T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Monday, November 5, 2007, Vol. 8, No. 219 Headlines A U S T R I A BUDIM KEG: Claims Registration Period Ends Nov. 20 DUFFEK VERMOEGENSVERWALTUNGS: Claims Registration Ends Nov. 29 EASY-BAU LLC: Claims Registration Period Ends Nov. 21 GZG HANDEL: Claims Registration Period Ends Nov. 27 ISOT HANDEL: Claims Registration Period Ends Nov. 21 K & S KARIN: Claims Registration Period Ends Nov. 22 NELI DJURDJEVIC: Claims Registration Period Ends Nov. 22 SUSNJAR LLC: Vienna Court Orders Business Shutdown B E L G I U M CHEMTURA CORP: Sells Optical Monomers Business to Acomon AG POPE & TALBOT: Ontario Court Issues Initial Order on CCAA Plea POPE & TALBOT: CCAA Case Summary & Restructuring Database POPE & TALBOT: Consolidated Balance Sheet as of June 30, 2007 TENNECO INC: Moody's Affirms B1 Corporate Family Rating F R A N C E DRESSER-RAND GROUP: Earns US$21.3 Mil. for Third Quarter 2007 DRESSER-RAND GROUP: Inks Alliance Agreement with Repsol YPF GENERAL CABLE: Freeport-McMoran Completes Phelps Dodge Biz Sale GENERAL CABLE: Earns US$61.1 Million in 2007 Third Quarter GENERAL MOTORS: Investing US$73 Mln in Shreveport Assembly Plant LAZARD LTD: Paying US$0.09 Per Share Quarterly Dividend G E R M A N Y ARTEK-BAUPLANUNG: Claims Registration Period Ends Nov. 26 ATL ENGINEERING: Claims Registration Period Ends Dec. 7 B.A.U. PROJEKTMANAGEMENT: Claims Registration Ends November 22 BAUGESELLSCHAFT BRYGGEMANN: Claims Registration Ends November 22 BAYERISCHE VERANSTALUNGS: Claims Registration Ends November 16 BURBAT BAU: Claims Registration Period Ends Dec. 5 CARFIT AUTO: Claims Registration Period Ends Nov. 28 CATCH UP: Claims Registration Ends November 6 CROSSCOM NETWORKS: Claims Registration Period Ends Nov. 27 HEKA INVESTMENT: Claims Registration Ends November 8 I.B.W. BAU: Claims Registration Period Ends Dec. 7 KIRCHEN HSH: Claims Registration Period Ends Nov. 23 RAINER MEFFERT: Claims Registration Ends November 9 SARA BAU-UND: Claims Registration Period Ends Nov. 27 VISTEON CORP: Sept. 30 Balance Sheet Upside-Down by US$162 Mln ZIMMEREI UND TROCKENBAU: Claims Registration Ends November 23 H U N G A R Y AES CORP: Seeking Regulators' Approval on Two Gas Projects I R E L A N D SANMINA-SCI CORP: Posts US$1.1 Billion Net loss for FY 2007 I T A L Y GOODYEAR TIRE: Earns US$668 Million for Third Quarter 2007 K A Z A K H S T A N SEIMAR ALLIANCE: Moody's Changes Outlook to Neg. on Ba3 Ratings K Y R G Y Z S T A N NEW STAR: Creditors Must File Claims by December 5 L U X E M B O U R G EVRAZ GROUP: Eyes US$2.2 Bln Loan to Repay Part of Current Debt N E T H E R L A N D S GLOBAL POWER: Plan Confirmation Hearing Scheduled on Dec. 20 SENSATA TECH: Third Quarter Net Revenue Up 24.4% to US$357.4MM X5 RETAIL: Acquiring Korzinka Retail Chain for US$115 Million YUKOS FINANCE: Dutch Court Nullifies Bankruptcy Sale P O L A N D AFFILIATED COMPUTER: Cerberus Withdraws Acquisition Offer AFFILIATED COMPUTER: Five Directors Resign on Chairman's Call AFFILIATED COMPUTER: Names Ron Gillette as Sr. Managing Director P O R T U G A L BEARINGPOINT INC: Sarah Beardsley to Lead Comm & Media Practices R U S S I A AGRIINVEST CJSC: Creditors Must File Claims by Dec. 20 BASKOVSKIJ OJSC: Creditors Must File Claims by Dec. 20 BOKSITOGORSKOYE OJSC: Asset Sale Slated for Nov. 26 CREAMERY PONOMAREVSKIJ: Creditors Must File Claims by Dec. 20 EVRAZ GROUP: Eyes US$2.2 Bln Loan to Repay Part of Current Debt GASPOWER SERVICE: Creditors Must File Claims by Nov. 20 GAZPROM NEFT: To Increase Oil Output by 1.5% in 2008 NOVOLYALINSKIJ OJSC: Court Names A. M. Nasyrova as Liquidator PROMENERGOBANK CB: Competitive Proceedings Ongoing SISTEMA-HALS JSC: Starts Trading of Ordinary Shares on RTS TALITSKIJ LLC: Creditors Must File Claims by Dec. 20 UST'-KATAVSKIJ ME: Creditors Must File Claims by Nov. 20 VOLGO-DON INVESTMENT: Creditors Must File Claims by Dec. 20 X5 RETAIL: Acquiring Korzinka Retail Chain for US$115 Million YUKOS OIL: Completes Payment to Bankruptcy Creditors YUKOS OIL: Dutch Court Nullifies Yukos Finance Sale S W I T Z E R L A N D NOVELIS INC: Realm Communications Completes Rebranding NOVELIS INC: Will Invest US$7 Million for Brazilian Plant U K R A I N E IRAIDA LLC: Creditors Must File Claims by November 8 KLESOV MOVABLE 177: Proofs of Claim Filing Ends November 8 TRUST UMAN: Proofs of Claim Filing Ends November 8 VESAMO LLC: Creditors Must File Claims by November 8 WEST LLC: Creditors Must File Claims by November 7 ZOLOTOY KOLOS: Creditors Must File Claims by November 8 U N I T E D K I N G D O M ASCENSION CLOTHING: Appoints J. M. Titley as Liquidator BELLHOUSE & JACKSON: Calls In Liquidators from Tenon Recovery BEN NICHOLSON Daryl Warwick Leads Liquidation Procedure CASHFLOW PARTNERS: Receivers Assure Payment to Minutes Medical CHEYNE FINANCE: Exclusivity Agreement with RBS Lapses COLLINS & AIKMAN: Fee Examiner Files Report FORD MOTOR: UAW Contract Negotiations Continue GREENLAKE LEISURE: Names Ian William Kings Liquidator HIGHLANDS INSURANCE: Names Joint Administrators from PwC ICONIX BRAND: Third Qtr. Net Income Climbs to US$17 Mil. in 2007 ISLE OF CAPRI: Names Donn Mitchell as Senior VP of UK Operations JI SERVICES: Taps Ian Mark Defty to Liquidate Assets KENDLE INT'L: Earns US$3.8 Million for Third Quarter 2007 LONDON PORTRAIT: Brings In Liquidators from Tenon Recovery M.B.N BLAST: Calls In Liquidators from Tenon Recovery MINUTES MEDICAL: Cashflow Partners to Repay Claims in Full REMY WORLDWIDE: Taps Greenberg Traurig as Special Counsel REMY WORLDWIDE: Wants to Hire Ernst & Young as Accountant S. D. F. FABRICATIONS: Joint Liquidators Take Over Operations STRETTON BUSINESS: Names Timothy Colin Hamilton Ball Liquidator VIRGIN MEDIA: Seeks Divestment of BSkyB's Entire 17.9% ITV Stake * BOND PRICING: For the Week Oct. 29 to Nov. 2, 2007 ********* ============= A U S T R I A ============= BUDIM KEG: Claims Registration Period Ends Nov. 20 -------------------------------------------------- Creditors owed money by KEG BUDIM (FN 208318a) have until Nov. 20 to file written proofs of claim to court-appointed estate administrator Ute Toifl at: Dr. Ute Toifl Tuchlauben 12/20 1010 Vienna Austria Tel: 535 46 11 Fax: 535 46 11-11 E-mail: office@thr.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 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. 2 (Bankr. Case No. 28 S 111/07p). DUFFEK VERMOEGENSVERWALTUNGS: Claims Registration Ends Nov. 29 -------------------------------------------------------------- Creditors owed money by KG Duffek Vermoegensverwaltungs (FN 271790t) have until Nov. 29 to file written proofs of claim to court-appointed estate administrator Georg Unger at: Dr. Georg Unger c/o Dr. Arno Maschke Mariahilfer Strasse 50 1070 Vienna Austria Tel: 523 62 00 Fax: 526 72 74 E-mail: office@sup.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:15 a.m. on Dec. 13 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1703 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Oct. 2 (Bankr. Case No. 5 S 114/07k). Arno Maschke represents Dr. Unger in the bankruptcy proceedings. EASY-BAU LLC: Claims Registration Period Ends Nov. 21 ----------------------------------------------------- Creditors owed money by LLC easy-bau (FN 170759t) have until Nov. 21 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 office@anwaltwien.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:30 a.m. on Nov. 5 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1707 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Sept. 28 (Bankr. Case No. 2 S 132/07k). Susi Pariasek represents Mag. Jahns in the bankruptcy proceedings. GZG HANDEL: Claims Registration Period Ends Nov. 27 --------------------------------------------------- Creditors owed money by LLC GZG Handel (FN 281829f) have until Nov. 27 to file written proofs of claim to court-appointed estate administrator Raoul Wagner at: Dr. Raoul Wagner Rathausstrasse 15/4 1010 Vienna Austria Tel: 405 33 82 Fax: 408 84 67 E-mail: rechtsanwalt@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on Dec. 11 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1606 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Oct. 2 (Bankr. Case No. 4 S 113/07f). ISOT HANDEL: Claims Registration Period Ends Nov. 21 ---------------------------------------------------- Creditors owed money by LLC Isot Handel (FN 260025s) have until Nov. 21 to file written proofs of claim to court-appointed estate administrator Arno Maschke at: Dr. Arno Maschke c/o Dr. Georg Unger Mariahilfer Strasse 50 1070 Vienna Austria Tel: 523 62 00 Fax: 526 72 74 E-mail: maschke@sup.at office@sup.