/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/071018.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, October 18, 2007, Vol. 8, No. 207 Headlines A U S T R I A E.BEKASSY-BEKAS KEG: Claims Registration Period Ends Oct. 22 G & P GRISSENBERGER: Claims Registration Period Ends Oct. 23 JAV LLC: Estate Administrator Declares Insufficient Assets KARL LOCKAUER: Claims Registration Period Ends Oct. 23 REVE LLC: Claims Registration Period Ends Oct. 20 RUDOLF GABMANN: Vienna Court Orders Business Shutdown VIENNA-TRADING LLC: Claims Registration Period Ends Oct. 25 WITZANI BPM: Claims Registration Period Ends Oct. 23 B E L G I U M ARVINMERITOR INC: Inks Joint Venture Pact with TRW Automotive ARVINMERITOR INC: Signs Six-Year Contract with Electronic Data F R A N C E ARROW ELECTRONICS: Earns US$99.2 Mln in Quarter Ended June 30 G E R M A N Y AZIDA HOLZ- UND DACHBAU: Claims Registration Ends November 30 CALL NOW: Claims Registration Ends November 30 CNTA GMBH: Claims Registration Ends November 12 COIL CONTAINER: Claims Registration Ends November 22 DMX-BAU GMBH: Claims Registration Ends November 30 HECKLER & KOCH: S&P Rates EUR120 Million Senior Notes at B- IKB DEUTSCHE: PwC Report Cites Risk Management Deficiencies IKB DEUTSCHE: Restructures Board & Realigns Business Model IKB DEUTSCHE: Sees Higher 2007 Loss Due to Restructuring Costs LMS LOGISTIK: Claims Registration Period Ends Nov. 26 MARIENTHALER GASTHOF: Claims Registration Period Ends Nov. 26 MOTHERMIK GMBH: Claims Registration Period Ends Nov. 23 OVERINGSHOF PROJEKT: Claims Registration Ends November 30 STRUTHMANN GMBH: Claims Registration Period Ends Oct. 30 TISCHLEREI SCHMELING: Claims Registration Period Ends Oct. 30 UNI-ELEKTRONIK GMBH: Claims Registration Period Ends Oct. 30 WOHNMOEBEL-VERWALTUNGS GMBH: Claims Period Ends on Oct. 25 I R E L A N D ELAN CORP: Third Parties Eye Biogen Acquisition ELAN CORPORATION: FDA Extends TYSABRI Review Until Jan. 13, 2008 I T A L Y ALITALIA SPA: Baldassarre Group Eyes Three-Year Restructuring FIAT SPA: Finance Unit to Repay EUR123.4 Million Bonds K A Z A K H S T A N BASTAU OJSC: Proof of Claim Deadline Slated for Nov. 23 BEST OIL: Creditors Must File Claims Nov. 23 BM TRADE: Claims Filing Period Ends Nov. 23 MEHANOMONTAGE OJSC: Creditors' Claims Due on Nov. 23 NESTLE FOOD: Claims Registration Ends Nov. 23 SEITKOJA LLP: Proof of Claim Deadline Slated for Nov. 20 UJBAT TRADING: Creditors Must File Claims Nov. 20 ZHETYSU COMMERCE: Claims Filing Period Ends Nov. 23 K Y R G Y Z S T A N ASIA-MEGA-CENTRE LLC: Creditors Must File Claims by November 21 N E T H E R L A N D S FIRST DATA: Expands Commercial Payment Markets on Deecal Buy FIRST DATA: Moody's Rates US$3.75 Bln Sr. Unsecured Notes at B3 FIRST DATA: Fitch Rates US$2 Billion Sr. Unsecured Notes at B- P O L A N D AFFILIATED COMPUTER: Earns US$37.6 Million in Fourth Quarter SYMMETRY MEDICAL: Reveals Accounting Errors at U.K. Unit R U S S I A ALAPAEVSKENERGOGASPROM LLC: Creditors Must File Claims by Nov. 5 ARZAMASTSEVSKIJ PRODUCTION: Asset Sale Slated for Nov. 6 CHEBOKSARY-AVIA OJSC: Creditors Must File Claims by Nov. 6 ENGELS KOLKHOZ: Asset Sale Slated for November 14 FOOD INTEGRATED 4: Creditors Must File Claims by Nov. 6 GALBSTADT CJSC: Creditors Must File Claims by Dec. 6 MOUNTING WORKPIECES: Creditors Must File Claims by Dec. 6 NERCHINSKAYA CJSC: Bankruptcy Hearing Slated for Feb. 13 NOVOTOMNIKOVSKIJ LLC: Creditors Must File Claims by Nov. 6 ROSNEFT OIL: Earns US$7.66 Billion for Second Quarter 2007 RUSPROMBANK LLC: Creditors Must File Claims by Dec. 6 SISTEMA JSFC: Buys 28.16% Stake in Dalcombank for US$11.7 Mln SVETLANA-MICROELECTRONICS: Creditors Must File Claims by Nov. 6 S W I T Z E R L A N D AGOS LLC: Creditors' Liquidation Claims Due October 31 BFU MEDIA: Zug Court Closes Bankruptcy Proceedings CARROSSERIE METE: Creditors' Liquidation Claims Due November 5 ICP-EFTPOS JSC: Creditors' Liquidation Claims Due October 31 ISOTIS INC: Adjourns Special Stockholders Meeting to October 23 LENT ELECTRONICS: Aargau Court Starts Bankruptcy Proceedings MASSIVHAUS SWISS: Aargau Court Starts Bankruptcy Proceedings REICHEN TRANSPORTE: Solothurn Court Closes Bankruptcy Process TECHDOC LLC: Creditors' Liquidation Claims Due November 15 U-POINT LLC: Creditors' Liquidation Claims Due October 25 XEBION LLC: Creditors' Liquidation Claims Due November 21 T U R K E Y ULKER BISKUVI: Moody's Lifts B1 Corporate Family Rating to Ba3 U K R A I N E BI GLOBAL: Creditors Must File Claims by October 19 IVANO-FRANKOVSK RENT 1: Proofs of Claim Deadline Set October 19 LANOVTSY LLC: Proofs of Claim Deadline Set October 19 NOVOPETROVSKAYA LLC: Creditors Must File Claims by October 19 SPECIAL SECONDARY: Creditors Must File Claims by October 19 UKRAINA BANK: Liquidator Receives UAH230,000 in August U N I T E D K I N G D O M ATLANTIC CARRIERS: Claims Filing Period Ends November 14 BAUSCH & LOMB: Moody's Withdraws PIK & Sub Notes Ratings BAXI HOLDINGS: S&P Affirms B Credit Ratings on Amended Financing BRITISH AIRWAYS: CEO Says Iberia Deal is “Not Transformational” BROOKES SPECIALIST: Brings In Liquidators from Mazars CABLE & WIRELESS: Dismisses Speculation on Business Disposal COOPER TIRE: Closes US$7MM Rongcheng Stake Sale to ArcelorMittal ELEKSEN GROUP: Brings In Joint Administrators from Deloitte FAREPAK FOOD: 97% of Creditors Vote to Liquidate Assets FOCUS DIY: Moody's Withdraws Caa3 Corporate Family Rating FORD MOTOR: Expects to Sell British Marques in Two Months GENERAL MOTORS: S&P Keeps Ratings on CreditWatch Positive LUDGATE HEALTH: Taps Liquidators from UHY Hacker Young MARKFIELD SERVICES: Appoints Liquidator from Deloitte & Touche RHINEBRIDGE PLC: S&P Junks Capital Notes; Fails Loss Limit Test SHAW GROUP: Names Brian Ferraioli as Chief Financial Officer SOUTH QUAY: Claims Filing Period Ends November 5 SOUTHEND ENTERPRISE: Claims Filing Period Ends December 10 SYMMETRY MEDICAL: Reveals Accounting Errors at U.K. Unit V L COLLECTIONS: Names Michael C. Kienlen Liquidator VIEWFRAME PICTURES: Taps Joint Administrators from BDO Stoy * Featured Conferences by Beard Audio for October 2007 * Upcoming Meetings, Conferences and Seminars ********* ============= A U S T R I A ============= E.BEKASSY-BEKAS KEG: Claims Registration Period Ends Oct. 22 ------------------------------------------------------------ Creditors owed money by KEG E.Bekassy-Bekas (FN 279555k) have until Oct. 22 to file written proofs of claim to court-appointed estate administrator Gerhard Lesjak at: Mag. Gerhard Lesjak Pfarrplatz 17/2 9020 Klagenfurt Austria Tel: 0463/59 00 52 Fax: 0463/59 00 52-20 E-mail: office@ra-lesjak.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on Oct. 29 for the examination of claims. The meeting of creditors will be held at: The Land Court of Klagenfurt Conference Hall 225 Second Floor Klagenfurt Austria Headquartered in Klagenfurt, Austria, the Debtor declared bankruptcy on Sept. 17 (Bankr. Case No. 41 S 93/07k). G & P GRISSENBERGER: Claims Registration Period Ends Oct. 23 ------------------------------------------------------------ Creditors owed money by LLC G & P Grissenberger & Partner (FN 129007t) have until Oct. 23 to file written proofs of claim to court-appointed estate administrator Walter Eisl at: Dr. Walter Eisl Ardaggerstrasse 14 3300 Amstetten Austria Tel: 07472/685 40 Fax: 07472/68540/15 E-mail: ra.dr.eisl@comteam.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:50 a.m. on Nov. 13 for the examination of claims. The meeting of creditors will be held at: The Land Court of St. Poelten Room 216 Second Floor Old Building St. Poelten Austria Headquartered in Euratsfeld, Austria, the Debtor declared bankruptcy on Sept. 14 (Bankr. Case No. 14 S 160/07f). JAV LLC: Estate Administrator Declares Insufficient Assets ---------------------------------------------------------- Dr. Werner Stanek, the court-appointed estate administrator for LLC JAV (FN 281566v), declared Sept. 19 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 Sept. 12 (Bankr. Case No. 38 S 51/07p). The estate administrator can be reached at: Dr. Werner Stanek Wollzeile 33/20 1010 Vienna Austria Tel: 512 29 02 Fax: 512 29 02 30 E-mail: werner-stanek@chello.at KARL LOCKAUER: Claims Registration Period Ends Oct. 23 ------------------------------------------------------ Creditors owed money by KEG Karl Lockauer (FN 184314a) have until Oct. 23 to file written proofs of claim to court-appointed estate administrator Gerhard Taufner at: Dr. Gerhard Taufner Bahnhofstrasse 5 3390 Melk Austria Tel: 02752/5 24 66 Fax: 02752/5 25 74 E-mail: rechtsanwalt.taufner@taufner.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 2:00 p.m. on Nov. 6 for the examination of claims. The meeting of creditors will be held at: The Land Court of St. Poelten Room 216 Second Floor Old Building St. Poelten Austria Headquartered in Huerm, Austria, the Debtor declared bankruptcy on Sept. 17 (Bankr. Case No. 14 S 161/07b). REVE LLC: Claims Registration Period Ends Oct. 20 ------------------------------------------------- Creditors owed money by LLC REVE (FN 211187w) have until Oct. 20 to file written proofs of claim to court-appointed estate administrator Wolfgang Winkler at: Mag. Wolfgang Winkler Reisnerstrasse 32/12 1030 Vienna Austria Tel: 71 55 045 Fax: 71 55 0474 Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 a.m. on Nov. 6 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1607 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Sept. 18 (Bankr. Case No. 28 S 104/07h). RUDOLF GABMANN: Vienna Court Orders Business Shutdown ----------------------------------------------------- The Trade Court of Vienna entered Sept. 20 an order shutting down the business of LLC Rudolf Gabmann (FN 74374z). Court-appointed estate administrator Johannes Jaksch 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. Johannes Jaksch c/o Dr. Stephan Riel Landstrasser Hauptstrasse 1/2 1030 Vienna Austria Tel: 713 44 33 Fax: 713 10 33 E-mail: kanzlei@jsr.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Sept. 7 (Bankr. Case No 4 S 104/07g). Stephan Riel represents Dr. Jaksch in the bankruptcy proceedings. VIENNA-TRADING LLC: Claims Registration Period Ends Oct. 25 ----------------------------------------------------------- Creditors owed money by LLC Vienna-Trading (FN 100642d) have until Oct. 25 to file written proofs of claim to court-appointed estate administrator Wolfgang Mayrhofer at: Mag. Wolfgang Mayrhofer Raiffeisenpromenade 2 3830 Waidhofen/Thaya Austria Tel: 02842/52005-0 Fax: 02842/52005-50 E-mail: waidhofen@wvanwalt.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 8:30 a.m. on Nov. 14 for the examination of claims. The meeting of creditors will be held at: The Land Court of Krems an der Donau Hall A Second Floor Krems an der Donau Austria Headquartered in Vitis, Austria, the Debtor declared bankruptcy on Sept. 20 (Bankr. Case No. 9 S 55/07x). WITZANI BPM: Claims Registration Period Ends Oct. 23 ---------------------------------------------------- Creditors owed money by LLC Witzani BPM (FN 180932b) have until Oct. 23 to file written proofs of claim to court-appointed estate administrator Walter Anzboeck at: Dr. Walter Anzboeck Stiegengasse 8 3430 Tulln Austria Tel: 02272/61 600 Fax: 61600-20 E-mail: Anwalt@anzboeck.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:10 a.m. on Nov. 13 for the examination of claims. The meeting of creditors will be held at: The Land Court of St. Poelten Room 216 Second Floor Old Building St. Poelten Austria Headquartered in Nitzing, Austria, the Debtor declared bankruptcy on Sept. 14 (Bankr. Case No. 14 S 159/07h). ============= B E L G I U M ============= ARVINMERITOR INC: Inks Joint Venture Pact with TRW Automotive ------------------------------------------------------------- TRW Automotive Aftermarket, a business of TRW Automotive Holdings Corp., entered into an agreement to create a Joint Venture with ArvinMeritor Inc. to distribute Gabriel and TRW branded shock absorber ranges for the European independent aftermarket. The intention is for the Joint Venture to begin operation and distribution in January 2008. "Shock absorbers are an integral element of our core chassis portfolio,” Francois Augnet, vice president for TRW Automotive Aftermarket Europe and Asia Pacific, said. “We already offer a comprehensive TRW branded range to our European customers and are committed to enhancing it with the Gabriel programme to maintain and develop our leading chassis position in the European aftermarket." "By combining the strengths of ArvinMeritor's engineering and manufacturing competencies and the Gabriel brand name with TRW's extensive sales and distribution network we are confident that we can roll out successful shock absorber programmes for the European independent aftermarket," Mr. Augnet continued. With the recent sale of its European exhaust aftermarket business, ArvinMeritor has sharpened its focus on original equipment manufacturer systems engineering. This includes a renewed emphasis on its global ride control business. With the Joint Venture, TRW and ArvinMeritor will jointly control the future marketing, sales and distribution of the Gabriel and TRW aftermarket programmes throughout Western, Central and Eastern Europe. "This is a great example of how both partners can share in the investment, as well as reap the benefits,” Marlen Silverii, general manager for ArvinMeritor's global ride control aftermarket business added. “The Gabriel aftermarket product line is technically very strong, and when partnered with TRW's growing aftermarket presence, it will offer our aftermarket customers a strong chassis alternative." About TRW Automotive Headquartered in Livonia, Michigan, TRW Automotive Holdings Corp. (NYSE: TRW) -- http://www.trwauto.com/-- is an automotive supplier. Through its subsidiaries, it employs approximately 63,800 people in 26 countries. TRW Automotive products include integrated vehicle control and driver assist systems, braking systems, steering systems, suspension systems, occupant safety systems (seat belts and airbags), electronics, engine components, fastening systems and aftermarket replacement parts and services TRW Automotive Aftermarket provides high quality replacement parts, service, diagnostics and technical support to both the independent aftermarket and the vehicle manufacturer service channels. About Arvinmeritor Headquartered in Troy, Michigan, ArvinMeritor, Inc. (NYSE: ARM) -- http://www.arvinmeritor.com/-- supplies integrated systems, modules and components to the motor vehicle industry. The company serves light vehicle, commercial truck, trailer and specialty original equipment manufacturers and certain aftermarkets. ArvinMeritor employs about 19,000 people in 25 countries including China, India, Japan, Singapore, Thailand, Australia, Venezuela, Brazil, Argentina, Belgium, Czech Republic, France, Germany, Hungary, Italy, Netherlands, Spain, Sweden, Switzerland, United Kingdom, among others. * * * As reported in the Troubled Company Reporter on Oct. 9, 2007, Fitch Ratings downgraded its ratings on ArvinMeritor Inc. including Issuer Default Rating to 'BB-' from 'BB'; Senior secured revolver to 'BB' from 'BB+'; and Senior unsecured notes to 'B+' from 'BB-'. The rating outlook is negative. Standard & Poor's Ratings Services lowered its corporate credit rating and related ratings on ArvinMeritor Inc. to 'B+' from 'BB-'. The outlook is negative. Moody's Investors Service downgraded ArvinMeritor's Corporate Family Rating to B1 from Ba3 and maintained the outlook at stable. Moody's also lowered its ratings on the company's secured bank obligations (to Ba1, LGD-1, 8% from Baa3, LGD-2, 13%) and unsecured notes (to B2, LGD-4, 63% from B1, LGD-4, 63%). The Probability of Default is changed to B1 from Ba3, while the company's Speculative Grade Liquidity rating remains SGL-2. Moody's said the outlook is stable. ARVINMERITOR INC: Signs Six-Year Contract with Electronic Data -------------------------------------------------------------- ArvinMeritor Inc. and Electronic Data Systems Corp. has recently signed a new, six-year agreement for EDS to manage the tier-one automotive supplier's U.S. and Canadian Information Systems infrastructure services. EDS will help enable enhanced capabilities, promote predictability in the system and speed ArvinMeritor's ability to change with the evolving business climate. "As we continue our transformation, we look to EDS as a partner that has extensive IS and industry experience," said Jay McLean, vice president of service delivery, Information Systems, for ArvinMeritor. "Together, we will enhance our IS infrastructure to one that is optimized for scale and reliability as we face the challenges of today's marketplace." With the agreement, EDS will assume responsibility for ArvinMeritor's IS infrastructure, which includes consolidating and hosting its midrange servers and mainframe computers in EDS data centers. EDS will provide support for the manufacturer's data and voice networks, desktop and other end-user computing services, electronic messaging, and provide global call center services. This enhanced IS infrastructure will standardize and modernize tools and processes to increase quality and reduce ArvinMeritor's total cost of ownership for its IS environment. "As we launch this new contract, we are committed to establishing a strong relationship," said Jeff Kelly, executive vice president and manufacturing leader at EDS. "Our goal is to transform ArvinMeritor's IS environment in support of its strategic initiatives with a secure, reliable global platform essential for long-term sustainable growth." EDS Agility Alliance partners Sun Microsystems and EMC will provide products and services to ArvinMeritor related to the consolidation of its midrange and data storage environments. The EDS Agility Alliance is a coalition of companies globally recognized for their quality, products and value to clients. Its mission is to innovate, develop and deliver the EDS Agile Enterprise Platform - EDS' next-generation global delivery system. Together, EDS and its Agility Alliance partners collaborate to design, build and run a market-leading services platform and develop technology-based services to deliver tangible client results. EDS Agility Alliance partners include Cisco, EMC, Microsoft, Oracle, SAP, Sun Microsystems and Xerox. EDS has significant industry-based knowledge in the automotive, aerospace and defense, high tech and industrial manufacturing segments, with more than 30 years of experience working with manufacturers. More than 20,000 EDS employees serve over 220 manufacturing clients in 40 countries. About Electronic Data Electronic Data Systems Corp. -- http://www.eds.com/-- (NYSE: EDS) is a leading global technology services company delivering business solutions to its clients. EDS founded the information technology outsourcing industry 45 years ago. Today, EDS delivers a broad portfolio of information technology and business process outsourcing services to clients in the manufacturing, financial services, healthcare, communications, energy, transportation, and consumer and retail industries and to governments around the world. About ArvinMeritor Headquartered in Troy, Michigan, ArvinMeritor, Inc. (NYSE: ARM) -- http://www.arvinmeritor.com/-- supplies integrated systems, modules and components to the motor vehicle industry. The company serves light vehicle, commercial truck, trailer and specialty original equipment manufacturers and certain aftermarkets. ArvinMeritor employs