T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Tuesday, October 23, 2007, Vol. 8, No. 210 Headlines A U S T R I A CHINA RESTAURANT: Claims Registration Period Ends November 7 F.I.P. FINANZDIENSTLEISTUNG: Court Orders Business Shutdown HANUSEK LLC: Claims Registration Period Ends November 27 IVG E-LEARNING: Claims Registration Period Ends November 12 KARL LOCKAUER: St. Poelten Court Orders Business Shutdown MIRJANA GRBIC: Creditors' Meeting Slated for November 11 PUNJAB CHAUHAN: Claims Registration Period Ends November 7 SYCOM LLC: Vienna Court Orders Business Shutdown B E L A R U S BELPROMSTROIBANK: Moody's Puts B2/NP Currency Deposit Ratings B E L G I U M CHIQUITA BRANDS: Fresh Express Acquires Verdelli Farms LEVI STRAUSS: Closes US$525MM Tender Offer for 12.25% Sr. Notes SOLUTIA INC: Court Approves Fifth Amended Disclosure Statement SOLUTIA INC: Court Sets November 29 Plan Confirmation Hearing D E N M A R K BLOCKBUSTER: Names E. Peterson as EVP, Gen. Counsel & Secretary F R A N C E SMOBY-MAJORETTE: Former Chairman and CEO Faces Probe SPANSION INC: Posts US$72 Mln Net Loss in Quarter Ended Sept. 30 G E R M A N Y A-K-H LACKIER: Claims Registration Period Ends November 2 AGFAPHOTO GMBH: Agfa-Gevaert Denies Rumors on EUR60 Mln Claim COLLECTION E: Creditors Must File Claims by November 23 DOMINO MASSIVHAUS: Claims Registration Ends November 22 ELEKTRO - BAU SYLT: Claims Registration Ends December 5 ERSTE EXACT: Claims Registration Period Ends November 2 FZS GMBH: Creditors' Meeting Slated for November 15 H. SCHICK: Claims Registration Period Ends November 2 HIEBER GMBH: Claims Registration Ends November 19 HUELSMANN BAU: Claims Registration Ends November 22 IKB DEUTSCHE: KfW Explores Options for 37.8% Stake; Mulls Sale KUECHEN-IDEE GMBH: Claims Registration Ends November 19 MBM ENTERTAINMENT: Creditors Must File Claims by December 18 MOENUS TEXTILMASCHINEN: Claims Registration Period Ends Nov. 2 P.R.R.O. BAU-GMBH: Creditors Must File Claims by November 26 S.E.A. IMPORT-EXPORT: Creditors Must File Claims by December 18 SEIL-SANDER ERNST: Creditors Must File Claims by November 23 SELL ACTIVITY: Claims Registration Period Ends October 29 STELLWERK 13: Claims Registration Ends November 30 SUEDO GMBH: Claims Registration Period Ends December 2 SUK SANIERUNGS: Claims Registration Period Ends November 12 SYLT LIFE: Claims Registration Ends December 5 TAXI-DIETZ: Claims Registration Ends November 19 TEC KOMPLETTBAU: Claims Registration Ends December 7 TECTUM BAU: Creditors' Meeting Slated for November 2 TISCHLERTEAM VOLMER: Creditors' Meeting Slated for November 21 TRAUM STATION: Creditors' Meeting Slated for November 16 TREVIUS GESELLSCHAFT: Creditors' Meeting Slated for December 14 G R E E C E WIND HELLAS: Inks Deal with PPC to Acquire 50% Stake in Tellas WIND HELLAS: Fitch Watches B Ratings on Tellas Acquisition I T A L Y ALITALIA SPA: Strike Against Downscale Plan Cancels 254 Flights XEROX CORPORATION: Earns US$753 Mln in First Nine Months of 2007 K A Z A K H S T A N ALK-STORY LLP: Proof of Claim Deadline Slated for November 23 AMANAT-INVESTSU LLP: Creditors Must File Claims November 23 CST GROUP: Claims Filing Period Ends November 20 DIONIS GOLF: Creditors' Claims Due on November 20 DUKAT TRADING: Claims Registration Ends November 23 KAPKOMSTROY LLP: Proof of Claim Deadline Slated for November 23 KOK-ARYK LLP: Creditors Must File Claims November 23 KOKSHETAU INDUSTRIYA: Claims Filing Period Ends November 20 OK-JETPES LLP: Creditors' Claims Due on November 20 ZIYA TRADE: Claims Registration Ends November 23 K Y R G Y Z S T A N MARVEL LLC: Proof of Claim Deadline Slated for November 23 L U X E M B O U R G AGILENT TECHNOLOGIES: Inks Marketing Agreement with BioTrove N E T H E R L A N D S BAUSCH & LOMB: Extends Securities Tender Offers to Oct. 26 R U S S I A AGROPROMDORSTROY AZNAKAEVSKIJ: Claims Deadline Set December 13 HOMYAKOVSKIJ OJSC: Creditors Must File Claims by December 13 INTERNATIONAL PAPER: Board Okays Annual Election of Directors KUBAN' FLOWERS: Creditors Must File Claims by November 12 LAVINSKIJ LLC: Creditors Must File Claims by November 12 MURMANFISHPROM OJSC: Asset Sale Slated for November 2 NORTH-WEST TELECOM: Fitch Hikes Ratings to BB- on 15% Share Sale PLANT PEARL: Asset Sale Slated for November 13 PRIKASPIJBUROIL-HAL'MG: Court Hearing Slated for March 4, 2008 RAMA FACTORY: Orenburg Court Starts Competitive Proceedings SEVERSKAYA LLC: External Bankruptcy Hearing Slated for Dec. 5 YUKOS OIL: Moscow Court to Hear US$681 Mln Moravel Case Nov. 7 ZABSIBGASPROM OJSC: Creditors Must File Claims by November 12 S P A I N EMPRESAS HIPOTECARIO 5: Fitch Junks EUR31 Million Series D Notes SANTANDER EMPRESAS 4: Moody's Junks EUR46 Million Series F Notes SANTANDER EMPRESAS 4: S&P Junks EUR46 Million Class F Notes S W I T Z E R L A N D AWM BAU-PLAN: Claims Registration Period Ends October 30 BIOPONICS LLC: Solothurn Court Starts Bankruptcy Proceedings BUHLMANN DIENSTLEISTUNGEN: Liquidation Claims Due October 29 GALERIE DU SOLSTICE: Creditors’ Liquidation Claims Due Oct. 29 L + F KOMMUNIKATION: Basel Court Closes Bankruptcy Proceedings SECURITY TECHNOLOGY: Creditors’ Liquidation Claims Due Nov. 5 VON GRUNIGEN: Creditors’ Liquidation Claims Due October 29 WIGLA LLC: Creditors’ Liquidation Claims Due October 29 WITTUR JSC: Creditors’ Liquidation Claims Due November 5 ZAUGG JSC: Bern Court Closes Bankruptcy Proceedings U K R A I N E ARSHYN LLC: Creditors Must File Claims by October 24 INDUSTRIAL SPECIAL: Proofs of Claim Deadline Set October 24 INVESTMENT COMPANY: Creditors Must File Claims by October 24 KOZHANKA SUGAR: Creditors Must File Claims by October 24 LATORITSA LLC: Proofs of Claim Deadline Set October 24 NEON LLC: Creditors Must File Claims by October 24 RENASCENCE LTD: Proofs of Claim Deadline Set October 24 RESOURCE LTD: Proofs of Claim Deadline Set October 24 SING LLC: Proofs of Claim Deadline Set October 24 SMILA MECHANICAL: Proofs of Claim Deadline Set October 24 STEPOVOE LLC: Proofs of Claim Deadline Set October 24 UKRAINIAN INDUSTRY: Proofs of Claim Deadline Set October 24 YUVENTA PLUS: Proofs of Claim Deadline Set October 24 U N I T E D K I N G D O M ADOMENT LTD: J. M. Titley Leads Liquidation Procedure ATTRIC GROUP: Brings In Liquidators from KPMG ATTRIC PBI: Calls In Liquidators from KPMG BRUSH COMPANY: Taps Liquidators from Smith & Williamson DREAMS RESTAURANT: Joint Liquidators Take Over Operations FASHION RETAIL: Hires Liquidators from Moore Stephens FORD MOTOR: Expresses Possible Expansion of Philippine Facility GENERAL MOTORS: Global Third Quarter Sales Increase by 4% KENDLE INT'L: Names Mary Briggs Vice President for Global Sales JS CHINN: Taps Joint Administrative Receivers from PwC NORTHERN ROCK: Bryan Sanderson Succeeds Matt Ridley as Chairman QUALFAB ENGINEERING: Appoints Liquidators from KPMG REMY WORLDWIDE: Court Approves Kurtzman Carson as Noticing Agent REMY WORLDWIDE: Wants Until December 22 to File Schedules REXAM PLC: To Build New Beverage Can Plant in Denmark RHINEBRIDGE PLC: Missed Payment Cues S&P's Default Ratings RHINEBRIDGE PLC: Unpaid Loan Cues Fitch’s Default Ratings SINTILLATION LTD: Names Martin Dominic Pickard Liquidator STONELEIGH FURNITURE: Calls In Liquidators from Moore Stephens SWEDIA NETWORKS: Brings In Liquidators from Deloitte & Touche WALES MILLENNIUM: Wants Wales Funding to Secure Future * Large Companies with Insolvent Balance Sheet ********* ============= A U S T R I A ============= CHINA RESTAURANT: Claims Registration Period Ends November 7 ------------------------------------------------------------ Creditors owed money by LLC China Restaurant Xinya (FN 92293a) have until Nov. 7 to file written proofs of claim to court- appointed estate administrator Rainer Radlinger at: Mag. Rainer Radlinger c/o Dr. Gerhard Schilcher Backerstrasse 1/3/13 1010 Vienna Austria Tel: 513 23 44 Fax: 513 23 44 15 E-mail: wien@kosch-partner.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:10 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. 20 (Bankr. Case No. 2 S 125/07f). Gerhard Schilcher represents Mag. Radlinger in the bankruptcy proceedings. F.I.P. FINANZDIENSTLEISTUNG: Court Orders Business Shutdown ----------------------------------------------------------- The Trade Court of Vienna entered Sept. 21 an order shutting down the business of LLC F.I.P. Finanzdienstleistung (FN 277913x). Court-appointed estate administrator Karl Schirl 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. Karl Schirl Krugerstrasse 17/3 1010 Vienna Austria Tel: 513 22 31 Fax: 513 22 31-1 E-mail: dr.karl.schirl@der-rechtsanwalt.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Sept. 13 (Bankr. Case No 4 S 107/07y). HANUSEK LLC: Claims Registration Period Ends November 27 -------------------------------------------------------- Creditors owed money by LLC HANUSEK (FN 262738f) have until Nov. 27 to file written proofs of claim to court-appointed estate administrator Georg Unger at: Dr. Georg Unger c/o Dr. Arno Maschke Mariahilfer Strasse 50 1070 Vienna Austria Tel: 523 62 00 Fax: 526 72 74 E-mail: office@sup.