Levi Strauss & Co's second amended and restatedUS$750 million 5-year Asset-Based Revolving Credit Facility. The rating outlook is stable. Fitch currently rates LS&CO as: -- Issuer Default Rating (IDR) 'BB-'; -- Bank Credit Facility 'BB+'; -- Senior Unsecured Notes 'BB-'; This rating action follows the company's announcement that it has entered into an amended credit agreement which increases the maximum size toUS$750 million fromUS$550 million. The facility includes aUS$250 million term loan tranche priced at LIBOR + 250 basis points. The remaining revolving credit tranche has an initial price of LIBOR + 150bps. The entire facility will be secured by, among other domestic assets, certain U.S. trademarks associated with the Levi's' brand. Availability will not be reduced by repayments on the term loan tranche. The lien on the trademarks will be released when the term loan tranche is fully repaid. On Oct. 11, 2007, the company drewUS$343.2 million under the amended credit facility and usedUS$220 million from cash on hand to purchase the tendered 12.25% senior unsecured notes due December 2012, in connection with its cash tender offer. The rating reflects the improvements made to stabilize LS&CO's operations and operating margins as well as its well known brand names, geographic diversity and good liquidity position. The rating also considers the company's high debt balances and the competitive operating environment of the denim and casual bottoms market. LS&CO should continue to benefit from its improved cost structure and brand investments despite challenges in the U.S. Levi Strauss Signature brand, which represented less than 8% of fiscal 2006 revenues and fewer than 4% of operating income before corporate expenses. In addition, Fitch expects that management will remain committed to its plan to reduce debt and interest costs over time. ============= D E N M A R K ============= NORTEL NETWORKS: Agrees to Pay US$35MM Penalty in SEC Settlement ---------------------------------------------------------------- Nortel Networks Corp. disclosed Monday that it and its principal operating subsidiary, Nortel Networks Limited, reached a settlement on all issues with the United States Securities and Exchange Commission in connection with the SEC's investigation of certain prior accounting practices at Nortel. To bring closure to the matter, Nortel agreed to pay a civil penalty ofUS$35 million and consented to injunctions against it from violations of certain provisions of federal securities laws. Further, Nortel will provide to the SEC quarterly written reports detailing its progress in implementing its remediation plan and actions to address its outstanding material weakness in internal controls. This is the latest in a series of check points in Nortel's turn around, including settlement with the Ontario Securities Commission, the resolution of the shareholder class actions and remediation of four of the previous five material weaknesses, that enable the company to focus on the future. "We are pleased that we have reached final resolution in this matter. The settlement recognizes the extensive and proactive efforts made by Nortel's Board and senior management to identify and address the accounting and internal control issues and conduct that led to the investigation," said Nortel president and chief executive officer Mike Zafirovski. "Through hard work, a dedication to excellence and an unwavering commitment to serving our customers, Nortel is recreating a great technology company which upholds the highest ethical standards and sound business practices. This is a new Nortel." The SEC recognized that Nortel's Audit Committee, on its own initiative, conducted extensive internal independent investigations and self-reported to the SEC and other regulators, and that the Audit Committee and senior management fully cooperated during the investigation and took prompt and meaningful action to correct the issues and restore the company to sound governance and financial practices. Some of the actions undertaken by Nortel include: the appointment of a new team of senior leaders with a proven track record of integrity and business leadership; extensive efforts to significantly improve financial processes and controls; a restructured ethics policy; and the establishment of a new code of conduct. About Nortel Networks Headquartered in Ontario, Canada, Nortel Networks Corporation (NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next- generation technologies, for both service provider and enterprise networks, support multimedia and business-critical applications. Nortel's technologies are designed to help eliminate today's barriers to efficiency, speed and performance by simplifying networks and connecting people to the information they need, when they need it. Nortel does business in more than 150 countries around the world including Indonesia, the United Kingdom, Denmark, Russia, Norway, Australia, Brazil, China, Singapore, among others. Nortel Networks Limited is the principal direct operating subsidiary of Nortel Networks Corporation. * * * Nortel Networks Corp. still carries Moody's Investors Service 'B3' Senior Unsecured Debt rating which was placed on March 22, 2007. ============= F I N L A N D ============= ARROW ELECTRONICS: Finalizes Assurance Support Deal w/ Intel ------------------------------------------------------------ Arrow Electronics, Inc. and Intel Corporation have finalized an agreement in which Arrow will provide global supply assurance support for a broad range of embedded controller products recently discontinued by Intel. The supply assurance program was developed in response to the number of customers who were affected by this change in product status. The agreement covers over 250 individual part numbers, including the ubiquitous 80C51 family as well as product families that include the 80C188, 80C186, 80960, 80386, and 80486. Automotive Controller Area Network controllers were also included in the agreement. "This is a tremendous opportunity for Arrow to deliver on our commitment of long-term support to the embedded customer by leveraging our demonstrated expertise in supply assurance programs and end-of-life products," said Robert Behn, vice president of marketing for embedded computing at Arrow. Customers interested in learning how they can obtain long-life support for their embedded Intel controllers should contact their local Arrow representative, Mr. Behn said. About Arrow Electronics Headquartered in Melville, New York, Arrow Electronics -- http://www.arrow.com/-- provides products, services and solutions to industrial and commercial users of electronic components and computer products. Arrow serves as