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