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on Nov. 11 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1606 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Sept. 18 (Bankr. Case No. 4 S 109/07t). Arno Maschke represents Dr. Unger in the bankruptcy proceedings. IVG E-LEARNING: Claims Registration Period Ends November 12 ----------------------------------------------------------- Creditors owed money by LLC IVG e-learning (FN 273868y) have until Nov. 12 to file written proofs of claim to court-appointed estate administrator Christian Ebmer at: Mag. Christian Ebmer Schillerstr. 12 4020 Linz Austria Tel: 0732/656969 Fax: 0732/656969-60 E-mail: office@hep.co.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 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 Linz, Austria, the Debtor declared bankruptcy on Sept. 20 (Bankr. Case No. 12 S 72/07m). KARL LOCKAUER: St. Poelten Court Orders Business Shutdown --------------------------------------------------------- The Land Court of St. Poelten entered Sept. 21 an order shutting down the business of KEG Karl Lockauer (FN 184314a). Court-appointed estate administrator Gerhard Taufner recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Dr. Gerhard Taufner Bahnhofstrasse 5 3390 Melk Austria Tel: 02752/5 24 66 Fax: 02752/5 25 74 E-mail: rechtsanwalt.taufner@taufner.at Headquartered in Huerm, Austria, the Debtor declared bankruptcy on Sept. 17 (Bankr. Case No 14 S 161/07b). MIRJANA GRBIC: Creditors' Meeting Slated for November 11 -------------------------------------------------------- Creditors owed money by KEG Mirjana GRBIC (FN 267742p) are encouraged to attend the first creditors' meeting at 9:30 a.m. on Nov. 11. The creditors' meeting will be held at: The Trade Court of Vienna Room 1606 Vienna Austria Creditors have until Nov. 27 to file written proofs of claim to court-appointed estate administrator Franz Stefan Pechmann at: Dr. Franz Stefan Pechmann Gusshausstrasse 6 1040 Vienna Austria Tel: 503 19 95 Fax: 503 19 95 12 E-mail: office@pechmann.cc Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Sept. 19 (4 S 110/07i). PUNJAB CHAUHAN: Claims Registration Period Ends November 7 ---------------------------------------------------------- Creditors owed money by KEG PUNJAB CHAUHAN (FN 277888i) have until Nov. 7 to file written proofs of claim to court-appointed estate administrator Kurt Bernegger at: Kurt Bernegger c/o Mag. Maria Kainer Jaquingasse 21 1030 Vienna Austria Tel: 01/799 15 80 Fax: 01/796 59 14 E-mail: kanzlei@bernegger-wt.com Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:50 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. 20 (Bankr. Case No. 2 S 124/07h). Maria Kainer represents Mr. Bernegger in the bankruptcy proceedings. SYCOM LLC: Vienna Court Orders Business Shutdown ------------------------------------------------ The Trade Court of Vienna entered Sept. 19 an order shutting down the business of LLC Sycom (FN 99579s). Court-appointed estate administrator Norbert Abel recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Mag. Norbert Abel Franz-Josefs-Kai 49/19 1010 Vienna Austria Tel: 533 52 72 Fax: 533 52 72 15 E-mail: office@abel-abel.at Headquartered in Moedling, Austria, the Debtor declared bankruptcy on Sept. 12 (Bankr. Case No 6 S 116/07m). ============= B E L A R U S ============= BELPROMSTROIBANK: Moody's Puts B2/NP Currency Deposit Ratings ------------------------------------------------------------- Moody's Investors Service assigned B2 long-term and Not Prime short-term foreign currency deposit ratings to Open Joint-Stock Company Belpromstroibank. Moody's also affirmed the bank's E+ bank financial strength rating and its Ba1/Not Prime long-term and short-term local currency deposit ratings. All of the bank's ratings carry a stable outlook. BPS-Bank is majority-owned by the government of Belarus, which holds a 90% stake in its capital. The bank's loan portfolio chiefly comprises commercial loans to large Belarusian companies, although retail and SME lending levels are increasing significantly. According to Moody's, BPS-Bank's E+ BFSR, which translates to a Baseline Credit Assessment of B2, remains underpinned by its leading market position as the country's fourth largest bank by assets, good financial indicators and asset quality. However, it is constrained by the bank's fairly weak corporate governance due to the high likelihood of the government's interference in the bank's business, as well as large albeit declining borrower concentration and growing competition with the other large Belarusian banks. The bank's Ba1/Not Prime long-term and short-term local currency deposit ratings continue to factor in Moody's assessment of a very high probability of systemic support in the event of a stress situation given: (i) the bank's 90% ownership by the Belarus government and government-owned companies, as well as (ii) the bank's strong position in the country's banking system represented by its 8.3% market share of retail deposits. As a result, the long-term local currency deposit rating enjoys a four-notch uplift from the bank's B2 Baseline Credit Assessment. BPS-Bank's B2 long-term foreign currency deposit rating is constrained by the B2 foreign currency deposit ceiling for Belarus and could be upgraded if this ceiling were to be upgraded. In the medium term, the bank's foreign currency deposit rating has little downside potential as it is already constrained by the relevant country ceiling. Based in Minsk, Belarus, JSC BPS-Bank reported total IFRS consolidated assets of US$1.18 billion, shareholders' equity of US$102.2 million and net income of US$15.05 million at end- 1H2007 (vs. US$1.08 billion, US$91 million and US$16.7 million, respectively, at year-end 2006). ============= B E L G I U M ============= CHIQUITA BRANDS: Fresh Express Acquires Verdelli Farms ------------------------------------------------------ Chiquita Brands International Inc.'s wholly owned subsidiary, Fresh Express, has acquired privately held Verdelli Farms, one of the premier regional processors of value-added salads, vegetables and fruit snacks on the East Coast of the United States. The company, which markets its products under the Harvest Select and Verdelli Farms brands, operates in 10 states from Massachusetts to Virginia. Verdelli Farms will be integrated into Chiquita's Fresh Express unit. "The acquisition of Verdelli Farms, with its focus on meeting the needs of consumers for fresh, healthy and convenient foods, superior food safety and strong customer relationships, is a great fit within our sustainable growth strategy and an excellent complement to our Fresh Express brand," said Fernando Aguirre, chairman and chief executive officer of Chiquita Brands International. "The acquisition accelerates our expansion into the Northeast, where there is strong demand from the largest U.S. concentration of value- added salads consumers, but where the Fresh Express brand has been under- represented." Mr. Aguirre continued, "We are also pleased that Dan, Mike and Jen Verdelli, as well as other members of Verdelli Farms' strong management team, will remain with the company following the acquisition and offer leadership talent that is a good cultural fit with our focus on innovative value-added products, food safety, freshness, customer service and category development." About Fresh Express Fresh Express is the No. 1 brand of value-added salads, with a total U.S. market share of approximately 47 percent. Through this acquisition of Verdelli Farms' modern manufacturing capabilities and efficient distribution capacity, Fresh Express will be able to expand its share in the Northeast from approximately 30% today and gain an effective platform for growth in this important region. In addition, the acquisition will allow Fresh Express to gain networkwide cost synergies in distribution and logistics costs while achieving up to a two-day improvement in the freshness of salads it delivers to customers and consumers in the Northeast. Harrisburg, Pa.-based Verdelli Farms is a third-generation, family-owned business founded in 1924. The company employs approximately 400 people and has annual revenues of approximately US$80 million. In 2006, the company produced more than 8 million cases of fresh salads, vegetables and fruit snacks for more than 80 customers in 10 states from Massachusetts to Virginia. Fresh Express, a wholly owned subsidiary of Chiquita Brands International, Inc., is the world's largest producer of fresh salads. With a rich history that traces its roots back to 1926 and the beginnings of the fresh produce industry in Salinas, Calif., where the company is headquartered, Fresh Express is recognized as a leader in food safety and as the creator of the ready-to-eat fresh salad category. Fresh Express is responsible for a number of other important "firsts" in the fresh salad category, including the first complete salad kit and the first salad blend with multiple varieties of lettuces and greens. About Chiquita Cincinnati, Ohio-based Chiquita Brands International, Inc. (NYSE: CQB) -- http://www.chiquita.com/-- markets and distributes fresh food products including bananas and nutritious blends of green salads. The company markets its products under the Chiquita(R) and Fresh Express(R) premium brands and other related trademarks. Chiquita employs approximately 25,000 people operating in more than 70 countries worldwide including Belgium, Columbia, Germany, Panama, Philippines, among