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 12, 2007, Vol. 8, No. 224 Headlines A U S T R I A BUDIM KEG: Vienna Court Orders Business Shutdown GANTNER REISEN: Linz Court Orders Business Shutdown GZG HANDEL: Claims Registration Period Ends Nov. 27 GZG HAUSBAU: Claims Registration Period Ends Nov. 27 PRUCHA LLC: Claims Registration Period Ends Dec. 4 SOPLEX BAU: Claims Registration Period Ends Dec. 4 WFG UND CO: Claims Registration Period Ends Nov. 29 B E L G I U M ARVINMERITOR: Closing North Carolina Operations in Sept. 2008 F R A N C E ALLIANZ GLOBAL: New York Court Recognizes Chapter 15 Petition DELPHI CORP: Disclosure Statement Hearing Continued to Nov. 29 EUROTUNNEL GROUP: To Reconstitute Shareholders' Funds G E R M A N Y BAUKO KOORDINIERUNG: Claims Registration Period Ends Nov. 12 BEDA-DACHBAU GMBH: Claims Registration Period Ends Dec. 13 CHRYSLER LLC: Labor Agreement Does Not Affect Fitch's Rating CONRADY & DOERRE: Claims Registration Period Ends Nov. 16 DEUTSCHES SPORT: Claims Registration Period Ends Dec. 18 DURA AUTOMOTIVE: Court Approves US$425 Million Exit Financing ENERGIEANLAGEN UND TROCKNUNGSWERK: Claims Bar Date Ends Dec. 12 HAFENSTEIN-LEWIS & WENDE: Creditors' Meeting Slated for Nov. 30 INLINE VERWALTUNGS: Claims Registration Period Ends Dec. 23 INSTITUT FUR WIRTSCHAFTSINFORMATION: Claims Period Ends Nov. 23 KOBOLD GMBH: Claims Registration Period Ends Dec. 14 MEDIA PUBLISHING: Claims Registration Period Ends Dec. 7 SCHWARZENRABEN: Creditors' Meeting Slated for November 21 TB BAUUNTERNEHMUNG: Claims Registration Period Ends Dec. 18 WILFRIED FROHBERG: Claims Registration Ends December 19 YOUNES L & G: Creditors' Meeting Slated for November 14 H U N G A R Y AES CORP: Seeking Regulators' Approval on Two Gas Projects I R E L A N D AVEBURY FINANCE: Moody's Cuts Ratings on Two Note Classes CLOVERIE PLC: Moody's Cuts Rating to Ba1 on US$20 Mln Notes SANMINA-SCI CORP: Posts US$1.1 Billion Net loss in Fiscal 2007 I T A L Y ALITALIA SPA: Board Says Baldassare Group Incompatible with Bid K A Z A K H S T A N AK-JOL LLP: Proof of Claim Deadline Slated for Dec. 11 CLONDIKE -AK: Creditors Must File Claims Dec. 11 ORTASH LLP: Claims Filing Period Ends Dec. 11 STEPNOGORSKY ENGINEERING: Creditors' Claims Due on Dec. 11 UJKAPSTROYSERVICE-K LLP: Claims Registration Ends Dec. 11 K Y R G Y Z S T A N LIFE STYLE: Creditors Must File Claims by December 14 N E T H E R L A N D S IMPRESS HOLDINGS: IPO Plans Cue S&P Watch on B+ Ratings PDM CLO I: S&P Rates EUR13.5 Million Class E Notes at BB- P O L A N D ORLEN TRANSPORT: Cracow Court Issues Bankruptcy Declaration R U S S I A CHELYABHYDRAULICFILL CJSC: Creditors Must File Claims by Jan. 3 IZHEVSK OIL: Creditors Must File Claims by Jan. 3 KANELOVSKOYE OJSC: Creditors Must File Claims by Jan. 3 KANSKAYA OJSC: Court Starts Bankruptcy Supervision Procedure PRODUCTION-AND-PROCESS: Creditors Must File Claims by Jan. 3 RAO ROSOILGASSTROY: Court Names L. M. Shervarenkov as Liquidator TONKINSKOYE AUTOENTERPRISE: Asset Sale Slated for Dec. 4 VORONEZHSKAYA LLC: Creditors Must File Claims by Jan. 3 YURYANSKAYA PMK-10: Creditors Must File Claims by Dec. 3 S P A I N FONCAIXA FTGENCAT 5: Moody's Junks EUR26.5 Mln Series D Notes S W E D E N QUEBECOR WORLD: Inks US$341 Million Sell/Merge Deal with RSDB NV VIRANATIVE AB: Swedish Orphan Takes Over Company S W I T Z E R L A N D BW SOFT SUPPORT: Creditors' Liquidation Claims Due by Nov 16 FALEMA JSC: Creditors' Liquidation Claims Due by December 15 INNOWARE JSC: Duebendorf Court Closes Bankruptcy Proceedings MESATEM JSC: Creditors' Liquidation Claims Due by November 16 VILLECOURT JSC: Zug Court Closes Bankruptcy Proceedings T U R K E Y HABAS SINAI: Conservative Financial Policy Cues Fitch's B+ IDR T.C. ZIRAAT BANKASI: Fitch Affirms BB- IDR with Stable Outlook TURKIYE HALK BANKASI: Fitch Affirms BB- IDR on State Support U K R A I N E BUDIVELNYK LLC: Creditors Must File Claims by November 15 CHEMISTRY OJSC: Creditors Must File Claims by November 15 ESMAN: Creditors Must File Claims by November 15 FACTORIYA LLC: Creditors Must File Claims by November 16 LEKS-01 LLC: Creditors Must File Claims by November 15 SOUTH ENERGY: Creditors Must File Claims by November 15 SVITANOK LLC: Creditors Must File Claims by November 15 TRADE-TECHNO LLC: Creditors Must File Claims by November 15 UKRAINA BANK: Liquidator Receives UAH130,000 in September U N I T E D K I N G D O M ALLIANZ INSURANCE: New York Court Recognizes Chapter 15 Petition ANGLO BLACKWELLS: Appoints KPMG as Joint Administrators BAYDALE ARCHITECTURAL: Hires BDO Stoy as Administrators BRITISH AIRWAYS: Baggage Delivery Among Worst, Report Says C. T. PLASTICS: Brings In Liquidators from Tenon Recovery CHROME FUNDING: Moody's May Cut Ba2 Rating After Review COOPER TIRE: Earns US$30 Mln in Third Quarter Ended Sept. 30 DCC REALISATIONS: Names Timothy James Bramston Liquidator FLOORZ LTD: Brings In Administrators from Begbies Traynor G-SQUARE FINANCE: Moody's Cuts Ratings on Two Note Classes GENERAL MOTORS: Posts US$39 Billion Net Loss in Third Quarter GENERAL MOTORS: Moody's Holds Ratings; Changes Outlook to Stable GEORGIAN SCAFFOLDING: Joint Liquidators Take Over Operations GRANGE MILL: Taps Administrators from Tenon Recovery GREYFRIARS INSURANCE: NY Court Recognizes Chapter 15 Petition HEDDINGTON INSURANCE: NY Court Recognizes Chapter 15 Petition KESTREL FUNDING: S&P Cuts Income Notes' Ratings to BB- LOGAN CDO II: Moody's May Cut Ba2 Rating After Review LOGAN CDO III: Moody's May Cut Ba1 Rating After Review MARC CDO I: Moody's May Cut Ba2 Rating After Review METCO PRECISION: Calls In Liquidators from Menzies MITSUI SUMITOMO: New York Court Recognizes Chapter 15 Petition OCEAN MARINE: New York Court Recognizes Chapter 15 Petition OSLO INSURANCE: New York Court Recognizes Chapter 15 Petition PETER WOOD: Taps Liquidators from Deloitte & Touche POP HAIR: Claims Filing Period Ends December 31 POPE & TALBOT: CCAA Stay Order Amended to Allow US Bankr. Filing REMY WORLDWIDE: Gets US$225 Mln Secured DIP Loan From Barclays S R LTD: Calls In Liquidators from Cooper Parry SCO GROUP: Wants to Sell Certain Assets to JGD for US$36 Million SCO GROUP: IBM and Novell Balk at Proposed Asset Sale Procedure SEA INSURANCE: New York Court Recognizes Chapter 15 Petition SOVEREIGN INSURANCE: NY Court Recognizes Chapter 15 Petition SUPREME MEAT: Brings In Liquidators from UHY Hacker Young TECSCREEN LTD: Names Administrators from Vantis TEREX CORP: Acquires Superior Highwall for US$140 Million Cash TEREX CORP: Mulls Issuance of US$500 Mln Sr. Subordinated Notes TOKIO MARINE: New York Court Recognizes Chapter 15 Petition UPSTAIRS LATE: Hires Liquidators from Wilkins Kennedy VIRGIN MEDIA: Narrows Net Loss to GBP61 Mln in Third Qtr. 2007 WATTS AND VOLTS: Appoints Liquidators from Moore Stephens WAUSAU INSURANCE: New York Court Recognizes Chapter 15 Petition * BOND PRICING: For the Week Nov. 5 to Nov. 9, 2007 ********* ============= A U S T R I A ============= BUDIM KEG: Vienna Court Orders Business Shutdown ------------------------------------------------ The Trade Court of Vienna entered Oct. 10 an order shutting down the business of KEG BUDIM (FN 208318a). Court-appointed estate administrator Ute Toifl 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. Ute Toifl Tuchlauben 12/20 1010 Vienna Austria Tel: 535 46 11 Fax: 535 46 11-11 E-mail: office@thr.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Oct. 2 (Bankr. Case No 28 S 111/07p). GANTNER REISEN: Linz Court Orders Business Shutdown --------------------------------------------------- The Land Court of Linz entered Oct. 5 an order shutting down the business of LLC Gantner Reisen (FN 142410b). Court-appointed estate administrator Thomas Kurz 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. Thomas Kurz c/o Mag. Rene Haumer Roseggerstrasse 58 4020 Linz Austria Tel: 0732/78 43 31 Fax: 0732/784331-57 E-mail: manuela.winkelmayr@haslinger-nagele.com Headquartered in Linz, Austria, the Debtor declared bankruptcy on Oct. 4 (Bankr. Case No 38 S 52/07m). Rene Haumer represents Mag. Kurz 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). GZG HAUSBAU: Claims Registration Period Ends Nov. 27 ---------------------------------------------------- Creditors owed money by LLC GZG Hausbau (FN 292424k) have until Nov. 27 to file written proofs of claim to court-appointed estate administrator Eva Riess at: Dr. Eva Riess c/o Dr. Leopold Riess Zeltgasse 3 1080 Vienna Austria Tel: 402 57 01 Fax: 402 57 01 21 E-mail: law@riess.co.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 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 112/07h). Leopold Riess represents Eva Riess in the bankruptcy proceedings. PRUCHA LLC: Claims Registration Period Ends Dec. 4 -------------------------------------------------- Creditors owed money by LLC Prucha (FN 98439p) have until Dec. 4 to file written proofs of claim to court-appointed estate administrator Walter Kainz at: Dr. Walter Kainz c/o Dr. Eva Wexberg Gusshausstrasse 23 1040 Vienna Austria Tel: 505 88 31 Fax: 505 94 64 E-mail: kanzlei@kainz-wexberg.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 12:30 p.m. on Dec. 18 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1701 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Oct. 4 (Bankr. Case No. 6 S 128/07a). Eva Wexberg represents Dr. Kainz in the bankruptcy proceedings. SOPLEX BAU: Claims Registration Period Ends Dec. 4 -------------------------------------------------- Creditors owed money by LLC SOPLEX Bau & Projektmanagement (FN 282872p) have until Dec. 4 to file written proofs of claim to court-appointed estate administrator Christof Stapf at: Dr. Christof Stapf c/o Mag. Michael Neuhauser Esslinggasse 7 1010 Vienna Austria Tel: 90 333 Fax: 90 333 44 E-mail: wien@snwlaw.