a supply channel partner for nearly 600 suppliers and more than 130,000 original equipment manufacturers, contract manufacturers and commercial customers through a global network of over 270 locations in 53 countries and territories. The company operates in France, Spain, Portugal, Denmark, Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden, Italy, Germany, Austria, Switzerland, Belgium, the Netherlands, United Kingdom, Argentina, Brazil, Mexico, Australia, China, Hong Kong, Korea, Philippines and Singapore. On March 29, 2007, Moody's Investors Service affirmed the (P)Ba1, (P)Ba2 and (P)Baa3 Shelf Registration Ratings to Arrow Electronics, Inc.'s subordinated, preferred, and senior unsecured stocks respectively. Moody's also affirmed the Baa3 senior long-term debt rating of Arrow Electronics and revised the outlook to positive from stable. =========== F R A N C E =========== DELPHI CORP: To Sell Interiors & Closures Business for US$106MM --------------------------------------------------------------- Delphi Corporation has entered into a master sale and purchase agreement with a wholly owned subsidiary of The Renco Group, Inc. for the sale of its global Interiors and Closures business. The agreement has been approved by Delphi's Board of Directors. The agreement contemplates a global divestiture of Delphi's Interiors and Closures Businesses for a purchase price of US$106,000,000, which is comprised of the preliminary purchase price of approximately US$80,000,000, subject to certain adjustments, and the Post-Closing Payments of approximately US$26,000,000. Pursuant to the procedures outlined in the Bankruptcy Code, Delphi filed a motion with the U.S. Bankruptcy Court for the Southern District of New York to request a bidding procedures hearing on October 25, 2007. Following the completion of the bidding procedure process, a final sale hearing is anticipated to be set for January 8, 2008. The final sale of Delphi's Interiors and Closures business is subject to the approval of the U.S. Bankruptcy Court and other constituencies in the U.S. and abroad. As outlined in the court filing, the master sale and purchase agreement involves the entire global Interiors and Closures business line, including: book of business, manufacturing operations, intellectual property, personnel, supplier contracts and share of joint ventures. Delphi's Interiors and Closures business operates manufacturing facilities in: -- Gadsden, Alabama -- Cottondale, Alabama -- North Kansas City, Missouri -- Orion, Michigan -- Adrian, Michigan -- Woerth, Germany -- Matamoros, Mexico -- SDADS Joint Venture (Shanghai, China) -- KDS Joint Venture (Daegu, Korea) -- Other contracted manufacturing locations About Delphi Headquartered in Troy, Mich., Delphi Corporation (OTC: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of Mar. 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in total assets and US$23,851,000,000 in total debts. The Debtors' exclusive plan-filing period expires on Dec. 31, 2007. On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan of Reorganization and a Disclosure Statement explaining that Plan. (Delphi Bankruptcy News, Issue No. 88 Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) EUROPCAR GROUPE: Moody's Cuts Corporate Family Rating to B1 ----------------------------------------------------------- Moody's Investors Service downgraded the Corporate Family Rating of Europcar Groupe S.A. to B1 from Ba3, as well as the rating of the company's subordinated secured notes to B2 from B1 and the rating of its senior subordinated notes to B3 from B2. The rating outlook is now stable. "Today's downgrade reflects Moody's revised expectation that Europcar will not now achieve -- over the next 12 to 18 months -- the thresholds necessary in order for it to maintain a stable rating outlook in the Ba3 rating category as communicated in Moody's last rating action, notably an improvement of EBITA to Interest Coverage above 1.5x," says Christian Hendker, Moody's Lead Analyst for Europcar. "Europcar's Ba3 rating had incorporated Moody's expectation of consistent improvement in operating performance and credit metrics following the debt- financed acquisition of Vanguard. "While the company has made progress in improving its overall profitability levels, these were not sufficient to indicate a trend towards the levels originally expected by Moody's for the Ba3 rating. In particular, rising fleet holding costs have absorbed the cost savings in fleet management and overhead, and a step-up in interest costs -- out of total financial debt of EUR3.6 billion in June 2007, almost one third is unhedged floating rate exposure -- has squeezed interest coverage to the 1.1-times level which was one of the key drivers for the rating downgrade. Given the potential for further interest rate rises and Europcar's high exposure to effects, additional cost saving measures may become necessary, as a pass-on to customers is challenging in the very competitive car rental market." Mr. Hendker continues. Europcar is currently weakly positioned in the B1 rating category, evidenced by the EBITA-to-Interest Cover Ratio of 1.1x in the last 12 months ended June 2007 and the limited perspective of positive free cash flows given the rising interest costs and the group's constant fleet expansion to support its growth targets. However, the stable rating outlook incorporates Moody's expectation that Europcar will continue to improve its operating profitability with interest cover moving towards the 1.5 times level during the course of 2008 -- and beyond -- by realizing cost reduction measures, generating the benefits of the recent acquisitions of PremierFirst and Betacar but also by a successful pricing management and good fleet utilization levels. The stable outlook also anticipates that Europcar preserves its good financial flexibility, in particular its access to appropriate asset-based lending facilities to finance its fleet purchases and pursues no additional sizeable acquisitions. The ratings could come under additional downward rating pressure within 12 to 18 months: (1) if the company's credit metrics fall instead of rise -- indicated for instance by a decline in RCF to Net Debt towards 10% and EBITA to Interest Expenses below 1.1x; (2) should the financial flexibility of the company weaken with regard to access to asset-back financing or credit lines. Upwards rating pressure could develop, once the company has restored its credit metrics, namely by improving RCF to Net Debt towards 15% and EBITA to Interest Expenses to above 1.5x. Europcar's B1 Corporate Family Rating reflects: (1) the company's strong brand and market position in the key European rental car