about 29,000 people at more than 120 manufacturing facilities in 25 countries. These countries are: China, India, Japan, Singapore, Thailand, Australia, Venezuela, Brazil, Argentina, Belgium, Czech Republic, France, Germany, Hungary, Italy, Netherlands, Spain, Sweden, Switzerland, United Kingdom, among others. * * * As reported in the Troubled Company Reporter on Oct. 9, 2007, Fitch Ratings downgraded its ratings on ArvinMeritor Inc. including Issuer Default Rating to 'BB-' from 'BB'; Senior secured revolver to 'BB' from 'BB+'; and Senior unsecured notes to 'B+' from 'BB-'. The rating outlook is negative. Standard & Poor's Ratings Services lowered its corporate credit rating and related ratings on ArvinMeritor Inc. to 'B+' from 'BB-'. The outlook is negative. Moody's Investors Service downgraded ArvinMeritor's Corporate Family Rating to B1 from Ba3 and maintained the outlook at stable. Moody's also lowered its ratings on the company's secured bank obligations (to Ba1, LGD-1, 8% from Baa3, LGD-2, 13%) and unsecured notes (to B2, LGD-4, 63% from B1, LGD-4, 63%). The Probability of Default is changed to B1 from Ba3, while the company's Speculative Grade Liquidity rating remains SGL-2. Moody's said the outlook is stable. =========== F R A N C E =========== ARROW ELECTRONICS: Earns US$99.2 Mln in Quarter Ended June 30 ------------------------------------------------------------- Arrow Electronics Inc. reported second quarter 2007 net income of $99.2 million on sales of $4.04 billion, compared with net income of $92.8 million on sales of $3.44 billion in the second quarter of 2006. Sales increased 17% year over year. Excluding certain items impacting the comparability of the second quarters of 2007 and 2006, on a non-GAAP basis, net income for the quarter ended June 30, 2007, would have been $101.5 million and net income for the quarter ended June 30, 2006, would have been $94.7 million. "We continue to execute well on our strategic initiatives as evidenced by our record results. We achieved record sales, generated an impressive level of cash flow, and managed our asset base to a record low level of working capital to sales," said William E. Mitchell, chairman, president and chief executive officer. "We have made strong strategic moves over the last 18 months that have resulted in a more diverse revenue stream, a broader geographic footprint, and increased opportunities in fast-growing product segments." Global enterprise computing solutions sales of $1.27 billion increased 78% sequentially and 103% year over year on strong growth in industry standard servers, storage, software, and services. Growth was aided by the impact of the acquisitions of KeyLink Systems Group, Alternative Technology Inc. and the storage and security distribution business of InTechnology plc. "Our strategic transformation in global ECS is producing impressive results as we grew sales at almost four times the rate at which the market is expected to grow. Global ECS now represents approximately one-third of our business, further diversifying and reducing the volatility of our revenue stream. By further executing on significant cross-selling opportunities, pursuing our strategic focus on the mid-market and leveraging our unique software capabilities, we expect to continue to outgrow the market. With increased scale, scope and flexibility, our strategy is proving out every day with our customers and vendors," said Mitchell. Global components sales of $2.77 billion were essentially flat with the first quarter on fewer shipping days. Sales decreased 2% year over year as the well-publicized weakness within the large EMS customer base continued in North America and Asia Pacific. The company's results for the second quarter of 2007 and 2006 include the items outlined below that impact their comparability: -- during the second quarter of 2007, the company recorded a net restructuring charge of $2.9 million, primarily related to initiatives taken by the company in the period to improve operating efficiencies. -- during the second quarter of 2007, the company recorded an integration charge of $500,000, primarily related to the acquisition of KeyLink. -- during the second quarter of 2006, the company recorded a $3.1 million restructuring charge. Arrow's net income for the first six months of 2007 was $195.5 million on sales of $7.54 billion, compared with net income of $174.3 million on sales of $6.63 billion in the first six months of 2006. At June 30, 2007, the company's consolidated balance sheet showed $7.38 billion in total assets, $4.13 billion in total liabilities, and $3.25 billion in total shareholders' equity. Full-text copies of the company's consolidated financial statements for the quarter ended June 30, 2007, are available for free at http://researcharchives.com/t/s?244b About Arrow Electronics Headquartered in Melville, New York, Arrow Electronics Inc. -- 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. * * * Arrow Electronics senior subordinated stock continues to carry Moody's Investors Service's Ba1 rating. The company's senior preferred stock is rated at Ba2. ============= G E R M A N Y ============= AZIDA HOLZ- UND DACHBAU: Claims Registration Ends November 30 ------------------------------------------------------------- Creditors of AZIDA Holz- und Dachbau GmbH have until Nov. 30 to register their claims with court-appointed insolvency manager Sebastian Nolte. Creditors and other interested parties are encouraged to attend the meeting at 10:15 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 Meiningen Meeting Hall A 0105 Lindenallee 15 98617 Meiningen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Sebastian Nolte Peterstr. 5 99084 Erfurt Germany The District Court of Meiningen opened bankruptcy proceedings against AZIDA Holz- und Dachbau GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: AZIDA Holz- und Dachbau GmbH Obere Gasse 4 98667 Schoenbrunn Germany CALL NOW: Claims Registration Ends November 30 ---------------------------------------------- Creditors of Call Now Verwaltungsgesellschaft mbH have until Nov. 30 to register their claims with court-appointed insolvency manager Dr. Sabine Aldermann. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.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 Dortmund Hall 3.201 Second Floor Gerichtsplatz 1 44135 Dortmund Germany The Court will verify the claims set out in the insolvency manager's report at 9:00 a.m. on Jan. 29, 2008 at the same venue, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Sabine Aldermann Landgrafenstr. 2 a 44139 Dortmund Germany The District Court of Dortmund opened bankruptcy proceedings against Call Now Verwaltungsgesellschaft mbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Call Now Verwaltungsgesellschaft mbH Langestrasse 1 44137 Dortmund Germany Attn: Patrick Senn, Manager Parkguertel 15 50823 Cologne Germany CNTA GMBH: Claims Registration Ends November 12 ----------------------------------------------- Creditors of CNTA GmbH have until Nov. 12 to register their claims with court-appointed insolvency manager Manfred Gottschalk. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Bochum Hall A29 Ground Floor Main Building Viktoriastrasse 14 44787 Bochum 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: Manfred Gottschalk Kirchender Dorfweg 14 58313 Herdecke Germany The District Court of Bochum opened bankruptcy proceedings against CNTA GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: CNTA GmbH Kleinbahnhof 1 58456 Witten Germany Attn: Dieter Lenke, Manager Blumenstr. 82 99192 Erfurt Germany COIL CONTAINER: Claims Registration Ends November 22 ---------------------------------------------------- Creditors of Coil Container Internationale Logistik GmbH have until Nov. 22 to register their claims with court-appointed insolvency manager Georg Henningsmeier. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Dec. 20, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Cuxhaven Hall 112 Old Building Deichstr. 12 A 27472 Cuxhaven Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Georg Henningsmeier Osdorfer Landstr. 230 22549 Hamburg Germany Tel: 040 8078810 Fax: 040 807881-20 The District Court of Cuxhaven opened bankruptcy proceedings against Coil Container Internationale Logistik GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Coil Container Internationale Logistik GmbH Am Seepark 39 27607 Langen Germany Attn: Wolfgang Linke, Manager Geschwornenweg 174 28201 Bremen Germany DMX-BAU GMBH: Claims Registration Ends November 30 -------------------------------------------------- Creditors of DMX-Bau GmbH have until Nov. 30 to register their claims with court-appointed insolvency manager Dr. Harald Schwartz. Creditors and other interested parties are encouraged to attend the meeting at 4:00 p.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 Amberg Room 115 Meeting Hall V First Floor Baustadelgasse 1 Amberg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Harald Schwartz Waisenhausgasse 3-4 92224 Amberg Germany Tel: 09621/91100 Fax: 09621/911022 The District Court of Amberg opened bankruptcy proceedings against DMX-Bau GmbH on Sept. 27. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: DMX-Bau GmbH Weiher 11 92289 Ursensollen Germany HECKLER & KOCH: S&P Rates EUR120 Million Senior Notes at B- ----------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'B-' senior secured debt rating on the EUR120 million 9.25% senior secured notes issued by Germany-based small-arms defense contractor Heckler & Koch GmbH (B-/Negative/--). At the same time, S&P assigned a recovery rating of '4' to the debt, indicating our expectation of average (30%-50%) recovery in the event of a payment default. Recovery prospects are based on a discrete-asset valuation and are supported by a favorable insolvency regime and an absence of prior-ranking liabilities. The security package is comprised of the issuer's shares pledge and subsidiaries' guarantees, which we consider weak. The recovery rating of '4' assumes that the guarantees provided by the company's subsidiaries are enforceable, and that its unfunded pension liabilities remain at the current level of about EUR50 million (including the EUR13.5 million IFRS pension adjustment). In addition, the amount of bid, performance, and advance payment bond facilities available at default is assumed to be about EUR30 million. This is at the same level as reported in December 2006, excluding the Barclays Bank facility which requires a bank balance for the corresponding amount. Should these figures materially change, S&P will review the recovery rating. IKB DEUTSCHE: PwC Report Cites Risk Management Deficiencies ----------------------------------------------------------- The Supervisory Board and the Board of Managing Directors of IKB Deutsche Industriebank AG have evaluated the report prepared by PricewaterhouseCoopers in connection with the crisis affecting the US subprime mortgage market and agreed with PwC’s risk assessment. Within the scope of the report, PwC determined the risk situation of the IKB Group. PwC also analyzed how the bank’s risk-bearing capacity could have been compromised by Rhineland Funding Capital Corporation (Rhineland Funding), to the extent seen. In addition, PwC assessed IKB’s accounting and valuation policies and evaluated the appropriateness of its risk management and control processes, taking into account the bank’s wholly-owned subsidiary IKB Credit Asset Management GmbH (IKB CAM). PwC were also asked to investigate whether the Supervisory Board was informed sufficiently and accurately by the Board of Managing Directors about IKB’s risk situation. Key Findings Risk Situation The PwC report analyzed the bank’s risk situation, taking into account the cover provided by the risk shield. The risk shield includes the assumption by KfW and the pool of banks of IKB's financial obligations under the EUR8.1 billion liquidity commitments to Rhineland Funding, and it covers further risks IKB was exposed to vis-a-vis other liquidity providers to Rhineland Funding. IKB’s remaining risk positions relating to Rhineland Funding do not present a meaningful risk of default. The pool of banks led by KfW will assume first losses on certain risk positions carried on IKB’s balance sheet up to an amount of EUR1 billion. These risk positions are related to a portfolio with an aggregate volume of EUR3.3 billion comprising sub-prime assets, securities exposed to strong market fluctuations, and first-loss pieces or assets exposed to particularly high default risk. Irrespective thereof, IKB continues to carry investments on its balance sheet that are outside the risk shield. This portfolio, amounting to approximately EUR3 billion, is exposed to significantly lower risks than the EUR3.3 billion protected by the pool of banks. Further expected restructuring charges, including the default risk exposure at Rhinebridge are included in the full year forecast for the current financial year of the expected Group loss under IFRS of up to EUR700 million. Rhinebridge is a structured investment vehicle sponsored by IKB that like Rhineland Funding had invested in collateralized loan obligations and is exposed to certain sub-prime investments. Risk Management and Control Processes A central issue criticized by PwC's report concerns deficiencies in risk analysis, risk management, and reporting for both on- balance and off-balance portfolio investments. These investments had increased considerably, as they provided a significant contribution to realizing the bank’s ambitious growth targets. To a large degree, the management of these portfolio investments had been entrusted to IKB CAM. The resulting role and importance assigned to IKB CAM significantly exceeded the function of a pure advisor to IKB. The control structures applied to IKB CAM were inadequate in light of the extensive authority assigned to IKB CAM, and hence, its influence on the bank’s risk position. Decisions on large-scale investments in the US sub-prime segment could thus be taken without adequate control. Accounting Impact PwC sees a necessity to consolidate Rhineland Funding. The issuing entities of securities held within the Bank’s own fund investments should in their view also be consolidated. The Board of Managing Directors will follow PwC’s advice regarding consolidation. It therefore decided to restate the IFRS Group accounts for the financial year ended March 31, 2007. This restatement will lead to higher mark-to market losses due to the fair value concept and is likely to result in a reduction by up to EUR180 million of the previously communicated IFRS Group annual operating profit 2006/07 of EUR263 million. Due to the fair value approach significantly higher earnings volatility is expected in the future. In addition, the Board of Managing Directors currently reviews the appropriateness of an adjustment to the German GAAP financial statements of the AG as of March 31, 2007. If such an adjustment is made, the financial result will be reduced but remain a profit. The hybrid capital market instruments will not be affected. Reporting to the Bank’s Supervisory Board Regarding the reporting to IKB’s Supervisory Board, PwC conclude that the Board of Managing Directors did not inform the Supervisory Board about the risks from IKB’s sub-prime exposure. The Steering Committee received information for the first time on July 27, 2007 and the entire Supervisory Board on July 29, 2007. The Supervisory Board was informed about the liquidity facility granted to Rhineland Funding but not about the far reaching risk assumptions for liquidity lines of other liquidity providers. The Supervisory Board was also not informed about IKB’s complex interdependency with the conduit and the risks for IKB of a disruption of the market for Asset Backed Commercial Paper. The credit risk reports regularly presented to the Supervisory Board did not include sufficient analysis of the financial risk regarding Rhineland Funding. According to the PwC report, the audit reports that were presented to the Supervisory Board did not include any indications of the existence of subprime risks for IKB either. This applies in particular to a special audit concerning risk and interest management, which was commissioned by the Supervisory Board and carried out by an independent accounting firm. Hence, the Supervisory Board was unable to recognize the special risk situation that led to IKB’s existential crisis. The PwC report concludes that the Board of Managing Directors did not inform the Supervisory Board adequately about the overall economic picture. About IKB Deutsche Industriebank AG Headquartered in Dusseldorf, Germany, IKB Deutsche Industriebank AG -- http://www.ikb.de/-- pioneered the long-term industrial loan and provides medium-sized companies with long-term financing. The bank operates in several German locations, as well as branches in the United Kingdom, Luxembourg, Spain and France. IKB had previously invested in securitized loans on the US market for subprime mortgages, which are now almost worthless. This resulted in a deep-seated crisis within the bank, pushing it on the brink of bankruptcy. * * * As reported in the TCR-Europe on Oct. 4, 2007, Fitch Ratings has downgraded IKB Deutsche Industriebank AG's hybrid debt securities to Long-term 'BB-' from 'A'. They remain on Rating Watch Negative. IKB is rated Long-term Issuer Default 'A+' with Stable Outlook, Short-term IDR 'F1', Support '1' and Individual 'F'. Its subordinated debt issues are rated 'A'. IKB's hybrid capital instruments rated Long-term 'BB-' and on RWN are: -- EUR75 million IKB Funding Trust I's perpetual notes -- EUR400 million Funding Trust II's perpetual notes -- EUR100 million IKB International SA's capital contribution certificates maturing in 2009 -- EUR200 million Hybrid Raising GmbH's perpetual capital notes linked to a silent participation in IKB -- EUR200 million Capital Raising GmbH's perpetual notes linked to a silent participation in IKB -- EUR70 million IKB International SA's capital contribution certificates maturing in 2010 -- EUR150 million Propart Funding Ltd's profit participation certificates maturing in 2015. IKB DEUTSCHE: Restructures Board & Realigns Business Model ---------------------------------------------------------- The Supervisory Board of IKB Deutsche Industriebank AG disclosed the resignation of Markus Guthoff and Frank Braunsfeld from the management board, effective immediately. The board changes followed the assessment of a report prepared by PricewaterhouseCoopers in connection with the crisis affecting the US subprime mortgage market and agreed with PwC’s risk assessment. Aside from Messrs. Guthoff and Braunsfeld, Stefan Ortseifen and Volker Doberanzke also ceased to be members of the Board of Managing Directors. In addition, Winfried Reinke, Managing Director of IKB CAM, has been discharged of his duties. Reinhard Grzesik was appointed as a member of IKB’s Board of Managing Directors with effect from 15 October 2007, and will assume the position of Chief Financial Officer. Dr. Grzesik is an experienced CFO, with many years of experience in the international banking market –- having served as CFO of Depfa Plc -– and a proven restructuring expert. IKB CEO Guenther Braeunig said: ”The changes made at Board level permit the company to make a fresh start. We are delighted that we could convince Dr. Reinhard Grzesik, a proven finance and restructuring expert, to join IKB.” Board Action Plan The Board of Managing Directors has defined a comprehensive action plan consisting of measures already planned and further consequences taken from the PwC report. On Sept. 3, 2007, the bank announced that it would limit market price and interest rate risks to a larger extent. IKB’s risk- bearing capacity concept will be revised and simplified. The departments risk management and credit risk controlling will be consolidated. Furthermore, a Risk Committee chaired by the Chief Risk Officer will be established. In addition, the risk reporting procedures to the Supervisory Board should be improved. Dr. Braeunig said: “The acute crisis of IKB has been mastered. We have a clear restructuring schedule for IKB.” IKB Restructuring IKB’s future business model will be focused more substantially on the three core business units Corporate Clients (comprising Domestic Corporate Clients, Leasing and Private Equity), Real Estate Financing, and Structured Financing, in Germany and abroad. The corresponding planning framework has been presented to the Supervisory Board. It envisages that returns will be at a significantly lower level in the coming years but they will be achieved on the basis of a more conservative risk structure. Dr. Brauunig said: “IKB will focus on its tasks as a reliable partner for medium-sized companies, leveraging on its expertise as a specialist financing house. IKB's outstanding position in an attractive market offers sufficient potential for sustained business success. IKB’s Board of Managing Directors envisages a medium term operating profit at a low three-digit million Euro level.” Several success factors will be crucial for IKB’s further development. Top priority is assigned to securing the bank’s core businesses, and retaining key personnel. "Our staff have demonstrated a very high level of commitment, which proves their loyalty to IKB,” Dr. Brauunig commented. “We have been receiving a great deal of support from our clients. Clearly, this demonstrates that our commitment to the medium- sized companies has been, and remains the right strategy. The new business generated during recent months was at a gratifying level.” A strong and reliable partner is another essential component of the bank’s business strategy. Against this background, IKB welcomes KfW’s decision to evaluate strategic options for its stake in IKB. Dr. Braeunig said: “IKB is the finance house for German medium-sized businesses. More than that: we are also specialists for acquisition finance, project finance, and real estate finance. We have a lot to offer to a strong partner.