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 12:45 p.m. on Dec. 18 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1701 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Oct. 5 (Bankr. Case No. 6 S 129/07y). Michael Neuhauser represents Dr. Stapf in the bankruptcy proceedings. WFG UND CO: Claims Registration Period Ends Nov. 29 --------------------------------------------------- Creditors owed money by KEG WFG und Co (FN 218169m) have until Nov. 29 to file written proofs of claim to court-appointed estate administrator Peter Pullez at: Dr. Peter Pullez c/o Dr. Robert Gschwandtner Tuchlauben 8 1010 Vienna Austria Tel: 513 29 79 Fax: 513 29 79 25 E-mail: pullezgschwandtner@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 a.m. on Dec. 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. 9 (Bankr. Case No. 5 S 119/07w). Robert Gschwandtner represents Dr. Pullez in the bankruptcy proceedings. ============= B E L G I U M ============= ARVINMERITOR: Closing North Carolina Operations in Sept. 2008 ------------------------------------------------------------- ArvinMeritor Inc. will close its Commercial Vehicle Systems axle operation in Arden, North Carolina, by September 2008. The closure is part of the restructuring actions in North America and Europe which the company expects to affect 13 plants and 2,800 employees, resulting in an estimated annual run rate savings of US$130-US$140 million by 2012. Operations based in Arden will be transferred to the company's facility in Forest City, North Carolina and to a plant in Monterrey, Mexico. The company intends to begin transferring work in February 2008. Fifty-six employees at the Arden facility were advised of the November 7 closure. Arden employees will transfer to the Fletcher, North Carolina facility. "ArvinMeritor is taking action to optimize its global manufacturing footprint which will enable us to better serve our customers while reducing our cost structure," Wayne Watson, general manager, operations, North America, said. About Arvinmeritor Headquartered in Troy, Michigan, ArvinMeritor Inc. (NYSE: ARM) -- http://www.arvinmeritor.com/-- supplies integrated systems, modules and components to the motor vehicle industry. The company serves light vehicle, commercial truck, trailer and specialty original equipment manufacturers and certain aftermarkets. ArvinMeritor employs about 19,000 people in 25 countries. * * * As reported in the Troubled Company Reporter on Oct. 9, 2007, Fitch Ratings downgraded its ratings on ArvinMeritor Inc. including Issuer Default Rating to 'BB-' from 'BB'; Senior secured revolver to 'BB' from 'BB+'; and Senior unsecured notes to 'B+' from 'BB-'. The rating outlook is negative. Standard & Poor's Ratings Services lowered its corporate credit rating and related ratings on ArvinMeritor Inc. to 'B+' from 'BB-'. The outlook is negative. Moody's Investors Service downgraded ArvinMeritor's Corporate Family Rating to B1 from Ba3 and maintained the outlook at stable. Moody's also lowered its ratings on the company's secured bank obligations (to Ba1, LGD-1, 8% from Baa3, LGD-2, 13%) and unsecured notes (to B2, LGD-4, 63% from B1, LGD-4, 63%). The Probability of Default is changed to B1 from Ba3, while the company's Speculative Grade Liquidity rating remains SGL-2. The outlook is stable. =========== F R A N C E =========== ALLIANZ GLOBAL: New York Court Recognizes Chapter 15 Petition ------------------------------------------------------------- The Hon. James M. Peck of the U.S. Bankruptcy Court for the Southern District of New York entered an ordered recognizing the U.K. scheme proceedings of: 1. Allianz Global Corporate & Specialty (France) 2. Allianz Insurance Plc 3. Greyfriars Insurance Co. Ltd. 4. Heddington Insurance (U.K.) Ltd. 5. Mitsui Sumitomo Insurance Co. (Europe) Ltd. 6. Oslo Reinsurance Co. (U.K.) Ltd. 7. Sovereign Insurance (U.K.) Ltd. 8. The Ocean Marine Insurance Co. Ltd. 9. The Sea Insurance Co. Ltd. 10. Tokio Marine Europe Insurance, Ltd. 11. Wausau Insurance Co. (U.K.) Ltd. The Debtors are subject to a scheme of arrangement proceeding in the High Court of Justice of England and Wales. The Scheme became effective for each of the Scheme Companies on Oct. 10, 2007. The Court also granted the motion for permanent injunction filed by PRO Insurance Solutions Ltd. as foreign representative of the scheme companies. On Sept. 18, 2007, PRO Insurance Solutions Limited, as petitioner filed chapter 15 petitions for the scheme companies. The Debtors, with certain other insurance companies, underwrote insurance and reinsurance business in pooling arrangements through Willis Faber (Underwriting Management) Ltd. and affiliates. The group underwrote risks until the end of 1991, when they ceased accepting new business and went into run-off. Howard Seife, Esq., and Francisco Vazquez, Esq., at Chadbourne & Parke LLP, and Ken Coleman, Esq., and Stephen Doody, Esq., at Allen & Overy, LLP, represent PRO Insurance. DELPHI CORP: Disclosure Statement Hearing Continued to Nov. 29 -------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York has agreed to continue until Nov. 29 a hearing previously scheduled for Nov. 8 to consider potential amendments to Delphi Corp. and its debtor-affiliates' Joint Plan of Reorganization and related Disclosure Statement as well as an amendment to the company's Investment Agreement. As reported in the Troubled Company Reporter on Nov. 6, 2007, Delphi Corp. asked the Court to adjourn until later this month a hearing currently scheduled for Nov. 8. The purpose of the adjournment is to continue discussions with Delphi's Statutory Committees, both of which filed objections on Nov. 2 to the Disclosure Statement and Investment Agreement amendment approval motions, and other stakeholders, some of which also filed objections. Consistent with the company's expectations previously disclosed, the conditions to the effectiveness of the Investment Agreement amendment reported on Oct. 30 were not satisfied prior to the Nov. 8 scheduled hearing. As a result, Delphi's Plan Investors are no longer obligated to execute the Oct. 30 amendment, although the underlying Investment Agreement remains effective in accordance with its terms as approved by the Bankruptcy Court in August 2007. The adjournment, which was approved by the Bankruptcy Court on Nov. 7, will permit the company to continue discussions with its principal stakeholders, including Delphi's Statutory Committees, Plan Investors and General Motors Corp. In order to proceed with the Nov. 29 hearings, the Bankruptcy Court's supplemental scheduling order requires Delphi to use commercially reasonable efforts to file additional potential amendments to the Company's Disclosure Statement, Plan of Reorganization, Investment Agreement with the Plan Investors and Global Settlement Agreement with GM by Nov. 16. Delphi continues to expect that it will emerge from chapter 11 during the first quarter of 2008. About Delphi Corp. Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of Mar. 31, 2007, the Debtors' balance sheet showed $11,446,000,000 in total assets and $23,851,000,000 in total debts. The Debtors' exclusive plan-filing period expires on Dec. 31, 2007. On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan of Reorganization and a Disclosure Statement explaining that Plan. (Delphi Bankruptcy News, Issue No. 95; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). EUROTUNNEL GROUP: To Reconstitute Shareholders' Funds ----------------------------------------------------- The board of Eurotunnel Group (aka Groupe Eurotunnel S.A.) decided on Nov. 7, 2007, to proceed with the reconstitution of shareholders' funds in its subsidiaries, TNU SA and TNU PLC (fka Eurotunnel SA and Eurotunnel Plc), as part of the implementation of its safeguard plan. This technical operation will take the form of an intragroup recapitalization of TNU PLC and TNU SA to an amount of EUR2.574 billion, carried out by set off against the old Tier 3 debt held by Eurotunnel Group U.K. Plc, leading to a strong decrease in the percentage of capital held by shareholders who did not tender their shares to the offer. Extraordinary General Meetings of TNU PLC and TNU SA shareholders will be held on Dec. 21, 2007 in Coquelles, France to approve this technical operation. Notice of meetings will shortly be published and sent in the appropriate form and according to the regulatory legislation. About Eurotunnel Headquartered in Folkestone, United Kingdom and Calais, France, Eurotunnel Group (aka Groupe Eurotunnel S.A.) -- http://www.eurotunnel.co.uk/-- operates a fleet of 25 shuttle trains, which carry cars, coaches and trucks. It manages the infrastructure of the Channel Tunnel and receives toll revenues from train operating companies whose trains pass through the Tunnel. The British and French governments have granted Eurotunnel a concession to operate the Channel Tunnel until 2086. Eurotunnel Group files reports in the U.S. Securities and Exchange Commission under the names of Eurotunnel PLC (ETNUF.PK) and Eurotunnel S.A. (ETTFF.PK). At Dec. 31, 2006, Eurotunnel's balance sheet showed GBP5.25 billion in total assets, GBP6.56 billion in total liabilities and GBP1.32 billion in shareholders' deficit. Safeguard Protection Eurotunnel obtained Aug. 2, 2006, an order placing the channel operator under the protection of the Court pursuant to the new safeguard legislation (Procedure de sauvegarde). At the end of 2006, the group's creditors and bondholders approved a plan to decrease its GBP6.2 billion debt to GBP2.84 billion. On Jan. 15, 2007, the Court approved Eurotunnel's safeguard plan, backed by the court-appointed representatives to the company and to the creditors. For the first half ended June 30, 2007, Group Eurotunnel posted net loss of EUR32 million compared with a net loss of EUR105 million for the same period in 2006. Since the completion at the end of June 2007 of the exchange tender offer launched by Groupe Eurotunnel SA, TNU SA and TNU PLC (fka Eurotunnel S.A. and Eurotunnel Plc) and their subsidiaries TNU became a subsidiary of Groupe Eurotunnel SA. ============= G E R M A N Y ============= BAUKO KOORDINIERUNG: Claims Registration Period Ends Nov. 12 ------------------------------------------------------------ Creditors of BAUKO Koordinierung und Verwertung von Immobilien GmbHhave until Nov. 12 to register their claims with court- appointed insolvency manager Ulrich Bert. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.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 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: Ulrich Bert Birkenweg 24 64295 Darmstadt Germany Tel: 06151/66729-0 Fax: 06151/66729-20 E-Mail: darmstadt@ltb-anwaelte.de The District Court of Darmstadt opened bankruptcy proceedings against BAUKO Koordinierung und Verwertung von Immobilien GmbH on Oct. 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BAUKO Koordinierung und Verwertung von Immobilien GmbH Attn: Christoph Wackerbarth, Manager Jahnstr. 6 64347 Griesheim Germany BEDA-DACHBAU GMBH: Claims Registration Period Ends Dec. 13 ---------------------------------------------------------- Creditors of Beda-Dachbau GmbH have until Dec. 13 to register their claims with court-appointed insolvency manager Rolf Nacke. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Jan. 17, 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: Rolf Nacke Gross-Berliner Damm 73 c 12487 Berlin Germany The District Court of Frankfurt (Oder) opened bankruptcy proceedings against Beda-Dachbau GmbH on Oct. 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Beda-Dachbau GmbH Karl-Liebknecht-Str. 18 15562 Ruedersdorf Germany CHRYSLER LLC: Labor Agreement Does Not Affect Fitch's Rating ------------------------------------------------------------ Chrysler LLC's Issuer Default Rating 'B+'; Outlook Stable are unaffected by the recent ratification of a new labor agreement with the United Auto Workers. The rating of 'BB+/RR1' on the US$7.5 billion first-lien senior secured term loan, as well as the US$2 billion senior secured second-lien term loan, based on expectations of full recovery in a stress scenario, is likewise unaffected. Ratings for Chrysler reflect the intense competitive conditions in the North American auto market, an uncertain U.S. economic outlook entering 2008, declining market share, an unbalanced product mix, stresses in the supply base, high leverage in a high fixed-cost industry, and an ongoing restructuring program. Positives include the cost benefits and improved competitive position to be derived from the new UAW contract, Chrysler's relative success across a number of product segments, the benefits of its relationship with Daimler AG and international growth opportunities. Fitch Ratings believes weakening economic growth in the U.S. has created an increasingly uncertain outlook for industry sales in 2008. In particular, the key pickup truck market will continue to be affected by depressed housing market conditions. Coupled with the pruning of its product line and a targeted reduction in fleet sales, share losses may continue and Chrysler will be challenged to halt revenue declines. Depending on the extent of the expected drop in industry sales, Chrysler will be challenged to reverse negative cash flows when factoring in restructuring costs. Incremental flexibility resulting from the new UAW contract, however, will allow Chrysler greater flexibility to size its production and costs to market conditions, thereby reducing downside risks and cash drains in a downturn. Nevertheless, the current product pipeline -- including new minivans and the 2008 introductions of the Journey crossover, the Dodge Ram pickup and the low-volume, high-profile Challenger -- will help to support revenues and retail market share through 2008 and into early 2009. Although the minivan market continues to decline, the exit of Ford Motor Company (IDR of 'B' with a Negative Outlook) and General Motors Corp. (IDR of 'B' with a Negative Outlook) from this market, and new features provided by the new Dodge and Chrysler offerings could further augment its market leading position. The new Journey crossover is aimed at one of the most rapidly-growing segments of the market where Ford and GM have both enjoyed recent success. Although the pickup truck market is not expected to rebound significantly through 2008, in line with expectations for the housing market, the numerous difficulties surrounding the Toyota Tundra launch lend confidence to the ability of the Detroit 3 to defend this highly-profitable segment. Dodge's new pickup offerings will also include a light-duty diesel product. Continuing double-digit growth in export sales will also provide marginal support to consolidated revenues. Quality issues remain a concern. The new UAW contract will help Chrysler transition to a more competitive wage and benefit structure over the next several years, although a structural cost gap will still remain versus the transplants. The most significant cost savings will derive from a reduction in the hourly work force of approximately 30% from December 2006 to December 2008, along with a transition of as much as 20% of the remaining U.S. hourly workforce to lower wage and benefit levels. This could result in a longer-term reduction in consolidated wage and benefit costs by more than a third when factoring in temporary workers. The transition of new hires to defined contribution pension and health care programs also reduces longer-term structural risks. Reductions in the hourly workforce have been accompanied by commensurate reductions in salaried and contract workers. Nevertheless, transplant manufacturers will retain a meaningful cost advantage resulting from platform and parts commonality, flexible manufacturing capability, capital investment efficiency and quality. The establishment of a VEBA, and the associated transfer of healthcare liabilities represents a significant transfer of medical cost inflation risk from Chrysler to the UAW. The funding of the VEBA through a combination of existing VEBA funds, wage and Cost of Living Allowance allocation transfers, and debt was prudently funded to preserve required operating liquidity at Chrysler. The benefits, which will begin to be realized until 2010, are significant in relation to the upfront funding requirements. Net liquidity, however, may be modestly reduced, during a period of industry uncertainty. Chrysler's market share has held up relatively well versus Ford and GM over the past seven years, although sales performance has been habitually boosted through over-production, incentives and higher fleet sales. Relatively moderate declines in market share have resulted from better performance across a number of product segments, which has aided capacity utilization and resulted in more modest capacity cutbacks than at Ford and GM. (Chrysler currently has one assembly plant scheduled for closure.) As a result, cost reductions should more directly translate into improved margin and cash flow performance. In a more favorable industry environment then currently projected the combination of Chrysler's product performance and material cost reductions could put Chrysler on a path to positive cash flow. Chrysler's sales outside NAFTA (approximately 8% in 2006) is growing rapidly and could represent an important factor in sustaining capacity utilization if export growth continues at its current pace. Fitch believes the current U.S. dollar weakness could also support further export market gains. The relationship with Daimler AG (which retains a 19.8% ownership stake in Chrysler) remains an important factor in the rating. Although cost synergies did not materialize to the extent forecasted following the merger of the two entities, joint programs involving platform consolidation, parts commonality, purchasing initiatives, research and development, etc. remain intact and are expected to result in achievement of variable cost reductions over the longer term. Access to Daimler powertrain, safety, emission and other technologies provides R&D scale that Chrylser would otherwise lack, and which is critical to remaining globally competitive. In particular, access to Daimler's diesel technology could represent an important competitive advantage as diesel products gain traction in North America, as expected. Strategically, Chrysler has displayed an 'asset-lite' approach to its expansion plans. Chrysler has demonstrated this approach by contracting out manufacturing of its vehicles in Europe, utilizing its North American capacity to manufacturer non- Chrysler brands, and outsourcing on-site non-assembly operations. Fitch expects that Chrysler will continue to leverage its brands, engineering and design, technologies and products to expand its global presence through joint-ventures, alliances, etc. in a capital efficient manner. Chrysler's joint-venture with China-based Chery, expected to eventually manufacture exports to the U.S., is consistent with this strategy. Over the intermediate term, legislative and regulatory risks across a wide spectrum of issues are rising, which could lead to changes in consumer demand, cost competitiveness, product standards, investment requirements, etc. Issues include fuel efficiency requirements, emissions standards, safety standards, tax policies and free-trade policies, etc. The majority of which could adversely impact operating performance at Chrysler. Fitch's rating of 'BB+/RR1' on the first-lien and second-lien portions of the term loan reflects expectations of full recovery in the event of a restructuring