markets based on a balanced level of segmental diversification in the business, private and replacement market segments; (2) a solid degree of regional diversification enhanced by stable earning contributions from its global franchise network; (3) relatively stable operating performance levels through the cycle, and margin protection from residual value risks of purchased cars due to a substantial degree of buyback agreements; (4) a significant degree of cost structure flexibility thanks to rapid vehicle turnover rates allowing for continuous fleet size adjustments, which also ensures a continuous debt repayment ability; and (5) the relatively sound financial profiles of the majority of Europcar's diversified car supplier base, which ensures stability for fleet purchase conditions and buyback agreements. However, the ratings also reflect these challenges: (1) Europcar's limited absolute scale; (2) its relatively weak debt protection measures; (3) its high exposure to rising interest rates; (4) the prospect of increasing debt levels in line with a further expansion of the fleet size; and (5) fleet purchase conditions that may be burdened by a need to further diversify fleet composition and the recent plans of some volume manufacturers to cut back their sales to rental car companies -- a less profitable sales channel for OEMs than sales to private customers. These ratings were affected by today's rating action: -- Corporate Family Rating downgraded to B1 from Ba3; -- Probability of Default Rating, downgraded to B1 from Ba3; -- EUR430 million senior subordinated secured Floating Rate Notes, downgraded to B2 from B1 (Loss Given Default Assessment: LGD 4, 69%); -- EUR375 million senior subordinated unsecured notes, downgraded to B3 from B2 (LGD 6, 93%). The last rating action was on Feb. 23, 2007, when Moody's confirmed Europcar's ratings with a negative outlook following the regulatory approval for the acquisition of Vanguard Europe. Headquartered in Paris, France, Europcar is one of the leading European rental car companies with reported sales of EUR1.5 billion in 2006. ITRON INC: Provides Details on 2.50% Convertible Senior Notes ------------------------------------------------------------- Itron Inc. has disclosed information regarding its 2.50% Convertible Senior Subordinated Notes Due 2026. According to their terms, the Notes are convertible into cash and common stock when the closing price of Itron common stock exceeds US$78.19, which is one hundred and twenty percent (120%) of the conversion price of US$65.16, for 20 or more trading days in a period of 30 consecutive trading days prior to the end of a quarter. The Notes may be surrendered for conversion during any business day prior to the last trading day of the quarter ended Dec. 31, 2007. The conversion feature became effective Oct. 1, 2007. In order to convert the Notes, a Holder must: (1) complete and sign the Conversion Notice, with appropriate signature guarantee, on the back of the Note, (2) surrender the Notes to a Conversion Agent, (3) furnish appropriate endorsements and transfer documents if required by the Registrar or Conversion Agent, (4) pay the amount of interest, if any, the Holder must pay as described below, and (5) pay any tax or duty if required pursuant to the Indenture. A Holder may convert a portion of a Note if the portion is US$1,000 principal amount or an integral multiple of US$1,000 principal amount. If a Holder surrenders a Note for a conversion after the close of business on the record date for the payment of an installment of interest and prior to the related interest payment date, such Security, when surrendered for conversion, must be accompanied by payment of an amount equal to the interest thereon which the registered Holder at the close of business on such record date is to receive (other than overdue interest, if any, that has accrued on such Note). The Conversion Agent is located at: Deutsche Bank Trust Company Americas Attn: Trust & Securities Services 60 Wall Street, 27th Floor Mail Stop: NYC60-2710 New York, NY 10005 The company believes it is highly unlikely that holders would choose to convert the Notes because the market value of the Notes exceeds the amount that holders would receive upon conversion. About Itron Inc. Headquartered in Liberty Lake, Washington, Itron Inc. (NASDAQ: ITRI) -- http://www.itron.com/-- operates in two divisions: as Itron in North America and as Actaris outside of North America. The company provides metering, data collection and software solutions, with nearly 8,000 utilities worldwide relying on its technology to optimize the delivery and use of energy and water. Itron maintains operations in Canada, Qatar, Mexico, Taiwan, France, Australia, The Netherlands, and the United Kingdom. * * * Itron Inc. carries to date Standard & Poor's Ratings Services' B+ corporate credit rating. REALOGY CORP: Hires Sherry Chris to Lead Better Homes Brand ----------------------------------------------------------- Realogy Corporation has appointed Sherry Chris as president and CEO of the Better Homes and Gardens Real Estate brand. This news builds on Realogy's announcement that the company had entered into a long-term licensing agreement with Meredith Corporation to build a new, international residential real estate franchise company under the Better Homes and Gardens Real Estate brand. The new brand will launch in the residential real estate marketplace in July 2008. Ms. Chris will be responsible for directing the platform, growth and development of this new franchise system. With more than 25 years of real estate sales, management and executive experience, Ms. Chris most recently served as chief operating officer for Coldwell Banker Real Estate LLC. Ms. Chris will report to Alex Perriello, president and CEO of the Realogy Franchise Group. "Sherry is an exceptional real estate executive and business leader, and I am pleased to have her energetic presence at the helm as we embark upon this exciting opportunity," said Mr. Perriello. "We look forward to building and operating a new world-class franchise system that will add significant value to those residential real estate brokerage firms that will become franchisees of Better Homes and Gardens Real Estate." "This will be a brand that embodies the future of the real estate industry while grounded in the tradition of the home," said Ms. Chris. "The opportunity is tremendous. Better Homes and Gardens has a multi-media consumer brand presence that already exists in millions of households. Meanwhile, we have the rare opportunity to build a new system from the ground up by leveraging our expertise in real estate while benefiting from the full support of Realogy and