/raid1/www/Hosts/bankrupt/TCREUR_Public/071101.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Thursday, November 1, 2007, Vol. 8, No. 217
Headlines
A U S T R I A
COLUMBUS IT: Vienna Court Orders Business Shutdown
FORMAT REISEN: Claims Registration Period Ends Nov. 15
GANZER MALERBETRIEB: Claims Registration Period Ends Nov. 15
MEZNER BAU: Vienna Court Orders Business Shutdown
MTB INDUSTRIEMONTAGEN: Claims Registration Period Ends Nov. 19
X-TENDER: Administrator Declares Insufficient Assets
ZIVKO STOJANOVIC: Vienna Court Orders Business Shutdown
B E L G I U M
URS CORP: Expects US$38.7 Million 2007 Third Quarter Net Income
URS CORP: Postpones Special Stockholders Meeting to November 9
F R A N C E
BOSTON SCIENTIFIC: Hires Two Officers in Clinical Sciences Group
CHRYSLER LLC: UAW Members Ratify 2007 National Labor Agreement
CHRYSLER LLC: UAW's Narrow Approval Cues S&P to Retain Watch
DELPHI CORP: Amends Chapter 11 Reorganization Plan
PERNOD RICARD: Net Sales Up 6.9% in First Quarter 2007/2008
G E R M A N Y
ASAT HOLDINGS: Regains Nasdaq Listing Compliance
BAHA-HANDELS-GMBH: Claims Registration Period Ends Dec. 10
DENTAL STUDIO: Claims Registration Period Ends Nov. 16
ECOMIZE GMBH: Claims Registration Period Ends November 27
G.T. TRANSPORTE: Claims Registration Period Ends Nov. 15
GAP INC: Issues Statement on Child Labor Allegations
GEMEINNUETZIGE BILDUNGS: Claims Registration Period Ends Nov. 16
KABEL DEUTSCHLAND: Gains Access to EUR6050 Million Loan Facility
KABEL DEUTSCHLAND: Financing Doesn't Change Moody's Ba3 Rating
ROOSTER CLOTHING: Claims Registration Period Ends November 23
W. STENDEL GMBH: Claims Registration Period Ends November 22
I T A L Y
ALITALIA SPA: TPG Capital Unable to Form Italian Consortium
MICRON TECHNOLOGY: Names Robert L. Bailey as Director
K A Z A K H S T A N
ASIA-STROYEXPOKAZ LLP: Creditors Must File Claims by Dec. 7
DBK LEASING: Moody's Assigns Ba3/Not-Prime Currency Ratings
ESTATE CONSULTING: Creditors Must File Claims by Dec. 7
GOLDEN PERL: Claims Filing Period Ends Dec. 7
KAZUVELIRPROM JSC: Claims Filing Period Ends Dec. 11
NEFTEHIMSERVICE LTD: Creditors' Claims Due by Dec. 7
NOVA LLP: Creditors Must File Claims by Dec. 7
PROTECHNICS COMPANY: Claims Registration Period Ends Dec. 7
REMPUT JSC: Creditors Must File Claims by Dec. 7
K Y R G Y Z S T A N
NEZAVISIMAYA ENERGETICHESKAYA: Claims Registration Ends Dec. 1
TRANS-SERVICE ASIA: Creditors Must File Claims by Dec. 1
N E T H E R L A N D S
GLOBAL POWER: Sells Boring Mill to Prestige for US$575,000
MORGAN STANLEY: Moody's Rates EUR16.75 Mln Class E Notes at Ba3
R U S S I A
BALIZ CJSC: Court Starts Bankruptcy Supervision Procedure
BUGUL'MINSKIJ DOK: Bidders Have Until Nov. 20 to Submit Offers
BUJNAKSKAYA: Creditors Must File Claims by Dec. 27
DISTILLERY NOVOSLOBODSKIJ: Asset Sale Slated for November 27
KUZBASSENERGOSTROY LLC: Creditors Must File Claims by Dec. 27
POLOVINSKIE ME: Creditors Must File Claims by Dec. 27
PROMNERUD OJSC: Asset Sale Slated for November 30
ROSNEFT OIL: Competition Regulator Okays Tomskneft Stake Sale
SIBIRSKOYE OJSC: Asset Sale Slated for November 30
SISTEMA JSFC: Names Vitaly Savelyev as Telecommunications Head
TELECOMSTROY CJSC: Creditors Must File Claims by Dec. 27
WOOD-WORKING CJSC: Creditors Must File Claims by Dec. 27
S W I T Z E R L A N D
ISOTIS INC: Stockholders Approve Sale of Company to Integra
U K R A I N E
DVORECHNAYA MEAT-PROCESSING: Creditors Claims Due by Nov. 2
GRIN LLC: Creditors Must File Claims by Nov. 2
KAYTANOVKA LLC: Creditors Must File Claims by Nov. 2
KIEVSCHINA LLC: Creditors Must File Claims by Nov. 2
KIM GAS: Creditors Must File Claims by Nov. 2
MINE BUILDING 2: Claims Filing Period Ends Nov. 2
POOL-MARKET LLC: Creditors Must File Claims by Nov. 2
RMI-UKRAINE LLC: Creditors Must File Claims by Nov. 2
SEREDINO-BUDSKY PLANT: Creditors Must File Claims by Nov. 2
SHEVCHENKOV RAY: Creditors Must File Claims by Nov. 2
SVIGOR LLC: Creditors Must File Claims by Nov. 2
TRIUMPH-TECHNOLOGY: Creditors Must File Claims by Nov. 2
WORLD PACK: Creditors Must File Claims by Nov. 2
U N I T E D K I N G D O M
AUTOBEX LTD: Taps Smith & Williamson to Administer Assets
BAUSCH & LOMB: Completes Sale to Warburg Pincus for US$4.5 Bln
BOALLOY INDUSTRIES: Appoints Joint Administrators from PwC
BUCKLEY & BLAND: Brings In Administrators from Begbies Traynor
CHEMTURA CORP: Paying Five Cents Per Share Dividend on Nov. 23
CHRYSLER LLC: Appoints Douglas Betts as Vice President & CCO
EMMAZE PRESENTS: Claims Filing Period Ends November 23
HUGHES BRICKWORK: Brings In Liquidators from KPMG
LAKESIDE PACKAGING: Names Michael C. Kienlen as Liquidator
MOORE CHOICE: Calls In Liquidators from Tenon Recovery
POPE & TALBOT: CCAA Protection Cues S&P to Put Default Ratings
POWER REWIND: Claims Filing Period Ends November 30
SAMSONITE CORP: Completed CVC Deal Cues S&P to Withdraw Ratings
SCO GROUP: Court Approves Berger Singerman as Co-Counsel
SCO GROUP: Gets Court OK to Hire Pachulski Stang as Co-Counsel
SMART COATINGS: A. Poxon Leads Liquidation Procedure
SOLARLITE LTD: Taps M. C. Bowker to Liquidate Assets
SOS RECORDS: Appoints J. M. Titley as Liquidator
VEHICLE CONNECT: Court to Hear Wind Up Petition on Jan. 23, 2008
* Upcoming Meetings, Conferences and Seminars
*********
=============
A U S T R I A
=============
COLUMBUS IT: Vienna Court Orders Business Shutdown
--------------------------------------------------
The Trade Court of Vienna entered on Sept. 28 an order shutting
down the business of LLC COLUMBUS IT Partner (FN 153910p).
Court-appointed estate administrator Susi Pariasek 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. 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
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.
FORMAT REISEN: Claims Registration Period Ends Nov. 15
------------------------------------------------------
Creditors owed money by LLC Format Reisen (FN 44109t) have until
Nov. 15 to file written proofs of claim to court-appointed
estate administrator Friedrich Filzmaier at:
Mag. Friedrich Filzmaier
Herrengasse 22/2
8010 Graz
Austria
Tel: 0316/820202
Fax: 0316/820202-20
E-mail: filzmaier@merkf.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on Nov. 22 for the
examination of claims.
The meeting of creditors will be held at:
The Land Court of Graz
Room 222
Second Floor
Graz
Austria
Headquartered in Graz, Austria, the Debtor declared bankruptcy
on Oct. 3 (Bankr. Case No. 26 S 82/07i).
GANZER MALERBETRIEB: Claims Registration Period Ends Nov. 15
------------------------------------------------------------
Creditors owed money by KEG Ganzer Malerbetrieb (FN 279033v)
have until Nov. 15 to file written proofs of claim to court-
appointed estate administrator Hans Georg Popp at:
Mag. Hans Georg Popp
Bahnhofstrasse 22/1
8112 Gratwein
Austria
Tel: 03124/55077
Fax: 03124/55077-4
E-mail: popp.ra@magnet.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Nov. 22 for the
examination of claims.
The meeting of creditors will be held at:
The Land Court of Graz
Room 222
Second Floor
Graz
Austria
Headquartered in Gratwein, Austria, the Debtor declared
bankruptcy on Oct. 1 (Bankr. Case No. 26 S 77/07d).
MEZNER BAU: Vienna Court Orders Business Shutdown
-------------------------------------------------
The Trade Court of Vienna entered on Sept. 28 an order shutting
down the business of LLC MEZNER Bau Management Service (FN
286658g).
Court-appointed estate administrator Andrea Simma 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. Andrea Simma
Schulerstrasse 18
1010 Vienna
Austria
Tel: 513 67 03
Fax: 513 67 03 33
E-mail: RA_Simma@aon.at
Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 21 (Bankr. Case No 28 S 107/07z).
MTB INDUSTRIEMONTAGEN: Claims Registration Period Ends Nov. 19
--------------------------------------------------------------
Creditors owed money by LLC MTB Industriemontagen (FN 278029t)
have until Nov. 19 to file written proofs of claim to court-
appointed estate administrator Peter Pullez at:
Dr. Peter Pullez
Tuchlauben 8
1010 Vienna
Austria
Tel: 513 29 79
Fax: 513 29 79-25
E-mail: pullezgschwandtner@aon.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Dec. 3 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. 28 (Bankr. Case No. 3 S 122/07x).
X-TENDER: Administrator Declares Insufficient Assets
----------------------------------------------------
Dr. Leopold Riess, the court-appointed estate administrator for
LLC X-Tender Elektroinstallation (FN 268561v), declared that the
Debtor's property is insufficient to cover creditors' claim.
The Trade Court of Vienna is yet to rule on the estate
administrator's claim.
The estate administrator can be reached at:
Dr. Leopold Riess
c/o Dr. Eva Riess
Zeltgasse 3/12
1080 Vienna
Austria
Tel: 402 57 01
Fax: 402 57 01 21
E-mail: law@riess.co.at
Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 7 (Bankr. Case No. 5 S 107/07f).
ZIVKO STOJANOVIC: Vienna Court Orders Business Shutdown
-------------------------------------------------------
The Trade Court of Vienna entered on Oct. 1 an order shutting
down the business of KEG Zivko Stojanovic (FN 211490s).
Court-appointed estate administrator Felix Stortecky 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. Felix Stortecky
c/o Dr. Katharina Widhalm-Budak
Schulerstrasse 18
1010 Vienna
Austria
Tel: 513 88 37
Fax: 512 88 37 22
E-mail: office@stortecky.at
widhalm-budak@anwaltsteam.at
Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 10 (Bankr. Case No 5 S 109/07z). Katharina Widhalm-
Budak represents Dr. Stortecky in the bankruptcy proceedings.
=============
B E L G I U M
=============
URS CORP: Expects US$38.7 Million 2007 Third Quarter Net Income
---------------------------------------------------------------
URS Corporation disclosed preliminary unaudited financial
results for its third quarter ended Sept. 28, 2007. URS expects
third quarter 2007 revenues to be US$1.302 billion, an increase
of 20% compared with revenues of US$1.085 billion for the third
quarter of 2006. Net income for the third quarter of 2007 is
expected to be US$38.7 million, an increase of 29% from net
income of US$29.9 million for the comparable period in 2006.
The preliminary results are being disclosed to provide
stockholders of URS and Washington Group International with
additional financial information regarding URS prior to upcoming
stockholder meetings. Washington Group stockholders are
scheduled to meet on Oct. 30, 2007 to vote upon the proposed
acquisition of Washington Group by URS. A Special Meeting of
URS Stockholders also is scheduled to be held Oct. 30, 2007, to
vote on the issuance of shares in conjunction with the
transaction.
In conjunction with the announcement of preliminary third
quarter results, the Company issued the following statement: "A
key component of the transaction value for Washington Group
stockholders is the URS shares they will receive if the
acquisition is approved. The Company believes it is important
that Washington Group stockholders have this additional
financial information before their vote scheduled for
Oct. 30, 2007. URS continues to perform very well, and our
results for the quarter reflect good growth across each of our
four key market sectors, the federal sector, the state and local
government sector, the private sector and international."
"URS believes that the combination with Washington Group offers
a compelling value for Washington Group stockholders, including
the potential upside of owning almost one-third of the combined
company, which we expect will be better positioned to capture
opportunities in high-growth markets."
URS will release its full financial results for the third
quarter on Nov. 7, 2007, after the market close, and will update
its guidance for fiscal 2007 at that time.
The preliminary unaudited financial results are estimates and
are subject to further review and analysis by the company's
management as part of the normal quarterly closing process
currently under way.
About URS Corporation
Headquartered in San Francisco, California, URS Corporation
(NYSE:URS) -- http://www.urscorp.com/-- offers a comprehensive
range of professional planning and design, systems engineering
and technical assistance, program and construction management,
and operations and maintenance services for transportation,
facilities, environmental, water/wastewater, industrial
infrastructure and process, homeland security, installations and
logistics, and defense systems. The company operates in more
than 20 countries with approximately 29,500 employees providing
engineering and technical services to federal, state and local
governmental agencies as well as private clients in the
chemical, pharmaceutical, oil and gas, power, manufacturing,
mining and forest products industries. The company also has
offices in Argentina, Australia, Belgium, China, France,
Germany, Mexico, among others.
* * *
As reported in the Troubled Company Reporter-Latin America on
Sept. 21, 2007, Standard & Poor's Ratings Services assigned its
'BB+' bank loan rating and '2' recovery rating to URS Corp.'s
proposed US$2.1 billion senior secured credit facilities,
indicating expectations of substantial recovery in the event of
a payment default. The facilities are rated the same as the
corporate credit rating on the company.
As reported in the Troubled Company Reporter on Sept. 20, 2007,
Moody's Investors Service assigned a provisional rating of
(P)Ba1 to the proposed US$2.1 million senior secured credit
facility of URS Corporation, which will be used to finance its
pending acquisition of Washington Group International Inc.