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:50 a on Dec. 5 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1707 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Sept. 28 (Bankr. Case No. 2 S 131/07p). Georg Unger represents Dr. Maschke in the bankruptcy proceedings. K & S KARIN: Claims Registration Period Ends Nov. 22 ---------------------------------------------------- Creditors owed money by KEG K & S Karin Eder (FN 233082v) have until Nov. 22 to file written proofs of claim to court-appointed estate administrator Thomas Steiner at: Mag. Thomas Steiner c/o Dr. Renate Steiner Weihburggasse 18-20/50 1010 Vienna Austria Tel: 513 53 63 Fax: 513 53 63 17 E-mail: steiner.steiner@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on Dec. 6 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1707 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Oct. 2 (Bankr. Case No. 2 S 134/07d). Renate Steiner represents Mag. Steiner in the bankruptcy proceedings. NELI DJURDJEVIC: Claims Registration Period Ends Nov. 22 -------------------------------------------------------- Creditors owed money by KEG Neli Djurdjevic (FN 247168h) have until Nov. 22 to file written proofs of claim to court-appointed estate administrator Katharina Widhalm-Budak at: Dr. Katharina Widhalm-Budak c/o Dr. Guenther Hoedl 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 9:15 a.m. on Dec. 6 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1703 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Sept. 28 (Bankr. Case No. 5 S 113/07p). Guenther Hoedl represents Dr. Widhalm-Budak in the bankruptcy proceedings. SUSNJAR LLC: Vienna Court Orders Business Shutdown -------------------------------------------------- The Trade Court of Vienna entered Oct. 3 an order shutting down the business of LLC Susnjar (FN 275970p). Court-appointed estate administrator Matthias Klissenbauer 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. Matthias Klissenbauer c/o Mag. Stefan Jahns Gonzagagasse 15 1010 Vienna Austria Tel: 533 28 55 Fax: 533 28 55 28 E-mail: office@klissenbauer.com kanzlei@jahns.co.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Sept. 25 (Bankr. Case No 6 S 123/07s). Stefan Jahns represents Dr. Klissenbauer in the bankruptcy proceedings. ============= B E L G I U M ============= CHEMTURA CORP: Sells Optical Monomers Business to Acomon AG ----------------------------------------------------------- Chemtura Corporation, in order to place greater focus on its core businesses, has sold its optical monomers business to Acomon AG, an affiliate of Munich-based Auctus Management GmbH & Co. KG in an all-cash transaction for an undisclosed amount. Included in the transaction is Chemtura's Ravenna, Italy manufacturing facility. Proceeds from the sale will be used primarily for debt reduction. "This sale represents continued progress in our portfolio refinement and footprint optimization initiatives," said Chemtura Chairman and CEO Robert L. Wood. "Optical monomers is a very good business that just doesn't fit our portfolio at this time. We are pleased to be transferring the business to a buyer who is interested in growing it, which should benefit both customers and employees," Mr. Wood concluded. Optical monomers are used in a variety of applications, including lenses for eyewear; protection sheets for welding masks and screens; photographic filters; and lab equipment. The optical monomers business being sold had revenues for 2006 of approximately US$35 million and employs approximately 45 people, the majority of whom work in its Ravenna, Italy facility. About Acomon AG Acomon AG, based in Zug, Switzerland, was formed to operate Chemtura's former optical monomers business. Acomon is an affiliate of Auctus Management GmbH & Co. KG, a Munich-based private equity firm. 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%) POPE & TALBOT: Ontario Court Issues Initial Order on CCAA Plea -------------------------------------------------------------- Pope & Talbot, Inc., and its wholly owned subsidiaries sought and obtained an initial order from the Superior Court of Justice (Commercial List) for the Province of Ontario granting them protection from their creditors under the Companies' Creditors Arrangement Act, R.S.C. 1985, c . C-36, as amended. Certain partnerships involving Pope & Talbot are also subject of the Initial CCAA Stay Order: 1. P&T LFP Investment Limited Partnership 2. Pope & Talbot Spearfish Limited Partnership 3. P&T Finance One Limited Partnership 4. P&T Finance Two Limited Partnership Pursuant to the Initial CCAA Stay Order, the Honorable Justice Geoffrey B. Morawetz held that until and including November 23, 2007, no proceeding or enforcement process in any court or tribunal will be commenced or continued against or in respect of the Applicants, the Partnerships or PricewaterhouseCoopers Inc., the Court-appointed Monitor, or affecting the Applicants' business or property except with the written consent of the Applicants, the Partnerships and the Monitor, or with leave of the CCAA Court. All proceedings currently under way against or in respect of the Applicants or the Partnerships are stayed and suspended pending further Court order. Mr. Justice Morawetz enjoined and restrained parties from discontinuing, failing to honor, altering, interfering with, repudiating, terminating or ceasing to perform any right, renewal right, contract, agreement, licence, permit, authorization, franchise or right of way in favor of or held by the Applicants or the Partnerships, during the Stay Period, except with the written consent of the applicable Applicant or Partnership and the Monitor, or leave of the Court. The Canadian Court permitted the Applicants to continue operating their business as debtor companies under the jurisdiction of the Court and in accordance with the applicable provisions of the CCAA and the orders of the Canadian Court. In addition, no proceedings may be commenced or continued against the Applicants' directors and officers. The CCAA Court permitted the Applicants to indemnify their directors and officers from all claims, costs, charges and expenses relating to company operations, except to the extent that an officer or director has actively participated in the breach of any related fiduciary duties or has been grossly negligent or guilty of willful misconduct. The Applicants' directors and officers are entitled to the benefit of and are granted a charge of up to $7,000,000 on the Applicants' property, as security for the indemnity provided. The Directors Charge will have the priority over certain other charges and claims on the Applicants' estate. Pursuant to the Initial Stay Order, the Applicants are required, within seven days, to notify known creditors, other than employees and creditors to which the Applicants owe less than $5,000, of the CCAA filing and the Monitor's contact information. Any interested party seeking modifications to the Initial CCAA Stay Order must file a notice with the CCAA Court prior to November 23, 2007. Headquartered in Portland, Oregon, Pope & Talbot Inc. -- http://www.poptal.com/-- produces pulp and wood based building products from manufacturing facilities located primarily in British Columbia, Canada and with smaller operations in the north western United States. Pacific Rim. The Company's pulp is marketed globally through sales offices in Portland, Oregon, and Brussels, Belgium, and through agency sales offices around the world. Pope & Talbot Sales Europe LLC sells or facilitates the sale of pulp into northern Europe in consideration of a 2% sales commission. P&T Pulp Sales U.S. operates through its own employees as well as third party sales agents, and charges a commission of 0.5% on sales through third party agents or 2% on all other sales. In 2006, roughly 38% of the pulp segment's revenues were derived from sales to Europe, 33% to North America, 26% to Asia and 3% to other markets. The company and its U.S. and Canadian subsidiaries have applied for protection under the Companies' Creditors Arrangement Act of Canada on Oct. 28, 2007. PricewaterhouseCoopers Inc. serves as the Debtors' court-appointed monitor. Sean Dunphy, Esq., Ashley John Taylor, Esq., and Kathy Mah, Esq., of Barristers & Solicitors act as the Debtors' solicitors. POPE & TALBOT: CCAA Case Summary & Restructuring Database --------------------------------------------------------- Applicants filing petitions under the Companies' Creditors Arrangement Act: Pope & Talbot, Ltd. Pope & Talbot, Inc. McKenzie Pulp Land Ltd. P&T Funding Ltd. Penn Timber, Inc. Pope & Talbot Lumber Sales, Inc. Pope & Talbot Pulp Sales U.S., Inc. Pope & Talbot Relocation Services, Inc. P&T Power Company P&T Finance Three LLC CCAA Petition Date: October 28, 2007 Canadian Court: Ontario Superior Court of Justice (Commercial List) 939 University Avenue 10th Floor Toronto, Ontario M5G 1E6 Canadian Judge: Honorable Justice Geoffrey B. Morawetz Applicants' Solicitors: Sean F. Dunphy, Esq. Ashley John Taylor, Esq. Kathy Mah, Esq. Stikeman Elliott LLP Barristers & Solicitors 5300 Commerce Court West 199 Bay Street Toronto, Canada M5L 1B9 Tel: (416) 869-5652 Fax: (416) 947-0866 CCAA Monitor: PricewaterhouseCoopers Inc. POPE & TALBOT: Consolidated Balance Sheet as of June 30, 2007 ------------------------------------------------------------- Pope & Talbot, Inc. Condensed Consolidated Balance Sheets As of June 30, 2007 ASSETS Current assets: Cash and cash equivalents $2,710,000 Restricted cash 1,846,000 Accounts receivable 95,472,000 Inventories 140,399,000 Prepaid expenses 18,921,000 -------------- Total current assets 259,378,000 Properties: Plant and equipment 884,052,000 Accumulated depreciation (513,873,000) -------------- 370,179,000 Land and timber cutting rights 21,256,000 -------------- 391,435,000 Other assets: Deferred charge 25,051,000 Other 31,143,000 -------------- Total other assets $681,956,000 ============== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Book cash overdraft $5,678,000 Current portion of long-term debt 220,997,000 Accounts payable 57,564,000 Accrued payroll and related taxes 25,234,000 Income taxes payable 528,000 Other accrued liabilities 25,672,000 -------------- Total