all of its resources." Among the top priorities for the new brand during the next nine months will be the development of a platform that incorporates the best information technologies for both consumers and the real estate professionals who affiliate with the brand. Ms. Chris plans to develop a new media-rich Web site that will provide engaging and interactive content for a customer-base now highly adept at using the Internet for its real estate needs. "We will build the Better Homes and Gardens Real Estate brand with an eye on innovation and a respect for tradition," said Ms. Chris. "Our innovation will be reflected in a contemporary, high-quality service offering that addresses the needs of today's consumer while providing franchisees with significant competitive advantages. As for tradition, the brand will exemplify a full-service approach to the business that fosters personal relationships to meet the needs of every generation of homebuyers and sellers." Previously, Ms. Chris served Coldwell Banker Real Estate LLC as its chief operating officer beginning December 2006. In her capacity as COO, Chris directed the company's operations, education, mortgage and field services programs. She also focused on communication between Coldwell Banker(R) corporate headquarters, regional offices and its nearly 4,000-office affiliate network around the world. Ms. Chris began her real estate career in 1980 holding positions of increasing responsibility at several leading Canadian and U.S. real estate companies including, Royal LePage Real Estate Services, Ltd., Real Living and Prudential California Realty. Well known in the real estate industry, Ms. Chris is currently on the advisory board of several prominent organizations including Trulia.com and Google Real Estate. She has served as chairman of the board of the Realty Alliance and also speaks frequently at prominent industry events. Ms. Chris earned her undergraduate and MBA degrees from the University of Western Ontario. 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. ============= G E R M A N Y ============= AHEAD ENTERTAINMENT: Claims Registration Period Ends Nov. 20 ------------------------------------------------------------ Creditors of AHEAD Entertainment Software GmbH have until Nov. 20 to register their claims with court-appointed insolvency manager Rainer Michael Bahr. Creditors and other interested parties are encouraged to attend the meeting at 2:15 p.m. on Dec. 18, 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: Rainer Michael Bahr Prinzenstr. 14 30159 Hannover Germany Tel: 0511 8503058-0 Fax: 0511 8503058-8 The District Court of Hannover opened bankruptcy proceedings against AHEAD Entertainment Software GmbH on Sept. 27. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: AHEAD Entertainment Software GmbH Attn: Lars Martensen, Manager Boedekerstr. 84 30131 Hannover Germany AUTO KORNTHEUER: Creditors Must File Claims by November 16 ---------------------------------------------------------- Creditors of Auto Korntheuer GmbH have until Nov. 16 to register their claims with court-appointed insolvency manager Nikolaus Gaede. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Dec. 17, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Nikolaus Gaede Brienner Str. 55 80333 Munich Germany The District Court of Augsburg opened bankruptcy proceedings against Auto Korntheuer GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Auto Korntheuer GmbH Hunnenstr. 27 86343 Koenigsbrunn Germany AZ-ZEITUNGSVERTRIEB: Claims Registration Ends Nov. 15 ----------------------------------------------------- Creditors of AZ-Zeitungsvertrieb GmbH have until Nov. 15 to register their claims with court-appointed insolvency manager Diana Aurich. Creditors and other interested parties are encouraged to attend the meeting at 9:20 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 Offenbach am Main Hall 162N First Floor Kaiserstrasse 63065 Offenbach am Main Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Diana Aurich Wilhelmstrasse 11 63225 Langen Germany Tel: 06103-8044298 Fax: 06103-8044335 The District Court of Offenbach am Main opened bankruptcy proceedings against AZ-Zeitungsvertrieb GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: AZ-Zeitungsvertrieb GmbH Attn: Karlheinz Stornfels, Manager Robert-Bosch-Str. 13 63225 Langen Germany BAUUNTERNEHMUNG WOLFF: Claims Registration Ends November 12 ----------------------------------------------------------- Creditors of Bauunternehmung Wolff & Skobel GmbH have until Nov. 12 to register their claims with court-appointed insolvency manager Frank Kebekus. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Dec. 10, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Aachen Meeting Hall K 5 Third Floor Alter Posthof 1 52062 Aachen 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. Frank Kebekus Frankenstrasse 14-16 52070 Aachen Germany Tel: 0241/5591310 Fax: 0241/55913120 E-mail: chemnitz@hww-kanzlei.de The District Court of Aachen opened bankruptcy proceedings against Bauunternehmung Wolff & Skobel GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bauunternehmung Wolff & Skobel GmbH Attn: Hans Gerd Wolff, Manager Bretzelbackerstrasse 8 52428 Julich Germany BAZ ARMIERUNGSARBEITEN: Claims Registration Ends November 12 ------------------------------------------------------------ Creditors of BAZ Armierungsarbeiten GmbH have until Nov. 12 to register their claims with court-appointed insolvency manager Steffi Radack-Mueller. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.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 Potsdam Hall 301 Third Floor Nebenstelle Lindenstrasse 6 14467 Potsdam Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Steffi Radack-Mueller Franzosische Strasse 9-12 10117 Berlin Germany The District Court of Potsdam opened bankruptcy proceedings against BAZ Armierungsarbeiten GmbH on Sept. 28. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BAZ Armierungsarbeiten GmbH Attn: Heidemarie Zahle and Hans Becker, Managers Drewitzer Strasse 41 14478 Potsdam Germany BETE & THIEDE: Claims Registration Period Ends Oct. 30 ------------------------------------------------------ Creditors of B & T Handelskontor - Bete & Thiede GmbH have until Oct. 30 to register their claims with court-appointed insolvency manager Joern Weitzmann. Creditors and other interested parties are encouraged to attend the meeting at 10:55 a.m. on Nov. 30, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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 B & T Handelskontor - Bete & Thiede GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: B & T Handelskontor - Bete & Thiede GmbH Attn: Klaus Bete, Manager Bahrenfelder Marktplatz 3 22761 Hamburg Germany CAR-MEY AUTOMOBIL-SERVICE: Claims Registration Ends November 23 --------------------------------------------------------------- Creditors of Car-Mey Automobil-Service GmbH have until Nov. 23 to register their claims with court-appointed insolvency manager Frank-M. Rhode. Creditors and other interested parties are encouraged to attend the meeting at 9:15 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 Syke Hall 112 Hauptstr. 