“ About IKB Deutsche Industriebank AG Headquartered in Dusseldorf, Germany, IKB Deutsche Industriebank AG -- http://www.ikb.de/-- pioneered the long-term industrial loan and provides medium-sized companies with long-term financing. The bank operates in several German locations, as well as branches in the United Kingdom, Luxembourg, Spain and France. IKB had previously invested in securitized loans on the US market for subprime mortgages, which are now almost worthless. This resulted in a deep-seated crisis within the bank, pushing it on the brink of bankruptcy. * * * As reported in the TCR-Europe on Oct. 4, 2007, Fitch Ratings has downgraded IKB Deutsche Industriebank AG's hybrid debt securities to Long-term 'BB-' from 'A'. They remain on Rating Watch Negative. IKB is rated Long-term Issuer Default 'A+' with Stable Outlook, Short-term IDR 'F1', Support '1' and Individual 'F'. Its subordinated debt issues are rated 'A'. IKB's hybrid capital instruments rated Long-term 'BB-' and on RWN are: -- EUR75 million IKB Funding Trust I's perpetual notes -- EUR400 million Funding Trust II's perpetual notes -- EUR100 million IKB International SA's capital contribution certificates maturing in 2009 -- EUR200 million Hybrid Raising GmbH's perpetual capital notes linked to a silent participation in IKB -- EUR200 million Capital Raising GmbH's perpetual notes linked to a silent participation in IKB -- EUR70 million IKB International SA's capital contribution certificates maturing in 2010 -- EUR150 million Propart Funding Ltd's profit participation certificates maturing in 2015. IKB DEUTSCHE: Sees Higher 2007 Loss Due to Restructuring Costs -------------------------------------------------------------- Due to higher expected restructuring costs, the Board of Managing Directors of IKB Deutsche Industriebank AG estimates that the forecasted net loss for the AG according to German GAAP for the current financial year will increase from EUR450 million to approximately EUR500 million. The forecast of a full year net loss for the Group of up to EUR700 million under IFRS remains unchanged. Following the restructuring of IKB and the announced realignment of the business model, the Board of Managing Directors anticipates a net profit in the low three-digit million Euro level in the medium term. About IKB Deutsche Industriebank AG Headquartered in Dusseldorf, Germany, IKB Deutsche Industriebank AG -- http://www.ikb.de/-- pioneered the long-term industrial loan and provides medium-sized companies with long-term financing. The bank operates in several German locations, as well as branches in the United Kingdom, Luxembourg, Spain and France. IKB had previously invested in securitized loans on the US market for subprime mortgages, which are now almost worthless. This resulted in a deep-seated crisis within the bank, pushing it on the brink of bankruptcy. * * * As reported in the TCR-Europe on Oct. 4, 2007, Fitch Ratings has downgraded IKB Deutsche Industriebank AG's hybrid debt securities to Long-term 'BB-' from 'A'. They remain on Rating Watch Negative. IKB is rated Long-term Issuer Default 'A+' with Stable Outlook, Short-term IDR 'F1', Support '1' and Individual 'F'. Its subordinated debt issues are rated 'A'. IKB's hybrid capital instruments rated Long-term 'BB-' and on RWN are: -- EUR75 million IKB Funding Trust I's perpetual notes -- EUR400 million Funding Trust II's perpetual notes -- EUR100 million IKB International SA's capital contribution certificates maturing in 2009 -- EUR200 million Hybrid Raising GmbH's perpetual capital notes linked to a silent participation in IKB -- EUR200 million Capital Raising GmbH's perpetual notes linked to a silent participation in IKB -- EUR70 million IKB International SA's capital contribution certificates maturing in 2010 -- EUR150 million Propart Funding Ltd's profit participation certificates maturing in 2015. LMS LOGISTIK: Claims Registration Period Ends Nov. 26 ----------------------------------------------------- Creditors of LMS Logistik & Markt-Service GmbH have until Nov. 26 to register their claims with court-appointed insolvency manager Georg Bernsau. Creditors and other interested parties are encouraged to attend the meeting at 9:30 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 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: Dr. Georg Bernsau Zeilweg 42 D 60439 Frankfurt am Main Germany Tel: 069/963761-130 Fax: 069/963761-145 The District Court of Offenbach am Main opened bankruptcy proceedings against LMS Logistik & Markt-Service GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: LMS Logistik & Markt-Service GmbH Attn: Hans-Joachim Bernhardt, Manager Kloecknerstr. 3 63110 Rodgau Germany MARIENTHALER GASTHOF: Claims Registration Period Ends Nov. 26 ------------------------------------------------------------- Creditors of Marienthaler Gasthof Hartmann GmbH have until Nov. 26 to register their claims with court-appointed insolvency manager Axel Schwentker. 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 his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duisburg Hall C407 Fourth Floor Kardinal-Galen-Strasse 124-132 47058 Duisburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Axel Schwentker Lindnerstrasse 165 46149 Oberhausen Germany The District Court of Duisburg opened bankruptcy proceedings against Marienthaler Gasthof Hartmann GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Marienthaler Gasthof Hartmann GmbH Pastor-Winkelmann-Str. 2 46499 Hamminkeln Germany MOTHERMIK GMBH: Claims Registration Period Ends Nov. 23 ------------------------------------------------------- Creditors of Mothermik GmbH have until Nov. 23 to register their claims with court-appointed insolvency manager Jens Lieser. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Dec. 11, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Koblenz Hall 111 Main Court Karmeliterstrasse 14 56068 Koblenz 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: Jens Lieser Josef-Goerres-Platz 5 56068 Koblenz Germany Tel: 0261/304-790 Fax: 0261/911-4729 E-mail: http://www.lieser-rechtsanwaelte.de The District Court of Koblenz opened bankruptcy proceedings against Mothermik GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Mothermik GmbH Attn: Jan H. Kramb, Manager Industriestr. 3 56291 Pfalzfeld Germany OVERINGSHOF PROJEKT: Claims Registration Ends November 30 --------------------------------------------------------- Creditors of Overingshof Projekt GmbH have until Nov. 30 to register their claims with court-appointed insolvency manager Carl Wiegand. Creditors and other interested parties are encouraged to attend the meeting at 11:00 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 Krefeld Meeting Hall H 131 First Floor Nordwall 131 47798 Krefeld 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: Carl Wiegand Kempener Strasse 27 47839 Krefeld Germany Tel: 02151-74810 Fax: +4902151748120 The District Court of Krefeld opened bankruptcy proceedings against Overingshof Projekt GmbH on Sept. 24. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Overingshof Projekt GmbH Hüserheide 52 47918 Toenisvorst Germany Attn: Patrick Andreas Neitzel, Manager Robert-Koch-Str. 5 41564 Kaarst Germany STRUTHMANN GMBH: Claims Registration Period Ends Oct. 30 -------------------------------------------------------- Creditors of Struthmann GmbH have until Oct. 30 to register their claims with court-appointed insolvency manager Christian Plail. Creditors and other interested parties are encouraged to attend the meeting at 2:15 pm. on Nov. 26, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Noerdlingen Meeting Hall F/I Kaisheimer House Tandelmarkt 5 Noerdlingen 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 Plail Eserwallstrasse 1 - 3 86150 Augsburg. Germany Tel: 0821/509330 Fax: 0821/5093333 The District Court of Noerdlingen opened bankruptcy proceedings against Struthmann GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Struthmann GmbH Attn: Dieter Struthmann, Manager Augsburger Strasse 23 86637 Wertingen Germany TISCHLEREI SCHMELING: Claims Registration Period Ends Oct. 30 ------------------------------------------------------------- Creditors of Tischlerei Schmeling GmbH have until Oct. 30 to register their claims with court-appointed insolvency manager Dirk Hammes. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Nov. 27, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duisburg Hall C315 Kardinal-Galen-Strasse 124-132 47058 Duisburg 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: Dirk Hammes Wilhelmshofallee 75 47800 Krefeld Germany The District Court of Duisburg opened bankruptcy proceedings against Tischlerei Schmeling GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Tischlerei Schmeling GmbH Attn: Michael Schmeling, Manager Viehgasse 6 45481 Muelheim an der Ruhr Germany UNI-ELEKTRONIK GMBH: Claims Registration Period Ends Oct. 30 ------------------------------------------------------------ Creditors of Uni-Elektronik GmbH have until Oct. 30 to register their claims with court-appointed insolvency manager Dr. Dirk Herzig. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on Dec. 11, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Chemnitz Hall 27 Fuerstenstrasse 21 09130 Chemnitz Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Dirk Herzig Promenadenstrasse 3 09111 Chemnitz Tel: (0371) 382370 Fax: (0371) 3823710 E-Mail: DHerzig@schubra.de The District Court of Chemnitz opened bankruptcy proceedings against Uni-Elektronik GmbH on Oct. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Uni-Elektronik GmbH Attn: Thomas Windisch, Manager Fil. Gablenz-Center Chemnitz Helenen Str. und Anna-Esche-Str.12 09212 Limbach-Oberfrohna Germany WOHNMOEBEL-VERWALTUNGS GMBH: Claims Period Ends on Oct. 25 ---------------------------------------------------------- Creditors of Wohnmoebel-Verwaltungs GmbH have until Oct. 25 to register their claims with court-appointed insolvency manager Frank Hanselmann. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Nov. 8, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Schweinfurt Meeting Hall 22 Eingang Friedenstr. 2 Schweinfurt Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Frank Hanselmann Berliner Platz 6 97080 Wuerzburg Germany Tel: 0931/359800 The District Court of Schweinfurt opened bankruptcy proceedings against Wohnmoebel-Verwaltungs GmbH on Oct. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Wohnmoebel-Verwaltungs GmbH Industriestr. 5 97528 Sulzdorf a.d.L. Germany ============= I R E L A N D ============= ELAN CORP: Third Parties Eye Biogen Acquisition ----------------------------------------------- Elan Corporation plc has noted the announcement on Oct. 12, 2007 by Biogen Idec Inc. that Biogen has received expressions of interest from third parties and that its Board of Directors has authorized its management to evaluate potential interest in acquiring the company. Elan has a 50% interest in the TYSABRI collaboration. TYSABRI was discovered and largely developed by Elan, and was partnered with Biogen in 2000 for multiple indications. Under the terms of the Collaboration Agreement, if a third party acquires control of Biogen, Elan has several options: -- the right to acquire for fair value the 50% economic interest in TYSABRI currently held by Biogen; -- under certain circumstances, the ability to sell its 50% economic interest in TYSABRI; or, -- to continue with the existing agreement. Elan also may consider restructuring the Collaboration Agreement in connection with a third party's acquisition of Biogen. If Biogen's evaluation process results in a change of control, Elan will evaluate the forgoing options in the best interest of its shareholders. Elan has engaged Lehman Brothers to assist in assessing and analyzing all options as appropriate. About the Company Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) -- http://www.elan.com/-- is a neuroscience-based biotechnology company. Elan shares trade on the New York, London and Dublin Stock Exchanges. * * * As reported in the TCR-Europe on Oct. 15, 2007, Standard & Poor's Ratings Services revised its outlook on Elan Corp. PLC to positive from stable and affirmed the ratings on the company and its subsidiaries, including the 'B' corporate credit rating. In April 2007, in connection with the implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Gaming, Lodging and Leisure, Manufacturing, and Energy sectors, Moody's Investors Service the rating agency confirmed its B3 Corporate Family Rating for Elan Corporation plc and assigned a B2 probability-of-default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability of Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. * Issuer: Elan Finance plc Projected Debt LGD Loss-Given Debt Issue Rating Rating Default ---------- ------- ------- -------- US$300M Senior Unsecured Regular Bond/Debenture Due 2011 B3 LGD4 65% US$300M Senior Unsecured Regular Bond/Debenture Due 2011 B3 LGD4 65% US$150M Senior Unsecured Regular Bond/Debenture Due 2013 B3 LGD4 65% US$850M 7.75% Senior Unsecured Regular Bond/Debenture Due 2011 B3 LGD4 65% US$465M 8.875% Senior Unsecured Regular Bond/Debenture Due 2013 B3 LGD4 65% ELAN CORPORATION: FDA Extends TYSABRI Review Until Jan. 13, 2008 ---------------------------------------------------------------- The U.S. Food and Drug Administration informed the Elan Corporation plc and Biogen Idec that it will extend its regulatory review of TYSABRI(R) (natalizumab) as a treatment for Crohn's disease by up to three months. The companies have been informed by the FDA that the Agency requires additional time to review information regarding the proposed TYSABRI risk management plan for Crohn's disease. Under this revised timeline, the companies anticipate action from FDA on or before Jan. 13, 2008. On December 15, 2006, the companies submitted to the FDA a supplemental Biologics License Application (sBLA) for TYSABRI as a treatment of moderately to severely active Crohn's disease. This sBLA includes the results of three randomized, double- blind, placebo-controlled, multi-center trials of TYSABRI assessing the safety and efficacy as both an induction and maintenance therapy - ENCORE (Efficacy of Natalizumab in Crohn's Disease Response and Remission), ENACT-1 (Efficacy of Natalizumab as Active Crohn's Therapy) and ENACT-2 (Evaluation of Natalizumab As Continuous Therapy). The sBLA includes data from more than 1,500 Crohn's patients treated with TYSABRI, as well as proposed labeling and a risk management plan. TYSABRI is a humanized monoclonal antibody believed to block entry of inflammatory immune cells into the wall of the intestine, thus limiting inflammatory damage in Crohn's disease. TYSABRI is the first potential treatment for Crohn's disease with this proposed mechanism of action. About TYSABRI In the US, TYSABRI is approved as a monotherapy treatment for relapsing forms of MS. TYSABRI increases the risk of progressive multifocal leukoencephalopathy, an opportunistic viral infection of the brain that usually leads to death or severe disability. Patients should be monitored at regular intervals for any new or worsening signs or symptoms suggestive of PML. Because of the increased risk of PML, TYSABRI is generally recommended for patients who have had an inadequate response to, or are unable to tolerate, alternate MS therapies. It is available in the US only through a restricted distribution program called the TOUCH Prescribing Program. In the European Union, TYSABRI is indicated as a single disease- modifying therapy in highly active relapsing-remitting MS patients. It is for patients with high disease activity despite treatment with a beta-interferon or in patients with rapidly evolving severe relapsing-remitting MS. Serious adverse events that occurred in TYSABRI-treated patients included hypersensitivity reactions (e.g., anaphylaxis), infections, depression and gallstones. In MS trials, the incidence and rate of other serious and common adverse events, including the overall incidence and rate of infections, were balanced between treatment groups. Herpes infections were slightly more common in patients treated with TYSABRI. Serious opportunistic and other atypical infections have been observed in TYSABRI-treated patients, some of whom were receiving concurrent immunosuppressants. Common adverse events reported in TYSABRI-treated patients includee headache, fatigue, infusion reactions, urinary tract infections, joint and limb pain, lower respiratory infections, rash, gastroenteritis, abdominal discomfort, vaginitis, and diarrhea. Worldwide, more than 10,000 MS patients are currently receiving therapy with TYSABRI, either in the commercial setting or in clinical trials. TYSABRI was discovered by Elan and is co- developed with Biogen Idec. About the Company Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) -- http://www.elan.com/-- is a neuroscience-based biotechnology company. Elan shares trade on the New York, London and Dublin Stock Exchanges. * * * As reported in the TCR-Europe on Oct. 15, 2007, Standard & Poor's Ratings Services revised its outlook on Elan Corp. PLC to positive from stable and affirmed the ratings on the company and its subsidiaries, including the 'B' corporate credit rating. In April 2007, in connection with the implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Gaming, Lodging and Leisure, Manufacturing, and Energy sectors, Moody's Investors Service the rating agency confirmed its B3 Corporate Family Rating for Elan Corporation plc and assigned a B2 probability-of-default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability of Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. * Issuer: Elan Finance plc Projected Debt LGD Loss-Given Debt Issue Rating Rating Default ---------- ------- ------- -------- US$300M Senior Unsecured Regular Bond/Debenture Due 2011 B3 LGD4 65% US$300M Senior Unsecured Regular Bond/Debenture Due 2011 B3 LGD4 65% US$150M Senior Unsecured Regular Bond/Debenture Due 2013 B3 LGD4 65% US$850M 7.75% Senior Unsecured Regular Bond/Debenture Due 2011 B3 LGD4 65% US$465M 8.875% Senior Unsecured Regular Bond/Debenture Due 2013 B3 LGD4 65% ========= I T A L Y ========= ALITALIA SPA: Baldassarre Group Eyes Three-Year Restructuring ------------------------------------------------------------- The Antonio Baldassarre-led consortium has no plans to cut jobs in Alitalia S.p.A. should it acquire the Italian government's 49% stake in the national carrier, Agenzia Giornalistica Italia reports. The consortium, composed of Engineering S.p.A., I Viaggi del Ventaglio S.p.A., SAFNA, Aermar Srl, Mivtach shamir H Ltd. and Reficere, plans to restore Alitalia's finances within two-to- three years, AGI reports. Mr. Baldassarre said the consortium, which will have a starting capital of EUR1 billion to EUR1.5 billion, does not plan to downscale Alitalia's operations in Milan Malpensa and Rome Fiumicino airports, and instead increase routes, AGI adds. Mr. Baldassare told Thomson Financial that the consortium plans to launch long-haul routes to Africa and the Middle East as well as maintain Alitalia's existing role, he said. He expects Alitalia to allow the possible buyers to perform diligence on the company's books. As reported in the TCR-Europe on Oct. 10, 2007, Alitalia decided to open talks, through the financial advisor Citi and industrial advisor Roland Berger, with: -- OAO Aeroflot, -- Air France-KLM, -- AP Holding S.p.A., -- Cordata Baldassarre, -- Deutsche Lufthansa AG, -- TPG Capital. About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/ -- provides air travel services for passengers and air transport of cargo on national, international and inter-continental routes. The Italian government owns 49.9% of Alitalia. The company has operations in Argentina. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia posted EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked annual net losses of EUR520 million in 2003, EUR813 million in 2004, EUR168 million in 2005, and EUR625.6 million in 2006. FIAT SPA: Finance Unit to Repay EUR123.4 Million Bonds ------------------------------------------------------ Fiat S.p.A.'s Fiat Finance & Trade Ltd. S.A., a company organized under the laws of Luxembourg, will repay EUR123,400,000 equal to the first amortization installment of the outstanding “Fiat Step Up Amortizing 2001 - 2011” bonds of EUR617,000,000 on Nov. 7, 2007. The repayment is in compliance with the provisions of the instructions to the rules of the markets organized and managed by Borsa Italiana S.p.A. In accordance with the conditions of the bond, the repayment will reduce by one-fifth the face value of each outstanding bond. As a result, the face value will then amount to EUR800 each for a total residual amount of EUR493,600,000. Consequently, the smallest denomination of each bond will thus be reduced from EUR1,000 to EUR800. 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 =================== BASTAU OJSC: Proof of Claim Deadline Slated for Nov. 23 ------------------------------------------------------- OJSC Bastau has declared insolvency. Creditors have until Nov. 23 to submit written proofs of claims to: OJSC Bastau Tsarev Str. 12 Aksu Pavlodar Kazakhstan BEST OIL: Creditors Must File Claims Nov. 23 -------------------------------------------- LLP Best Oil Ltd. has declared insolvency. Creditors have until Nov. 23 to submit written proofs of claims to: LLP Best Oil Ltd. Energetikov Side Street Three Almaty District Astana Kazakhstan BM TRADE: Claims Filing Period Ends Nov. 23 ------------------------------------------- LLP BM Trade Ltd. has declared insolvency. Creditors have until Nov. 23 to submit written proofs of claims to: LLP BM Trade Ltd. Tauelsizdyk Str. 101a Taldykorgan Almaty Kazakhstan MEHANOMONTAGE OJSC: Creditors' Claims Due on Nov. 23 ---------------------------------------------------- OJSC Mehanomontage has declared insolvency. Creditors have until Nov. 23 to submit written proofs of claims to: OJSC Mehanomontage Suyunbai ave. 343 Suyunbai ave. 343 Almaty Kazakhstan Tel: 8 (3272) 35-89-37, 35-69-77, 35-77-26 NESTLE FOOD: Claims Registration Ends Nov. 23 --------------------------------------------- Representation of LLP Nestle Food in Republic of Kazakhstan has declared its closure. Creditors have until Nov. 23 to submit written proofs of claims to: Representation of LLP Nestle Food Mynbayev Str. 53a Almaty Kazakhstan SEITKOJA LLP: Proof of Claim Deadline Slated for Nov. 20 -------------------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan has declared LLP Seitkoja insolvent on Sept. 4. Creditors have until Nov. 20 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of South Kazakhstan Ilyaev Str. 24 Shymkent South Kazakhstan Kazakhstan UJBAT TRADING: Creditors Must File Claims Nov. 20 ------------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan has declared LLP Ujbat Trading insolvent on Sept. 4. Creditors have until Nov. 20 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of South Kazakhstan Ilyaev Str. 24 Shymkent South Kazakhstan Kazakhstan ZHETYSU COMMERCE: Claims Filing Period Ends Nov. 23 --------------------------------------------------- LLP Zhetysu Commerce has declared insolvency. Creditors have until Nov. 23 to submit written proofs of claims to: LLP Zhetysu Commerce Micro District Jetysu, 12/5 Taldykorgan Almaty Kazakhstan =================== K Y R G Y Z S T A N =================== ASIA-MEGA-CENTRE LLC: Creditors Must File Claims by November 21 --------------------------------------------------------------- LLC Asia-Mega-Centre has declared insolvency. Creditors have until Nov. 21 to submit written proofs of claim to: LLC Asia-Mega-Centre Moskovskaya Str. 136-2 Bishkek Kyrgyzstan ===================== N E T H E R L A N D S ===================== FIRST DATA: Expands Commercial Payment Markets on Deecal Buy ------------------------------------------------------------ First Data Corp. has acquired Deecal International, a specialist software solutions provider for commercial payments. The acquisition positions First Data strongly in the expanding commercial payments market. It enhances the company's global commercial payments offering, providing a state-of-the-art management information capability that First Data will make available to banking, corporate and public sector clients around the world. David Yates, president, First Data International, said: "Commercial cards are an increasingly important component of card portfolios for financial and corporate organisations. This acquisition positions First Data strongly to support our banking clients in Europe, the United States and other major markets, providing high-quality online management information in support of their national and multinational corporate customers. Through the acquisition, we welcome 32 new employees with highly valued skills and expertise into First Data." Des Cahill, managing director of Deecal International added: "As part of First Data, we now have access to a global market and the backing of an established and highly successful global electronic payments company. O ur clients, whether domestic or multinational, will benefit from First Data's support for the Deecal platform, and our employees will enjoy the expanded career development opportunities that this acquisition represents." Founded in 1991, Deecal International is a privately owned company headquartered in Dublin, Ireland. The company offers a complete commercial card e-payment solution that can be fully integrated into existing procurement, payment and accounting infrastructure and workflows. The solution supports the full range of commercial cards, business, purchasing and corporate travel and entertainment cards and meets the needs of both domestic and multinational organisations. It is offered using a hosted ASP service model that ensures rapid implementation and minimises start-up costs. Deecal has a client base of more than 200 banks, corporations and government agencies across Europe and in the United States. The company maintains direct connections with banks, payment card associations and travel agents to provide daily reporting. About First Data First Data Corp. (NYSE: FDC) -- http://www.firstdata.com/ -- provides electronic commerce and payment solutions for businesses worldwide, including those in New Zealand, the Netherlands and Mexico. The company's portfolio of services and solutions includes merchant transaction processing services; credit, debit, private-label, gift, payroll and other prepaid card offerings; fraud protection and authentication solutions; receivables management solutions; electronic check acceptance services through TeleCheck; as well as Internet commerce and mobile payment solutions. The company's STAR Network offers PIN-secured debit acceptance at 2 million ATM and retail locations. FIRST DATA: Moody's Rates US$3.75 Bln Sr. Unsecured Notes at B3 --------------------------------------------------------------- Moody's Investors Service assigned a B3 rating to First Data Corporation's US$3.75 billion senior unsecured cash pay notes, the proceeds of which will be used to permanently finance a portion of its leveraged buyout by Kohlberg, Kravis, Roberts & Co, which closed on Sept. 24, 2007. The ratings are subject to Moody's review of final documentation. The rating outlook for First Data is stable. The total LBO transaction value is approximately US$29 billion. Financing for the transaction includes US$1 billion of Holdings senior PIK notes (3.4% of proposed financing sources), and US$6.4 billion of common equity contributed by equity sponsor KKR (21.7%). The company has committed bridge financing for all unsold debt instruments. The B2 Corporate Family Rating is constrained by considerable financial leverage pro forma for the buyout (pro forma debt to EBITDA approximates 9x) and reflects an expectation that credit metrics, including free cash flow to debt, will remain weak for at least eighteen months following the transaction's close. The main factors that help mitigate the company's high leverage are FDC's large size, service breadth, liquidity, and leading market positions in the steadily growing markets (with revenue growth in the mid to high single digit range with minimal fluctuation for economic cyclicality) of electronic commerce and payment solutions for financial institutions, merchants, and other organizations worldwide. The company's corporate family rating, pro forma for the anticipated financial leverage of the buyout, is weakly positioned in the B2 category because of its high debt burden. The rating assumes free cash flow to debt of less than 1% and EBITDA less capital expenditures interest coverage of about 1.1x (including PIK interest) during the twelve months that follow the acquisition's close. FDC has targeted certain initiatives that are underway to improve its cost structure and exit its official check and money order processing business (Integrated Payment Systems, IPS). The cost savings initiatives include efforts to reduce corporate overhead spending, streamline business unit costs, consolidate data and command centers, and capitalize on global labor sourcing opportunities. The B2 rating assumes these initiatives will generate at least US$150 million of near-term savings by the end of 2008. With respect to liquidity, the company is expected to have near full availability under its US$2 billion senior secured revolver (about US$200 million drawn at the LBO's closing and less than US$100 million incremental draws in the 12 months subsequent to closing) and will have over US$500 million of available cash on hand. The senior secured credit facilities have a debt to EBITDA financial maintenance covenant, which Moody's views as providing a substantial cushion, set at a ratio of 7.25x senior debt to EBITDA, to be first tested on a quarterly basis for the fourth quarter of 2008. This test ratio then steps down by 0.25x each year thereafter to 6.0x at December 2013. The company is expected to generate at least modest free cash flow by the end of 2008. The B3 rating on the company's US$3.75 billion senior unsecured cash pay notes, one notch below the Corporate Family Rating, reflects a loss given default of LGD 5 (77%). The stable rating outlook reflects Moody's expectation that the company will achieve moderate organic revenue growth and EBITDA improvement over the next 12-18 months. Cash flow, financial leverage, and interest coverage are expected to remain weak for the rating category during this period. Given the weak pro forma credit metrics, a moderate decline in profitability could put downward pressure on the ratings. Downward ratings pressure could also occur were Moody's to expect the company's free cash flow to be negative on a sustained twelve month basis. Weak credit metrics make an upgrade unlikely in the near term. Over the intermediate term, the ratings could be upgraded were FDC to achieve favorable revenue and profit growth and debt reduction, and if free cash flow to debt were to be sustained in the mid single digits or higher. These ratings were assigned: -- US$3.75 billion senior unsecured cash pay notes (due 2015) - B3, LGD 5 (77%) Based in Greenwood Village, Colorado, First Data Corporation is a global leader in electronic commerce and payment solutions for financial institutions, merchants, and other organizations worldwide including those in New Zealand, the Netherlands and Mexico. FIRST DATA: Fitch Rates US$2 Billion Sr. Unsecured Notes at B- -------------------------------------------------------------- Fitch Ratings has assigned a 'B-' rating to First Data Corp.'s proposed senior unsecured notes offering as: -- Up to $2 billion senior unsecured notes due 2015 rated 'B-/RR6'. Fitch previously assigned these ratings to FDC on Sept. 17, 2007, following its leveraged buyout by Kohlberg Kravis Roberts & Co.: -- Long-term Issuer Default Rating 'B+'; -- $2 billion senior secured revolving credit facility due 2013 'BB/RR2'; -- $13 billion senior secured term loan B due 2014 rated 'BB/RR2'. The Rating Outlook is Stable. Liquidity is adequate with approximately $500 million in cash and $1.8 billion available under a $2 billion senior secured credit facility maturing in 2013. Fitch expects FDC to generate minimal free cash flow in the first year following the close of its acquisition by KKR. FDC's debt pro forma is approximately $23 billion, consisting of: -- a $13 billion senior unsecured term loan B due 2014; -- $2 billion in senior unsecured notes expiring 2015; -- $4.5 billion remaining on a senior unsecured 12-month bridge facility expiring September 2008; -- $2.5 billion drawn on a senior subordinated 12-month bridge facility expiring September 2008; and -- $1 billion of senior unsecured PIK notes due 2016 issued at a holding company and structurally subordinated to all other existing debt. FDC has bank commitments in place that require the remaining bridge facilities to either be replaced or converted into equivalent eight-year senior unsecured notes and nine-year senior subordinated notes. Of the $4.5 billion remaining under the senior unsecured bridge facility, $2.75 billion is in the form of senior unsecured PIK notes for the first four years, converting to cash pay notes in 2011. =========== P O L A N D =========== AFFILIATED COMPUTER: Earns US$37.6 Million in Fourth Quarter ------------------------------------------------------------ Affiliated Computer Services Inc. reported net income of $37.6 million for the fourth quarter ended June 30, 2007, compared with net income of $86.1 million for the same period last year. Fourth quarter fiscal year 2007 revenues were $1.52 billion, a 10% increase compared to fourth quarter fiscal year 2006 revenues of $1.38 billion. Fiscal year 2007 revenues were $5.77 billion, compared with revenues of $5.35 billion for fiscal year 2006. Excluding the divestiture of the Welfare to Workforce Services business, total revenue growth was 10% compared to the prior fiscal year. Net income for fiscal year 2007 was $253.1 million, compared with net income of $358.8 million for fiscal year 2006. Lynn Blodgett, ACS' president and chief executive officer, said, "I am proud of our dedicated employees and their efforts that drove our strong finish to the year. Despite non-operational distractions, we generated record company revenues for the year, significantly improved our client renewal rates, and enjoyed outstanding cash flow results. We are focused on running our business, growing revenues and profit, and emphasizing innovation in our offerings." During the fourth quarter of fiscal 2007, the company completed the following acquisitions: -- CDR Associates LLC for a purchase price of approximately $27.0 million and a potential earnout of up to $15 million, based on future results. CDR, with trailing twelve month revenues of approximately $17.0 million, expands ACS' existing services to the healthcare payor market by adding credit balance audit services and a web-based credit balance system. -- certain assets of Albion Inc. for a purchase price of approximately $31.0 million. Albion, with trailing twelve month revenues of approximately $25 million, specializes in integrated eligibility software solutions for the health and human services market and will enable ACS to offer an end-to-end integrated eligibility offering across multiple HHS programs. Cash flow from operations for fiscal year 2007 was $738 million, or 13% of revenue, and free cash flow was $378 million, or 7% of revenue. Capital expenditures and additions to intangibles were $360 million, or 6% of revenues. Fiscal year 2007 new business signings were $607.0 million of annual recurring revenue with an estimated total contract value of $2.8 billion. In terms of annual recurring revenue, approximately 79% of new business signings were business process outsourcing deals and approximately 21% were information technology solutions signings. Additionally, the company renewed $869.0 million of annual recurring revenue with an estimated total contract value of $2.4 billion during fiscal year 2007. At June 30, 2007, the company's consolidated balance sheet showed $5.98 billion in total assets, $3.92 billion in total liabilities, and $2.06 billion in total shareholders' equity. Full-text copies of the company's consolidated financial statements for the quarter ended June 30, 2007, are available