current liabilities 335,673,000 Long-term liabilities: Long-term debt, net of current portion 133,892,000 Deferred income tax liability, net 22,789,000 Pension and post-retirement benefits 91,428,000 Other long-term liabilities 17,304,000 -------------- Total long-term liabilities 265,413,000 Commitments and contingencies Stockholders' equity: Preferred stock - Common stock 17,208,000 Additional paid-in capital 66,403,000 Retained earnings 14,966,000 Common stock held in treasury, at cost (11,950,000) Accumulated other comprehensive income, net of tax: Pension obligations not recognized in net periodic benefit costs (42,034,000) Cumulative transaction adjustment 36,133,000 Financial derivative contracts 144,000 -------------- (5,757,000) -------------- Total stockholders' equity 80,870,000 -------------- Total liabilities and stockholders' equity $681,956,000 Headquartered in Portland, Oregon, Pope & Talbot Inc. -- http://www.poptal.com/-- produces pulp and wood based building products from manufacturing facilities located primarily in British Columbia, Canada and with smaller operations in the north western United States. Pacific Rim. The Company's pulp is marketed globally through sales offices in Portland, Oregon, and Brussels, Belgium, and through agency sales offices around the world. Pope & Talbot Sales Europe LLC sells or facilitates the sale of pulp into northern Europe in consideration of a 2% sales commission. P&T Pulp Sales U.S. operates through its own employees as well as third party sales agents, and charges a commission of 0.5% on sales through third party agents or 2% on all other sales. In 2006, roughly 38% of the pulp segment's revenues were derived from sales to Europe, 33% to North America, 26% to Asia and 3% to other markets. The company and its U.S. and Canadian subsidiaries have applied for protection under the Companies' Creditors Arrangement Act of Canada on Oct. 28, 2007. PricewaterhouseCoopers Inc. serves as the Debtors' court-appointed monitor. Sean Dunphy, Esq., Ashley John Taylor, Esq., and Kathy Mah, Esq., of Barristers & Solicitors act as the Debtors' solicitors. TENNECO INC: Moody's Affirms B1 Corporate Family Rating ------------------------------------------------------- Moody's Investors Service affirmed the ratings of Tenneco Automotive, Inc. -- Corporate Family, B1. In a related action Moody's assigned a B2 rating to Tenneco's new senior unsecured note, and raised the rating on the remaining senior secured second lien debt to Ba3. The ratings were affirmed on the first-lien senior secured credit facilities at Ba1, and on the senior subordinated notes at B3. The rating outlook was revised to positive. The new senior unsecured note will be used to finance Tenneco's announced tender and consent of US$230 million of the outstanding 10.25% senior secured second lien notes. As part of the consent, covenants within the 10.25% senior secured second lien notes indenture will be amended to make them no more restrictive than those that apply to Tenneco's senior subordinated notes. This amendment will provide the opportunity for Tenneco to initiate an internal reorganization which will better align the company's debt with its geographic cash generation, and improve the tax efficiency of its inter-company financing structure. Modest interest savings will also be achieved. The affirmation of the B1 corporate family rating incorporates Tenneco's progress in attaining growth and higher profits over recent quarters through its emissions controls business, which has resulted in generally improved credit metrics. The company's revenue diversity and product breadth should support continued strong performance in the future. These strengths are balanced with increased working capital requirements to support this growth; working capital needs have resulted in negative free cash flow in the current year to date. Moody's will look for management to control working capital as growth continues in 2008. With the redemption of a portion of the company's second lien notes through the issuance of new senior unsecured debt, Tenneco's capital structure will incorporate a greater element of junior debt financing, which results in the upward revision of the rating on the remaining senior secured second lien notes under Moody's Loss Given Default Methodology. The first lien debt already receive maximum notching benefit under the methodology and their rating is unaffected, although the LGD assessment of 12% reflects the improved relative position in the company's capital structure. Tenneco's outlook change to positive reflects the improving operating metrics over the past two quarters driven by the strong growth in the emission control segment, combined with the company's initiative of addressing its higher coupon debt and tax structure inefficiencies. These actions are expected to improve the company's ability to use its geographic diversity to reduce debt over the intermediate term. Liquidity over the next twelve months is expected to be good with availability of US$292 million under the US$550 million revolving credit and cash and cash equivalents of US$203 million as of September 30, 2007. This rating was assigned: -- B2 (LGD4, 64%) rating to the new guaranteed senior unsecured notes due 2015 This rating was raised: -- Ba3 (LGD3, 32%) rating for the remaining 10.25% guaranteed senior secured second-lien notes due 2013 These ratings were affirmed: -- B1 Corporate Family rating; -- B1 Probability of Default rating; -- Ba1 (LGD2, 12%) rating for the US$550.0 million first lien senior secured revolving credit facility; -- Ba1 (LGD2, 12%) rating for the US$150 million first lien senior secured term loan A; -- Ba1 (LGD2, 12%) rating for the US$130 million first lien senior secured term loan B; -- B3 (LGD6, 92%) rating for the 8.625% guaranteed senior subordinated notes due November 2014. The last rating action was on March 2, 2007 when the company's Corporate Family Rating was affirmed. Future events that have potential to drive Tenneco's ratings higher include the continuing improvement in profit levels from higher emission control revenues; and higher levels of free cash flow over the intermediate term resulting in debt reduction. Consideration for a higher rating could arise if any combination of these factors were to lead to EBIT/Interest coverage being sustained at over 2.0x or a reduction in leverage consistently below 4.0x. Future events that have potential to drive Tenneco's outlook or ratings lower include meaningful declines in North American OEM production; the inability to manage working capital usage supporting increased emission control sales resulting in continuing negative free cash flow; or deteriorating liquidity. Consideration for a lower outlook or rating could arise if any combination of these factors were to increase leverage over 5.0x or result in EBIT/Interest coverage approaching 1.5x times. Tenneco, headquartered in Lake Forest, Illinois, is a leading manufacturer of automotive ride control (approx. 37% of sales) and emissions control (approx. 63% of sales) products and systems for both the worldwide original equipment market and aftermarket. Leading brands include Monroe �, Rancho �, and Fric Rot ride control products and Walker � and Gillet emission control products. Annual revenues are approximately US$5.8 billion. The company has operations in Argentina, Japan, and Germany, with its European operations headquartered in Brussels, Belgium. The company has approximately 19,000 employees worldwide. =========== F R A N C E =========== DRESSER-RAND GROUP: Earns US$21.3 Mil. for Third Quarter 2007 ------------------------------------------------------------- Dresser-Rand Group Inc. has reported net income of US$21.3 million, or US$0.25 per diluted share, for the third quarter 2007. This compares to a net income of US$22.9 million, or US$0.27 per diluted share, for the third quarter 2006. Vincent R. Volpe, Jr., President and Chief Executive Officer of Dresser-Rand, said, "Consistent with the information contained in our Oct. 3, 2007 news release, there are two items which affected our third quarter 2007 results. Costs and margin related to deferred sales associated with the work stoppage at our Painted Post facility were approximately US$20 million, which was higher than the originally anticipated range of US$12 to US$18 million. As we continue to hire permanent replacement workers and extend subcontracting, the associated financial impact of the strike will continue to be reduced and we believe will not be of a material nature in 2008." "Additionally, we expected a stronger recovery in aftermarket bookings and shipments than experienced. This shortfall is principally due to a delay attributable to changes in the procurement and budgeting processes of certain national oil company clients. The impact of this shortfall on bookings in the first nine months of 2007, which we believe was one of timing rather than lost market share, was approximately US$43 million compared to the corresponding nine month period in 2006. Excluding the specific national oil companies involved, the rest of the aftermarket bookings have grown from US$531.5 million in 2006 to US$574.4 million in 2007 or 8.1%. We do see signs of recovery with one national oil company with which we are presently negotiating a three year blanket purchase agreement initially valued at approximately US$50 