/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/071022.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 Monday, October 22, 2007, Vol. 8, No. 209 Headlines A U S T R I A AMADE GOURMET: Claims Registration Period Ends Nov. 19 ANDREAS NOESSLBOECK: Claims Registration Period Ends Nov. 12 BVS BETRIEBLICHE: Vienna Court Orders Business Shutdown COLUMBUS IT: Claims Registration Period Ends Nov. 7 HOFKNEIPE LLC: Claims Registration Period Ends Nov. 6 KRISTAK LLC: Claims Registration Period Ends Nov. 5 OTTO MAYERHOFER: Claims Registration Period Ends Nov. 5 WOLFGANG LACKNER: Graz Court Orders Business Shutdown B E L G I U M ADVANCED MICRO: Posts US$396 Mln Net Loss for Third Quarter 2007 ADVANCED MICRO: TRC Capital Offers Mini-Tender of 5 Mln Shares LEVI STRAUSS: S&P Rates US$750MM Revolving Credit Facility at BB F R A N C E CHARLES JOURDAN: Bid Submission Deadline Slated for October 31 DELPHI CORP: Disclosure Statement Hearing Adjourned Until Nov. 8 EUROTUNNEL GROUP: Third Quarter Revenues Decline to EUR214.2 Mln REMY COINTREAU: Posts EUR374.5 Mln Turnover for First Half 2007 G E R M A N Y CHRYSLER LLC: Four Union Locals Reject UAW-Chrysler Labor Pact E-MAC 2006-I: Fitch Rates D Notes at BB+ Despite Trigger Breach E-MAC DE 2006-II: Fitch Rates Class F Notes at BB+ EIA DIRSCHKA: Claims Registration Ends November 12 EISKREM-TIEFKUEHLSERVICE: Claims Registration Ends Nov. 12 FLOWTEX TECHNOLOGIES: State Not Liable for Fraud, Court Rules GEMILUX BAUSYSTEME: Claims Registration Period Ends Nov. 15 GUMBMANN BAU: Creditors' Meeting Slated for November 15 K. STUTER: Claims Registration Ends November 15 LANGENER VERLAGS: Claims Registration Ends November 15 LOOK AGENTUR: Claims Registration Ends November 15 MUEHLE – GLASHUETTE: Creditors' Meeting Slated for November 15 PEP-MOEBEL: Claims Registration Ends Nov. 9 RED HAT: Revenue Growth Cues S&P to Revise Outlook to Positive SCHIEDER-MOEBEL: Claims Registration Ends Nov. 9 SPECTRUM BRANDS: Postpones Strategic Asset Sale SPIELHALLEN-WESTBAHNHOF: Claims Registration Period Ends Nov. 12 STOCK-GUSS GMBH: Claims Registration Period Ends Nov. 10 TECHNICAL OPERATING: Claims Registration Period Ends Nov. 6 THI TIEF: Claims Registration Period Ends Nov. 6 TIEF- UND HOCHBAU: Claims Registration Ends Nov. 7 TJ OSNABRUECK: Claims Registration Period Ends Nov. 6 VIVA POLSTERMOEBEL-WERKE: Claims Registration Ends November 15 WALTER PORTIUS: Claims Registration Period Ends Nov. 13 I R E L A N D CELESTICA INC: Tax Benefit Error Cues Firm to Cut Q2 Earnings COMMSCOPE INC: S&P Affirms Ratings and Removes Negative Watch WINDMILL CLO: Moody's Rates EUR15 Mln Class E Notes at Ba3 I T A L Y ALITALIA SPA: Chairman to Recommend Possible Buyer by Nov. 10 ANDREW CORP: S&P Holds 'BB-' Corporate Credit & Debt Ratings FIAT SPA: European Commission Sets Inquiry Deadline to Nov. 21 K A Z A K H S T A N AYRTAU JOLDARY: Proof of Claim Deadline Slated for Nov. 23 BUILDING GROUPS: Creditors Must File Claims Nov. 23 FYLYM JOLY: Claims Filing Period Ends Nov. 20 GELIOS-ENERGO LLP: Creditors' Claims Due on Nov. 23 IMS-GROUP LLP: Claims Registration Ends Nov. 23 KAZAKHSKAYA AKADEMIYA: Claims Deadline Slated for Nov. 23 ORKEN LLP: Creditors Must File Claims Nov. 23 RENDESERVICE LLP: Claims Filing Period Ends Nov. 27 S.K. COOTON: Creditors' Claims Due on Nov. 23 K Y R G Y Z S T A N KYRGYZSTAN ABA: Creditors' Meeting Slated for October 23 R O M A N I A TIMKEN CO: Invests US$6 Million on Industrial Expansion R U S S I A AUTOMOBILIST OJSC: Creditors Must File Claims by Nov. 6 ELIORATOR CJSC: Orenburg Court Starts Competitive Proceedings GORMOLZAVOD BARYSHSKIJ: Court Hearing Slated for Jan. 21, 2008 GUSEVSKOY CRYSTAL: Creditors Must File Claims by Nov. 6 KINT AND CO: Creditors Must File Claims by Dec. 6 LYUL'PANSKIJ СJSC: Asset Sale Slated for November 6 PRIVATBANK CJSC: Fitch Affirms B IDR on Modest Capitalization RUSAGROCAPITAL OJSC: Court Names Dronov O.V. as Liquidator STROYTEHNIKA OJSC: Court Names Dmitriev P.S. as Liquidator TORGOVAYA MARKA: Creditors Must File Claims by Nov. 6 UNITED FOREST-HARVESTING: Creditors Must File Claims by Nov. 6 VYSOTA OJSC: Asset Sale Slated for November 6 YUKOS OIL: Moscow Court Adds RUR217 Billion to Firm's Tax Bill YUKOS OIL: Court Wants PwC to Provide Tax Evasion Documents S W I T Z E R L A N D BUCHI & CO: Zurich Court Starts Bankruptcy Proceedings DIVERSICUM HOLDING: Creditors' Liquidation Claims Due November 5 G + G JSC: Creditors' Liquidation Claims Due December 24 GUSTAV PFISTER: Zurich Court Closes Bankruptcy Proceedings INVICTUS JSC: Creditors' Liquidation Claims Due November 1 ISOTIS INC: Interim Vote Show LifeSciences Merger Support JAGER SYSTEME: Creditors' Liquidation Claims Due November 30 MARABIS PLUS: Creditors' Liquidation Claims Due November 1 OCHSEN RUTI: Zurich Court Starts Bankruptcy Proceedings RS JSC: Creditors' Liquidation Claims Due November 15 STL MANAGEMENT: Zurich Court Closes Bankruptcy Proceedings U K R A I N E ANIKA SERVICE: Proofs of Claim Deadline Set October 23 AVIA LLC: Proofs of Claim Deadline Set October 23 BEREG LLC: Proofs of Claim Deadline Set October 23 BUDIVELNYK LLC: Proofs of Claim Deadline Set October 23 DVURECHNAYA ENTERPRISE: Creditors Must File Claims by October 23 ELECTRO TECHNICAL: Proofs of Claim Deadline Set October 23 KUPIANSK AGRICULTURAL: Proofs of Claim Deadline Set October 23 LARGOVSKOE BREADRECEIVING: Creditors Must File Claims by Oct. 23 LOZOVAYA EDUCATION-PRODUCTION: Proofs of Claim Due October 23 NAFTOGAZ UKRAINY: Eyes US$200 Million Loan to Repay Gazprom Debt NOVY BUG COMBINE: Proofs of Claim Deadline Set October 23 U N I T E D K I N G D O M ADVANCED MICRO: Posts US$396 Mln Net Loss for Third Quarter 2007 AMR CORP: Earns US$175 Million in Third Quarter Ended Sept. 30 ARROWPLUS LTD: Brings In Liquidators from KPMG BUSINESS UNION: Calls In Liquidators from Tenon Recovery CHEYNE FINANCE: Receivers Declare Insolvency Event HEWITT MROZEK: Joint Liquidators Take Over Operations JTMB REALISATIONS: Taps Liquidators from DTE Leonard Curtis MATRIX TELECOM: Claims Filing Period Ends November 12 MFW PLUMBING: Names Philip Michael Lyon Liquidator PRICEWISE RETAIL: Claims Filing Period Ends November 9 REMY WORLDWIDE: Wants to Assume Caterpillar Inventory Agreement REMY WORLDWIDE: Selects Shearman & Sterling as Lead Counsel REMY WORLDWIDE: Wants to Employ YCS&T As Delaware Counsel ROWAN INTERIORS: Appoints Michael Young as Liquidator S BAILEY: M. H. Abdulali Leads Liquidation Procedure T A SUPPLIES: Failure to Sell Company Cues Voluntary Liquidation TRADE AND INVEST: Calls In Liquidators from DTE Leonard Curtis TTV FACILITIES: Taps Liquidators from Tenon Recovery * BOND PRICING: For the Week Oct. 15 to Oct. 19, 2007 ********* ============= A U S T R I A ============= AMADE GOURMET: Claims Registration Period Ends Nov. 19 ------------------------------------------------------ Creditors owed money by LLC amade gourmet (FN 62494d) have until Nov. 19 to file written proofs of claim to court-appointed estate administrator Michael Pallauf at: Dr. Michael Pallauf Petersbrunnstrasse 13 5020 Salzburg Austria Tel: 0662/841202 Fax: 0662/841202-50 E-mail: officesalzburg@aaa-law.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on Nov. 29 for the examination of claims. The meeting of creditors will be held at: The Land Court of Salzburg Room 221 Second Floor Salzburg Austria Headquartered in Siezenheim, Austria, the Debtor declared bankruptcy on Sept. 18 (Bankr. Case No. 23 S 70/07z). ANDREAS NOESSLBOECK: Claims Registration Period Ends Nov. 12 ------------------------------------------------------------ Creditors owed money by LLC Andreas Noesslboeck (FN 55015f) have until Nov. 12 to file written proofs of claim to court-appointed estate administrator Thomas Kurz at: Mag. Thomas Kurz Roseggerstrasse 58 4020 Linz Austria Tel: 78 43 31-0 Fax: 78 43 31-57 E-mail: manuela.winkelmayr@haslinger-nagele.com Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on Nov. 26 for the examination of claims. The meeting of creditors will be held at: The Land Court of Linz Room 522 Fifth Floor Linz Austria Headquartered in Rohrbach, Austria, the Debtor declared bankruptcy on Sept. 18 (Bankr. Case No. 12 S 76/07z). BVS BETRIEBLICHE: Vienna Court Orders Business Shutdown ------------------------------------------------------- The Trade Court of Vienna entered Sept. 19 an order shutting down the business of LLC BVS Betriebliche Vorsorge (FN 136687k). Court-appointed estate administrator Eva Riess 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. Eva Riess c/o Mag. Nikolaus Vogt Zeltgasse 3/13 1080 Vienna Austria Tel: 402 57 01 33 Fax: 402 57 01 21 E-mail: law@riess.co.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Sept. 4 (Bankr. Case No 2 S 117/07d). Nikolaus Vogt represents Dr. Riess in the bankruptcy proceedings. COLUMBUS IT: Claims Registration Period Ends Nov. 7 --------------------------------------------------- Creditors owed money by LLC COLUMBUS IT Partner (FN 153910p) have until Nov. 7 to file written proofs of claim to court- appointed estate administrator Susi Pariasek at: Dr. Susi Pariasek c/o Mag. Beate Holper Gonzagagasse 15 1010 Vienna Austria Tel: 533 28 55 Fax: 533 28 55 28 E-mail: office@anwaltwien.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on Nov. 21 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1707 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Sept. 17 (Bankr. Case No. 2 S 123/07m). Beate Holper represents Dr. Pariasek in the bankruptcy proceedings. HOFKNEIPE LLC: Claims Registration Period Ends Nov. 6 ----------------------------------------------------- Creditors owed money by LLC HOFKNEIPE (FN 145076y) have until Nov. 6 to file written proofs of claim to court-appointed estate administrator Christopher Schuster at: Mag. Christopher Schuster Fabrikstrasse 3 4020 Linz Austria Tel: 0732/773333-0 Fax: 0732/773333-44 E-mail: ra-schuster@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on Nov. 20 for the examination of claims. The meeting of creditors will be held at: The Land Court of Linz Hall 522 Fifth Floor Linz Austria Headquartered in Linz, Austria, the Debtor declared bankruptcy on Sept. 18 (Bankr. Case No. 38 S 49/07w). KRISTAK LLC: Claims Registration Period Ends Nov. 5 --------------------------------------------------- Creditors owed money by LLC Kristak (FN 275497v) have until Nov. 5 to file written proofs of claim to court-appointed estate administrator Hannelore Pitzal at: Dr. Hannelore Pitzal c/o Mag. Katharina Pitzal Paulanergasse 9 1040 Vienna Austria Tel: 587 31 11 Fax: 587 87 50-50 E-mail: office@pitzal-partner.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on Nov. 19 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1705 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Sept. 14 (Bankr. Case No. 3 S 116/07i). Katharina Pitzal represents Dr. Pitzal in the bankruptcy proceedings. OTTO MAYERHOFER: Claims Registration Period Ends Nov. 5 ------------------------------------------------------- Creditors owed money by LLC Otto Mayerhofer (FN 97435m) have until Nov. 5 to file written proofs of claim to court-appointed estate administrator Stefan Langer at: Dr. Stefan Langer c/o Mag. Martin Honemann Oelzeltgasse 4 1030 Vienna Austria Tel: 712 63 02 Fax: 712 61 92-22 E-mail: kanzlei@kosesnik-langer.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:15 a.m. on Nov. 19 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1705 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Sept. 14 (Bankr. Case No. 3 S 117/07m). Martin Honemann represents Dr. Langer in the bankruptcy proceedings. WOLFGANG LACKNER: Graz Court Orders Business Shutdown ----------------------------------------------------- The Land Court of Graz entered Sept. 17 an order shutting down the business of KG Wolfgang Lackner & Partner (FN 223820y). Court-appointed estate administrator Candidus Cortolezis 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. Candidus Cortolezis Hauptplatz 14 8010 Graz Austria Tel: 0316/813973 Fax: 0316/8477970 E-mail: office@cortolezis.com Headquartered in Graz - Strassgang, Austria, the Debtor declared bankruptcy on Sept. 14 (Bankr. Case No 26 S 70/07z). ============= B E L G I U M ============= ADVANCED MICRO: Posts US$396 Mln Net Loss for Third Quarter 2007 ---------------------------------------------------------------- Advanced Micro Devices, Inc. reported an operating loss of US$226 million, and a net loss of US$396 million for the third quarter 2007. In the third quarter, AMD reported third quarter 2007 revenue of US$1.632 billion, an 18 percent increase compared to the second quarter of 2007 and a 23 percent improvement compared to the third quarter of 2006. Third quarter results include a negative impact of US$120 million, or US$0.22 per share, due to ATI acquisition-related, integration and severance charges and impairment of assets. In the second quarter of 2007, AMD reported revenue of US$1.378 billion and an operating loss of US$457 million. In the third quarter of 2006, AMD reported revenue of US$1.328 billion and operating income of US$121 million. “We are encouraged by the progress we made in our third quarter financial results. We delivered a strong revenue increase, gained 8 percentage points of gross margin and reduced our operating loss by more than half,” said Robert J. Rivet, AMD’s chief financial officer. “We sold a record number of microprocessors through our distribution channel and began revenue shipments of Quad-core AMD Opteron processors in the quarter. “Graphics segment revenue increased 29 percent sequentially, as customers increasingly adopted AMD’s new ATI Radeon HD 2000 series of graphics processors.” Third quarter charges of US$120 million consisted of ATI acquisition-related, integration and severance charges of US$78 million and asset impairments of US$42 million associated with AMD’s ownership of Spansion, Inc. common stock. Third quarter 2007 gross margin was 41 percent, compared to 33 percent in the second quarter of 2007 and 51 percent in the third quarter of 2006. The increase from the prior quarter was due to increased microprocessor unit shipments, manufacturing efficiencies, improved inventory management, and a richer product mix in the Computing Solutions and Graphics segments. Computing Solutions Third quarter Computing Solutions segment revenue was US$1.283 billion, a 17 percent sequential increase. The increase was driven primarily by a 19 percent increase in microprocessor revenue. Microprocessor unit shipments increased 16 percent sequentially. Mobile processor unit shipment growth remained strong, increasing 41 percent sequentially and 68 percent year- over-year. Graphics Graphics segment revenue of US$252 million grew 29 percent from the second quarter of 2007. The success of the new ATI Radeon HD 2000 series of graphics processors led to increased unit shipments and revenue. Consumer Electronics Third quarter Consumer Electronics segment revenue was US$97 million, compared with US$85 million in the second quarter of 2007 driven by improved handheld unit sales and increased game console royalties. Current Outlook AMD’s outlook statements are based on current expectations. The following statements are forward looking, and actual results could differ materially depending on market conditions and the factors set forth under “Cautionary Statement” below. In the seasonally up fourth quarter, AMD expects revenue to increase in line with seasonality. About AMD Advanced Micro Devices Inc. -- http://www.amd.com/-- (NYSE: AMD) designs and manufactures microprocessors and other semiconductor products. The company has a facility in Singapore. It has sales offices in Belgium, France, Germany, the United Kingdom, Mexico and Brazil. * * * As reported in the Troubled Company Reporter on Aug. 14, 2007, Standard & Poor's Ratings Services affirmed its B/Negative/-- corporate credit rating on Sunnyvale, California-based Advanced Micro Devices Inc. At the same time, S&P assigned its 'B' rating to the company's US$1.5 billion 5.75% senior convertible notes due 2012, and raised the rating on the company's existing senior unsecured debt to 'B' from 'B-', because the company no longer has secured debt in its capital structure. As reported in the Troubled Company Reporter on Aug. 13, 2007, Fitch Ratings has assigned a 'CCC+/RR6' rating to Advanced Micro Devices Inc.'s private placement of US$1.5 billion 5.75% convertible senior notes due 2012. The 'CCC+/RR6' rating also applies to up to US$225 million of additional notes issued within the next 30 days to cover over-allotments. The 'BB-/RR2' rating on AMD's US$1.69 billion Term Loan B due 2010 is affirmed and withdrawn, as the company will use net proceeds from debt issuance, as well as available cash, to fully repay the term loan. Fitch also affirmed the company's Issuer Default Rating at 'B'; and Senior unsecured debt at 'CCC+/RR6'. As reported in the Troubled Company Reporter on July 26, 2007, Standard & Poor's Ratings Services affirmed its 'B/Negative/--' corporate credit rating on Sunnyvale, California-based Advanced Micro Devices Inc. At the same time, Standard & Poor's lowered the rating on the company's 7.75% senior notes due 2012 to 'B-' from 'BB-', which is now rated the same as the company's other senior unsecured notes, reflecting release of the collateral securing the issue. ADVANCED MICRO: TRC Capital Offers Mini-Tender of 5 Mln Shares -------------------------------------------------------------- Advanced Micro Devices Inc. has been notified of a "mini-tender" offer by TRC Capital Corporation to purchase up to 5 million shares of the company’s common stock, which represents about .90 percent of its outstanding shares. AMD cautions its stockholders that TRC's unsolicited “mini- tender” offer of US$13.25 per share was more than 5 percent below the US$14.02 per share closing price of AMD stock on October 10, 2007, the day before the “mini-tender” offer was commenced and about 9 percent below the US$14.55 per share closing price of AMD stock on October 18, 2007. AMD