event. The loans are secured by substantially all of Chrysler's tangible and intangible assets and is subject to a borrowing base. Fitch's recovery methodology model incorporates a scenario of materially reduced market share and revenues, a continuation of manufacturing operations, and a high level of cash remaining on the balance sheet to finance ongoing working capital obligations. Recovery values, as has been the pattern in the auto parts sector, reflect the substantial savings in wages, benefits, asset rationalization and other fixed costs than can be realized as part of the restructuring process. Fitch views Chrysler's gains in plant efficiency, the core strength of certain product lines, and the value of certain brands (particularly Jeep) and a growing global presence would lead to continued production by these plants, thereby enhancing the emerging enterprise value and supplementing recovery values obtained from other working capital and physical assets. Although Chrysler Financial remains a separate legal entity, incentives exist for Cerberus to keep Chrysler capitalized in order to retain the value and viability of Chrysler Financial. CONRADY & DOERRE: Claims Registration Period Ends Nov. 16 --------------------------------------------------------- Creditors of Conrady & Doerre Bau GmbH have until Nov. 16 to register their claims with court-appointed insolvency manager Ulrich Hauter. Creditors and other interested parties are encouraged to attend the meeting at 10:20 a.m. on Dec. 13, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Muehlhausen Hall 91 Untermarkt 17 Muehlhausen 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: Ulrich Hauter Untermarkt 12 Muehlhausen Germany The District Court of Muehlhausen opened bankruptcy proceedings against Conrady & Doerre Bau GmbH on Oct. 8. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Conrady & Doerre Bau GmbH Attn: Ulrich Conrady und Reiner Doerre, Managers Sommerbergstrasse 01 37339 Worbis Germany DEUTSCHES SPORT: Claims Registration Period Ends Dec. 18 -------------------------------------------------------- Creditors of Deutsches Sport und Olympia Museum Gastronomie und Event GmbH have until Dec. 18 to register their claims with court-appointed insolvency manager Klaus Bollig. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on Jan. 15, 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 Cologne Meeting Hall 142 First Floor Luxemburger Strasse 101 50939 Cologne 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: Klaus Bollig Duerener Str. 189 50931 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against Deutsches Sport und Olympia Museum Gastronomie und Event GmbH on Oct. 10. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Deutsches Sport und Olympia Museum Gastronomie und Event GmbH Buschgasse 24 50678 Cologne Germany DURA AUTOMOTIVE: Court Approves US$425 Million Exit Financing ------------------------------------------------------------- DURA Automotive Systems Inc. and its debtor-affiliates sought and obtained approval from the U.S. Bankruptcy Court for the District of Delaware of an engagement letter and a fee letter entered into with Goldman Sachs Credit Partners, L.P., and Barclays Capital, the investment banking division of Barclays Bank, PLC, for a US$425 million financing to emerge from Chapter 11. DURA expects US$300 million of the loan to be funded on the effective date of its Plan of Reorganization. The Court has approved the Engagement Letter and the Fee Letter in all respects. The Court's order did not specify whether the U.S. Trustee's concerns were addressed. Pursuant to the Engagement Letter, Goldman Sachs and Barclays, as arrangers, have offered to syndicate exit financing for Dura Operating Corp.: (a) a senior secured revolving credit facility in an amount up to US$125 million; (b) a senior secured first-lien tranche B term loan facility in amount up to US$225 million; and (c) a senior secured second-lien term loan facility in an amount up to US$75 million. Goldman Sachs will be the administrative agent for the First Lien Term Facility, and Barclays Capital will be administrative agent for the Revolving Facility. Jason M. Madron, Esq., at Richards, Layton & Finger, P.A., in Wilmington, Delaware, noted that the Debtors' emergence from bankruptcy is predicated on funding from two key sources -- the exit facility and the US$140 million to US$160 million rights offering backstopped by Pacificor, LLC. The backstop deal with Pacificor has already been approved by the Court. The Debtors, with the assistance of their investment banker, Miller Buckfire & Co., initiated discussions with, and solicited exit financing proposals from, a variety of potential exit lenders. The Debtors have decided to pursue a joint proposal from Goldman Sachs and Barclays. The Debtors are not yet seeking approval of the exit financing. The documents submitted for the Bankruptcy Court's approval do not constitute not a commitment, and do not oblige the Barclays and Goldman Sachs, or their affiliates to provide the exit facility or any other financing. The Debtors only sought Judge Kevin Carey's approval to pay fees and reimburse the expenses of, and to grant indemnification to, the Arrangers. The Debtors did not specify the fees to be paid to the Arrangers or the amount of expenses they will reimburse. The Debtors have redacted the Fee Letter filed with the Court. The Debtors said that the indemnification, fees and expense reimbursements are necessary to compensate the Arrangers for their time and efforts in soliciting lender interest for the exit facility and are customary for transactions of similar nature. The Debtors asked the Court hear their proposal on an expedited basis and have scheduled a November 8 hearing on the matter. The Debtors' proposal faced opposition from the U.S. Trustee. Kelly Beaudin Stapleton, the United States Trustee for Region 3, warned that the Debtors may be improperly retaining Barclays, et al., as estate professionals under Section 327(a) of the Bankruptcy Code. She said that it appears that Barclays, et al., have been tasked to act as investment bankers with respect to the exit facility when the Debtors have employed Miller Buckfire as their investment bankers. The U.S. Trustee also disputed the filing of the Fee Letter under seal on grounds that it stops the public from viewing certain economic terms of the arrangement. About DURA Automotive Based in Rochester Hills, Michigan, DURA Automotive Systems Inc. (Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent designer and manufacturer of driver control systems, seating control systems, glass systems, engineered assemblies, structural door modules and exterior trim systems for the global automotive industry. The company is also a supplier of similar products to the recreation vehicle and specialty vehicle industries. DURA sells its automotive products to North American, Japanese and European original equipment manufacturers and other automotive suppliers. The company has three locations in Asia -- China, Japan and Korea. It has locations in Europe and Latin-America, particularly in Mexico, Germany and the United Kingdom. The Debtors filed for chapter 11 petition on Oct. 30, 2006 (Bankr. D. Del. Case No. 06-11202). Richard M. Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel for the Debtors' bankruptcy proceedings. Mark D. Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are the Debtors' co- counsel. Baker & McKenzie acts as the Debtors' special counsel. Togut, Segal & Segal LLP is the Debtors' conflicts counsel. Miller Buckfire & Co., LLC is the Debtors' investment banker. Glass & Associates Inc., gives financial advice to the Debtor. Kurtzman Carson Consultants LLC handles the notice, claims and balloting for the Debtors and Brunswick Group LLC acts as their Corporate Communications Consultants for the Debtors. As of July 2, 2006, the Debtor had $1,993,178,000 in total assets and $1,730,758,000 in total liabilities. The Debtors' exclusive plan-filing period expired on Sept. 30, 2007. On Aug. 22, 2007, the Debtors' filed their Plan of Reorganization and the Disclosure Statement explaining that Plan was approved on Oct. 3, 2007. The hearing to consider confirmation of the plan is set for Nov. 26, 2007. (Dura Automotive Bankruptcy News, Issue No. 36; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). ENERGIEANLAGEN UND TROCKNUNGSWERK: Claims Bar Date Ends Dec. 12 --------------------------------------------------------------- Creditors of Energieanlagen und Trocknungswerk Gransee GmbH have until Dec. 12 to register their claims with court-appointed insolvency manager Sebastian Laboga. 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 Neuruppin Hall 325 Karl-Marx-Strasse 18a 16816 Neuruppin 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: Sebastian Laboga Einemstrasse 24 10785 Berlin Germany The District Court of Neuruppin opened bankruptcy proceedings against Energieanlagen und Trocknungswerk Gransee GmbH on Oct. 17. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Energieanlagen und Trocknungswerk Gransee GmbH Attn: Walter Kirchner, Manager Strelitzer Strasse 10 16775 Gransee Germany HAFENSTEIN-LEWIS & WENDE: Creditors' Meeting Slated for Nov. 30 --------------------------------------------------------------- The court-appointed insolvency manager for Hafenstein-Lewis & Wende Malerei GmbH, Thomas Kuehn, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:45 a.m. on Nov. 30. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 10:35 a.m. on Jan. 25, 2008 at the same venue. Creditors have until Dec. 30 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Thomas Kuehn Luetzowstr. 100 10785 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Hafenstein-Lewis & Wende Malerei GmbH on Sept. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hafenstein-Lewis & Wende Malerei GmbH Kochannstr. 13a 10249 Berlin Germany INLINE VERWALTUNGS: Claims Registration Period Ends Dec. 23 ----------------------------------------------------------- Creditors of InLine Verwaltungs-, Beteiligungs- und Betriebs GmbH have until Dec. 23 to register their claims with court- appointed insolvency manager Dr. Sabine Feuerborn. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on Jan. 15, 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 Cologne Meeting Hall 142 First Floor Luxemburger Strasse 101 50939 Cologne 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. Sabine Feuerborn Else-Lang-Str. 1 50858 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against InLine Verwaltungs-, Beteiligungs- und Betriebs GmbH on Oct. 17. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: InLine Verwaltungs-, Beteiligungs- und Betriebs GmbH Viersener Str. 3 50733 Cologne Germany INSTITUT FUR WIRTSCHAFTSINFORMATION: Claims Period Ends Nov. 23 --------------------------------------------------------------- Creditors of Institut fur Wirtschaftsinformation GmbH have until Nov. 23 to register their claims with court-appointed insolvency manager Steuerberater Ruediger Berkhan. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Goslar House 2 Kaiserbleek 8 38640 Goslar 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: Steuerberater Ruediger Berkhan Braunschwei-ger Str. 15a D 38723 Seesen Germany Tel: 05381/9356-0 Fax: 05381/935644 The District Court of Goslar opened bankruptcy proceedings against Institut fur Wirtschaftsinformation GmbH on Oct. 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Institut fur Wirtschaftsinformation GmbH Attn: Marlis Bredow, Manager Oberdorf 23 38729 Hahausen Germany KOBOLD GMBH: Claims Registration Period Ends Dec. 14 ---------------------------------------------------- Creditors of Kobold GmbH have until Dec. 14 to register their claims with court-appointed insolvency manager Florian Fuechsl. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 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: Florian Fuechsl Leopoldstr. 139 80804 Munich Germany Tel: 089/3619300 Fax: 089/361930199 The District Court of Munich opened bankruptcy proceedings against Kobold GmbH on Oct. 17. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kobold GmbH Attn: Hawjin Diyar, Manager Edelsbergstr. 8 80686 Munich Germany MEDIA PUBLISHING: Claims Registration Period Ends Dec. 7 -------------------------------------------------------- Creditors of media publishing GmbH & Co. KG have until Dec. 7 to register their claims with court-appointed insolvency manager Steffen Beck. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Jan. 15, 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 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: Steffen Beck Breitscheidstr. 10 70174 Stuttgart Germany Tel: 0711/25 25 660 Fax: 0711/25 25 66 66 The District Court of Stuttgart opened bankruptcy proceedings against media publishing GmbH & Co. KG on Oct. 18. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: media publishing GmbH & Co. KG Dornhaldenstr. 6 70199 Stuttgart Germany SCHWARZENRABEN: Creditors' Meeting Slated for November 21 --------------------------------------------------------- The court-appointed insolvency manager for Schwarzenraben Gaststatten-Betriebsgesellschaft mbH, Dr. Christoph Schulte- Kaubruegger will present his first report on the Company's insolvency proceedings at a creditors' meeting at 11:50 a.m. on Nov. 21. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 11:35 a.m. on Feb. 27 at the same venue. Creditors have until Dec. 31 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Christoph Schulte-Kaubruegger Genthiner Str. 48 10785 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Schwarzenraben Gaststatten- Betriebsgesellschaft mbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Schwarzenraben Gaststatten-Betriebsgesellschaft mbH Neue Schoenhauser Strasse 13 10178 Berlin Germany TB BAUUNTERNEHMUNG: Claims Registration Period Ends Dec. 18 ----------------------------------------------------------- Creditors of TB Bauunternehmung GmbH have until Dec. 18 to register their claims with court-appointed insolvency manager Torsten Gutmann. Creditors and other interested parties are encouraged to attend the meeting on Jan. 17, 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 Hannover Hall 226 Second Upper Floor Service Bldg. Hamburger Allee 26 30161 Hannover 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 Kriegerstrasse 44 30161 Hannover Germany Tel: 0511 2206268-0 Fax: 0511 2206268-9 The District Court of Hannover opened bankruptcy proceedings against TB Bauunternehmung GmbH on Oct. 19. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: TB Bauunternehmung GmbH Hagebuttenweg 11 31535 Neustadt Germany WILFRIED FROHBERG: Claims Registration Ends December 19 ------------------------------------------------------- Creditors of Wilfried Frohberg Dachdeckerei und Bauklempnerei GmbH have until Dec. 19 to register their claims with court- appointed insolvency manager Steffi Radack-Mueller. 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 her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Potsdam Hall 301 Third Floor Nebenstelle Lindenstrasse 6 14467 Potsdam 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: Steffi Radack-Mueller Franzoesische Strasse 9-12 10117 Berlin Germany The District Court of Potsdam opened bankruptcy proceedings against Wilfried Frohberg Dachdeckerei und Bauklempnerei GmbH on Oct. 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Wilfried Frohberg Dachdeckerei und Bauklempnerei GmbH Kanal 9 14467 Potsdam Germany YOUNES L & G: Creditors' Meeting Slated for November 14 ------------------------------------------------------- The court-appointed insolvency manager for Younes L & G Handels GmbH, Stephan Mitlehner will present his first report on the Company's insolvency proceedings at a creditors' meeting at 12:10 p.m. on Nov. 14. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 11:30 a.m. on Feb. 27 at the same venue. Creditors have until Dec. 31 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Stephan Mitlehner Walter-Benjamin-Platz 6 10629 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Younes L & G Handels GmbH on Sept. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Younes L & G Handels GmbH Haarlemer Strasse 45 12359 Berlin Germany ============= H U N G A R Y ============= AES CORP: Seeking Regulators' Approval on Two Gas Projects ---------------------------------------------------------- AES Corporation is seeking the U.S. Federal Energy Regulatory Commission's authorization for the construction of a liquefied natural gas terminal at the Sparrows Point shipyard and an 88- mile pipeline into Pennsylvania, The Baltimore Sun reports. The National Association of State Fire Marshals and federal regulators heeded a request from some Turners Station residents to consider the approval for liquefied natural gas projects, according to The Sun. The Fire Marshals and regulators will meet in Washington about the approval process. O'Rourke of the National Association of State Fire Marshals told The Sun, "Some folks who, to date, haven't been involved -- who missed those initial hearings -- wanted to learn about the LNG [liquefied natural gas] approval process." The Sun relates that many community leaders and officials have been opposing the project. The terminal would be a potential hazard to nearby homes in Dundalk, especially to those in Turners Station, The Sun says, citing sources. Federal officials had notified AES that the State Highway Administration would not grant the company access to construct its pipeline along the Baltimore Beltway. They asked the firm to present a new route for the pipeline, The Sun states. About AES Corporation AES Corporation, -- http://www.aes.com/-- a global power company, operates in South America, Europe, Africa, Asia and the Caribbean countries. Generating 44,000 megawatts of electricity through 124 power facilities, the company delivers electricity through 15 distribution companies. 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 ============= AVEBURY FINANCE: Moody's Cuts Ratings on Two Note Classes --------------------------------------------------------- Moody's Investor Service placed US$7.34 billion of European CDOs on review for possible downgrade and downgraded US$254.13 million. The rating actions are a response to credit deterioration of the underlying portfolios, which include significant exposure to CDOs of US ABS and to downgraded US subprime RMBS securities of the 2006 vintage. They also incorporate Moody's view on the impact of exposure to other US RMBS and ABS CDO vintages, particularly 2005 and 2007. Moody's downgraded and placed on review for further possible downgrade two classes of notes issued by Avebury Finance CDO Plc: -- The US$6,000,000 Class D Deferrable Floating Rate Notes due 2051, to B3 from Baa2; -- The US$3,500,000 Class E Deferrable Floating Rate Notes due 2051, to Caa3 from Ba1. A total of 129 tranches from 36 CDOs are affected, with the proportion of downgraded subprime assets present in individual portfolios ranging from 6.00% to 83.35%. The average exposure of affected CDOs to downgraded 2006 US RMBS securities is 12.98%, whilst the average exposures to 2005 and 2007 US RMBS securities are 13.31% and 2.20% respectively. For 2006 and 2007 ABS CDOs, average exposures amount to 9.68% and 2.16% respectively. The most negatively impacted are those containing US ABS CDOs and 2006 US subprime RMBS assets that were originally rated Baa or below, due to the greater severity of downgrades already