URS CORP: Postpones Special Stockholders Meeting to November 9
--------------------------------------------------------------
URS Corporation has postponed its previously scheduled special
meeting of stockholders to approve the issuance of shares in
connection with the proposed acquisition by URS of Washington
Group International, Inc. to Nov. 9, 2007.
URS is postponing its meeting in light of the decision by
Washington Group to postpone its special meeting of
stockholders.
The special meeting of URS stockholders will be held at 10:00
a.m. (Pacific Daylight Time) on November 9 at the offices of
Cooley Godward Kronish LLP, located at 101 California Street,
5th Floor in San Francisco, California 94111-5800.
Stockholders of record as of the close of business on Sept. 21,
2007, will be entitled to vote at the meeting.
Headquartered in San Francisco, California, URS Corporation
(NYSE:URS)-- http://www.urscorp.com/-- is an engineering design
services firm and a United States federal government contractor
for systems engineering and technical assistance and operations
and maintenance services. The company's business focuses
primarily on providing fee-based professional and technical
services in the engineering and construction services and
defense markets, although the company performs some limited
construction work. It operates through two divisions: the URS
Division and the EG&G Division. The company also has
offices in Argentina, Australia, Belgium, China, France,
Germany, and Mexico, among others.
* * *
As reported in the Troubled Company Reporter on Sept. 21, 2007,
Standard & Poor's Ratings Services assigned its 'BB+' bank loan
rating and '2' recovery rating to URS Corp.'s proposed
$2.1 billion senior secured credit facilities, indicating
expectations of substantial recovery in the event of a payment
default. The facilities are rated the same as the corporate
credit rating on the company.
As reported in the Troubled Company Reporter on Sept. 20, 2007,
Moody's Investors Service assigned a provisional rating of
(P)Ba1 to the proposed $2.1 million senior secured credit
facility of URS Corporation, which will be used to finance its
pending acquisition of Washington Group International Inc.
===========
F R A N C E
===========
BOSTON SCIENTIFIC: Hires Two Officers in Clinical Sciences Group
----------------------------------------------------------------
Boston Scientific reported that Keith Dawkins, M.D., and
Takahiro Uchida, M.D., will be joining the company's Clinical
Sciences organization.
Dr. Dawkins will serve as Senior Vice President and Associate
Chief Medical Officer, sitting on both the Clinical Leadership
team and the company's Operating Committee. He is an
internationally known senior interventional cardiologist at
Southampton University Hospital in England, and a former
President of the British Cardiovascular Society. He trained in
medicine at London University (Guy's Hospital), and in
cardiology at the Brompton Hospital (London), John Radcliffe
Hospital (Oxford), and Stanford University Medical Center. He
has served as an advisor to the Department of Health in the
United Kingdom, and he has worked closely with a number of
regulatory agencies there, including the Medicines and
Healthcare Products Regulatory Agency and the National Institute
for Clinical Excellence.
He will be responsible for leading the medical input process for
the company's Interventional Cardiology, Peripheral Intervention
and Neurovascular businesses. He will also participate in the
formulation and execution of technology strategies for both
internal research and development, as well as business
development activities. In addition, he will oversee
development and dissemination of scientifically based education
materials to inform customers and regulators.
"We are delighted to have Dr. Dawkins joining us," said Donald
S. Baim, M.D., Boston Scientific's Chief Medical and Scientific
Officer. "He is a well-published scientific contributor who has
been actively involved in the development of the TAXUS(R) Stent
System. He is also a respected medical lecturer who is
universally recognized for his keen insights into a broad
variety of cardiology and cardiology device-related issues. The
addition of Dr. Dawkins will greatly enhance the capabilities of
the Clinical Sciences organization at Boston Scientific."
Dr. Dawkins will join the company in January.
Dr. Takahiro Uchida, who will serve as a Director in Clinical
Research and as Medical Director, International, is another key
addition to the Clinical Sciences organization. He is a skilled
interventional cardiologist who received his Medical Degree from
Fukushima Medical University, followed by an M.S. in
Epidemiology from the Harvard School of Public Health, and a
Doctor of Philosophy in Medicine from Tokyo Women's Medical
University. After training with the Japanese Pharmaceuticals
and Medical Devices Agency (PMDA), Dr. Uchida became a research
fellow in the Division of Clinical Biometrics at the Brigham and
Women's Hospital and the Harvard Clinical Research Institute.
Most recently, Dr. Uchida has served as a Medical Officer in the
Interventional Cardiovascular Device Branch of the Center for
Devices and Radiological Health (CDRH) of the U.S. Food and Drug
Administration.
He will be responsible for providing high-level medical input on
the design, regulatory strategy and conduct of a broad range of
international trials concentrated in the cardiovascular area,
while also providing a strong communication link to the key
regulatory bodies and customer base worldwide.
"Dr. Uchida will play an important role on our global Clinical
Sciences team," said Dr. Baim. "He is well qualified for his
important new role by virtue of his training as an
interventional cardiologist, uniquely augmented by his
experience with clinical trials from both the biostatistical
trial conduct and regulatory perspectives, through his service
with the Japanese and U.S. regulatory agencies."
Dr. Uchida will join the company in December.
"The addition of these two highly capable individuals
significantly strengthens Boston Scientific's Clinical Sciences'
capabilities, and further enhances our ability to serve as the
'voice of the patient' by providing the highest-level expert
clinical input throughout the product life cycle of our current
and future medical devices," added Dr. Baim.
"Combined with the talents of nearly 400 other professionals
within our group, the unique skills and contributions of Dr.
Dawkins and Dr. Uchida will be invaluable in helping us maintain
and expand Boston Scientific's worldwide leadership in the
treatment of cardiovascular disease and the broad range of other
life- threatening and disabling diseases."
About Boston Scientific
Headquartered in Natick, Massachusetts, Boston Scientific
Corporation (NYSE: BSX) -- http://www.bostonscientific.com/--
develops, manufactures and markets medical devices used in a
broad range of interventional medical specialties. The company
has offices in Argentina, Chile, France, Germany, and Japan,
among others.
* * *
As reported in the Troubled Company Reporter-Latin America on
Oct. 24, 2007, Standard & Poor's Ratings Services affirmed its
ratings on Natick, Massachussetts-based Boston Scientific Corp.
(including the 'BB+' corporate credit rating) and removed them
from CreditWatch, where they were placed with negative
implications Aug. 3, 2007.
CHRYSLER LLC: UAW Members Ratify 2007 National Labor Agreement
--------------------------------------------------------------
Chrysler LLC confirmed, on Saturday, Oct. 27, 2007, a new
Chrysler LLC-United Auto Workers Union 2007 national labor
agreement, in response to UAW's ratification results.
UAW members voted to ratify the new collective bargaining
agreement with Chrysler, with 56% votes in favor of the four-
year pact among production workers, and 51% in favor among
skilled trades workers. About 94% of office and clerical
workers voted in favor of the agreement, and 79% of UAW-
represented Chrysler engineering workers approved the contract.
According to various reports citing sources familiar with the
matter, Local 1268, the last plant in Beldivere, Illinois to
vote on the contract, turned down the agreement by 55%.
However, the contract's headroom of victory before the Belvidere
vote was enough for it to be approved.
As reported in the Troubled Company Reporter on Oct. 26, 2007,
citing The Wall Street Journal, results from four major Chrysler
plants in Michigan came in favor of the contract, tilting the
ratification scale towards the approval of the pact. Except for
a union local in Beldivere, Illinois, about 55% of the total
vote count from 26 of 27 union locals has accepted the tentative
agreement.
Chrysler and the UAW reached a tentative agreement on Oct. 10,
after three months of bargaining and following a six-hour
nationwide UAW strike against the company.
"We are pleased that our UAW employees recognize that the new
agreement meets the needs of the company and its employees by
providing a framework to improve our long-term manufacturing
competitiveness," Tom LaSorda, Vice Chairman and President,
Chrysler LLC, said.
"Our members had to face some tough choices, and we had a solid,
democratic debate about this contract," UAW President Ron
Gettelfinger said. "Now we’re going to come together as a union
-- and now it’s on the company to move ahead, increase their
market share and continue to build great cars and trucks here in
the U.S."
"There’s no question this was a difficult set of negotiations
during difficult times for the U.S. auto industry," UAW Vice
President General Holiefield, who heads the union’s Chrysler
Department, said. "But with the support of our membership and
local leadership, we have an agreement that secures jobs and
wages and protects health care and pension benefits."
The new contract covers approximately 45,000 active workers at
Chrysler and more than 55,000 Chrysler retirees and 23,000
surviving spouses. It will expire on Sept. 14, 2011.
About Chrysler LLC
Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- produces Chrysler, Jeep(R), Dodge
and Mopar(R) brand vehicles and products.
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.
CHRYSLER LLC: UAW's Narrow Approval Cues S&P to Retain Watch
------------------------------------------------------------
Standard & Poor's Ratings Services said its corporate credit
ratings on Chrysler LLC and DaimlerChrysler Financial Services
Americas LLC remain on CreditWatch with positive implications,
following the United Auto Workers' narrow approval of the new
Chrysler-UAW labor contract. The ratings were placed on
CreditWatch on Sept. 26, 2007, based on S&P's belief that
Chrysler would reach a deal similar to the one General Motors
Corp. reached with the UAW on that date.
Chrysler and the UAW subsequently reached their own four-year
agreement as expected, and the UAW has now approved that
contract.
"We view the new contract as favorable to Chrysler compared with
past agreements," said Standard & Poor's credit analyst Robert
Schulz, "and we believe the contract will support the company's
turnaround plan in North America." The new contract is reported
to contain many of the same features as the GM contract,
including a new VEBA trust designed to take responsibility for
postretirement health care expenses and a lower-tier wage
structure for new hires.
The main focus of S&P's analysis in resolving the CreditWatch
listing will be the effect of the new contract on Chrysler's
liquidity in the near term, as well as prospects for Chrysler's
cash flow and liquidity during the next two years. S&P will
view the new contract in light of Chrysler's multiyear plan to
return its North American operations to profitability, and S&P
will weigh the costs and benefits of the new contract, given the
company's workforce and retiree demographics.
Over the next two years, all three Michigan-based automakers
will face a range of challenges unrelated to their new
contracts, including slowing U.S. light-vehicle sales and shifts
away from what had been their most profitable vehicle segments
in recent years.
About Chrysler LLC
Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- produces Chrysler, Jeep(R), Dodge
and Mopar(R) brand vehicles and products.
The company has dealers worldwide, including Canada, Mexico,
U.S., Germany, France, U.K., Argentina, Brazil, Venezuela,
China, Japan and Australia.
* * *
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.
DELPHI CORP: Amends Chapter 11 Reorganization Plan
--------------------------------------------------
Delphi Corp., on Oct. 30, 2007, filed potential amendments to
its Joint Plan of Reorganization and related Disclosure
Statement with the U.S. Bankruptcy Court for the Southern
District of New York. The notice of potential amendments was
filed in accordance with a timetable established by the
Bankruptcy Court for the resumption on Nov. 8, 2007, of the
Disclosure Statement hearing commenced earlier this month on
Oct. 3, 2007. The filing, which remains subject to further
amendment by the company on Nov. 7, pursuant to the Bankruptcy
Court's scheduling order, also included amendments to the Global
Settlement Agreement and Master Restructuring Agreement between
Delphi and General Motors Corp. and to the Investment Agreement
with Delphi's Plan Investors which are led by an affiliate of
Appaloosa Management L.P.
Delphi also filed a separate motion seeking approval of the
proposed amendment to the Investment Agreement at the Nov. 8,
2007 hearing. The proposed Investment Agreement amendment,
which has been executed by Appaloosa and a supermajority of the
Plan Investors, is subject to the satisfaction of various
conditions including Appaloosa's approval of exit financing
terms under discussion with the company's principal lead lenders
and execution of the amendment by one additional plan investor
prior to the Nov. 8 hearing.
"Last evening's filings represent further substantial progress
in our Chapter 11 cases in a challenging capital markets
environment," said John Sheehan, Delphi vice president and chief
restructuring officer. "These very focused potential amendments
reflect current market conditions, commensurate changes to our
proposed emergence capital structure and form of plan currency
contemplated for stakeholder distributions, and an effective
reduction of less than five percent in plan value to reflect
macroeconomic and industry conditions and uncertainties."
The potential amendments contemplate an approximate US$2 billion
reduction in the company's net debt at emergence. Further, the
potential amendments reflect reductions in stakeholder
distributions to some junior creditors and interest holders
required to obtain consensus among Delphi's Creditors'
Committee, Plan Investors and settling parties, and changes
required by our Plan Investors and settling parties to obtain
their endorsement of the Plan and Disclosure Statement, the
company's settlements with GM and its US labor unions, the
company's emergence business plan and related agreements.
The potential amendments filed by the company include changes to
the Plan Investors' direct investment and certain stakeholder
recoveries:
Party Original Plan Potential Amendment
----- ------------- -------------------
Plan Direct Investment Direct Investment
Investors
* Purchase US$400MM. * Purchase US$400MM
of preferred stock of preferred stock
convertible at an convertible at an
assumed enterprise assumed enterprise
value of US$11.75B value of US$10.80B
* Purchase US$400MM * Purchase US$400MM
of preferred stock of preferred stock
convertible at an convertible at an
assumed enterprise assumed enterprise
value of US$12.80B value of US$11.80B
* Purchase US$175MM * Purchase US$175MM
of New Common Stock of New Common Stock
at an assumed plan at an assumed plan
value of US$12.8B value of US$11.8B
GM Recovery of US$2.7B Recovery of US$2.7B
* US$2.7B in Cash * US$750MM in Cash
* US$750MM in second
lien note
* US$1.2B in junior
conv. preferred
stock
Unsecured Par + accrued recovery Par + accrued recovery
Creditors at Plan value of US$13.9B at Plan value of US$13B
* 80% in New Common * 92.4% in New Common
Stock valued stock valued at
at US$45 per share US$41.58 per share
* 20% in Cash * 7.6% through prorata
participation in the
Discount Rights
Offering at
US$34.98 per share
TOPrS Par + accrued recovery Par only recovery at
at Plan value of US$13.9B Plan value of US$13.0B
* 100% in New Common * 92.4% in New Common
Stock valued at Stock valued at
US$45 per share US$41.58 per share
* 7.6% through prorata
participation in the
Discount Rights
Offering at
US$34.98 per share
Existing Par Value Rights Par Value Rights
Common
Stockholders * Right to acquire * Right to acquire
approx. 12,711,111 approx. 12,711,111
shares of New Common shares of New Common
Stock at a purchase Stock at a purchase
price of US$45.00 price of US$41.58
per share per share
Warrants Warrants
* Warrants to acquire * Warrants to acquire
an additional 5% US$1.0B of New Common
of New Common Stock Stock at US$45.00 per
at US$45.00 per share share exercisable
exercisable for five for six months
years after emergence after emergence
Direct Distribution No provision for
Direct Distribution
* 1,476,000 shares of
New Common Stock
Participation in No Provision for
Discount Participation in
Rights Offering Discount Rights
Offering
* Right to purchase
40,845,016 shares
of New Common Stock
at a purchase price
of US$38.56 per share
Although the potential amendments are supported by the Creditors
Committee, GM and the Plan Investors, Delphi has been advised by
the Equity Committee that it will no longer support the
company's Plan if amended to reduce recoveries to common
stockholders as contemplated in the potential amendments.
