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 Friday, November 2, 2007, Vol. 8, No. 218 Headlines A U S T R I A ELEKTRO KOFFLER: Claims Registration Period Ends Nov. 19 GANTNER REISEN: Claims Registration Period Ends Nov. 20 LASERZ INNENAUSBAU: Claims Registration Period Ends Nov. 19 MAGNUM BRANDSCHADENSANIERUNGS: Claims Registration Ends Nov. 19 NEW LINE: Claims Registration Period Ends Nov. 19 PALMA LLC: Claims Registration Period Ends Nov. 19 SINGH & SHARMA: Vienna Court Orders Business Shutdown TE-DU BAUG: Claims Registration Period Ends Nov. 20 B E L G I U M CHIQUITA BRANDS: Outlines Restructuring Plan to Improve Earnings SOLUTIA INC: Receives US$2 Billion Exit Loan Commitment SOLUTIA INC: Court Urges Resolution of Bank of New York Dispute F I N L A N D HILTON HOTELS: Names Christopher Nassetta as President & CEO F R A N C E ALCATEL-LUCENT SA: Posts EUR318 Million Net Loss in 3rd Quarter ALCATEL-LUCENT SA: Forms Regional Units & Management Committee ALCATEL-LUCENT SA: Names Hubert de Pesquidoux as CFO HARMAN INT'L: Names Messrs. Einsmann & Caroll as Board Members G E R M A N Y AOK BAYERN: Claims Registration Ends December 7 ARCUS HAUSHALTWAREN: Claims Registration Period Ends Nov. 15 ATL ENGINEERING: Claims Registration Period Ends December 7 BAHA-HANDELS-GMBH: Claims Registration Period Ends December 10 CLUB DISCOTHEK: Creditors' Meeting Slated for Dec. 17 DSB DIETER: Claims Registration Period Ends December 10 ECOMIZE GMBH: Claims Registration Period Ends November 27 EXPRESS DIENSTLEISTUNGS: Claims Registration Period Ends Nov. 14 GESELLSCHAFT FUER: Claims Registration Period Ends Dec. 12 NATURSTEIN DEMIC: Claims Registration Period Ends Dec. 11 RAINERS PFLANZENPARADIES: Claims Registration Ends Nov. 13 RESM GMBH: Claims Registration Period Ends Nov. 13 ROOSTER CLOTHING: Claims Registration Period Ends November 23 S & S MEDIENSERVICE: Claims Registration Period Ends December 10 SYSTEMMONTAGE WINDHORST: Claims Registration Ends Dec. 14 ZEITUNGSVERTRIEB KARPENSTEIN: Claims Registration Ends Dec. 17 H U N G A R Y AES CORP: Prices Cash Tender Offer for Senior Notes I R E L A N D COMMSCOPE INC: Earns US$60.3 Mln in 3rd Quarter Ended Sept. 30 I T A L Y ALITALIA SPA: Antitrust Agency May Change Volare Ruling PARMALAT SPA: Court Moves Injunction Hearing to Feb. 14 PARMALAT SPA: Allocated Shares Hike Share Capital K Y R G Y Z S T A N BISHKEKSKY BRANCH OF IBRAKOM: Claims Must be Filed by December 1 SAVITAR JSC: Creditors Must File Claims by December 5 L U X E M B O U R G EVRAZ GROUP: Now Owns 100% of Major Russian Units N E T H E R L A N D S GLOBAL POWER: U.S. Bankruptcy Court Okays Disclosure Statement KONINKLIJKE AHOLD: Posts Preliminary Third Quarter 2007 Results KONINKLIJKE AHOLD: To Remodel 100 Giant Food Outlets P O L A N D SCO GROUP: Selects Dorsey & Whitney as Special Corporate Counsel SCO GROUP: Taps Boies Schiller as Special Litigation Counsel R U S S I A ALIANCE BANK: Competitive Proceedings Ongoing ARAMIL'SKIY MILL OJSC: Asset Sale Slated for Nov. 21 CONSTRUCTION MATERIALS: Asset Sale Slated for Nov. 30 CANNING PLANTEGORYEVSKIJ: Bankruptcy Hearing Slated for Dec. 18 EVRAZ GROUP: Now Owns 100% of Major Russian Units HEAT-AND-POWER: Bankruptcy Hearing Slated for Feb. 2 KOLKHOZ BOR'BA: Creditors Must File Claims by Dec. 20 PLANT IZMET: Creditors Must File Claims by Nov. 20 PODOL'SKIJ OJSC: Creditors Must File Claims by Dec. 20 SISTEMA JSFC: Okays Development Strategy for Healtcare Division S W I T Z E R L A N D ATELIER HPJAKOB: Creditors' Liquidation Claims Due by Nov. 5 EQUEST TECHNOLOGIES: Creditors' Liquidation Claims Due by Nov. 5 KM LLC: Aargau Court Starts Bankruptcy Proceedings VERSUS WERBEAGENTUR: Creditors' Liquidation Claims Due by Nov. 5 ZEBE LIFESTYLE: Zug Court Starts Bankruptcy Proceedings U K R A I N E GALAKTON LLC: Creditors Must File Claims by November 3 IVTK IKAR: Creditors Must File Claims by November 3 KUA UKRINCOR: Creditors Must File Claims by November 7 SOYUZ-K LLC: Creditors Must File Claims by Nov. 3 VECTOR LLC: Creditors Must File Claims by November 3 ZIRCON REFRACTORY: Claims Filing Deadline Set November 3 U N I T E D K I N G D O M ACXIOM CORP: Board Approves US$75 Mil. Stock Repurchase Program ACXIOM CORP: Earns US$10.5 Million in Quarter Ended Sept. 30 ACXIOM CORP: Annual Stockholders' Meeting Slated for Dec. 21 AVECIA GROUP: Moody's Holds Caa1 Corporate Family Rating BGM INDUSTRIES: Brings In Liquidators from Moore Stephens COLIN BRADBURY: Taps Liquidators from PricewaterhouseCoopers EMI GROUP: Terra Firma Leads Strategic Review to Recover Equity HAMBLETON WINDOWS: Claims Filing Period Ends November 28 IPSWICH CAB: Joint Liquidators Take Over Operations ISLAND CONSULTANTS: Calls In Liquidators from Moore Stephens NIXA LTD: Claims Filing Period Ends November 26 NORTHERN ROCK: Taps Blackstone Group as 3rd Financial Advisor PERFOMAX LTD: Appoints Liquidators from Moore Stephens PROFILE VENTURES: Hires Liquidators from Vantis Business TATA MOTORS: Consolidated Profit Up 6.39% in Qtr. Ended Sept. 30 * BOOK REVIEW: Building American Cities: The Urban Real Estate Game ********* ============= A U S T R I A ============= ELEKTRO KOFFLER: Claims Registration Period Ends Nov. 19 -------------------------------------------------------- Creditors owed money by LLC Elektro Koffler (FN 72008w) have until Nov. 19 to file written proofs of claim to court-appointed estate administrator Erwin Senoner at: Dr. Erwin Senoner c/o Dr. Georg Freimueller Alser Strasse 21 1080 Vienna Austria Tel: 406 05 51 Fax: 406 96 01 E-mail: kanzlei@jus.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 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 123/07v). Georg Freimueller represents Dr. Senoner in the bankruptcy proceedings. GANTNER REISEN: Claims Registration Period Ends Nov. 20 ------------------------------------------------------- Creditors owed money by LLC Gantner Reisen (FN 142410b) have until Nov. 20 to file written proofs of claim to court-appointed estate administrator Thomas Kurz at: Mag. Thomas Kurz Roseggerstrasse 58 4020 Linz Austria Tel: 0732/78 43 31 Fax: 0732/78 43 31-57 E-mail: manuela.winkelmayr@haslinger-nagele.com Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on Dec. 4 for the examination of claims. The meeting of creditors will be held at: The Land Court of Linz Hall 522 Fifth Floor Linz Austria Headquartered in Linz, Austria, the Debtor declared bankruptcy on Oct. 4 (Bankr. Case No. 38 S 52/07m). LASERZ INNENAUSBAU: Claims Registration Period Ends Nov. 19 ----------------------------------------------------------- Creditors owed money by KEG Laserz Innenausbau (FN 284847v) have until Nov. 19 to file written proofs of claim to court-appointed estate administrator Stefan Jahns at: Mag. Stefan Jahns c/o Dr. Susi Pariasek Gonzagagasse 15 1010 Vienna Austria Tel: 532 17 11 Fax: 532 17 11-11 E-mail: kanzlei@jahns.co.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:30 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 Oct. 1 (Bankr. Case No. 3 S 124/07s). Susi Pariasek represents Mag. Jahns in the bankruptcy proceedings. MAGNUM BRANDSCHADENSANIERUNGS: Claims Registration Ends Nov. 19 --------------------------------------------------------------- Creditors owed money by LLC Magnum Brandschadensanierungs (FN 277326h) have until Nov. 19 to file written proofs of claim to court-appointed estate administrator Annemarie Kosesnik-Wehrle at: Dr. Annemarie Kosesnik-Wehrle c/o Dr. Stefan Langer Oelzeltgasse 4/6 1030 Vienna Austria Tel: 713 61 92 Fax: 713 61 92-22 E-mail: kanzlei@kosesnik-langer.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:15 a.m. on 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 Oct. 1 (Bankr. Case No. 3 S 125/07p). Stefan Langer represents Dr. Kosesnik-Wehrle in the bankruptcy proceedings. NEW LINE: Claims Registration Period Ends Nov. 19 ------------------------------------------------- Creditors owed money by LLC New Line MoebelHandel (FN 223564x) have until Nov. 19 to file written proofs of claim to court- appointed estate administrator Martina Simlinger-Haas at: Dr. Martina Simlinger-Haas Reisnerstrasse 31 1030 Vienna Austria Tel: 713 99 46 Fax: 713 99 46 22 E-mail: ra.reisnerstr31@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on Dec. 3 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1609 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Oct. 3 (Bankr. Case No. 38 S 54/07d). PALMA LLC: Claims Registration Period Ends Nov. 19 -------------------------------------------------- Creditors owed money by LLC PALMA (FN 179173s) have until Nov. 19 to file written proofs of claim to court-appointed estate administrator Christian Steurer at: Mag. Christian Steurer c/o Mag. Stefan Aberer Rathausstrasse 37 6900 Bregenz Austria Tel: 05574/58085 Fax: 05574/58085-8 E-mail: office@ra-steurer.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on Nov. 29 for the examination of claims. The meeting of creditors will be held at: The Land Court of Feldkirch Conference Hall 45 First Floor Feldkirch Austria Headquartered in Bregenz, Austria, the Debtor declared bankruptcy on Oct. 3 (Bankr. Case No. 13 S 49/07x). Stefan Aberer represents Mag. Steurer in the bankruptcy proceedings. SINGH & SHARMA: Vienna Court Orders Business Shutdown ----------------------------------------------------- The Trade Court of Vienna entered on Oct. 4 an order shutting down the business of LLC Singh & Sharma (FN 267596z). Court-appointed estate administrator Michael Neuhauser recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Mag. Michael Neuhauser c/o Dr. Christof Stapf Esslinggasse 7 1010 Vienna Austria Tel: 90 333 Fax: 90 333 55 E-mail: wien@snwlaw.