recommends against tendering shares in response to this unsolicited below-market offer. AMD does not in any way recommend or endorse the TRC Capital Corporation “mini-tender” offer, and AMD is in no way associated with TRC Capital Corporation, the “mini-tender” offer or the offer documentation. TRC Capital has a history of making “mini-tender” offers for the shares of other companies for its profit. These offers are devised to seek less than 5 percent of a company's outstanding shares, thereby avoiding many procedural and disclosure requirements of the U.S. Securities and Exchange Commission because they are below the SEC's threshold to provide such disclosure and procedural protections for investors. The SEC has issued an investor alert regarding these “mini- tender” offers, noting that "some bidders make “mini-tender” offers at below-market prices, hoping that they will catch investors off guard if the investors do not compare the offer price to the current market price." Investors are urged to consult with their broker or financial advisor on such matters. AMD stockholders who have already tendered are advised that they may withdraw their shares by providing the written notice described in the TRC Capital Corporation offering documents prior to the expiration of the offer currently scheduled for 12:01 a.m., New York City time, on Friday, November 9, 2007. About AMD Advanced Micro Devices Inc. -- http://www.amd.com/-- (NYSE: AMD) designs and manufactures microprocessors and other semiconductor products. The company has a facility in Singapore. It has sales offices in Belgium, France, Germany, the United Kingdom, Mexico and Brazil. * * * As reported in the Troubled Company Reporter on Aug. 14, 2007, Standard & Poor's Ratings Services affirmed its B/Negative/-- corporate credit rating on Sunnyvale, California-based Advanced Micro Devices Inc. At the same time, S&P assigned its 'B' rating to the company's US$1.5 billion 5.75% senior convertible notes due 2012, and raised the rating on the company's existing senior unsecured debt to 'B' from 'B-', because the company no longer has secured debt in its capital structure. As reported in the Troubled Company Reporter on Aug. 13, 2007, Fitch Ratings has assigned a 'CCC+/RR6' rating to Advanced Micro Devices Inc.'s private placement of US$1.5 billion 5.75% convertible senior notes due 2012. The 'CCC+/RR6' rating also applies to up to US$225 million of additional notes issued within the next 30 days to cover over-allotments. The 'BB-/RR2' rating on AMD's US$1.69 billion Term Loan B due 2010 is affirmed and withdrawn, as the company will use net proceeds from debt issuance, as well as available cash, to fully repay the term loan. Fitch also affirmed the company's Issuer Default Rating at 'B'; and Senior unsecured debt at 'CCC+/RR6'. As reported in the Troubled Company Reporter on July 26, 2007, Standard & Poor's Ratings Services affirmed its 'B/Negative/--' corporate credit rating on Sunnyvale, California-based Advanced Micro Devices Inc. At the same time, Standard & Poor's lowered the rating on the company's 7.75% senior notes due 2012 to 'B-' from 'BB-', which is now rated the same as the company's other senior unsecured notes, reflecting release of the collateral securing the issue. LEVI STRAUSS: S&P Rates US$750MM Revolving Credit Facility at BB ---------------------------------------------------------------- Standard & Poor's Ratings Services assigned its bank loan and recovery ratings to San Francisco, California-based Levi Strauss & Co.'s US$750 million asset-based revolving credit facility due 2012. The facility is rated 'BB' with a recovery rating of '1', indicating the expectation for very high (90-100%) recovery in the event of a payment default. "The 'BB' issue rating reflects the incorporation of recovery in the secured issue-level rating as well as the increase in the size of the facility," said Standard & Poor's credit analyst Susan Ding. The rating is based on preliminary offering statements and is subject to review upon final documentation. =========== F R A N C E =========== CHARLES JOURDAN: Bid Submission Deadline Slated for October 31 -------------------------------------------------------------- The Commercial Court of Romans-sur-Isere in Drome, France, has put French luxury shoe maker Charles Jourdan up for sale, the Financial Times reports, citing Les Echos and Le Figaro. According to Le Figaro, interested buyers have until Oct. 31, 2007, to submit their bids. A decision is due to be released on Nov. 23, 2007. Headquartered in Romans Sur Isere, Charles Jourdan -- http://www.charles-jourdan.fr/-- manufactures footwear. As previously reported in the TCR-Europe on Oct. 2, 2007, the court placed Charles Jourdan in compulsory administration on Sept. 12, 2007, after it filed for redressment judiciaire, the French equivalent of Chapter 11 bankruptcy protection, for the second time. The company first filed for bankruptcy on Aug. 22, 2005. Avendis and Finaluxe bought the company on Nov. 2, 2005. DELPHI CORP: Disclosure Statement Hearing Adjourned Until Nov. 8 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York rescheduled to Nov. 8, 2007, the hearing to consider the adequacy of the disclosure statement explaining Delphi Corp.'s plan of reorganization. The Adequacy Hearing commenced October 3, and was initially slated to continue October 25. Delphi sought adjournment of the Adequacy Hearing to permit the company to continue negotiating potential plan amendments with key stakeholders, make appropriate amendments to both its settlement with General Motors Corp. and the Equity Purchase Commitment Agreement, and continue discussions with potential exit lenders. Delphi will file a notice of changed pages to the Disclosure Statement on October 29, 2007, including information regarding proposed amendments to the Disclosure Statement, the Plan, the GM settlement and the EPCA. Headquartered in Troy, Mich., Delphi Corporation (OTC: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of Mar. 31, 2007, the Debtors' balance sheet showed $11,446,000,000 in total assets and $23,851,000,000 in total debts. The Debtors' exclusive plan-filing period expires on Dec. 31, 2007. On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan of Reorganization and a Disclosure Statement explaining that Plan. (Delphi Bankruptcy News, Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) EUROTUNNEL GROUP: Third Quarter Revenues Decline to EUR214.2 Mln ---------------------------------------------------------------- Eurotunnel Group (aka Groupe Eurotunnel S.A.) released its financial results for the third quarter and nine months ended Sept. 30, 2007. Eurotunnel's pro forma revenues for the third quarter ended Sept. 30, 2007 is at EUR214.2 million compared to EUR217.5 million revenues for the same period in 2006, a 2% decline in spite of the loss of the guaranteed payments minimum usage charge (MUC) from the railways. This is due to the substantial increase in revenues from shuttle services but also in those from the railways without the MUC. Shuttle services revenues is at EUR140.6 million for the third quarter of 2007, due mainly to the strong traffic growth from truck and car activities. According to the company, the growth in truck traffic was strengthened by the Rugby World Cup. Railways revenue is at EUR70.1 million for the third quarter of 2007. For the nine months ended Sept. 30, 2007, Eurotunnel's revenues was EUR587.3 million compared with the EUR621.6 million revenues for the same period in 2006. "A favorable climate in the third quarter has enabled us to consolidate Eurotunnel's substantial and consistent growth since the start of the year. 2007 looks set to be an excellent year for Eurotunnel," Jacques Gounon, chairman and CEO of Groupe Eurotunnel disclosed. About Eurotunnel Headquartered in Folkestone, United Kingdom and Calais, France, Eurotunnel Group (aka Groupe Eurotunnel S.A.) -- http://www.eurotunnel.co.uk/-- operates a fleet of 25 shuttle trains, which carry cars, coaches and trucks. It manages the infrastructure of the Channel Tunnel and receives toll revenues from train operating companies whose trains pass through the Tunnel. The British and French governments have granted Eurotunnel a concession to operate the Channel Tunnel until 2086. Eurotunnel Group files reports in the U.S. Securities and Exchange Commission under the names of Eurotunnel PLC (ETNUF.PK) and Eurotunnel S.A. (ETTFF.PK). At Dec. 31, 2006, Eurotunnel's balance sheet showed GBP5.25 billion in total assets, GBP6.56 billion in total liabilities and GBP1.32 billion in shareholders' deficit. Safeguard Protection Eurotunnel obtained Aug. 2, 2006, an order placing the channel operator under the protection of the Court pursuant to the new safeguard legislation (Procedure de sauvegarde). At the end of 2006, the group's creditors and bondholders approved a plan to decrease its GBP6.2 billion debt to GBP2.84 billion. On Jan. 15, 2007, the Court approved Eurotunnel's safeguard plan, backed by the court-appointed representatives to the company and to the creditors. For the first half ended June 30, 2007, Group Eurotunnel posted net loss of EUR32 million compared with a net loss of EUR105 million for the same period in 2006. Since the completion at the end of June 2007 of the exchange tender offer launched by Groupe Eurotunnel SA, TNU SA and TNU PLC (fka Eurotunnel S.A. and Eurotunnel Plc) and their subsidiaries TNU became a subsidiary of Groupe Eurotunnel SA. REMY COINTREAU: Posts EUR374.5 Mln Turnover for First Half 2007 --------------------------------------------------------------- In the first six months of the 2007/2008 financial year ended Sept. 30, 2007, Remy Cointreau’s consolidated turnover is EUR374.5 million. This represented year-on-year organic growth of 9.8%. The six months of the year was marked by strong growth in the Group’s own brands (10.7% organic growth) and accelerated growth in several Asian and European countries. Divisional analysis: (EUR millions) 6 months to 6 months to % Change Sept. 30, Sept. 30, Published Organic* 2007 2006 -------------- ----------- ----------- ------------------- Cognac 167.5 155.8 + 7.5 + 13.0 Liqueurs & Spirits 102.1 99.5 + 2.6 + 4.9 Champagne 60.3 53.4 + 13.0 + 14.8 Sub-total 329.9 308.7 + 6.9 + 10.7 Partner Brands 44.6 45.7 - 2.5 + 3.7 ---- ---- ----- ----- Total 374.5 354.4 + 5.7 + 9.8 *On a like-for-like basis Cognac Remy Martin confirmed its good first quarter performance over the full six months of the year. Top-of-the-range cognacs continued to post strong growth, especially in Asia and Europe. Their growth rate again benefited in the last quarter from the effect of an enhanced Group structure due to the logistical platform established in November 2006 in Shanghai. Coeur de Cognac was launched at the end of September. It will consolidate Remy Martin’s range in major European markets. Liqueurs & Spirits - All the brands in the Liqueurs & Spirits division registered growth, particularly Cointreau in Europe, Metaxa in Eastern Europe and Russia, and Passoa in France and Benelux. Champagne There was an excellent performance from the Piper-Heidsieck and Charles Heidsieck champagnes in the second quarter, reflecting early orders for Christmas and the New Year holidays. The US and Europe confirmed their growth potential. Partner brands The development of Imperia vodka in the US and growth by Scotch whiskies and Californian wines all contributed to progressive sales. Driven by the Group’s value strategy, performance in the first six months of the year is in line with our guidance of significant organic growth in operating profitability for the 2007/2008 financial year. Headquartered in Cognac, France, Remy Cointreau -- http://www.remycointreau.com/-- offers a range of premium wine and spirit brands, known and recognized throughout the world. These brands include, among others, Remy Martin, Cointreau, Passoa, Metaxa, Mount Gay Rum, Charles Heidsieck and Piper- Heidsieck. * * * As reported in the Troubled Company Reporter-Europe on July 11, 2007, Moody's Investors Services changed the outlook of Remy Cointreau SA to stable from negative and affirmed the ratings - Corporate Family Rating at Ba2, senior unsecured at Ba2 and LGD assessment at LGD4. ============= G E R M A N Y ============= CHRYSLER LLC: Four Union Locals Reject UAW-Chrysler Labor Pact -------------------------------------------------------------- Four large union locals, representing a majority vote of Chrysler's 45,000 union members, rejected the United Auto Workers union's pact with Chrysler LLC over the weekend, according to various reports. Locals from Delaware, Missouri and Ohio turned down the pact on Saturday while a Detroit local with 2,200 UAW members, vetoed it on Sunday. Reports say the UAW-Chrysler pact failed to be ratified by 54% of the members of the UAW Local 1183, in Newark, Delaware. About 79% production workers and 66% skilled trade workers of the 2,900-member Local 110 in Fenton, Missouri, turned down the pact. Union locals who vetoed the deal include the Detroit Axle plant, the St. Louis North pick up plant and a stamping plant in Twinsburg, Ohio. On the other hand, UAW Local 868 in Georgia, which represents just 94 members, accepted the labor contract. Approximately 78% members of Local 72, a union local with 800 workers in Kenosha, Wisconsin, voted yes, while 22% were against the deal. As reported in the Troubled Company Reporter on Oct. 19, 2007, Bill Parker, Chair of the 2007 UAW Chrysler National Negotiating Committee, who voted against the new tentative labor agreement between Chrysler LLC and the United Auto Workers union, released a minority report to the members of the UAW Chrysler Council, urging the Council to reject Chrysler's offer and let the Committee return to the bargaining table. As previously reported, the UAW Chrysler Council, which includes local union leaders from Chrysler LLC facilities throughout the U.S., voted overwhelmingly to recommend ratification of the tentative agreement reached on Oct. 10, 2007. Mr. Parker, however, disclosed that the National Negotiating Committee had a split vote on the contract. About Chrysler LLC Headquartered in Auburn Hills, Michigan, Chrysler LLC -- http://www.chrysler.com/-- offers cars and minivans, pick-up trucks, sport utility vehicles, and vans under the Chrysler, Jeep, and Dodge brand names. It also sells parts and accessories under the MOPAR brand. The company has dealers worldwide, including Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil, Venezuela, China, Japan and Australia. * * * On Oct. 1, 2007, Standard & Poor's Ratings Services placed its corporate credit ratings on Chrysler LLC and DaimlerChrysler Financial Services Americas LLC on CreditWatch with positive implications. As reported in the Troubled Company Reporter on Aug. 8, 2007, Standard & Poor's Ratings Services revised its loan and recovery ratings on Chrysler LLC (B/Negative/--), including a 'BB-' rating to the $5 billion "first-out" first-lien term loan tranche. This rating, two notches above the corporate credit rating of 'B' on Chrysler LLC, and the '1' recovery rating indicate S&P's expectation for very high recovery in the event of payment default. S&P also assigned a 'B' rating to the $5 billion "second-out" first-lien term loan tranche. This rating, the same as the corporate credit rating, and the '3' recovery rating indicate S&P's expectation for a meaningful recovery in the event of payment default. Moody's Investors Service has affirmed Chrysler Automotive LLC's B3 Corporate Family Rating, and the Caa1 rating of the company's $2 billion senior secured, second lien term loan in connection with Monday's closing of DaimlerChrysler AG's sale of a majority interest of Chrysler Group to Cerberus Capital Management LLC. E-MAC 2006-I: Fitch Rates D Notes at BB+ Despite Trigger Breach --------------------------------------------------------------- Fitch Ratings has affirmed all 6 tranches of E-MAC DE 2006-I B.V. The Outlooks on all tranches of the German RMBS transactions remain Stable. E-MAC DE 2006-I, originated by GMAC-RFC Bank GmbH, is experiencing relatively high arrears, with loans in arrears of more than three months accounting for 2.86% of the outstanding portfolio. However, there is a structural trigger in this transaction such that when arrears exceed 2% of the outstanding balance, the reserve fund is expected to increase to 1.9% of the initial balance until the breach is cured, which will provide additional credit to the noteholders. Since this trigger was breached, in May 2007, the reserve fund target has been raised to 1.9% of the initial note balance and the fund has been building accordingly, presently standing at 1.61%. The deal is prepaying slowly, which has limited the growth in credit enhancement. This could be due in part to the originator having the right to grant further advances to borrowers by entering into a new loan agreement with them. Nevertheless, certain conditions are in place to mitigate deterioration of the pool, such as the weighted-average current loan-to-value ratio must not exceed 116.4% and no more than 2% of the aggregate outstanding principal amount of the mortgages may be more than three months in arrears. Since the arrears trigger has been breached, the originator will not be able to grant further advances to borrowers, which might increase the prepayment rates in future. E-MAC DE 2006-I B.V.: -- Class A (ISIN XS0257589860): affirmed at 'AAA', Outlook Stable -- Class B (ISIN XS0257590876): affirmed at 'AA-', Outlook Stable -- Class C (ISIN XS0257591338): affirmed at 'A-', Outlook Stable -- Class D (ISIN XS0257592062): affirmed at 'BBB+', Outlook Stable -- Class E (ISIN XS0257592575): affirmed at 'BBB-', Outlook Stable -- Class F (ISIN XS0257704717): affirmed at 'BB+', Outlook Stable E-MAC DE 2006-II: Fitch Rates Class F Notes at BB+ -------------------------------------------------- Fitch Ratings has affirmed all 7 tranches of E-MAC DE 2006-II B.V. The Outlooks on all tranches of the German RMBS transactions remain Stable. E-MAC DE 2006-II, the latest securitization in this series, is performing well with three-months plus arrears at 1.22%. This transaction included a three-month pre-funding period. However, there is a structural trigger in this transaction such that when arrears exceed 2% of the outstanding balance, the reserve fund is expected to increase to 1.9% of the initial balance until the breach is cured, which will provide additional credit to the noteholders. Since this trigger was breached, in May 2007, the reserve fund target has been raised to 1.9% of the initial note balance and the fund has been building accordingly, presently standing at 1.61%. The deal is prepaying slowly, which has limited the growth in credit enhancement. This could be due in part to the originator having the right to grant further advances to borrowers by entering into a new loan agreement with them. Nevertheless, certain conditions are in place to mitigate deterioration of the pool, such as the weighted-average current loan-to-value ratio must not exceed 116.4% and no more than 2% of the aggregate outstanding principal amount of the mortgages may be more than three months in arrears. Since the arrears trigger has been breached, the originator will not be able to grant further advances to borrowers, which might increase the prepayment rates in future. The rating actions are: E-MAC DE 2006-II B.V.: -- Class A1 (ISIN XS0276932539): affirmed at 'AAA', Outlook Stable -- Class A2 (ISIN XS0276933347): affirmed at 'AAA', Outlook Stable -- Class B (ISIN XS0276933859): affirmed at 'AA-', Outlook Stable -- Class C (ISIN XS0276934667): affirmed at 'A-', Outlook Stable -- Class D (ISIN XS0276935045): affirmed at 'BBB', Outlook Stable -- Class E (ISIN XS0276936019): affirmed at 'BBB-', Outlook Stable -- Class F (ISIN XS0276936951): affirmed at 'BB+', Outlook Stable EIA DIRSCHKA: Claims Registration Ends November 12 -------------------------------------------------- Creditors of EIA Dirschka & Co. Elektroinstallation und Anlagenbau GmbH have until Nov. 12 to register their claims with court-appointed insolvency manager Michael C. Frege. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Dec. 12, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Leipzig Hall 145 Ground Floor Enforcement Court Bernhard Goering Strasse 64 04275 Leipzig Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Michael C. Frege Augustusplatz 9 04109 Leipzig Germany Tel: 0341/2167225 Fax: 0341/2167232 E-mail: insolvenz@cms-hs.com The District Court of Leipzig opened bankruptcy proceedings against EIA Dirschka & Co. Elektroinstallation und Anlagenbau GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: EIA Dirschka & Co. Elektroinstallation und Anlagenbau GmbH Attn: Siegfried Simon, Manager Bornaer Strasse 20 04288 Leipzig Germany EISKREM-TIEFKUEHLSERVICE: Claims Registration Ends Nov. 12 ---------------------------------------------------------- Creditors of Eiskrem-Tiefkuehlservice Wi-Ma GmbH have until Nov. 12 to register their claims with court-appointed insolvency manager Dr. Birger Wilhelm. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on Nov. 23, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Eutin Hall B First Stick Jungfernstieg 3 23701 Eutin 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. Birger Wilhelm Roeckstrasse 1 23568 Luebeck Germany The District Court of Eutin opened bankruptcy proceedings against Eiskrem-Tiefkuehlservice Wi-Ma GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Eiskrem-Tiefkuehlservice Wi-Ma GmbH Attn: Jens Marienfeld und Stephan Marienfeld, Manager Schwartauer Strasse 104 23611 Sereetz Germany FLOWTEX TECHNOLOGIES: State Not Liable for Fraud, Court Rules ------------------------------------------------------------- The Higher Regional Court of Karlsruhe has ruled that the German state of Baden-Wurttemberg is not liable for the fraud at bankrupt drilling equipment manufacturer Flowtex Technologies GmbH, which is estimated to have caused EUR1.8 billion of damage, Bloomberg News reports. Flowtex's 113 creditors and three insolvency administrators sought EUR1.1 billion (US$1.6 billion) in compensation alleging government tax authorities uncovered the fraud during audits of the company between 1995 and 1997 and did not take action, Bloomberg relates. However, "after reviewing 17,000 pages of documents, we couldn't come to the conclusion that a state tax auditor really understood what was going on and just went on working as if nothing happened," presiding judge Judge Michael Zoeller was quoted by Bloomberg as saying. Eberhard Braun, an attorney for the creditors, told Bloomberg he has yet to analyze the ruling before deciding whether to petition for an appeal. The case is docketed under Case No. 12 U 208/05. In 2000, Flowtex filed for bankruptcy after it was discovered that the company's managers sold thousands of non-existent drilling systems to leasing companies. As reported in the TCR-Europe on Dec. 20, 2001, the Mannheim court sentenced chief executive Manfred Schmider to 12 years in jail for his role in some 2,700 bogus leasing deals. His former business partner, Klaus Kleiser, was also sentenced to serve nine and a half years behind bars. Two other partners, among them the ex-CFO of Flowtex, were sentenced to six and a half and seven and a half years in prison. In 2002, Mr. Schmider's lawyer has pleaded for a reduction of his sentence to less than six-and-a-half years. According to Bloomberg, Mr. Schmider was released on probation on Oct. 2, 2007, after serving two-thirds of his sentence. GEMILUX BAUSYSTEME: Claims Registration Period Ends Nov. 15 ----------------------------------------------------------- Creditors of GEMILUX Bausysteme GmbH have until Nov. 15 to register their claims with court-appointed insolvency manager Matthias Landwehr. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Detmold Meeting Room 12 Ground Floor Gerichtsstr. 6 32756 Detmold 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: Matthias Landwehr Gerichtsstr. 12 32791 Lage Germany The District Court of Detmold opened bankruptcy proceedings against GEMILUX Bausysteme GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: GEMILUX Bausysteme GmbH Liemer Heide 34 32657 Lemgo Germany Attn: Sebastian Stelze, Manager Suedfeldstr. 6 a 32602 Vlotho Germany GUMBMANN BAU: Creditors' Meeting Slated for November 15 ------------------------------------------------------- The court-appointed insolvency manager for Gumbmann Bau GmbH & Co. KG, Dr. Siegfried Beck, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 2:45 p.m. on Nov. 15. The meeting of creditors and other interested parties will be held at: The District Court of Fuerth Room 216 Second Floor Office Building Baumenstrasse 28 Fuerth Germany The Court will also verify the claims set out in the insolvency manager's report at 2:00 p.m. on Jan. 24, 2008, at the same venue. Creditors have until Nov. 23 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Siegfried Beck Stahlstr. 17 90411 Nuremberg Germany Tel: 0911/9512850 Fax: 0911/95128510 The District Court of Fuerth opened bankruptcy proceedings against Gumbmann Bau GmbH & Co. KG on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Gumbmann Bau GmbH & Co. KG Vacher Str. 20 91074 Herzogenaurach Germany K. STUTER: Claims Registration Ends November 15 ----------------------------------------------- Creditors of K. Stuter GmbH & Co.KG have until Nov. 15 to register their claims with court-appointed insolvency manager Andreas Fischer. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Baden-Baden Hall 009a Ground Floor Gutenbergstr. 17 76532 Baden-Baden 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: Andreas Fischer Erbprinzenstr. 27 76133 Karlsruhe Germany The District Court of Baden-Baden opened bankruptcy proceedings against K. Stuter GmbH & Co.KG on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: K. Stuter GmbH & Co.KG Attn: Karl-Heinz Stuter, Manager Stadtbahn 1-25 76547 Sinzheim Germany LANGENER VERLAGS: Claims Registration Ends November 15 ------------------------------------------------------ Creditors of Langener Verlags-GmbH have until Nov. 15 to register their claims with court-appointed insolvency manager Diana Aurich. Creditors and other interested parties are encouraged to attend the meeting at 9:05 a.m. on Dec. 6, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Offenbach am Main Hall 166N Building K18 First Floor Kaiserstrasse 16-18 63065 Offenbach am Main Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Diana Aurich Wilhelmstrasse 11 63225 Langen Germany Tel: 06103-8044298 Fax: 06103-8044335 The District Court of Offenbach am Main opened bankruptcy proceedings against Langener Verlags-GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Langener Verlags-GmbH Attn: Karlheinz Stornfels, Manager Robert-Bosch-Str. 13 63225 Langen Germany LOOK AGENTUR: Claims Registration Ends November 15 -------------------------------------------------- Creditors of LOOK Agentur-Polstermoebel mit Funktion Verwaltungs-GmbH have until Nov. 15 to register their claims with court-appointed insolvency manager Dr. Biner Bahr. Creditors and other interested parties are encouraged to attend the meeting on Nov. 22, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Detmold Hall 10a Gerichtsstr. 6 32756 Detmold Germany The Court will also verify the claims set out in the insolvency manager's report on Dec. 6, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Biner Bahr Graf-Adolf-Platz 15 40213 Duesseldorf Germany The District Court of Detmold opened bankruptcy proceedings against LOOK Agentur-Polstermoebel mit Funktion Verwaltungs-GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: LOOK Agentur-Polstermoebel mit Funktion Verwaltungs-GmbH Eimterstr. 124 32049 Herford Germany Attn: Karl-Heinz Rahrbach, Manager Schwoenkamp 6 32479 Hille Germany MUEHLE – GLASHUETTE: Creditors' Meeting Slated for November 15 -------------------------------------------------------------- The court-appointed insolvency manager for Muehle - Glashuette GmbH nautische Instrumente und Feinmechanik, Helgi Heumann, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:30 a.m. on Nov. 15. The meeting of creditors and other interested parties will be held at: The District Court of Dresden Hall D131 Olbrichtplatz 1 01099 Dresden Germany The Court will also verify the claims set out in the insolvency manager's report at 10:15 a.m. on Dec. 6, at the same venue. Creditors have until Nov. 23 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Helgi Heumann Koenigsbruecker Str. 31/33 01099 Dresden Germany E-mail: http://www.raheumann.de/ The District Court of Dresden opened bankruptcy proceedings against Muehle - Glashuette GmbH nautische Instrumente und Feinmechanik on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Muehle - Glashuette GmbH nautische Instrumente und Feinmechanik Attn: Thilo Muehle, Manager Mueglitztalstr. 7 01768 Glashuette Germany PEP-MOEBEL: Claims Registration Ends Nov. 9 ------------------------------------------- Creditors of PEP-Moebel Vertriebsgesellschaft mbH & Co. KG have until Nov. 9 to register their claims with court-appointed insolvency manager Sylvia Fiebig. Creditors and other interested parties are encouraged to attend the meeting at 10:45 a.m. on Nov. 30, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Detmold Meeting Room 12 Ground Floor Gerichtsstr. 6 32756 Detmold 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: Sylvia Fiebig Jungfernstieg 51 20354 Hamburg Germany The District Court of Detmold opened bankruptcy proceedings against PEP-Moebel Vertriebsgesellschaft mbH & Co. KG on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PEP-Moebel Vertriebsgesellschaft mbH & Co. KG Bahnhofstr. 9 32816 Schieder-Schwalenberg Germany RED HAT: Revenue Growth Cues S&P to Revise Outlook to Positive -------------------------------------------------------------- Standard & Poor's Ratings Services revised its outlook on Raleigh, North Carolina-based Red Hat Inc. to positive from stable and affirmed the ratings, including the 'B+' corporate credit rating. The outlook revision reflects Red Hat's consistent growth in revenues and operating earnings and improving financial profile. "The ratings reflect Red Hat's narrow business profile, modest scale relative to other rated software companies, rapid technology evolution, and highly competitive industry conditions," said Standard & Poor's credit analyst Molly Toll- Reed. "These are partially offset by some barriers to entry provided by the large number of independent software and hardware vendors that certify their products to work with Red Hat, and liquidity and cash flow that are strong for the rating level." Red Hat provides operating and middleware software and related services predominantly to large enterprise customers. S&P expect to see financial leverage multiples continue to improve over the intermediate term, driven by EBITDA growth. Total adjusted debt to EBITDA (adjusted for stock compensation) was 4.7x as of August 2007, compared with 6x in the prior-year period. While financial leverage is still relatively high, free cash flow as a percent of debt is strong for the rating at more than 25%, reflecting the up-front payment characteristics of Red Hat's subscription model. SCHIEDER-MOEBEL: Claims Registration Ends Nov. 9 ------------------------------------------------ Creditors of Schieder-Moebel Vertriebs-GmbH have until Nov. 9 to register their claims with court-appointed insolvency manager Sylvia Fiebig. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Nov. 30, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Detmold Meeting Room 12 Ground Floor Gerichtsstr. 6 32756 Detmold 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: Sylvia Fiebig Jungfernstieg 51 20354 Hamburg Germany The District Court of Detmold opened bankruptcy proceedings against Schieder-Moebel Vertriebs-GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Schieder-Moebel Vertriebs-GmbH Hainbergstr. 2 32816 Schieder-Schwalenberg Germany SPECTRUM BRANDS: Postpones Strategic Asset Sale ----------------------------------------------- Spectrum Brands, Inc., is postponing its strategic asset sale process due to recent challenging conditions in the credit markets. As reported in the Troubled Company Reporter on Oct. 2, 2007, the company signed a definitive agreement to sell the Canadian division of its Home & Garden business segment, which operates under the name Nu-Gro, to a new company formed by RoyCap Merchant Banking Group and Clarke Inc. "We are still committed to reducing outstanding indebtedness and leverage through the sale of assets," Spectrum Brands Chief Executive Officer Kent Hussey said. "We believe that postponing the auction process until such time as the credit markets improve will allow us to achieve a full and fair valuation of these assets." As previously reported, Spectrum Brands put in place a US$225 million asset-based revolving credit facility with Goldman Sachs Credit Partners L.P. and Wachovia Bank, National Association. The company reiterated that this facility, which was undrawn at Sept. 30, 2007, provides sufficient liquidity to operate its business on an ongoing basis. Headquartered in Atlanta, Georgia, Spectrum Brands Inc. (NYSE: SPC) -- http://www.spectrumbrands.com/-- is a consumer products company and a supplier of batteries and portable lighting, lawn and garden care products, specialty pet supplies, shaving and grooming and personal care products, and household insecticides. Spectrum Brands' products are sold by the world's top 25 retailers and are available in more than one million stores in 120 countries around the world. The company has manufacturing and distribution facilities in China, Australia and New Zealand, and sales offices in Melbourne, Shanghai, and Singapore. The company's European headquarters is located in Sulzbach, Germany. The company has approximately 8,400 employees worldwide. * * * As reported in the Troubled Company Reporter on Oct. 3, 2007, Fitch Ratings has assigned a 'B/RR1' rating to Spectrum Brand's new four-year, US$225 million senior secured asset-backed loan facility priced at LIBOR +225 basis points. Fitch also affirmed these ratings: Issuer Default Rating at 'CCC', US$1 billion term loan B at 'B/RR1', EUR350 million term loan at 'B/RR1', US$700 million 7.4% senior subordinated notes at 'CCC-/RR5', US$2.9 million 8.5% senior subordinated notes at 'CCC-/RR5', and US$347 million 11.25% variable rate toggle senior subordinated notes at 'CCC- /RR5'. The Rating Outlook is Negative. SPIELHALLEN-WESTBAHNHOF: Claims Registration Period Ends Nov. 12 ---------------------------------------------------------------- Creditors of Spielhallen-Westbahnhof-Betreiber GmbH have until Nov. 12 to register their claims with court-appointed insolvency manager Uwe Kassing. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Dec. 3, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Lueneburg Hall 302 Ochsenmarket 3 21335 Lueneburg 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: Uwe Kassing Pulverweg 1a 21337 Lueneburg Germany Tel: 0 700 800 800 25 Fax: 0 700 800 800 27 The District Court of Lueneburg opened bankruptcy proceedings against Spielhallen-Westbahnhof-Betreiber GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Spielhallen-Westbahnhof-Betreiber GmbH Attn: Dr. Joachim Schmidt, Manager Bahnhofstrasse 1 21337 Lueneburg Germany STOCK-GUSS GMBH: Claims Registration Period Ends Nov. 10 -------------------------------------------------------- Creditors of STOCK-Guss GmbH have until Nov. 10 to register their claims with court-appointed insolvency manager Wolfgang Weidemann. Creditors and other interested parties are encouraged to attend the meeting at 11:30 a.m. on Jan. 4, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Neumuenster Meeting Hall B.126 Law Courts Boostedter Strasse 26 Neumuenster 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: Wolfgang Weidemann Wendenstrasse 4 20097 Hamburg Germany The District Court of Neumuenster opened bankruptcy proceedings against STOCK-Guss GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: STOCK-Guss GmbH Attn: Hanns Joachim Oellers, Manager Rendsburger Strasse 103-115 24537 Neumuenster Germany TECHNICAL OPERATING: Claims Registration Period Ends Nov. 6 ----------------------------------------------------------- Creditors of TOP Technical Operating Personnel GmbH have until Nov. 6 to register their claims with court-appointed insolvency manager Reinhold Schmid- Sperber. Creditors and other interested parties are encouraged to attend the meeting at 11:30 a.m. on Nov. 27, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Kiel Hall 3 Deliusstr. 