5A 28857 Syke 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-M. Rhode Graf-Moltke-Str. 62 28211 Bremen Germany Tel: 0421 / 34 85 20 Fax: 0421/ 34 10 78 The District Court of Syke opened bankruptcy proceedings against Car-Mey Automobil-Service GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Car-Mey Automobil-Service GmbH Attn: Heinrich Meyer, Manager Hagenburger Str. 7 31547 Rehburg-Loccum Germany CHRYSLER LLC: Will Fund Employees' Health Trust With US$8.8 Bln --------------------------------------------------------------- Chrysler LLC is obliged to contribute US$8.8 billion to a voluntary employees' beneficiary association, or VEBA fund, that the union will use to cover the costs of retiree health care after 2010, when the fund becomes operational, under the newly ratified contract between the carmaker and the United Auto Workers union, Josee Valcourt and Neal E. Boudette report for the Wall Street Journal. Chrysler will also pay US$1.5 billion to cover the costs of retiree health care between now and 2010, according to a 24-page summary of the contract that was distributed to union officials on Monday, WSJ notes. Chrysler will be allowed to hire new workers for certain "noncore" jobs at wages well below those it pays existing union employees, the contract states. New, noncore hires will earn between US$14 and US$16.23 an hour, compared to US$28 to US$32.52 an hour for current workers, WSJ says. The contractual terms between the two parties were patterned after General Motors Corp.'s new contract with the UAW. GM has promised to save jobs by keeping its plants running even after its contract with the UAW expires. Chrysler, on the other hand, does not guarantee that most of its eight assembly U.S. plants will remain open beyond the four years covered by its contract, WSJ reveals. 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. Chrysler LLC is facing a difficult market environment in the United States with excess inventory, non-competitive legacy costs for employees and retirees, continuing high fuel prices and a stronger shift in demand toward smaller vehicles. At the same time, key competitors have further increased margin and volume pressures -- particularly on light trucks -- by making significant price concessions. In addition, increased interest rates caused higher sales & marketing expenses. * * * The TCR-Europe reported on Aug. 8, 2007, that Moody's Investors Service has affirmed Chrysler Automotive LLC's B3 Corporate Family Rating, and the Caa1 (LGD4, 66) rating of the company's US$2 billion senior secured, second lien term loan in connection with Monday's closing of Daimler Chrysler AG's sale of a majority interest of Chrysler Group to Cerberus Capital Management LLC. ECKERT ELEKTRONIK: Claims Registration Period Ends Nov. 20 ---------------------------------------------------------- Creditors of Eckert Elektronik GmbH have until Nov. 20 to register their claims with court-appointed insolvency manager Albert Hirt. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.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 Rottweil Room 0.05 Branch Office Koernerstr. 29 Rottweil 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: Albert Hirt Berner Feld 74 78628 Rottweil Germany Tel: 0741/1754050 Fax: 0741/1754020 The District Court of Rottweil opened bankruptcy proceedings against Eckert Elektronik GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Eckert Elektronik GmbH Attn: Dietrich Eckert, Manager Grosswiesenstr. 20 78591 Durchhausen Germany ESSER & CO: Creditors' Meeting Slated for Nov. 8 ------------------------------------------------ The court-appointed insolvency manager for Esser & Co. Saar GmbH, Udo Groener will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:25 a.m. on Nov. 8. The meeting of creditors and other interested parties 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 at 10:30 a.m. on Dec. 13 at the same venue. Creditors have until Nov. 15 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Udo Groener Faktoreistrasse 4 66111 Saarbruecken Germany Tel: 0681/41010 Fax: 0681/4101 276 The District Court of Saarbruecken opened bankruptcy proceedings against Esser & Co. Saar GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Esser & Co. Saar GmbH Lise-Meitner-Weg 1-3 66271 Rilchingen-Hanweiler Germany FA FIRST MEDICAL: Claims Registration Ends November 5 ----------------------------------------------------- Creditors of Fa. first medical productions Geschaftsfuehrungs- und Verwaltungs-GmbH have until Nov. 5 to register their claims with court-appointed insolvency manager Carsten Morgenstern. 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 Chemnitz Hall 28 Fuerstenstrasse 21 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: Carsten Morgenstern Michaelstrasse 71 09116 Chemnitz Germany Tel: (0371) 381770 Telefax: (0371) 3817730 E-mail: chemnitz@hww-kanzlei.de The District Court of Chemnitz opened bankruptcy proceedings against Fa. first medical productions Geschaftsfuehrungs- und Verwaltungs-GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Fa. first medical productions Geschaftsfuehrungs- und Verwaltungs-GmbH Attn: Dr. Bernd Ernst Maier, Manager Goethestr. 7 09119 Chemnitz Germany FLACHDACHBAU KIRCHHEIM: Claims Registration Period Ends Nov. 2 -------------------------------------------------------------- Creditors of Flachdachbau Kirchheim GmbH have until Nov. 2 to register their claims with court-appointed insolvency manager Martin Wagner. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Dec. 19, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Ludwigsburg Hall 2008 Palace Schuetz Schorndorfer Str. 28 Ludwigsburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Martin Wagner Heilbronner Str. 86 70194 Stuttgart Germany Tel: 0711/259729-0 The District Court of Ludwigsburg opened bankruptcy proceedings against Flachdachbau Kirchheim GmbH on Oct. 4. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Flachdachbau Kirchheim GmbH Attn: Sedat Efe, Manager Uhlandstr. 21 71638 Ludwigsburg AG Stuttgart Germany GISI-MOEBEL GMBH: Creditors Must File Claims by November 6 ---------------------------------------------------------- Creditors of Gisi-Moebel GmbH have until Nov. 6 to register their claims with court-appointed insolvency manager Siegfried Beck. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.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 Coburg Meeting Hall K First Stock Coburg 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: Siegfried Beck Stahlstr. 17 90411 Nuremberg Germany The District Court of Coburg opened bankruptcy proceedings against Gisi-Moebel GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Gisi-Moebel GmbH Matthaus-Kraus-Str. 4 96215 Lichtenfels Germany HOLM AUSSENHANDELS: Claims Registration Period Ends Nov. 19 ----------------------------------------------------------- Creditors of Holm Aussenhandels GmbH have until Nov. 19 to register their claims with court-appointed insolvency manager Gregor Schoene. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Dec. 7, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Norderstedt Hall B Rathausallee 80 22846 Norderstedt 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: Gregor Schoene Haferweg 22 22769 Hamburg Germany The District Court of Norderstedt opened bankruptcy proceedings against Holm Aussenhandels GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Holm Aussenhandels GmbH Attn: Dr. Peter Rene Holm, Manager Slagboom 30 22848 Norderstedt Germany HSK GMBH: Claims Registration Period Ends Oct. 31 ------------------------------------------------- Creditors of HSK GmbH & Co KG have until Oct. 31 to register their claims with court-appointed insolvency manager Nada Nasser. Creditors and other interested parties are encouraged to attend the meeting at 8:45 a.m. on Nov. 28, 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 Moenchengladbach Meeting Room A 14 Ground Floor Hohenzollernstr. 157 41061 Moenchengladbach 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: Nada Nasser Gneisenaustrasse 52 41061 Moenchengladbach Germany Tel: 02161 / 2479730 Fax: 02161 / 2479629 The District Court of Moenchengladbach opened bankruptcy proceedings against HSK GmbH & Co KG on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HSK GmbH & Co KG Hardter Strasse 152 41748 Viersen Germany Attn: Eva Koch, Manager Omperter Weg 109 41748 Viersen Germany KOELNER CLUB: Claims Registration Ends Nov. 13 ---------------------------------------------- Creditors of Koelner Club Sport Spiel und Spass mbH have until Nov. 13 to register their claims with court-appointed insolvency manager Dr. Andreas Ringstmeier. Creditors and other interested parties are encouraged to attend the meeting at 10:35 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 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: Dr. Andreas Ringstmeier Magnusstr. 13 50672 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against Koelner Club Sport Spiel und Spass mbH on Oct. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Koelner Club Sport Spiel und Spass mbH Alteburger Wall 29 50678 Cologne Germany MEGEMA GMBH: Creditors Must File Claims by November 16 ------------------------------------------------------ Creditors of Megema GmbH have until Nov. 16 to register their claims with court-appointed insolvency manager Werner Folger. Creditors and other interested parties are encouraged to attend the meeting at 8:00 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 Landshut Meeting Hall 9/I Maximilianstrasse 22-24 Landshut Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Werner Folger Gute Anger 11 85356 Freising Germany The District Court of Landshut opened bankruptcy proceedings against Megema GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Megema GmbH Attn: Ernst Klees, Manager Raiffeisenstr. 3 85356 Freising Germany MSS BAUSTOFFHANDEL: Claims Registration Period Ends Oct. 31 ----------------------------------------------------------- Creditors of M.S.S. Baustoffhandel & Bauschlosserei und Metallbau GmbH have until Oct. 31 to register their claims with court-appointed insolvency manager Dr. Axel Kampmann. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on Nov. 29, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Arnsberg Meeting Room 328 Eichholzstr. 4 59821 Arnsberg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Axel Kampmann Bronnerstrasse 7 44141 Dortmund Germany The District Court of Arnsberg opened bankruptcy proceedings against M.S.S. Baustoffhandel & Bauschlosserei und Metallbau GmbH on Sept. 28. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: M.S.S. Baustoffhandel & Bauschlosserei und Metallbau GmbH Wiebusch 14 59581 Warstein Germany Attn: Sven Masiak, Manager Probst - Boeckler - Str. 22 59581 Warstein Germany PRINT MEDIEN: Claims Registration Ends Nov. 15 ---------------------------------------------- Creditors of Print Medien Service GmbH have until Nov. 15 to register their claims with court-appointed insolvency manager Diana Aurich. Creditors and other interested parties are encouraged to attend the meeting at 9:40 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 Offenbach am Main Hall 162N First Floor Kaiserstrasse 63065 Offenbach am Main Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Diana Aurich Wilhelmstrasse 11 63225 Langen Germany Tel: 06103-8044298 Fax: 06103-8044335 The District Court of Offenbach am Main opened bankruptcy proceedings against Print Medien Service GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Print Medien Service GmbH Attn: Karlheinz Stornfels, Manager Robert-Bosch-Str. 13 63225 Langen Germany W. HARR GMBH: Claims Registration Period Ends Nov. 16 ----------------------------------------------------- Creditors of W. Harr GmbH & Co. KG Backerei Konditorei have until Nov. 16 to register their claims with court-appointed insolvency manager Gundula Pierson. Creditors and other interested parties are encouraged to attend the meeting at 2:45 p.m. on Dec. 19, 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 Siegen Hall 010 Ground Floor Main Building Berliner Str. 21-22 57072 Siegen 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: Gundula Pierson Software Center 5a 35037 Marburg Germany Tel: 06421/9481350 Fax: 06421/9481360 The District Court of Siegen opened bankruptcy proceedings against W. Harr GmbH & Co. KG Backerei Konditorei on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: W. Harr GmbH & Co. KG Backerei Konditorei Daimlerstr. 