million in aftermarket parts and services. This agreement would essentially pre- approve the operating budget and, thereby, shorten the approval process. We expect this agreement to be signed in the fourth quarter of this year. In light of the above, we believe that the year-to-date aftermarket sales shortfall will be at least partially recovered in the fourth quarter." Market conditions remain strong in both new unit and aftermarket business segments. In the third quarter 2007, total revenues increased 25.5%, bookings increased 2.7% and backlog grew 48.0% over the prior year period. Total revenues for the third quarter 2007 of US$389.3 million increased US$79.0 million or 25.5% compared to US$310.3 million for the third quarter 2006. Total revenues for the nine months ended Sept. 30, 2007, of US$1,144.9 million increased US$119.1 million or 11.6% compared to revenues of US$1,025.8 million for the corresponding period in 2006. Operating income for the third quarter 2007 was US$36.4 million. This compares to operating income of US$48.4 million for the third quarter 2006. Third quarter 2007 operating income decreased from the year ago quarter primarily due to the adverse impact of a work stoppage at the company's Painted Post facility in New York State. The company estimates the work stoppage reduced its operating income for the third quarter 2007 by approximately US$20 million, which includes approximately US$10 million higher costs principally for temporary workers and US$10 million for margin related to deferred sales. Operating income for the nine months ended Sept. 30, 2007, was US$119.4 million. This compares to operating income of US$105.8 million for the corresponding period in 2006. Operating income increased from the year ago nine-month period primarily due to higher sales which was partially offset by the work stoppage at the Painted Post facility. Bookings for the third quarter 2007 were US$496.2 million, which was US$12.9 million or 2.7% higher than the third quarter 2006. Bookings for the nine and twelve months ended Sept. 30, 2007, of US$1,581.0 million and US$2,137.2 million, respectively, were 23.3% and 26.2% higher than the bookings for the corresponding periods ended Sept. 30, 2006. The backlog at the end of September 2007, was US$1,750.8 million or 48.0% higher than the backlog at the end of September 2006 of US$1,183.0 million. New Units Segment New unit revenues for the third quarter 2007 of US$194.0 million compared to US$113.7 for the third quarter 2006. New unit revenues for the nine months ended Sept. 30, 2007, of US$540.6 million compared to US$501.0 million for the corresponding period in 2006. Overall demand for rotating equipment remains strong in all key markets. New unit operating income was US$12.0 million for the third quarter 2007 compared to operating income of US$11.4 million for the third quarter 2006. This segment's operating margin was 6.2% compared to 10.0% for the third quarter 2006. The decrease in this segment's operating results was primarily attributable to the work stoppage at the Painted Post facility. The company estimates the work stoppage reduced this segment's third quarter 2007 operating income by approximately US$8 to US$9 million and its operating margin by approximately 300 to 350 basis points. New unit operating income was US$34.0 million for the nine months ended Sept. 30, 2007, compared to operating income of US$24.7 million for the corresponding period in 2006. This segment's operating margin for the nine months ended Sept. 30, 2007, was 6.3% compared to 4.9% for the corresponding nine month period in 2006. The increases from the corresponding periods in 2006 were attributable to higher sales partially offset by the the work stoppage at the Painted Post facility. The company estimates the work stoppage reduced this segment's operating margin by approximately 100 to 150 basis points for the nine months ended Sept. 30, 2007. Bookings for the three months ended Sept. 30, 2007, of US$285.1 million were 2.8% higher than bookings for the corresponding period in 2006. New unit bookings included a US$33.5 million order for four reciprocating compressors, two centrifugal compressors, and two steam turbines for Valero's refinery expansion projects. Bookings for the nine and twelve months ended Sept. 30, 2007, of US$973.0 million and US$1,300.4 million, respectively, were 44.2% and 46.4% higher than the bookings for the corresponding periods ended Sept. 30, 2006. The backlog at Sept. 30, 2007, of US$1,456.7 million was 61.8% above the US$900.3 million backlog at Sept. 30, 2006. This increase was due to continuing strong worldwide demand for rotating equipment. Aftermarket Parts and Services Segment Aftermarket parts and services revenues for the third quarter 2007 of US$195.3 million compared to US$196.6 for the third quarter 2006. Aftermarket parts and services revenues for the nine months ended Sept. 30, 2007, of US$604.3 million compared to US$524.8 for the corresponding period in 2006. While the market overall continues to be strong, revenues in 2007 have been affected adversely, but the company believes temporarily, by changes in the procurement process and a delay in budget appropriations for certain of the company's national oil company clients. Aftermarket operating income for the third quarter 2007 of US$43.1 million compared to US$51.9 million for the third quarter 2006. This segment's operating margin for the third quarter of 2007 of approximately 22.1% compared to 26.4% for the third quarter 2006. The decrease in this segment's operating results was principally due to the work stoppage at the Painted Post facility. The company estimates the work stoppage reduced this segment's third quarter 2007 operating income by approximately US$11 to 12 million and its operating margin by approximately 400 to 450 basis points. Aftermarket operating income for the nine months ended Sept. 30, 2007, of US$143.2 million compared to US$131.8 million for the corresponding period in 2006. The increase in operating income from the corresponding nine-month period in 2006 was attributable to higher sales for parts and services partially offset by the adverse impact of the work stoppage at the Painted Post facility. This segment's operating margin of approximately 23.7% compared to 25.1% for the corresponding period in 2006. The company estimates the work stoppage reduced this segment's operating margin by approximately 100 to 150 basis points for the nine months ended Sept. 30, 2007. Bookings for the three months ended Sept. 30, 2007, of US$211.1 million were 2.5% above bookings for the corresponding period in 2006 of US$206.0 million. Bookings for the nine and twelve months ended Sept. 30, 2007 of US$608.0 million and US$836.8 million, respectively, compared to bookings of US$607.8 million and US$804.4 million, respectively, for the corresponding periods ended Sept. 30, 2006. Bookings have been affected adversely, but the company believes temporarily, by changes in the procurement process and a delay in budget appropriations for certain of the company's national oil company clients. The backlog at Sept. 30, 2007, of US$294.1 million compared to the backlog of US$282.7 million at Sept. 30, 2006. Liquidity and Capital Resources As of Sept. 30, 2007, cash and cash equivalents totaled US$184.0 million and borrowing availability under the company's US$500 million senior secured credit facility was US$306.6 million, as US$193.4 million was used for outstanding letters of credit. In the first nine months of 2007, cash provided by operating activities was US$187.7 million compared to US$92.1 million for the corresponding period in 2006. The increase of US$95.6 million in net cash provided by operating activities was principally from changes in working capital and improved operating performance. In the first nine months of 2007, capital expenditures totaled US$15.0 million and the company prepaid US$137.1 million of its outstanding indebtedness under its senior secured credit facility. As of Sept. 30, 2007, total debt was US$370.0 million and total debt net of cash and cash equivalents was approximately US$186.0 million. In August 2007, the company amended its senior secured credit facility. The amended credit facility is a five year, US$500 million revolving credit facility. The amendment increased the size of the facility by US$150 million, lowered borrowing costs 50 basis points to LIBOR plus 150 basis points at present leverage and extended the maturity date from Oct. 29, 2009, to Aug. 30, 2012. The amendment also reduced the commitment fee from 37.5 basis points to 30.0 basis points. Painted Post Labor Agreement The labor agreement covering approximately 400 represented employees at the company's Painted Post facility in New York expired Aug. 3, 2007. There was no agreement reached resulting in a continuing work stoppage. The company implemented a multiphase contingency plan that has been designed to allow for uninterrupted service to its clients. The company estimates the work stoppage reduced its operating income for three and nine months ended Sept. 30, 2007, by approximately US$20 million, which includes approximately US$10 million in higher costs, principally for temporary workers, and US$10 million for margin related to deferred sales. While the work stoppage has resulted in higher costs and deferred sales, the company maintains its commitment to the long-term improvement of its operations and believes any short-term adverse impacts to its business are worth incurring for whatever period necessary to meet its long- term objectives. Contingency plan update: 1. Approximately 180 temporary replacement workers have been contracted since the first week of the work stoppage. Temporary workers will be reduced as the company continues recruiting permanent replacement workers and extends subcontracting. 