for free at http://researcharchives.com/t/s?2448 About Affiliated Computer Headquartered in Dallas, Affiliated Computer Services Inc. (NYSE: ACS) -- http://www.AffiliatedComputer-inc.com/ -- provides business process outsourcing and information technology solutions to world-class commercial and government clients. The company has more than 58,000 employees supporting client operations in nearly 100 countries. The company has global operations in Brazil, China, Dominican Republic, India, Guatemala, Ireland, Philippines, Poland, and Singapore. * * * Affiliated Computer Services currently carries Fitch Ratings' BB Issuer Default Rating. SYMMETRY MEDICAL: Reveals Accounting Errors at U.K. Unit -------------------------------------------------------- Symmetry Medical Inc. disclosed that the Audit Committee of its Board of Directors has initiated an independent review of apparent irregularities with respect to the Company's accounting policies and practices at its Sheffield, U.K. operating unit. The review follows a report by management earlier this week to the Audit Committee regarding apparent improper accounting activities at its Sheffield, U.K. operating unit. Based on the information reported by management, certain transactions at issue appear to have resulted in the overstatement of revenues by that unit dating back to 1999, well prior to the Company's acquisition of the Sheffield, U.K. operations in June 2003. From its initial review, management estimates that the overstatement of revenue and income before taxes for the entire nine-year period amounts to approximately US$12 million to US$16 million. The impact to the financial statements of the Company for the period subsequent to its acquisition of the Sheffield unit in June 2003 through 2007 is yet to be determined. The employees at the Sheffield, U.K. operating unit believed to be primarily involved in this activity, including the Senior Vice President for Europe, are either no longer with the Company or have been suspended pending the completion of the review. Financial Restatements Based on the information reported by management to date, the Audit Committee believes that it may be necessary for the Company to restate its financial statements for the periods subsequent to the date of the Sheffield, U.K. acquisition. As a result, the Company's historic financial statements for those periods can no longer be relied upon. Event of Default The Company's lead bank has informed the Company that, as a result of these matters, an event of default has occurred under the Company's credit agreement. Such default permits the bank, at its election, to exercise various remedies. The Company is in discussion with its lead bank concerning the Company's situation. "The Audit Committee has retained special legal counsel to advise it and to investigate these matters thoroughly," Francis T. Nusspickel, Chairman of the Audit Committee of the Board of Directors, said. "Our principal concern is to move quickly to determine what occurred and how it occurred and to ensure the integrity of our financial reporting and controls throughout the Symmetry organization." "We are treating this matter with the utmost importance," Brian Moore, President and Chief Executive Officer, said. I do want to stress that, based upon available information, we believe that this matter affects only the Sheffield, U.K. operating unit. Changes have been made to the Sheffield site management by the Company and I will assume interim responsibility for the Sheffield facility. We expect a new Chief Operating Officer for Europe to be in place by the end of the year who will be based at Sheffield and take over responsibility for this unit. While the situation is concerning, we expect to continue serving the needs of our customers with continuing operations from all of our worldwide units including Sheffield." About Symmetry Medical Inc. Headquartered in Warsaw, Poland, Symmetry Medical Inc. -- http://www.symmetrymedical.com/-- provides implants and related instruments and cases to the orthopedic device industry. The Company also designs, develops and produces these products for companies in other segments of the medical device market, including arthroscopy, dental, laparoscopy, osteobiologic and endoscopy sectors and provides limited specialized products and services to non-healthcare markets, such as the aerospace market. =========== R U S S I A =========== ALAPAEVSKENERGOGASPROM LLC: Creditors Must File Claims by Nov. 5 ---------------------------------------------------------------- Creditors of AlapaevskEnergoGasProm LLC have until Nov. 5 to submit proofs of claim to: Semenov S.V. Interim manager POB 439 620000 Ekaterinburg Russia The Arbitration court of Sverdlovsk commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. А60-14190/07-С11. The Court is located at: The Arbitration Court of Sverdlovsk Lenina Pr. 34 620151 Ekaterinburg Russia ARZAMASTSEVSKIJ PRODUCTION: Asset Sale Slated for Nov. 6 -------------------------------------------------------- Laptev S.N., the Competitive proceedings manager of Arzamastsevskij Production-Agricultural Cooperative will open a public auction for the company's properties at 11:00 a.m. on Nov. 6 at: Lenina Str. 4 Arzamastsevo Settlement Karakulinskij Raion Udmurtia Russia The company has set a RUR1,015,000 starting price for the auctioned assets. Interested participants have until Nov. 6 to deposit an amount equivalent to 10% of the starting price to: Arzamastsevskij Production-Agricultural Cooperative Settlement Account 40702810628020000161 Correspondent Account 30101810900000000716 OJSC AK BARS BANK Izhevsk branch Russia Bidding documents must be submitted to: Raskolnikova Str. 146 Sarapul Udmurtia Russia Tel: (34147) 40874 CHEBOKSARY-AVIA OJSC: Creditors Must File Claims by Nov. 6 ---------------------------------------------------------- Creditors of Fuel-Filling Company Cheboksary-Avia OJSC have until Nov. 6 to submit proofs of claim at: Kalinina Str. 66-331 428013 Cheboksary Russia The Arbitration court of Chuvash commenced bankruptcy supervision procedure on the company. The Court appointed Ignatyev G.S. as Interim manager. The case is docketed under Case No. А79-6764/2007. The Debtor can be reached at: Mostovaya Str. 91 Troitskaya Station Sunzhenskij Raion 386245 Ingushetia Russia ENGELS KOLKHOZ: Asset Sale Slated for November 14 ------------------------------------------------- Osadchuk Yu. N., the Competitve proceedings manager will open a public auction for the company's properties at noon on Nov. 14 at: Office 109 Novinskaya Str. 13 Ekaterinburg Russia The company has set a RUR12,784,000 starting price for the auctioned assets. Interested participants have until Nov. 13 to deposit an amount of RUR10,000 to: Engels Kolkhoz Settlement Account 40702810865510000426 Commecial Bank Ural Jewelry (OJSC) Ekaterinburg Russia Bidding documents must be submitted to: Office 217 Novinskaya Str. 13 Ekaterinburg Russia The Debtor can be reached at: Engels Kolkhoz Pelevina village Baikalovskij raion Sverdlovsk Russia FOOD INTEGRATED 4: Creditors Must File Claims by Nov. 6 ------------------------------------------------------- Creditors of Food Integrated Plant 4 CJSC have until Nov. 6 to submit proofs of claim to: Babenko I.V. Interim manager POB 6 194214 SPb Russia The Arbitration court of St. Petersburg and the Leningrad will convene on Jan. 13, 2008 to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. А56-19105/07. The Court is located at: The Arbitration Court of St. Petersburg and the Leningrad Hall 113 Suvorovskiy Pr. 50/52 St. Petersburg Russia The Debtor can be reached at: Food Integrated Plant 4 CJSC Bely-Kuna Str. 34 St. Petersburg Russia GALBSTADT CJSC: Creditors Must File Claims by Dec. 6 ---------------------------------------------------- Creditors of Asset Management Agro-Industrial Financial Company Galbstadt CJSC have until Dec. 6 to submit proofs of claim to: Pitsun V.E. Competitive proceedings manager POB 25 Slavgorod 658820 Altai krai Russia The Arbitration court of Altai krai declared the company insolvent on Sept. 5, 2007. The case is docketed under Case No. А03-877/07-Б. The Debtor can be reached at: Asset Management Agro-Industrial Financial Company Galbstadt CJSC Traktornaya Str. 46 Galbstadt Settlement Nemetskij National Raion Altai krai Russia MOUNTING WORKPIECES: Creditors Must File Claims by Dec. 6 --------------------------------------------------------- Creditors of Mounting Workpieces Plant OJSC have until Dec. 6 to submit proofs of claim to: Dudenevskoye Shosse 17 Bogorodsk 607600 Nizhnij Novgorod Russia The Arbitration court of Nizhnij Novgorod commenced competitive proceedings against the company after finding it insolvent. The case is docketed under Case No. А43-4889/2007, 33-80. The Court is located at: The Arbitration Court of Nizhniy Novgorod Kremlin 9 603082 Nizhniy Novgorod Russia The Debtor can be reached at: Mounting Workpieces Plant OJSC Dudenevskoye Shosse 17 Bogorodsk 607600 Nizhnij Novgorod Russia NERCHINSKAYA CJSC: Bankruptcy Hearing Slated for Feb. 13 -------------------------------------------------------- The Arbitration court of Chita will convene at 2:30 p.m. on Feb. 13, 2008 to hear the bankruptcy supervision procedure on Gold-Industrial Company Nerchinskaya CJSC. The case is docketed under Case No. А78-4422/2007-Б-339. The Interim Manager is: Karpov S.E. POB 734 672000 Chita Russia The Debtor can be reached at: Gold-Industrial Company Nerchinskaya CJSC Zhuravleva Str. 10 673400 Nerchinsk Russia NOVOTOMNIKOVSKIJ LLC: Creditors Must File Claims by Nov. 6 ---------------------------------------------------------- Creditors of Horse Farm Novotomnikovskij LLC have until Nov. 6 to submit proofs of claim at: Michurinskaya Str. 106 392018 Tambov Russia The Arbitration court of Tambov commenced bankruptcy supervision procedure on the company. The Court appointed Hludentsov A.V. as Interim Manager. The case is docketed under Case No. А64- 3398/07-21. The Debtor can be reached at: Horse Farm Novotomnikovskij LLC Novotomnikovo settlement Morshanskij raion Tambov Russia ROSNEFT OIL: Earns US$7.66 Billion for Second Quarter 2007 ---------------------------------------------------------- OAO Rosneft Oil Co. released it financial results for the second quarter and first half ended June 30, 2007, prepared according to U.S. Generally Accepted Accounting Principles. Rosneft posted US$7.66 billion in net income on US$10.76 billion in net revenues for the second quarter of 2007, compared with US$1.08 billion in net income on US$8.6 billion in net revenues for the same period in 2006. Adjusted net income increased to US$1.66 billion for the second quarter of 2007, adjusted for the effect of non-operating accrual of fines and penalties related to pre-acquisition Yuganskneftegaz tax debt, income from consolidation of Yukos- Mamontovo, and the effect of proceeds from the Yukos bankruptcy. Rosneft posted US$8.01 billion in net income on US$19 billion in net revenues for the first half of 2007, compared with US$1.88 billion in net income on US$15.93 billion in net revenues for the same period in 2006. Adjusted net income increased to US$2.35 million for the first half of 2007, adjusted for the effect of non-operating accrual of fines and penalties related to pre-acquisition Yuganskneftegaz tax debt proceeds, income from consolidation of Yukos-Mamontovo and receipt of the Yukos bankruptcy receivables. The improved financial performance in the second quarter of 2007 over the same period in 2006 was largely due to strong improvements in organic performance, specifically accelerated production growth rates and improved domestic product sales, the new level of vertical integration at the Company following the acquisition of five new refineries in May 2007 and the purchase of new upstream assets. "The results of the second quarter of 2007 demonstrate strong organic performance both through industry-leading production growth and increased profitability," Sergey Bogdanchikov, president of Rosneft, said. "These financial results include the recently acquired assets for approximately half the second quarter and further improvements in profitability will be realized as we continue to integrate and optimize our portfolio. We will continue to work to demonstrate leading financial performance and earnings growth among Russian oil majors." About Rosneft Headquartered in Moscow, Russia, OAO Rosneft Oil Co. -- http://www.rosneft.com/-- produces and markets petroleum products. The Company explores for, extracts, refines and markets oil and natural gas. Rosneft produces oil in Western Siberia, Sakhalin, the North Caucasus, and the Arctic regions of Russia. * * * As of July 17, 2007, OAO Rosneft Oil Co. carries a BB+ long-term corporate credit rating from Standard & Poor's Ratings Services. S&P said the outlook is positive. RUSPROMBANK LLC: Creditors Must File Claims by Dec. 6 ----------------------------------------------------- Creditors of RusPromBank (Russian Industrical Bank) LLC have until Dec. 6 to submit proofs of claim at: POB 48 109052 Moscow Russia Tel: 8-800-200-08-05 The Arbitration court of Moscow commenced competitive proceedings against the company after finding it insolvent. The case is docketed under Case No. А40-40586/07-103-128 Б. The Competitive proceedings manager is: State Agency for Deposit Insurance Verhnij Taganskij Tupik 4 109240 Moscow Russia The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: RusPromBank (Russian Industrical Bank) LLC Mira Pr. 192 129128 Moscow Russia SISTEMA JSFC: Buys 28.16% Stake in Dalcombank for US$11.7 Mln ------------------------------------------------------------- JSFC Sistema has completed the acquisition of a 28.16% stake in Dalcombank, a commercial bank based in the Far East of Russia, for a total cash consideration of US$11.7 million. As a result of this acquisition Sistema increased its ownership in Dalcombank to 48.16% for a combined cash consideration of US$20 million. The acquisition of shares in Dalcombank is in line with the development of Sistema`s banking group, which presently comprises Moscow Bank for Reconstruction and Development (MBRD) and East-West United Bank (Luxembourg). Dalcombank is a leading bank in the Far East region of Russia with a wide retail network, which complements the existing network of the Group. "Banking business is one of the key 'points of growth' for Sistema. The acquisition of shares in Dalcombank will allow us to enter several regions of the Far East at the same time and to significantly expand our client base," Alexander Goncharuk, president and CEO of Sistema, commented. About Sistema Sistema JSFC (LSE: SSA) -- http://www.sistema.com/-- is the largest private sector consumer services company in Russia and the CIS, with over 65 million customers. Sistema develops and manages market-leading businesses in selected service-based industries, including telecommunications, technology, insurance, banking, real estate, retail and media. Founded in 1993, the company reported revenues of US$7.5 billion for the first nine months of year 2006, and total assets of US$ 18.5 billion as at Sept. 30, 2006. Sistema's shares are listed under the symbol 'SSA' on the London Stock Exchange, under the symbol 'AFKS' on the Russian Trading System (RTS), and under the symbol 'SIST' on the Moscow Stock Exchange (MSE). * * * As of Oct. 10, 2007, Sistema carries Moody's Investors' Service's B1 long-term corporate family rating and probability of default rating, Standard & Poor's BB- issuer credit rating with positive outlook and Fitch Ratings' BB- issuer default rating with stable outlook. SVETLANA-MICROELECTRONICS: Creditors Must File Claims by Nov. 6 --------------------------------------------------------------- Creditors of Design-Enginnering Bureau Svetlana-Microelectronics CJSC have until Nov. 6 to submit proofs of claim to: Rosladin P.N. Interim manager Smol'nogo Str. 1/3, 6 191060 St. Petersburg Russia The Arbitration court of St. Petersburg and the Leningrad will convene at 11:00 a.m. on Jan. 11, 2008 to hear the company's bankruptcy supervision procedure. The Court is located at: The Arbitration Court of St. Petersburg and the Leningrad Hall 113 Suvorovskiy Pr. 50/52 St. Petersburg Russia The Debtor can be reached at: Design-Enginnering Bureau Svetlana-Microelectronics CJSC Engel'sa Pr. 27 194156 St. Petersburg Russia ===================== S W I T Z E R L A N D ===================== AGOS LLC: Creditors' Liquidation Claims Due October 31 ------------------------------------------------------ Creditors of LLC AGOS have until Oct. 31 to submit their claims to: Peter De Maria Liquidator Hanflanderstrasse 49 8640 Rapperswil SG Switzerland The Debtor can be reached at: LLC AGOS Lachen SZ Switzerland BFU MEDIA: Zug Court Closes Bankruptcy Proceedings -------------------------------------------------- The Bankruptcy Service of Zug entered Sept. 12 an order closing the bankruptcy proceedings of JSC BFU Media Holding. The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6301 Zug Switzerland The Debtor can be reached at: JSC BFU Media Holding Untermuli 9 6302 Zug Switzerland CARROSSERIE METE: Creditors' Liquidation Claims Due November 5 -------------------------------------------------------------- Creditors of LLC Carrosserie Mete have until Nov. 5 to submit their claims to: Unterrindal 21 9604 Unterrindal Switzerland The Debtor can be reached at: LLC Carrosserie Mete Lutisburg Switzerland ICP-EFTPOS JSC: Creditors' Liquidation Claims Due October 31 ------------------------------------------------------------ Creditors of JSC ICP-Eftpos have until Oct. 31 to submit their claims to: JSC Centrapriv Zug Liquidator Alpenstrasse 15 6304 Zug Switzerland The Debtor can be reached at: JSC ICP-Eftpos Zug Switzerland ISOTIS INC: Adjourns Special Stockholders Meeting to October 23 --------------------------------------------------------------- IsoTis, Inc., has adjourned the special meeting of stockholders it called to approve the acquisition of IsoTis by Integra LifeSciences Holdings Corporation pursuant to an agreement and plan of merger dated as of Aug. 6, 2007. The special meeting of stockholders was held at 9 a.m. Pacific time Oct. 11, 2007. An insufficient number of shares was present at the meeting to establish the quorum necessary to approve the proposed transaction. As a result, IsoTis determined to adjourn the meeting to Oct. 23, 2007. until 7:30 a.m. Pacific time to permit additional time to collect the proxies necessary to establish a quorum and approve the acquisition by Integra. The vast majority of IsoTis' stockholder base resides outside the United States of America, including thousands of retail stockholders, and many of these shares have not been voted. The adjournment of the meeting will provide these and other IsoTis stockholders additional time to vote their shares. The IsoTis Board of Directors continues to believe unanimously that the interests of IsoTis' stockholders are best served by the acquisition by Integra, and that there are no feasible alternatives for the company and the stockholders. Bankruptcy Warning If IsoTis is unable to obtain the vote necessary to approve the proposed transaction, the company believes it will have to seek bankruptcy protection. About Integra Integra LifeSciences Holdings Corp. (NASDAQ: IART) develops, manufactures, and markets surgical implants and medical instruments used primarily in neurosurgery, extremity reconstruction, orthopedics, and general surgery. The