48-50 57072 Siegen Germany Attn: Helmut Siebdrat, Manager Kornmarkt 10 57072 Siegen Germany ============= I R E L A N D ============= SANYO ELECTRIC: Kyocera Offers JPY70 Billion for Handset Unit ------------------------------------------------------------- Sanyo Electric Co., Ltd., has been offered JPY70 billion by Kyocera Corp. for its loss-making mobile phone business, Reuters reports, citing the Nikkei business daily. Reportedly, both companies would likely reach a basic agreement on the deal on Thursday and may make an announcement on the same day. Reuters states that the Nikkei reported last month that the deal could be worth JPY50 billion and said that the JPY70 billion offer could be lowered after Kyocera conducted due diligence. About Sanyo Electric Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. -- http://www.sanyo.com/-- is one of the world's leading manufacturers of consumer electronics products. The company has global operations in Brazil, Germany, India, Ireland, Spain, the United States and the United Kingdom, among others. * * * In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s BB+ long-term foreign and local currency issuer default and senior unsecured ratings on rating watch negative. SANYO ELECTRIC: S&P Revises Outlook on BB- Rating to Stable ----------------------------------------------------------- Standard & Poor's Ratings Services revised to stable from negative its outlook on the 'BB-' long-term corporate credit rating on Sanyo Electric Co. Ltd., reflecting the diminished risk of significant deterioration in the company's business results, backed by steady progress in its business restructuring. At the same time, Standard & Poor's affirmed the long-term corporate and the 'BB' senior unsecured debt ratings. On Oct. 11, 2007, Sanyo announced that it had reached a basic agreement to grant priority negotiation rights regarding the sale of its mobile phone business to Kyocera Corp. (NR). Sanyo's announcement on the sale of its mobile phone business, which has experienced severe competition and performance volatility, has served to clarify the company's policy. Standard & Poor's now expects Sanyo to further focus its management resources on its core Batteries and Commercial Equipment businesses. These are businesses in which the company holds a competitive position and that produce stable business performance. Over the past few years, Sanyo has endeavored to strengthen its cost competitiveness through substantial personnel reductions and by increasing the efficiency of its production system. As a result, the company has seen a steady recovery of profitability levels in its semiconductor, TV, and home appliances businesses, which have in the past produced substantial losses. Standard & Poor's believes that the company is unlikely to experience a significant expense burden following planned business restructuring. This, coupled with Sanyo's clearly expressed policy of focusing on continued financial improvement, has alleviated concerns regarding a repeated deterioration in the company's financial profile, which has been steadily improving since reaching its nadir in March 2005. A key factor in deciding Sanyo's future credit quality will be whether or not the company can quickly and effectively concentrate its resources on its core businesses. An additional key factor for further rating decisions taken on the company would be the continued supportive stance of financial institutions toward Sanyo. The ratings may be raised or the outlook on the rating revised upward if prospects for an ongoing recovery in cash flow generation and financial improvement backed by restructuring progress increase. On the other hand, the ratings may again come under downward pressure if the company is unable to achieve its financial targets for the current fiscal year, or if concerns over continued support from major shareholders or financial institutions increase. However, Standard & Poor's considers the possibility of these events occurring to be relatively limited at this stage. The long-term senior unsecured debt rating is one notch higher than the corporate credit rating, reflecting the expectation that creditor banks would grant debt forgiveness in the event of any default based on the currently supportive positions of the principal financial institutions. About Sanyo Electric Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. -- http://www.sanyo.com/-- is one of the world's leading manufacturers of consumer electronics products. The company has global operations in Brazil, Germany, India, Ireland, Spain, the United States and the United Kingdom, among others. * * * In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s BB+ long-term foreign and local currency issuer default and senior unsecured ratings on rating watch negative. SANYO ELECTRIC: Reorganization May Do Ratings Good, Moody's Says ---------------------------------------------------------------- Moody's Investors Service says that continued restructuring by Sanyo Electric Co., Ltd. may have a positive impact on its ratings. Sanyo announced on October 11, 2007, that it had reached a basic agreement to continue negotiations with Kyocera Corporation regarding the transfer of Sanyo's mobile phone business. In FY2006, the mobile phone business to be transferred earned about JPY277 billion in revenue, accounting for about 12% of consolidated revenue, although profitability was pressured because of severe domestic and overseas competition. Sanyo has positioned it as a core business in its current medium-term management plan (FY2005-FY2007). Moody's also views that Sanyo's continuing efforts to restructure its portfolio, including the sale of the mobile phone business, may improve its overall profit stability and asset efficiency by focusing management resources on other strongly competitive core businesses, such as batteries and commercial-use air-conditioning systems. Therefore, the continued restructuring may have a positive effect on the company's credit barring any significant losses associated with the restructuring. While negotiation details have yet to be finalized, Moody's will continue to assess development of Sanyo's business restructuring, focusing on the company's earning stability, incorporating its credit implications on Sanyo's rating and its outlook in a timely manner. Sanyo Electric Co., Ltd., headquartered in Osaka, is one of the world's leading manufacturers of consumer electronics products and devices. About Sanyo Electric Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. -- http://www.sanyo.com/-- is one of the world's leading manufacturers of consumer electronics products. The company has global operations in Brazil, Germany, India, Ireland, Spain, the United States and the United Kingdom, among others. * * * In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s BB+ long-term foreign and local currency issuer default and senior unsecured ratings on rating watch negative. ========= I T A L Y ========= FIAT SPA: Inks Cooperation Deal with Russia's Avtovaz ----------------------------------------------------- Fiat