22 Kiel Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Reinhold Schmid- Sperber Westring 455 24118 Kiel Germany Tel: 0431-990810 Fax: 0431-99081-100 The District Court of Kiel opened bankruptcy proceedings against TOP Technical Operating Personnel GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: TOP Technical Operating Personnel GmbH Attn: Stefan Lange und Thorsten David, Managers Am Wellsee 26 24146 Kiel Germany THI TIEF: Claims Registration Period Ends Nov. 6 ------------------------------------------------ Creditors of THI Tief-, Hoch- und Immobilienprojekt Bau GmbH have until Nov. 6 to register their claims with court-appointed insolvency manager Ruediger Bauch. Creditors and other interested parties are encouraged to attend the meeting at 10:35 a.m. on Dec. 4, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Magdeburg Hall 14 Breiter Weg 203 - 206 39104 Magdeburg 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: Ruediger Bauch Schleinufer 11 39104 Magdeburg Germany Tel: 0391/5354-0 Fax: 0391/5354-100 E-Mail: RBauch@schubra.de The District Court of Magdeburg opened bankruptcy proceedings against THI Tief-, Hoch- und Immobilienprojekt Bau GmbH on Sept. 28. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: THI Tief-, Hoch- und Immobilienprojekt Bau GmbH Langer Weg 41-42 39112 Magdeburg Germany Attn: Bernd Schmidt, Manager Jakobstr. 38 39104 Magdeburg Germany TIEF- UND HOCHBAU: Claims Registration Ends Nov. 7 -------------------------------------------------- Creditors of Tief- und Hochbau GmbH Holst i.L. have until Nov. 7 to register their claims with court-appointed insolvency manager Iris von Bruchhausen. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Dec. 10, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Schwerin Hall 7 Demmlerplatz 14 19053 Schwerin Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Iris von Bruchhausen Ostorfer Ufer 1 19053 Schwerin Germany The District Court of Schwerin opened bankruptcy proceedings against Tief- und Hochbau GmbH Holst i.L. on Sept. 25. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Tief- und Hochbau GmbH Holst i.L. Attn: Helmut Holst Ernst-Thalmann-Strasse 37 19376 Siggelkow Germany TJ OSNABRUECK: Claims Registration Period Ends Nov. 6 ----------------------------------------------------- Creditors of TJ Osnabrueck GmbH have until Nov. 6 to register their claims with court-appointed insolvency manager Michael Selker. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Osnabrueck Branch N 302 Kollegienwall 10 49074 Osnabrueck Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Michael Selker Niedersachsenstr. 11a 49074 Osnabrueck Germany Tel: 0541/357450 Fax: 0541/3574511 The District Court of Osnabrueck opened bankruptcy proceedings against TJ Osnabrueck GmbH on Oct. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: TJ Osnabrueck GmbH Attn: Thomas Jankowski, Manager Neulandstr. 10 49084 Osnabruec Germany VIVA POLSTERMOEBEL-WERKE: Claims Registration Ends November 15 -------------------------------------------------------------- Creditors of VIVA Polstermoebel-Werke GmbH & Co. KG have until Nov. 15 to register their claims with court-appointed insolvency manager Bettina Schmudde. Creditors and other interested parties are encouraged to attend the meeting at 11:30 a.m. on Dec. 6, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Detmold Meeting Hall 7 Ground Floor Gerichtsstr. 6 32756 Detmold Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Bettina Schmudde Koenigstr. 1 01097 Dresden Germany The District Court of Detmold opened bankruptcy proceedings VIVA Polstermoebel-Werke GmbH & Co. KG on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: VIVA Polstermoebel-Werke GmbH & Co. KG Lebbiner Weg 1 15859 Storkow Germany Attn: Franz-Wilhelm Walter, Manager Karl-Marx-Damm 37 15526 Bad Saarow Germany WALTER PORTIUS: Claims Registration Period Ends Nov. 13 ------------------------------------------------------- Creditors of Walter Portius Elektrische Anlagen Hoch- und Niederspannung KG. (GmbH & Co.) have until Nov. 13 to register their claims with court-appointed insolvency manager Burckhardt Reimer. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on Dec. 13, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hamburg Hall B 405 Fourth Floor Annex Civil Justice Bldg. Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Burckhardt Reimer Domstrasse 15 20095 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Walter Portius Elektrische Anlagen Hoch- und Niederspannung KG. (GmbH & Co.) on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Walter Portius Elektrische Anlagen Hoch- und Niederspannung KG. (GmbH & Co.) Attn: Peter Middelhoff, Manager Marlowring 1 22525 Hamburg Germany ============= I R E L A N D ============= CELESTICA INC: Tax Benefit Error Cues Firm to Cut Q2 Earnings ------------------------------------------------------------- Celestica Inc. disclosed an adjustment to a non-cash, deferred tax recovery previously reported in the second quarter ended June 30, 2007. The company has determined that the assumptions used in the second quarter to record a non-cash, deferred tax recovery relating to a tax benefit resulting from a previous year’s write-down of an acquired and subsequently restructured Canadian operation were incorrect. An error in the cost basis for tax purposes of that Canadian acquisition led to the incorrect presumption that a tax benefit could be realized in the second quarter. Accordingly, deferred tax recovery and GAAP net earnings for the three and six months ended June 30, 2007 have been adjusted downward by US$44.1 million, respectively. Basic and diluted GAAP earnings per share for the three and six months ended June 30, 2007 have been adjusted from US$0.11 and (US$0.04), respectively to (US$0.08) and (US$0.23), respectively. The company has adjusted its prior period balances in accordance with accounting standards and is filing amended financial statements to reflect the change. The change to the deferred tax recovery has no impact on reported adjusted net earnings and adjusted net earnings per share for the second quarter of 2007 of US$4.9 million or US$0.02 per share, respectively, and has no impact on revenue, operating earnings or cash. (Adjusted net earnings is defined as net earnings before amortization of intangible assets, gains or losses on the repurchase of shares and debt, integration costs related to acquisitions, option expense, option exchange costs and other charges, net of tax and significant deferred tax write-offs or recovery). The company also reconfirmed its revenue outlook for the third quarter ended September 30, 2007 of US$2.0 billion to US$2.2 billion, and its expected adjusted net earnings per share of US$0.04 to US$0.12. The company’s third quarter results will be released on Oct. 25, 2007, after markets close, followed by a webcast at 4:30 p.m. About Celestica Inc. Celestica Inc. (NYSE:CLS) -- http://www.celestica.com/-- provides innovative electronics manufacturing services. its global manufacturing and supply chain network, the company delivers competitive advantage to companies in the computing, communications, consumer, industrial, and aerospace and defense end markets. Celestica operates a highly sophisticated global manufacturing network with operations in Brazil, China, Ireland, Italy, Japan, Malaysia, Philippines, Puerto Rico, and the United Kingdom, among others. * * * As reported in the Troubled Company Reporter on May 4, 2007, Moody's Investors Service downgraded Celestica Inc.'s corporate family rating to B1 from Ba3 and the senior subordinated note ratings to B3 from B2. Simultaneously, Moody's lowered the company's speculative grade liquidity rating to SGL-2 from SGL-1. COMMSCOPE INC: S&P Affirms Ratings and Removes Negative Watch ------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its ratings on Hickory, North Carolina-based CommScope Inc. and Westchester, Illinois-based Andrew Corp. and removed them from CreditWatch, where they were placed on June 27, 2007, with negative implications. S&P also affirmed the 'BB-' corporate credit and 'B' subordinated debt ratings for both companies. The ratings on Andrew will be withdrawn following its acquisition and debt refinancing. The outlook is stable. At the same time, Standard & Poor's assigned its bank loan and recovery ratings to CommScope's US$2.5 billion first-lien credit facilities. The US$2.1 billion term loan and US$400 million revolving credit facility are rated 'BB-', with a recovery rating of '3', indicating the expectation for meaningful (50%- 70%) recovery in the event of a payment default. Proceeds from the term loan will be used to partially fund its US$2.6 billion acquisition of Andrew. "The ratings on CommScope after the acquisition reflect an increase in leverage, a short operating track record at current profitability levels, and integration challenges," said Standard & Poor's credit analyst Lucy Patricola. "These are offset partially by solid market positions with major telecommunications providers and good cash flow." CommScope's market position in coaxial cable and environmentally secure cabinets used by wireline carriers complements Andrew's key business that provides antennae used in wireless base stations. CommScope's financing of the acquisition increases leverage substantially from recent levels of about 1.5x. Based on the following assumptions, pro forma debt to EBITDA is about 4x, within expectations for the rating. CommScope is a provider of cable and connectivity solutions for enterprise, cable, and telecom industries. The Company is headquartered in Hickory, North Carolina. CommScope has facilities in Brazil, Australia, China and Ireland. WINDMILL CLO: Moody's Rates EUR15 Mln Class E Notes at Ba3 ---------------------------------------------------------- Moody's Investors Service assigned definitive credit ratings to the notes issued by Windmill CLO I Limited, a special purpose company incorporated in Ireland. The ratings are: -- Aaa to the EUR200,000,000 Class A-1R Senior Secured Revolving Floating Rate Notes due 2029; -- Aaa to the EUR165,000,000 Class A-1T Senior Secured Floating Rate Notes due 2029; -- Aaa to the EUR45,000,000 Class A-2A Senior Secured Floating Rate Notes due 2029; -- Aaa to the EUR15,000,000 Class A-2B Senior Secured Fixed Rate Notes due 2029; -- Aa2 to the EUR55,000,000 Class B Senior Secured Deferrable Floating Rate Notes due 2029; -- A2 to the EUR32,000,000 Class C Senior Secured Deferrable Floating Rate Notes due 2029; -- Baa2 to the EUR21,000,000 Class D Senior Secured Deferrable Floating Rate Notes due 2029; -- Ba3 to the EUR15,000,000 Class E Senior Secured Deferrable Floating Rate Notes due 2029; and -- Baa2 to the EUR 1,000,000 Class P Combination Notes due 2029. EUR52,000,000 Subordinated Notes due 2029 will be issued but not rated by Moody's. The definitive ratings of the Class A, B, C, D and E notes address the expected loss posed to investors by the legal final maturity in 2029. The rating assigned to the Class P Combination Notes addresses the ultimate repayment of the rated balance in respect of such Combination Notes on or before the legal final maturity, where the rated balance is equal, at any time, to the principal amount of the Combination Notes on the closing date as increased by the rated coupon of 0.25% and as decreased by the aggregate of all payments made from the closing date to such date, either through interest or principal payments. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks, such as those associated with the timing of principal prepayments and other market risks, have not been addressed and may have a significant effect on yield to investors. The ratings assigned by Moody's are primarily based on: 1. An assessment of the eligibility criteria and portfolio guidelines applicable to the future additions to the portfolio; 2. The protection against losses through the subordination of the more junior classes of notes to the more senior classes of notes; 3. The expertise of Mizuho Investment Management (UK) Ltd as the Portfolio Manager; and 4. The legal and structural integrity of the issue. This transaction is a high yield collateralized loan obligation related to a portfolio of mostly European senior loans, mezzanine loans, second lien loans, and PIK-only loans (with the ability to include equity investments provided they are principal protected). This portfolio will be partially acquired on the closing date and partially during the 12 months ramp-up period in compliance with portfolio guidelines (which include, among other tests, a diversity score test, a weighted average rating factor test and a weighted average spread test). Thereafter, the portfolio of loans will be actively managed and the portfolio manager will have the option, on behalf of the issuer, to buy or sell loans. Any addition or removal of loans will be subject to a number of portfolio criteria. Throughout the seven year reinvestment period, the total amount of the portfolio may vary between EUR400,000,000 and EUR600,000,000, depending on the total commitment amount required to be provided by the EUR200,000,000 Class A-1R Revolving Notes. ========= I T A L Y ========= ALITALIA SPA: Chairman to Recommend Possible Buyer by Nov. 10 ------------------------------------------------------------- Alitalia S.p.A. will choose the buyer for the Italian government's 49.9% stake in the carrier on Nov. 19, 2007, various reports say. Alitalia chairman Maurizio Prato told the Italian parliament that he will recommend an industrial buyer for Italy's stake within the first ten days of November, Agenzia Giornalistica Italia relates. The government will then decide how to finalize the sale of its stake. Reuters and Dow Jones Newswires cited trade union sources as saying that Alitalia's new owner will be known by Nov. 15. A union source told Reuters that Mr. Prato prefers an industrial partner for Alitalia rather than an investment fund. "His preference is for a group that will take forward an industrial strategy rather than funds which work with a three- year time horizon and then want to cash in," Reuters quotes the source as saying. Meanwhile, Mr. Prato denied that he has chosen Air France-KLM as Alitalia's buyer, following an announcement by the French carrier that it expects talks to start soon. The Financial Times reports that the Cordata Baldassarre consortium is holding in talks with Deutsche Lufthansa AG over a possible joint bid for Alitalia. Antonio Baldassarre, the consortium's organizer, said expects to conclude the days within a few days. 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. ANDREW CORP: S&P Holds 'BB-' Corporate Credit & Debt Ratings ------------------------------------------------------------ Standard & Poor's Ratings Services affirmed its ratings on Hickory, North Carolina-based CommScope Inc. and Westchester, Illinois-based Andrew Corp. and removed them from CreditWatch, where they were placed on June 27, 2007, with negative implications. S&P also affirmed the 'BB-' corporate credit and 'B' subordinated debt ratings for both companies. The ratings on Andrew will be withdrawn following its acquisition and debt refinancing. The outlook is stable. At the same time, Standard & Poor's assigned its bank loan and recovery ratings to CommScope's US$2.5 billion first-lien credit facilities. The US$2.1 billion term loan and US$400 million revolving credit facility are rated 'BB-', with a recovery rating of '3', indicating the expectation for meaningful (50%- 70%) recovery in the event of a payment default. Proceeds from the term loan will be used to partially fund its US$2.6 billion acquisition of Andrew. "The ratings on CommScope after the acquisition reflect an increase in leverage, a short operating track record at current profitability levels, and integration challenges," said Standard & Poor's credit analyst Lucy Patricola. "These are offset partially by solid market positions with major telecommunications providers and good cash flow." CommScope's market position in coaxial cable and environmentally secure cabinets used by wireline carriers complements Andrew's key business that provides antennae used in wireless base stations. CommScope's financing of the acquisition increases leverage substantially from recent levels of about 1.5x. Based on the following assumptions, pro forma debt to EBITDA is about 4x, within expectations for the rating. About Andrew Corp. Headquartered in Westchester, Illinois, Andrew Corporation (NASDAQ: ANDW) -- http://www.andrew.com/-- designs, manufactures and delivers and essential equipment and solutions for the global communications infrastructure market. The company serves operators and original equipment manufacturers from facilities in 35 countries including China, India, Italy, Czech Republic, Argentina, Bahamas, Belize, Barbados, Bermuda and Brazil. FIAT SPA: European Commission Sets Inquiry Deadline to Nov. 21 -------------------------------------------------------------- The European Commission has established Nov. 21, 2007, as its inquiry deadline for Fiat S.p.A.'s proposed acquisition of Ergom S.p.A., Thomsom Financial reports. As reported in the TCR-Europe on Aug. 6, 2007, Fiat is acquiring the entire share capital of Ergom Holding for a "symbolic" price and that Ergom is in a financial crisis and owes money to Fiat. Ergom, which supplies car shelves and fuel tanks to Fiat, employs 4,000 people at 11 sites in Italy, France, Brazil, Poland, and Turkey, Thomson Financial relates citing an industry source. The supplier has sales of EUR540 million, 80% of which were to Fiat. According to TCR-Europe, Fiat considers its acquisition of Ergom as strategic, since it would guarantee the supply of components. 