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Sept. 24 (Bankr. Case No 6 S 122/07v). Christof Stapf represents Mag. Neuhauser in the bankruptcy proceedings. TE-DU BAUG: Claims Registration Period Ends Nov. 20 --------------------------------------------------- Creditors owed money by LLC Te-Du Baug (FN 283322a) have until Nov. 20 to file written proofs of claim to court-appointed estate administrator Katharina Widhalm-Budak at: Dr. Katharina Widhalm-Budak Schulerstrasse 18 1010 Vienna Austria Tel: 513 10 37 Fax: 513 10 37 22 E-mail: widhalm-budak@anwaltsteam.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on Dec. 4 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1607 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Oct. 4 (Bankr. Case No. 28 S 112/07k). ============= B E L G I U M ============= CHIQUITA BRANDS: Outlines Restructuring Plan to Improve Earnings ---------------------------------------------------------------- Chiquita Brands International, Inc., outlined a restructuring plan and management changes designed to accelerate its previously announced strategy to become the global leader in healthy, fresh foods. This business restructuring is designed to improve the company's profitability by consolidating operations and simplifying its overhead structure to improve efficiency, stimulate innovation and further enhance focus on customers and consumers. As a result of these changes, the company expects to generate new, sustainable cost reductions of approximately US$60 million to US$80 million annually, beginning in 2008, after a one-time charge of approximately US$25 million in the fourth quarter 2007 related to severance costs and certain asset write-downs. Realized savings will improve profitability, and resulting additional cash flow will be used primarily to reduce debt, consistent with the company's target to achieve a debt-to- capital ratio of 40%. "Since 2005, market dynamics and the competitive landscape have been rapidly changing, which has limited our profitability and slowed the execution of our strategy," Fernando Aguirre, chairman and chief executive officer, said. "While we have already taken various actions to strengthen our balance sheet, improve our risk profile, and diversify the company, we continue to endure rising industry costs, punitive European banana import regulations, and a slower-than-expected recovery in the value- added salads category. We began a major analysis in the summer when we realized the effects of these negative forces were impacting our profit plans longer than originally anticipated. As a result of this analysis, we are taking several significant broad-based actions across the business, which are designed to improve our performance in areas we can more directly influence and control." "The changes we are making will result in fewer layers of management, better and faster decisions and improved accountability," Mr. Aguirre added. "Also, we will drive greater integration and efficiency across business units and geographies, resulting in one face to customers, one global supply chain from seed to shelf, and one global innovation program with targeted priorities and better execution. Taken together, I am confident these actions will strengthen our long- term market position and enhance our ability to achieve sustainable, profitable growth." The US$60 million to US$80 million of annual cost savings are expected to come primarily from two areas: (1) a simplification and reduction of the company's operating and corporate overhead structure, including the elimination of more than 160 management positions worldwide, or a 21% reduction at the three highest levels, and related reductions in administrative expenses; and (2) business model changes, including network optimization, and the planned exit from certain nonstrategic or unprofitable businesses. All of these changes will be made in a manner designed to maintain high-quality service to customers and consumers, consistent with existing legal and contractual obligations, while treating fairly all Chiquita employees throughout the world who are impacted by the changes. Simplified Organizational Structure Chiquita has simplified its organizational structure and realigned it by geography, rather than product line. In addition, the company's product supply organization, innovation efforts and certain corporate support functions have been consolidated worldwide to drive greater network efficiency, prioritize the development of higher-margin, value-added products, and improve the company's market competitiveness. The company reported these changes in the roles and responsibilities of senior management positions, all of which will report directly to CEO Fernando Aguirre: * Michel Loeb, President, Europe and Middle East Mr. Loeb will be responsible for all aspects of the company's operations throughout Europe and the Middle East, including bananas, other produce and diversified value-added products such as Just Fruit in a Bottle. Mr. Loeb joined Chiquita in 2004 and served most recently as president, Chiquita Fresh Group - Europe. He has more than 25 years of senior management and consumer marketing expertise, including experience at S.C. Johnson & Son and Nestle. * Brian W. Kocher, President, North America Mr. Kocher will be responsible for all aspects of the company's operations in North America, including value- added salads, bananas and other produce. Mr. Kocher joined Chiquita in 2005 and served most recently as vice president, controller and chief accounting officer. He brings more than 15 years of accounting, sales, finance and business process change expertise, including previous work experience at General Electric and Hill-Rom. * Tanios Viviani, President, Global Innovation and Emerging Markets, and Chief Marketing Officer Mr. Viviani joined Chiquita in 2004 and has served since June 2005 as president of the Fresh Express Group. In his new role, Mr. Viviani will be responsible for the company's consolidated innovation, research, quality and product development initiatives worldwide, as well as having profit-and-loss responsibilities over certain emerging markets, such as Asia. He will also coordinate all marketing globally. Before joining Chiquita, Mr. Viviani served for 16 years at Procter & Gamble in various general management, operations and new business development roles in the United States, Latin America and Asia. * Waheed Zaman, Senior Vice President, Product Supply Organization In this role, Mr. Zaman will lead the company's end-to-end supply chain, driving excellence and efficiency in the company's global sourcing and processing operations. Mr. Zaman joined Chiquita in 2004 and served most recently as senior vice president, supply chain and procurement. Before coming to Chiquita, Zaman held a variety of senior- level information technology and business process improvement positions during his 15 years with Procter & Gamble. * Kevin Holland, Senior Vice President, Chief People Officer Mr. Holland joined Chiquita in 2005 and has served most recently as senior vice president of human resources. In this expanded role, Mr. Holland will be responsible for the execution of this restructuring effort. He will continue to be responsible for human resources in addition to various corporate support functions worldwide, including information technology, communications, administrative services and security. Before joining Chiquita, Mr. Holland held various senior human resources roles at Coors, Kinko's, Gateway and Abbott Laboratories. The roles and responsibilities of these leaders who also report to the CEO remain largely unchanged: Jeffrey M. Zalla, senior vice president and chief financial officer; James E. Thompson, senior vice president, general counsel and secretary; and Manuel Rodriguez, senior vice president, government and international affairs and corporate responsibility officer. In conjunction with these organization changes, the president and chief operating officer role at Chiquita Fresh Group has been eliminated. As a result, Bob Kistinger, who has served in that capacity, has been appointed president, special assignments. Mr. Kistinger will serve in that role until the end of the year, at which time he will be leaving the company to pursue new opportunities. "I wish to thank Bob for his many significant contributions and for his dedication and loyalty to Chiquita for more than a quarter century," Mr. Aguirre said. "While we will certainly miss the benefit of his extensive industry knowledge, Bob developed a strong team of leaders in the company, several of whom will take over the daily duties of his position." Business Model Changes Chiquita disclosed the downsizing of its operations in Chile and the exit from certain unprofitable farm leases. The company is making several additional structural changes that will take place over the next several months: * Network Optimization in North American Value-Added Salads The company's recent acquisition of the Verdelli Farms production facility in Harrisburg, Pennsylvania, will allow Fresh Express to rebalance its production and distribution network for value-added salads. To optimize network efficiency, the company has decided to close its distribution center in Greencastle, Pennsylvania, and production facility in Carrollton, Georgia, over the next several months. Closing these two facilities will reduce operating costs while further improving the freshness of products the company supplies to customers. The company employs approximately 240 people at Carrollton and 40 people at Greencastle. * Exit from U.S. Fruit Bowl Business Chiquita has thoroughly reviewed its