2. The company has begun the process of operating with a permanent workforce in Painted Post, which currently stands at 75 employees. This total includes both recently hired permanent workers and bargaining unit employees who have chosen to return to work. 3. Additionally, another twenty-five applicants have been offered employment and are expected to begin training in early November, bringing the total in-plant permanent workforce to approximately 100. 4. Subcontracting has grown to approximately 35% of Painted Post's labor hours and will continue, replacing the work of approximately 150 people by year-end 2007. 5. Quality products continue to be shipped starting with the second week of the work stoppage. 6. Production capacity will continue to ramp-up due to the above planned actions. Outlook Demand for rotating equipment and aftermarket parts and services continues to be strong but aftermarket bookings and revenues continue to be adversely, but the company believes temporarily, impacted by changes in the procurement process approval cycle and a delay in the budget appropriations for certain of its national oil company clients. The backlog of orders has continued to increase to record levels. At Sept. 30, 2007, 72.4% of the backlog of US$1,750.8 million is scheduled to ship in 2008 and beyond. The company believes that its 2007 operating income will be in the range of US$205 million to US$225 million, including a potential FAS 106 non-cash curtailment gain related to the work stoppage of approximately US$8 million to US$12 million. About Dresser-Rand Group Dresser-Rand Group Inc. (NYSE: DRC) is among the largest suppliers of rotating equipment solutions to the worldwide oil, gas, petrochemical, and process industries. It operates manufacturing facilities in the United States, France, Germany, Norway, India, and Brazil, and maintains a network of 24 service and support centers covering 105 countries. * * * As reported in the Troubled Company Reporter-Latin America on Sept. 7, 2007, Standard & Poor's Ratings Services assigned its bank loan and recovery ratings to the US$500 million senior secured revolving credit facility due 2012 of Dresser-Rand Group Inc. (BB-/Stable/--). DRESSER-RAND GROUP: Inks Alliance Agreement with Repsol YPF ----------------------------------------------------------- Dresser-Rand Group Inc. has signed an alliance agreement with Repsol YPF. The agreement covers sales of all Dresser-Rand products and services. Dresser-Rand estimates the value of the alliance agreement to be approximately US$100 million for products and services over the next two years. One steam turbine project for the Tarragona (Spain) refinery valued at approximately US$13 million was secured in August 2007. Subsequently, in the month of October, two projects for the Petronor Refinery (Bilbao, Spain) have been awarded with a total value of approximately US$20 million. Dresser-Rand will supply one process reciprocating compressor, one DATUM centrifugal compressor and associated services. "We're appreciative of the confidence that Repsol has placed in Dresser- Rand," said Vincent R. Volpe, Jr., president and Chief Executive Officer of Dresser-Rand. "As a new alliance partner, we look forward to working with Repsol to provide value- adding solutions through lowest life cycle cost for new equipment and minimal emissions. We're also pleased to supply equipment to the planned refinery expansions reflecting the continued strength of this market segment, particularly as it relates to expansion in the European market." Repsol-YPF's decision to enter into an alliance with Dresser- Rand was primarily based on the company's technical capability as well as its proposal to reduce Repsol's total cost of ownership of their assets. Repsol-YPF will be able to realize considerable saving by not utilizing an EPC contractor for the final design stages and procurement (after FEED) based on Dresser-Rand's proprietary Corporate Product Configurator and its Price Book e-tools. About Repsol YPF Repsol YPF, S.A. (IBEX: REP) is an integrated Spanish oil and gas company with operations in 29 countries, the bulk of its assets are located in Spain and Argentina. Repsol S.A. is one of the world's ten largest private oil enterprises, employing over 30,000 people worldwide. Repsol YPF operates five refineries in Spain and four in Latin America and produces chemicals, plastics, and polymers. It sells gas under the brands Campsa, Petronor, and Repsol at more than 6,900 service stations in Europe and Latin America. It is one of Spain's largest sellers of liquefied petroleum gas. About Dresser-Rand Group Dresser-Rand Group Inc. (NYSE: DRC) is among the largest suppliers of rotating equipment solutions to the worldwide oil, gas, petrochemical, and process industries. It operates manufacturing facilities in the United States, France, Germany, Norway, India, and Brazil, and maintains a network of 24 service and support centers covering 105 countries. * * * As reported in the Troubled Company Reporter-Latin America on Sept. 7, 2007, Standard & Poor's Ratings Services assigned its bank loan and recovery ratings to the US$500 million senior secured revolving credit facility due 2012 of Dresser-Rand Group Inc. (BB-/Stable/--). GENERAL CABLE: Freeport-McMoran Completes Phelps Dodge Biz Sale --------------------------------------------------------------- Freeport-McMoRan Copper & Gold Inc. has completed the sale of its international wire and cable business, operated in the name of Phelps Dodge International Corporation, to General Cable Corporation for US$735 million. FCX expects to use the proceeds estimated to approximate US$620 million, net of taxes and other transaction costs, to repay debt. General Cable acquired 100% of the shares held by FCX and its subsidiaries in the entities comprising the wire and cable business. PDIC operates factories and distribution centers in 19 countries throughout Latin America, Asia and Africa and is engaged in the manufacturing and distribution of engineered products, principally for the global energy sector. FCX expects to record charges of up to approximately US$20 million (US$12 million to net income) for transaction and related costs associated with the disposition. About Freeport-McMoran Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) -- http://www.fcx.com/-- is an international mining industry leader based in North America with large, long-lived, geographically diverse assets and significant proven and probable reserves of copper, gold and molybdenum. Freeport- McMoRan has one of the most dynamic portfolios of operating, expansion and growth projects in the copper mining industry. The Grasberg mine in Indonesia, the world's largest copper and gold mine in terms of reserves, is the company's key asset. Freeport-McMoRan also operates significant mining operations in North and South America and is developing the world-class Tenke Fungurume project in the Democratic Republic of Congo. The completion of Freeport-McMoran's acquisition further expands the company's global operations. The former Phelps Dodge Corp. has mining operations in Chile, Peru, Colombia, Venezuela and Ecuador, among others. About General Cable Headquartered in Highland Heights, Kentucky, General Cable Corporation (NYSE: BGC) -- http://www.generalcable.com/-- makes aluminum, copper, and fiber-optic wire and cable products. It has three operating segments: industrial and specialty (wire and cable products conduct electrical current for industrial and commercial power and control applications); energy (cables used for low-, medium- and high-voltage power distribution and power transmission products); and communications (wire for low-voltage signals for voice, data, video, and control applications). Brand names include Carol and Brand Rex. It also produces power cables, automotive wire, mining cables, and custom-designed cables for medical equipment and other products. General Cable has locations in China, Australia, France, Brazil, the Dominican Republic and Spain. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 1, 2007, Moody's Investors Service has assigned a rating of B1 to the proposed USUS$400 million senior unsecured convertible notes of General Cable Corporation. As reported in the Troubled Company Reporter on Sept. 19, 2007, Standard & Poor's Ratings Services affirmed its 'BB-' corporate credit rating on General Cable Corp. S&P said the outlook is stable. GENERAL CABLE: Earns US$61.1 Million in 2007 Third Quarter ---------------------------------------------------------- General Cable Corporation has recorded net income of US$61.1 million for the third quarter of 2007, compared to US$37.0 million in the third quarter of 2006. Net sales for the third quarter of 2007 were US$1.1 billion, an increase of US$194.0 million or 20.6% compared to the third quarter of 2006 on a metal-adjusted basis. Without the impact of acquisitions, revenue growth was approximately 12.1% in the third quarter of 2007 compared to 2006. This growth was principally due to the continuing strength of the company's global electrical infrastructure and electric utility businesses, as well as favorable foreign exchange translation, which together more than offset the impact of declining telecommunications and residential construction demand. Revenues from acquired businesses contributed US$80.3 million in the third quarter. The average price per pound of copper in the third quarter was US$3.48, an increase of US$0.02 from the second quarter of 2007, and a decrease of US$0.06 or 1.7% from the third quarter of 2006. The average price per pound of aluminum in the third quarter was US$1.19, a decrease of US$0.09, or 7% from the second quarter of 2007, and equal to the third quarter of 2006. Third quarter 2007 operating income was US$92.3 million compared to operating income of US$65.8 million in the third quarter of 2006, an increase of US$26.5 million or 40.3%. Operating margin was 8.1% in the third quarter of 2007, an increase of approximately 110 basis points from the operating margin percentage of 7.0% in the third quarter of 2006 on a metal- adjusted basis. This improvement was principally due to better price realization in many of the company's product lines, operating improvements in acquired businesses, cost improvements from LEAN initiatives, and approximately US$2.4 million in LIFO gains from the liquidation of lower cost inventory, all of which more than offset the impact of lower capacity utilization rates for certain construction and telecommunications product lines. Included in the earnings results for the third quarter of 2007 was approximately US$0.08 per share of tax benefits resulting from prior year tax provision true-ups. In addition, the 2007 estimated full year effective tax rate has been reduced to 36% as a result of the increasing relative mix of income generated in lower tax rate countries and the impact of effective tax planning strategies. Market Update In North America, revenues increased 9.7% in the third quarter compared to 2006 on a metal-adjusted basis. This top line improvement is net of nearly a 20% drop in metal-adjusted revenues for telecommunications products sold primarily to telephone operating companies. Without the impact of telecommunications products, North American metal-adjusted revenue grew at 16.1% in the third quarter of 2007 compared to 2006. Operating margin has increased by 190 basis points to 8.7%. With the exception of telecommunications products, all North American businesses reported increased revenues and earnings during the third quarter of 2007 compared to the prior year. The company has continued to benefit from its exposure to a wide range of strong end markets including electric utility, electrical infrastructure, networking, and electronics that are more than offsetting continued telecommunications product declines and the impact of a weak housing market on certain utility cable product families. The company is examining its telecommunications footprint in the context of various demand scenarios. European electric utility and electrical infrastructure markets broadly continue to remain robust with the exception of Spanish construction. Operating earnings in the Company's European business grew by 35% to US$36.8 million in the third quarter of 2007 compared to the prior year. Operating margin was 7.5% in the third quarter, equal to the same period in 2006 on a metal adjusted basis. Revenues were up 35% in the quarter on a metal- adjusted basis. Before the impact of acquired businesses and favorable changes in exchange rates, organic growth was 7.5%, despite approximately a 20% decline in demand for cables used in Spanish residential construction since the end of 2006. The company has initiated growth strategies in other European markets for these low voltage products including the European do-it-yourself markets. "The Company's European operations are showing strong results, particularly from businesses recently acquired. NSW is actively developing products for submarine power and long-haul fiber optic communications markets and Silec's high voltage solid dielectric underground cable systems continue to gain momentum globally. Both businesses are booking projects into the 2009 timeframe. At ECN, we are nearing completion of an important technology transfer, which will allow ECN to manufacture the company's trapezoidal design hardened steel core overhead transmission cable. This cable effectively provides about 75% more capacity compared to a similar sized cable of a traditional design, perfect for the congested rights of way in Europe," Gregory B. Kenny, the company's President and Chief Executive Officer, said. Completion of Acquisition The company has completed the acquisition of PDIC from Freeport- McMoRan Copper & Gold Inc. "This is a transformative transaction for General Cable and one that accelerates our globalization plans by many years. The developing economies that are served by PDIC are continuing to grow much faster than the developed world. During the planning process for the integration of this acquisition, the management teams of both General Cable and PDIC have been encouraged by the level of common business philosophies and the opportunities this transaction presents for more efficient utilization of our combined manufacturing capacity, the ability to enter new markets, and improvements in raw material and equipment costs," Mr. Kenny said. In connection with the acquisition of PDIC, the Company recently completed an offering of US$475 million of 1% Senior Convertible Notes due 2012. Proceeds from this offering were used to partially fund the acquisition of PDIC. Additionally, as part of the funding of the acquisition of PDIC, the Company increased the borrowing capacity of its United States revolving asset backed loan from US$300 million to US$400 million, effective Oct. 31, 2007. This increase will provide additional liquidity to fund future acquisitions and internal growth opportunities. Management Announcements The company has announced several management changes effective Nov. 1, 2007, which will align the company's management structure along geographic lines. The company welcomes Mathias Sandoval to General Cable as Executive Vice President and Chief Executive Officer of our combined operations in Latin America, Sub-Saharan Africa and the Middle East/Asia Pacific. This includes the historical General Cable Asia Pacific and Central and South American businesses of the company, as well as Mexico. Domingo Goenaga has been promoted to Executive Vice President and Chief Executive Officer of General Cable Europe and North Africa and will continue in his current capacity. Gregory Lampert has been promoted to Executive Vice President and Group President of the North American Electrical and Communications Infrastructure Group. This business includes products supporting data, telephone, industrial power, assemblies and electronic applications. J. Michael Andrews has been promoted to Executive Vice President and Group President of the North American Energy Infrastructure and Technology Group. This business includes products supporting energy exploration, production, transmission, and distribution applications. Roddy Macdonald has been promoted to Executive Vice President of Global Sales and Business Development. In addition to leading our North American Sales organization, Mr. Macdonald will work with our business and sales leaders around the globe to align our commercial strategies and ensure that we will present one face to global customers across all regions and businesses. Each of these individuals will report directly to Mr. Kenny. "Over the last decade, the General Cable management team has successfully grown the Company from a U.S. centric business focused on communications and construction cables, to a truly international Company with approximately two-thirds of its projected revenues generated outside of the United States and a product range and geographic diversity second to none," Mr. Kenny said. "I expect these leaders to be relentless in their drive for continuous improvement; have the vision to identify new markets and business opportunities before they become popular; and have the strength and wisdom to profitably navigate the Company into the future through all market conditions. I believe we have one of the most thoughtful and energetic management teams in the business that we can continue to leverage as we expand globally." Preferred Stock Dividend In accordance with the terms of the company's 5.75% Series A Convertible Redeemable Preferred Stock, the Board of Directors has declared a regular quarterly preferred stock dividend of approximately US$0.72 per share. The dividend is payable on Nov. 24, 2007, to preferred stockholders of record as of the close of business on Oct. 31, 2007. The company expects the quarterly dividend payment to approximate US$0.1 million Fourth Quarter 2007 Outlook The company continues to benefit from strong global demand for many of our products. The North American Electric Reliability Corporation recently suggested that many regions in North America will fall below their target electricity capacity margins within the next two or three years. Additionally, NERC suggested that planned transmission projects are significantly higher than projected a