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 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 =================== AYRTAU JOLDARY: Proof of Claim Deadline Slated for Nov. 23 ---------------------------------------------------------- The Specialized Inter-Regional Economic Court of North Kazakhstan has declared LLP Ayrtau Joldary insolvent on Sept. 4. Creditors have until Nov. 23 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of North Kazakhstan Valihanov Str. 19-149 Petropavlovsk North Kazakhstan Kazakhstan BUILDING GROUPS: Creditors Must File Claims Nov. 23 --------------------------------------------------- LLP Building Groups KZ has declared insolvency. Creditors have until Nov. 23 to submit written proofs of claims to: LLP Building Groups KZ Jeltoksan Str. 111 Almaty Kazakhstan FYLYM JOLY: Claims Filing Period Ends Nov. 20 --------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan has declared LLP Fylym Joly insolvent. 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 GELIOS-ENERGO LLP: Creditors' Claims Due on Nov. 23 --------------------------------------------------- The Specialized Inter-Regional Economic Court of North Kazakhstan has declared LLP Gelios-Energo insolvent on Sept. 7. Creditors have until Nov. 23 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of North Kazakhstan Valihanov Str. 19-149 Petropavlovsk North Kazakhstan Kazakhstan IMS-GROUP LLP: Claims Registration Ends Nov. 23 ----------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Ims-Group (RNN 600700527478) insolvent on Aug. 27. Creditors have until Nov. 23 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Almaty Chaplygin Str. 5 Almaty Kazakhstan TEL: 8 701 744 68-21 KAZAKHSKAYA AKADEMIYA: Claims Deadline Slated for Nov. 23 --------------------------------------------------------- Shymkentsky Branch of JSC Kazakhskaya Akademiya Transporta I Communikatsiyi Imeni Tynyshpayeva has declared insolvency. Creditors have until Nov. 23 to submit written proofs of claims to: Kazakhskaya Akademiya Transporta I Communikatsiyi Imeni Tynyshpayeva Aimautov Str. 1 Shymkent South Kazakhstan Kazakhstan ORKEN LLP: Creditors Must File Claims Nov. 23 --------------------------------------------- LLP Microcredit Organization Orken has declared insolvency. Creditors have until Nov. 23 to submit written proofs of claims to: LLP Microcredit Organization Orken Kabanbai batyr Str. 10 Balpyk bi Koksusky District Almaty Kazakhstan RENDESERVICE LLP: Claims Filing Period Ends Nov. 27 --------------------------------------------------- LLP Rendeservice has declared insolvency. Creditors have until Nov. 27 to submit written proofs of claims to: LLP Rendeservice Marecheka Str. 1/8 050062, Almaty Kazakhstan S.K. COOTON: Creditors' Claims Due on Nov. 23 --------------------------------------------- LLP S.K. Cooton Group has declared insolvency. Creditors have until Nov. 23 to submit written proofs of claims to: LLP S.K. Cooton Group Kunayev ave. 31 Shymkent South Kazakhstan Kazakhstan =================== K Y R G Y Z S T A N =================== KYRGYZSTAN ABA: Creditors' Meeting Slated for October 23 -------------------------------------------------------- Creditors of JSC NAP Kyrgyzstan Aba Joldoru will convene at 10:00 a.m. on Oct. 23 at: JSC NAP Kyrgyzstan Aba Joldoru Ahunbayev Str. 184 Bishkek Kyrgyzstan The Inter-District Court of Bishkek for Economic Issues declared JSC NAP Kyrgyzstan Aba Joldoru insolvent on Sept. 11, 2007. Subsequently, bankruptcy proceedings were introduced at the company. Muktarbek Zulpukarov has been appointed temporary insolvency manager. Creditors must submit their proofs of claim and be registered within seven days before the meeting with the temporary insolvency manager. Proxies must have authorization to vote. The temporary insolvency manager can be reached at: Muktarbek Zulpukarov Tel: (+996 312) 54-80-73 (0-502) 54-88-44 (0-502) 57-38-33 (0-555) 30-80-44 ============= R O M A N I A ============= TIMKEN CO: Invests US$6 Million on Industrial Expansion ------------------------------------------------------- The Timken Company disclosed the expansion of its industrial bearing services capacity in response to the strong long-term outlook for demand and to extend the company's heavy-industrial customer base. Timken will invest nearly US$6 million in this project, which includes the opening of a new service center in Union, S.C., and the expansion of the company's existing industrial bearing services facility in South Bend, Indiana. This investment will enable Timken's Indiana facility to respond more quickly to customer needs. The South Carolina service location, which is currently housed within a Timken bearing manufacturing plant, will relocate to a facility solely dedicated to providing industrial bearing services. The new center will open in mid-year 2008. When it is fully operational in early 2009, the new center will have additional capacity to remanufacture bearing types and brands within the 18- to 51-inch size range. "This investment supports Timken's global services strategy of providing integrated maintenance services for our customers' power transmission systems," Joseph W. Wonsettler, global operations manager for industrial services, said. "This expansion will allow us to increase bearing repair capacity and improve on-time delivery requirements for customers." Through its industrial bearing services, Timken provides customers with an integrated maintenance program that covers the total lifecycle of bearings. Services include mill maintenance management programs, bearing remanufacturing, chock bearing maintenance and roll and chock repair. In addition to South Carolina and Indiana, Timken operates bearing repair centers in India, Brazil, South Africa, China, Romania and France. Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR) -- http://www.timken.com/-- is a manufacturer of highly engineered bearings and alloy steels. It also provides related components and services such as bearing refurbishment for the aerospace, medical, industrial and railroad industries. The company has operations in Argentina, Australia, Belgium, Brazil, Canada, China, Czech Republic, England, France, Germany, Hungary, India, Italy, Japan, Korea, Mexico, Netherlands, Poland, Romania, Russia, Singapore, South America, Spain, Taiwan, Turkey, United States, and Venezuela and employs 27,000 employees. * * * The Timken Company carries Moody's Ba1 Long-Term Corporate Family, Senior Unsecured Debt and Probability-of-Default Ratings. Moody's said the outlook is stable. =========== R U S S I A =========== AUTOMOBILIST OJSC: Creditors Must File Claims by Nov. 6 ------------------------------------------------------- Creditors of Automobilist OJSC have until Nov. 6 to submit proofs of claim at: POB 11 214018 Smolensk Russia The Arbitration court of Smolensk commenced competitive proceedings against the company after finding it insolvent. The Court appointed Savina T.K. as Competitive proceedings manager. The case is docketed under Case No. А62-1230/2007 (1333-Н). The Debtor can be reached at: Automobilist OJSC Kapitanova Str. 13 El'nya Smolensk Russia GORMOLZAVOD BARYSHSKIJ: Court Hearing Slated for Jan. 21, 2008 -------------------------------------------------------------- The Arbitration court of Ulyanovsk will convene at 9:00 a.m. on Jan. 21, 2008 to hear the bankruptcy supervision procedure on Gormolzavod Baryshskij OJSC. The case is docketed under Case No. А72-4803/07-20/15-Б. The Interim Manager is: Epifanov S.A. Krasnoarmeyskaya Str. 45 Barysh 433750 Ulyanovsk Russia Tel: 84-253-23-2-56 The Debtor can be reached at: Gormolzavod Baryshskij OJSC Stepnaya Str. 55 Barysh 433750 Ulyanovsk Russia GUSEVSKOY CRYSTAL: Creditors Must File Claims by Nov. 6 ------------------------------------------------------- Creditors of Folk Vernacular Arts Gusevskoy Crystal Plant LLC have until Nov. 6 to submit proofs of claim at: Block 15 Nizhegorodskaya Str. 32 109029 Moscow Russia The Arbitration court of Vladimir commenced competitive proceedings against the company after finding it insolvent. The Court appointed Rabina G.B. as Competitive proceedings manager. The case is docketed under Case No. А11-8142/2007-К1-138Б. The Court is located at: The Arbitration Court of Vladimir Oktyabrskiy Pr. 14 600025 Vladimir Russia The Debtor can be reached at: Folk Vernacular Arts Gusevskoy Crystal Plant LLC Kalinina str. 28 Goose-crystal 601500 Vladimir Russia KINT AND CO: Creditors Must File Claims by Dec. 6 ------------------------------------------------- Creditors of Kint and Co. CJSC have until Dec. 6 to submit proofs of claim at: Apartment 84 Vokzal'naya Str. 22 182100 Velikiye Luki Russia The Arbitration court of Orenburg commenced competitive proceedings on the company. The case is docketed under Case No. А-52-990/2007. The Court is located at: The Arbitration Court of Orenburg 9th January Str. 64 460046 Orenburg Russia LYUL'PANSKIJ СJSC: Asset Sale Slated for November 6 --------------------------------------------------- The Competitive proceedings manager of Wood Integrated Plant Lyul'panskij СJSC will open a public auction for the company's properties at 10:30 a.m. on Nov. 6 at: Mashinostroiteley Str. 72 Ioshkar-Ola RME Russia The starting prices for the auctioned assets are: -- Lot1: RUR6,971,130; and -- Lot2: RUR185,500. Interested participants have until Nov. 1 to deposit an amount of RUR700,000(Lot1) and RUR9,000(Lot2) to the settlement account of Wood Integrated Plant Lyul'panskij СJSC. Bidding documents must be submitted to: POB 8 424003 Ioshkar-Ola Russia For any information related to the auction can be obtained at Tel: +79600920081. MELIORATOR CJSC: Orenburg Court Starts Competitive Proceedings -------------------------------------------------------------- The Arbitration court of Orenburg commenced competitive proceedings on Meliorator CJSC. The case is docketed under Case No. А47-6841/2007-14/7 ГК. The Competitive proceedings manager is: Dzhembulatov S.M. Proletarskaya Str. 216 460035 Orenburg Russia The Court is located at: The Arbitration Court of Orenburg 9th January Str. 64 460046 Orenburg Russia PRIVATBANK CJSC: Fitch Affirms B IDR on Modest Capitalization ------------------------------------------------------------- Fitch Ratings has affirmed CJSC Privatbank's ratings at Long- term Issuer Default Rating 'B', Short-term IDR 'B', Individual 'D' and Support '4'. The Outlook on the Long-term IDR remains Positive. The Support Rating Floor was affirmed at 'B'. "Privat's ratings reflect its modest capitalization, particularly in view of ongoing rapid loan growth and relatively high loan concentrations. The weak transparency of the bank's shareholder's assets, and hence difficulties in assessing the true level of related-party business, also weigh heavily on the ratings," says Dmitri Angarov, an associate director in Fitch's Banking group in Moscow. "However, the ratings also consider the bank's broad domestic franchise, sizeable market shares and sound bottom-line performance, driven by its well-developed retail and SME businesses and particularly strong positions in certain niche markets. Conservative loan provisioning also provides some support for capitalization." In light of its size and importance to the Ukrainian banking sector, in Fitch's view the Ukrainian authorities are likely to have a high propensity to support the bank in case of need. However, given the authorities' ability to provide support, as reflected in Ukraine's Long-term IDR of 'BB-', Fitch believes that there is only limited probability that support would be available. The Positive Outlook on Privat's Long-term IDR reflects that assigned to Ukraine's IDRs, as a sovereign upgrade would raise the Support Rating Floor for the bank. Apart from a sovereign upgrade, reduced loan concentrations, improved transparency of shareholder assets and a further lengthening of the funding base, helping to improve liquidity, could contribute to an upgrade. A significant and sustained improvement in capitalization would also be positive for the bank's credit profile. Downward pressure on the Individual Rating could result from deterioration in capitalization resulting from a failure to manage the credit and operational risks associated with the rapid loan growth, or significant pressure on the bank's liquidity. Privat is the largest bank in Ukraine by total assets (with about 10% of system assets) and second by branch network. Two individuals, who also have extensive industrial assets, ultimately own slightly more than 83% of the bank. At end of first half of 2007 Privat served almost 8.5 million individual customers and more than 300,000 corporate clients (including SMEs) through a network of more than 2,500 banking outlets across the country. Fitch was informed that in October 2007 Privat's shareholders approved a new equity injection of US$300 million and aim to complete this by end-2007. RUSAGROCAPITAL OJSC: Court Names Dronov O.V. as Liquidator ---------------------------------------------------------- The Arbitration court of Tver appointed Dronov O.V. as Competitive proceedings manager for RusAgroCapital OJSC. He can be reached at: Dronov O.V. Lugovaya Str. 2 Rzhev Tver Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. N А66-10854/2004. The Court is located at: The Arbitration Court of Tver Room 7 Sovetskaya Str. 23b Tver Russia The Debtor can be reached at: RusAgroCapital OJSC Lugovaya Str. 2 Rzhev Tver Russia STROYTEHNIKA OJSC: Court Names Dmitriev P.S. as Liquidator ---------------------------------------------------------- The Arbitration court of Chuvashia appointed Dmitriev P.S. as Competitive proceedings manager for Kanashskij Plant Stroytehnika (construction machinery) OJSC. The Court commenced competitive proceedings against the company after finding it insolvent. The case is docketed under Case No. А79-9982/2005. Creditors of the company have to submit their proofs of claim at: Office 3 Zheleznodorozhnaya Str. 28 429335 Kanash Russia The Debtor can be reached at: Kanashskij Plant Stroytehnika OJSC Krasnoarmeyskaya Str. 79 Kanash Russia TORGOVAYA MARKA: Creditors Must File Claims by Nov. 6 ----------------------------------------------------- Creditors of Torgovaya Marka Cardboard CJSC have until Nov. 6 to submit proofs of claim at: Gogolya 54 Petrozavodsk 185035 Karelia Russia The Arbitration court of Karelia commenced competitive proceedings against the company after finding it insolvent. The Court appointed Idel'chik E.A. as Competitive proceedings manager. The case is docketed under Case No. А26-4702/2007. The Debtor can be reached at: Torgovaya Marka Cardboard CJSC Gertsena Str. 1 Petrozavodsk 185035 Karelia Russia UNITED FOREST-HARVESTING: Creditors Must File Claims by Nov. 6 -------------------------------------------------------------- Creditors of Forest-Harvesting Enterprise CJSC have until Nov. 6 to submit proofs of claim at: Office 203 Dzerzhinskigi Str. 36 Irkutsk Russia The Arbitration court of Irkutsk commenced bankruptcy supervision procedure on the company. The Court appointed Yarotskij E.B. as Interim manager. The case is docketed under Case No. А19-10748/07-34. The Court is located at: The Arbitration Court of Irkutsk Room 303 Gagarina Avenue 70 664025 Irkutsk Russia VYSOTA OJSC: Asset Sale Slated for November 6 --------------------------------------------- The Competitive proceedings manager of Vysota OJSC will open a public auction for the company's properties at 11:00 a.m. on Nov. 6 at: Office 7 Pavlova Str.10/10 Tver' Russia The starting prices for the auctioned assets are: -- Lot1: RUR6,519,831; and -- Lot2: RUR5,110,000. Interested participants have until Nov. 2 to submit their bidding documents. Deposit required is RUR50,000. For any information related to the auction can be obtained at Tel: (4822) 55-74-50. YUKOS OIL: Moscow Court Adds RUR217 Billion to Firm's Tax Bill -------------------------------------------------------------- The Moscow Arbitration Court ordered OAO Yukos Oil Co. to pay RUR217.2 billion more in back taxes, RIA Novosti reports. As reported in the TCR-Europe on Sept. 25, 2007, Russia's Federal Tax Service asked the Moscow Arbitration Court to order the payment of around RUR273 billion in taxes from Yukos. The regulator was seeking tax on the proceeds from the recent Yukos auction and on the company's operating income. Eduard Rebgun, Yukos' bankruptcy receiver, had estimated the company's latest tax bill at RUR216.4 billion. Nikolai Lashkevich, Mr. Rebgun's spokesman, had previously warned that the company may not have sufficient funds to repay its other creditors should the court rules in favor of the Tax Service. Yukos earned RUR829.99 billion from the auctions and used RUR402.6 billion to repay major creditors, Interfax News reported in September. As of July 2007, creditors are claiming around RUR709 billion against Yukos Oil. About Yukos Oil Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an open joint stock company existing under the laws of the Russian Federation. Yukos is involved in energy industry substantially through its ownership of its various subsidiaries, which own or are otherwise entitled to enjoy certain rights to oil and gas production, refining and marketing assets. The Company filed for Chapter 11 protection on Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed on Feb. 24, 2005, by the Hon. Letitia Z. Clark. A few days later, the Russian Government sold its main production unit Yugansk to a little-known firm Baikalfinansgroup for US$9.35 billion, as payment for US$27.5 billion in tax