fresh-cut fruit business and has decided to focus on its line of healthy snacks, such as Chiquita Apple Bites, which have achieved market share leadership and wide acceptance from customers and consumers. However, the company's line of fresh-cut fruit bowls will be discontinued over the next several months. As a result, the company will convert facilities in Edgington, Illinois, and Salinas, California, to focus on the production and distribution of value-added salads and healthy snacks. This change will eliminate approximately 130 full-time positions dedicated to fruit-bowl production. * Closure of Distribution Facility In conjunction with the company's consolidation of its North American logistics operations, Chiquita will close its banana distribution facility in Bradenton, Florida, by year end. Closing the Bradenton facility will reduce operating costs and is not expected to impact its current customers, which will continue to be served from the company's distribution center at Port Everglades, Florida. Chiquita employs 15 people at Bradenton. * Exploring Strategic Alternatives for Atlanta AG Chiquita acquired full ownership of Atlanta AG in 2003 and executed a successful three-year cost-saving turnaround plan for this unit, which has annual revenues in excess of US$1 billion and leading market share in the fruit and vegetable distribution sector in Germany and Austria. During the past two years, however, various macro-level market influences, including changes in the E.U. banana import regime, stiff price competition and consolidation of the retail sector, have combined to reduce Atlanta's profitability. In addition, while Atlanta has significant strengths, management has determined that its commodity distribution business is not a strong fit with Chiquita's long-term strategy. As a result, the company has launched a process to explore strategic alternatives for this unit, including a possible sale. To assist with this effort, Chiquita has retained Taylor Companies, Inc., a Washington, D.C.-based investment bank specializing in synergistic mergers and acquisitions. The company does not expect to disclose developments with respect to this process unless and until its board of directors has approved a definitive transaction. There can be no assurance that these activities will ultimately lead to an agreement or a transaction. Updating Long-Term Growth Objectives in 2008 "With these actions, we are taking a major step forward to create a more positive future for Chiquita," Mr. Aguirre concluded. "Furthermore, these actions will strengthen our corporate culture and help us become more innovative and customer-focused. This restructuring does not change our strategic focus; rather, I am confident that by simplifying the organization, consolidating operations and reducing costs, we will improve our profitability and accelerate our ability to achieve sustainable growth. With these changes, however, we will need to redefine our growth targets, since the negative impacts of rising industry costs, the E.U. tariff regime and the E. coli event have slowed down our strategic growth plan considerably, such that reaching our goals will take us longer than we originally estimated. We expect to provide more information about these long-term financial goals early in 2008." Cincinnati, Ohio-based Chiquita Brands International, Inc. (NYSE: CQB) -- http://www.chiquita.com/-- markets and distributes fresh food products including bananas and nutritious blends of green salads. The company markets its products under the Chiquita(R) and Fresh Express(R) premium brands and other related trademarks. Chiquita employs approximately 25,000 people operating in more than 70 countries worldwide, including Belgium, Columbia, Germany, Panama, Philippines, among others. * * * In May 2007, Moody's Investors Service Ratings affirmed these ratings on Chiquita Brands International Inc.: corporate family rating at B3; probability of default rating at B3; US$250 million 7.5% senior unsecured notes due 2014 at Caa2(LGD5, 89%); and US$225 million 8.875% senior unsecured notes due 2015 at Caa2 (LGD5, 89%). Moody's changed the rating outlook for Chiquita Brands to negative from stable. SOLUTIA INC: Receives US$2 Billion Exit Loan Commitment ------------------------------------------------------- Solutia Inc. has received a fully underwritten commitment for US$2 billion of exit financing. The company has also arranged for a fully backstopped rights offering that will raise US$250 million in new equity capital. Solutia will use the exit loan funds to pay certain creditors upon emergence from Chapter 11 pursuant to its plan of reorganization, and for its ongoing operations after emergence. Citi, Goldman Sachs, and Deutsche Bank Securities Inc. are acting as joint lead arrangers and joint bookrunners for the exit financing. "With this commitment, we are well on our way to achieving the fourth and final component of the reorganization strategy we identified at the outset of our case, which is to put in place an appropriate capital structure for the company," Jeffry N. Quinn, chairman, president and chief executive officer of Solutia Inc., said in a news statement. The exit financing package includes: -- a US$400 million senior secured asset-based revolving credit facility; -- a US$1.2 billion senior secured term loan facility; and -- a US$400 million senior unsecured bridge facility. "Despite the recent turbulence in the debt capital markets, we have obtained an exit financing package that will position Solutia for continued success and provide adequate funds to deliver on our business strategies," James M. Sullivan, senior vice president and chief financial officer, Solutia Inc., said. Solutia will use the proceeds of the rights offering to fund retiree benefits and retained legacy liabilities. The rights offering is backstopped by Highland Capital Management, UBS Securities, Longacre Fund Management, Southpaw Asset Management, Merrill Lynch Pierce Fenner & Smith Incorporated, and others. The rights offerings will only be open to certain of Solutia's creditors and holders of Solutia's common stock. A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. The securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. A written prospectus, when available, for the rights offerings may be obtained from: Financial Balloting Group, LLC 757 Third Avenue, 3rd Floor New York, NY 10017 http://www.fbgdocuments.com/soi The exit financing and equity rights offering backstop commitments require the approval of the United States Bankruptcy Court for the Southern District of New York. The Court has set a confirmation hearing for Nov. 29, 2007, to approve Solutia's amended plan of reorganization. Solutia expects to emerge from bankruptcy by the end of the year. About Solutia Inc. Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ) -- http://www.solutia.com/-- and its subsidiaries, engage in the manufacture and sale of chemical-based materials, which are used in consumer and industrial applications worldwide. Solutia has operations in Malaysia, China, Singapore, Belgium, and Colombia. The company and 15 debtor-affiliates filed for chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949). When the Debtors filed for protection from their creditors, they listed US$2,854,000,000 in assets and US$3,223,000,000 in debts. Solutia is represented by Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis LLP, in New York, as lead bankruptcy counsel, and David A. Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders LLP, in St. Louis Missouri, as special counsel. Trumbull Group LLC is the Debtor's claims and noticing agent. Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP represent the Official Committee of Unsecured Creditors, and Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital provides the Creditors' Committee with financial advice. The Official Committee of Retirees of Solutia, Inc., et al., is represented by Daniel D. Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq., at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in Birmingham, Alabama. On Feb. 14, 2006, the Debtors filed their Reorganization Plan & Disclosure Statement. On May 15, 2007, they filed an Amended Reorganization Plan and on July 9, 2007, filed a 2nd Amended Reorganization Plan. The Bankruptcy Court approved the Debtors' amended Disclosure Statement on Oct. 19, 2007. A hearing to consider confirmation of the Debtors' Reorganization Plan is scheduled for Nov. 29, 2007. (Solutia Bankruptcy News; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). SOLUTIA INC: Court Urges Resolution of Bank of New York Dispute --------------------------------------------------------------- "Pigs become hogs and then hogs get slaughtered. And then eaten. What you're going for is so piggy that you risk getting nothing," Judge Prudence Beatty at the United States Bankruptcy Court for the Southern District of New York told a lawyer for The Bank of New York at an Oct. 31 hearing in Solutia, Inc.'s case, Bloomberg News reports. John K. Cunningham, Esq., at White & Case LLP, in New York, appeared before the Court on behalf of Bank of New York, regarding a US$223,000,000 claim by the bank on account of the 11.25% Senior Secured Notes due 2009 issued by Solutia Inc. or its predecessor. Bank of New York serves as indenture trustee for the Senior Notes. Mr. Cunningham has argued that under New York law -- which governs the Indenture and Guaranties entered into by the parties -- Bank of New York, as the Senior Secured Notes Trustee, has a direct claim against Solutia and each of the Subsidiary Guarantors and, if unpaid, could