Absent a consensual resolution of the Equity Committee's
concerns, the Committee is expected to file objections to the
Disclosure Statement and Plan, seek a further adjournment of the
continued Disclosure Statement hearing and current emergence
timetable, and seek other relief from the Bankruptcy Court.
Delphi will continue to work towards a consensus among its
principal stakeholders, including the Equity Committee, however,
the likelihood of such an outcome was speculative and not
assured.
A blacklined copy of the changed pages in the Disclosure
Statement is available for free at:
http://ResearchArchives.com/t/s?24ab
A blacklined copy of the changed pages in the Plan is available
for free at http://ResearchArchives.com/t/s?24ac
A full-text copy of the potential amendments and the Investment
Agreement Amendment Approval Motion and related pleadings can be
obtained at http://www.delphidocket.com/
Adequacy of Disclosure Statement
The hearing to consider the adequacy of the Disclosure Statement
began on Oct. 3, 2007, and is scheduled to continue on Nov. 8,
2007. The brief adjournment allowed Delphi to continue to
negotiate potential Plan of Reorganization (POR) amendments with
key stakeholders, make appropriate amendments to both the GM
settlement documentation and the Equity Purchase Commitment
Agreement, and continue discussions with potential exit lenders.
Approval of the Disclosure Statement and related voting
solicitation procedures permits the company to solicit
acceptances of the proposed Plan of Reorganization later this
year and seek confirmation of the Joint Plan of Reorganization
by the Bankruptcy Court during the first quarter of 2008.
About Delphi
Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology. The company's
technology and products are present in more than 75 million
vehicles on the road worldwide. Delphi has regional
headquarters in Japan, Brazil and France.
The company filed for chapter 11 protection on Oct. 8, 2005,
(Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors. As of
Mar. 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.
The Debtors' exclusive plan-filing period expires on
Dec. 31, 2007. On Sept. 6, 2007, the Debtors filed their
Chapter 11 Plan of Reorganization and a Disclosure Statement
explaining that Plan. (Delphi Bankruptcy News, Issue No. 93;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
PERNOD RICARD: Net Sales Up 6.9% in First Quarter 2007/2008
-----------------------------------------------------------
Pernod Ricard S.A.'s consolidated net sales, excluding duties
and taxes, for the period July 1 to Sept. 30, 2007, increased
+6.9% to EUR1.6 billion, compared to EUR1.5 billion in the same
period a year ago. Organic growth was +11.6%, with foreign
exchange and group structure impacts of -1.9% and -2.4%,
respectively.
Over the full 2007/08 financial year, the Group structure effect
is estimated at a negative of around EUR110 million on sales,
and a negative of around EUR10 million on operating profit from
ordinary activities. In addition, the foreign exchange effect
on operating profit from ordinary activities may be estimated
between a negative EUR60 to EUR70 million at current exchange
rates.
The spirits business recorded growth of +13.4%*, due to good
performance by all geographic regions. The wines business
improved by +3.3%*.
The development of the Group's luxury brands remains one of the
leading growth drivers (premium brands +23 %***). In total,
the growth by all 15 strategic brands reached +9% in volume and
+16%* in value. Nine of them recorded double-digit growth rates
in value*: Martell (+39%), Jameson (+24%), Ballantine's (+22%),
Havana Club (+22%), Chivas Regal (+19%), Mumm (+19%), Malibu
(+13%), The Glenlivet (+13%) and Jacob’s Creek (+10%).
Other Group spirits brands registered growth overall, in
particular with the success of premium and ultra premium brands
(Aberlour and Royal Salute) and standard premium brands (Ararat,
Something Special, Wyborowa and Olmeca) and this, in spite of
difficulties encountered by 100 Pipers (Thailand), Montilla
(Brazil) and Hiram Walker Liqueurs (US).
The wines business excluding champagne posted growth, focusing
on the fast-growing premium brand portfolio and featuring a
decline in secondary brands.
All geographic regions contributed to organic growth:
Asia/Rest of World: EUR498 million
(+12.4%, being organic growth +13%)
Again, China showed great strength, posting net sales organic
growth of +30%, in particular due to Martell and Ballantine's
superior qualities, and this, in spite of slower growth observed
in the whisky category.
India also recorded very strong growth due to its Indian whisky
portfolio, including Royal Stag, Imperial Blue and Blenders
Pride, and to the success of imported whisky brands, especially
Chivas Regal and Ballantine's.
Starting from a lower sales level, most other markets also
posted strong double-digit growth: Taiwan, Malaysia, Indonesia,
Vietnam, whereas Thailand slowed down its decline.
South Africa, where Jameson continued to make its breakthrough,
registered further strong growth.
Asian Duty Free was also dynamic with Chivas Regal, Ballantine's
and Martell.
The Pacific Region (Australia and New Zealand) declined
following strong price increases, which especially affected wine
brands.
* Organic growth
** Country with a GNP/capita < US$10,000
*** Brands of an equal or superior quality to Chivas Regal
12 yo and Martell VS.
Americas: EUR393 million
(-3.1%, organic growth +11%)
North America (organic growth: +7.1%)
Jameson, Malibu, The Glenlivet and Wild Turkey continued to
expand rapidly in the U.S. Chivas Regal sales increased
slightly, whereas Martell and Mumm declined following the price
increases. Kahlua and Beefeater sales decreased again.
The wine and champagne portfolio grew strongly (Perrier-Jouet,
Mumm Napa, Jacob's Creek, Montana, Campo Viejo). Growth
remained strong over the quarter in Canada and Mexico.
Central and South America (organic growth: +34.1%)
Central and South America experienced outstanding growth,
primarily due to Chivas Regal (Venezuela), Ballantine’s (Brazil,
Chile) and Havana Club (Chile, Cuba).
Europe: EUR508 million (+10.9%, being organic growth +12%)
Europe recorded a sharp acceleration, especially for the 15
strategic brands whose sales increased by +16%*. Sales growth
was enhanced by favorable comparison bases. Sales increased in
most European countries; Western European countries experienced
the strongest growth overall, whereas Central and Eastern
Europe, notably Russia and Poland, developed rapidly.
France: EUR157 million (organic growth +5%)
First quarter sales held up well in France, with dynamic sales
by most whisky brands, in particular premium brands (Chivas
Regal, Aberlour, The Glenlivet), partly due to strong
promotional activities. Mumm gained market shares and benefited
from price increases in the previous financial year and a
favorable mix effect (vintage and rose). Aniseed product sales
declined, due to bad weather in the summer and in spite of a
marked recovery in September.
"First quarter performance was excellent and again illustrated
the success of our premiumization strategy and development in
emerging countries. These very good results enable the
confirmation, in current market conditions and on a like-for-
like basis*, of guidance of strong growth in sales and operating
profit from ordinary activities for Pernod Ricard in 2007/08,"
Patrick Ricard specified.
A guidance figure for organic growth in operating profit from
ordinary activities will be released at the Annual General
Meeting on Nov. 7, 2007.
* Organic growth
** Change and Group structure
About Pernod Ricard
Headquartered in Paris, France, Pernod Ricard --
http://www.pernod-ricard.com/-- produces and distributes
spirits and wines. The Company operates in Europe, North
America, Central and South America, and the Asia-Pacific region.
* * *
Pernod Ricard carries Standard & Poor's BB+ ratings on its
5.245% floating rate notes and 4-5/8% unsubordinated notes.
=============
G E R M A N Y
=============
ASAT HOLDINGS: Regains Nasdaq Listing Compliance
------------------------------------------------
ASAT Holdings Limited received a Nasdaq Staff Letter, dated
Oct. 25, 2007, advising that the company regained compliance
with the US$1 minimum bid price requirement for continued
listing found in Nasdaq Marketplace Rule 4320(e)(2)(E)(ii).
On July 30, 2007, Nasdaq notified the company that its American
Depositary Shares failed to maintain the minimum bid price of
US$1 over the previous 30 consecutive business days as required
by the Nasdaq Marketplace Rules.
Since then, the closing bid price of the company's American
Depositary Shares has been at US$1 per share or greater for at
least 10 consecutive business days. Therefore, the company was
informed by Nasdaq that this matter is now closed.
Headquartered in Pleasanton, California, ASAT Holdings Limited
(Nasdaq: ASTT) -- http://www.asat.com/-- is a provider of
semiconductor package design, assembly and test services. With
18 years of experience, the company offers a definitive
selection of semiconductor packages and world-class
manufacturing lines. ASAT's advanced package portfolio includes
standard and high thermal performance ball grid arrays, leadless
plastic chip carriers, thin array plastic packages, system-in-
package and flip chip. ASAT was the first company to develop
moisture sensitive level one capability on standard leaded
products. The company has operations in the United States, Hong
Kong, China and Germany.
At April 30, 2007, ASAT Holdings Limited's consolidated balance
sheet showed US$135.1 million in total assets, US$217.7 million
in total liabilities, and US$5.7 million in series A redeemable
convertible preferred shares, resulting in an $88.3 million
total stockholders' deficit.
* * *
Standard & Poor's placed ASAT Holdings Limited's long term
foreign and local issuer credit ratings at 'CCC-' in September
2007. The outlook is negative.
BAHA-HANDELS-GMBH: Claims Registration Period Ends Dec. 10
----------------------------------------------------------
Creditors of BAHA-Handels-GmbH have until Dec. 10 to register
their claims with court-appointed insolvency manager Tobias
Hoefer.
Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 8, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Aschaffenburg
Meeting Hall 5.103
First Floor
Schlossplatz 5
63739 Aschaffenburg
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:
Tobias Hoefer
Wermbachstr. 19
63739 Aschaffenburg
Germany
Tel: 06021/444 080
Fax: 06021/444 0820
The District Court of Aschaffenburg opened bankruptcy
proceedings against BAHA-Handels-GmbH on Oct. 10. Consequently,
all pending proceedings against the company have been
automatically stayed.
The Debtor can be reached at:
BAHA-Handels-GmbH
Glattbacher Str. 88
63741 Aschaffenburg
Germany
DENTAL STUDIO: Claims Registration Period Ends Nov. 16
------------------------------------------------------
Creditors of Dental Studio Kalber GmbH have until Nov. 16 to
register their claims with court-appointed insolvency manager
Carin Hoesel-Eichinger.
Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Dec. 2, 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 Nuremberg
Meeting Hall 152/I
Flaschenhofstr. 35
Nuremberg
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:
Carin Hoesel-Eichinger
Aussere Sulzbacher Str. 155
90489 Nuremberg
Germany
Tel: 0911/586178-0
Fax: 0911/586178-20
The District Court of Nuremberg opened bankruptcy proceedings
against Dental Studio Kalber GmbH on Oct. 15. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
Dental Studio Kalber GmbH
Nordring 107
90409 Nuremberg
Germany
ECOMIZE GMBH: Claims Registration Period Ends November 27
---------------------------------------------------------
Creditors of ecomize GmbH have until Nov. 27 to register their
claims with court-appointed insolvency manager Rudolf Rossmann.
Creditors and other interested parties are encouraged to attend
the meeting at 8:30 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 Augsburg
Meeting Hall 162
Alten Einlass 1
86150 Augsburg
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Rudolf Rossmann
Weisskopfstr. 13
c/o Kanzlei Gabrielli
Kaufer u. Koll.
86343 Koenigsbrunn
Germany
The District Court of Augsburg opened bankruptcy proceedings
against ecomize GmbH on Oct. 5. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
ecomize GmbH
Attn: Konrad Harle and Frank Thesmann, Managers
Goegginger Str. 62
86159 Augsburg
Germany
G.T. TRANSPORTE: Claims Registration Period Ends Nov. 15
--------------------------------------------------------
Creditors of G.T. Transporte GmbH have until Nov. 15 to register
their claims with court-appointed insolvency manager Joerg
Bornheimer.
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 Wuppertal
Meeting Hall A234
Second Floor
Eiland 2
42103 Wuppertal
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. Joerg Bornheimer
Turmhof 15
42103 Wuppertal
Germany
Tel: 0202/49 37 00
Fax: 0202/49 37 099
The District Court of Wuppertal opened bankruptcy proceedings
against G.T. Transporte GmbH on Oct. 15. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
G.T. Transporte GmbH
Schwesterstrasse 60a
42285 Wuppertal
Germany
Attn: Ferda Tecer, Manager
Gathe 3a
42107 Wuppertal
Germany
GAP INC: Issues Statement on Child Labor Allegations
----------------------------------------------------
Gap Inc. issued a statement clarifying information surrounding a
UK media report on the use of child labor in an unauthorized
facility that produced a single product for Gap.
Earlier this week, the company was informed about an allegation
of child labor at a facility in India that was working on one
product for GapKids. An investigation was immediately launched.
The company noted that a very small portion of a particular
order placed with one of its vendors was apparently
subcontracted to an unauthorized subcontractor without the
company’s knowledge or approval. This is in direct violation of
the company’s agreement with the vendor under its Code of Vendor
Conduct.
Marka Hansen, president of Gap North America, said:
"We strictly prohibit the use of child labor. This is a non-
negotiable for us -– and we are deeply concerned and upset by
this allegation. As we’ve demonstrated in the past, Gap has a
history of addressing challenges like this head-on, and our
approach to this situation will be no exception.
"In 2006, Gap Inc. ceased business with 23 factories due to code
violations. We have 90 people located around the world whose
job is to ensure compliance with our Code of Vendor Conduct.
"As soon as we were alerted to this situation, we stopped the
work order and prevented the product from being sold in stores.
While violations of our strict prohibition on child labor in
factories that produce product for the company are extremely
rare, we have called an urgent meeting with our suppliers in the
region to reinforce our policies.
"Gap Inc. has one of the industry’s most comprehensive programs
in place to fight for workers’ rights overseas. We will
continue to work with the government, NGOs, trade unions, and
other stakeholder organizations in an effort to end the use of
child labor."