arrears for 2000- 2003. Yugansk eventually was bought by state-owned Rosneft, which is now claiming more than US$12 billion from Yukos. On March 10, 2006, a 14-bank consortium led by Societe Generale filed a bankruptcy suit in the Moscow Arbitration Court in an attempt to recover the remainder of a US$1 billion debt under outstanding loan agreements. The banks, however, sold the claim to Rosneft, prompting the Court to replace them with the state- owned oil company as plaintiff. On April 13, 2006, court-appointed external manager Eduard Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court for the Southern District of New York (Bankr. S.D.N.Y. Case No. 06-0775), in an attempt to halt the sale of Yukos' 53.7% ownership interest in Lithuanian AB Mazeikiu Nafta. On May 26, 2006, Yukos signed a US$1.49 billion Share Sale and Purchase Agreement with PKN Orlen S.A., Poland's largest oil refiner, for its Mazeikiu ownership stake. The move was made a day after the Manhattan Court lifted an order barring Yukos from selling its controlling stake in the Lithuanian oil refinery. On Aug. 1, 2006, the Hon. Pavel Markov of the Moscow Arbitration Court upheld creditors' vote to liquidate OAO Yukos Oil Co. and declared what was once Russia's biggest oil firm bankrupt. YUKOS OIL: Court Wants PwC to Provide Tax Evasion Documents ----------------------------------------------------------- Moscow's ninth arbitration appeal court, acting on a behest of the Federal Tax Service, has ordered ZAO PricewaterhouseCoopers Audit and the prosecutor general's office to produce documents showing that the auditor concealed OAO Yukos Oil Co.'s tax evasion, The Financial Times reports. PwC is appealing a ruling that found it guilty of colluding with Yukos to sign false audits. The Federal Tax Service had accused PwC, which served as Yukos's auditor in 2002-2004, of covering up the bankrupt company's alleged illegal financial schemes and compiling two different audits. According to Interfax News, the tax authority requested that PwC provide information showing that it assisted Yukos on: -- registering firms abroad, -- creating trust agreements and "option" schemes to control foreign firms; and -- "siphoning of assets out of Russia via oil trading firms" In June 2007, PwC said that its financial reports for Yukos for the period 1994-2004 could no longer be relied upon, adding that it might have received in inaccurate information with regard to Yukos' finances from former management. About PricewaterhouseCoopers PricewaterhouseCoopers -- http://www.pwc.com/-- provides industry-focused assurance, tax and advisory services to build public trust and enhance value for its clients and their stakeholders. More than 130,000 people in 148 countries work collaboratively across our network using Connected Thinking to develop fresh perspectives and practical advice. About Yukos Oil Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an open joint stock company existing under the laws of the Russian Federation. Yukos is involved in energy industry substantially through its ownership of its various subsidiaries, which own or are otherwise entitled to enjoy certain rights to oil and gas production, refining and marketing assets. The Company filed for Chapter 11 protection on Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed on Feb. 24, 2005, by the Hon. Letitia Z. Clark. A few days later, the Russian Government sold its main production unit Yugansk to a little-known firm Baikalfinansgroup for $9.35 billion, as payment for $27.5 billion in tax arrears for 2000-2003. Yugansk eventually was bought by state-owned Rosneft, which is now claiming more than US$12 billion from Yukos. On March 10, 2006, a 14-bank consortium led by Societe Generale filed a bankruptcy suit in the Moscow Arbitration Court in an attempt to recover the remainder of a $1 billion debt under outstanding loan agreements. The banks, however, sold the claim to Rosneft, prompting the Court to replace them with the state- owned oil company as plaintiff. On April 13, 2006, court-appointed external manager Eduard Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court for the Southern District of New York (Bankr. S.D.N.Y. Case No. 06-0775), in an attempt to halt the sale of Yukos' 53.7% ownership interest in Lithuanian AB Mazeikiu Nafta. On May 26, 2006, Yukos signed a $1.49 billion Share Sale and Purchase Agreement with PKN Orlen S.A., Poland's largest oil refiner, for its Mazeikiu ownership stake. The move was made a day after the Manhattan Court lifted an order barring Yukos from selling its controlling stake in the Lithuanian oil refinery. On Aug. 1, 2006, the Hon. Pavel Markov of the Moscow Arbitration Court upheld creditors' vote to liquidate OAO Yukos Oil Co. and declared what was once Russia's biggest oil firm bankrupt. ===================== S W I T Z E R L A N D ===================== BUCHI & CO: Zurich Court Starts Bankruptcy Proceedings ------------------------------------------------------ The Bankruptcy Court of Wald in Zurich commenced bankruptcy proceedings against Buchi & Co on Sept. 13. The Bankruptcy Service of Wald can be reached at: Bankruptcy Service of Wald 8636 Wald Hinwil ZH Switzerland The Debtor can be reached at: Buchi & Co Berghofstrasse 4 8630 Ruti ZH Switzerland DIVERSICUM HOLDING: Creditors' Liquidation Claims Due November 5 ---------------------------------------------------------------- Creditors of JSC Diversicum Holding have until Nov. 5 to submit their claims to: Baarerstrasse 43 6300 Zug Switzerland The Debtor can be reached at: JSC Diversicum Holding Zug Switzerland G + G JSC: Creditors' Liquidation Claims Due December 24 -------------------------------------------------------- Creditors of JSC G + G have until Dec. 24 to submit their claims to: Vogelsangstrasse 7/mail box 8033 Zurich Switzerland The Debtor can be reached at: JSC G + G 8033 Zurich Switzerland GUSTAV PFISTER: Zurich Court Closes Bankruptcy Proceedings ---------------------------------------------------------- The Bankruptcy Service of Winterthur in Zurich entered Sept. 12 an order closing the bankruptcy proceedings of JSC Gustav Pfister. The Bankruptcy Service of Winterthur can be reached at: Bankruptcy Service of Winterthur 8401 Winterthur ZH Switzerland The Debtor can be reached at: JSC Gustav Pfister Wildbachstr. 7 8400 Winterthur ZH Switzerland INVICTUS JSC: Creditors' Liquidation Claims Due November 1 ---------------------------------------------------------- Creditors of JSC INVICTUS have until Nov. 1 to submit their claims to: Tobias Somary Liquidator Dreikonigstrasse 7 8022 Zurich Switzerland The Debtor can be reached at: JSC INVICTUS Baar ZG Switzerland ISOTIS INC: Interim Vote Show LifeSciences Merger Support --------------------------------------------------------- IsoTis Inc. has revealed the interim tabulation results of the special stockholders' meeting held on Oct. 11, 2007 and adjourned to Oct. 23, 2007. Prior to Oct. 11, 2007, approximately 2,555,000 shares, 36% of the shares entitled to vote, voted for the merger with Integra LifeSciences Holdings Corp. pursuant to an agreement and plan of merger dated as of Aug. 6, 2007. The votes "for" the merger represented 93% of the total number of approximately 2,753,000 votes cast prior to Oct. 11, 2007. As previously disclosed on Oct. 12, 2007, the number of shares represented at the meeting was insufficient to establish the quorum of 3,549,615 shares necessary to approve the proposed merger. The special stockholders' meeting has been adjourned to Oct. 23, 2007 at 7.30 a.m. Pacific time at the offices of: Latham & Watkins LLP 650 Town Center Drive Suite 2000 Costa Mesa CA The vast majority of IsoTis' stockholder base resides outside the United States of America and includes thousands of Swiss and Dutch private individuals. Based on the results now available, 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. It will also allow their Swiss and Dutch banks and brokers to be more effective informing these stockholders about the transaction, and to take and pass on their votes to the US custodian banks. Approximately 999,000 additional shares voting in favor of the proposed transaction are necessary to approve the Integra acquisition. Bankruptcy Warning 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. 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 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. JAGER SYSTEME: Creditors' Liquidation Claims Due November 30 ------------------------------------------------------------ Creditors of LLC Jager Systeme have until Nov. 30 to submit their claims to: Claudio Hauser Liquidator Taminserstrasse 30 7012 Felsberg Imboden GR Switzerland The Debtor can be reached at: LLC Jager Systeme Domat/Ems Switzerland MARABIS PLUS: Creditors' Liquidation Claims Due November 1 ---------------------------------------------------------- Creditors of LLC Marabis Plus have until Nov. 1 to submit their claims to: Bloch-Bollag Margarita Liquidator Witellikerstrasse 16 8702 Zollikon Meilen ZH Switzerland The Debtor can be reached at: LLC Marabis Plus Zollikon Meilen ZH Switzerland OCHSEN RUTI: Zurich Court Starts Bankruptcy Proceedings ------------------------------------------------------- The Bankruptcy Court of Wald in Zurich commenced bankruptcy proceedings against LLC Ochsen Ruti on Sept. 13. The Bankruptcy Service of Wald can be reached at: Bankruptcy Service of Wald 8636 Wald Hinwil ZH Switzerland The Debtor can be reached at: LLC Ochsen Ruti Ferrachstrasse 32 8630 Ruti ZH Switzerland RS JSC: Creditors' Liquidation Claims Due November 15 ----------------------------------------------------- Creditors of JSC RS have until Nov. 15 to submit their claims to: Franz Zeder Liquidator Kreuzberg 20 6252 Dagmersellen Willisau LU Switzerland The Debtor can be reached at: JSC RS Reiden Willisau LU Switzerland STL MANAGEMENT: Zurich Court Closes Bankruptcy Proceedings ---------------------------------------------------------- The Bankruptcy Service of Zurich entered Sept. 6 an order closing the bankruptcy proceedings of LLC STL Management. The Bankruptcy Service of Zurich can be reached at: Bankruptcy Service of Zurich 8026 Zurich Switzerland The Debtor can be reached at: LLC STL Management Hardturmstrasse 171 8005 Zurich Switzerland ============= U K R A I N E ============= ANIKA SERVICE: Proofs of Claim Deadline Set October 23 ------------------------------------------------------ Creditors of LLC Anika Service (code EDRPOU 34299842) have until Oct. 23 to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as 23/288-b. The Debtor can be reached at: LLC Anika Service Pobeda Avenue 136 03115 Kiev Ukraine AVIA LLC: Proofs of Claim Deadline Set October 23 ------------------------------------------------- Creditors of LLC Electron Device Avia (code EDRPOU 34297949) have until Oct. 23 to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as 23/284-b. The Debtor can be reached at: LLC Electron Device Avia Pobeda Avenue 136 03115 Kiev Ukraine BEREG LLC: Proofs of Claim Deadline Set October 23 -------------------------------------------------- Creditors of LLC Trade House Bereg (code EDRPOU 33601562) have until Oct. 23 to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as 23/285-b. The Debtor can be reached at: LLC Trade House Bereg Pobeda Avenue 136 03115 Kiev Ukraine BUDIVELNYK LLC: Proofs of Claim Deadline Set October 23 ------------------------------------------------------- Creditors of LLC Building Company Budivelnyk (code EDRPOU 33295433) have until Oct. 23 to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as 23/287-b. The Debtor can be reached at: LLC Building Company Budivelnyk Ravel Pestel Str. 11 01135 Kiev Ukraine DVURECHNAYA ENTERPRISE: Creditors Must File Claims by October 23 ---------------------------------------------------------------- Creditors of Dvurechnaya Enterprise of Heat Networks (code EDRPOU 32522312) have until Oct. 23 to submit written proofs of claims to: The Economic Court of Kharkov Derzhprom 8th Entrance Svoboda Square 5 61022 Kharkov Ukraine The Economic Court of Kharkov commenced bankruptcy supervision procedure on the company. The case is docketed as B-48/131-07. The Debtor can be reached at: Dvurechnaya Enterprise of Heat Networks Osenin Str. 7 Dvurechnaya Dvurechnaya District 63661 Kharkov Ukraine ELECTRO TECHNICAL: Proofs of Claim Deadline Set October 23 ---------------------------------------------------------- Creditors of LLC Electro Technical Building (code EDRPOU 34718909) have until Oct. 23 to submit written 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 docketed as 21/198/07. The Debtor can be reached at: LLC Electro Technical Building Dudikin Str. 7/17 69065 Zaporozhje Ukraine KUPIANSK AGRICULTURAL: Proofs of Claim Deadline Set October 23 -------------------------------------------------------------- Creditors of OJSC Kupiansk Agricultural Technical Service (code EDRPOU 03762070) have until Oct. 23 to submit written proofs of claims to: The Economic Court of Kharkov Derzhprom 8th Entrance Svoboda Square 5 61022 Kharkov Ukraine The Economic Court of Kharkov commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as B-24/94-07. The Debtor can be reached at: OJSC Kupiansk Agricultural Technical Service Seniok Kupiansk District Kharkov Ukraine LARGOVSKOE BREADRECEIVING: Creditors Must File Claims by Oct. 23 ---------------------------------------------------------------- Creditors of LLC Largovskoe Breadreceiving Enterprise (code EDRPOU 30823978) have until Oct. 23 to submit written proofs of claim to: The Economic Court of Donetsk Artema Str. 157 83048 Donetsk Ukraine The Economic Court of Donetsk commenced bankruptcy supervision procedure on the company. The case is docketed as 27/152B. The Debtor can be reached at: LLC Largovskoe Breadreceiving Enterprise Sovetskaya Str. 16 Alexandrovka Alexandrovsky District 84000 Donetsk Ukraine LOZOVAYA EDUCATION-PRODUCTION: Proofs of Claim Due October 23 ------------------------------------------------------------- Creditors of Lozovaya Education-Production Complex (code EDRPOU 03288929) have until Oct. 23 to submit written proofs of claims to: The Economic Court of Kharkov Derzhprom 8th Entrance Svoboda Square 5 61022 Kharkov Ukraine The Economic Court of Kharkov commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as B-19/205-07. The Debtor can be reached at: Lozovaya Education-Production Complex Svetlovschina Lozovaya District Kharkov Ukraine NAFTOGAZ UKRAINY: Eyes US$200 Million Loan to Repay Gazprom Debt ---------------------------------------------------------------- NAK Naftogaz Ukrainy will borrow US$200 million to repay its debt to OAO Gazprom by Nov. 1, 2007, the Ukrainian Journal reports. According to a debt agreement recently signed in Moscow, Russia, Naftogaz and local gas trader UkrGaz-Energo have to repay around US$929 million to Gazprom this month to avoid gas supply cuts. About Naftogaz Ukrainy Headquartered in Kiev, Ukraine, NAK Naftogaz Ukrainy -- http://www.naftogaz.com/-- processes gas, oil and condensate at the Company's five gas processing plants, which produce LPG, motor fuels and other types of petroleum products. Over 97% of the oil and gas in Ukraine is produced by the enterprises of the Company. * * * As of June 14, 2007, NAK Naftogaz Ukraine carries a Ba3 Corporate Family Rating, a Ba2 Senior Unsecured Debt rating, and a Ba3 Probability-of-Default rating from Moody's with a stable outlook. The company also carries a B+ Issuer Default Rating from Fitch. Fitch said the rating outlook is stable. NOVY BUG COMBINE: Proofs of Claim Deadline Set October 23 --------------------------------------------------------- Creditors of OJSC Novy Bug Combine of Bread Products (code EDRPOU 00952083) have until Oct. 23 to submit written proofs of claim to: The Economic Court of Nikolaev Admiralskaya Str. 22 54009 Nikolaev Ukraine The Economic Court of Nikolaev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as 2/32/07. The Debtor can be reached at: OJSC Novy Bug Combine of Bread Products Novy Bug, Vatutin Str. 1 55600 Nikolaev Ukraine =========================== U N I T E D K I N G D O M =========================== ADVANCED MICRO: Posts US$396 Mln Net Loss for Third Quarter 2007 ---------------------------------------------------------------- Advanced Micro Devices, Inc. reported an operating loss of US$226 million, and a net loss of US$396 million. In the third quarter, AMD reported third quarter 2007 revenue of US$1.632 billion, an 18 percent increase compared to the second quarter of 2007 and a 23 percent improvement compared to the third quarter of 2006. Third quarter results include a negative impact of US$120 million, or US$0.22 per share, due to ATI acquisition-related, integration and severance charges and impairment of assets. In the second quarter of 2007, AMD reported revenue of US$1.378 billion and an operating loss of US$457 million. In the third quarter of 2006, AMD reported revenue of US$1.328 billion and operating income of US$121 million. “We are encouraged by the progress we made in our third quarter financial results. We delivered a strong revenue increase, gained 8 percentage points of gross margin and reduced our operating loss by more than half,” said Robert J. Rivet, AMD’s chief financial officer. “We sold a record number of microprocessors through our distribution channel and began revenue shipments of Quad-core AMD Opteron processors in the quarter. “Graphics segment revenue increased 29 percent sequentially, as customers increasingly adopted AMD’s new ATI Radeon HD 2000 series of graphics processors.” Third quarter charges of US$120 million consisted of ATI acquisition-related, integration and severance charges of US$78 million and asset impairments of US$42 million associated with AMD’s ownership of Spansion, Inc. common stock. Third quarter 2007 gross margin was 41 percent, compared to 33 percent in the second quarter of 2007 and 51 percent in the third quarter of 2006. The increase from the prior quarter was due to increased microprocessor