obtain a judgment for the full US$223,000,000 principal amount of the Senior Secured Notes plus damages for any defeasance not in accordance with the Indenture. Mr. Cunningham also has asserted that effectiveness of Solutia's Plan of Reorganization will trigger a change in control under the Indenture giving the Senior Secured Noteholders a right to defeasance and a minimum claim of US$245,300,000. Mr. Cunningham said the Court has preliminarily recognized that consummation of the transactions contemplated by the Plan, on the effective date, will cause a "Change of Control." According to Mr. Cunningham, each Senior Secured Noteholder has the contractual right to require Solutia to purchase its Senior Secured Notes for an amount equal to the Change of Control Amount. If all of the Senior Secured Noteholders elect to tender their Senior Secured Notes in exchange for the Change of Control Amount, that amount at a minimum is US$225,230,000, plus accrued and unpaid interest. Solutia and its Official Committee of Unsecured Creditors have argued that the Noteholders are entitled to a claim for not more than the principal amount funded on account of the Notes -- US$181,700,000 -- at issuance plus any original issue discount that accrues through the effective date of the Plan -- US$28,200,000. They have accused Bank of New York of trying to secure up to US$50,000,000 in windfall at the expense of junior creditors. Daniel H. Golden, Esq., at Akin Gump Strauss Hauer & Feld LLP, in New York, counsel to the Creditors Committee, has pointed out that the Second Circuit is clear that unamortized original issue discount is unmatured interest -- not principal. Moreover, Mr. Golden has said, Section 506(b) of the Bankruptcy Code does not entitle Noteholders, as oversecured creditors, to recover interest that is unmatured as of the date of payment of their claim. Tiffany Kary at Bloomberg News relates that an OID bond is one issued at a price below par, with OID being considered a form of interest. When the US$223,000,000 face amount 2009 notes was issued, Solutia received only US$181,700,000. The missing US$41,300,000 was considered unmatured interest, Ms. Kary says. According to Ms. Kary, Judge Beatty said the bank's claim amount could be as much as US$60,000,000. At the hearing, Judge Beatty urged Solutia to settle its dispute with Bank of New York, noting that the claim was the biggest hurdle to approval of Solutia's reorganization plan, Ms. Kary reports. "There are no cases that I have found which remotely approximate the application of these principles to a case of this financial magnitude," Ms. Kary quotes Judge Beatty as saying. Judge Beatty said if no settlement is reached she will rule on the matter in about two weeks. About Solutia Inc. Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ) -- http://www.solutia.com/-- and its subsidiaries, engage in the manufacture and sale of chemical-based materials, which are used in consumer and industrial applications worldwide. Solutia has operations in Malaysia, China, Singapore, Belgium, and Colombia. The company and 15 debtor-affiliates filed for chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949). When the Debtors filed for protection from their creditors, they listed US$2,854,000,000 in assets and US$3,223,000,000 in debts. Solutia is represented by Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis LLP, in New York, as lead bankruptcy counsel, and David A. Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders LLP, in St. Louis Missouri, as special counsel. Trumbull Group LLC is the Debtor's claims and noticing agent. Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP represent the Official Committee of Unsecured Creditors, and Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital provides the Creditors' Committee with financial advice. The Official Committee of Retirees of Solutia, Inc., et al., is represented by Daniel D. Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq., at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in Birmingham, Alabama. On Feb. 14, 2006, the Debtors filed their Reorganization Plan & Disclosure Statement. On May 15, 2007, they filed an Amended Reorganization Plan and on July 9, 2007, filed a 2nd Amended Reorganization Plan. The Bankruptcy Court approved the Debtors' amended Disclosure Statement on Oct. 19, 2007. A hearing to consider confirmation of the Debtors' Reorganization Plan is scheduled for Nov. 29, 2007. (Solutia Bankruptcy News; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). ============= F I N L A N D ============= HILTON HOTELS: Names Christopher Nassetta as President & CEO ------------------------------------------------------------ Hilton Hotels Corporation has appointed Christopher J. Nassetta as its President and Chief Executive Officer. Mr. Nassetta currently leads Host Hotels and Resorts, the largest owner of luxury and upscale hotels in the world. Mr. Nassetta joins Hilton as the company moves into an exciting new phase of growth, both in the U.S. and abroad. The Blackstone Group's real estate and corporate private equity funds completed the acquisition of Hilton on Oct. 24, 2007. Blackstone views Hilton as an important strategic investment and intends to invest in its properties and brands to enhance the Company's growth. As stated at the time of the initial announcement in July, Blackstone has no intention of selling any brands or major assets as a result of the transaction. Jonathan Gray, Senior Managing Director, Blackstone said, "Our goal with Hilton is to build the premier global hospitality company. We are confident that Chris will be a superb addition to the already strong Hilton team. Given his background overseeing the world's largest hotel ownership company, Chris understands the needs of hotel owners and is uniquely qualified to lead Hilton. I've known Chris personally for 15 years and have worked successfully side-by-side with him in the past. He's a man of the absolute highest integrity, who cares deeply about people. He has the energy, enthusiasm and experience to lead Hilton, and it's with great pleasure that we welcome him to the team." Blackstone's strategy includes maintaining strong unit growth in the U.S., where more than 20% of all hotel rooms currently under construction carry a Hilton brand. Blackstone will also invest to accelerate the company's international growth, building on recent agreements to expand the Hilton family of brands outside of the U.S. through a series of strategic partnerships. It was only last year that Hilton merged with Hilton International, a transaction, which created a new set of global opportunities for the company. Additionally, Blackstone intends to incorporate a significant portion of its existing portfolio of luxury hotels and resorts onto the Hilton platform, adding to the luxury offerings available to Hilton customers. Blackstone's holdings include such upscale properties as The Boulders Resort and Spa (Arizona), The El Conquistador Resort (Puerto Rico), and The Boca Raton Resort and Club (Florida). Chris Nassetta commented, "I am excited to join this great company and am looking forward to working with Hilton's franchisees, owners and team members to grow this already impressive franchise. Hilton has a powerful collection of brands and we now have the opportunity to build on the strong foundation that already exists to drive the company's growth, particularly overseas, to create the pre-eminent lodging company in the world. I also look forward to working with Blackstone, who I know from experience will be a terrific strategic partner for Hilton going forward." As President and CEO of Hilton, Mr. Nassetta will oversee Hilton's extensive line of quality brands, including: Hilton, Conrad, Doubletree, Embassy Suites, Hampton, Hilton Garden Inn, Hilton Grand Vacations, Homewood Suites by Hilton, and The Waldorf=Astoria Collection. Mr. Nassetta intends to work closely with the existing management team, including Thomas Keltner, Chief Executive Officer - Americas and Global Brands, and Ian Carter, Chief Executive Officer - Hilton International. As previously announced, Stephen F. Bollenbach retired from the company last week upon the completion of the transaction. Additionally, Matthew J. Hart will step down as president and chief operating officer but will serve as a member of Hilton's Board of Directors. About Christopher Nassetta Christopher J. Nassetta will join Hilton Hotels Corp. from Host Hotels & Resorts, where he has been President and Chief Executive Officer since 2000. Prior to joining Host, Mr. Nassetta co-founded Bailey Capital Corporation in 1991, where he was responsible for the operations of the real estate investment and advisory firm. He also spent seven years serving as Chief Development Officer and in various other positions with The Oliver Carr Company. Mr. Nassetta serves as a Director of CoStar Group, Inc., is Second Vice Chair and serves on the Board of Governors of National Association of Real Estate Investment Trusts, is a member and chairman of The Real Estate Roundtable, and is a member of the McIntire School of Commerce Advisory Board for the University of Virginia. Mr. Nassetta graduated from the University of Virginia McIntire School of Commerce with a degree in finance and studied international finance at the London School of Economics. About Hilton Hotels Headquartered in Beverly Hills, California, Hilton Hotels Corp. -- http://www.hilton.com/-- together with its subsidiaries, engages in the ownership, management, and development of hotels, resorts, and timeshare properties, as well as in the franchising of lodging properties in the United States and internationally, including Australia, Austria, Barbados, Finland, India, Indonesia, Trinidad and Tobago, Philippines and Vietnam. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 29, 2007, Moody's Investors Service downgraded Hilton Corporation's Corporate Family Rating and senior unsecured ratings to B3 and Caa1, respectively. =========== F R A N C E =========== ALCATEL-LUCENT SA: Posts EUR318 Million Net Loss in 3rd Quarter --------------------------------------------------------------- Alcatel-Lucent S.A. posted a EUR318 million net loss on EUR4.35 billion net revenues for the third quarter 2007. For the quarter, the company reported a EUR345 million group net loss, including EUR87 million in impact from purchase price allocation entries. Alcatel-Lucent also provided adjusted financial results to show provide comparable information, which exclude the main non-cash impacts from purchase price allocation entries. For the third quarter, Alcatel-Lucent posted EUR231 million in adjusted net loss and EUR258 million in adjusted group net loss. As of Sept. 30, 2007, the company's debts total EUR124 million. "As you can see our results this quarter were essentially in line with the update we provided on September 13, and in a few areas a bit better; however they are still not at a level that we are satisfied with," chief executive Patricia Russo said. "We believe that our strategy, our product portfolio and our expertise align with the long-term market drivers that will underpin the industry for the next several years, as networks migrate to all-IP based architecture. During the first nine months of operations as a single company, we strengthened our position in key strategic markets and technologies such as IP and mobile broadband required to position the company for long- term sustained growth. "Having said that, and in spite of the promise of this industry and the long-term benefits of the merger, we recognize that market conditions remain difficult, with continued pressure on revenues and margins due to intensified competition and some slowdown of spending in North America. These market conditions along with our commitment to transform the company for the long- term lead us to put in place an aggressive three-part plan to improve profitability and reposition the business." The Board fully supports the plan presented, which includes: -- streamlining the core carrier business, accelerated product cost improvement with increased portfolio focus on IP transformation of wireline and wireless networks; -- enhancing growth by developing an offensive strategy on sectors offering a strong growth potential, namely: * high value added services and applications for the carrier markets; * solutions for the enterprise markets and Industry and Public Sector; and -- streamlining the company's organization into a simplified model with a focused management committee with clear accountabilities and ownership to quickly execute the plans. This plan will result in an acceleration of cost structure improvement, especially in support functions and other savings arising from the realigned and streamlined Carrier Business Group. The company expects that this plan will result in incremental savings of EUR400 million in gross margin and comparable operating expenses by the end of year 2009. This implies an acceleration of our ongoing headcount targets into 2008 with incremental reductions of about 4,000 by 2009. Ms. Russo added, "These are difficult but necessary decisions, and we will manage these reductions with care. With this plan, the company is targeting gross margins in the high 30�s and operating margins of 10% or better in the post integration phase beginning 2010." Outlook For the fourth quarter 2007 the company expects a solid ramp up in revenue over the third quarter 2007. For the full year, given some of the recent uncertainty seen in the market, revenues are likely to be around flat at constant Euro/US$ exchange rate which is at the low end of the range previously provided. About Alcatel-Lucent Headquartered in Paris, France, Alcatel-Lucent S.A. -- http://www.alcatel-lucent.com/-- provides solutions that enable service providers, enterprises and governments worldwide to deliver voice, data and video communication services to end users. Alcatel-Lucent maintains operations in 130 countries, including, Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada, United States, Costa Rica, Dominican Republic, El Salvador, Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and Cambodia. * * * As reported on April 13, 2007, Fitch Ratings affirmed Alcatel- Lucent's ratings at Issuer Default 'BB' with a Stable Outlook, senior unsecured 'BB' and Short-term 'F2' and simultaneously withdrawn them. As of Feb. 7, 2007, Moody's Investor Services put a Ba2 rating on Alcatel's Corporate Family and Senior Debt rating. Lucent carries Moody's B1 Senior Debt rating and B2 Subordinated debt & trust preferred rating. Alcatel-Lucent's Long-Term Corporate Credit rating and Senior Unsecured Debt carry Standard & Poor's Ratings Services' BB rating. Its Short-Term Corporate Credit rating stands at B. ALCATEL-LUCENT SA: Forms Regional Units & Management Committee -------------------------------------------------------------- Alcatel-Lucent S.A., as part of its plan to improve profitability, has streamlined its regional structure and established a seven-member management committee reporting directly to chief executive Patricia Russo to lead the overall operation of the company, creating a more focused and efficient operating model. Regional Structure To streamline the company's regional operations two regional structures will be created, one for the Americas and one that includes Asia Pacific, Europe, Africa and the Middle East. Frederic Rose, who currently heads the Asia-Pacific Region, will assume additional responsibilities for the company�s current Europe & North and Europe & South regions. Cindy Christy, will lead the Americas Region. Mr. Rose and Ms. Christy will continue to report directly to Patricia Russo. Olivier Picard, head of the Europe and South region will continue to oversee the Europe and South region, reporting to and serving as deputy to Frederic Rose. Christian Reinaudo, head of the Europe and North region, will be leaving the company to pursue other opportunities. "I would like to thank Christian for his outstanding contribution during the more than 29 years he has been with this company," Ms. Russo said. "He has held many leadership positions within the company and was a key driver for our optical business, having served as president of Alcatel�s optical activities and its submarine unit. He laid the foundation for the growing success of our Asia-Pacific Region and has been a critical player in this first stage of our integration efforts. I wish him even more success in the future." New Management Committee The role of this committee encompasses the company�s strategy, organization, corporate policy matters, long term financial planning and human resources strategy. It is charged with assuring the execution of the company�s plans and business performance. The management committee will comprise seven business leaders: -- Cindy Christy, Americas Region; -- Etienne Fouques, Research, CTO, Strategy and Corporate Marketing; -- John Meyer, Services; -- Claire Pedini, Corporate Human Resources and Communications; -- Hubert de Pesquidoux, CFO; -- Michel Rahier, Carrier Business Group; and -- Frederic Rose, Europe, Middle East, Africa and Asia Pacific. Janet Davidson, Chief Compliance Officer and head of the Integration and IT, will serve as secretary for the committee. "This streamlined management structure enables a more efficient, more focused company with clear lines of accountability," Ms. Russo said. "I selected every member of this team, not only because of his or her area of responsibility, but because they each bring a great deal of experience in this complex and often difficult industry and have successfully tackled a range of challenges throughout their careers. I look forward to their counsel and guidance as we navigate through this next phase of our merger, taking on the challenges and seizing on the opportunities ahead." About Alcatel-Lucent Headquartered in Paris, France, Alcatel-Lucent S.A. -- http://www.alcatel-lucent.com/-- provides solutions that enable service providers, enterprises and governments worldwide to deliver voice, data and video communication services to end users. Alcatel-Lucent maintains operations in 130 countries, including, Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada, United States, Costa Rica, Dominican Republic, El Salvador, Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and Cambodia. * * * As reported on April 13, 2007, Fitch Ratings affirmed Alcatel- Lucent's ratings at Issuer Default 'BB' with a Stable Outlook, senior unsecured 'BB' and Short-term 'F2' and simultaneously withdrawn them. As of Feb. 7, 2007, Moody's Investor Services put a Ba2 rating on Alcatel's Corporate Family and Senior Debt rating. Lucent carries Moody's B1 Senior Debt rating and B2 Subordinated debt & trust preferred rating. Alcatel-Lucent's Long-Term Corporate Credit rating and Senior Unsecured Debt carry Standard & Poor's Ratings Services' BB rating. Its Short-Term Corporate Credit rating stands at B. ALCATEL-LUCENT SA: Names Hubert de Pesquidoux as CFO ---------------------------------------------------- Alcatel-Lucent S.A. has appointed Hubert de Pesquidoux as Chief Financial Officer, replacing Jean-Pascal Beaufret, who is leaving the company to pursue other opportunities. Mr. Pesquidoux