Company is based in Plainsboro, New Jersey. About IsoTis Headquartered in Irvine, California, IsoTis Inc. (NASDAQ: ISOT) -- http://www.isotis.com/-- is an orthobiologics company that develops, manufactures and markets proprietary products for the treatment of musculoskeletal diseases and disorders. The company's international sales headquarters are based in Lausanne, Switzerland. On Aug. 7, 2007 Integra and IsoTis said that they have reached a definitive agreement to create a global orthobiologics leader. The combination would create a comprehensive orthobiologics portfolio, one of the largest sales organizations focused on orthobiologics in the US, and multiple cross-selling opportunities. The transaction is subject to approval of IsoTis' stockholders, as well as other closing conditions and approvals. Upon closing, IsoTis will become a wholly-owned subsidiary of Integra and Integra will be one of the largest companies in the world focused on advanced technology in orthobiologics. LENT ELECTRONICS: Aargau Court Starts Bankruptcy Proceedings ------------------------------------------------------------ The Bankruptcy Court of Aargau commenced bankruptcy proceedings against LLC LENT Electronics on Sept. 6. The Bankruptcy Service of Aargau can be reached at: Bankruptcy Service of Aargau Office Oberentfelden 5036 Oberentfelden AG Switzerland The Debtor can be reached at: LLC LENT Electronics Alte Strasse 27 5734 Reinach AG Switzerland MASSIVHAUS SWISS: Aargau Court Starts Bankruptcy Proceedings ------------------------------------------------------------ The Bankruptcy Court of Aargau commenced bankruptcy proceedings against LLC Massivhaus Swiss on Sept. 11. The Bankruptcy Service of Aargau can be reached at: Bankruptcy Service of Aargau Office Oberentfelden 5036 Oberentfelden AG Switzerland The Debtor can be reached at: LLC Massivhaus Swiss Untere Bruhlstrasse 21 4800 Zofingen Switzerland REICHEN TRANSPORTE: Solothurn Court Closes Bankruptcy Process ------------------------------------------------------------- The Bankruptcy Service of Wolfwil in Solothurn entered Aug. 27 an order closing the bankruptcy proceedings of LLC Reichen Transporte. The Bankruptcy Service of Wolfwil can be reached at: Bankruptcy Service of Wolfwil 4702 Oensingen Gau SO Switzerland The Debtor can be reached at: LLC Reichen Transporte Industrie Bannli 12 4628 Wolfwil Gau SO Switzerland TECHDOC LLC: Creditors' Liquidation Claims Due November 15 ---------------------------------------------------------- Creditors of LLC TechDoc have until Nov. 15 to submit their claims to: Steiglenweg 7 6356 Rigi Kaltbad Switzerland The Debtor can be reached at: LLC TechDoc Weggis LU Switzerland U-POINT LLC: Creditors' Liquidation Claims Due October 25 --------------------------------------------------------- Creditors of LLC U-Point have until Oct. 25 to submit their claims to: Bernhard Wahli Liquidator Dunnernstrasse 32 4702 Oensingen Gau SO Switzerland The Debtor can be reached at: LLC U-Point Oensingen Gau SO Switzerland XEBION LLC: Creditors' Liquidation Claims Due November 21 --------------------------------------------------------- Creditors of LLC Xebion have until Nov. 21 to submit their claims to: Walter Gahwiler Liquidator Eleonorenstrasse 2 8032 Zurich Switzerland The Debtor can be reached at: LLC Xebion Klosters-Serneus Prattigau/Davos GR Switzerland =========== T U R K E Y =========== ULKER BISKUVI: Moody's Lifts B1 Corporate Family Rating to Ba3 -------------------------------------------------------------- Moody's Investors Service raised the Corporate Family Rating and Probability of Default Rating of Ulker Biskuvi San. A.S., formerly known as Ulker Gida San. Tic. A.S., to Ba3 from B1 reflecting the company's solid position in the Turkish biscuit market and strong profitability. The outlook is stable. The upgrade mainly reflects: (i) the company's solid position in the Turkish market for biscuits and related products, with an estimated share of approximately 60%, and the resilience to foreign competition evidenced in recent years; (ii) the company's high albeit somewhat volatile profitability, strong financial metrics and adequate liquidity position in the medium term; (iii) its established position in the local market, extensive distribution network, high brand recognition and large and diversified customer base; and (iv) the overall positive growth prospects for the Turkish economy, which should benefit from a higher degree of stability after the general elections in July this year. Ulker Biskuvi's rating continues to remain constrained by: (i) its status as largely privately held company, coupled with less creditor-friendly policies such as dividend distributions to shareholders and related-party transactions; (ii) its rather limited size and the concentration of its sales in the local Turkish market, albeit in a currently favorable market environment; (iii) a degree of uncertainty as to the profitability of the company's expansion plans in neighboring countries; (iv) the negative free cash flow generation experienced over the past two years, mainly as a result of related-party transactions and opportunistic investments in financial assets. Moody's believes that, with YTL120.6 million of cash on balance sheet and several uncommitted bilateral facilities in place with local and international banks, Ulker Biskuvi's liquidity should be adequate to cover the company's ongoing maintenance capex (around YTL16 million per year), debt obligations in the medium term and expansion capex commitments, which relate predominantly to an investment of around YTL60 million in Ideal Kek. The outlook is stable, reflecting the company's strong market position in the Turkish biscuit market, the fragmentation of the domestic retail market and the expectation that Ulker's brand recognition will continue to be supported by product innovation. Although further upward pressure on the ratings is unlikely in the near term, a stabilization of the company's results at current levels, the profitable internationalization of its operations coupled with evidence of more creditor-friendly financial policies limiting related-party transactions and discretionary investments, could be positive for the rating. Ratings could be negatively impacted by a major debt-funded acquisition, lower returns from international investments or a sharp downturn in domestic demand, leading to a contraction in EBITA margins towards the mid single digits, an increase in its debt/EBITDA ratio beyond 3.0x and further deterioration in FCF generation. The rating action follows the assignment on April 4, 2007 of a probability of default rating of B1 to the corporate family. The stable outlook was not affected. Headquartered in Istanbul, Turkey, Ulker Biskuvi is one of the operating divisions of the larger Ulker Group. The company is involved in the manufacturing and commercialization of a variety of consumer products including biscuits, chocolate coated biscuits, bars, wafers, crackers and baby food. In 2006, Ulker Biskuvi reported net sales and EBITDA of approximately YTL1.8 billion (US$1.26 billion) and YTL120 million (US$84.5 million), respectively. ============= U K R A I N E ============= BI GLOBAL: Creditors Must File Claims by October 19 --------------------------------------------------- Creditors of LLC Bi Global (code EDRPOU 32662514) have until Oct. 19 to submit their proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kyiv commenced bankruptcy proceedings against the company after finding it insolvent. The case is under docketed Case No. 23/328-b. The Debtor can be reached at: LLC Bi Global M. Raskovaya Str. 11 02002 Kiev Ukraine IVANO-FRANKOVSK RENT 1: Proofs of Claim Deadline Set October 19 --------------------------------------------------------------- Creditors ano-Frankovsk Rent Road Repair-Building Management 1 (code EDRPOU 05466237) have until Oct. 19 to submit their proofs of claim to: The Economic Court of Ivano-Frankovsk Shevchenko Str. 16a 76000 Ivano-Frankovsk Ukraine The Economic Court of Ivano-Frankovsk commenced bankruptcy supervision procedure on the company. The case is under docketed Case No. B-7/161. The Debtor can be reached at: Ivano-Frankovsk Rent Road Repair-Building Management 1 Makogon Str. 23A Ivano-Frankovsk Ukraine LANOVTSY LLC: Proofs of Claim Deadline Set October 19 ----------------------------------------------------- Creditors of LLC Petroleum Base Lanovtsy (code EDRPOU 31966178) have until Oct. 19 to submit their proofs of claim to: Andrew Briksa Temporary Insolvency Manager Prince Ostrozhsky Str. 60/17 Ternopol Ukraine The Economic Court of Ternopol commenced bankruptcy supervision procedure on the company. The case is under docketed Case No. 11/B-942. The Court is located at: The Economic Court of Ternopol Ostrozsky Str. 14a 46000 Ternopol Ukraine The Debtor can be reached at: LLC Petroleum Base Lanovtsy Vishnevetskaya Str. 2 Lanovtsy Lanovetsky District Ternopol Ukraine NOVOPETROVSKAYA LLC: Creditors Must File Claims by October 19 ------------------------------------------------------------- Creditors of LLC Agricultural Firm Novopetrovskaya (code EDRPOU 33362719) have until Oct. 19 to submit their proofs of claim to: The Court is located at: The Economic Court of Sumy Shevchenko Avenue 18/1 40030 Sumy Ukraine The Economic Court of Sumy commenced bankruptcy proceedings against the company after finding it insolvent. The case is under docketed Case No. 16/151-06. The Debtor can be reached at: LLC Agricultural Firm Novopetrovskaya Romenskaya Str. 1 Shtepovka Lebedinsky District 42220 Sumy Ukraine SPECIAL SECONDARY: Creditors Must File Claims by October 19 ----------------------------------------------------------- Creditors of LLC Special Secondary Metals (code EDRPOU 23847704) have until Oct. 19 to submit their proofs of claim to: The Economic Court of Zaporozhje Shaumiana Str. 4 69001 Zaporozhje Ukraine The Economic Court of Zaporozhje commenced bankruptcy proceedings against the company after finding it insolvent. The case is under docketed Case No. 19/144/07. The Debtor can be reached at: LLC Special Secondary Metals Lenin Lane 111-a 69095 Zaporozhje Ukraine UKRAINA BANK: Liquidator Receives UAH230,000 in August ------------------------------------------------------ Ukraina Bank's liquidator received in August UAH230,000 in relation to the bankruptcy proceedings against the bank, The Financial Times reports, citing Interfax as its source. The amount includes UAH184,000 in repaid credits and UAH3,000 from sales of the bank's property, FT adds. The TCR-Europe reported on April 9, 2007, that the liquidator had paid a total of UAH805.32 million to the insolvent bank's first, second, and third line creditors, including UAH200.55 million given to individual depositors and UAH604.77 million shelled out to businesses. As previously reported, Ukraine President Viktor Yuschenko signed a law extending the liquidation of JSC Ukraina Bank until Jan. 1, 2009. According to the report, the law comes into force from the day it is published. The bill, adopted by the Verkhovna Rada on March 20, 2007, outlines the procedure for paying UAH821.8 million owed to creditors. President Yuschenko was deputy and then first deputy of Ukraina Bank's board chairman from 1990 to 1993. About Ukraina Bank Headquartered in Kyiv, Ukraine, Ukraina Bank -- http://www.krid.crimea.ua/-- encountered financial troubles that began in 1998. On July 16, 2001, the National Bank of Ukraine cancelled its banking license and started liquidation proceedings. =========================== U N I T E D K I N G D O M =========================== ATLANTIC CARRIERS: Claims Filing Period Ends November 14 -------------------------------------------------------- Creditors of Atlantic Carriers Ltd. have until Nov. 14 to send their full names, address and descriptions, full particulars of their debts or claims, and the names and addresses of their solicitors (if any) to: David Elliott Liquidator Moore Stephens LLP First Floor Victory House Quayside Chatham Maritime Kent ME4 4QU England David Elliott of Moore Stephens LLP was appointed liquidator of the company on Oct. 10 for the creditor's voluntary winding-up procedure. BAUSCH & LOMB: Moody's Withdraws PIK & Sub Notes Ratings -------------------------------------------------------- Moody's Investors Service withdrew Bausch & Lomb Incorporated's proposed Caa1 ratings for US$175 million PIK notes and US$175 million senior subordinated notes. Concurrently, Moody's affirmed the company's existing ratings. The outlook for the proposed ratings remains stable. Recently, BOL revised its capital structure by increasing its proposed U.S. term loan by US$100 million to US$1.2 billion and increasing its offering of proposed senior unsecured notes to US$650 million from US$400 million. As a result, the company will not be issuing the proposed US$175 million senior PIK notes and the proposed US$175 million senior subordinated notes. Moody's continued the review for possible downgrade of Bausch & Lomb Incorporated's (Oldco) existing ratings with the expectation that they will be withdrawn at the close of the transaction. Ratings are subject to review of final documentation. These ratings were withdrawn from Bausch & Lomb Incorporated (Newco): -- Caa1 rating (LGD5/86%) on US$175 million Senior Unsecured PIK Toggle Option Notes; and -- Caa1 rating (LGD6/95%) on US$175 million Senior Subordinated Notes. This Bausch & Lomb Incorporated's (Newco) ratings were affirmed with updated LGD assessments: -- B2 Corporate Family Rating; -- B2 Probability of Default Rating; -- SGL-2 Speculative Grade Liquidity Rating; -- B1 rating (to LGD3/36% from LGD3/35%) on a US$500 million Senior Secured Revolver; -- B1 rating (to LGD3/36% from LGD3/35%) on a US$1,200 million U.S. Senior Secured Term Loan; -- B1 rating (to LGD3/36% from LGD3/35%) on a US$300 million Delayed Draw Term Loan; and -- Caa1 rating (to LGD5/89% from LGD5/86%) on US$650 million Senior Unsecured Notes. This Bausch & Lomb, B.V.'s ratings were affirmed with updated LGD assessments: -- B1 rating (to LGD3/36% from LGD3/35%) on a US$575 million European Senior Secured Term Loan. The ratings related to Bausch & Lomb Incorporated (Oldco) ratings remain on review for possible downgrade and will be withdrawn at the close of the transaction. Headquartered in Rochester, New York, Bausch & Lomb Incorporated is a leading worldwide provider of eye care products, including contact lens, lens care, ophthalmic pharmaceuticals, and surgical products. BOL is being acquired by Warburg Pincus, a private equity firm. For the twelve months ended June 30, 2007, the company reported US$2.4 billion in revenues. BAXI HOLDINGS: S&P Affirms B Credit Ratings on Amended Financing ---------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'B' long-term corporate credit rating on U.K.-based heating products manufacturer Baxi Holdings Ltd. The rating was removed from CreditWatch with negative implications, where it had been placed on July 4, 2007. The outlook is negative. At the same time, the second-lien secured debt rating on the GBP100 million mezzanine notes issued by finance subsidiary Heating Finance PLC and guaranteed by Baxi and other subsidiaries was affirmed at 'CCC+' and removed from CreditWatch with negative implications. The recovery rating on the notes is '6', indicating our expectation of negligible (0%-10%) recovery in the event of a payment default. The rating action follows senior lenders' consent to facility amendments proposed by the company and reflects S&P’s expectation that the amendments to Baxi's senior facilities and proposed investment will be completed before the end of October 2007. On Sept. 19, 2007, Baxi's principal shareholders –- funds advised by BC Partners and Electra Partners -- agreed to invest GBP40 million of new equity and unsecured loan notes in the company. "We expect the funding to be used to address operational difficulties in certain businesses, by financing restructuring plans that began in 2006 and are now to be intensified, in an attempt to partially mitigate the effect of margin pressures over the longer term," said Standard & Poor's credit analyst Louise Newey. Standard & Poor's expects that Baxi's financial risk profile will remain under pressure against a background of harsh trading conditions for the rest of 2007 and into 2008. "Although Baxi is undertaking measures to reduce costs, we expect credit protection ratios to stay highly leveraged, making the group vulnerable to adverse developments in its key markets," Ms. Newey added. "There remains a risk that the planned restructuring fails to address operational failures, and that the market environment weakens further, resulting in sustained pressure on the financial profile." A downgrade could result if the debt-to-EBITDA ratio rises above 5x; if there is a reversion to negative free operating cash flow generation; or if Baxi's business prospects deteriorate further. Rating upside remains unlikely over the medium term, and would require improvement in cash generation and debt reduction, with adjusted FFO to debt sustained at about 15% and debt to EBITDA at, or less than, 4x. BRITISH AIRWAYS: CEO Says Iberia Deal is “Not Transformational” --------------------------------------------------------------- Willie Walsh, chief executive of British Airways plc, has ruled out further capital investment into a bid for Spanish airline Iberia Lineas Aereas de Espana SA, the Daily Telegraph reports. "Iberia is very interesting to us but the deal is not transformational," Mr. Walsh was quoted by the Daily Telegraph as saying. "It would be beneficial but would it be wise to spend EUR4 billion (GBP2.8 billion) acquiring Iberia when there may be other things that come available?" According to Mr. Walsh, BA is eyeing a tie-up with a US airline, although any transatlantic deal depends on the relaxation of regulatory obstacles. Mr. Walsh has revealed that US rules restricting foreign carriers to only minority stakes in US airlines could be liberalized by 2010 as a condition of the EU-US "open skies" deal, the Daily Telegraph relates. "A link between a European and a US carrier is transformational," Mr. Walsh said. "If that were possible it would definitely be something worth chasing." The executive insisted to keep BA's participation in the Iberia bid to a minority role, Alistair Osborne writes for the Daily Telegraph. Iberia Bid In May 2007, BA, which holds a 10% stake in Iberia, has joined with TPG Capital, Vista Capital, Inversiones Ibersuizas and Quercus Equity to investigate a possible consortium offer for the Spanish carrier. As previously reported in the TCR-Europe on Aug. 29, 2007, BA and its private equity partner, Texas Pacific Group, are set to cut their indicative offer of EUR3.60 per share for Spanish airline Iberia in a move that could derail the bid. The consortium anticipates cost of debt amid current credit market turmoil and the prospect of falling air fares to drag down its original offer price to a significantly lower figure. The consortium believes that an offer of closer to EUR3.2 per share would be more realistic while Iberia management thinks the Spanish carrier is worth significantly more than EUR3.60 a share. However, it is still uncertain whether a formal bid will be made. Headquartered in West Drayton, United Kingdom, British Airways Plc -- http://www.ba.com/-- operates of international and domestic scheduled and charter air services for the carriage of