unit shipments, manufacturing efficiencies, improved inventory management, and a richer product mix in the Computing Solutions and Graphics segments. Computing Solutions Third quarter Computing Solutions segment revenue was US$1.283 billion, a 17 percent sequential increase. The increase was driven primarily by a 19 percent increase in microprocessor revenue. Microprocessor unit shipments increased 16 percent sequentially. Mobile processor unit shipment growth remained strong, increasing 41 percent sequentially and 68 percent year- over-year. Graphics Graphics segment revenue of US$252 million grew 29 percent from the second quarter of 2007. The success of the new ATI Radeon HD 2000 series of graphics processors led to increased unit shipments and revenue. Consumer Electronics Third quarter Consumer Electronics segment revenue was US$97 million, compared with US$85 million in the second quarter of 2007 driven by improved handheld unit sales and increased game console royalties. Current Outlook AMD’s outlook statements are based on current expectations. The following statements are forward looking, and actual results could differ materially depending on market conditions and the factors set forth under “Cautionary Statement” below. In the seasonally up fourth quarter, AMD expects revenue to increase in line with seasonality. About AMD Advanced Micro Devices Inc. -- http://www.amd.com/-- (NYSE: AMD) designs and manufactures microprocessors and other semiconductor products. The company has a facility in Singapore. It has sales offices in Belgium, France, Germany, the United Kingdom, Mexico and Brazil. * * * As reported in the Troubled Company Reporter on Aug. 14, 2007, Standard & Poor's Ratings Services affirmed its B/Negative/-- corporate credit rating on Sunnyvale, California-based Advanced Micro Devices Inc. At the same time, S&P assigned its 'B' rating to the company's US$1.5 billion 5.75% senior convertible notes due 2012, and raised the rating on the company's existing senior unsecured debt to 'B' from 'B-', because the company no longer has secured debt in its capital structure. As reported in the Troubled Company Reporter on Aug. 13, 2007, Fitch Ratings has assigned a 'CCC+/RR6' rating to Advanced Micro Devices Inc.'s private placement of US$1.5 billion 5.75% convertible senior notes due 2012. The 'CCC+/RR6' rating also applies to up to US$225 million of additional notes issued within the next 30 days to cover over-allotments. The 'BB-/RR2' rating on AMD's US$1.69 billion Term Loan B due 2010 is affirmed and withdrawn, as the company will use net proceeds from debt issuance, as well as available cash, to fully repay the term loan. Fitch also affirmed the company's Issuer Default Rating at 'B'; and Senior unsecured debt at 'CCC+/RR6'. As reported in the Troubled Company Reporter on July 26, 2007, Standard & Poor's Ratings Services affirmed its 'B/Negative/--' corporate credit rating on Sunnyvale, California-based Advanced Micro Devices Inc. At the same time, Standard & Poor's lowered the rating on the company's 7.75% senior notes due 2012 to 'B-' from 'BB-', which is now rated the same as the company's other senior unsecured notes, reflecting release of the collateral securing the issue. AMR CORP: Earns US$175 Million in Third Quarter Ended Sept. 30 -------------------------------------------------------------- AMR Corporation, the parent company of American Airlines Inc., disclosed Wednesday a net profit of US$175 million for the third quarter of 2007. The results for the third quarter of 2007 include the impact of a US$40 million charge to reflect an adjustment for additional salary and benefit expense accruals related to years 2003 through 2006 and the first six months of 2007. The current quarter results compare to a net profit of US$15 million for the third quarter of 2006. The year-ago results included a US$99 million non-cash charge in Other Income to reduce the book value of certain outstanding fuel hedge contracts. AMR reported third quarter consolidated revenues of approximately US$5.9 billion, an increase of 1.7% year over year. Other revenues, including sales from such sources as confirmed flight changes, purchased upgrades, Buy-on-Board food services and third-party maintenance work, increased 5.7% year over year to US$352 million in the third quarter. "While record fuel prices in the third quarter were a reminder of the external challenges that we continue to face, we again demonstrated our ongoing progress by posting our sixth straight profitable quarter and our largest net profit in any third quarter since 2000," said AMR chairman and chief executive officer Gerard Arpey. "We continued to improve our balance sheet while investing in key customer service initiatives, including taking steps to renew our fleet, add new routes, and enhance several products and services. However, we must step up our continued focus on managing costs, work to improve our profit margins and continue our momentum throughout 2007 and beyond." Operational Performance American's mainline passenger revenue per available seat mile increased by 5.0% in the third quarter compared to the year-ago quarter. Mainline capacity, or total available seat miles, in the third quarter decreased 2.8% compared to the same period in 2006, as the company continued to flatten its schedule to more efficiently utilize its fleet and other resources. American's mainline load factor -- or the percentage of total seats filled -- was a record 83.9% during the third quarter, compared to 81.7% in the third quarter of 2006. American's third-quarter yield, which represents average fares paid, increased 2.3% compared to the third quarter of 2006, its 10th consecutive quarter of year-over-year yield increases. American's mainline cost per available seat mile in the third quarter increased 3.9% year over year, which was 0.8 percentage points higher than it would have been as a result of the US$40 million charge to adjust salary and benefit expense accruals from prior periods. A pproximately US$30 million of the charge is attributable to years 2003 through 2006 and approximately US$10 million is attributable to the first half of 2007. Third quarter unit costs were also negatively affected by factors such as accelerated depreciation on assets being replaced through planned aircraft cabin refurbishment projects; certain investments to improve the customer experience; higher revenue-related expenses such as food and beverage and credit card fees; and weather cancellations in July. Excluding fuel and the charge, mainline unit costs in the third quarter increased by 4.0% year over year. Arpey said that the company continues working to achieve US$300 million in targeted cost savings for 2007 and continues to focus on cost containment. Among recent examples, American earlier this month announced a consolidation of its reservations offices that will affect the Cincinnati Reservations Office, effective September 2008. While all of the CRO employees have been offered jobs within American's Reservations group, by consolidating its reservations operations American is able to reduce costs. Balance Sheet Improvement AMR continued to strengthen its balance sheet in the third quarter by further reducing debt and improving its liquidity position. AMR ended the third quarter with US$5.8 billion in cash and short-term investments, including a restricted balance of US$447 million, compared to a balance of US$5.5 billion in cash and short-term investments, including a restricted balance of US$464 million, at the end of the third quarter of 2006. AMR reduced Total Debt, which it defines as the aggregate of its long-term debt, capital lease obligations, the principal amount of airport facility tax-exempt bonds and the present value of aircraft operating lease obligations, to US$16.6 billion at the end of the third quarter of 2007, compared to US$19 billion a year earlier. AMR reduced Net Debt, which it defines as Total Debt less unrestricted cash and short-term investments, from US$14 billion at the end of the third quarter of 2006 to US$11.2 billion in the third quarter of 2007. As a result of scheduled principal payments as well as incremental efforts to strengthen its balance sheet, AMR's net interest expense for the first nine months of 2007 was US$133 million lower than in the same period in 2006, a 23% reduction. AMR contributed US$200 million to its defined benefit pension plans in the third quarter, as the company continues to meet this important commitment to its employees. With the third quarter contribution, the company has contributed US$380 million to these plans in 2007, meeting its projected commitment for the year. The company has contributed nearly US$2 billion to these plans since 2002. About AMR Corporation Headquartered in Forth Worth, Texas, AMR Corporation (NYSE: AMR) operates with its principal subsidiary, American Airlines Inc. -- http://www.aa.com/-- a worldwide scheduled passenger airline. At the end of 2006, American provided scheduled jet service to about 150 destinations throughout North America, the Caribbean, Latin America, Europe and Asia. American is also a scheduled airfreight carrier, providing freight and mail services to shippers throughout its system. Its wholly owned subsidiary, AMR Eagle Holding Corp., owns two regional airlines, American Eagle Airlines Inc. and Executive Airlines Inc., and does business as "American Eagle." American Beacon Advisors Inc., a wholly owned subsidiary of AMR, is responsible for the investment and oversight of assets of AMR's U.S. employee benefit plans, as well as AMR's short-term investments. * * * As reported in the Troubled Company Reporter on May 25, 2007, Standard & Poor's Ratings Services assigned its 'CCC+' rating to American Airlines Inc.'s (B/Positive/--) US$125 million Dallas/Fort Worth International Airport special facility revenue refunding bonds, series 2007, due 2030. The bonds are guaranteed by American's parent, AMR Corp. (B/Positive/B-2), and are secured by payments made by American to the airport authority. Proceeds are being used to refund the outstanding revenue bonds, series 1992 (rated 'CCC+'), whose rating is withdrawn. ARROWPLUS LTD: Brings In Liquidators from KPMG ---------------------------------------------- Richard James Philpott and Finbarr Thomas O'Connell of KPMG LLP were appointed joint liquidators of Arrowplus Ltd. on Oct. 12 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: KPMG LLP 2 Cornwall Street Birmingham B3 2DL England BUSINESS UNION: Calls In Liquidators from Tenon Recovery -------------------------------------------------------- Paul W. Ellison and Robert C. Keyes of Tenon Recovery were appointed joint liquidators of Business Union Distribution Ltd. on Oct. 2 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Tenon Recovery Dukesbridge House 23 Duke Street Reading Berks RG1 4SA England CHEYNE FINANCE: Receivers Declare Insolvency Event -------------------------------------------------- Neville Kahn, Nick Edwards and Nicholas Dargan of Deloitte & Touche LLP, the receivers of Cheyne Finance plc, determined on Oct. 17, 2007, that the Issuer is, or is about to become, unable to pay its debts as they fall due to "Senior Creditors" and any other persons whose claims against the Issuer are required to be paid in priority thereto, as contemplated by Section 123(1) of the United Kingdom Insolvency Act 1986. Accordingly, the receivers have notified The Bank of New York, as Security Trustee, that an "Insolvency Event" has occurred. The receivers are making good progress in their pursuit of refinancing and whole book solutions and are in advanced negotiations with a number of parties. "The Cheyne Finance receivership is highly complex but we are very pleased with the progress being made to implement a refinancing or whole book solution of which we are in advanced negotiations. [Wednes]day's determination has not had a detrimental effect on these negotiations and we have no need for immediate liquidation of the assets within the book," Neville Kahn, receiver and Deloitte partner, commented. On Sept. 4, 2007, Nick Edwards, Neville Kahn and Nick Dargan of Deloitte have been appointed receivers of Cheyne Finance. The appointment of a receiver is required under the terms of the company's Security Trust Deed following the occurrence of an Enforcement Event. The appointment has been duly made by The Bank of New York as Security Trustee. On Aug. 28, 2007, mark-to-market losses in the Investment Portfolio of Cheyne Finance have caused a breach of the Major Capital Loss Test and therefore triggered an Enforcement Event. Cheyne Finance plc is a structured investment vehicle managed by Cheyne Capital Management Ltd. * * * As reported in the TCR-Europe on Oct. 8, 2007, Moody's Investors Service downgraded the ratings assigned to the Medium Term Note and Commercial Paper programs of Cheyne Finance PLC and Cheyne Finance LLC (Cheyne Finance) as: * Euro MTN and US MTN programs -- Current rating: Aaa on review for possible downgrade; -- New Rating: Ba3 on review with direction uncertain. * Euro Commercial Paper, US Commercial Paper, Euro MTN, and US MTN programs -- Current Rating: Prime-1 on review for possible downgrade; -- New Rating: Not Prime In September 2007, Standard & Poor's Ratings Services lowered its rating on the mezzanine capital notes issued by Cheyne Finance PLC and Cheyne Finance LLC, two co-issuing structured investment vehicles, to 'CCC-' from 'B-'. The rating remains on CreditWatch with negative implications, where it was placed Aug. 28, 2007. Cheyne Finance PLC/Cheyne Finance LLC Up to US$20 billion European and U.S. CP and MTN program Rating Class To From ----- -- ---- Mezzanine capital notes CCC-/Watch Neg B-/Watch Neg HEWITT MROZEK: Joint Liquidators Take Over Operations ----------------------------------------------------- Robert Adamson and Paul Charlton of Mazars LLP were appointed joint liquidators of Hewitt Mrozek Investigations Ltd. on Sept. 28 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Mazars LLP Mazars House Gelderd Road Gildersome Leeds LS27 7JN England JTMB REALISATIONS: Taps Liquidators from DTE Leonard Curtis ----------------------------------------------------------- J. M. Titley and N. Bennett of DTE Leonard Curtis were appointed joint liquidators of JTMB Realisations Plc on Sept. 12 for the creditors' voluntary winding-up procedure. The joint liquidators can be reached at: DTE Leonard Curtis DTE House Hollins Mount Hollins Lane Bury Lancs BL9 8AT England MATRIX TELECOM: Claims Filing Period Ends November 12 ----------------------------------------------------- Creditors of Matrix Telecommunications Ltd. have until Nov. 12 to send their names and addresses and particulars of their claims by notice in writing from the Joint Liquidators, personally or by their solicitors. The joint liquidators of the company are: Matthew Colin Bowker and David Antony Willis Tenon Recovery Europarc Innovation Centre Innovation Way Grimsby N E Lincs DN37 9TT England Matthew Colin Bowker and David Antony Willis of Tenon Recovery were appointed joint liquidators of the company on Oct. 3 for the creditors' voluntary winding-up proceeding. MFW PLUMBING: Names Philip Michael Lyon Liquidator -------------------------------------------------- Philip Michael Lyon of Mazars LLP was appointed liquidator of MFW Plumbing & Heating Ltd. on Oct. 8 for the creditors' voluntary winding-up procedure. The liquidator can be reached at: Mazars LLP Cartwright House Tottle Road Nottingham NG2 1RT England PRICEWISE RETAIL: Claims Filing Period Ends November 9 ------------------------------------------------------ Creditors of Pricewise Retail Inc. Ltd. have until Nov. 9 to send in their full names, their addresses and descriptions, full particulars of their debts and claims, and names and addresses of their solicitors (if any) to: Jeremy Woodside Liquidator Tenon Recovery Arkwright House Parsonage Gardens Manchester M3 2LF England Jeremy Woodside of Tenon Recovery was appointed liquidator of the company on Oct. 8 for the creditors' voluntary winding-up procedure. REMY WORLDWIDE: Wants to Assume Caterpillar Inventory Agreement --------------------------------------------------------------- Remy Worldwide Holdings Inc. and its debtor-affiliates ask authority from the U.S. Bankruptcy Court for the District of Delaware to assume an inventory purchase agreement with Caterpillar Inc. The Debtors sold their diesel engine remanufacturing business to Caterpillar for roughly $158 million, pursuant to an asset purchase agreement dated Jan. 29, 2007. The Debtors also entered into outsourcing agreements with Caterpillar, which will become the Debtors' exclusive supplier of remanufactured heavy duty starters and alternators. Caterpillar would acquire certain machinery and equipment related to the heavy duty starter and alternator remanufacturing business. The initial closing occurred June 25, 2007. On the same day, the parties amended the Asset Purchase Agreement to provide, for among other things, the Debtors' sale, for $7.16 million, certain inventory, machinery, equipment and other assets used designing, remanufacturing, assembling, testing, marketing and selling remanufactured heavy duty rotating electrics, including starters and alternators in North America through the Debtors' facilities in Mississippi. Kenneth J. Enos, Esq., at Young Conaway Stargatt & Taylor, LLP, in Wilmington, Delaware, the Debtors' proposed co-counsel, told the Court that under a related inventory purchase agreement, Remy Reman, L.L.C. and Remy International, Inc., would sell to Caterpillar Reman Acquisition Two LLC: 1. alternator core work-in-process inventory having an aggregate purchase price of $87,000; 2. alternator new parts having an aggregate purchase price of $1.28 million; 3. starter core inventory having aggregate value of $2,421,000; 4. starter core work-in-process inventory having an aggregate purchase price of $2.29 million; and 5. starter new parts having an aggregate