experienced by these securities. Moody's will continue to monitor all deals with exposure to US subprime RMBS and will take further actions in respect of all CDOs placed under review for downgrade once the extent of actual downgrades to 2005 and 2007 US RMBS and ABS CDO vintages becomes known. CLOVERIE PLC: Moody's Cuts Rating to Ba1 on US$20 Mln Notes ----------------------------------------------------------- Moody's Investor Service placed US$7.34 billion of European CDOs on review for possible downgrade and downgraded US$254.13 million. The rating actions are a response to credit deterioration of the underlying portfolios, which include significant exposure to CDOs of US ABS and to downgraded US subprime RMBS securities of the 2006 vintage. They also incorporate Moody's view on the impact of exposure to other US RMBS and ABS CDO vintages, particularly 2005 and 2007. Moody's downgraded and places on review for further possible downgrade two classes of notes issued by Cloverie PLC - Series 2007-32 and Series 2007-33: -- The US$80,000,000 Series 2007-32 Class B Credit Linked Notes, to Baa1 from Aaa; -- The US$20,000,000 Series 2007-33 Class C Credit Linked Notes, to Ba1 from Aa2. A total of 129 tranches from 36 CDOs are affected, with the proportion of downgraded subprime assets present in individual portfolios ranging from 6.00% to 83.35%. The average exposure of affected CDOs to downgraded 2006 US RMBS securities is 12.98%, whilst the average exposures to 2005 and 2007 US RMBS securities are 13.31% and 2.20% respectively. For 2006 and 2007 ABS CDOs, average exposures amount to 9.68% and 2.16% respectively. The most negatively impacted are those containing US ABS CDOs and 2006 US subprime RMBS assets that were originally rated Baa or below, due to the greater severity of downgrades already experienced by these securities. Moody's will continue to monitor all deals with exposure to US subprime RMBS and will take further actions in respect of all CDOs placed under review for downgrade once the extent of actual downgrades to 2005 and 2007 US RMBS and ABS CDO vintages becomes known. SANMINA-SCI CORP: Posts US$1.1 Billion Net loss in Fiscal 2007 -------------------------------------------------------------- Sanmina-SCI Corporation has revenue of US$2.5 billion, compared With US$2.5 billion in the third quarter ended June 30, 2007 and US$2.7 billion in the fourth quarter ended Sept. 30, 2006. Revenue for the year ended Sept. 29, 2007 was US$10.4 billion, compared to US$11.0 billion in the prior year. Fourth quarter earnings were primarily impacted by a non-cash impairment charge for goodwill of US$1.1 billion. As a result of this charge, the company reported a net loss of US$1.1 billion in the fourth quarter of fiscal 2007, compared to a net loss of US$27.6 million in the prior quarter and a net loss of US$28.1 million for the same period last year. Cash Flow and Balance Sheet Metrics The company continued to manage its cash flow and balance sheet metrics, making improvements throughout fiscal 2007. * Cash flow from operations was US$145 million in fourth quarter 2007, and US$511 million for fiscal 2007 * Cash and cash equivalents were US$933.4 million, up US$441.6 million from Q4'06 * Cash cycle days of 29 days represented a 7 day improvement from Q3'07 * Inventory decreased US$72.7 million, inventory turns improved to 8.9 in Q4'07 "I am pleased with our gross margin improvement, cash flow generation and inventory turns during the fourth quarter. We are confident that we will continue to improve our financial metrics. We are committed to driving our ROIC above our weighted cost of capital as we exit fiscal year 2008," stated Jure Sola, chairman and chief executive officer. "The basis for Sanmina-SCI's operational excellence strategy in 2008 and beyond is to focus on high-end markets that offer the greatest opportunity for success, invest in leading edge technology, and provide unparalleled end-to- end manufacturing solutions to our customers," concluded Mr. Sola. Personal and Business Computing Division Consistent with previous announcements made by the company concerning its personal and business computing business unit, the company reaffirmed its intentions of separating this business unit from its core operations either by means of a sale or other disposition of the business. This business unit includes the company's personal computing and industry standard server businesses, their related BTO/CTO operations in Mexico and Hungary and their associated logistics activities. The company expect the disposition of this business to occur over the next 12 months. First Quarter Fiscal 2008 Outlook The company provides these guidance with respect to the first fiscal quarter ending Dec. 29, 2007: * Revenue is expected to be in the range of US$2.5 billion to US$2.65 billion * Non-GAAP diluted earnings per share to be between US$0.02 to US$0.04 Non-GAAP Financial Information About Sanmina-SCI Headquartered in San Jose, California, Sanmina-SCI Corporation (NasdaqGS: SANM) -- http://www.sanmina-sci.com/-- is an Electronics Manufacturing Services (EMS) provider focused on delivering complete end-to-end manufacturing solutions to technology companies around the world. Service offerings include product design and engineering, test solutions, manufacturing, logistics and post-manufacturing repair/warranty services. The company has locations in Brazil, China, Ireland, Finland, Malaysia, Mexico and Singapore, among others. * * * As reported in the Troubled Company Reporter on Sept. 27, 2007 Standard & Poor's Ratings Services revised its outlook on San Jose, California-based Sanmina-SCI Corp. to negative from stable, as a result of continued operating weakness and increasing leverage. The corporate credit and senior unsecured ratings are affirmed at 'B+', and the subordinated debt rating is affirmed at 'B-'. ========= I T A L Y ========= ALITALIA SPA: Board Says Baldassare Group Incompatible with Bid --------------------------------------------------------------- The Board of Directors of Alitalia S.p.A. concluded that it was still impossible to carry out appraisals, even of a preliminary nature, as to whether the consortium being set up by Antonio Baldassarre would have the necessary requisites to take part in the Company's project aimed at rapidly identifying industrial and financial subjects committed to carrying forward Alitalia's restructuring, development and re-launching and willing to acquire a majority shareholding in the Company. In fact, Mr. Baldassarre stated that there would be a further delay in providing the basic elements for taking part in the project. The Board judged this fact to be more than sufficient to consider no longer compatible -- also in the opinion of Advisor Citi -- the time for examining the relationship with the aforementioned consortium with the time envisaged for Alitalia's decision regarding the overall project. As reported in the TCR-Europe on Oct. 18, 2007, the consortium, composed of Engineering S.p.A., I Viaggi del Ventaglio S.p.A., SAFNA, Aermar Srl, Mivtach shamir H Ltd. and Reficere, will have a starting capital of EUR1 billion to EUR1.5 billion. The group does not plan to downscale Alitalia's operations in Milan Malpensa and Rome Fiumicino airports, but will instead increase routes. Mr. Baldassare told Thomson Financial that the consortium plans to launch long-haul routes to Africa and the Middle East as well as maintain Alitalia's existing role, he said. He expects Alitalia to allow the possible buyers to perform diligence on the company's books. As reported in the TCR-Europe on Oct. 10, 2007, Alitalia decided to open talks, through the financial advisor Citi and industrial advisor Roland Berger, with: -- OAO Aeroflot, -- Air France-KLM, -- AP Holding S.p.A., -- Cordata Baldassarre, -- Deutsche Lufthansa AG, -- TPG Capital. About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/-- provides air travel services for passengers and air transport of cargo on national, international and inter-continental routes. The Italian government owns 49.9% of Alitalia. The company has operations in Argentina. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia posted EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked annual net losses of EUR520 million in 2003, EUR813 million in 2004, EUR168 million in 2005, and EUR625.6 million in 2006. =================== K A Z A K H S T A N =================== AK-JOL LLP: Proof of Claim Deadline Slated for Dec. 11 ------------------------------------------------------ The Specialized Inter-Regional Economic Court of Akmola has declared LLP Ak-Jol insolvent. Creditors have until Dec. 11 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Akmola Room 228 Auelbekov Str. 139a Kokshetau Akmola Kazakhstan Tel: 8 (31622) 25-79-32 CLONDIKE -AK: Creditors Must File Claims Dec. 11 ------------------------------------------------ The Specialized Inter-Regional Economic Court of Aktube has declared LLP Clondike-Ak insolvent. Creditors have until Dec. 11 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktobe Aktube Kazakhstan Tel: 8 (3132) 21-30-32 ORTASH LLP: Claims Filing Period Ends Dec. 11 --------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan has declared LLP Ortash insolvent on Sept. 12. Creditors have until Dec. 11 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of South Kazakhstan Ilyaev Str. 24 Shymkent South Kazakhstan Kazakhstan STEPNOGORSKY ENGINEERING: Creditors' Claims Due on Dec. 11 ---------------------------------------------------------- The Specialized Inter-Regional Economic Court of Akmola has declared LLP Stepnogorsky Engineering Centre insolvent. Creditors have until Dec. 11 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Akmola Room 228 Auelbekov Str. 139a