Gap Inc. (NYSE: GPS) -- http://www.gapinc.com/-- is an
international specialty retailer offering clothing, accessories
and personal care products for men, women, children and babies
under the Gap, Banana Republic, Old Navy, Forth & Towne and
Piperlime brand names. Gap Inc. operates more than 3,100 stores
in the United States, the United Kingdom, Canada, France,
Ireland and Japan. In addition, Gap Inc. is expanding its
international presence with franchise agreements for Gap and
Banana Republic in Southeast Asia and the Middle East.
* * *
The company continues to carry Fitch's BB+ Issuer Default
Rating. The company also carries Standard & Poor's Ratings
Services' BB+ corporate credit rating.
GEMEINNUETZIGE BILDUNGS: Claims Registration Period Ends Nov. 16
----------------------------------------------------------------
Creditors of Gemeinnuetzige Bildungs- und
Entwicklungsgesellschaft GmbH Schliebener Land have until
Nov. 16 to register their claims with court-appointed insolvency
manager Thomas Krafft.
Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.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 Cottbus
Hall 210
First Floor
Gerichtsplatz 2
03046 Cottbus
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 Krafft
Jagerallee 37 H
14469 Potsdam
Germany
The District Court of Cottbus opened bankruptcy proceedings
against Gemeinnuetzige Bildungs- und Entwicklungsgesellschaft
GmbH Schliebener Land on Oct. 11. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
Gemeinnuetzige Bildungs- und Entwicklungsgesellschaft
GmbH Schliebener Land
Schulstr. 6
04936 Hohenbucko
Germany
KABEL DEUTSCHLAND: Gains Access to EUR6050 Million Loan Facility
----------------------------------------------------------------
Kabel Deutschland signed a EUR650 million Senior Term Loan
Facility which will rank pari-passu with the Company’s existing
EUR1,150 million Senior Term Loan.
The Senior Add-on Facility will provide funding for the
previously announced acquisition of 1.2 million cable
subscribers from the Orion Group for EUR585 million and,
together with direct funding from KDG, will fund potential
additional acquisitions of up to another 200 million Euros.
The Senior Add-on Facility matures in March 2013 and carries a
coupon of EURIBOR + 325bps. The Facility will be unfunded for a
period of time until the Acquisitions are completed, and any or
all of the Facility can be cancelled at any time. During this
unfunded period the Facility will pay a ticking fee. The
Facility will have the same financial covenants as the existing
Senior Term Loan.
The Company expects to meet all current covenants under its
existing financing obligations. Closing of the Orion Group
asset purchase is anticipated for spring 2008 after FCO
clearance.
About Kabel Deutschland
Headquartered in Unterfoehring, Germany, Kabel Deutschland --
http://www.kabeldeutschland.com/-- operates cable
networks in 13 German states and supplies its services to more
than 9 million connected TV households in Germany. It is
Germany's largest cable network operator. KDG offers an open
digital TV platform for all program providers. The company
operates the networks, markets cable connections and provides
comprehensive services for all matters of cable connectivity.
In fiscal year ended March 31, 2007, Kabel Deutschland reported
a total revenue of around EUR1.1 billion. The company has
around 2,700 employees.
KABEL DEUTSCHLAND: Financing Doesn't Change Moody's Ba3 Rating
--------------------------------------------------------------
Moody's Investors Service said Kabel Deutschland GmbH's Ba3
rating (negative outlook) remained unchanged following the
company's announcement of its financing package for the
acquisition of 1.2 million subscribers announced in September
2007 (for EUR585 million) as well as an anticipated acquisition
of additional 400 thousand subscribers in its area (for EUR174
million).
The overall financing package will be comprised of an additional
tranche of EUR650 million drawn under the existing senior
secured facility and existing liquidity provided by cash and
availability under its revolving credit facility. The remaining
part of the overall package will be contributed from the recent
asset sales. Moody's notes that the anticipated increase in the
senior secured debt is likely to have a negative impact on the
LGD assessment (currently LGD-5) of the senior notes.
Based on a pro-forma contribution of the new subscribes and the
company's EBITDA guidance for the fiscal year 2007/08 in the
amount of EUR430 million to EUR440 million, Moody's understands
that the company would not require a consent from the
bondholders to raise additional debt including the portion to be
used to purchase additional 400 thousand subscribes. The bond
indenture stipulates a debt incurrence test of 5.0x Debt to
EBITDA and carve-out baskets, in particular EUR125 million
general basket, which KDG will utilize to raise additional debt.
Based on a pro-forma EBITDA and additional debt financing,
Moody's expects the company to be leveraged at approximately
5.1x Debt to EBITDA (unadjusted for leases).
This leverage level is predicated on the company's achievement
of its EBITDA guidance as well as realization of the expected
EBITDA contribution from the new subscribers. The Ba3 rating is
supported by adequate liquidity through the availability of the
committed EUR325 million revolving facility (of which EUR125
million is expected to be drawn for the acquisition) and the
availability of committed acquisition financing. However,
headroom under the company's maintenance covenants will be
narrow in the near-term.
The rating would come under a downward pressure if the company
fails to reach its pro-forma guidance and/or the leverage
metrics weaken to the level above 5.5x Debt to EBITDA (as
defined by Moody's and excluding any adjustments for equity
participation expenses) on a sustained basis.
Based in Germany, KDG is the largest network Level 3 cable
television provider in Germany. For the three months ended
June 30, 2007, the company generated total revenues of EUR290
million.
ROOSTER CLOTHING: Claims Registration Period Ends November 23
-------------------------------------------------------------
Creditors of ROOSTER Clothing Company Vertriebs GmbH have until
Nov. 23 to register their claims with court-appointed insolvency
manager Martin Wagner.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Dec. 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 Stuttgart
Hall 178
Hauffstr. 5 (Am Neckartor)
70190 Stuttgart
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Martin Wagner
Heilbronner Str. 86
70191 Stuttgart
Germany
Tel: 0711/25 97 29-0
Fax: 0711/25 97 29-999
The District Court of Stuttgart opened bankruptcy proceedings
against ROOSTER Clothing Company Vertriebs GmbH on Oct. 11.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
ROOSTER Clothing Company Vertriebs GmbH
Attn: Hannelore Lehmann-Walz, Manager
Eschenbruennle Str. 12-14
71065 Sindelfingen
Germany
W. STENDEL GMBH: Claims Registration Period Ends November 22
------------------------------------------------------------
Creditors of W. Stendel GmbH have until Nov. 22 to register
their claims with court-appointed insolvency manager Jochen
Horch.
Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Dec. 17, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court Heilbronn
Hall 4
Ground Floor
Rollwagstr. 10a
74072 Heilbronn
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:
Jochen Horch
Keplerstrasse 7
74072 Heilbronn
Germany
Tel: 07131/7801-33
Fax: 07131/7801-11
The District Court of Heilbronn opened bankruptcy proceedings
against W. Stendel GmbH on Oct. 15. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
W. Stendel GmbH
Attn: Wolfram Stendel and Erika Debold, Managers
Sulmstrasse 9
74189 Weinsberg
Germany
=========
I T A L Y
=========
ALITALIA SPA: TPG Capital Unable to Form Italian Consortium
-----------------------------------------------------------
TPG Capital informed financial advisor Citi that, at the moment,
they are unable to finalize an Italian-led consortium, but will
continue to follow the evolution of the Alitalia S.p.A. dossier
with interest, should an opportunity or new elements arise.
The Italian government had been holding talks with TPG Capital
over a possible re-bid by the private equity firm for Italy's
49.9% stake in Alitalia.
A consortium of TPG Capital, MatlinPatterson Global Advisers LLC
and Mediobanca S.p.A. had withdrawn its bid for the national
carrier during the previous tender to sell Alitalia, saying it
was not "in a position to comply with all of the requirements."
The consortium described the requirements as "too complex and
cryptic." TPG Capital told the Italian government it may rejoin
the bidding process if the rules of the process were changed.
As reported in the TCR-Europe on Oct. 23, 2007, Alitalia will
choose the buyer for Italy's stake on Nov. 10, 2007. 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.
Alitalia opened 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.
MICRON TECHNOLOGY: Names Robert L. Bailey as Director
-----------------------------------------------------
Micron Technology Inc. has appointed Robert L. Bailey to the
company’s board of directors, effective immediately.
Mr. Bailey is the chairman and chief executive officer PMC-
Sierra, a leading provider of broadband communications and
storage semiconductor technologies.
Mr. Bailey has served as PMC’s president and chief executive
officer since July 1997. He has been chairman of the board
since May 2005 and was also chairman from February 2000 until
February 2003. Mr. Bailey has been a director of PMC since
October 1996. Mr. Bailey has also served as president, chief
executive officer and director of PMC-Sierra Ltd., PMC’s
Canadian operating subsidiary since December 1993.
Mr. Bailey was employed by AT&T-Microelectronics from August
1989 to November 1993, where he served as vice president and
general manager, and by Texas Instruments in management from
June 1979 to August 1989.
"We are extremely pleased to welcome Bob to our Board of
Directors," said Micron chairman and CEO Steve Appleton. "Bob
brings unique experience and strengths to our board, and we look
forward to his contributions."
About Micron Technology
Headquartered in Boise, Idaho, Micron Technology Inc. (NYSE: MU)
-- http://www.micron.com/-- provides advanced semiconductor
solutions. Through its worldwide operations, Micron
manufactures and markets DRAMs, NAND Flash memory, CMOS image
sensors, other semiconductor components and memory modules for
use in leading-edge computing, consumer, networking and mobile
products. The company is headquartered in Boise, Idaho, and has
manufacturing facilities in Italy, Scotland, Japan, Puerto Rico
and Singapore.
* * *
In September 2006, Moody's placed the clong-term corporate
family rating and probability of default rating at Ba3, which
still holds to date. The outlook is stable.
Standard & Poor's placed the company's long-term foreign and
local issuer credits at BB-, which still holds to date. The
outlook is stable.
===================
K A Z A K H S T A N
===================
ASIA-STROYEXPOKAZ LLP: Creditors Must File Claims by Dec. 7
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube declared
LLP Asia-Stroyexpokaz insolvent on Sept. 28.
Creditors have until Dec. 7 to submit written proofs of claim
to:
The Specialized Inter-Regional
Economic Court of Aktube
Altynsarin Str. 31
Aktobe
Aktube
Kazakhstan
DBK LEASING: Moody's Assigns Ba3/Not-Prime Currency Ratings
-----------------------------------------------------------
Moody's Investors Service assigned Ba3/Not-Prime long- and
short-term foreign currency and local currency issuer ratings to
DBK Leasing. The outlooks for the ratings are stable.
According to Moody's, DBKL's ratings are underpinned by the
company's high capital cushion, which is sufficient to absorb
credit risks (although this is likely to gradually change),
strong liquidity and niche in leasing projects.
On the other hand, the ratings reflect:
(i) the company's limited franchise, partly due to the short
period of its operations and resulting low profitability;
(ii) some concerns as to whether the company will be
successful in significantly increasing its franchise and
funding;
(iii) the lack of operating history in the competitive
environment; and
(iv) the possibility of politically motivated decisions given
its ownership structure.
The Ba3 issuer rating is a two-notch uplift from the Baseline
Credit Assessment of B2, based on Moody's assessment of the very
high probability of extraordinary support from the parent. This
reflects DBKL's 100% ownership by the Development Bank of
Kazakhstan (DBK, with a BCA of 11-13), the potential reputation
damage to DBK from a default of DBKL, DBKL's small size --
providing for a greater ability to provide support, as well as
DBKL's good fit with DBK's strategy. Nonetheless, the fact that
DBKL is a small company with no significant operations to date
limits the importance of DBKL to DBK and as a result diminishes
support assumptions. DBKL is closely dependant on DBK due to
the fact that all funding and capital currently come from the
parent.
Successful development of the company's franchise with no
excessive rise in the risk profile, improvement in funding
diversification as well as development of risk management
systems would exert upward pressure on the rating. The transfer
of DBKL's stake directly to the state (there is a small
possibility that in the future the stake of the company might be
transferred to the state holding "Sustainable Development Fund
"Kazyna") could cause a positive uplift in DBKL's issuer rating.
However, this is not expected in the near term. Inability to
build a sustainable franchise, assumption of excessive risks, as
well as the inability to obtain affordable funding could lower
DBKL's rating, as could any sovereign downgrade or signs of
diminished willingness on the part of the parent to provide
support.
Based in Astana, Kazakhstan, DBKL is a 100% leasing subsidiary
company of the Development Bank of Kazakhstan and was set up in
2005. It reported total assets of US$60 million and equity
US$52 million at the end of 2006.
ESTATE CONSULTING: Creditors Must File Claims by Dec. 7
-------------------------------------------------------
LLP Estate Consulting has declared insolvency. Creditors have
until Dec. 7 to submit written proofs of claim to:
LLP Estate Consulting
Azattyk ave. 62/70
Atyrau
Kazakhstan
Tel: 8 (31222) 58-68-54
8 701 321 50-56
GOLDEN PERL: Claims Filing Period Ends Dec. 7
---------------------------------------------
LLP Golden Perl Technics has declared insolvency. Creditors
have until Dec. 7 to submit written proofs of claim to:
LLP Golden Perl Technics
Jybek Joly Str. 30
Jarkent
Panfilovsky District
Almaty
Kazakhstan
Tel: 8 (3272) 63-55-13
KAZUVELIRPROM JSC: Claims Filing Period Ends Dec. 11
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
declared JSC Kazuvelirprom insolvent on Aug. 16.
Creditors have until Dec. 11 to submit written proofs of claim
to:
The Specialized Inter-Regional
Economic Court of Karaganda
Olimpyiskaya Str. 8a
Karaganda
Kazakhstan
Tel: 8 701 533 50-63
NEFTEHIMSERVICE LTD: Creditors' Claims Due by Dec. 7
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Neftehimservice Ltd insolvent on Sept. 7.
Creditors have until Dec. 7 to submit written proofs of claim
to:
The Specialized Inter-Regional
Economic Court of Almaty
Shelehov Str. 187a-32
Almaty
Kazakhstan
Tel: 8 (3272) 32-83-39
8 701 460 17-71
NOVA LLP: Creditors Must File Claims by Dec. 7
----------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube declared
LLP Nova insolvent on Sept. 24.