S.p.A. and JSC Avtovaz signed a memorandum of understanding as the basis for the establishment of cooperation initiatives aimed at supporting the expansion of Avtovaz, in the area of passenger cars encompassing engineering and technological processes, development, manufacturing, product sourcing, engines and other components. Fiat's involvement in the development of the Fiat brand in Russia based on prior agreements with other parties continues to be strong and is not affected by this MoU. Following the MoU, joint teams would be set up by the two groups to determine the feasibility and specificity of the nature of cooperation, both in the short and long term. The two companies expect to sign definitive agreements in the course of the coming months. "A cooperation with AUTOVAZ represents a significant step forward in our industrial strategy of targeted alliances. It is our view that Autovaz will re-emerge as a strong automotive player in a market that is showing significant growth potential. And we are delighted to be able to assist and participate in this process," Sergio Marchionne, Fiat Group's CEO, disclosed. "The memorandum signed is the most important stage in the Russian-European cooperation in the sphere of automobile production. Now we are entering a brand new level of relations with the Fiat Corporation which played the most decisive role in the construction of VAZ in the 60s of the last century. Fiat helped to design the most popular car in Russia which won the hearts and souls of our automobilists," Sergey Chemezov chairman of AvtoVAZ board of directors. "We hope that we shall obtain success once again, revive the authority and glory of AUTOVAZ," Mr. Chemezov added. About Fiat SpA Headquartered in Turin, Italy, Fiat S.p.A. -- http://www.fiatgroup.com/-- manufactures and sells automobiles, commercial vehicles, and agricultural and construction equipment. Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano. Fiat operates in Argentina, Australia, Austria, Belgium, Brazil, Bulgaria, China, Czech Republic, Denmark, France, Germany, Greece, Hungary, India, Ireland, Italy, Japan, Lituania, Netherlands, Poland, Portugal, Romania, Russia, Singapore, Spain, among others. * * * As reported in the TCR-Europe on Aug. 24, 2007, Moody's Investors Service upgraded to Ba1 from Ba2 Fiat SpA's Corporate Family Rating, and the group's other long-term senior unsecured ratings. At the same time, the positive outlook on all long-term ratings was maintained. The short term Not Prime rating remains unchanged. =================== K A Z A K H S T A N =================== AIBOL-SYSTEM LLP: Proof of Claim Deadline Slated for November 21 ---------------------------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan has declared LLP Aibol-System 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 ASTANA-JAGUAR LTD: Creditors Must File Claims November 21 --------------------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan has declared LLP Astana-Jaguar Ltd insolvent on Aug. 29. Creditors have until Nov. 21 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of East Kazakhstan Satpayev Str. 22/1-56 Ust-Kamenogorsk East Kazakhstan Kazakhstan Tel: 8 (7232) 62-26-83 BALMED LLP: Claims Filing Period Ends November 16 ------------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Balmed insolvent. Creditors have until Nov. 16 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kostanai Room 40 Tolstoy Str. 74 Kostanai Kazakhstan Tel: 8 (3142) 51-10-40 EML & K LLP: Creditors' Claims Due on November 16 ------------------------------------------------- The Specialized Inter-Regional Economic Court of Atyrau has declared LLP Eml & K insolvent. Creditors have until Nov. 16 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Atyrau Third Floor Abai Str. 10a Atyrau Kazakhstan Tel: 8 (31222) 32-90-02 LEGION LLP: Claims Registration Ends November 21 ------------------------------------------------ The Specialized Inter-Regional Economic Court of East Kazakhstan has declared LLP Legion insolvent. Creditors have until Nov. 21 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of East Kazakhstan Satpayev Str. 22/1-56 Ust-Kamenogorsk East Kazakhstan Kazakhstan Tel: 8 (7232) 62-26-83 NUR-ALEM-S LLP: Proof of Claim Deadline Slated for November 21 -------------------------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan has declared LLP Nur-Alem-S insolvent on Sept. 14. 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 TRI O: Creditors Must File Claims November 16 --------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Tri O insolvent. Creditors have until Nov. 16 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktobe Aktube Kazakhstan VALEV LLP: Claims Filing Period Ends November 16 ------------------------------------------------ The Specialized Inter-Regional Economic Court of Atyrau has declared LLP Valev insolvent. Creditors have until Nov. 16 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Atyrau Third Floor Abai Str. 10a Atyrau Kazakhstan Tel: 8 (31222) 32-90-02 =================== K Y R G Y Z S T A N =================== TURMUN TRADE: Proof of Claim Deadline Slated for November 21 ------------------------------------------------------------ LLC Turmun Trade has declared insolvency. Creditors have until Nov. 21 to submit written proofs of claim to: LLC Turmun Trade Suyumbayev Str. 144-28 Bishkek Kyrgyzstan Tel: (+996 312) 29-92-61 ===================== N E T H E R L A N D S ===================== BAUSCH & LOMB: Inks Pact to Sell US$650 Million of 9.875% Notes --------------------------------------------------------------- In connection with the merger agreement between WP Prism Inc., Bausch & Lomb Incorporated and WP Prism Merger Sub Inc. regarding the acquisition of Bausch & Lomb, Merger Sub entered into an agreement to sell $650 million principal amount of 9.875% Notes due 2015. Merger Sub was formed by investment funds associated with Warburg Pincus LLC, for the purpose of merging with and into Bausch & Lomb, with Bausch & Lomb continuing as the surviving corporation. As a result of the Merger, investment funds associated with or designated by the Sponsor and certain co- investors will own Bausch & Lomb. Merger Sub will use the net proceeds from the offering of the Notes, together with the expected proceeds from a new $1.2 billion senior secured U.S. term loan facility and a new euro-denominated term loan facility in an amount equivalent to approximately $575 million, equity financing and cash on hand of Bausch & Lomb to consummate the Merger. The offering of the Notes and the Merger are expected to close on or about Oct. 26, 2007, subject to the satisfaction or waiver of closing conditions. &nbs