Kokshetau Akmola Kazakhstan Tel: 8 (31622) 25-79-32 UJKAPSTROYSERVICE-K LLP: Claims Registration Ends Dec. 11 --------------------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan has declared LLP Construction Company Ujkapstroyservice-K insolvent on Sept. 12. Creditors have until Dec. 11 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of South Kazakhstan Jumabayev Str. Shayan Baidibek District South Kazakhstan Kazakhstan =================== K Y R G Y Z S T A N =================== LIFE STYLE: Creditors Must File Claims by December 14 ----------------------------------------------------- LLC Life Style has declared insolvency. Creditors have until Dec. 14 to submit written proofs of claim to: LLC Life Style Kamskaya Str. 7-20 Bishkek Kyrgyzstan Tel: (0-555) 75-21-98 ===================== N E T H E R L A N D S ===================== IMPRESS HOLDINGS: IPO Plans Cue S&P Watch on B+ Ratings ------------------------------------------------------- Standard & Poor's Ratings Services placed its 'B+' long-term corporate credit rating on Netherlands-based metal packaging group Impress Holdings B.V. on CreditWatch with positive implications. At the same time, the 'BB-' rating on the EUR615 million and US$175 million senior secured notes and the 'B-' rating on the EUR250 million senior subordinated notes were also placed on CreditWatch with positive implications. This follows the group's intention of an IPO with proceeds in excess of EUR600 million. "The CreditWatch placement reflects Standard & Poor's expectation that Impress' credit profile would benefit from a successful IPO, as the group has stated the intention to use parts of the proceeds to repay high cost debt," said Standard & Poor's credit analyst Izabela Listowska. This could potentially lead to a higher rating, although it should be noted that the group's current credit measures are somewhat weak for the existing ratings. Standard & Poor's will follow the developments of Impress' IPO plans. Any potential upgrade will depend on a successful completion of an IPO and its impact on the group's financial profile. In addition, Standard & Poor's will review the group's business and financial strategies before resolving the CreditWatch placement. "The current ratings on Impress primarily reflect the group's highly leveraged financial profile," added Ms. Listowska. Impress offsets this by its strong European market positions in aluminum- and steel-based packaging for food products, and in decorative and protective finishes, stable revenue streams from relatively recession-resistant markets, long-standing relationships with key customers, and improving operating performance. PDM CLO I: S&P Rates EUR13.5 Million Class E Notes at BB- --------------------------------------------------------- Standard & Poor's Ratings Services assigned its preliminary credit ratings to the EUR267 million secured floating-rate notes to be issued by PDM CLO I B.V. In addition, PDM CLO I will issue a class of unrated notes totaling EUR33 million. At closing, PDM CLO I will issue floating-rate notes, the proceeds of which, after paying transaction fees and expenses, will be invested in a portfolio of predominantly senior secured loans. The transaction will have a seven-year reinvestment period and the investment manager will be Permira Debt Managers Group Holdings Ltd. The investment manager is not authorized to conduct investment management business in The Netherlands and has delegated all power and authority to the investment sub-manager, Permira Debt Managers Ltd. to conduct business for the portfolio. Ratings List PDM CLO I B.V. EUR267 Million Secured Floating-Rate Notes And EUR33 Million Subordinated Notes Prelim. Prelim. Amount Class Rating (Mln. EUR) ----- ------ -------- A AAA 208.50 B AA 11.25 C A 17.25 D BBB- 16.50 E BB- 13.50 F1/F2/F3 NR 33.00 NR - Not rated =========== P O L A N D =========== ORLEN TRANSPORT: Cracow Court Issues Bankruptcy Declaration ----------------------------------------------------------- The District Court for Cracow-Srodmiescie (VIII Economic Department for Bankruptcy) in Poland issued on Oct. 29, 2007, a bankruptcy declaration regarding ORLEN Transport Krakow Sp. z o.o., which includes the liquidation of the assets of the company. The decision of the court does not become valid, until the limitation of complaints, which must be delivered not later than seven days from the delivery of the bankruptcy declaration. The court has assigned Elzbieta Brzozowska as judge-commissioner Maria Thetschel-Zgud as bankruptcy trustee. The court has decided that the legal prerequisite mentioned in article 11 point 2 of the Bankruptcy and Repair Law dated Feb. 28, (Journal of Laws No 60, item 535), when a company's liabilities exceed the value of its assets, has appeared. The registered capital of ORLEN Transport Krakow amounts to PLN12,465,000 and is divided into 124,650 equal and indivisible shares with a par value of PLN 100 for each share. PKN ORLEN owns 98% of the initial capital of ORLEN Transport Krakow. ORLEN Transport Krakow Sp. z o.o. is a subsidiary of Polski Koncern Naftowy ORLEN S.A. =========== R U S S I A =========== CHELYABHYDRAULICFILL CJSC: Creditors Must File Claims by Jan. 3 --------------------------------------------------------------- Creditors of CJSC ChelyabHydraulicFill have until Jan. 3, 2008 to submit their proofs of claim to: A. A. lavrov Competitive proceedings manager Zlatoust 456219 Chelyabinsk Russia The Arbitration Court of Chelyabinsk commenced one-year competitive proceedings on the company on Sept. 20. The case is docketed under Case No. ?76-1751/07-60-38. The Court is located at: The Arbitration Court of Chelyabinsk Vorovskogo Str. 2 454091 Chelyabinsk Russia IZHEVSK OIL: Creditors Must File Claims by Jan. 3 ------------------------------------------------- Creditors of Izhevsk Oil Company LLC have until Jan. 3, 2008 to submit their proofs of claim to: M. A. Abrosimov Poima Str. 73 Izhevsk 426028 Udmurt Russia The Arbitration Court of Udmurt commenced one-year competitive proceedings on the company on Oct. 19. The case is docketed under Case No. ?71-1892/2007-?9. The Debtor can be reached at: Izhevsk Oil Company LLC Severny Per. 61 Izhevsk 426011 Udmurt Russia KANELOVSKOYE OJSC: Creditors Must File Claims by Jan. 3 ------------------------------------------------------- Creditors of OJSC Kanelovskoye have until Jan. 3, 2008 to submit their proofs of claim to: K. A. Serikov P.O. Box 6480 350911 Krasnodar Russia The Arbitration Court of Krasnodar krai commenced one-year competitive proceedings against the company after finding it insolvent on Oct. 23. The case is docketed under Case No. ?-32- 27123/2006-46/2550-?. The Debtor can be reached at: OJSC Kanelovskoye Pionerskaya Str. 5 Kanelovskaya St. Starominskij Raion 353764 Krasnodar Krai Russia KANSKAYA OJSC: Court Starts Bankruptcy Supervision Procedure ------------------------------------------------------------ The Arbitration Court of Krasnoyarsk krai commenced bankruptcy supervision procedure on OJSC Tobacco Factory Kanskaya. The case is docketed under Case No. ?28-300/07-192/20. Currently the Court is under deliberations of the application of the company for bankruptcy. The Court appointed I. Morlang as interim manager. PRODUCTION-AND-PROCESS: Creditors Must File Claims by Jan. 3 ------------------------------------------------------------ Creditors of CJSC Production-And-Process Equipment have until Jan. 3, 2008 to submit their proofs of claim to: S. V. Varnachkina Competitive proceedings manager Bakinskaya Str. 79 414000 Astrahan' Russia The Arbitration Court of Astrahan' commenced competitive proceedings against the company after finding it insolvent on Oct. 17. The case is docketed under Case No. ?06-1700/ 2007-11. The Debtor can be reached at: CJSC Production-And-Process Equipment Boevaya Str. 125 414021 Astrahan' Russia RAO ROSOILGASSTROY: Court Names L. M. Shervarenkov as Liquidator ---------------------------------------------------------------- The Arbitration Court of Moscow appointed L. M. Shevarenkov as Competitive proceedings manager of OJSC RAO Rosoilgasstroy on Oct. 16. He can be reached at: L. M. Shevarenkov P.O. Box 32 Dzerzhinsk 606000 Nizhnij Novgorod Russia The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: OJSC RAO Rosoilgasstroy Zhitnaya Str. 14 117970 Moscow Russia TONKINSKOYE AUTOENTERPRISE: Asset Sale Slated for Dec. 4 -------------------------------------------------------- The competitive proceedings manager of OJSC Tonkinskoye AutoEnterprise, will open a public auction for the company's properties at 9:00 a .m. on Dec. 4 at: OJSC Tonkinskoye AutoEnterprise Office 3 Yablonevaya Str. 14-? Nizhnij Novgorod Russia Interested participants have until 6:00 p.m. on Nov. 29 to submit their bidding documents. Information related to the auction can be obtained by calling, Tel: 8 (312) 32-18-99; 8-910-392-53-83. VORONEZHSKAYA LLC: Creditors Must File Claims by Jan. 3 ------------------------------------------------------- Creditors of Metallurgic Company Voronezhskaya LLC have until Jan. 3, 2008 to submit their proofs of claim to: I. V. Ageev P.O. Box 42 394000 Voronezh Russia The Arbitration Court of Voronezh commenced competitive proceedings against the company after finding it insolvent on July 24. The case is docketed under Case No. ?14-5033/2007/ 31/27?. The Court is located at: The Arbitration Court of Voronezh Room 606 Srednemoskovskaya Str. 77 Voronezh Russia The Debtor can be reached at: Metallurgic Company Voronezhskaya LLC Lebedeva Str. 2 Voronezh Russia YURYANSKAYA PMK-10: Creditors Must File Claims by Dec. 3 -------------------------------------------------------- Creditors of CJSC Yuryanskaya PMK-10 have until Dec. 3 to submit their proofs of claim to: P. V. Krygin Interim manager