year ago. The Company believes this assessment supports our view of a continuation of a long-term upgrade cycle for the aging transmission grid. However, demand for low voltage utility products in North America will likely continue to be weak as a result of continued new home construction weakness with particular impact on low voltage distribution products. As a result, the company expects growth in the overall utility segment to moderate. The company will be lowering production levels of certain utility products in North America in the fourth quarter in an effort to better align its production and inventory mix with end market demand, which will have the benefit of increasing operating cash flows. While this will result in some short-term inefficiency in certain manufacturing facilities, overall the Company is expected to grow operating earnings by 20% or more in the fourth quarter compared to the prior year before the benefit of PDIC. Revenues for the fourth quarter without PDIC are expected to be approximately US$1.05 billion, an increase of 12% from the fourth quarter of 2006 on a metal adjusted basis. In addition, PDIC will contribute approximately US$220 million of revenues for the balance of the fourth quarter. For the fourth quarter, the Company expects to report earnings per share of approximately US$0.80 to US$0.85, including estimated contributions from the PDIC operations, the related financing impact, and purchase accounting related expenses. "Looking forward, we are increasing our accretion guidance for 2008 related to the acquisition of PDIC from a range of US$0.20 to US$0.30 to a range of US$0.40 to US$0.50 due to the continuing strength of PDIC's end markets," Mr. Kenny concluded. About General Cable Headquartered in Highland Heights, Kentucky, General Cable Corporation (NYSE: BGC) -- http://www.generalcable.com/-- makes aluminum, copper, and fiber-optic wire and cable products. It has three operating segments: industrial and specialty (wire and cable products conduct electrical current for industrial and commercial power and control applications); energy (cables used for low-, medium- and high-voltage power distribution and power transmission products); and communications (wire for low-voltage signals for voice, data, video, and control applications). Brand names include Carol and Brand Rex. It also produces power cables, automotive wire, mining cables, and custom-designed cables for medical equipment and other products. General Cable has locations in China, Australia, France, Brazil, the Dominican Republic and Spain. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 1, 2007, Moody's Investors Service has assigned a rating of B1 to the proposed USUS$400 million senior unsecured convertible notes of General Cable Corporation. As reported in the Troubled Company Reporter on Sept. 19, 2007, Standard & Poor's Ratings Services affirmed its 'BB-' corporate credit rating on General Cable Corp. S&P said the outlook is stable. GENERAL MOTORS: Investing US$73 Mln in Shreveport Assembly Plant ---------------------------------------------------------------- General Motors confirmed that it will invest US$73 million into its Shreveport, Louisiana truck assembly plant to prepare the plant for production of the all-new HUMMER H3T. "GM�s US$73-million investment in Shreveport is further proof that the community remains an important part of GM�s manufacturing plan," Troy Clarke, GM Group Vice President and GM North America President, said. "The H3T is unique for HUMMER because it is the brand�s first true pickup. Like every HUMMER model, the H3T delivers capabilities unparalleled in the marketplace and will carve out a new niche in the truck market. I�m happy to say that the men and women of Shreveport will be a big part of this new growth." Cal Rapson, UAW vice president and director of the GM Department, also voiced strong support for the project. "This investment is a testament to the members of UAW Local 2166 for their hard work and commitment to build high quality products," Mr. Rapson said. "UAW members at the Shreveport plant are an important part of the team that is bringing this exciting new GM vehicle to the market." Larger than a midsize truck, smaller than a full-size, the H3T delivers attitude, versatility and capability. And more important, with a fully functional truck bed and one of the industry�s broadest range of personalization accessories, the H3T provides a new level of lifestyle functionality to the HUMMER portfolio and will draw new customers into the brand. The H3T is scheduled to arrive in dealerships by third quarter 2008. "I am delighted that GM has once again chosen to increase investments in Louisiana by expanding operations in Shreveport," Governor Blanco said. "Louisiana looks to partner with companies interested in doing business in our state who will not only positively impact the region�s economy with their activity, but will also provide quality jobs with good benefits to our workers. Thank you for helping us move Louisiana forward." In the last several years, GM has invested approximately US$1.5 billion in the Shreveport facility. This investment along with the plant�s annual payroll of US$160 million and annual taxes of US$4.5 million, demonstrates that GM will continue to be an economic force in the local community and state of Louisiana for years to come. Shreveport Assembly has built trucks since 1981, beginning with the Chevy S-10. The plant presently produces the HUMMER H3 and Chevy Colorado and GMC Canyon mid-size pickup trucks. Shreveport Assembly employs approximately 2,100 employees. About General Motors Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- was founded in 1908. GM employs about 280,000 people around the world and manufactures cars and trucks in 33 countries, including the United Kingdom, Germany, France, Russia, Brazil and India. In 2006, nearly 9.1 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. * * * As reported in the Troubled Company Reporter on Oct. 23, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating and other ratings on General Motors Corp. and removed them from CreditWatch with positive implications, where they were placed Sept. 26, 2007, following agreement on the new labor contract. S&P said the outlook is stable. LAZARD LTD: Paying US$0.09 Per Share Quarterly Dividend ------------------------------------------------------- Lazard Ltd.'s Board of Directors has declared a quarterly dividend of US$0.09 per share on its outstanding Class A common stock, payable on Nov. 30, 2007, to stockholders of record on Nov. 9, 2007. Lazard Ltd. (NYSE:LAZ) -- http://www.lazard.com/-- is a preeminent financial advisory and asset management firms, that operates from 32 cities across 16 countries in North America, Europe, Asia, Australia and South America. With origins dating back to 1848, the firm provides advice on mergers and acquisitions, restructuring and capital raising, well as asset management services to corporations, partnerships, institutions, governments, and individuals. The company has locations in Australia, Brazil, China, France, Germany, India, Japan, Korea and Singapore. The company reported total assets of US$2.6 billion, total liabilities of US$2.8 billion, and minority interest at US$55.7 million, resulting in a total stockholders' deficit of US$206.8 million as of March 31, 2007. ============= G E R M A N Y ============= ARTEK-BAUPLANUNG: Claims Registration Period Ends Nov. 26 --------------------------------------------------------- Creditors of Artek-Bauplanung GmbH have until Nov. 26 to register their claims with court-appointed insolvency manager Dr. Sebastian Henneke. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Dec. 17, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Dr. Sebastian Henneke Muelheimer Str. 100 47057 Duisburg Germany The District Court of Duisburg opened bankruptcy proceedings against Artek-Bauplanung GmbH on Oct. 10. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Artek-Bauplanung GmbH Boeckumer Burgweg 26 47259 Duisburg Germany ATL ENGINEERING: Claims Registration Period Ends Dec. 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 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: 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 B.A.U. PROJEKTMANAGEMENT: Claims Registration Ends November 22 -------------------------------------------------------------- Creditors of B.A.U. Projektmanagement GmbH have until Nov. 22 to register their claims with court-appointed insolvency manager Ulrike Hoge-Peters. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Jan. 16, 2008, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Rostock Hall 330 Zochstrasse 18057 Rostock 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: Ulrike Hoge-Peters Rosa-Luxemburg-Strasse 8 18055 Rostock Germany The District Court of Rostock opened bankruptcy proceedings against B.A.U. Projektmanagement GmbH on Oct. 11. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: B.A.U. Projektmanagement GmbH Attn: Rico Kramer, Manager Reiferweg 15 18055 Rostock Germany BAUGESELLSCHAFT BRYGGEMANN: Claims Registration Ends November 22 ---------------------------------------------------------------- Creditors of Baugesellschaft Bryggemann mbH have until Nov. 22 to register their claims with court-appointed insolvency manager Joerg Sievers. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Jan. 16, 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 Stralsund Hall A 421 Fourth Floor House A Frankendamm 17 Stralsund 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: Joerg Sievers Robert-Blum-Str. 1 17489 Greifswald Germany The District Court of Stralsund opened bankruptcy proceedings against Baugesellschaft Bryggemann mbH on Oct. 17. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Baugesellschaft Bryggemann mbH Attn: Frank Ehrke, Manager Neue Strasse 3 18528 Bergen Germany BAYERISCHE VERANSTALUNGS: Claims Registration Ends November 16 -------------------------------------------------------------- Creditors of Bayerische Veranstalungs- und Vergnuegungsgesellschaft GmbH have until Nov. 16 to register their claims with court-appointed insolvency manager Dr. Hans von Gleichenstein. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on Dec. 17, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Munich Meeting Hall 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: Dr. Hans von Gleichenstein Rottmannstr.11a 80333 Munich Germany Tel: 089/5427300 Fax: 089/54273015 The District Court of Munich opened bankruptcy proceedings against Bayerische Veranstalungs- und Vergnuegungsgesellschaft GmbH on Oct. 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bayerische Veranstalungs- und Vergnuegungsgesellschaft GmbH Friedenstr. 10 81671 Munich Germany BURBAT BAU: Claims Registration Period Ends Dec. 5 -------------------------------------------------- Creditors of Burbat Bau GmbH have until Dec. 5 to register their claims with court-appointed insolvency manager Hubertus Bartelheimer. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Jan. 9, 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 Frankfurt (Oder) Hall 401 Muellroser Chaussee 55 15236 Frankfurt (Oder) Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Hubertus Bartelheimer Bernburger Strasse 32 10963 Berlin Germany The District Court of Frankfurt (Oder) opened bankruptcy proceedings against Burbat Bau GmbH on Oct. 11. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Burbat Bau GmbH Stadtweg 5 15374 Muencheberg Germany CARFIT AUTO: Claims Registration Period Ends Nov. 28 ---------------------------------------------------- Creditors of Carfit Auto- Unfall- Klinik GmbH have until Nov. 28 to register their claims with court-appointed insolvency manager Angela Gerigk. Creditors and other interested parties are encouraged to attend the meeting at 1:30 p.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 Essen Meeting Hall 293 Second Floor Zweigertstr. 52 45130 Essen 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: Angela Gerigk Katharinenstr. 7 46282 Dorsten Germany The District Court of Essen opened bankruptcy proceedings against Carfit Auto- Unfall- Klinik GmbH on Oct. 11. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Carfit Auto- Unfall- Klinik GmbH Bruener Strasse 32 46240 Bottrop Germany CATCH UP: Claims Registration Ends November 6 --------------------------------------------- Creditors of CATCH UP Catering GmbH have until Nov. 6 to register their claims with court-appointed insolvency manager Dr. Stephan Schlegel. 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 Darmstadt Hall 4.312 Fourth Floor Building D Mathildenplatz 15 64283 Darmstadt 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. Stephan Schlegel Hauptstrasse 336 65760 Eschborn Germany Tel: 06173/9394-0 Fax: 06173/9394-20 The District Court of Darmstadt opened bankruptcy proceedings against CATCH UP Catering GmbH on Oct. 18. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: CATCH UP Catering GmbH Attn: Martin Mueller, Manager Daimlerweg 6 64293 Darmstadt Germany CROSSCOM NETWORKS: Claims Registration Period Ends Nov. 27 ---------------------------------------------------------- Creditors of Crosscom Networks GmbH have until Nov. 27 to register their claims with court-appointed insolvency manager Dr. Steffen Koch. 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 Reinbek Parkallee 6 21465 Reinbek 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. Steffen Koch Albert-Einstein-Ring 11 22761 Hamburg Germany The District Court of Reinbek opened bankruptcy proceedings against Crosscom Networks GmbH on Oct. 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Crosscom Networks GmbH Attn: Juergen Henning, Manager Schillerstr. 17 23858 Reinfeld Germany HEKA INVESTMENT: Claims Registration Ends November 8 ---------------------------------------------------- Creditors of HEKA Investment GmbH have until Nov. 8 to register their claims with court-appointed insolvency manager Dr. Biner Baehr. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on Nov. 29, 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 Duesseldorf Meeting Hall A 409 Fourth Floor Muehlenstrasse 34 40213 Duesseldorf 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. Biner Baehr Graf-Adolf-Platz 15 40213 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against HEKA Investment GmbH on Oct. 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HEKA Investment GmbH Graf-Adolf-Platz 15 40213 Duesseldorf Germany I.B.W. BAU: Claims Registration Period Ends Dec. 7 -------------------------------------------------- Creditors of I.B.W. Bau GmbH 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 Hall 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 I.B.W. Bau GmbH on Oct. 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: I.B.W. Bau GmbH Attn: Bogdan Slawomir Wojtylak, Manager Situlistr. 72 a 80939 Munich Germany KIRCHEN HSH: Claims Registration Period Ends Nov. 23 ---------------------------------------------------- Creditors of Kirchen HSH Heizung-Sanitar-Haustechnik GmbH have until Nov. 23 to register their claims with court-appointed insolvency manager Bernhard C. Seibel. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Nov. 27, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Trier Hall 63 Justizstrasse 2,4,6 54290 Trier Germany The Court will also verify the claims set out in the insolvency manager's report at 9:35 a.m. on Dec. 11, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Bernhard C. Seibel Boehmerstrasse 16 54290 Trier Germany Tel: 0651/975900 Fax: 0651/9759095 E-mail: info@seibel-partner.de The District Court of Trier opened bankruptcy proceedings against Kirchen HSH Heizung-Sanitar-Haustechnik GmbH on Oct. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kirchen HSH Heizung-Sanitar-Haustechnik GmbH Attn: Hermann Eugen Kirchen, Manager Max-Planck-Strasse 5 54439 Saarburg Germany RAINER MEFFERT: Claims Registration Ends November 9 --------------------------------------------------- Creditors of Rainer Meffert have until Nov. 9 to register their claims with court-appointed insolvency manager Harald Silz. 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 Darmstadt Hall 4.312 Fourth Floor Building D Mathildenplatz 15 64283 Darmstadt 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: Harald Silz Adolfsallee 24 65185 Wiesbaden Germany Tel: 0611-1504-0 Fax: 0611-301774 The District Court of Darmstadt opened bankruptcy proceedings against Rainer Meffert on Oct. 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Rainer Meffert Semmelweisweg 6 65428 Ruesselsheim Germany SARA BAU-UND: Claims Registration Period Ends Nov. 27 ----------------------------------------------------- Creditors of Sara Bau- und Grundstuecksgesellschaft mbH have until Nov. 27 to register their claims with court-appointed insolvency manager Dr. Gideon Boehm. Creditors and other interested parties are encouraged to attend the meeting at 11:00 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 Reinbek Parkallee 6 21465 Reinbek 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. Gideon Boehm Bachstr. 85 a 22083 Hamburg Germany The District Court of Reinbek opened bankruptcy proceedings against Sara Bau- und Grundstuecksgesellschaft mbH on Oct. 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Sara Bau- und Grundstuecksgesellschaft mbH Attn: Klaus-Dieter Behn, Manager Meessen 3 22113 Oststeinbek Germany VISTEON CORP: Sept. 30 Balance Sheet Upside-Down by US$162 Mln -------------------------------------------------------------- Visteon Corporation disclosed Wednesday third quarter 2007 results. The company's consolidated balance sheet at Sept. 30, 2007, showed US$7.119 billion in total assets, US$6.993 billion in total liabilities, and US$288 million in minority interests in consolidated subsidiaries, resulting in a US$162 million total shareholders' deficit. Third quarter 2007 net loss of US$109 million was reduced by US$68 million compared to the third quarter 2006 net loss of US$177 million. Third quarter 2007 results include US$14 million of non-cash asset impairments. EBIT-R of negative US$33 million was an improvement of US$94 million over the negative US$127 million EBIT-R reported in the third quarter 2006. These improvements were primarily driven by favorable cost performance resulting from the company's ongoing restructuring and cost- reduction efforts. EBIT-R represents net loss before net interest expense, provision for income taxes and extraordinary item and excludes impairment of long-lived assets and net unreimbursed restructuring charges. For the third quarter 2007, total sales were US$2.55 billion, including favorable foreign currency of approximately US$100 million. Sales from continuing operations for t