others. * * * As reported in the Troubled Company Reporter on May 16, 2007, Moody's Investors Service Ratings affirmed these ratings on Chiquita Brands International Inc.: (i) corporate family rating at B3; (ii) probability of default rating at B3; (iii) US$250 million 7.5% senior unsecured notes due 2014 at Caa2(LGD5, 89%); and (iv) US$225 million 8.875% senior unsecured notes due 2015 at Caa2 (LGD5, 89%). Moody's changed the rating outlook for Chiquita Brands to negative from stable. Troubled Company Reporter reported on May 4, 2007, that Standard & Poor's Ratings Services placed its 'B' corporate credit and other ratings on Cincinnati, Ohio-based Chiquita Brands International Inc. on CreditWatch with negative implications, meaning that the ratings could be lowered or affirmed following the completion of their review. Total debt outstanding at the company was about US$1.3 billion as of March 31, 2007. LEVI STRAUSS: Closes US$525MM Tender Offer for 12.25% Sr. Notes --------------------------------------------------------------- Levi Strauss & Co. has completed its tender offer for any and all of its US$525 million outstanding aggregate principal amount of 12.25% Senior Notes due 2012 and related consent solicitation. A total of US$506.2 million of the outstanding aggregate principal amount of the Notes were tendered prior to the expiration date of midnight, New York City time, on Oct. 17, 2007. The company has accepted for purchase all Notes tendered pursuant to the tender offer and consent solicitation, resulting in a total payment of US$563.7 million, including approximately US$20 million in accrued and unpaid interest and US$15.2 million in consent payments, to holders of the Notes. The company has retained Credit Suisse Securities (USA) LLC as a dealer, manager and solicitation agent in connection with the tender offer and consent solicitation. Questions about the tender offer and consent solicitation may be directed to Credit Suisse at 212-325-4951 (collect). About Levi Strauss & Co. Headquartered in San Francisco, California, Levi Strauss & Co. -- http://www.levistrauss.com/-- is a branded apparel company. The company designs and markets jeans and jeans-related pants, casual and dress pants, tops, jackets and related accessories for men, women and children under its Levi's, Dockers and Levi Strauss Signature brands in markets around the world. Levi Strauss & Co. distributes its Levi's and Dockers products primarily through chain retailers and department stores in the United States, and through department stores, specialty retailers and franchised stores abroad. The company distributes its Levi Strauss Signature products through mass channel retailers in the United States and abroad. Levi Strauss Europe is headquartered in Brussels, Belgium, while Levi's Asia Pacific division is based in Singapore. Levi's has operations in Brazil, Mexico, Chile and Peru. * * * As reported in the Troubled Company Reporter on Oct. 16, 2007 Fitch Ratings assigned a 'BB+' rating to Levi Strauss & Co.'s second amended and restated US$750 million 5-year Asset-Based Revolving Credit Facility. The rating outlook is stable. Levi Strauss carries Fitch's BB- Issuer Default Rating; BB+ Bank Credit Facility rating; and BB- Senior Unsecured Notes rating. SOLUTIA INC: Court Approves Fifth Amended Disclosure Statement -------------------------------------------------------------- The Honorable Prudence Carter of the U.S. Bankruptcy Court for the Southern District of New York approved the Fifth Amended Disclosure Statement of Solutia Inc. and its debtor-affiliates as containing adequate information within the meaning of Section 1125 of the Bankruptcy Code. Judge Beatty found that each of the objections to the Disclosure Statement have either been (i) withdrawn or rendered moot by proposed modifications to the Disclosure Statement or (ii) overruled. In addition, the Debtors and Industrial Waste Area Generator Group II have agreed that the entry of the Disclosure Statement Order will be without prejudice to IWAG's rights to raise any and all issues at the Confirmation Hearing. Judge Beatty also determined that the solicitation procedures provide a fair and equitable voting process and are consistent with Section 1126. Ballots will be provided to holders of claims in Classes 3 (Senior Secured Note Claims), Class 5 (CPFilms Claims), Class 11 (Monsanto Claim), Class 12 (Noteholder Claims), Class 13 (General Unsecured Claims), Class 14 (Retiree Claim), Class 15 (Pharmacia Claims), Class 19 (Security Claims) and holders of Equity Interests entitled to Vote in Class 20 (Equity Interests) because those claims and interests are classified as being impaired by, and entitled to vote under, the Consensual Plan. The Ballots and Master Ballots for holders of claims in Class 3 will not be counted and will be disregarded for all purposes in the event that the Senior Secured Note Claims are determined to be unimpaired under the Plan. Pursuant to Rule 3018(a) of the Federal Rules of Bankruptcy Procedure, the record date for purposes of determining which Holders of Claims and Equity Interests are entitled to receive Solicitation Packages and, where applicable, vote on the Amended Plan, will be Oct. 22, 2007. Only Holders of Claims and Equity Interests as of the Record Date will be entitled to vote to accept or reject the Plan, and where applicable, make any election set forth on the Ballot or participate in the Rights Offering. Judge Beatty ordered that all Ballots and Master Ballots cast on behalf of Beneficial Holders must be properly executed, completed and delivered to the Debtors, voting agent, Voting Agent Financial Balloting Group, LLC, no later than 5:00 p.m. on Nov. 26, 2007. The Debtors, subject to Court approval, will have the ability to extend in writing the Voting Deadline. Certification of Ballots will be filed no later than Nov. 28, 2007, at 2:00 p.m. Plan Confirmation Objection deadline is due Nov. 21, 2007, at 5:00 p.m. In the event that multiple objections to the Plan Confirmation are filed, the Debtors and any other party-in interest are authorized to file a single, omnibus reply to those objections. "With the disclosure statement approved, a fully consensual plan of reorganization in hand, and the confirmation hearing scheduled, we now have a clear path to emergence from Chapter 11," Jeffry N. Quinn, chairman, president and chief executive officer of Solutia, said in a press statement. The Debtors anticipate for their Plan to be effective by June 30, 2008. About Solutia Inc. Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ) -- http://www.solutia.com/-- and its subsidiaries, engage in the manufacture and sale of chemical-based materials, which are used in consumer and industrial applications worldwide. Solutia has operations in Malaysia, China, Singapore, Belgium, and Colombia. The company and 15 debtor-affiliates filed for chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949). When the Debtors filed for protection from their creditors, they listed US$2,854,000,000 in assets and US$3,223,000,000 in debts. Solutia is represented by Allen E. Grimes, III, Esq., at Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson, Dunn & Crutcher, LLP. Trumbull Group LLC is the Debtor's claims and noticing agent. Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP represent the Official Committee of Unsecured Creditors, and Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital provides the Creditors' Committee with financial advice. On Feb. 14, 2006, the Debtors filed their Reorganization Plan & Disclosure Statement. On May 15, 2007, they filed an Amended Reorganization Plan and on July 9, 2007, filed a 2nd Amended Reorganization Plan. The Disclosure Statement hearing began on July 10, 2007, and is continued to Oct. 19, 2007. (Solutia Bankruptcy News, Issue No. 103; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). SOLUTIA INC: Court Sets November 29 Plan Confirmation Hearing ------------------------------------------------------------- The Honorable Prudence Carter Beatty of the U.S. Bankruptcy Court for the Southern District of New York set Nov. 29, 2007, as the hearing date to consider confirmation of Solutia Inc. and its debtor-affiliates' Fifth Amended Plan of Reorganization. Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ) -- http://www.solutia.com/-- and its subsidiaries, engage in the manufacture and sale of chemical-based materials, which are used in consumer and industrial applications worldwide. Solutia has operations in Malaysia, China, Singapore, Belgium, and Colombia. The company and 15 debtor-affiliates filed for chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949). When the Debtors filed for protection from their creditors, they listed US$2,854,000,000 in assets and US$3,223,000,000 in debts. Solutia is represented by Allen E. Grimes, III, Esq., at Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson, Dunn & Crutcher, LLP. Trumbull Group LLC is the Debtor's claims and noticing agent. Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP represent the Official Committee of Unsecured Creditors, and Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital provides the Creditors' Committee with financial advice. On Feb. 14, 2006, the Debtors filed their Reorganization Plan & Disclosure Statement. On May 15, 2007, they filed an Amended Reorganization Plan and on July 9, 2007, filed a 2nd Amended Reorganization Plan. The Disclosure Statement hearing began on July 10, 2007, and is continued to Oct. 19, 2007. (Solutia Bankruptcy News, Issue No. 103; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). ============= D E N M A R K ============= BLOCKBUSTER: Names E. Peterson as EVP, Gen. Counsel & Secretary --------------------------------------------------------------- Blockbuster Inc. has appointed Eric H. Peterson as Executive Vice President, General Counsel and Secretary. Most recently, Mr. Peterson was Executive Vice President and General Counsel for the former TXU Corporation, a US$32 billion Fortune 200 Dallas-based energy company. He joined the energy services company in 2002 as its first ever general counsel, was responsible for the successful resolution of the company's complex legal affairs in conjunction with its then European operations and was an integral part of the executive management team responsible for the company's turnaround. Prior to TXU, Mr. Peterson served as general counsel for DTE Energy, an US$8.6 billion publicly traded, integrated utility in Detroit. Before that he was a partner in the Texas-based law firm, Worsham, Forsythe & Wooldridge LLP, now known as Hunton & Williams, where in addition to practicing corporate law, he served as a top legal advisor to TXU, the firm's largest client. "Eric is an accomplished and skilled legal professional with an extensive background in highly competitive, fast-moving industries," said Jim Keyes, Blockbuster Chairman and Chief Executive Officer. "In addition to his considerable legal expertise, he is a seasoned business executive who will contribute significantly to our efforts to transform Blockbuster into the most convenient source for media entertainment." Mr. Peterson graduated cum laude and Phi Beta Kappa with a Bachelor's degree from Southern Methodist University where he also earned his law degree. He received the "Best General Counsel" award in 2004 from the Dallas Business Journal, is a member of the SMU Corporate Counsel Symposium's Board of Directors, and serves on numerous professional and non-profit boards, including the United Way of Metropolitan Dallas. Headquartered in Dallas, Texas, Blockbuster Inc. (NYSE: BBI, BBI.B) -- http://www.blockbuster.com/-- provides in-home movie and game entertainment, with more than 9,000 stores throughout the Americas, Europe, Asia and Australia. The company maintains operations in Brazil, Mexico, Denmark, Italy, Taiwan, Thailand, Australia, among others. * * * As reported in the Troubled Company Reporter-Europe on Aug. 9, 2007, Standard & Poor's Ratings Services lowered its ratings on Dallas-based Blockbuster Inc. to 'B-' from 'B'. The outlook is negative. =========== F R A N C E =========== SMOBY-MAJORETTE: Former Chairman and CEO Faces Probe ---------------------------------------------------- Jean-Christophe Breuil, the former chairman and CEO of French toymaker Smoby-Majorette, is to undergo investigation for allegedly misappropriating funds via foreign dummy companies, the Financial Times reports, citing Les Echos as its source. Meanwhile, Les Echos revealed Marius Millet, the chairman of the Lons-le-Saunier commercial court, is among those eyeing to acquire Smoby Engineering and Mob, the company's two subsidiaries. The successful buyer is set to be announced next week. The Commercial Court of Lons-le-Saunier placed Smoby-Majorette under receivership on Oct. 9, 2007, ending the company's bankruptcy protection, Financial Times Ltd. reports citing La Tribune as its source. According to La Tribune's Julieta Garnier, the court blamed Smoby's buyer, MGA Entertainment, for failing to revive the company. MGA's debt restructuring negotiation with Smoby's creditor banks fell through and it failed to pay the EUR11 million it pledged to invest in Smoby. MGA is considering an appeal against the court's decision. Deutsche Bank, which submitted a rival bid, said that it was stunned at MGA's behavior and failure to keep its promises, FT relates. Headquartered in Lavans les Saint-Claude, France, Smoby -- http://www.smoby.fr/-- specializes in the creation, development, production and distribution of toys for children from birth to age 10. Its toy collection includes over 2,000 products divided into groups for specific age ranges. Its products are marketed under such brand names as Smoby, Berchet, Ecoiffier, Majorette, Solido, Smoby Engineering and Mob. The Company's principal subsidiaries include Ecoiffier, which focuses on the design and production of toys, and Mob, which is a producer of plastic packaging. Smoby has a presence in over 90 countries globally, with commercial and/or industrial operations in South America, Asia and throughout Europe. The Company's products are sold worldwide through a network of 18 subsidiaries, with 65% of sales generated outside of France. SPANSION INC: Posts US$72 Mln Net Loss in Quarter Ended Sept. 30 ---------------------------------------------------------------- Spansion Inc. disclosed last week results for its third quarter ended Sept. 30, 2007. For the third quarter of 2007, the company reported a net loss of US$72 million, compared with a net loss of US$67 million in the second quarter of 2007, which included a one-time gain on the sale of real estate. The company reported net sales of US$611 million, compared to net sales of US$609 million in the second quarter of 2007. Gross margin for the third quarter of 2007 rose slightly sequentially to 18%. Spansion reduced its operating loss to US$59 million in the third quarter, a reduction of 9% compared to the second quarter of 2007. "ASPs have stabilized, reversing the steep decline we saw in the first half of the year and our book to bill is extremely strong at 1.3, driven by the wireless division," said Bertrand Cambou, president and chief executive officer, Spansion Inc. "The strong backlog is the result of the continued share gains of our 90nm MirrorBit(R) Flash memory solutions." The company's consumer, set top box and industrial division achieved sales of US$294 million, up from US$272 million in net sales in the second quarter of 2007. For the first time since the third quarter of 2006, the CSID division experienced a firming ASP per bit due to a more balanced supply and demand environment. Shipments of high density MirrorBit solutions increased again in the quarter. In the wireless solutions division, net sales for the third quarter declined sequentially from US$338 million to US$317 million due to a prior inventory build up in the Japanese handset market, resulting in a US$40 million impact. Revenue in the WSD business outside Japan grew significantly, up by US$20 million sequentially due to increased sales at the top five handset OEMs. Outside Japan, ASP per bit was firming. Worldwide unit shipments increased from 82 million to 96 million units in the third quarter. Spansion announced it has signed a definitive merger agreement to acquire Saifun Semiconductors Ltd to consolidate all MirrorBit IP, design and manufacturing expertise into a single company. The combination will enable Spansion to expand operating margins, diversify its product portfolio and drive the company’s entry into new markets. Upon closing, Saifun will operate as a wholly owned subsidiary, responsible for driving the new IP licensing and royalty business for Spansion. Balance Sheet At Sept. 30, 2007, the company's consolidated balance sheet showed US$3.80 billion in total assets, US$2.14 billion in total liabilities and US$1.66 billion in total stockholders' equity. Current Outlook The company expects net sales for the fourth quarter of 2007 to be in the range of US$640 million to US$700 million with growth in all major business segments. Gross margin for the fourth quarter 2007 is forecast to be approximately flat. Improving business performance will be offset by costs related to the accelerated production ramp of Spansion's 300mm, SP1 facility, starting in the fourth quarter. About Spansion Inc. Headquartered in Sunnyvale, California, Spansion Inc. (NASDAQ: SPSN) -- http://www.spansion.com/-- designs, develops, manufactures, markets and sells flash memory solutions for wireless, automotive, networking and consumer electronics applications. The company has European operations in France, Asia-Pacific facilities in Japan, China, Malaysia and Thailand, as well as sales offices in Latin American countries including Brazil and Mexico. * * * As of Oct. 18, 2007, Spansion Inc. still carries Moody's 'B3' long term corporate family rating last placed on Dec. 5, 2005. Outlook is Stable. ============= G E R M A N Y ============= A-K-H LACKIER: Claims Registration Period Ends November 2 --------------------------------------------------------- Creditors of A-K-H Lackier GmbH have until Nov. 2 to register their claims with court-appointed insolvency manager Sandra Bitter. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Nov. 23, 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 Paderborn Meeting Hall 230a Bogen 2-4 33098 Paderborn 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: Sandra Bitter Busdorfwall 22 33098 Paderborn Germany Tel: 05251/180660 Fax: 05251/1806666 The District Court of Paderborn opened bankruptcy proceedings against A-K-H Lackier GmbH on Oct. 5. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: A-K-H Lackier GmbH Stettiner Str. 52 33106 Paderborn Germany Attn: Sabrina Kleibrink, Manager Dorfstr. 10 33106 Paderborn Germany AGFAPHOTO GMBH: Agfa-Gevaert Denies Rumors on EUR60 Mln Claim ------------------------------------------------------------- The German and international press have published various articles on alleged claims and lawsuits by the insolvency receiver of AgfaPhoto GmbH. Agfa-Gevaert has not received any formal claims by the insolvency receiver of AgfaPhoto nor is Agfa-Gevaert currently engaged in litigation proceedings with the insolvency receiver of AgfaPhoto. Agfa-Gevaert has meritorious positions on the reported alleged claims and will defend itself vigorously if any such claims were brought. According to certain press reports, the insolvency receiver of AgfaPhoto would be claiming an amount of EUR60 million from Agfa-Gevaert in connection with a capital increase of AgfaPhoto in the context of the divestiture of Agfa-Gevaert's Consumer Imaging Business in 2004. Agfa-Gevaert has not received a formal claim by the insolvency receiver of AgfaPhoto nor is it aware that such a claim would have been filed. Agfa-Gevaert is of the firm opinion that the alleged claim lacks a sustainable basis. The capital increase was scrutinized by independent auditors and the modalities of the capital increase were reviewed and accepted by the competent court. Agfa-Gevaert will defend itself vigorously against any claims challenging the appropriateness of the capital increase. In the same vein, it is reported that Agfa-Gevaert would be engaged in arbitration proceedings with the insolvency receiver of AgfaPhoto before the International Chamber of Commerce concerning an alleged payment obligation of EUR46 million. No such proceedings are currently pending and Agfa-Gevaert is not aware that the insolvency receiver would have lodged a claim with the ICC. Immediately after the insolvency filing of AgfaPhoto in May 2005, Agfa-Gevaert has, in order to support the preliminary receiver and the new management in the objective to preserve the operations and employment of AgfaPhoto, agreed to perform certain distribution activities. To this end an agreement was signed with AgfaPhoto's preliminary receiver, Dr. Ringstmeier, and the new management of AgfaPhoto according to which Agfa-Gevaert is to pay for the goods supplied by AgfaPhoto only if and when the end customer has paid its invoices. It was further agreed that Agfa-Gevaert itself would not be exposed to any commercial or financial risks in connection with the distribution of AgfaPhoto's consumer imaging products. The settlement of payments under this arrangement with the insolvency receiver of AgfaPhoto is an ongoing process. Agfa- Gevaert regrets to have to express itself on an ongoing commercial settlement process through the media. About AgfaPhoto GmbH Headquartered in Cologne, Germany, AgfaPhoto GmbH -- http://www.agfaphoto.com/-- manufactures photographic film, papers, chemicals, and disposable cameras. It also offers online print service, on-site processing, kiosk systems and wholesale finishing. The company has 1,800 employees. Six months after it was sold to its management and a group of investors, the company filed for insolvency at the district court of Cologne and appointed Andreas Ringstmeier provisional administrator. The company blamed the growing popularity of digital photography for its demise. It has 32 subsidiaries outside Germany that are not affected by the insolvency. The company owes money to suppliers and pension security body Pensionssicherungsverein. COLLECTION E: Creditors Must File Claims by November 23 ------------------------------------------------------- Creditors of Collection E - Exclusiv Polstermoebel GmbH & Co. KG have until Nov. 23 to register their claims with court-appointed insolvency manager Claudia Jansen. Creditors and other interested parties are encouraged to attend the meeting at 11:30 a.m. on Dec. 14, 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 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: Claudia Jansen Bockenheimer Landstr. 20 60323 Frankfurt Germany The District Court of Detmold opened bankruptcy proceedings against Collection E - Exclusiv Polstermoebel GmbH & Co. KG on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Collection E - Exclusiv Polstermoebel GmbH & Co. KG Siemensstr. 2 32312 Luebbecke Germany DOMINO MASSIVHAUS: Claims Registration Ends November 22 ------------------------------------------------------- Creditors of Domino Massivhaus GmbH have until Nov. 22 to register their claims with court-appointed insolvency manager Mathias Dorn. Creditors and other interested parties are encouraged to attend the meeting at 9:10 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 Kempten Zi. Nr. 144/I Residenzplatz 4-6 87435 Kempten 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: Mathias Dorn Allgauer Strasse 1 87435 Kempten Germany Tel: (0831) 580 0434 Fax: (0831) 580 0464 The District Court of Kempten opened bankruptcy proceedings against Domino Massivhaus GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Domino Massivhaus GmbH Poststrasse 27 87439 Kempten Germany ELEKTRO - BAU SYLT: Claims Registration Ends December 5 ------------------------------------------------------- Creditors of Elektro - Bau Sylt GmbH have until Dec. 5 to register their claims with court-appointed insolvency manager Berthold Brinkmann. Creditors and other interested parties are encouraged to attend the meeting at 1:30 p.m. on Dec. 19, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Niebuell Hall 1 Sylter Bogen 1 A 25899 Niebuell 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: Berthold Brinkmann Sechslingspforte 2 22087 Hamburg Germany The District Court of Niebuell opened bankruptcy proceedings against Elektro - Bau Sylt GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Elektro - Bau Sylt GmbH Attn: Mathias Andersen, Manager Kiarwai 3 25980 Sylt-Ost/Tinnum Germany ERSTE EXACT: Claims Registration Period Ends November 2 ------------------------------------------------------- Creditors of Erste Exact Immobilienbeteiligungsgesellschaft mbH have until Nov. 2 to register their claims with court-appointed insolvency manager Reinhard Titz. Creditors and other interested parties are encouraged to attend the meeting at 10:50 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 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: Reinhard Titz Speersort 4/6 20095 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Erste Exact Immobilienbeteiligungsgesellschaft mbH on Oct. 5. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Erste Exact Immobilienbeteiligungsgesellschaft mbH C/o Peter Schultz-Ossmer Baumwall 7 20459 Hamburg Germany FZS GMBH: Creditors' Meeting Slated for November 15 --------------------------------------------------- The court-appointed insolvency manager for FZS GmbH, Joachim Exner, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 11:00 a.m. on Nov. 15. The meeting of creditors and other interested parties will be held at: The District Court of Regensburg Room 105 Augustenstr. 5 Regensburg Germany The Court will also verify the claims set out in the insolvency manager's report at 10:00 a.m. on Jan. 8, 2008, at the same venue. Creditors have until Dec. 3 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Joachim Exner Kumpfmuehler Str. 30 93051 Regensburg Germany Tel: 0941/2807370 Telefax: 0941/2807379 The District Court of Regensburg opened bankruptcy proceedings against FZS GmbH on Oct. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: FZS GmbH Im Haslet 36-38 93086 Woerth Germany H. SCHICK: Claims Registration Period Ends November 2 ----------------------------------------------------- Creditors of H. Schick Haustechnik GmbH have until Nov. 2 to register their claims with court-appointed insolvency manager Dirk Obermueller. Creditors and other interested parties are encouraged to attend the meeting at 10:45 a.m. on Dec. 14, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Betzdorf Hall 109 First Floor Friedrichstrasse 17 57518 Betzdorf Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dirk Obermueller Godesberger Allee 125-127 D 53175 Bonn Germany Tel: 0228/81000-56 Fax: 0228/81000-820 The District Court of Betzdorf opened bankruptcy proceedings against H. Schick Haustechnik GmbH on Oct. 5. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: H. Schick Haustechnik GmbH Attn: Johann Friedrich Schick, Manager Hauptstrasse 74 57635 Hasselbach Germany HIEBER GMBH: Claims Registration Ends November 19 ------------------------------------------------- Creditors of Hieber GmbH have until Nov. 19 to register their claims with court-appointed insolvency manager Andree Wernicke. 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 Augsburg Law Courts Meeting Room 162 Alten Einlass 1 86150 Augsburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Andree Wernicke Grottenau 6 86150 Augsburg Germany The District Court of Augsburg opened bankruptcy proceedings against Hieber GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hieber GmbH Attn: Manfred Hieber and Uwe Sieber, Managers Schulstr. 