P.O. Box 1836 610020 Kirov Russia The Arbitration Court of Kirov will convene at 9:00 a.m. on March 5, 2008 to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. ?28-300/ 07-192/20. The Court is located at: The Arbitration Court of Kirov K-Libknekhta Str. 102 610017 Kirov Russia The Debtor can be reached at: CJSC Yuryanskaya PMK-10 K. Marks Str. 1 Yurya Settlement Kirov Russia ========= S P A I N ========= FONCAIXA FTGENCAT 5: Moody's Junks EUR26.5 Mln Series D Notes ------------------------------------------------------------- Moody's Investors Service assigned provisional ratings to five series of Bonos de Titulizacion de Activos issued by Foncaixa FTGENCAT 5 Fondo de Titulizacion de Activos, a Spanish asset securitization fund that has been created by Gesticaixa, S.G.F.T, S.A. Moody's has assigned these ratings: -- (P)Aaa to the EUR513.1 million Series A(S) notes; -- (P)Aaa to the EUR449.4 million Series A(G) notes; -- (P)Aa3 to the EUR21.0 million Series B notes; -- (P)Baa3 to the EUR16.5 million Series C notes; -- (P)C to the EUR26.5 million Series D notes. Foncaixa FTGENCAT 5, FTA is a securitization fund created with the aim of purchasing a pool of loans granted by La Caixa to Catalan small and medium-sized enterprises, in compliance with the conditions required by the FTGENCAT programme in order to qualify for the guarantee provided by the regional government Generalitat of Catalonia. The ratings of the notes are based upon the analysis of the characteristics of the SME pool backing the notes, the protection the notes receive from credit enhancement against defaults and arrears in the SME pool, the legal and structural integrity of the issue and the credit quality of the parties involved in the transaction. The provisional ratings address the expected loss posed to investors by the legal final maturity (April 1, 2053). In Moody's opinion, the structure allows for timely payment of interest and ultimate payment of principal at par on or before the rated final legal maturity date on Series A/B/C, and for ultimate payment of interest and principal at par on or before the rated final legal maturity date on Series D. The ratings do not address full redemption of the notes on the expected maturity date. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors. As of October 2007, the initial provisional portfolio comprised 27,757 loans and 23,945 debtors. The loans have been originated by La Caixa in its normal course of business. The loans have been originated between 1989 and 2007, with a weighted average seasoning of 1.77 years and a weighted average remaining term of 15.45 years. The longest loan matures in April 2047. Around 70.69% of the pool is secured by a mortgage guarantee over different types of properties. The remaining 29.31% is secured by a personal guarantee. Geographically the pool is concentrated in Catalonia (100%). Around 22% of the portfolio is concentrated in the "buildings and real estate" sector according to Moody's industry classification. Strong features within this deal include among others: (1) a strong swap agreement guaranteeing an excess spread of 0.50%; (2) a 2.65% reserve fund to cover potential shortfalls in interest or principal; (3) a 12-month artificial write-off mechanism; (4) the guarantee of the Generalitat of Catalonia (Aa2) as concerns the Series A(G) notes; and (5) the fact that 70.69% of the pool is backed by first-lien mortgage guarantees. Weaker features include: (1) the 2.5-year revolving period, which is mitigated by strict eligibility criteria that any additional loan must comply with, and early amortization triggers; (2) the pro-rata amortization of the notes subject to certain triggers; (3) the 100% geographical concentration in the region of Catalonia; and (4) the negative impact of the interest deferral trigger on the subordinated series. These increased risks were reflected in the credit enhancement calculation. Moody's issues provisional ratings in advance of the final sale of financial instruments, but these ratings only represent Moody's preliminary credit opinions. Upon a conclusive review of the transaction and associated documentation, the rating agency will endeavour to assign a definitive rating. A definitive rating may differ from a provisional rating. =========== S W E D E N =========== QUEBECOR WORLD: Inks US$341 Million Sell/Merge Deal with RSDB NV ---------------------------------------------------------------- Quebecor World Inc. and RSDB NV have signed a definitive Share Purchase Agreement and Implementation Agreement to sell/merge Quebecor World's European operations to RSDB Group. Under the terms of the Share Purchase Agreement and Implementation Agreement, RSDB will deliver to Quebecor World, at closing, cash, a note and shares valued in the aggregate at approximately 240 million Euros or US$341 million, subject to certain post- closing adjustments. The aggregate consideration payable by RSDB to Quebecor World will be paid in cash, shares and through the assumption of indebtedness by RSDB. RSDB will buy Quebecor World's European operations and Quebecor World will retain a 29.9% interest in the merged entity that will be named "Roto Smeets Quebecor" and will be listed on Euronext Amsterdam. Specifically, the consideration payable to Quebecor World will be comprised of: -- approximately EUR150 million or US$213 million in cash; -- a EUR35 million or US$50 million note 8-year note repayable from 2011 to 2015; -- 1.4 million shares in RSQ representing approximately 29.9% of the issued and outstanding shares of the combined business post-closing; and -- assumption of QWE's pension, legal, and other liabilities. Completion of the merger is conditional, on the approval of the shareholders of RSDB and receipt of clearances from the European Commission. Closing is expected to take place by the end of 2007. "This transaction is a key element of our 5-Point Transformation Plan and is expected to deliver several significant benefits to our shareholders," Wes Lucas, president and CEO Quebecor World, stated. "The sale/merger will improve our balance sheet, and will provide additional financial flexibility and strategic options to create further shareholder value. We believe that it will also enable us to strategically reposition our company to focus on growing earnings within our core business in the Americas, where we are a leader." "We are pleased that retaining an investment in RSQ may present an upside opportunity, as Quebecor World will help facilitate the consolidation of the European print industry and the creation of the leading printer in Europe, which will benefit our customers and employees going forward," Mr. Lucas added. Quebecor World and RSQ will also work together in the future to serve global customers." "The combination of Quebecor World's European printing business with RSDB will enable RSDB, through its increased scale and broader footprint throughout Europe, to play an important role in the consolidation of the graphic industry in Europe," John Caris, chief executive officer of RSDB stated. "We see a great opportunity to pool the best practices and extensive industry experience available in the two businesses and to benefit from an attractive range of potential synergies". In the event that the transaction is not completed as a result of a default of one party, the defaulting party is obliged to pay the other party a break-up fee of 15 million Euros or US$21 million. The supervisory board of RSQ will be comprised of five directors. Two of the five members of the supervisory board will be nominated by QWI. Resolutions of the supervisory board are, in general, adopted by an absolute majority. However upon completion of the sale/merger, Quebecor World and RSDB have agreed that certain predefined corporate decisions relating to important strategic matters, such as decisions relating to mergers and acquisitions, the issuance of new shares and the change of the dividend policy, will require a four out of five majority vote. RSDB's current CEO, John Caris, will lead RSQ. QWE's experienced senior management team will continue to run the operations in each European country from which it currently operates. The key members of QWE's existing senior management team have indicated their support for the transaction and their continued involvement with the combined business. Their local expertise will be a valuable asset of the combination of the companies. About RSDB NV Headquartered in Hilversum, Netherlands, RSDB NV (Euronext: RSDB) is a European provider of high-value graphic printing services. RSDB's principal business, Print Productions, produces full service gravure and offset printing material, with seven printing facilities in The Netherlands and one printing facility in Hungary, supported by sales offices in seven European countries. RSDB's Marketing Communications business focuses on marketing communications solutions and customer management processes. About Quebecor World Headquartered in Montreal, Quebec, Canada, Quebecor World Inc. (TSX: IQW) (NYSE: IQW) -- http://www.quebecorworld.com/-- provides marketing and advertising solutions to leading retailers, catalogers, branded-goods companies and other businesses with marketing and advertising activities, as well as complete, full-service print solutions for publishers. The company's major product categories include advertising inserts and circulars, catalogs, direct mail products, magazines, books, directories, digital premedia, logistics, mail list technologies and other value-added services. Quebecor World has approximately 27,500 employees working in more than 120 printing and related facilities in the United States, Canada, Argentina, Austria, Belgium, Brazil, Chile, Colombia, Finland, France, India, Mexico, Peru