currently leads Alcatel-Lucent's Enterprise Group. "I want to thank Jean-Pascal for his considerable contributions to this company. He has been a valuable member of the team. His experience and dedication to this new company have helped us through the difficult, early stages of this complex merger while dealing with a challenging market," chief executive Patricia Russo said. "Prior to the merger, Jean-Pascal served as CFO of Alcatel during much of this turbulent decade in the industry, ably helping to guide it while astutely managing the assets and resources of the company and was instrumental in the financial turnaround of Alcatel. I wish him success in the next phase of his career." Mr. Beaufret will stay with the company for a period of time to ensure a smooth transition. "I am looking forward to working with his successor, Hubert, who has been a key contributor to the success of our Enterprise business," Ms. Russo added. "Hubert has a great deal of experience in both operational and financial roles throughout his career." Before his position as head of the company�s Enterprise activities, Mr. de Pesquidoux held several finance positions. He was Chief Financial Officer of Alcatel North America, Corporate Treasurer of Alcatel for four years and spent four years in investment banking, including two years in New York City. He also has led Alcatel�s North America operations and was a member of the Alcatel Executive Committee. He joined Alcatel in 1991. Mr. de Pesquidoux�s replacement for his current position will be named at a later date. About Alcatel-Lucent Headquartered in Paris, France, Alcatel-Lucent S.A. -- http://www.alcatel-lucent.com/-- provides solutions that enable service providers, enterprises and governments worldwide to deliver voice, data and video communication services to end users. Alcatel-Lucent maintains operations in 130 countries, including, Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada, United States, Costa Rica, Dominican Republic, El Salvador, Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and Cambodia. * * * As reported on April 13, 2007, Fitch Ratings affirmed Alcatel- Lucent's ratings at Issuer Default 'BB' with a Stable Outlook, senior unsecured 'BB' and Short-term 'F2' and simultaneously withdrawn them. As of Feb. 7, 2007, Moody's Investor Services put a Ba2 rating on Alcatel's Corporate Family and Senior Debt rating. Lucent carries Moody's B1 Senior Debt rating and B2 Subordinated debt & trust preferred rating. Alcatel-Lucent's Long-Term Corporate Credit rating and Senior Unsecured Debt carry Standard & Poor's Ratings Services' BB rating. Its Short-Term Corporate Credit rating stands at B. HARMAN INT'L: Names Messrs. Einsmann & Caroll as Board Members -------------------------------------------------------------- Harman International Industries, Incorporated has appointed Dr. Harald Einsmann and Brian F. Carroll to serve as members of the company's Board of Directors. In connection with these appointments, the Board was expanded from five to seven members. Dr. Einsmann currently serves as a director of Tesco Plc, the Carlson Group, a provider of business and leisure travel, hotel, restaurant, cruise and marketing services, Checkpoint Systems, Inc., a provider of integrated system solutions for retail security, labeling, and merchandising, and Rezidor Hotel Group in Scandinavia. From 2000 to 2006, Dr. Einsmann also served as an Operating Partner and a member of the Board of Directors/Investment Committee of EQT, a leading European Private Equity Group sponsored by the Wallenberg group of Scandinavia. Prior to joining EQT, Dr. Einsmann held senior management positions, as well as a seat on the Worldwide Board at The Procter and Gamble Company. Mr. Carroll has been a member of Kohlberg Kravis Roberts & Co. L.P. since January 2006 and before that, an executive of KKR since July 1999. In addition, Mr. Carroll was an executive at KKR from 1995 to 1997, at which time he left KKR to attend business school at Stanford University. Prior to joining KKR in 1995, Mr. Carroll was with Donaldson, Lufkin & Jenrette. Mr. Carroll is also a member of the board of directors of Rockwood Specialties Group, Inc. and Sealy Corporation. Sidney Harman, Executive Chairman, and Dinesh Paliwal, Chief Executive Officer, commented: "We are delighted that Harald and Brian are joining the Board. Harald brings to the Board a wealth of industry knowledge and leadership in the European consumer goods marketplace. We will benefit from his decades of experience and from his international perspective. Brian adds financial expertise to our Board. He has a thorough knowledge of the Company, its operations and management team and of our challenges and opportunities." Headquartered in Washington, D.C., Harman International Industries Inc. (NYSE: HAR) -- http://www.harman.com/-- makes audio systems through auto manufacturers, including DaimlerChrysler, Toyota/Lexus, and General Motors. Also the company makes audio equipment, like studio monitors, amplifiers, microphones, and mixing consoles for recording studios, cinemas, touring performers, and others. Harman Int'l has operations in Japan, Mexico, and France. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 26, 2007, Standard & Poor's Ratings Services revised its CreditWatch implications for the 'BB-' corporate credit rating on Harman International Industries Inc. to positive from developing. ============= G E R M A N Y ============= AOK BAYERN: Claims Registration Ends December 7 ----------------------------------------------- Creditors of AOK Bayern have until Dec. 7 to register their claims with court-appointed insolvency manager Axel Bierbach. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Jan. 8, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Munich Meeting Room 102 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Axel Bierbach Schwanthaler Str. 32 80336 Munich Germany Tel: 089/54511-0 Fax: 089/54511444 The District Court of Munich opened bankruptcy proceedings against AOK Bayern on Oct. 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: AOK Bayern Landsberger Str. 150-152 80339 Munich Germany ARCUS HAUSHALTWAREN: Claims Registration Period Ends Nov. 15 ------------------------------------------------------------ Creditors of arcus Haushaltwaren Vertriebs-GmbH have until Nov. 15 to register their claims with court-appointed insolvency manager Stefan Conrads. Creditors and other interested parties are encouraged to attend the meeting at 9:30 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: Stefan Conrads Mankhauser Str. 7A 42699 Solingen Germany Tel: 0212/22172-0 Fax: 0212/22172-18 The District Court of Wuppertal opened bankruptcy proceedings against arcus Haushaltwaren Vertriebs-GmbH on Oct. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: arcus Haushaltwaren Vertriebs-GmbH Attn: Bernd Schmidt, Manager Schuetzenstrasse 55 42659 Solingen Germany ATL ENGINEERING: Claims Registration Period Ends December 7 ----------------------------------------------------------- Creditors of ATL Engineering GmbH have until Dec. 7 to register their claims with court-appointed insolvency manager Anton Rosenauer. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Jan. 10, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Stuttgart Room 13 Ground Floor 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: Anton Rosenauer Industriestr. 3 70565 Stuttgart Germany Tel.: 0711/2 31 75 93 Fax: 0711/2 31 75 94 The District Court of Stuttgart opened bankruptcy proceedings against ATL Engineering GmbH on Oct. 11. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ATL Engineering GmbH Attn: Mike Drew, Manager Tilsiter Str. 4-6 71065 Sindelfingen Germany BAHA-HANDELS-GMBH: Claims Registration Period Ends December 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, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Aschaffenburg Meeting Hall 5.103 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 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 CLUB DISCOTHEK: Creditors' Meeting Slated for Dec. 17 ----------------------------------------------------- The court-appointed insolvency manager for Club Discothek Palatin GmbH & Co KG, Stephan Kallenberg, will present his first report on the company's insolvency proceedings at a creditors' meeting at 10:00 a.m. on Dec. 17. The meeting of creditors and other interested parties will be held at: The District Court of Mainz Hall 174 Building B Ernst-Ludwig Strasse 7 55116 Mainz Germany The Court will also verify the claims set out in the insolvency manager's report at 10:00 a.m. on Feb. 11, 2008, at the same venue. Creditors have until Dec. 20 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Stephan Kallenberg GF 47 Neutorstrasse 9 D 55116 Mainz Germany Tel: 06131/146740 Fax: 06131/1467420 The District Court of Mainz opened bankruptcy proceedings against Club Discothek Palatin GmbH & Co KG on Oct. 11. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Club Discothek Palatin GmbH & Co KG Bahnhofstr. 56a 55278 Hahnheim Germany DSB DIETER: Claims Registration Period Ends December 10 ------------------------------------------------------- Creditors of DSB Dieter Schubert GmbH & Co. have until Dec. 10 to register their claims with court-appointed insolvency manager Joachim Voigt-Salus. Creditors and other interested parties are encouraged to attend the meeting at 10:05 a.m. on Jan. 10, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report 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: Joachim Voigt-Salus Rankestrasse 33 10789 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against DSB Dieter Schubert GmbH & Co. on Oct. 10. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: DSB Dieter Schubert GmbH & Co. Potsdamer Str. 16-17 14163 Berlin 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 Law Courts Meeting Room 162 Alten Einlass 1 86150 Augsburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Rudolf Rossmann Weisskopfstr. 13 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 EXPRESS DIENSTLEISTUNGS: Claims Registration Period Ends Nov. 14 ---------------------------------------------------------------- Creditors of Express Dienstleistungs GmbH have until Nov. 14 to register their claims with court-appointed insolvency manager Henning Mordhorst. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Dec. 14, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Meldorf Hall II Domstrasse 1 25704 Meldorf 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. Henning Mordhorst Jungfernstieg 51 20354 Hamburg Germany Tel: 040/808136400 The District Court of Meldorf opened bankruptcy proceedings against Express Dienstleistungs GmbH on Oct. 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Express Dienstleistungs GmbH Attn: Aiman El-Hosary, Manager Heistedter Strasse 10 25746 Heide Germany GESELLSCHAFT FUER: Claims Registration Period Ends Dec. 12 ---------------------------------------------------------- Creditors of Gesellschaft fuer Immobilienhandel und Planung mbH have until Dec. 12 to register their claims with court-appointed insolvency manager Thomas Schmitz. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Jan. 11, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duisburg Hall C205 Second Floor Kardinal-Galen-Strasse 124-132 47058 Duisburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Thomas Schmitz Am Flohbusch 1 47802 Krefeld Germany The District Court of Duisburg opened bankruptcy proceedings against Gesellschaft fuer Immobilienhandel und Planung mbH on Oct. 11. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Gesellschaft fuer Immobilienhandel und Planung mbH Heinrich-von-Gemen-Str. 8 46514 Schermbeck Germany NATURSTEIN DEMIC: Claims Registration Period Ends Dec. 11 --------------------------------------------------------- Creditors of Naturstein Demic GmbH have until Dec. 11 to register their claims with court-appointed insolvency manager Torsten Gutmann. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Jan. 11, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Gifhorn Hall 118 Schlossgarten 4 38518 Gifhorn 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: Torsten Gutmann Zum Blauen See 5 31275 Lehrte Germany Tel: 05132/82680 Fax: 05132/8268-96 The District Court of Gifhorn opened bankruptcy proceedings against Naturstein Demic GmbH on Oct. 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Naturstein Demic GmbH Gneisenaustr. 2 31275 Lehrte Germany RAINERS PFLANZENPARADIES: Claims Registration Ends Nov. 13 ---------------------------------------------------------- Creditors of Rainers Pflanzenparadies GmbH have until Nov. 13 to register their claims with court-appointed insolvency manager Peter C. Darr. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on Dec. 4, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Kempten Room Number 137/I Residezplatz 4-6 87435 Kempten Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Peter C. Darr Candidplatz 13 81543 Munich Germany Tel: (089) 614 69 60 Fax: (089) 614 69-666 The District Court of Kempten opened bankruptcy proceedings against Rainers Pflanzenparadies GmbH on Oct. 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Rainers Pflanzenparadies GmbH Muenchener Strasse 42 86450 Buchloe Germany RESM GMBH: Claims Registration Period Ends Nov. 13 -------------------------------------------------- Creditors of RESM - Real Estate Service & Management GmbH have until Nov. 13 to register their claims with court-appointed insolvency manager Dieter Rasehorn. Creditors and other interested parties are encouraged to attend the meeting at 1:00 p.m. on Dec. 11, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Dessau Hall 123 Willy-Lohmann-Str. 33 Dessau Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dieter Rasehorn Muehlweg 16 06108 Halle Germany Tel: 0345/5220024 Fax: 0345/5220026 The District Court of Dessau opened bankruptcy proceedings against RESM - Real Estate Service & Management GmbH on Oct. 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: RESM - Real Estate Service & Management GmbH Birkenbreite 28 06847 Dessau-Rosslau Germany Erik Schilling, Manager Wallburgstrasse 7 06847 Dessau-Rosslau Germany 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 Room 13 Ground Floor 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 S & S MEDIENSERVICE: Claims Registration Period Ends December 10 ---------------------------------------------------------------- Creditors of S & S Medienservice GmbH have until Dec. 10 to register their claims with court-appointed insolvency manager Dr. Gerhard Koerner. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Dec. 12, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Aschaffenburg Meeting Hall 5.103 Schlossplatz 5 63739 Aschaffenburg Germany The Court will verify the claims set out in the insolvency manager's report at 11:00 a.m. on Jan. 16, 2008, at the same venue, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Gerhard Koerner Theresienstr. 3 63741 Aschaffenburg Germany Tel: 06021/428 220 Fax: 06021/428 210 The District Court of Aschaffenburg opened bankruptcy proceedings against S & S Medienservice GmbH on Oct. 10. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: S & S Medienservice GmbH Brentanoplatz 1 63739 Aschaffenburg Germany SYSTEMMONTAGE WINDHORST: Claims Registration Ends Dec. 14 --------------------------------------------------------- Creditors of Systemmontage Windhorst GmbH have until Dec. 14 to register their claims with court-appointed insolvency manager Christian Dawe. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Jan. 14, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hamburg Hall B 405 Fourth Floor Annex Civil Justice Bldg. Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Christian Dawe Gaensemarkt 50 20354 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Systemmontage Windhorst GmbH on Oct. 11. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Systemmontage Windhorst GmbH Emmy-Beckmann-Weg 22 22455 Hamburg Germany ZEITUNGSVERTRIEB KARPENSTEIN: Claims Registration Ends Dec. 17 -------------------------------------------------------------- Creditors of Zeitungsvertrieb Karpenstein GmbH have until Dec. 17 to register their claims with court-appointed insolvency manager Goetz Lautenbach. Creditors and other interested parties are encouraged to attend the meeting at 9:50 a.m. on Jan. 7, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Offenbach am Main Hall 162N First Floor Kaiserstrasse 63065 Offenbach am Main Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Goetz Lautenbach Zeilweg 42 D 60439 Frankfurt am Main Germany Tel: 069 / 963761-130 Fax: 069 / 963761-145 The District Court of Offenbach am Main opened bankruptcy proceedings against Zeitungsvertrieb Karpenstein GmbH on Oct. 11. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Zeitungsvertrieb Karpenstein GmbH vertr. d.d.GF Nelkenstrasse 24 63263 Neu-Isenburg Germany ============= H U N G A R Y ============= AES CORP: Prices Cash Tender Offer for Senior Notes --------------------------------------------------- The AES Corporation disclosed the determination of the pricing for its tender offer to purchase up to US$1.24 billion of certain of its outstanding senior notes in accordance with the terms and conditions described in its Offer to Purchase and the related Letter of Transmittal, each dated Oct. 16, 2007. The total consideration for each series of Notes was determined as of 2:00 p.m., New York City time, on Oct. 29, 2007, using the yield of the U.S. Treasury reference security plus a fixed spread of 50 basis points. 1) Title of Security: 8.75% Senior Notes due 2008 CUSIP/ISIN Numbers: 00130HAV7 Aggregate Principal Amount Outstanding: 201,809,000 Acceptance Priority Level: 1 Maturity Date/Earliest Redemption Date: June 15, 2007 Par Amount/Earliest Redemption Price*: US$1,000.00 Early Tender Premium*: US$30.00 Reference Security: 5.125% U.S.T. Note due June 30, 2008 Bloomberg Reference Page: PX3 Fixed Spread (basis points): +50 2) Title of Security: 9% 2nd Priority Sr. Sec. Notes due 2015 CUSIP/ISIN Numbers: 00130HBB0, U0080RAG5 Aggregate Principal Amount Outstanding: US$600,000,000 Acceptance Priority Level: 2 Maturity Date/Earliest Redemption Date: May 15, 2008 Par Amount/Earliest Redemption Price*: US$1,045.00 Early Tender Premium*: US$30.00 Reference Security: US$5.625% U.S.T. Note due May 15, 2008 Bloomberg Reference Page: PX3 Fixed Spread (basis points): +50 3) Title of Security: 8.75% Second Priority Senior Secured Notes due 2013 CUSIP/ISIN Numbers: 00130HBA2, U0080RAF7 Aggregate Principal Amount Outstanding: US$1,200,000,000 Acceptance Priority Level: 3 Maturity Date/Earliest Redemption Date: May 15, 2008 Par Amount/Earliest Redemption Price*: US$1,043.75 Early Tender Premium*: US$30.00 Reference Security: US$5.625% U.S.T. Note due May 15, 2008 Bloomberg Reference Page: PX3 Fixed Spread (basis points): +50 * Per US$1,000 principal amount of Notes that are accepted for purchase. 