Creditors have until Dec. 7 to submit written proofs of claim
to:
The Specialized Inter-Regional
Economic Court of Aktube
Altynsarin Str. 31
Aktobe
Aktube
Kazakhstan
PROTECHNICS COMPANY: Claims Registration Period Ends Dec. 7
-----------------------------------------------------------
LLP Protechnics Company has declared insolvency. Creditors have
until Dec. 7 to submit written proofs of claim to:
LLP Protechnics Company
Gagarin Str. 69
Talgar
Talgarsky District
Almaty
Kazakhstan
Tel: 8 (3272) 63-55-13
REMPUT JSC: Creditors Must File Claims by Dec. 7
------------------------------------------------
JSC Remput has declared insolvency. Creditors have until Dec. 7
to submit written proofs of claim to:
JSC Remput
Auezov Str. 91/1
Saryarka District
010000, Astana,
Kazakhstan
===================
K Y R G Y Z S T A N
===================
NEZAVISIMAYA ENERGETICHESKAYA: Claims Registration Ends Dec. 1
--------------------------------------------------------------
LLC Alamedinskaya Independent Power Company Nezavisimaya
Energeticheskaya Companiya has declared insolvency.
Creditors have until Dec. 1 to submit written proofs of claim
to:
LLC Nezavisimaya Energeticheskaya Companiya
Chuguyev Str. 67
Alamudun
Alamudunsky District
Chui Region
Kyrgyzstan
TRANS-SERVICE ASIA: Creditors Must File Claims by Dec. 1
--------------------------------------------------------
LLC Trans-Service-Asia-Ural-Demidov has declared insolvency.
Creditors have until Dec. 1 to submit written proofs of claim.
Inquiries can be addressed to(0-503) 37-08-02.
=====================
N E T H E R L A N D S
=====================
GLOBAL POWER: Sells Boring Mill to Prestige for US$575,000
----------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
authorized Global Power Equipment Group Inc. and its debtor-
affiliates to sell a boring mill to Prestige Equipment
Corporation for US$575,000, under an asset purchase agreement
dated Oct. 16, 2007.
Under the agreement, the Debtors will sell the boring mill owned
by Braden Manufacturing LLC, its auxiliary power equipment
segment in Tulsa, Oklahoma. The Debtors will also provide an
insurance policy of at least US$700,000 to Prestige Equipment
for any damage to the Debtors' property during the removal of
the equipment.
In addition, Prestige Equipment will pay all existing brokerage
claims to Tom Lowkes of Fabricating & Production Machinery in
Spencer, Massachusetts.
At the closing date, Prestige Equipment will immediately pay the
Debtors the entire purchase price by wire transfer.
Headquartered in Oklahoma, Global Power Equipment Group Inc.
(Pink Sheets: GEGQQ) -- http://www.globalpower.com/-- is a
design, engineering and manufacturing firm providing an array of
equipment and services to the energy, power infrastructure and
process industries. The company designs, engineers and
manufactures a comprehensive portfolio of equipment for gas
turbine power plants and power-related equipment for industrial
operations, and has over 40 years of power generation industry
experience. The company's equipment is installed in power
plants and in industrial operations in more than 40 countries on
six continents. In addition, the company provides routine and
specialty maintenance services to nuclear, coal-fired, fossil,
and hydroelectric power plants and other industrial operations.
The company has facilities in Plymouth, Minnesota; Tulsa,
Oklahoma; Auburn, Massachusetts; Atlanta, Georgia; Monterrey,
Mexico; Shanghai, China; Nanjing, China; and Heerleen, The
Netherlands.
The company filed for chapter 11 protection on Sept. 28, 2006
(Bankr. D. Del. Case No. 06-11045). Thomas E. Lauria, Esq.,
Matthew C. Brown, Esq., Gerard Uzzi, Esq., John Cunningham,
Esq., and Frank Eaton, Esq., at White & Case LLP; and Jeffrey M.
Schlerf, Esq., Eric M. Sutty, Esq., and Mary E. Augustine, Esq.,
at The Bayard Firm, represent the Debtors. Kurtzman Carson
Consultants LLC acts as the Debtors' noticing and claims agent.
At Oct. 31, 2006, Global Power's balance sheet showed total
assets of US$177,758,000 and total debts of US$99,017,000
Jeffrey S. Sabin, Esq., and David M. Hillman, Esq., at Schulte
Roth & Zabel LLP; and Adam G. Landis, Esq., and Kerri K.
Mumford, Esq., at Landis Rath & Cobb LLP, represent the Official
Committee of Unsecured Creditors. The Official Committee of
Equity Security Holders is represented by Howard L. Siegel,
Esq., and Steven D. Pohl, Esq., at Brown Rudnick Berlack Israels
LLP.
MORGAN STANLEY: Moody's Rates EUR16.75 Mln Class E Notes at Ba3
---------------------------------------------------------------
Moody's Investors Service assigned long term credit ratings to
five classes of notes issued by Morgan Stanley Investment
Management Mezzano B.V., a Dutch special purpose company.
The ratings are:
-- Aaa to the EUR254,500,000 Class A Senior Floating Rate
Notes due 2024;
-- Aa2 to the EUR10,500,000 Class B Deferrable Interest
Floating Rate Notes due 2024;
-- A2 to the EUR19,250,000 Class C Deferrable Interest
Floating Rate Notes due 2024;
-- Baa3 to the EUR10,000,000 Class D Deferrable Interest
Floating Rate Notes due 2024; and
-- Ba3 to the EUR16,750,000 Class E Deferrable Interest
Floating Rate Notes due 2024.
The ratings of the senior notes and the deferrable notes address
the expected loss posed to investors by the legal maturity of
each class (in 2024).
These ratings are based upon:
1. an assessment of the eligibility criteria , collateral
quality tests and portfolio profile tests applicable 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 overcollateralization of the Notes;
4. the proposed currency swap transactions, which insulate
the Issuer from the volatility of the foreign currency
exchange rates in respect of non-Euro denominated
obligations;
5. the expertise of Morgan Stanley Investment Management
Limited as collateral manager; and
6. the legal and structural integrity of the issue.
This transaction is a high yield collateralized loan obligation
backed by a collateral portfolio of around EUR350 million,
comprised primarily of European senior secured, second lien and
mezzanine loans and high yield bonds. The portfolio will be
actively managed by Morgan Stanley Investment Management
Limited, and will be approximately 80% ramped at closing with
the remaining assets expected to be purchased during the twelve
months ramp up period. The manager must maintain compliance
with a range of portfolio tests which include, amongst others, a
diversity score test, a weighted average rating factor test, a
weighted average recovery rate test and a weighted average
spread test.
Thereafter, the portfolio of loans will be actively managed and
the portfolio manager will have the option to buy or sell assets
in the portfolio. Any addition or removal of assets will be
subject to a number of portfolio criteria.
===========
R U S S I A
===========
BALIZ CJSC: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------
The Arbitration Court of Saratov commenced bankruptcy
supervision procedure on CJSC Baliz, which procedure will
continue until April 3, 2008. The case is docketed under Case
No. ?-57-6504/07-32.
The interim manager is:
V. V. Budnevskij
Kuybysheva Str. 20
440052 Penza
Russia
The Court is located at:
The Arbitration Court of Saratov
Babushkin Vvoz 1
Saratov
Russia
The Debtor can be reached at:
CJSC Baliz
Lenina Str. 1
Baltai Township
Baltaiskij Raio
Saratov
Russia
BUGUL'MINSKIJ DOK: Bidders Have Until Nov. 20 to Submit Offers
--------------------------------------------------------------
N. F. Valitov, the competitive proceedings manager of OJSC
Bugul'minskij DOK, will open a public auction for the company's
properties.
The company has set a RUR3 million starting price for the
auctioned assets. Deposit required is 20% of the starting
price.
Interested participants have until Nov. 20 to submit their
bidding documents to:
N. F. Valitov
P.O. Box 112
Kazan
420036 Tatarstan
Russia
Tel: (843) 5100616
Fax: 8 9172959276
BUJNAKSKAYA: Creditors Must File Claims by Dec. 27
--------------------------------------------------
Creditors of Foot-Ware Factory Bujnakskaya have until Dec. 27 to
submit proofs of claim to:
M. M. Baimurzaev
Dahadaeva Str. 18
Bujnaksk
Dagestan
Russia
The Arbitration court of Dagestan commenced competitive
proceedings against the company after finding it insolvent on
Oct. 2, 2007. The case is docketed under Case No. ?15-950/2007.
DISTILLERY NOVOSLOBODSKIJ: Asset Sale Slated for November 27
------------------------------------------------------------
Yu. V. Shishkov, the competitive proceedings manager of OJSC
Distillery Novoslobodskij, will open a public auction for the
company's properties at 10:30 a.m. on Nov. 27.
The starting price for the auctioned assets is RUR3,010,000.
Deposit required is 10% of the starting price.
Interested participants have until Nov. 21 to submit their
bidding documents.
Information related to the auction can be obtained from:
Yu. V. Shishkov
Betankura Str. 3
Nizhnij Novgorod
Russia
Tel: (831) 275-76-07
KUZBASSENERGOSTROY LLC: Creditors Must File Claims by Dec. 27
-------------------------------------------------------------
Creditors of KuzbassEnergoStroy LLC have until Dec. 27 to submit
proofs of claim to:
M. N. Bogatova
?/? 3084
650024 ?. ????????
Russia
The Arbitration Court of Kemerovo commenced competitive
proceedings on the company on Oct. 11, 2007. The case is
docketed under Case No. ?27-3645/2007-4.
The Court is located at:
The Arbitration Court of Kemerovo
Krasnaya Str. 8
Kemerovo
Russia
The Debtor can be reached at:
KuzbassEnergoStroy LLC
Torezy Str. 73?
Novokuznetsk
Russia
POLOVINSKIE ME: Creditors Must File Claims by Dec. 27
-----------------------------------------------------
Creditors of Heating Network Polovinskie ME have until Dec. 27
to submit proofs of claim.
The Arbitration Court of Kurgan declared the company insolvent
on Sept. 28, 2007. The Court appointed A. A. Skvortsov as
competitive proceedings manager. The case is docketed under
Case No. ?34-849/2007.
The Court is located at:
The Arbitration Court of Kurgan
Sovetskaya Str. 192
640003 Kurgan
Russia
The Debtor can be reached at:
Heating Network Polovinskie ME
Stepnaya Str. 33
Polovinnoye Township
Polovinskij Raion
641780 Kurgan
Russia
PROMNERUD OJSC: Asset Sale Slated for November 30
-------------------------------------------------
The competitive proceedings manager of OJSC Promnerud will open
a public auction for the company's properties at 10:00 a.m. on
Nov. 30 at:
OJSC Promnerud
Askerhanova Str. 3
Mahachkala
Dagestan
Russia
The starting prices for the auctioned assets are:
-- Lot 1: RUR8,518;
-- Lot 2: RUR1,822.
Interested participants have until Nov. 25 to submit their
bidding documents and to deposit an amount equivalent to 10% of
the starting price.
Information related to the auction may be obtained at:
Gagarina Str. 56/88
Mahachkala
Dagestan
Russia
Tel: 8 928-548-50-14
ROSNEFT OIL: Competition Regulator Okays Tomskneft Stake Sale
-------------------------------------------------------------
The Russian Federal Anti-monopoly Service has permitted
Vnesheconombank to acquire OAO Rosneft Oil Co.'s 50% stake in
oil company Tomskneft, the FAS told Interfax.
As reported in the Troubled Company Reporter-Europe on Oct. 25,
2007, Rosneft said it plans to complete the sale of a 50% stake
in Tomskneft, a former subsidiary of OAO Yukos Oil Co., by the
end of 2007. Rosneft said the proceeds from the sale have
enabled it to complete recent announced acquisitions without
raising any further debt.
The company is also selling assets acquired from Yukos like
Tomskneft VNK, Strezhevsky Oil Refinery, and other units
operating in western and eastern Siberia, Interfax relates. The
company said it has received payment for 50% of Tomskneft VNK
and other assets.
As previously reported in the Troubled Company Reporter-Europe,
Rosneft acquired other Yukos' assets through its subsidiaries in
a series of auctions that started on March 27, 2007. Notably,
its RN-Razvitiye unit repurchased its 9.44% stake from Yukos for
RUR197.8 billion; Neft-Aktiv acquired Yukos' East Siberian
assets, which includes major oil production firm Tomskneft, for
RUR177.7 billion.
About Rosneft
Headquartered in Moscow, Russia, OAO Rosneft Oil Co. --
http://www.rosneft.com/-- produces and markets petroleum
products. The Company explores for, extracts, refines, and
markets oil and natural gas. Rosneft produces oil in Western
Siberia, Sakhalin, the North Caucasus, and the Arctic regions of
Russia.
* * *
OAO Rosneft Oil Co. carries a BB+ long-term corporate credit
rating from Standard & Poor's Ratings Services. S&P said the
outlook is positive.
SIBIRSKOYE OJSC: Asset Sale Slated for November 30
--------------------------------------------------
OJSC Sibirskoye will open a public auction for the company's
properties at 11:00 a.m. on Nov. 30 at:
OJSC Sibirskoye
Apartment 4
5th Microraion Str. 2
Krasnoobsk Township
Novosibirskij Raion
Novosibirsk
Russia
The starting prices for the auctioned assets are:
-- Lot 1: RUR17,028,193;
-- Lot 2: RUR460,580; and
-- Lot 3: RUR638,120.
Interested participants have until Nov. 25 to submit their
bidding documents.
Information related to the auction can be obtained by calling,
Tel: (383) 348-53-06.
SISTEMA JSFC: Names Vitaly Savelyev as Telecommunications Head
--------------------------------------------------------------
Sistema JSFC appointed Vitaly Savelyev as First Vice President
and Head of Sistema's Telecommunications Asset Management
division, effective Nov. 1, 2007.
Mr. Savelyev is the former Deputy Economic Development and Trade
Minister of the Russian Federation.
"We have large-scale ambitious goals set for our
Telecommunications Asset Management devision. Primarily, it has
to increase its operating efficiency in this highly competitive
environment, partly by implementing a number of convergent
projects, In addition, it has to launch an in-depth program of
regional and international expansion," Alexander Goncharuk,
president and CEO of Sistema commented.
"In addition, it has to launch an in-depth program of regional
and international expansion. We are confident that Mr.
Savelyev's extensive financial management experience and
thorough knowledge of the telecommunications market and new
technology developments will assist in increasing the value of
our assets and strengthening their position in the global
telecommunications market," Mr. Goncharuk added.
Born on Jan. 18, 1954, Mr. Savelyev was the adviser for Finance
and Information Technology to the General Director of
Svyanzinvest from 2002 to 2004. He served as Deputy Chairman of
Gazprom from Sept. 2001.