purchase price of $748,000. Mr. Enos says the Inventory Purchase Agreement contemplates the transfer of Inventory aggregating roughly $6.80 million. The Inventory Purchase Agreement also provides that Caterpillar may elect to adjust purchase prices for the starter core inventory using the per unit market value of the Purchased Inventory as determined using a methodology agreed to between the parties. If either party disagrees with the adjusted inventory value for the starter core inventory, the parties will resolve the disagreement using dispute resolution process applicable to alternator core inventory set forth in the Asset Purchase Agreement. Mr. Enos said the purchase price does not include any sales, use, excise or other taxes that the Debtors may be required to pay in connection with the Inventory sale. The amount of any applicable present or future tax will be paid by Caterpillar as an additional charge or, in lieu of that, Caterpillar will provide the Debtors with a tax exemption certificate acceptable to the relevant taxing authorities. The parties also agreed to certain indemnification provisions. The Debtors further ssought permission to continue the transfer of the remainder of the Purchased Inventory, free and clear of all liens, claims and encumbrances. Assumption of the Inventory Purchase Agreement is in the best interest of the Debtors, their estates and creditors, Mr. Enos contended. He explained that the sale will result in lower product costs for the Debtors and represented the highest or otherwise best offer for the Purchased Assets. Mr. Enos also asserted that the the sale of the remainder of the Purchased Inventory is an integral part of the Caterpillar transaction, which has been substantially consummated. The purchase price, Mr. Enos said, was determined after good faith, arm's-length negotiations. "Accordingly, the Debtors will realize consideration for the Purchased Assets and the Remainder of the Purchased Inventory that will be fair and reasonable," Mr. Enos maintained. About Remy Worldwide Based in Anderson, Indiana, Remy Worldwide Holdings Inc. acts as a holding company of all the outstanding capital stock of Remy International Inc. Remy International --http://www.remyinc.com/ -- manufactures, remanufactures and distributes Delco Remy brand heavy-duty systems and Remy brand starters and alternators, locomotive products and hybrid power technology. The company also provides a worldwide components core-exchange service for automobiles, light trucks, medium and heavy-duty trucks and other heavy-duty, off-road and industrial applications. Remy has operations in the United Kingdom, Mexico and Korea, among others. The company and its debtor-affiliates filed for Chapter 11 protection on Oct. 8, 2007 (Bankr. D. Del. Cases No. 07-11481 to 07-11509). Douglas P. Bartner, Esq., Fredric Sosnick, Esq., and Michael H. Torkin, Esq., at Shearman & Sterling LLP, represent the Debtors' in their restructuring efforts. Pauline K. Morgan, Esq., Edmon L. Morton, Esq., and Kenneth J. Enos, Esq., at Young Conaway Stargatt & Taylor, LLP, serve as co-counsels to the Debtors. The Debtors' claims agent is Kurtzman Carson Consultants LLC and their restructuring advisor is AlixPartners, LLC. At Sept. 30, 2006, Remy Worldwide's balance sheet showed total assets of $919,736,000 and total liabilities of $1,265,648,000. (Remy Bankruptcy News; Issue No. 3, Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). REMY WORLDWIDE: Selects Shearman & Sterling as Lead Counsel ----------------------------------------------------------- Remy Worldwide Holdings Inc. and its debtor-affiliates seek the authority from the U.S. Bankruptcy Court for the District of Delaware to employ Shearman & Sterling LLP as their lead bankruptcy counsel, nunc pro tunc to Oct. 8, 2007. The Debtors selected Shearman & Sterling because the firm possesses extensive knowledge in the areas of law relevant to the Debtors' case. Shearman & Sterling has represented debtors, creditors, creditors' committees, lenders, and various parties- in-interest in numerous Chapter 11 cases. Shearman & Sterling has also developed significant knowledge of the Debtors' affairs and issues, as a result of the firm's prepetition representation of the Debtors. As counsel, Shearman & Sterling will: (a) provide legal advice with respect to the Debtors' duties in the continued operation of their business and management of properties; (b) prepare all necessary applications, motions, answers, orders, reports and other legal papers on behalf of the Debtors; (c) pursue the confirmation of the Debtors' Plan of Reorganization, or of an alternative Plan, if necessary; and the approval of corresponding solicitation procedures and disclosure statements; (d) attend meetings and negotiations with creditors, equity holders, prospective investors, acquirers, or other parties-in-interest (e) provide general bankruptcy and non-bankruptcy legal services, as may be requested by Debtors; (f) appear before the Bankruptcy Court, any appellate courts, and the U.S. Trustee to protect the Debtors' interest; and (g) perform all other legal services to the Debtors, as deemed proper and necessary. Shearman & Sterling's standard hourly rates are: Professional Hourly Rate ------------ ----------- Partner US$695 - US$940 Counsel and Specialist US$500 - US$750 Associate US$325 - US$595 Legal Assistant US$100 - US$235 Shearman & Sterling will also be reimbursed for out-of-pocket, necessary expenses. Douglas P. Bartner, Esq., a member at Shearman & Sterling LLP, in New York, discloses that in the one-year period prior to the Petition Date, his firm was paid US$6,098,584 by the Debtors on account of services related to the Debtors' reorganization efforts, including their bankruptcy filing. The firm also received a US$750,000 retainer for estimated fees and expenses from September 27 through October 8. Mr. Bartner assures the Court that his firm does not represent any interest adverse to the Debtors' estate or their creditors in connection with the Chapter 11 case, and is a "disinterested person," as defined in Section 101(14) of the Bankruptcy Code. Based in Anderson, Indiana, Remy Worldwide Holdings Inc. acts as a holding company of all the outstanding capital stock of Remy International Inc. Remy International -- http://www.remyinc.com/-- manufactures, remanufactures and distributes Delco Remy brand heavy-duty systems and Remy brand starters and alternators, locomotive products and hybrid power technology. The company also provides a worldwide components core-exchange service for automobiles, light trucks, medium and heavy-duty trucks and other heavy-duty, off-road and industrial applications. Remy has operations in the United Kingdom, Mexico and Korea, among others. The company and its debtor-affiliates filed for Chapter 11 protection on Oct. 8, 2007 (Bankr. D. Del. Cases No. 07-11481 to 07-11509). Douglas P. Bartner, Esq., Fredric Sosnick, Esq., and Michael H. Torkin, Esq., at Shearman & Sterling LLP, represent the Debtors' in their restructuring efforts. Pauline K. Morgan, Esq., Edmon L. Morton, Esq., and Kenneth J. Enos, Esq., at Young Conaway Stargatt & Taylor, LLP, serve as co-counsels to the Debtors. The Debtors' claims agent is Kurtzman Carson Consultants LLC and their restructuring advisor is AlixPartners, LLC. At Sept. 30, 2006, Remy Worldwide's balance sheet showed total assets of US$919,736,000 and total liabilities of US$1,265,648,000. (Remy Bankruptcy News; Issue No. 3, Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). REMY WORLDWIDE: Wants to Employ YCS&T As Delaware Counsel --------------------------------------------------------- Remy Worldwide Holdings Inc. and its debtor-affiliates ask permission from the U.S. Bankruptcy Court for the District of Delaware to employ Young Conaway Stargatt & Taylor, LLP as their Delaware counsel. Pauline K. Morgan, Esq., a partner at Young, Conaway, Stargatt & Taylor, LLP, in Wilmington, Delaware, informs the Court that, to avoid duplication of efforts, Young Conaway has discussed the division of responsibilities with Shearman & Sterling, LLP, which the Debtors intend to hire as Lead Counsel. The Debtors maintain that Young Conaway possesses extensive knowledge and expertise in the debtors' and creditors' rights and business reorganizations that will enable the firm to work efficiently and cost-effectively in behalf of the Debtors' estates. As co-counsel, Young Conaway will: (a) provide legal advice to the Debtors in their continued operation of business and management of properties; (b) prepare all necessary legal papers on behalf of the Debtors; (c) pursue the confirmation Debtors' Reorganization Plan of or of an alternative Plan, if necessary; (d) appearing in Court to protect the interests of the Debtors; and (e) perform all legal services deemed proper and necessary in the proceedings. The principal attorneys and paralegal at Young Conaway who will provide services to the Debtors -- and their current standard hourly rates -- are: Professional Hourly Rate ------------ ----------- Pauline K. Morgan US$510 Edmon L. Morton US$395 Kenneth J. Enos US$275 Patrick A. Jackson US$250 Melissa Bertsch, paralegal US$125 Young Conaway will also be reimbursed for out-of-pocket, necessary expenses. Ms. Morgan discloses that her firm received from the Debtors a US$75,000 retainer in March 2007 and an additional US$30,131 retainer in April 2007, in connection with the planning and preparation of initial documents and the firm's postpetition representation of the Debtors. Ms. Morgan maintains that Young Conaway is a "disinterested person", as defined in Section 104(14) of the Bankruptcy Code. The firm does not hold or represent any interests in the Debtors' estates, Ms. Morgan says. Based in Anderson, Indiana, Remy Worldwide Holdings Inc. acts as a holding company of all the outstanding capital stock of Remy International Inc. Remy International -- http://www.remyinc.com/-- manufactures, remanufactures and distributes Delco Remy brand heavy-duty systems and Remy brand starters and alternators, locomotive products and hybrid power technology. The company also provides a worldwide components core-exchange service for automobiles, light trucks, medium and heavy-duty trucks and other heavy-duty, off-road and industrial applications. Remy has operations in the United Kingdom, Mexico and Korea, among others. The company and its debtor-affiliates filed for Chapter 11 protection on Oct. 8, 2007 (Bankr. D. Del. Cases No. 07-11481 to 07-11509). Douglas P. Bartner, Esq., Fredric Sosnick, Esq., and Michael H. Torkin, Esq., at Shearman & Sterling LLP, represent the Debtors' in their restructuring efforts. Pauline K. Morgan, Esq., Edmon L. Morton, Esq., and Kenneth J. Enos, Esq., at Young Conaway Stargatt & Taylor, LLP, serve as co-counsels to the Debtors. The Debtors' claims agent is Kurtzman Carson Consultants LLC and their restructuring advisor is AlixPartners, LLC. At Sept. 30, 2006, Remy Worldwide's balance sheet showed total assets of US$919,736,000 and total liabilities of US$1,265,648,000. (Remy Bankruptcy News; Issue No. 3, Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). ROWAN INTERIORS: Appoints Michael Young as Liquidator ----------------------------------------------------- Michael Young of Vantis was appointed liquidator of Rowan Interiors Ltd. on Oct. 10 for the creditors' voluntary winding- up procedure. The liquidator can be reached at: Vantis Torrington House 47 Holywell Hill St. Albans Herts AL1 1HD England S BAILEY: M. H. Abdulali Leads Liquidation Procedure ---------------------------------------------------- M. H. Abdulali of Moore Stephens was appointed liquidator of S Bailey (Builders) Ltd. on Oct. 9 for the creditors' voluntary winding-up procedure. The liquidator can be reached at: Moore Stephens 6 Ridge House Ridgehouse Drive Festival Park Stoke on Trent England T A SUPPLIES: Failure to Sell Company Cues Voluntary Liquidation ---------------------------------------------------------------- Portland Business & Financial Solutions Limited has been appointed to handle the affairs of T A Supplies Limited. The Directors of T A Supplies Limited consulted Peter Howard of Portland's London Office and despite eleventh hour attempts to sell the company, there was no alternative but to finally cease trading. "Unfortunately there was not sufficient support for the five-a- side football league and the good weather has meant parents prefer taking their children to outdoor play areas, staying away from Little Rascals at the leisure center," Peter Howard commented. The T A Supplies Directors regret that customers will be let down by this action, the company will now go into Creditor's Voluntary Liquidation and two Directors at Portland will be appointed as Liquidators. Being the largest independent business recovery firm in the South, Portland operates from offices in Whiteley, Poole and London and has a vast experience in handling such matters. Portland staff members will continue to work hard to contact all members of the public with future bookings, to minimize the disappointment that arises from the T A Supplies Limited failure. About T A Supplies Based in West Sussex, England, T A Supplies Limited were behind the Socca Box and Little Rascals brands at the Manor Royal Leisure Centre, Crawley - organizing a league for five-a-side football teams, as well as providing the children's indoor play area and party location. TRADE AND INVEST: Calls In Liquidators from DTE Leonard Curtis -------------------------------------------------------------- J. M. Titley and A. Poxon of DTE Leonard Curtis were appointed joint liquidators of Trade and Invest Communications Ltd. on Oct. 8 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: DTE Leonard Curtis DTE House Hollins Mount Hollins Lane Bury Lancs BL9 8AT England TTV FACILITIES: Taps Liquidators from Tenon Recovery ---------------------------------------------------- Steven Philip Ross and Ian William Kings of Tenon Recovery were appointed joint liquidators of TTV Facilities Ltd. (formerly Pitchserve Ltd., TTV Hire North East Ltd.) on Oct. 11 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Tenon Recovery Tenon House Ferryboat Lane Sunderland Tyne & Wear SR5 3JN England * BOND PRICING: For the Week Oct. 15 to Oct. 19, 2007 ----------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRIA ------- Kommunal Kredit Austria AG 0.500 03/15/19 CDN 61.76 0.250 10/14/26 CDN 38.65 Republic of Austria 4.000 06/22/22 EUR 71.84 0.396 08/04/25 EUR 65.58 5.243 10/10/25 EUR 62.83 FINLAND ------- Muni Finance PLC 1.000 03/19/13 AUD 72.87 0.500 04/26/13 AUD 70.21 1.000 11/21/16 NZD 56.27 1.000 10/30/17 AUD 57.26 0.500 09/24/20 CDN 55.48 0.250 06/28/40 CDN 20.04 FRANCE ------ Accor S.A. 1.750 01/01/08 EUR 66.48 Alcatel S.A. 4.750 01/01/11 EUR 16.07 Altran Technologies S.A. 3.750 01/01/09 EUR 12.48 BNP Paribas 0.250 12/20/14 US$ 70.53 CAP Gemini S.A. 2.500 01/01/10 EUR 56.14 1.000 01/01/12 EUR 52.28 Club Mediterranee S.A. 3.000 11/01/08 EUR 67.04 4.375 11/01/10 EUR 54.23 FCC Rome Alliance Funding 2.256 01/08/21 EUR 73.71 Havas S.A. 4.000 01/01/09 EUR 10.84 Infogrames Entertainment S.A. 1.500 04/01/09 EUR 00.50 Ingenico 2.750 01/01/12 EUR 21.89 Maurel & Prom 3.500 01/01/10 EUR 22.18 Publicis Group 0.750 07/17/08 EUR 31.47 1.000 01/18/18 EUR 43.00 Rallye 3.750 01/01/08 EUR 52.68 Rhodia S.A. 0.500 01/01/14 EUR 45.47 Scor S.A. 4.125 01/01/10 EUR 2.29 Soc Air France 2.750 04/01/20 EUR 29.90 Soitec 4.625 12/20/09 EUR 13.32 Thomson (EX-TMM) 1.000 01/01/08 EUR 39.52 Valeo 2.375 01/01/11 EUR 50.52 Vivendi Universal S.A. 1.750 10/30/08 EUR 31.96 Wavecom S.A. 1.750 01/01/14 EUR 27.52 Wendel Invest S.A. 2.000 06/19/09 EUR 50.17 GERMANY ------- KfW Bankengruppe 0.500 10/30/13 AUD 67.75 0.500 12/19/17 EUR 66.55 5.000 05/23/20 EUR 74.34 1.250 07/29/20 EUR 73.07 6.000 07/21/25 EUR 68.33 5.000 09/01/25 EUR 72.48 8.000 08/10/30 EUR 66.71 Landeskreditbank Baden- Wuerttemberg Foerderbk 0.500 05/10/27 CDN 41.20 Landwirtschaftliche Rentenbank AG 1.000 03/29/17 NZD 55.42 Treofan AG 11.000 08/01/13 EUR 67.13 GREECE ------ Hellenic Republic 6.000 07/06/25 EUR 66.28 6.000 07/06/25 EUR 65.57 6.000 07/06/25 EUR 71.89 ICELAND ------- Kaupthing Bank 6.500 02/03/45 EUR 68.94 IRELAND ------- Depfa ACS Bank 0.500 03/03/25 CDN 46.00 0.250 07/08/33 CDN 27.28 Irish Perm Plc 6.125 02/15/35 EUR 65.85 Magnolia Finance IV Plc 1.050 12/20/45 US$ 28.09 ITALY ----- Dexia Crediop S.p.A. 0.000 03/15/16 EUR 81.59 LUXEMBOURG ---------- Teksid Aluminum S.A. 12.375 07/15/11 EUR 34.91 NETHERLANDS ----------- ABN AMRO Bank N.V. 6.250 06/29/35 EUR 69.01 BK Ned Gemeenten 0.500 06/27/18 CDN 62.79 0.500 02/24/25 CDN 46.03 EM.TV Finance B.V. 5.250 05/08/13 EUR 6.10 Energy Group O/S 7.425 10/15/17 US$ 32.50 Lehman Bros TSY B.V. 6.000 02/15/35 EUR 67.98 8.250 03/16/35 EUR 60.17 7.000 05/17/35 EUR 63.57 7.250 10/05/35 EUR 56.83 6.000 11/02/35 EUR 61.57 Ned Waterschapbk 6.000 06/01/35 EUR 70.57 6.500 08/15/35 EUR 62.81 Rabobank Groep N.V. 6.000 04/08/20 EUR 73.25 6.000 02/22/35 EUR 67.36 2.000 02/23/35 EUR 62.70 7.000 02/28/35 EUR 68.82 7.000 03/23/35 EUR 63.82 6.000 05/09/35 EUR 72.88 NORWAY ------ Kommunalbanken A.S. 0.500 02/07/13 AUD 70.41 SWEDEN ------ AB Svensk Export 0.500 03/27/13 AUD 70.56 SWITZERLAND ----------- UBS AG 1.000 01/25/12 NZD 74.80 1.000 02/27/12 NZD 74.39 1.000 03/28/12 NZD 73.92 1.000 06/28/12 NZD 72.79 1.000 07/30/12 NZD 72.50 UNITED KINGDOM -------------- Anglian Water Finance Plc 2.400 04/20/35 GBP 54.48 Bank of Scotland 6.000 02/07/35 EUR 68.50 HSBC Bank Plc 0.500 07/31/17 US$ 64.18 0.500 07/31/17 EUR 66.07 National Grid Gas Plc 1.754 10/17/36 GBP 44.66 1.771 03/30/37 GBP 44.71 Royal BK Scotland Plc 0.250 03/27/14 US$ 73.45 9.500 04/04/25 US$ 69.45 7.000 06/09/25 EUR 61.23 7.000 06/29/30 EUR 54.87 6.500 02/23/45 EUR 63.63 TXU Eastern Funding Plc 6.750 05/15/09 US$ 3.25 Wessex Water Finance Plc 1.369 07/31/57 GBP 29.46 ********* 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 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 * * *