7 86415 Mering Germany HUELSMANN BAU: Claims Registration Ends November 22 --------------------------------------------------- Creditors of Huelsmann Bau GmbH have until Nov. 22 to register their claims with court-appointed insolvency manager Stefan Hinrichs. Creditors and other interested parties are encouraged to attend the meeting at 3:00 p.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 Oldenburg Meeting hall Second Floor Elisabethstrasse 6 26135 Oldenburg, 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: Stefan Hinrichs Heiligengeiststrasse 29 26121 Oldenburg Germany Tel: 0441 218910 Fax: 0441 2189139 The District Court of Oldenburg opened bankruptcy proceedings against Huelsmann Bau GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Huelsmann Bau GmbH Burgfelder Str. 61 26160 Bad Zwischenahn Germany IKB DEUTSCHE: KfW Explores Options for 37.8% Stake; Mulls Sale -------------------------------------------------------------- State-owned KfW Bankengruppe said it will be carrying out a comprehensive analysis of all strategic options for its 37.8% stake in IKB Deutsche Industriebank AG, including the possibility of a sale. IKB's core business and statutory purpose is to provide medium and long-term financing and the associated advisory services for SMEs. It has a well-balanced range of products to meet SME financing needs, the priority being given to investment finance. IKB's customers are at the same time a key target group for the promotion by KfW Bankengruppe of small and medium-sized enterprises. KfW has chosen the investment bank Merrill Lynch and the law firm Clifford Chance to provide advice on structuring, evaluating and implementing the options. About KfW Bankengruppe Headquartered in Frankfurt, Germany, KfW Bankengruppe -- http://www.kfw.de/EN_Home/-- deals with the promotion of the development and transformation countries, export and project financing, promotion of middle class, existence founders and start ups, promotion living economy, environmental and climatic protection, education and infrastructure. With 3,900 employees, KFW Bankengruppe has its locations in Berlin, Bonn and Frankfurt am Main. Owned by the federal government and the Laender, it is one of the leading banks in Germany. About IKB Deutsche Headquartered in Dusseldorf, Germany, IKB Deutsche Industriebank AG -- http://www.ikb.de/-- pioneered the long-term industrial loan and provides medium-sized companies with long-term financing. The bank operates in several German locations, as well as branches in the United Kingdom, Luxembourg, Spain and France. IKB had previously invested in securitized loans on the US market for subprime mortgages, which are now almost worthless. This resulted in a deep-seated crisis within the bank, pushing it on the brink of bankruptcy. * * * As reported in the TCR-Europe on Oct. 4, 2007, Fitch Ratings has downgraded IKB Deutsche Industriebank AG's hybrid debt securities to Long-term 'BB-' from 'A'. They remain on Rating Watch Negative. IKB is rated Long-term Issuer Default 'A+' with Stable Outlook, Short-term IDR 'F1', Support '1' and Individual 'F'. Its subordinated debt issues are rated 'A'. IKB's hybrid capital instruments rated Long-term 'BB-' and on RWN are: -- EUR75 million IKB Funding Trust I's perpetual notes -- EUR400 million Funding Trust II's perpetual notes -- EUR100 million IKB International SA's capital contribution certificates maturing in 2009 -- EUR200 million Hybrid Raising GmbH's perpetual capital notes linked to a silent participation in IKB -- EUR200 million Capital Raising GmbH's perpetual notes linked to a silent participation in IKB -- EUR70 million IKB International SA's capital contribution certificates maturing in 2010 -- EUR150 million Propart Funding Ltd's profit participation certificates maturing in 2015. KUECHEN-IDEE GMBH: Claims Registration Ends November 19 ------------------------------------------------------- Creditors of Kuechen-Idee GmbH have until Nov. 19 to register their claims with court-appointed insolvency manager Jens Wilhelm V. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Dec. 19, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Celle Hall 014 Ground Floor Branch Mill Road 4 29221 Celle Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Jens Wilhelm V Grosser Plan 8 29221 Celle Germany Tel: 05141-9744624 Fax: 05141-9744629 E-mail: Kanzlei@Wilhelm-Kollegen.de Web site: www.Wilhelm-Kollegen.de The District Court of Celle opened bankruptcy proceedings against Kuechen-Idee GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kuechen-Idee GmbH Attn: Klaus Boerner, Manager Burger Landstr. 2 29227 Celle Germany MBM ENTERTAINMENT: Creditors Must File Claims by December 18 ------------------------------------------------------------ Creditors of MBM Entertainment GmbH have until Dec. 18 to register their claims with court-appointed insolvency manager Dieter Rasehorn. Creditors and other interested parties are encouraged to attend the meeting at 10:45 a.m. on Jan. 8, 2008, 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 Erfurt Hall 15 Judicial Center Rudolfstr. 46 99092 Erfurt 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: Dieter Rasehorn Muehlweg 16 06108 Halle Germany The District Court of Erfurt opened bankruptcy proceedings against MBM Entertainment GmbH on Oct. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MBM Entertainment GmbH Attn: David Muehlmann, Manager Bahnhofstrasse 4 99438 Bad Berka Germany MOENUS TEXTILMASCHINEN: Claims Registration Period Ends Nov. 2 -------------------------------------------------------------- Creditors of Moenus Textilmaschinen GmbH have until Nov. 2 to register their claims with court-appointed insolvency manager Wolfgang van Betteray. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Moenchengladbach Meeting Hall A 14 Ground Floor Hohenzollernstr. 157 41061 Moenchengladbach Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Wolfgang van Betteray Rheinort 1 40213 Duesseldorf Germany Tel: 0211/13940 Fax: +492111394251 The District Court of Moenchengladbach opened bankruptcy proceedings against Moenus Textilmaschinen GmbH on Oct. 10. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Moenus Textilmaschinen GmbH Blumenberger Strasse 143 - 145 41061 Moenchengladbach Germany P.R.R.O. BAU-GMBH: Creditors Must File Claims by November 26 ------------------------------------------------------------ Creditors of P.R.R.O. Bau-GmbH have until Nov. 26 to register their claims with court-appointed insolvency manager Max- Reinhard Winter. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Dec. 7, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Norderstedt Hall B Rathausallee 80 22846 Norderstedt Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Max-Reinhard Winter Dockenhudener Strasse 20 22587 Hamburg Germany The District Court of Norderstedt opened bankruptcy proceedings against P.R.R.O. Bau-GmbH on Oct. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: P.R.R.O. Bau-GmbH Tangstedter Weg 32 22851 Norderstedt Germany S.E.A. IMPORT-EXPORT: Creditors Must File Claims by December 18 --------------------------------------------------------------- Creditors of S.E.A. Import-Export GmbH have until Dec. 18 to register their claims with court-appointed insolvency manager Claudia Jansen. Creditors and other interested parties are encouraged to attend the meeting at 9:40 a.m. on Jan. 17, 2008, 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 Frankfurt (Main) Hall 2 Building F Klingerstrasse 20 60313 Frankfurt (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: Claudia Jansen Bockenheimer Landstrasse 20 D 60323 Frankfurt/Main The District Court of Frankfurt am Main opened bankruptcy proceedings against S.E.A. Import-Export GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: S.E.A. Import-Export GmbH Hoelderlinstr. 5 60316 Frankfurt am Main Germany SEIL-SANDER ERNST: Creditors Must File Claims by November 23 ------------------------------------------------------------ Creditors of Seil-Sander Ernst Sander GmbH & Co. KG have until Nov. 23 to register their claims with court-appointed insolvency manager Ygglev Stintzing. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Dec. 19, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Flensburg Hall A 220 Flensburg 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: Ygglev Stintzing Rathausstrasse 1 24937 Flensburg Germany The District Court of Flensburg opened bankruptcy proceedings against - Seil-Sander Ernst Sander GmbH & Co. KG on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Seil-Sander Ernst Sander GmbH & Co. KG Norderhofenden 10 24937 Flensburg Germany SELL ACTIVITY: Claims Registration Period Ends October 29 --------------------------------------------------------- Creditors of sell activity GmbH have until Oct. 29 to register their claims with court-appointed insolvency manager Dirk Hammes. Creditors and other interested parties are encouraged to attend the meeting at 10:30 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 Duisburg Hall C315 Kardinal-Galen-Strasse 124-132 47058 Duisburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dirk Hammes Wilhelmshofallee 75 47800 Krefeld Germany The District Court of Duisburg opened bankruptcy proceedings against sell activity GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: sell activity GmbH Lakumer Str. 6 47137 Duisburg Germany Attn: Hans Werner Foehring, Manager Bauernkamp 9 a 44894 Bochum Germany STELLWERK 13: Claims Registration Ends November 30 -------------------------------------------------- Creditors of Stellwerk 13 Gastrobetreibergesellschaft mbH have until Nov. 30 to register their claims with court-appointed insolvency manager Wolfgang Luckas. Creditors and other interested parties are encouraged to attend the meeting at 8:40 a.m. on Dec. 21, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Saarbruecken Area Hall 24 Second Floor Branch Office Sulzbach Vopeliusstrasse 2 66280 Sulzbach Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Wolfgang Luckas Sulzbachstrasse 26 66111 Saarbruecken Tel: 0681/ 3090 435 Fax: 0681/ 3090 433 The District Court of Saarbruecken opened bankruptcy proceedings against Stellwerk 13 Gastrobetreibergesellschaft mbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Stellwerk 13 Gastrobetreibergesellschaft mbH Attn: Dieter Hoffmann, Manager Bahnhofstr. 34 66571 Eppelborn Germany SUEDO GMBH: Claims Registration Period Ends December 2 ------------------------------------------------------ Creditors of Suedo GmbH Maschinenbau have until Dec. 2 to register their claims with court-appointed insolvency manager Jens Lieser. Creditors and other interested parties are encouraged to attend the meeting at 9:10 a.m. on Jan. 7, 2008, 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 Montabaur Hall 106 First Floor Bahnhofstrasse 47 56410 Montabaur Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Jens Lieser Josef-Goerres-Platz 5 56068 Koblenz Germany Tel: 0261-304790 Fax: 0261-9114729 The District Court of Montabaur opened bankruptcy proceedings against Suedo GmbH Maschinenbau on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Suedo GmbH Maschinenbau Attn: Cemalettin Suemer, Manager Vor der Bitz 16 56470 Bad Marienberg Germany SUK SANIERUNGS: Claims Registration Period Ends November 12 ----------------------------------------------------------- Creditors of SUK Sanierungs- und Kooperationsbau GmbH have until Nov. 12 to register their claims with court-appointed insolvency manager Ruediger Wienberg. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Dec. 17, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Frankfurt (Oder) Hall 401 Muellroser Chaussee 55 15236 Frankfurt (Oder) 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 Wienberg Giesebrechtstr. 1 10629 Berlin Germany The District Court of Frankfurt (Oder) opened bankruptcy proceedings against SUK Sanierungs- und Kooperationsbau GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: SUK Sanierungs- und Kooperationsbau GmbH Fuerstenwalder Poststrasse 110 15234 Frankfurt (Oder) Germany SYLT LIFE: Claims Registration Ends December 5 ---------------------------------------------- Creditors of Sylt life GmbH & Co.KG have until Dec. 5 register their claims with court-appointed insolvency manager Berthold Brinkmann. Creditors and other interested parties are encouraged to attend the meeting at 1:45 p.m. on Dec. 19, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Niebuell Hall 1 Sylter Bogen 1 A 25899 Niebuell 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: Berthold Brinkmann Sechslingspforte 2 22087 Hamburg Germany The District Court of Niebuell opened bankruptcy proceedings against Sylt life GmbH & Co.KG on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Sylt life GmbH & Co.KG Attn: Christian Sonntag, Manager Kjerstr. 17 25980 Westerland/Sylt Germany TAXI-DIETZ: Claims Registration Ends November 19 ------------------------------------------------ Creditors of Taxi-Dietz GmbH have until Nov. 19 to register their claims with court-appointed insolvency manager Siegfried Mueller. Creditors and other interested parties are encouraged to attend the meeting at 10:10 a.m. on Dec. 14, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bonn Hall S 2.22 Second Stock William-Strasse 21 53111 Bonn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Siegfried Mueller Zum Markt 10 53894 Mechernich Germany Tel: 02443/98120 Fax: 0244398 1219 The District Court of Bonn opened bankruptcy proceedings against Taxi-Dietz GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Taxi-Dietz GmbH Bendenweg 44 53902 Bad Muenstereifel Germany TEC KOMPLETTBAU: Claims Registration Ends December 7 ---------------------------------------------------- Creditors of TEC Komplettbau GmbH have until Dec. 7 to register their claims with court-appointed insolvency manager Thomas Linse. Creditors and other interested parties are encouraged to attend the meeting at 1:30 p.m. on Jan. 31, 2008, 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 Fuerth Hall 3 Ground Floor Baumenstrasse 32 Fuerth 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: Thomas Linse Aussere Sulzbacher Str. 29 90491 Nuremberg Germany Tel: 0911/598704 Fax: 0911/5987379 The District Court of Fuerth opened bankruptcy proceedings against TEC Komplettbau GmbH on Oct. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: TEC Komplettbau GmbH Seligmannstr. 11 91083 Baiersdorf Germany TECTUM BAU: Creditors' Meeting Slated for November 2 ---------------------------------------------------- The court-appointed insolvency manager for Tectum Bau Design GmbH, Dirk Wittkowski will present his first report on the Company's insolvency proceedings at a creditors' meeting at 8:35 a.m. on Nov. 2. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 9:20 a.m. on Feb. 1, 2008 at the same venue. Creditors have until Dec. 7 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Dirk Wittkowski Kirchblick 11 14129 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Tectum Bau Design GmbH on Sept. 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Tectum Bau Design GmbH Borodinstr. 10 13088 Berlin Germany TISCHLERTEAM VOLMER: Creditors' Meeting Slated for November 21 -------------------------------------------------------------- The court-appointed insolvency manager for Tischlerteam Volmer GmbH, Sabine Aldermann, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 8:40 a.m. on Nov. 21. The meeting of creditors and other interested parties will be held at: The District Court of Dortmund Hall 3.201 Second Floor Gerichtsplatz 1 44135 Dortmund Germany The Court will also verify the claims set out in the insolvency manager's report at 8:45 a.m. on Jan. 16, 2008, at the same venue. Creditors have until Nov. 16 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Sabine Aldermann Landgrafenstr. 2 a 44139 Dortmund Germany The District Court of Dortmund opened bankruptcy proceedings against Tischlerteam Volmer GmbH on Sept. 28. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Tischlerteam Volmer GmbH Dechenstr. 3 44147 Dortmund Germany Attn: Hans-Christian Volmer, Manager Josephstr. 8 44137 Dortmund Germany TRAUM STATION: Creditors' Meeting Slated for November 16 -------------------------------------------------------- The court-appointed insolvency manager for Traum Station Schlafsysteme GmbH, Burghard Wegener will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:00 a.m. on Nov. 16. The meeting of creditors and other interested parties will be held at: The District Court of Goettingen Hall B8 Berliner Strasse 8 37073 Goettingen Germany The Court will also verify the claims set out in the insolvency manager's report at 9:00 a.m. on Dec. 14 at the same venue. Creditors have until Nov. 30 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Burghard Wegener Obere Karspuele 36 D 37073 Goettingen Germany Tel: 0551/9003660 Fax: 0551/90036629 The District Court of Goettingen opened bankruptcy proceedings against Traum Station Schlafsysteme GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Traum Station Schlafsysteme GmbH Herbert-Quant-Strasse 4 37081 Goettingen Germany TREVIUS GESELLSCHAFT: Creditors' Meeting Slated for December 14 --------------------------------------------------------------- The court-appointed insolvency manager for Trevius Gesellschaft fuer Dialogberatung mbH, Juergen Buehs, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:00 a.m. on Dec. 14. The meeting of creditors and other interested parties will be held at: The District Court of Bonn Hall S 2.22 Second Stock William-Strasse 23 53111 Bonn Germany The Court will also verify the claims set out in the insolvency manager's report at 9:05 a.m. on Jan. 4, 2008, at the same venue. Creditors have until Nov. 19 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Juergen Buehs Oxfordstrasse 2 53111 Bonn Germany Tel: 0228 / 98 52 10 Fax: 022898 52 122 The District Court of Bonn opened bankruptcy proceedings against Trevius Gesellschaft fuer Dialogberatung mbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Trevius Gesellschaft fuer Dialogberatung mbH Koblenzer Str. 112 53177 Bonn Germany Attn: Thomas Rugo, Manager Johannes-Mueller-Str. 16 53127 Bonn Germany =========== G R E E C E =========== WIND HELLAS: Inks Deal with PPC to Acquire 50% Stake in Tellas -------------------------------------------------------------- WIND Hellas Telecommunications S.A. (fka Tim Hellas Communications S.A.), a wholly-owned subsidiary of Weather Investments SpA, has signed a definitive agreement with PPC S.A. (Public Power Corporation), to acquire the latter's stake in Tellas S.A., the alternative Greek fixed-line and broadband operator. The agreement follows the decision of PPC's Board of Directors on July 31, 2007 to accept Weather Investments' offer to purchase PPC's stake in Tellas. WIND Hellas will purchase the minority stake in Tellas owned by PPC (50% minus one share) for EUR175 million. Also WIND Hellas will purhase two shares from WIND Telecomunicazioni SpA, a wholly-owned subsidiary of Weather Investments that is the other existing shareholder in Tellas, taking WIND Hellas' aggregate holding in Tellas to 50% plus one share. The aggregate purchase consideration will be financed through a combination of excess cash at Wind Hellas and draw-down under the existing Revolving Credit Facility. The acquisition furthers WIND Hellas's commitment to deliver Greek consumers integrated telecommunications services introducing them into a new era of converged technologies. "WIND Hellas has offered innovative mobile telephony services for almost 15 years now. This acquisition will enable us to leverage on Tellas' assets and quickly evolve into an integrated telecommunications provider that serves all customer needs in a competitive, clear and trustworthy way," Socrates Kominakis, WIND Hellas's CEO, stated upon signing the agreement. The acquisition is subject, inter alia, to applicable regulatory approvals. Headquartered in Athens, Greece, TIM Hellas Telecommunications S.A. (fka Tim Hellas Communications S.A.) -- http://www.tim.gr/ -- was established in 1992 and was the first company in Greece to be granted a license for the creation of a national mobile telephony services network (GSM). For the obtainment of this license TIM Hellas invested the sum of GRD30 billion, which constituted one of the biggest investments in Greece since the end of the Second World War. The company initiated its activities in the Greek market under the brand name TELESTET on June 29, 1993, when the first call from a mobile phone took place in Greece. * * * As reported in the TCR-Europe on Aug. 7, 2007, Fitch Ratings will continue to monitor developments in the ownership of Greek fixed-line operator Tellas SA, in particular for any impact on the credit profile of Greek mobile operator WIND Hellas Telecommunications S.A. (rated 'B'/Stable). Current ratings on WIND Hellas: -- WIND Hellas Telecommunications S.A. Long-term Issuer Default Rating: 'B'; Outlook Stable; -- WIND Hellas Telecommunications S.A. Short-term Issuer Default Rating: 'B'; -- Hellas Telecommunications (Luxembourg) V senior revolving credit facility: 'B+'/'RR3'; -- Hellas Telecommunications (Luxembourg) V senior secured floating rate notes due 2012: 'B+' /'RR3'; -- Hellas Telecommunications (Luxembourg) III senior notes due 2013: 'B+'/'RR3'; and -- Hellas Telecommunications (Luxembourg) II subordinated floating-rate notes due 2015: 'CCC+'/'RR6'. WIND HELLAS: Fitch Watches B Ratings on Tellas Acquisition ---------------------------------------------------------- Fitch Ratings placed the ratings of Greek mobile operator WIND Hellas Telecommunications S.A. (rated 'B') on Rating Watch Negative following the announcement of its acquisition of 50% plus one share of Greek fixed-line operator Tellas SA, for a total sum of EUR180 million plus fees and the refinancing of EUR80 million of Tellas debt. The acquisition will be funded from a combination of debt and cash on balance sheet. WIND Hellas has agreed to purchase the 50% minus one share of Tellas owned by Public Power Corporation SA, a Greek state- controlled utility company, for EUR175 million. A further two shares (giving it control of the company) are to be purchased from Italy's Wind Telecomunicazioni SpA (rated 'BB-', Negative Outlook), also ultimately owned by Weather Investments. Tellas will be fully consolidated by WIND Hellas as the controlling shareholder; however, Fitch notes that half of any Tellas funding requirements will continue to be met by Wind Telecomunicazioni SpA. WIND Hellas intends to incur additional debt for the acquisition by increasing the existing super-senior ranking Revolving Credit Facility back to its original amount of EUR250 million from the current level of EUR150 million. Fitch expects the increase in adjusted net leverage to be approximately 0.5x, which will postpone the deleveraging of the combined group beyond the previously expected timeframe. The agency believes the delay is likely to be extended further by additional funding requirements for the development of Tellas's local loop unbundling business, and this factor drives the RWN, as WIND Hellas's IDR of 'B' was predicated on Fitch's expectation that the company would rapidly deleverage to approximately 6.0x EBITDA by end-2007 or early- 2008 from 7.1x at YE06. Fitch expects to resolve the Rating Watch through either a stabilization of the current rating or a downgrade of up to one notch following a detailed review of the new combined strategy and Tellas's business fundamentals. In Fitch's view, a combination of WIND Hellas's mobile operations and Tellas's fixed-line operations should be neutral to positive in terms of business strategy, although there is limited evidence to support a significant increase in subscribers as a result of cross-selling opportunities between WIND Hellas's approximately one million postpaid mobile subscriber base (at second quarter of 2007) and Tellas' fixed- line business. Nevertheless, Greek broadband penetration is still low by Western European standards, so opportunities exist for alternative providers, and WIND Hellas should be able to extract some synergies in terms of administrative, advertising and selling costs. The future success and further growth of Tellas's fixed-line business in Greece will depend on the depth and quality of its fixed network, wholesale line rental and LLU rates, as well as its ability to access the exchanges of the incumbent (Hellenic Telecommunications Organization, rated 'BBB', Stable Outlook). WIND Hellas is the third-largest mobile operator in Greece and also owns the number four operator, Q-Telecom, with a combined 4.4 million customers at second quarter of 2007. The group reported revenues of EUR1.153 billion and adjusted EBITDA of EUR411 million for the 12 months to end-June 2007, equivalent to 6.5x adjusted net leverage at second quarter of 2007. WIND Hellas Ratings on RWN: -- WIND Hellas Telecommunications S.A. Long-term Issuer Default Rating: 'B'; -- WIND Hellas Telecommunications S.A. Short-term Issuer Default Rating: 'B' -- Hellas Telecommunications (Luxembourg) V senior revolving credit facility: 'B+'/'RR3' -- Hellas Telecommunications (Luxembourg) V senior secured floating-rate notes due 2012: 'B+' /'RR3' -- Hellas Telecommunications (Luxembourg) III senior notes due 2013: 'B+'/'RR3' -- Hellas Telecommunications (Luxembourg) II subordinated floating-rate notes due 2015: 'CCC+'/'RR6' ========= I T A L Y ========= ALITALIA SPA: Strike Against Downscale Plan Cancels 254 Flights --------------------------------------------------------------- Employees at Alitalia S.p.A. staged on Oct. 22, 2007, an industrial protest against the national carrier's plan to downscale operations at Milan's Malpensa International Airport, Reuters reports. The four-hour strike spurred Alitalia to cancel 197 flights at Malpensa and another 57 at the nearby Linate Airport, operator SEA Aeroporti di Milano told Reuters. As previously reported, Alitalia said it would "reposition the activities of Milan Malpensa airport by focusing on specific business segments." The carrier said it may reconsider this option "if and when the access regulations for Milan Linate airport were to be modified concentrating the major part of air traffic from/to Lombardy on Milan Malpensa, and if and when airport costs were reduced." 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. XEROX CORPORATION: Earns US$753 Mln in First Nine Months of 2007 ---------------------------------------------------------------- Xerox Corporation posted a net income of US$753 million on US$4.3 billion of revenues for the first nine months ended Sept. 30, 2007, compared with a net income of EUR996 million on EUR3.8 billion of revenues for the same period in 2006 At Sept. 30, 2007, the company’s consolidated balance sheet showed US$23.4 billion in total assets, US$15.5 billion in total liabilities and US$7.9 billion in shareholders’ equity “This quarter’s solid results are proof positive that our business model is on track, generating double-digit profit growth and fueling a strong annuity pipeline that serves us well for the long term,” said Anne M. Mulcahy, Xerox chairman and chief executive officer. “With the industry’s broadest set of digital color systems, we’re knocking down cost and quality barriers to make color printing affordable for businesses of any size. Now, color makes up more than half of our total equipment sales,” she added. “Our investments in innovation, rich portfolio of services, and acquisitions of companies tha