8.75% Senior Notes due 2008 The yield on the Reference Security for the 2008 Notes was 4.087% and the tender offer yield was 4.587%. Accordingly, holders whose 2008 Notes that have validly tendered and not withdrawn prior to 5:00 p.m., New York City time, on Oct. 29, 2007 and that are accepted for purchase by AES will receive Total Consideration of US$1,025.27 per US$1,000 principal amount of 2008 Notes tendered, plus any accrued and unpaid interest from the last interest payment date for the 2008 Notes to, but not including, the early settlement date, which AES occurred Oct. 30, 2007. Holders whose 2008 Notes that are validly tendered after 5:00 p.m., New York City time, on Oct. 29, 2007 and at or prior to 12:00 midnight, New York City time, on Nov. 13, 2007 and that are accepted for purchase by AES will receive the Total Consideration minus the Early Tender Premium of US$30.00 per US$1,000 principal amount of 2008 Notes, or the Tender Offer Consideration, plus any accrued and unpaid interest from the last interest payment date for the 2008 Notes to, but not including, the final settlement date, which AES expects will occur on Nov. 14, 2007. 9% Second Priority Senior Secured Notes due 2015 The yield on the Reference Security for the 2015 Notes was 4.123% and the tender offer yield was 4.623%. Accordingly, holders whose 2015 Notes that have been validly tendered and not withdrawn prior to 5:00 p.m., New York City time, on Oct. 29, 2007 and that are accepted for purchase by AES will receive Total Consideration of US$1,067.01 per US$1,000 principal amount of 2015 Notes tendered, plus any accrued and unpaid interest from the last interest payment date for the 2015 Notes to, but not including, the early settlement date, which AES occured Oct. 30, 2007. Holders whose 2015 Notes that are validly tendered after 5:00 p.m., New York City time, on Oct. 29, 2007 and at or prior to 12:00 midnight, New York City time, on Nov. 13, 2007 and that are accepted for purchase by AES will receive the Total Consideration set forth above minus the Early Tender Premium of US$30.00 per US$1,000 principal amount of 2015 Notes, or the Tender Offer Consideration, plus any accrued and unpaid interest from the last interest payment date for the 2015 Notes to, but not including, the final settlement date, which AES expects will occur on Nov. 14, 2007. 8.75% Second Priority Senior Secured Notes due 2013 The yield on the Reference Security for the 2013 Notes was 4.123% and the tender offer yield was 4.623%. Accordingly, holders whose 2013 Notes that have been validly tendered and not withdrawn prior to 5:00 p.m., New York City time, on Oct. 29, 2007 and that are accepted for purchase by AES will receive Total Consideration of US$1,063.03 per US$1,000 principal amount of 2013 Notes tendered, plus any accrued and unpaid interest from the last interest payment date for the 2013 Notes to, but not including, the final settlement date, which AES expects will occur on Nov. 14, 2007. Holders whose 2013 Notes are validly tendered after 5:00 p.m., New York City time, on Oct. 29, 2007 and at or prior to 12:00 midnight, New York City time, on Nov. 13, 2007 will receive the Total Consideration set forth above minus the Early Tender Premium of US$30.00 per US$1,000 principal amount of 2013 Notes, or the Tender Offer Consideration, plus any accrued and unpaid interest from the last interest payment date for the 2013 Notes to, but not including, the final settlement date. Tender Offer Expires Nov. 13 Rights to withdraw tendered Notes terminated at 5:00 p.m., New York City time, on Oct. 29, 2007. As of such time, US$192,501,000 principal amount of 2008 Notes, US$598,000,000 principal amount of 2015 Notes and US$1,188,039,000 principal amount of 2013 Notes had been validly tendered and not withdrawn. The tender offer will expire at 12:00 p.m. midnight, New York City time, on Nov. 13, 2007, unless extended or earlier terminated by AES. AES may increase or modify the Tender Cap without extending withdrawal rights to Holders. If the aggregate principal amount of Notes validly tendered and not withdrawn at the Expiration Time exceeds the Tender Cap, the Company will (subject to the terms and conditions of the offer) limit the Notes it accepts pursuant to the Tender Cap and in accordance with the acceptance priority levels as set forth in the Offer to Purchase. Since the 2008 Notes and the 2015 Notes have an acceptance priority level of 1 and 2, respectively, and the aggregate principal amount of the 2008 Notes and the 2015 Notes combined is less than the Tender Cap, neither the 2008 Notes nor the 2015 Notes will be subject to proration; only the 2013 Notes will be subject to proration. The tender offer is conditioned on the satisfaction of certain conditions. If any of the conditions is not satisfied, AES is not obligated to accept for payment, purchase or pay for, and may delay the acceptance for payment of, any tendered Notes, in each event, subject to applicable laws, and may even terminate the tender offer. Citi is the Dealer Manager for the tender offer. Global Bondholder Services Corporation is acting as the Information Agent and Wells Fargo Bank, National Association is acting as the Depository. The offer is made only by an Offer to Purchase dated Oct. 16, 2007, and the information in this news release is qualified by reference to the Offer to Purchase. Persons with questions regarding the offer should contact the Dealer Manager, toll-free at 800-558-3745 or collect at (212) 723-6106. Requests for documentation may be directed to the Information Agent, toll-free at (866) 294-2200. About AES Corporation Headquartered in Arlington, Virginia, AES Corporation (NYSE: AES) -- http://www.aes.com/-- is a power company is a holding company that through its subsidiaries, operates a portfolio of electricity generation and distribution businesses in 28 countries on five continents. The company's employs 30,000 people. It operates two types of businesses. The distribution business, which it refers to as Utilities and the generation business, where it sells power to wholesale customers, such as utilities or other intermediaries. In addition to its traditional generation and distribution operations, it is also developing an alternative energy business. During the year ended Dec. 31, 2006, it operated in seven segments, which include Latin America Generation, Latin America Utilities, North America Generation, North America Utilities, Europe & Africa Generation, Europe & Africa Utilities and Asia Generation. AES has been in Eastern Europe for over ten years, since it acquired three power plants in Hungary in 1996. Currently, AES has two distribution companies in Ukraine, which serve 1.2 million customers and generation plants in the Czech Republic and Hungary. AES is also the leading company in biomass conversion in Hungary, generating 37% of the nation's total renewable generation in 2004. * * * As reported in the Troubled Company Reporter on Oct. 12, 2007, Moody's Investors Service affirmed The AES Corporation's Corporate Family Rating at B1 and the senior unsecured rating assigned to its new senior unsecured notes offering at B1 following its upsizing to US$2 billion from US$500 million. Fitch Ratings assigned a 'BB/RR1' rating to AES Corporation's US$2 billion issuance of senior unsecured notes maturing 2015 and 2017. AES' long-term Issuer Default Rating is rated 'B+' by Fitch. Fitch said the rating outlook is stable. ============= I R E L A N D ============= COMMSCOPE INC: Earns US$60.3 Mln in 3rd Quarter Ended Sept. 30 -------------------------------------------------------------- CommScope Inc. disclosed Tuesday its third quarter results for the period ended Sept. 30, 2007. For the third quarter of 2007, CommScope reported net income of US$60.3 million on sales of US$513.6 million. For the third quarter of 2006, CommScope reported net income of US$43.6 million on sales of US$466.1 million. The reported net income for the third quarter of 2006 included after-tax charges of US$1.9 million related to restructuring costs. Excluding this special item, adjusted third quarter 2006 earnings were US$45.5 million. "We are pleased to deliver another strong quarter as all of our operating segments continue to benefit from the global demand for bandwidth," said CommScope chairman and chief executive officer, Frank M. Drendel. "We believe that video, data intensive applications, mobility and dynamic websites create an ongoing need for infrastructure solutions for communication networks. With our acquisition of Andrew Corporation on track to be completed by the end of this year, we believe that CommScope, as a global leader in 'last mile' infrastructure solutions, will be solidly positioned to continue to benefit from these long-term trends," Mr. Drendel added. Sales for the third quarter of 2007 increased 10.2% year over year, primarily driven by increased volume in all three segments, with particular strength in the Carrier segment. Carrier segment sales increased 32.1% year over year to US$112.3 million. These robust sales result from strong growth in all Carrier product areas. Operating income for the third quarter of 2007 increased 25% year over year to US$81.4 million, or 15.8% of sales. In the year-ago quarter, operating income was US$64.9 million, or 13.9% of sales. Excluding restructuring costs in the year ago quarter, operating income would have been US$67.9 million, or 14.6% of sales. Net cash provided by operating activities in the third quarter of 2007 was US$80.7 million. Capital spending in the quarter was US$7.0 million. At Sept. 30, 2007, the company's consolidated balance sheet showed US$1.55 billion in total assets, US$583.1 million in total liabilities, and US$967.1 million in total shareholders' equity. Andrew Acquisition As reported in the Troubled Company Reporter on June 29, 2007, CommScope Inc. and Andrew Corporation entere