About Sistema
Sistema JSFC (LSE: SSA) -- http://www.sistema.com/-- is the
largest private sector consumer services company in Russia and
the CIS, with over 65 million customers. Sistema develops and
manages market-leading businesses in selected service-based
industries, including telecommunications, technology, insurance,
banking, real estate, retail and media.
Founded in 1993, the company reported revenues of US$7.5 billion
for the first nine months of year 2006, and total assets of US$
18.5 billion as at Sept. 30, 2006. Sistema's shares are listed
under the symbol 'SSA' on the London Stock Exchange, under the
symbol 'AFKS' on the Russian Trading System (RTS), and under the
symbol 'SIST' on the Moscow Stock Exchange (MSE).
* * *
As of Oct. 10, 2007, Sistema carries Moody's Investors'
Service's B1 long-term corporate family rating and probability
of default rating, Standard & Poor's BB- issuer credit rating
with positive outlook and Fitch Ratings' BB- issuer default
rating with stable outlook.
TELECOMSTROY CJSC: Creditors Must File Claims by Dec. 27
--------------------------------------------------------
Creditors of CJSC TelecomStroy (telecommunications) have until
Dec. 27 to submit proofs of claim.
The Arbitration Court of Rostov commenced competitive
proceedings on the company on Oct. 2, 2007. The Court appointed
E. V. Demicheva as competitive proceedings manager. The case is
docketed under Case No. ?53-3221/07-?1-8.
The Debtor can be reached at:
CJSC TelecomStroy (telecommunications)
Podgornaya Str. 13
Shahty
Rostov
Russia
WOOD-WORKING CJSC: Creditors Must File Claims by Dec. 27
--------------------------------------------------------
Creditors of CJSC Wood-Working Factory have until Dec. 27 to
submit proofs of claim to:
O. A. Kyzhinaev
Komarova Str. 18-130
Abakan
655010 Hakasia
Russia
The Arbitration Court of Hakasia commenced competitive
proceedings against the company after finding it insolvent on
Sept. 12, 2007. The case is docketed under Case No. ?74-
283/2007.
The Debtor can be reached at:
CJSC Wood-Working Factory
Maina Settlement
Hakasia
Russia
=====================
S W I T Z E R L A N D
=====================
ISOTIS INC: Stockholders Approve Sale of Company to Integra
-----------------------------------------------------------
Stockholders of IsoTis Inc. have approved the sale of IsoTis to
Integra LifeSciences Holdings Corporation pursuant to an
agreement and plan of merger dated as of Aug. 6, 2007.
The acquisition is expected to close shortly, followed by
settlement of the acquisition price of US$7.25 in cash per
share. Following the merger, shares of IsoTis common stock will
cease to be listed on NASDAQ.
A special stockholders' meeting was held on Oct. 11, 2007. It
was adjourned to Oct. 23, 2007, because the number of shares
represented at the meeting was insufficient to establish a
quorum. The stockholders reconvened on Oct. 29 and approved the
acquisition.
Previous Bankruptcy Warning
The IsoTis Board of Directors unanimously believe that the
interests of IsoTis' stockholders are best served by the
acquisition by Integra, and that there are no feasible
alternatives for the company and the stockholders. Had the
acquisition not been approved, IsoTis would have sought
bankruptcy protection.
This concludes the Troubled Company Reporter-Europe's coverage
of IsoTis, unless and until circumstances change that warrant
reporting in the TCR.
About Integra LifeSciences Holdings
Based in Plainsboro, New Jersey, Integra LifeSciences Holdings
Corp. (NASDAQ:IART) -- http://www.integra-ls.com/-- is an
integrated medical device company involved in regenerative
medicine. The company is engaged in the development,
manufacturing and marketing of surgical implants and medical
instruments. These products include both implants for
neurosurgery, spinal surgery, reconstructive surgery and medical
surgical equipment.
About IsoTis
Headquartered in Irvine, California, IsoTis Inc. (NASDAQ: ISOT)
-- http://www.isotis.com/-- is an orthobiologics company that
develops, manufactures and markets proprietary products for the
treatment of musculoskeletal diseases and disorders. The
company's international sales headquarters are based in
Lausanne, Switzerland.
On Aug. 7, 2007, Integra and IsoTis said that they have reached
a definitive agreement to create a global orthobiologics leader.
The combination would create a comprehensive orthobiologics
portfolio, one of the largest sales organizations focused on
orthobiologics in the US, and multiple cross-selling
opportunities. The transaction is subject to approval of
IsoTis' stockholders, as well as other closing conditions and
approvals. Upon closing, IsoTis will become a wholly owned
subsidiary of Integra and Integra will be one of the largest
companies in the world focused on advanced technology in
orthobiologics.
=============
U K R A I N E
=============
DVORECHNAYA MEAT-PROCESSING: Creditors Claims Due by Nov. 2
-----------------------------------------------------------
Creditors of LLC Dvorechnaya Meat-Processing Enterprise (code
EDRPOU 01038789) have until Nov. 2 to submit their proofs of
claim to:
The Economic Court of Kharkov
Derzhprom 8th Entrance
Svoboda Square 5
61022 Kharkov
Ukraine
The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No. B-39/154-07.
The Debtor can be reached at:
LLC Dvorechnaya Meat-Processing Enterprise
Pivnichna Str. 2
Pivnichna
Kharkov
Ukraine
GRIN LLC: Creditors Must File Claims by Nov. 2
----------------------------------------------
Creditors of LLC Grin (code EDRPOU 24899904) have until Nov. 2
to submit written proofs of claim to:
The Economic Court of Vinnica
Hmelnickiy Str. 7
21036 Vinnica
Ukraine
The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No. 10/225-07.
The Debtor can be reached at:
LLC Grin
Barliayev Str. 29
Zhmerinka
23100 Vinnica
Ukraine
KAYTANOVKA LLC: Creditors Must File Claims by Nov. 2
----------------------------------------------------
Creditors of Agricultural LLC Kaytanovka (code EDRPOU 03792177)
have until Nov. 2 to submit written proofs of claim to:
The Economic Court of Cherkassy
Shevchenko Avenue 307
18005 Cherkassy
Ukraine
The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No. 01/3905.
The Debtor can be reached at:
Agricultural LLC Kaytanovka
Kaytanovka
Katerinopol
Cherkassy
Ukraine
KIEVSCHINA LLC: Creditors Must File Claims by Nov. 2
----------------------------------------------------
Creditors of LLC Production-Trading Union Kievschina (code
EDRPOU 23539173) have until Nov. 2 to submit written proofs of
claim to:
The Economic Court of Kiev
B. Hmelnitskij Boulevard 44-B
01030 Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No. 15/588-b.
The Debtor can be reached at:
LLC Production-Trading Union Kievschina
Veresneva Str. 5
Kiev
Ukraine
KIM GAS: Creditors Must File Claims by Nov. 2
---------------------------------------------
Creditors of LLC Kim Gas (code EDRPOU 32246207) have until
Nov. 2 to submit written proofs of claim to:
The Economic Court of Kiev
B. Hmelnitskij Boulevard 44-B
01030 Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No. 15/667-b.
The Debtor can be reached at:
LLC Kim Gas
Magnitogorskaya Str. 1
02094 Kiev
Ukraine
MINE BUILDING 2: Claims Filing Period Ends Nov. 2
-------------------------------------------------
Creditors of State Enterprise Mine Building Management 2 (code
EDRPOU 00180775) have until Nov. 2 to submit written proofs of
claim to:
The Economic Court of Donetsk
Artema Str. 157
83048 Donetsk
Ukraine
The Economic Court of Donetsk commenced bankruptcy supervision
procedure on the company. The case is docketed under Case No.
45/20B.
The Debtor can be reached at:
State Enterprise Mine Building Management 2
Shoseynaya Str. 1
Dimitrov
85320 Donetsk
Ukraine
POOL-MARKET LLC: Creditors Must File Claims by Nov. 2
-----------------------------------------------------
Creditors of LLC Pool-Market (code EDRPOU 33975886) have until
Nov. 2 to submit written proofs of claim to:
The Economic Court of Kiev
B. Hmelnitskij Boulevard 44-B
01030 Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No. B 11/292-07.
The Debtor can be reached at:
LLC Pool-Market (code EDRPOU 33975886)
Desnianskaya Str. 9
Desnianskaya
07363 Kiev
Ukraine
RMI-UKRAINE LLC: Creditors Must File Claims by Nov. 2
-----------------------------------------------------
Creditors of LLC RMI-Ukraine (code EDRPOU 14303572) have until
Nov. 2 to submit written proofs of claim to:
The Economic Court of Kiev
B. Hmelnitskij Boulevard 44-B
01030 Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No. 23/632-b.
The Debtor can be reached at:
LLC RMI-Ukraine
Mikhaylovskaya Str. 1/3
01001 Kiev
Ukraine
SEREDINO-BUDSKY PLANT: Creditors Must File Claims by Nov. 2
-----------------------------------------------------------
Creditors of OJSC Seredino-Budsky Pof Metallurgical Equipment
(code EDRPOU 05399122) have until Nov. 2 to submit written
proofs of claim to:
The Economic Court of Sumy
Shevchenko Avenue 18/1
40030 Sumy
Ukraine
The Economic Court of Sumy commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No. 7/9.
The Debtor can be reached at:
OJSC Seredino-Budsky Pof Metallurgical Equipment
Industrial Str. 4
Buda
41000 Sumy
Ukraine
SHEVCHENKOV RAY: Creditors Must File Claims by Nov. 2
-----------------------------------------------------
Creditors of Agricultural LLC Shevchenkov Ray (code EDRPOU
03792243) have until Nov. 2 to submit written proofs of claim
to:
The Economic Court of Cherkassy
Shevchenko Avenue 307
18005 Cherkassy
Ukraine
The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No. 14/4157.
The Debtor can be reached at:
Agricultural LLC Shevchenkov Ray
Mokraya Kaligorka
Katerinopol
Cherkassy
Ukraine
SVIGOR LLC: Creditors Must File Claims by Nov. 2
------------------------------------------------
Creditors of LLC Svigor (code EDRPOU 32106031) have until Nov. 2
to submit written proofs of claim to:
The Economic Court of Kiev
B. Hmelnitskij Boulevard 44-B
01030 Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No. 15/591-b.
The Debtor can be reached at:
LLC Svigor
Magnitogorskaya Str. 1
02094 Kiev
Ukraine
TRIUMPH-TECHNOLOGY: Creditors Must File Claims by Nov. 2
--------------------------------------------------------
Creditors of LLC Triumph-Technology (code EDRPOU 32527829) have
until Nov. 2 to submit written proofs of claim to:
The Economic Court of Kiev
B. Hmelnitskij Boulevard 44-B
01030 Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No. 15/668-b.
The Debtor can be reached at:
LLC Triumph-Technology
Mayakovsky Avenue 69, ap. 74
02230 Kiev
Ukraine
WORLD PACK: Creditors Must File Claims by Nov. 2
------------------------------------------------
Creditors of LLC World Pack (code EDRPOU 31571395) have until
Nov. 2 to submit written proofs of claim to:
The Economic Court of Kiev
B. Hmelnitskij Boulevard 44-B
01030 Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No. 15/670-b.
The Debtor can be reached at:
LLC World Pack
Magnitogorskaya Str. 1-A
02094 Kiev
Ukraine
===========================
U N I T E D K I N G D O M
===========================
AUTOBEX LTD: Taps Smith & Williamson to Administer Assets
---------------------------------------------------------
Stephen John Tancock and Gregory Andrew Palfrey of Smith &
Williamson Ltd. were appointed joint administrators of Autobex
Ltd. (t/a Staplehurst A.R.C) (Company Number 03143009) on
Oct. 19.
Smith & Williamson -- http://www.smith.williamson.co.uk/--
provides investment management, financial advisory and
accountancy services to private clients, professional practices,
mid to large corporates and non-profit organizations.
The company can be reached at:
Autobex Ltd.
Fishers Road
Staplehurst
Tonbridge
TN12 0DD
England
Tel: 01580 891 927
Fax: 01580 893 638
BAUSCH & LOMB: Completes Sale to Warburg Pincus for US$4.5 Bln
--------------------------------------------------------------
Affiliates of Warburg Pincus have completed the acquisition of
Bausch & Lomb Inc. for a total purchase price of approximately
USR4.5 billion, including approximately USR830 million of debt.
"With a strong and supportive partner in Warburg Pincus, we are
well-positioned to create new opportunities for Bausch & Lomb
and advance our leadership in the eye health industry," Ronald
L. Zarrella, chairman and CEO of Bausch & Lomb, said. "Our
customers will continue to receive high levels of service,
product quality and innovation, and our commitment to serving
their needs remains steadfast. On behalf of Bausch & Lomb’s
management and Board of Directors, I want to thank our
shareholders and hard-working employees for their support
throughout this process."
"We’re delighted to be partners with Bausch & Lomb, a global
leader in vision care, ophthalmic devices and pharmaceuticals,"
Elizabeth H. Weatherman, a Warburg Pincus Managing Director,
said. "We look forward to helping the company build upon its
rich heritage and premier brand in ophthalmology."
Bausch & Lomb stock will cease to trade on the New York Stock
Exchange at market close on October 26 and will be delisted.
Under the terms of the agreement, Bausch & Lomb shareholders are
entitled to receive USR65.00 in cash for each share of Bausch &
Lomb common stock that they hold. Letters of transmittal
allowing Bausch & Lomb shareholders of record to deliver their
shares to the paying agent in exchange for payment of the merger
consideration will be distributed shortly after the closing.
Shareholders of record should be in receipt of the letter of
transmittal before surrendering their shares. Shareholders who
hold shares through a bank or broker will not have to take any
action to have their shares converted into cash, as such
conversions will be handled by the bank or broker.
Morgan Stanley acted as financial advisor to the Special
Committee of the Bausch & Lomb Board of Directors and delivered
a fairness opinion to the Special Committee. Wachtell Lipton
Rosen & Katz acted as legal counsel to the Special Committee in
this transaction. Banc of America, Citi, Credit Suisse and
JPMorgan served as financial advisors to Warburg Pincus and
arranged the debt financing for the transaction, and Cleary
Gottlieb Steen & Hamilton LLP acted as legal advisor to Warburg
Pincus.
About Bausch & Lomb
Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE:
BOL) -- http://www.bausch.com/-- develops, manufactures, and
markets eye health products, including contact lenses, contact
lens care solutions, and ophthalmic surgical and pharmaceutical
products. The company is organized into three geographic
segments: the Americas; Europe, Middle East, and Africa; and
Asia (including operations in India, Australia, China, Hong
Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan
and Thailand). In Latin America, the company has operations in
Brazil and Mexico. In Europe, the company maintains operations
in Austria, Germany, the Netherlands, Spain, and the United
Kingdom.
BOALLOY INDUSTRIES: Appoints Joint Administrators from PwC
----------------------------------------------------------
Gareth Andrew Calow and Russell Stewart Cash of
PricewaterhouseCoopers LLP were appointed joint administrators
of Boalloy Holdings Ltd. (Company Number 05405498), Boalloy
Fastruck Ltd. (Company Number 05318246), and Boalloy Industries
Ltd. (Company Number 02706460) on Oct. 15.
PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--
provides auditing services, accounting advice, tax compliance
and consulting, financial consulting and advisory services to
clients in a variety of industries.
Headquartered in Congleton, England, Boalloy Industries Ltd.
Manufacture trailer chassis and commercial vehicle bodies.
BUCKLEY & BLAND: Brings In Administrators from Begbies Traynor
--------------------------------------------------------------
David Acland and Sarah Bell of Begbies Traynor were appointed
joint administrators of Buckley & Bland Ltd. (Company Number
00960415) on Oct. 16.
Begbies Traynor -- http://www.begbies.com/-- assists companies,
creditors, financial institutions and individuals on all aspects
of financial restructuring and corporate recovery.
The company can be reached at:
Buckley & Bland Ltd.
Welkin Mill
Welkin Road
Bredbury
Stockport
England
Tel: 0161 430 4211
Fax: 0161 494 2837
CHEMTURA CORP: Paying Five Cents Per Share Dividend on Nov. 23
--------------------------------------------------------------
(UK)
Chemtura Corporation's Board of Directors has declared a regular
quarterly dividend of five cents per share on the common stock
of the corporation, payable Nov. 23, 2007, to holders of record
on Nov. 5, 2007.
About Chemtura Corp.
Headquartered in Middlebury, Connecticut, Chemtura Corp.
(NYSE:CEM) -- http://www.chemtura.com/-- is a global
manufacturer and marketer of specialty chemicals, crop
protection, and pool, spa and home care products. The company
has approximately 6,400 employees around the world and sells its
products in more than 100 countries. The company has facilities
in Singapore, Australia, China, Hong Kong, India, Japan, South
Korea, Taiwan, Thailand, Brazil, Belgium, France, Germany,
Mexico, and The United Kingdom.
* * *
As reported in the Troubled Company Reporter-Latin America on
May 18, 2007, Moody's Investors Service lowered Chemtura
Corporation's ratings:
-- Corporate Family Rating: Ba2 from Ba1
-- Senior notes, USUS$500 million due 2016: Ba2 from Ba1;
LGD4 (53%)
-- Senior Unsecured Notes, USUS$150 million due 2026: Ba2
from Ba1; LGD4 (53%)
-- Senior Unsecured Notes, USUS$400 million due 2009: Ba2
from Ba1; LGD4 (53%)
CHRYSLER LLC: Appoints Douglas Betts as Vice President & CCO
------------------------------------------------------------
(UK)
Chrysler LLC has named 21-year quality assurance veteran Douglas
D. Betts Vice President and Chief Customer Officer. This newly
created role assumes responsibility for corporate quality and
will become a key element in Chrysler's continued effort to
become a truly customer-oriented company.
Mr. Betts will be guided by "the voice of the customer," and
will create the processes, culture, systems and organization to
achieve the highest levels of quality in all of the Company's
products and customer touch points. Mr. Betts will be based in
Auburn Hills, Michigan, and report to Chrysler LLC Vice Chairman
and President Jim Press.
"Now, the customer will define quality at Chrysler," said Mr.
Press. "We are aligning our resources to bring us to world-
class benchmark levels in quality and customer satisfaction, and
this is an important step."
Mr. Press described the CCO -- a first for the auto industry --
as an "advocate for the customer."
Mr. Betts, joins Chrysler from Nissan Americas, where he was
Senior Vice President - Total Customer Satisfaction and before
that, served as Vice President - Manufacturing Quality. He
joined Nissan after holding quality assurance positions with
Toyota, Michelin Tire Corp. and General Motors. Mr. Betts'
appointment is effective immediately.
Stephen M. Walukas, formerly Vice President - Corporate Quality,
returns to the Procurement and Supply organization in a to-be-
announced executive role.
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 US$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
US$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
US$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.
EMMAZE PRESENTS: Claims Filing Period Ends November 23
------------------------------------------------------
Creditors Emmaze Presents Ltd. have until Nov. 23 to send their
names, addresses and particulars of their claims to:
Matthew Colin Bowker and David Antony Willis
Joint Liquidators
Tenon Recovery
Lowgate House
Lowgate
Hull
HU1 1EL
England
Matthew Colin Bowker and David Antony Willis of Tenon Recovery
were appointed joint liquidators of the company on Oct. 17 for
the creditors' voluntary winding-up proceeding.
HUGHES BRICKWORK: Brings In Liquidators from KPMG
-------------------------------------------------
David John Crawshaw and Richard John Hill of KPMG LLP
Restructuring were appointed joint liquidators of Hughes
Brickwork Ltd. on for the creditors' voluntary winding-up
proceeding.
The joint liquidators can be reached at:
KPMG LLP Restructuring
Arlington Business Park
Theale
Reading
RG7 4SD
England
LAKESIDE PACKAGING: Names Michael C. Kienlen as Liquidator
----------------------------------------------------------
Michael C. Kienlen of Armstrong Watson was appointed liquidator
of Lakeside Packaging Ltd. on Oct. 22 for the creditors'
voluntary winding-up procedure.
The liquidator can be reached at:
Armstrong Watson
Central House
47 St. Paul's Street
Leeds
LS1 2TE
England
MOORE CHOICE: Calls In Liquidators from Tenon Recovery
------------------------------------------------------
A. J. Pear and I. Cadlock of Tenon Recovery were appointed joint
liquidators of Moore Choice Catering LLP on for the creditors'
voluntary winding-up procedure proceeding.
The joint liquidators can be reached at:
Tenon Recovery
Third Floor
Lyndean House
43/46 Queens Road
Brighton
East Sussex
BN1 3XB
England
POPE & TALBOT: CCAA Protection Cues S&P to Put Default Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on pulp and lumber producer Pope & Talbot Inc. to 'D'
from 'CCC' after the company announced that it has applied for
protection from creditors under the Companies' Creditors
Arrangement Act of Canada. The rating on the company's senior
unsecured debt was also lowered, to 'D' from 'CC'. The company
had about $440 million of adjusted debt as of June 30, 2007.
Operating earnings and cash flow declined substantially
following challenging operating conditions, including weak
lumber markets and high-price raw materials in the pulp
business. The company entered a forbearance agreement with its
lending group. The company plans to use the protections of
the CCAA to gain time for it to continue to explore strategic
alternatives, including asset sales.
Pope & Talbot Inc. (Pink Sheets:PTBT) -- http://www.poptal.com/
-- is a pulp and wood products business. The company, based in
Portland, Oregon, was founded in 1849 and produces market pulp
and softwood lumber at mills in the U.S. and Canada. Markets
for the Company's products include the U.S., Europe, Canada,
South America and the Pacific Rim.
POWER REWIND: Claims Filing Period Ends November 30
---------------------------------------------------
Creditors of Power Rewind Ltd. have until Nov. 30 to prove their
debts by sending to written statements of the amounts they claim
to be due to them to:
Paul David Williams
Joint Liquidator
Menzies Corporate Restructuring
43-45 Portman Square
London
W1H 6LY
England
Paul David Williams and Andrew John Duncan of Menzies Corporate
Restructuring were appointed joint liquidators of the company on
Oct. 22 for the creditors' voluntary winding-up proceeding.
SAMSONITE CORP: Completed CVC Deal Cues S&P to Withdraw Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services withdrew all the ratings on
Mansfield, Massachusetts-based Samsonite Corp., including the
'BB-' corporate credit rating. The company's existing rated
debt was repaid following the completion of its recent sale to
CVC Capital Partners. The corporate credit rating has been
withdrawn at Samsonite's request.
Ratings List
* Ratings Withdrawn
Samsonite Corp.
To From
-- ----
Corporate Credit Rating NR BB-/Watch Neg/--
Senior Secured
Local Currency NR BB-/Watch Neg
Recovery Rating NR 3
About Samsonite Corporation
Based in Mansfield, Massachusetts, Samsonite Corporation (OTC
Bulletin Board: SAMC.OB) -- http://www.samsonite.com/--
manufactures, markets and distributes luggage and travel-related
products. The company's owned and licensed brands, including
Samsonite, American Tourister, Trunk & Co, Sammies, Hedgren,
Lacoste and Timberland, are sold globally through external
retailers and 284 company-owned stores. Executive offices are
located in London, England.
The company has global locations in Aruba, Australia, Costa
Rica, Indonesia, India, Japan, and the United States among
others.
As reported in the Troubled Company Reporter on Sept. 20, 2007,
Samsonite reported total assets of US$759.7 million and total
liabilities of US$35.6 million, resulting in US$223.6 million
stockholders' deficit as of July 31, 2007.
The company disclosed revenue of US$292.9 million, operating
income of US$16.8 million and net loss to common stockholders of
US$7 million for the quarter ended July 31, 2007.
SCO GROUP: Court Approves Berger Singerman as Co-Counsel
--------------------------------------------------------
The SCO Group Inc. and SCO Operations Inc. obtained permission
from the United States Bankruptcy Court for the District of
Delaware to employ Berger Singerman P.A. as their co-counsel,
nunc pro tunc to Sept 14, 2007.
Berger Singerman will:
a) advise the Debtors with respect to its powers and duties
as debtors-in-possession and the continued management of
their business operations;
b) advise the Debtors with respect to their responsibilities
in complying with the United States Trustee's Operating
Guidelines and Reporting requirements and with the rules
of the Court;
c) prepare motions, pleadings, orders, applications,
adversary proceedings, and other legal documents necessary
in the administration of the cases;
d) protect the interests of the Debtors in all matters
pending before the Court; and
e) represent the Debtors in negotiations with their creditors
and in the preparation of a plan.
The firm's professionals will bill at these rates:
Professional Hourly Rate
------------ -----------
Paul Steven Singerman, Esq. $475
Arthur J. Spector, Esq. $450
Associate Attorneys $250 - $370
Legal Assistants/Paralegals $75 - $160
The firm disclosed that on Sept. 4, 2007, and Sept. 12, 2007,
Berger Singerman received retainers of $50,000 and $375,000,
respectively, in connection with Debtors' chapter 11 cases.
Arthur J. Spector, Esq., a shareholder of the firm, assures the
Court that the firm does not hold any interest adverse to the
Debtors and their estate, and that the firm is a "disinterested
person" as that term is defined under Section 101(14) of the
Bankruptcy Code.
The firm can be reached at:
Paul Steven Singerman, Esq.
Arthur J. Spector, Esq.
Berger Singerman P.A.
350 E. Las Olas Boulevard, Suite 1000
Fort Lauderdale, FL 33301
Tel.: (954) 713-7511
http://www.bergersingerman.com/
Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services. The company has office locations in
Australia, Austria, Argentina, Brazil, China, Japan, Poland,
Russia, the United Kingdom, among others.
The company and its affiliate, SCO Operations Inc., filed for
Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead
Case No. 07-11337). Epiq Bankruptcy Solutions, LLC, acts as the
Debtors' claims and noticing agent. The United States Trustee
failed to form an Official Committee of Unsecured Creditors in
these cases due to insufficient response from creditors. The
Debtors' exclusive period to file a chapter 11 plan expires on
March 12, 2008. The Debtors' schedules of assets and
liabilities showed total assets of US$9,549,519 and total
liabilities of US$3,018,489.
SCO GROUP: Gets Court OK to Hire Pachulski Stang as Co-Counsel
--------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
authorized The SCO Group Inc. and SCO Operations Inc. to employ
Pachulski Stang Ziehl & Jones LLP as their bankruptcy co-
counsel, nunc pro tunc to Sept 14, 2007.
Pachulski Stang will:
a) provide legal advise with respect to the Debtors' powers
and duties as debtors in possession in the continued
operation of their business and management of their
property;
b) prepare on behalf of the Debtors necessary applications,
motions, answers, orders, reports, and other legal papers;
c) appear in Court on behalf of the Debtors and in order to
protect the interests of the Debtors before the Court;
d) prepare and pursue confirmation of a plan and approval of
a disclosure statement; and
e) perform all other legal services for the Debtors that may
be necessary and proper in these proceedings.
The firm's professionals and their billing rates per hour are:
Professional Rate
------------ ----
Laura Davis Jones, Esq. $750
James E. O'Neill, Esq. $475
Rachel L. Werkheiser, Esq. $375
Lynzy Oberholzer $175
Laura Davis Jones, Esq. an attorney of the firm, assures the
Court that the firm does not hold any interest adverse to the
Debtors and their estate, and that the firm is a "disinterested
person" as that term is defined under Section 101(14) of the
Bankruptcy Code.
The firm can be reached at:
Laura Davis Jones, Esq.
Pachulski Stang Ziehl & Jones LLP
919 North Market Street, 17th Floor
P.O. Box 8705
Wilmington, DE 19899-8705
Tel.: (302) 652-4100
Fax.: (302) 652-4400
http://www.pszjlaw.com/
Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services. The company has office locations in
Australia, Austria, Argentina, Brazil, China, Japan, Poland,
Russia, the United Kingdom, among others.
The company and its affiliate, SCO Operations Inc., filed for
Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead
Case No. 07-11337). Epiq Bankruptcy Solutions, LLC, acts as the
Debtors' claims and noticing agent. The United States Trustee
failed to form an Official Committee of Unsecured Creditors in
these cases due to insufficient response from creditors. The
Debtors' exclusive period to file a chapter 11 plan expires on
March 12, 2008. The Debtors' schedules of assets and
liabilities showed total assets of US$9,549,519 and total
liabilities of US$3,018,489.
SMART COATINGS: A. Poxon Leads Liquidation Procedure
----------------------------------------------------
A. Poxon of DTE Leonard Curtis was appointed liquidator of Smart
Coatings Ltd. on Oct. 19 for the creditors' voluntary winding-up
procedure.
The liquidator can be reached at:
DTE Leonard Curtis
DTE House
Hollins Mount
Hollins Lane
Bury
Lancs
BL9 8AT
England
SOLARLITE LTD: Taps M. C. Bowker to Liquidate Assets
----------------------------------------------------
M. C. Bowker of Tenon Recovery was appointed liquidator of
Solarlite Ltd. on Oct. 25 for the creditors' voluntary winding-
up procedure.
The liquidator can be reached at:
Tenon Recovery
Clive House
Clive Street
Bolton
BL1 1ET
England
SOS RECORDS: Appoints J. M. Titley as Liquidator
------------------------------------------------
J. M. Titley of DTE Leonard Curtis was appointed liquidator of
SOS Records Ltd. on Oct. 17 for the creditors' voluntary
winding-up procedure.
The liquidator can be reached at:
DTE Leonard Curtis
24 Wellington Street
St. Johns
Blackburn
BB1 8AF
England
VEHICLE CONNECT: Court to Hear Wind Up Petition on Jan. 23, 2008
----------------------------------------------------------------
The Secretary of State for Business, Enterprise and Regulatory
Reform presented a petition in the High Court to wind up Vehicle
Connect (U.K.) Limited in the public interest.
The company operates a vehicle matching business involving the
matching of sellers of motor vehicles to prospective buyers of
those vehicles.
The petition to wind up the company was presented following an
investigation carried out by Companies Investigation Branch
under section 447 of the Companies Act as amended.
The Official Receiver has been appointed provisional liquidator
of Vehicle Connect (U.K.) Limited. The role of the provisional
liquidator is to protect assets in the possession or under the
control of the company pending the determination of the
petition. The provisional liquidator also has the power to
investigate the affairs of the company insofar as it is
necessary to protect the assets including any third party or
trust monies or assets in the possession of or under the control
of the company. The case is now subject to High Court action
and no further information will be made available until the
petition is heard in the High Court on Jan. 23, 2008.
The company can be reached at:
Vehicle Connect (U.K.) Limited
4 to 6 Darby Drive
Waltham Abbey
Essex EN9 1EQ
United Kingdom
* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Nov. 1, 2007
ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
Claims Trading - Issues and Implications
New York, New York
Contact: http://www.airacira.org/
Nov. 1, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Breakfast Event
Carnelian Room, San Francisco, California
Contact: 510-346-6000 ext 226 or
http://www.turnaround.org/
Nov. 1, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Networking Breakfast
TBD, Hackensack, New Jersey
Contact: 908-575-7333; http://www.turnaround.org/
Nov. 5, 2007
TURNAROUND MANAGEMENT ASSOCIATION
2007 Newsmaker Dinner with Jean Chretien
Fairmont Royal York Hotel, Toronto, Ontario
Contact: http://www.turnaround.org/
Nov. 7, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Lenders Forum
Milleridge Cottage, Jericho, New York
Contact: http://www.turnaround.org/
Nov. 12, 2007
AMERICAN BANKRUPTCY INSTITUTE
Consumer Bankruptcy Conference
Marriott, Troy, Michigan
Contact: 1-703-739-0800; http://www.abiworld.org/
Nov. 13-14, 2007
TURNAROUND MANAGEMENT ASSOCIATION
6th Annual Distressed Debt Symposium
Jumeirah Carlton Tower, London, United Kingdom
Contact: http://www.turnaround.org/
Nov. 14, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Holiday Mixer
McCormick & Schmick's, Las Vegas, Nevada
Contact: 702-952-2480 or http://www.turnaround.org/
Nov. 14, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Aloha Airlines Story
Bankers Club, Miami, Florida
Contact: http://www.turnaround.org/
Nov. 14, 2007
TURNAROUND MANAGEMENT ASSOCIATION
TMA Australia 4th Annual Conference and Gala Dinner
Hilton, Sydney, Australia
Contact: http://www.turnaround.org/
Nov. 14, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Dinner
TBA, South Florida
Contact: 561-882-1331 or http://www.turnaround.org/
Nov. 15, 2007
TURNAROUND MANAGEMENT ASSOCIATION
TMA Portland Holiday Party
University Club, Portland, Oregon
Contact: 206-223-5495; http://www.turnaround.org/
Nov. 16, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Meeting with Chapter President, Bruce Sim
Westin Buckhead, Atlanta, Georgia
Contact: http://www.turnaround.org/
Nov. 22, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Networking Mixer
TBA, Vancouver, British Columbia
Contact: 206-223-5495; http://www.turnaround.org/
Nov. 27, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Luncheon - Real Estate Panel
Citrus Club, Orlando, Florida
Contact: http://www.turnaround.org/
November 26-27, 2006
BEARD GROUP AND RENAISSANCE AMERICAN MANAGEMENT
Fourteenth Annual Conference on Distressed Investing
Maximizing Profits in the Distressed Debt Market
The Jumeirah Essex House, New York, NY
Contact: 800-726-2524; 903-595-3800;
http://beardconferences.com
Nov. 29, 2007
INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION
Holiday Gala
Yale Club, New York, New York
Contact: http://www.iwirc.org/
Nov. 29, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Special Speaker
TBD, New Jersey
Contact: 908-575-7333; http://www.turnaround.org/
Nov. 29, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Special Speaker
Hilton, Sydney, Australia
Contact: http://www.turnaround.org/
Nov. 29, 2007
TURNAROUND MANAGEMENT ASSOCIATION
TMA Arizona Chapter Meeting
Contact: http://www.turnaround.org/
Dec. 5, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Joint Holiday Networking Event with TMA/CFA
TBA, Philadelphia, Pennsylvania
Contact: 215-657-5551 or http://www.turnaround.org/
Dec. 6, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Seattle Holiday Party
Athletic Club, Seattle, Washington
Contact: 206-223-5495; http://www.turnaround.org/
Dec. 6-8, 2007
AMERICAN BANKRUPTCY INSTITUTE
Winter Leadership Conference
Westin Mission Hills Resort, Rancho Mirage, California
Contact: 1-703-739-0800; http://www.abiworld.org/
Dec. 10, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Holiday Party
Guy Anthony's Restaurant, Merrick, New York
Contact: 631-251-6296 or http://www.turnaround.org/
Dec. 13, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Holiday Extravaganza - TMA & CFA
Georgia Aquarium, Atlanta, Georgia
Contact: 678-795-8103 or http://www.turnaround.org/
Dec. 13, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Holiday Extravaganza - TMA & CFA
Georgia Aquarium, Atlanta, Georgia
Contact: 678-795-8103 or http://www.turnaround.org/
Dec. 19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
South Florida Dinner
TBA, South Florida
Contact: 561-882-1331; http://www.turnaround.org/
Jan. 10, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Luncheon
University Club, Jacksonville, Florida
Jan. 11, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Annual Lenders Panel
Westin Buckhead, Atlanta, Georgia
Contact: http://www.turnaround.org/
Feb. 7, 2008
TURNAROUND MANAGEMENT ASSOCIATION
PowerPlay
Philips Arena, Atlanta, Georgia
Contact: 678-795-8103 or http://www.turnaround.org/
Feb. 7, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Breakfast Event
Carnelian Room, San Francisco, California
Contact: 510-346-6000 ext 226 or
http://www.turnaround.org/
Feb. 14-16, 2008
AMERICAN BANKRUPTCY INSTITUTE
13th Annual Rocky Mountain Bankruptcy Conference
Westin Tabor Center, Denver, Colorado
Contact: 1-703-739-0800; http://www.abiworld.org/
Feb. 23-26, 2008
NORTON INSTITUTES ON BANKRUPTCY LAW
Bankruptcy Litigation Seminar I
Park City, Utah
Contact: http://www.nortoninstitutes.org/
Feb. 26, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Retail Panel
Citrus Club, Orlando, Florida
Contact: http://www.turnaround.org/
Mar. 6-8, 2008
ALI-ABA
Fundamentals of Bankruptcy Law
Mandalay Bay Resort, Las Vegas, Nevada
Contact: http://www.ali-aba.org/
Mar. 25-29, 2008
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
Ritz Carlton Grande Lakes, Orlando, Florida
Contact: http://www.turnaround.org/
Mar. 27-30, 2008
NORTON INSTITUTES ON BANKRUPTCY LAW
Bankruptcy Litigation Seminar II
Las Vegas, Nevada
Contact: http://www.nortoninstitutes.org/
Apr. 3-6, 2008
AMERICAN BANKRUPTCY INSTITUTE
26th Annual Spring Meeting
The Renaissance, Washington, District of Columbia
Contact: http://www.abiworld.org/
Apr. 25-27, 2008
NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
NABT Spring Seminar
Eldorado Hotel & Spa, Santa Fe, New Mexico
Contact: http://www.nabt.com/
May 1-2, 2008
AMERICAN BANKRUPTCY INSTITUTE
Debt Symposium
Hilton Garden Inn, Champagne/Urbana, Illinois
Contact: 1-703-739-0800; http://www.abiworld.org/
June 4-7, 2008
ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
24th Annual Bankruptcy & Restructuring Conference
J.W. Marriott Spa and Resort, Las Vegas, Nevada
Contact: http://www.airacira.org/
June 12-14, 2008
AMERICAN BANKRUPTCY INSTITUTE
15th Annual Central States Bankruptcy Workshop
Grand Traverse Resort and Spa, Traverse City, Michigan
Contact: http://www.abiworld.org/
June 19-21, 2008
ALI-ABA
Partnerships, LLCs, and LLPs: Uniform Acts, Taxation,
Drafting, Securities, and Bankruptcy
Omni Hotel, San Francisco, California
Contact: http://www.ali-aba.org/
June 26-29, 2008
NORTON INSTITUTES ON BANKRUPTCY LAW
Western Mountains Bankruptcy Law Seminar
Jackson Hole, Wyoming
Contact: http://www.nortoninstitutes.org/
July 10-13, 2008
AMERICAN BANKRUPTCY INSTITUTE
16th Annual Northeast Bankruptcy Conference
Ocean Edge Resort
Brewster, Massachussets
Contact: http://www.abiworld.org/events
July 31 - Aug. 2, 2008
AMERICAN BANKRUPTCY INSTITUTE
4th Annual Mid-Atlantic Bankruptcy Workshop
Hyatt Regency Chesapeake Bay
Cambridge, Maryland
Contact: http://www.abiworld.org/
Aug. 16-19, 2008
AMERICAN BANKRUPTCY INSTITUTE
13th Annual Southeast Bankruptcy Workshop
Ritz-Carlton, Amelia Island, Florida
Contact: http://www.abiworld.org/
Aug. 20-24, 2008
NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
NABT Convention
Captain Cook, Anchorage, Alaska
Contact: http://www.nabt.com/
Sept. 24-27, 2008
NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
National Conference of Bankruptcy Judges
Scottsdale, Arizona
Contact: http://www.ncbj.org/
Oct. 28-31, 2008
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Marriott New Orleans, Louisiana
Contact: 312-578-6900; http://www.turnaround.org/
Dec. 3-5, 2008
AMERICAN BANKRUPTCY INSTITUTE
20th Annual Winter Leadership Conference
Westin La Paloma Resort & Spa
Tucson, Arizona
Contact: http://www.abiworld.org/
May 7-10, 2009
AMERICAN BANKRUPTCY INSTITUTE
27th Annual Spring Meeting
Gaylord National Resort & Convention Center
National Harbor, Maryland
Contact: http://www.abiworld.org/
June 21-24, 2009
INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
BANKRUPTCY PROFESSIONALS
8th International World Congress
TBA
Contact: http://www.insol.org/
Sept. 10-12, 2009
AMERICAN BANKRUPTCY INSTITUTE
17th Annual Southwest Bankruptcy Conference
Hyatt Regency Lake Tahoe, Incline Village, Nevada
Contact: http://www.abiworld.org/
Oct. 5-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Marriott Desert Ridge, Phoenix, Arizona
Contact: 312-578-6900; http://www.turnaround.org/
Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
21st Annual Winter Leadership Conference
La Quinta Resort & Spa, La Quinta, California
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 4-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
JW Marriott Grande Lakes, Orlando, Florida
Contact: http://www.turnaround.org/
BEARD AUDIO CONFERENCES
2006 BACPA Library
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com;
http://researcharchives.com/t/s?20fa
BEARD AUDIO CONFERENCES
BAPCPA One Year On: Lessons Learned and Outlook
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Calpine's Chapter 11 Filing
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Carve-Out Agreements for Unsecured Creditors
Contact: 240-629-3300;http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Changes to Cross-Border Insolvencies
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Changing Roles & Responsibilities of Creditors' Committees
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
China’s New Enterprise Bankruptcy Law
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Clash of the Titans -- Bankruptcy vs. IP Rights
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Coming Changes in Small Business Bankruptcy
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Dana's Chapter 11 Filing
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Deepening Insolvency – Widening Controversy: Current Risks,
Latest Decisions
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Diagnosing Problems in Troubled Companies
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Distressed Claims Trading
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Distressed Market Opportunities
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Distressed Real Estate under BAPCPA
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Employee Benefits and Executive Compensation under the New
Code
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Equitable Subordination and Recharacterization
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Fundamentals of Corporate Bankruptcy and Restructuring
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Handling Complex Chapter 11
Restructuring Issues
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Healthcare Bankruptcy Reforms
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
High-Yield Opportunities in Distressed Investing
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Homestead Exemptions under BAPCPA
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Hospitals in Crisis: The Insolvency Crisis Plaguing
Hospitals Across the U.S.
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
IP Rights In Bankruptcy
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
KERPs and Bonuses under BAPCPA
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Non-Traditional Lenders and the Impact of Loan-to-Own
Strategies on the Restructuring Process
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Partnerships in Bankruptcy: Unwinding The Deal
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Privacy Rights, Protections & Pitfalls in Bankruptcy
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Real Estate Bankruptcy
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Reverse Mergers—the New IPO?
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Second Lien Financings and Intercreditor Agreements
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Surviving the Digital Deluge: Best Practices in E-Discovery
and Records Management for Bankruptcy Practitioners
and Litigators
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Technology as a Competitive Advantage For Today’s Legal
Processes
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
The Subprime Sector Meltdown:
Legal Developments and Latest Opportunities
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Twenty-Day Claims
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Using Virtual Data Rooms to Expedite M&A and Insolvency
Proceedings
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Validating Distressed Security Portfolios: Year-End Price
Validation and Risk Assessment
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
When Tenants File -- A Landlord's BAPCPA Survival Guide
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday. Submissions via e-mail
to conferences@bankrupt.com are encouraged.
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices
are obtained by TCR editors from a variety of outside sources
during the prior week we think are reliable. Those sources may
not, however, be complete or accurate. The Monday Bond Pricing
table is compiled on the Friday prior to publication. Prices
reported are not intended to reflect actual trades. Prices for
actual trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy
or sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets. At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short. Don't be fooled. Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets. A company may establish
reserves on its balance sheet for liabilities that may never
materialize. The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. Jazel P. Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, and Pius Xerxes
Tovilla, Editors.
Copyright 2007. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.
* * * End of Transmission * * *