passengers, freight and mail, and provides of ancillary services. The British Airways group consists of British Airways Plc and a number of subsidiary companies including in particular British Airways Holidays Ltd. and British Airways Travel Shops Ltd. BA has offices in India and Guatemala. * * * As reported in the TCR-Europe on Aug. 16, 2007, Moody's Investors Service upgraded the senior unsecured rating of British Airways plc to Ba1, one notch lower than the Corporate Family Rating (upgraded to Baa3, stable outlook), reflecting the subordination of unsecured debt to a substantial portion of secured debt. The debt instruments affected by the rating action are: -- GBP100 million 10.875% senior unsecured notes due 2008 to Ba1 from Ba2; -- GBP250 million 7.25% senior unsecured notes due 2016 to Ba1 from Ba2; -- US$115 million 5.25% and US$85 million 7.625% senior unsecured industrial revenue notes due 2032 to Ba1 from Ba2; -- EUR300 million 6.75% perpetual guaranteed preferred securities to Ba2 from Ba3 issued by British Airways Finance (Jersey) L.P. BROOKES SPECIALIST: Brings In Liquidators from Mazars ----------------------------------------------------- Simon David Chandler and Alistair Steven Wood of Mazars LLP were appointed joint liquidators of Brookes Specialist Engineers Ltd. (formerly Venture Manufacturing Ltd.) on Oct. 4 for the creditor's voluntary winding-up proceeding. The joint liquidators can be reached at: Mazars LLP The Broadway Dudley West Midlands DY1 4PY England CABLE & WIRELESS: Dismisses Speculation on Business Disposal ------------------------------------------------------------ Cable & Wireless plc is unlikely to sell its business, Jim Marsh, chief executive of Europe, Asia & U.S told Reuters, dismissing speculations. According to Mr. Marsh, considering C&W's unique asset capability, it might in fact be on the acquisition trail. He added that the telecoms group is investing significantly in Asia. "The question is, if you have a unique capability like we do, why would you want to sell that?" Mr. Marsh was quoted by Reuters as saying. "Surely it's more likely that you'd want to continue to build up the business you have today, by buying things. So it's unlikely that we will choose to sell the business when we've got such unique asset capability." Headquartered in London, Cable & Wireless Plc -- http://www.cw.com/new/-- provides voice, data and IP (Internet Protocol) services to business and residential customers, as well as services to other telecoms carriers, mobile operators and providers of content, applications and Internet services. The company has operations are in the United Kingdom, India, China, the Cayman Islands and the Middle East. * * * In April 2007, in connection with the implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Telecommunications, Media and technology sector, Moody's Investors Service confirmed its Ba3 Corporate Family Rating for Cable & Wireless Plc. Moody's also assigned a Ba3 Probability-of-Default rating to the company. * Issuer: Cable & Wireless Plc Projected Debt LGD Loss-Given Debt Issue Rating Rating Default ---------- ------- ------- -------- 4% Senior Unsecured Conv./Exch. Bond/Debenture Due 2010 B1 LGD4 60% GBP200 million 8.75% Senior Unsecured Regular Bond/Debenture Due 2012 B1 LGD4 60% COOPER TIRE: Closes US$7MM Rongcheng Stake Sale to ArcelorMittal ---------------------------------------------------------------- Cooper Tire & Rubber Company closed the sale of its wholly owned subsidiary's 25% interest in Rongcheng Chengshan Steel Cord Company to ArcelorMittal Wire Drawing Asia Sarl for $7.4 million. Cooper Tire's acquisition of 51% of Cooper Chengshan Passenger Tire Company Ltd., and Cooper Chengshan Tire Company Ltd., was completed in early 2006 and included a 25% ownership position in the steel cord factory which is located adjacent to the tire manufacturing facility in Rongcheng City, Shandong, China. "We continue to divest our interest in what we consider non-core businesses, which includes the steel cord business,” Roy V. Armes, Cooper Tire President and CEO, said. “While it was not considered a core product for Cooper, it did provide a steady supply of quality steel cord to support our Chinese manufacturing facilities. This is a continuing effort by Cooper to focus on our core tire manufacturing and marketing efforts. The new owner will remain one of our key suppliers of steel cord." About Cooper Tire & Rubber Company Headquartered in Findlay, Ohio, Cooper Tire & Rubber Company (NYSE:CTB) -- http://www.coopertires.com/html/-- is a manufacturer of replacement tires. The company focuses on the manufacture and sale of passenger and light truck replacement tires. It also manufactures radial medium and bias light truck tires, and materials and equipment for the truck tire retread industry. The Company also manufactures and sells motorcycle and racing tires. Cooper has two business segments: North American Tire Operations and International Tire Operations. The North American Tire Operations segment produces passenger car and light truck tires, primarily for sale in the United States replacement market, and materials and equipment for the tread rubber industry. The International Tire Operations segment has manufacturing facilities in the United Kingdom and China. The segment has two administrative offices and a sales office in China. * * * As reported in the Troubled Company Reporter on Aug. 21, 2007, Moody's Investors Service affirmed these ratings on Cooper Tire & Rubber Company: (i) corporate family rating, B2; (ii) probability of default, B2; (iii) senior unsecured notes B2, LGD-4, 56%; (iv) shelf filing for unsecured notes, (P)B2 ,LGD-4, 56%; (v) shelf filing for preferred stock, (P)Caa1, LGD-6, 97%; and (vi) speculative grade liquidity, SGL-2. ELEKSEN GROUP: Brings In Joint Administrators from Deloitte ----------------------------------------------------------- Lee Antony Manning and Neville Barry Kahn of Deloitte & Touche LLP were appointed joint administrators of Eleksen Ltd. (Company Number 03608207) and Eleksen Group Plc (Company Number 05372849) on Oct. 8. Deloitte & Touche LLP -- http://www.deloitte.com/-- provides audit, tax, consulting and corporate finance services through more than 9,000 people in 21 locations. The group is the United Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein whose member firms are separate and independent legal entities. The companies can be reached at: Eleksen Ltd. and Eleksen Group Plc Pinewood Studios Pinewood Road Ivor Heath Buckinghamshire SL0 0NH England Tel: 0870 072 7272 Fax: 0870 072 7273 FAREPAK FOOD: 97% of Creditors Vote to Liquidate Assets ------------------------------------------------------- Farepak Food & Gifts Ltd. (fka Floatraise Ltd., Kleeneze U.K. Ltd. and Kleeneze Investments Ltd.) and Farepak Mail Order Ltd. (fka Farepak Hampers Ltd., Farepak Ltd. and Farepak Hampers Ltd.) called in Martha H. Thompson and Dermot Power of BDO Stoy Hayward as joint liquidators on Oct. 4, 2007, for the creditor's voluntary winding-up proceeding. Farepak moved from administration to creditors' voluntary liquidation following the joint administrators' proposals, a course of action approved by 97% of the company's creditors. According to published reports, Farepak creditors reacted on the absence of compensation payouts, a year after the company went into administration. In a report by Scott Mcnab for the Scotsman, the creditors' committee warned that no cash payments were likely to be made before Christmas this year. "We’ve not had a single penny from the administrators at all, which we find very distressing,” Louise McDaid, Farepak Victims Committee chairperson was quoted by the Scotsman as saying. "At no point have we even been contacted to let us know what’s been happening," Ms. McDaid added. As reported in the TCR-Europe in January 2007, administrators BDO Stoy Hayward LLP revealed in a report to creditors that the 113,000 customers and agents of Farepak Food & Gifts Ltd., who filed claims for GBP38.8 million in cash, are entitled to only 5 pence for every pound they lost. Farepak Food & Gifts Ltd., Farepak Hampers Ltd., Farepak Holdings Ltd., and Farepak Mail Order Ltd. appointed BDO Stoy Hayward LLP as joint administrators on Oct. 13, 2006. BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business assurance (audit), corporate advisory, tax, and investment management services, specializing in such industries as charities, educational institutions, family businesses, financial services, leisure, and hospitality. The company is the U.K. arm of BDO International and has offices in more than 15 cities throughout the U.K. About Farepak Farepak Food & Gifts Ltd., Farepak Hampers Ltd., Farepak Holdings Ltd., and Farepak Mail Order Ltd. can be reached at: Farepack House Westmead Industrial Estate Westlea Swindon Wiltshire SN5 7YZ United Kingdom Tel: 01793 486 441 Web site: http://www.farepak.co.uk/ FOCUS DIY: Moody's Withdraws Caa3 Corporate Family Rating --------------------------------------------------------- Moody's Investors Service withdrew the Caa3 corporate family rating assigned to Focus DIY Holdings Limited (Focus). Moody's has withdrawn Focus's rating at the request of the company. This follows the European Commission approval of the acquisition of Focus by a vehicle owned by Cerberus Group on 25 July 2007 and the repayment of existing debt instruments. Headquartered in Crewe, UK Focus DIY Holdings Limited is one of the largest DIY retailer, by market share, in the UK. Cerberus is a private equity investment company. FORD MOTOR: Expects to Sell British Marques in Two Months --------------------------------------------------------- John Fleming, head of Ford Motor Co.'s European operations,is looking to sell Jaguar and Land Rover brands in two months' time to a single bidder, various reports say. Mr. Fleming expressed, according to reports, that the two luxury brands could not be sold separately because they are highly integrated. On the other hand, Mr. Fleming stated that Ford continues to evaluate the effects of a possible sale of its Swedish brand, Volvo, to the firm, the reports add. Early this month, the Troubled Company Reporter said, citing Financial Times, that Terra Firma Capital Partners Limited has joined the bid for Ford's British marques as Guy Hands, Terra's head, began to accomplish due diligence for the bid. Terra joined four other suitors, Ripplewood Holdings LLC, Tata Motors Limited, TPG Capital L.P. also known as Texas Pacific Group, and One Equity Partners in the bid. Mahindra & Mahindra and Cerberus, had earlier quit the buying race. Ford had been expecting indicative bids this month. The car maker seeks to finalize the sale deal by December or early next year. About Ford Motor Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) -- http://www.ford.com/-- manufactures or distributes automobiles in 200 markets across six continents. With about 260,000 employees and about 100 plants worldwide, the company's core and affiliated automotive brands include Ford, Jaguar, Land Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company provides financial services through Ford Motor Credit Company. The company has operations in Japan in the Asia Pacific region. In Europe, the company maintains a presence in Sweden, and the United Kingdom. The company also distributes its brands in various Latin American regions, including Argentina and Brazil. * * * As reported in the Troubled Company Reporter on July 30, 2007, Moody's Investors Service said that the performance of Ford Motor Company's global automotive operations for the second quarter of 2007 was significantly stronger than the previous year and better than street expectations. However, Moody's explained that the company continues to face significant competitive and financial challenges, and the rating agency expects that Ford's credit metrics and rate of cash consumption will likely remain consistent with no higher than a B3 corporate family rating level into 2008. According to the rating agency, Ford's corporate family rating is currently a B3 with a negative outlook. The rating is pressured by the shift in consumer preference from high margin trucks and SUVs, and by the need for a new 2007 UAW contract that provides meaningful relief from high health care costs and burdensome work rules, Moody's relates. In June 2007, S&P raised the Issue Rating on Ford's senior secured credit facilities to B+ from B. GENERAL MOTORS: S&P Keeps Ratings on CreditWatch Positive --------------------------------------------------------- Standard & Poor's Ratings Services said that its long-term ratings on General Motors Corp. remain on CreditWatch with positive implications, where they were placed Sept. 26, 2007. S&P placed the ratings on CreditWatch when GM and its main union, the United Auto Workers, reached a tentative new labor contract. The UAW has since approved that contract, and GM discussed the contract's economics. S&P expect to resolve the CreditWatch listing by Oct. 31, 2007. "We view the new contract as favorable to GM compared with past agreements and believe the contract will support GM's turnaround plan in North America," said Standard & Poor's credit analyst Robert Schulz. S&P will resolve the GM CreditWatch listing first, but S&P will subsequently conduct similar reviews of Ford Motor Co. (B/Watch Pos/B-3) and Chrysler LLC (B/Watch Pos/--). Chrysler has reached an agreement with the UAW, and S&P expect Ford to reach one soon. LUDGATE HEALTH: Taps Liquidators from UHY Hacker Young ------------------------------------------------------ Andrew Andronikou and Peter Alan Kubik of UHY Hacker Young were appointed joint liquidators of Ludgate Health & Beauty Ltd. on Oct. 3 for the creditor's voluntary winding-up proceeding. The joint liquidators can be reached at: UHY Hacker Young St. Alphage House 2 Fore Street London EC2Y 5DH England MARKFIELD SERVICES: Appoints Liquidator from Deloitte & Touche -------------------------------------------------------------- Christopher James Farrington of Deloitte & Touche LLP was appointed liquidator of Markfield Services Ltd. on Oct. 10 for the creditor's voluntary winding-up procedure. The liquidator can be reached at: Deloitte & Touche LLP 1 Woodborough Road Nottingham NG1 3FG England RHINEBRIDGE PLC: S&P Junks Capital Notes; Fails Loss Limit Test --------------------------------------------------------------- Standard & Poor's Ratings Services lowered its ratings on the commercial paper, medium-term notes, and mezzanine capital notes issued by Rhinebridge PLC and Rhinebridge LLC (collectively, Rhinebridge), two co-issuing structured investment vehicles. At the same time, Standard & Poor's lowered its issuer credit rating on Rhinebridge. The ratings remain on CreditWatch with negative implications, where they were placed Sept. 12, 2007. The CCC-/Watch Neg rating on Rhinebridge's combo notes remains unchanged. Since the Sept. 12, 2007 rating action, the vehicle has been in restricted funding mode and has been selling assets to generate funds to meet maturing liabilities. S&P have closely monitored the asset sales and market prices on the remaining portfolio of assets. The rating actions reflect the recent sharp decline in some assets, which led to a significant decrease in Rhinebridge's net asset value as a percentage of capital. This decline in NAV has breached a trigger of 50%, and the vehicle is now failing its major capital loss limit test. If Rhinebridge fails to cure this test within five business days, it will enter enforcement mode, which could lead to an acceleration of all liabilities and a forced asset sale. Standard & Poor's current rated outstanding debt of the vehicle is US$791 million in CP and US$130 million in mezzanine capital notes. The portfolio is predominantly invested in structured finance assets, the majority of which are in U.S. RMBS. Rhinebridge is a SIV structure managed by IKB Credit Asset Management GmbH (London branch), which is responsible for purchasing assets, managing the portfolio, and overseeing the issuance of CP and MTNs. Ratings Lowered and on Creditwatch Negative Rhinebridge PLC and Rhinebridge LLC Up to US$20 billion European and U.S. CP and MTN programs and Up to US$3 billion capital note program Class Rating To From -- --- Issuer credit rating A+/Watch Neg/A-1 AAA/Watch Neg/A-1+ CP A-1/Watch Neg A-1+/Watch Neg MTNs A+/Watch Neg AAA/Watch Neg Mezz capital notes CCC+/Watch Neg BB-/Watch Neg SHAW GROUP: Names Brian Ferraioli as Chief Financial Officer ------------------------------------------------------------ The Shaw Group Inc. appointed Brian K. Ferraioli as executive vice president and chief financial officer of the company. Accordingly, Mr. Dirk Wild, who was serving as Senior Vice President and Interim Chief Financial Officer will no longer serve as Interim Chief Financial Officer. Mr. Wild will continue serving the company in the capacity as Vice President and Chief Accounting Officer. As reported in the Troubled Company Reporter on July 16, 2007, Mr. Ferraioli accepted an offer to join the company as Executive Vice President, Finance, and agreed to assume the role of Chief Financial Officer of the company after the Company filed its Quarterly Report on Form 10-Q for the third quarter of the company’s 2007 fiscal year and before the Company reported its fourth quarter fiscal year 2007 financial results. Immediately prior to joining the company and since November 2002, Mr. Ferraioli, age 52, served as Vice President and Controller for Foster Wheeler, Ltd., a global engineering and construction contractor and power equipment supplier. From July 2000 until November 2002, Mr. Ferraioli served as Vice President and Chief Financial Officer of Foster Wheeler USA Corporation. Prior to that, from July 1998 until July 2000, Mr. Ferraioli served as Vice President and Chief Financial Officer of Foster Wheeler Power Systems, Inc. A full-text copy of the employment agreement between the company and Mr. Ferraioli is available for free at: http://ResearchArchives.com/t/s?2449 About Shaw Group Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR) -- http://www.shawgrp.com/-- provides services to the environmental, infrastructure and homeland security markets, including consulting, engineering, construction, remediation and facilities management services to governmental and commercial customers. It is also a vertically integrated provider of engineering, procurement, pipe fabrication, construction and maintenance services to the power and process industries. The company segregates its business activities into four operating segments: Environmental & Infrastructure; Energy & Chemicals; Maintenance, and Fabrication, Manufacturing & Distribution. In January 2005, the company sold substantially all of the assets of its Shaw Power Technologies, Inc. and Shaw Power Technologies International, Ltd. units to Siemens Power Transmission and Distribution Inc., a unit of Siemens AG. The company has operations in Chile, China, Malaysia, the United Kingdom and, Venezuela, among others. * * * Standard & Poor's Ratings Services affirmed its 'BB' corporate credit rating on The Shaw Group Inc. and removed it from CreditWatch, where it was placed with negative implications in October 2006. S&P said the outlook is stable. In addition, 'BB' senior secured debt rating was affirmed after the $100 million increase to the company's revolving credit facility. SOUTH QUAY: Claims Filing Period Ends November 5 ------------------------------------------------ Creditors of South Quay Hair & Beauty Ltd. have until Nov. 5 to send in their names, addresses and descriptions, full particulars of their debts or claims, and the names and addresses of their solicitors (if any) to: Peter Kubik Joint Liquidator UHY Hacker Young St. Alphage House 2 Fore Street London EC2Y 5DH England Andrew Andronikou and Peter Alan Kubik of UHY Hacker Young were appointed joint liquidators of the company on Oct. 3 for the creditors' voluntary winding-up proceeding. SOUTHEND ENTERPRISE: Claims Filing Period Ends December 10 ---------------------------------------------------------- Creditors of Southend Enterprise Agency Ltd. have until Dec. 10 to detail their names and addresses (and solicitors if applicable) together with particulars of their debts or claims, in writing, or in person, to: Duncan R. Beat Liquidator Tenon Recovery 75 Springfield Road Chelmsford Essex CM2 6JB England Duncan R. Beat of Tenon Recovery was appointed liquidator of the company on Oct. 8 for the creditors' voluntary winding-up proceeding. SYMMETRY MEDICAL: Reveals Accounting Errors at U.K. Unit -------------------------------------------------------- Symmetry Medical Inc. disclosed that the Audit Committee of its Board of Directors has initiated an independent review of apparent irregularities with respect to the Company's accounting policies and practices at its Sheffield, U.K. operating unit. The review follows a report by management earlier this week to the Audit Committee regarding apparent improper accounting activities at its Sheffield, U.K. operating unit. Based on the information reported by management, certain transactions at issue appear to have resulted in the overstatement of revenues by that unit dating back to 1999, well prior to the Company's acquisition of the Sheffield, U.K. operations in June 2003. From its initial review, management estimates that the overstatement of revenue and income before taxes for the entire nine-year period amounts to approximately US$12 million to US$16 million. The impact to the financial statements of the Company for the period subsequent to its acquisition of the Sheffield unit in June 2003 through 2007 is yet to be determined. The employees at the Sheffield, U.K. operating unit believed to be primarily involved in this activity, including the Senior Vice President for Europe, are either no longer with the Company or have been suspended pending the completion of the review. Financial Restatements Based on the information reported by management to date, the Audit Committee believes that it may be necessary for the Company to restate its financial statements for the periods subsequent to the date of the Sheffield, U.K. acquisition. As a result, the Company's historic financial statements for those periods can no longer be relied upon. Event of Default The Company's lead bank has informed the Company that, as a result of these matters, an event of default has occurred under the Company's credit agreement. Such default permits the bank, at its election, to exercise various remedies. The Company is in discussion with its lead bank concerning the Company's situation. "The Audit Committee has retained special legal counsel to advise it and to investigate these matters thoroughly," Francis T. Nusspickel, Chairman of the Audit Committee of the Board of Directors, said. "Our principal concern is to move quickly to determine what occurred and how it occurred and to ensure the integrity of our financial reporting and controls throughout the Symmetry organization." "We are treating this matter with the utmost importance," Brian Moore, President and Chief Executive Officer, said. I do want to stress that, based upon available information, we believe that this matter affects only the Sheffield, U.K. operating unit. Changes have been made to the Sheffield site management by the Company and I will assume interim responsibility for the Sheffield facility. We expect a new Chief Operating Officer for Europe to be in place by the end of the year who will be based at Sheffield and take over responsibility for this unit. While the situation is concerning, we expect to continue serving the needs of our customers with continuing operations from all of our worldwide units including Sheffield." About Symmetry Medical Inc. Headquartered in Warsaw, Poland, Symmetry Medical Inc. -- http://www.symmetrymedical.com/-- provides implants and related instruments and cases to the orthopedic device industry. The Company also designs, develops and produces these products for companies in other segments of the medical device market, including arthroscopy, dental, laparoscopy, osteobiologic and endoscopy sectors and provides limited specialized products and services to non-healthcare markets, such as the aerospace market. V L COLLECTIONS: Names Michael C. Kienlen Liquidator ---------------------------------------------------- Michael C. Kienlen of Armstrong Watson was appointed liquidator of V L Collections Ltd. on Oct. 10 for the creditor's voluntary winding-up procedure. The liquidator can be reached at: Armstrong Watson Central House 47 St. Paul's Street Leeds LS1 2TE England VIEWFRAME PICTURES: Taps Joint Administrators from BDO Stoy ----------------------------------------------------------- David Harry Gilbert and Simon Michaels of BDO Stoy Hayward LLP were appointed joint administrators of Viewframe Pictures Plc (Company Number 02175209) on Oct. 3. BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business assurance (audit), corporate advisory, tax, and investment management services, specializing in such industries as charities, educational institutions, family businesses, financial services, leisure, and hospitality. The company is the U.K. arm of BDO International and has offices in more than 15 cities throughout the U.K. The company can be reached at: Viewframe Pictures Plc Unit 2 Victoria Industrial Park Victoria Road Dartford DA1 5AJ England * Featured Conferences by Beard Audio for October 2007 ------------------------------------------------------ Beard Audio Conferences presents three bankruptcy-related audio conferences for October 2007. * The Subprime Sector Meltdown: Legal Developments and Latest Opportunities with Stephen B. Selbst * Partnerships in Bankruptcy: Unwinding the Deal with Alexander M. Laughlin and H. Jason Gold * Using Virtual Data Rooms to Expedite M&A and Insolvency Proceedings with Eric S. Kurtzman and Jonathan A. Carson To register, visit http://www.beardaudioconferences.com * Upcoming Meetings, Conferences and Seminars --------------------------------------------- Oct. 21-24, 2007 ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS Restructuring and Investing Conference Portman Ritz Carlton, Shanghai, China Contact: http://www.airacira.org/ Oct. 22-23, 2007 STRATEGIC RESEARCH INSTITUTE 9th Annual Distressed Debt - West Venetian Resort Hotel Casino, Las Vegas, Nevada Contact: http://www.almevents.com/ Oct. 23, 2007 BEARD AUDIO CONFERENCES Partnerships in Bankruptcy Contact: 240-629-3300; http://www.beardaudioconferences.com/ Oct. 24, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA Event - TBA McCormick & Schmick's Fresh Seafood Restaurant, Las Vegas, Nevada Contact: 702-952-2480 or http://www.turnaround.org/ Oct. 25, 2007 TURNAROUND MANAGEMENT ASSOCIATION LI Turnaround Member Social Davenport Press, Mineola, New York Contact: 631-261-6296 or http://www.turnaround.org/ Oct. 25, 2007 TURNAROUND MANAGEMENT ASSOCIATION Capital Markets Case Study Seattle, Washington Contact: http://www.turnaround.org/ Oct. 25, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA Arizona Chapter Meeting Contact: http://www.turnaround.org/ Oct. 26, 2007 AMERICAN BANKRUPTCY INSTITUTE International Insolvency Symposium Hotel Adlon Kempinski, Berlin, Germany Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 29, 2007 TURNAROUND MANAGEMENT ASSOCIATION Monthly Luncheon, Carolinas Chapter - Topic TBA Sheraton Greensboro Hotel, Greensboro, North Carolina Contact: http://www.turnaround.org/ Oct. 29, 2007 FINANCIAL RESEARCH ASSOCIATES LLC 6th Annual Distressed Debt Summit The 3 West Club, New York, New York Contact: http://www.frallc.com/ Oct. 30, 2007 BEARD AUDIO CONFERENCES Using Virtual Data Rooms to Expedite M&A and Insolvency Proceedings Contact: 240-629-3300; http://www.beardaudioconferences.com/ Oct. 30, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon Centre Club, Tampa, Florida Contact: 561-882-1331; http://www.turnaround.org/ Oct. 30, 2007 TURNAROUND MANAGEMENT ASSOCIATION Crisis Communications With Employees, Vendors and Media Centre Club, Tampa, Florida Contact: http://www.turnaround.org/ Nov. 1, 2007 ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS Claims Trading - Issues and Implications New York, New York Contact: http://www.airacira.org/ Nov. 1, 2007 TURNAROUND MANAGEMENT ASSOCIATION Breakfast Event Carnelian Room, San Francisco, California Contact: 510-346-6000 ext 226 or http://www.turnaround.org/ Nov. 1, 2007 TURNAROUND MANAGEMENT ASSOCIATION Networking Breakfast TBD, Hackensack, New Jersey Contact: 908-575-7333; 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http://www.turnaround.org/ Nov. 16, 2007 TURNAROUND MANAGEMENT ASSOCIATION Meeting with Chapter President, Bruce Sim Westin Buckhead, Atlanta, Georgia Contact: http://www.turnaround.org/ Nov. 22, 2007 TURNAROUND MANAGEMENT ASSOCIATION Networking Mixer TBA, Vancouver, British Columbia Contact: 206-223-5495; http://www.turnaround.org/ Nov. 27, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon - Real Estate Panel Citrus Club, Orlando, Florida Contact: http://www.turnaround.org/ November 26-27, 2006 BEARD GROUP AND RENAISSANCE AMERICAN MANAGEMENT Fourteenth Annual Conference on Distressed Investing Maximizing Profits in the Distressed Debt Market The Jumeirah Essex House, New York, NY Contact: 800-726-2524; 903-595-3800; http://beardconferences.com Nov. 29, 2007 INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION Holiday Gala Yale Club, New York, New York Contact: http://www.iwirc.org/ Nov. 29, 2007 TURNAROUND MANAGEMENT ASSOCIATION Special Speaker TBD, New Jersey Contact: 908-575-7333; 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http://www.turnaround.org/ Jan. 10, 2008 TURNAROUND MANAGEMENT ASSOCIATION Luncheon University Club, Jacksonville, Florida Jan. 11, 2008 TURNAROUND MANAGEMENT ASSOCIATION Annual Lenders Panel Westin Buckhead, Atlanta, Georgia Contact: http://www.turnaround.org/ Feb. 7, 2008 TURNAROUND MANAGEMENT ASSOCIATION PowerPlay Philips Arena, Atlanta, Georgia Contact: 678-795-8103 or http://www.turnaround.org/ Feb. 7, 2008 TURNAROUND MANAGEMENT ASSOCIATION Breakfast Event Carnelian Room, San Francisco, California Contact: 510-346-6000 ext 226 or http://www.turnaround.org/ Feb. 14-16, 2008 AMERICAN BANKRUPTCY INSTITUTE 13th Annual Rocky Mountain Bankruptcy Conference Westin Tabor Center, Denver, Colorado Contact: 1-703-739-0800; http://www.abiworld.org/ Feb. 23-26, 2008 NORTON INSTITUTES ON BANKRUPTCY LAW Bankruptcy Litigation Seminar I Park City, Utah Contact: http://www.nortoninstitutes.org/ Feb. 26, 2008 TURNAROUND MANAGEMENT ASSOCIATION Retail Panel Citrus Club, Orlando, Florida Contact: http://www.turnaround.org/ Mar. 6-8, 2008 ALI-ABA Fundamentals of Bankruptcy Law Mandalay Bay Resort, Las Vegas, Nevada Contact: http://www.ali-aba.org/ Mar. 25-29, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference Ritz Carlton Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ Mar. 27-30, 2008 NORTON INSTITUTES ON BANKRUPTCY LAW Bankruptcy Litigation Seminar II Las Vegas, Nevada Contact: http://www.nortoninstitutes.org/ Apr. 3-6, 2008 AMERICAN BANKRUPTCY INSTITUTE 26th Annual Spring Meeting The Renaissance, Washington, District of Columbia Contact: http://www.abiworld.org/ Apr. 25-27, 2008 NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES NABT Spring Seminar Eldorado Hotel & Spa, Santa Fe, New Mexico Contact: http://www.nabt.com/ May 1-2, 2008 AMERICAN BANKRUPTCY INSTITUTE Debt Symposium Hilton Garden Inn, Champagne/Urbana, Illinois Contact: 1-703-739-0800; http://www.abiworld.org/ June 4-7, 2008 ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS 24th Annual Bankruptcy & Restructuring Conference J.W. Marriott Spa and Resort, Las Vegas, Nevada Contact: http://www.airacira.org/ June 12-14, 2008 AMERICAN BANKRUPTCY INSTITUTE 15th Annual Central States Bankruptcy Workshop Grand Traverse Resort and Spa, Traverse City, Michigan Contact: http://www.abiworld.org/ June 19-21, 2008 ALI-ABA Partnerships, LLCs, and LLPs: Uniform Acts, Taxation, Drafting, Securities, and Bankruptcy Omni Hotel, San Francisco, California Contact: http://www.ali-aba.org/ June 26-29, 2008 NORTON INSTITUTES ON BANKRUPTCY LAW Western Mountains Bankruptcy Law Seminar Jackson Hole, Wyoming Contact: http://www.nortoninstitutes.org/ July 10-13, 2008 TURNAROUND MANAGEMENT ASSOCIATION 16th Annual Northeast Bankruptcy Conference Ocean Edge Resort Brewster, Massachussets Contact: http://www.turnaround.org/ July 31 - Aug. 2, 2008 AMERICAN BANKRUPTCY INSTITUTE 4th Annual Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay Cambridge, Maryland Contact: http://www.abiworld.org/ Aug. 16-19, 2008 AMERICAN BANKRUPTCY INSTITUTE 13th Annual Southeast Bankruptcy Workshop Ritz-Carlton, Amelia Island, Florida Contact: http://www.abiworld.org/ Aug. 20-24, 2008 NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES NABT Convention Captain Cook, Anchorage, Alaska Contact: http://www.nabt.com/ Sept. 24-27, 2008 NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges Scottsdale, Arizona Contact: http://www.ncbj.org/ Oct. 28-31, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott New Orleans, Louisiana Contact: 312-578-6900; http://www.turnaround.org/ Dec. 3-5, 2008 AMERICAN BANKRUPTCY INSTITUTE 20th Annual Winter Leadership Conference Westin La Paloma Resort & Spa Tucson, Arizona Contact: http://www.abiworld.org/ May 7-10, 2009 AMERICAN BANKRUPTCY INSTITUTE 27th Annual Spring Meeting Gaylord National Resort & Convention Center National Harbor, Maryland Contact: http://www.abiworld.org/ June 21-24, 2009 INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY & BANKRUPTCY PROFESSIONALS 8th International World Congress TBA Contact: http://www.insol.org/ Sept. 10-12, 2009 AMERICAN BANKRUPTCY INSTITUTE 17th Annual Southwest Bankruptcy Conference Hyatt Regency Lake Tahoe, Incline Village, Nevada Contact: http://www.abiworld.org/ Oct. 5-9, 2009 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Desert Ridge, Phoenix, Arizona Contact: 312-578-6900; http://www.turnaround.org/ Dec. 3-5, 2009 AMERICAN BANKRUPTCY INSTITUTE 21st Annual Winter Leadership Conference La Quinta Resort & Spa, La Quinta, California Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 4-8, 2010 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention JW Marriott Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ BEARD AUDIO CONFERENCES 2006 BACPA Library Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com; http://researcharchives.com/t/s?20fa BEARD AUDIO CONFERENCES BAPCPA One Year On: Lessons Learned and Outlook Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Calpine's Chapter 11 Filing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Carve-Out Agreements for Unsecured Creditors Contact: 240-629-3300;http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Changes to Cross-Border Insolvencies Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Changing Roles & Responsibilities of Creditors' Committees Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES China’s New Enterprise Bankruptcy Law Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Clash of the Titans -- Bankruptcy vs. IP Rights Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Coming Changes in Small Business Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Dana's Chapter 11 Filing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Deepening Insolvency – Widening Controversy: Current Risks, Latest Decisions Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Diagnosing Problems in Troubled Companies Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Claims Trading Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Market Opportunities Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Real Estate under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Employee Benefits and Executive Compensation under the New Code Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Equitable Subordination and Recharacterization Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Fundamentals of Corporate Bankruptcy and Restructuring Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Handling Complex Chapter 11 Restructuring Issues Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Healthcare Bankruptcy Reforms Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES High-Yield Opportunities in Distressed Investing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Homestead Exemptions under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Hospitals in Crisis: The Insolvency Crisis Plaguing Hospitals Across the U.S. Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES IP Rights In Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES KERPs and Bonuses under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Non-Traditional Lenders and the Impact of Loan-to-Own Strategies on the Restructuring Process Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Partnerships in Bankruptcy: Unwinding The Deal Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Privacy Rights, Protections & Pitfalls in Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Real Estate Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Reverse Mergers—the New IPO? Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Second Lien Financings and Intercreditor Agreements Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Surviving the Digital Deluge: Best Practices in E-Discovery and Records Management for Bankruptcy Practitioners and Litigators Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Technology as a Competitive Advantage For Today’s Legal Processes Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES The Subprime Sector Meltdown: Legal Developments and Latest Opportunities Contact: 240-629- 3300;http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Twenty-Day Claims Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Using Virtual Data Rooms to Expedite M&A and Insolvency Proceedings Contact: 240-629- 3300;http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Validating Distressed Security Portfolios: Year-End Price Validation and Risk Assessment Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES When Tenants File -- A Landlord's BAPCPA Survival Guide Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ The Meetings, Conferences and Seminars column appears in the Troubled Company Reporter each Wednesday. Submissions via e-mail to conferences@bankrupt.com are encouraged. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than US$3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/booksto order any title today. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Jazel P. Laureno, Julybien D. Atadero, Carmel Zamesa Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Kristina A. Godinez, and Pius Xerxes Tovilla, Editors. Copyright 2007. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$625 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *