T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Tuesday, November 13, 2007, Vol. 8, No. 225 Headlines A U S T R I A AKOS OBJEKTSANIERUNG: Claims Registration Period Ends Nov. 29 HANS FALB: Claims Registration Period Ends Dec. 3 INVEST LIEGENSCHAFT: Claims Registration Period Ends Dec. 4 MAXI MARKETING: Vienna Court Orders Business Shutdown MIJAJLOVIC JAMI: Claims Registration Period Ends Dec. 4 R&B DOWNHOLE: Claims Registration Period Ends Nov. 14 SDP PERSONALBEREITSTELLUNG: Court Orders Business Shutdown STONES AND MORE: Creditors' Meeting Slated for Nov. 22 B E L G I U M MILACRON INC: Posts US$4.5-Mln Net Loss in Third Quarter of 2007 F R A N C E BALLY TECH: To Acquire Compudigm Int'l Gaming Applications BICHE DE BERE: Nantes Court Orders Liquidation EURO DISNEY: Narrows Net Loss to EUR42 Mln in FY Ended Sept. 30 URS CORP: Amends Pact with WGI to Raise Merger Consideration G E R M A N Y ARCADE GMBH: Claims Registration Period Ends Dec. 7 BARLIN PLANUNGSGESELLSCHAFT: Creditors' Meeting Set for Nov. 27 BHB - HOLZ: Creditors' Meeting Slated for Nov. 27 CHRYSLER LLC: Closing Sterling Heights Vehicle Testing Center CHRYSLER LLC: S&P Holds 'B' Rating and Removes Positive Watch CONRADY & DOERRE: Claims Registration Period Ends Nov. 16 DANISCHE BAUKOMPONENTEN: Claims Registration Period Ends Dec. 7 DES ONLINEAUSKUNFT: Creditors' Meeting Slated for Dec. 6 DFA GESELLSCHAFT: Claims Registration Period Ends Nov. 30 FAASS BOEDEN: Creditors' Meeting Slated for Nov. 27 INSTITUT FUER: Claims Registration Ends November 23 KOL GESELLSCHAFT: Claims Registration Ends Nov. 20 KSTS GMBH: Claims Registration Ends November 26 P+T GMBH: Creditors' Meeting Slated for Dec. 21 REFORM UND DIATHAUS: Claims Registration Ends November 27 SPECTRUM BRANDS: Posts US$333 Million Net Loss in Fourth Quarter WEFE WIRTSCHAFT: Creditors' Meeting Slated for Dec. 5 H U N G A R Y AES CORP: Earns US$103 Million in Third Quarter Ended Sept. 30 AES CORP: Benefiting from Gas Export Restriction to Chile I R E L A N D SCOTTISH RE: Fitch Maintains Rating After Alt-A Realized Losses I T A L Y ACTUANT CORP: R. Alan Hunter Joins Board of Directors ALITALIA SPA: Bankruptcy Looms if Sale Fails, Says Minister ALITALIA SPA: Bid Filing Bar Date Moved to November 20 DANA CORP: Gets Banks' Proposals for US$2 Billion Exit Financing FIAT SPA: CEO Marchionne Confirms Talks with Daimler FIAT SPA: Turk Traktor Joint Venture Reaches 500,000 Unit Output THERMADYNE HOLDINGS: Earns US$1 Million in Qtr. Ended Sept. 30 X-RITE INC: Incurs US$2.8-Mln Net Loss in Quarter Ended Sept. 29 K A Z A K H S T A N AMIR CAPITAL: Claims Registration Ends Dec. 11 KURYLYS ORTALYGY: Proof of Claim Deadline Slated for Dec. 11 MIKEN: Creditors' Claims Due on Dec. 11 NAFTA ALMATY: Creditors Must File Claims Dec. 11 REALSTROY-A LLP: Claims Filing Period Ends Dec. 11 K Y R G Y Z S T A N JANART TRAVEL: Creditors Must File Claims by December 19 L U X E M B O U R G AGILENT TECHNOLOGIES: Inks Purchase Agreement with Velocity11 N E T H E R L A N D S GETRONICS NV: Royal KPN Completes Acquisition GETRONICS NV: KPN Takeover Cues Moody's to Withdraw Ratings N O R W A Y CLEAR CHANNEL: Providence Mulls Rescinding US$1.2 Bln Contract CLEAR CHANNEL: Earns US$279.7 Mln in 3rd Quarter Ended Sept. 30 GEOKINETICS INC: Relocates Corporate Office in Houston, Texas P O L A N D FEDERAL-MOGUL: Court Confirms Fourth Amended Reorganization Plan R U S S I A EKATERINBURG-OIL OJSC: Creditors Must File Claims by Dec. 3 GYPSUM PLANT LLC: Creditors Must File Claims by Dec. 3 INDUSTRIAL TECHNOLOGIES: Creditors Must File Claims by Jan. 3 NOVO-SHIPOVSKIJ OJSC: Creditors Must File Claims by Dec. 3 SIBTECHNOMASH CJSC: Creditors Must File Claims by Jan. 3, 2008 TIHVINSKIJ LLC: Bankruptcy Hearing Slated for Feb. 19, 2008 UFAOILMASH LLC: Competitive Proceedings Ongoing URALSTROYGAS CJSC: Creditors Must File Claims by Dec. 3 YAROSLAVAGRIPROMDORSTROY OJSC: Claims Filing Period Ends Dec. 3 S W E D E N QUEBECOR WORLD: Paying Preferred Shares Dividends on December 1 T U R K E Y FIAT SPA: Turk Traktor Joint Venture Reaches 500,000 Unit Output QUEBECOR WORLD: Posts US$315 Mil. Net Loss in 2006 Third Quarter U K R A I N E AGRICULTURAL CHEMISTRY: Creditors Must File Claims by Nov. 16 BUILDING TRADE: Creditors Must File Claims by November 16 BUZOVITSA LLC: Creditors Must File Claims by November 16 CARDINAL RESOURCES: May Sell Ukrainian Assets to Kuwait Energy KANEV SECONDARY: Creditors Must File Claims by November 16 MELITTO FLEX: Creditors' Claims Due November 16 ROVNOROADBUILDING OJSC: Creditors' Claims Due November 16 STROMA LLC: Creditors' Claims Due November 16 TERMINAL LLC: Creditors' Claims Due November 16 UKREKSIMTRADEDELIVERY LLC: Creditors Must File Claims by Nov. 16 U N I T E D K I N G D O M BRAKE BROS: Moody's Withdraws Low-B Ratings After Takeover BRITISH ENERGY: Two Boiler Units Remain Out Service CARDINAL RESOURCES: May Sell Ukrainian Assets to Kuwait Energy CLEARSTONE WEST: Taps Liquidators from BDO Stoy Hayward DAEMO FINANCIAL: Names Samuel Jonathan Talby Liquidator FORD MOTOR: Local Unions Favor Labor Pact, Initial Results Show FORD MOTOR: Posts US$380 Mln Net Loss in 3rd Qtr. Ended Sept. 30 NORTHERN ROCK: Ex UBS Chief Eyes Formal Bid to Rescue Bank OAK RECRUITMENT: J. M. Titley Leads Liquidation Procedure PC HELP: Claims Filing Period Ends December 10 RENTOKIL INITIAL: Revenue Up 25.3% to GBP566.1 Mln in Q3 2007 TEREX CORP: Earns US$151.5 Mil. in Third Quarter Ended Sept. 30 TEREX CORP: Moody's Holds Low-B Ratings on US$1.1 Billion Notes THAI SIAM: Brings In Liquidators from Mazars TRANIK SERVICES: Claims Filing Period Ends December 10 WESTERN FRONT: Appoints Michael Young as Liquidator WATERFORD WEDGWOOD: Reports EUR85 Mln Equity Deficit at Sept 30 WESTON SPIRIT: Claims Filing Period Ends February 28, 2008 * Large Companies with Insolvent Balance Sheet ********* ============= A U S T R I A ============= AKOS OBJEKTSANIERUNG: Claims Registration Period Ends Nov. 29 ------------------------------------------------------------- Creditors owed money by LLC AKOS Objektsanierung (FN 251753a) have until Nov. 29 to file written proofs of claim to court- appointed estate administrator Robert Klein at: Dr. Robert Klein c/o Dr. Thomas Deschka Spiegelgasse 10 1010 Vienna Austria Tel: 513-99-39 Fax: 513 99 39 30 E-mail: klein@lawcenter.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 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. 10 (Bankr. Case No. 5 S 121/07i). Thomas Deschka represents Dr. Klein in the bankruptcy proceedings. HANS FALB: Claims Registration Period Ends Dec. 3 ------------------------------------------------- Creditors owed money by LLC Hans Falb (FN 123355f) have until Dec. 3 to file written proofs of claim to court-appointed estate administrator Felix Stortecky at: Dr. Felix Stortecky W.A. Mozartstrasse 4 7093 Jois Austria Tel: 02160/71207 Fax: 02160/71207-22 E-mail: office@stortecky.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:30 a.m. on Dec. 17 for the examination of claims. The meeting of creditors will be held at: The Land Court of Eisenstadt Hall F Eisenstadt Austria Headquartered in Nickelsdorf an der Leitha, Austria, the Debtor declared bankruptcy on Oct. 11 (Bankr. Case No. 26 S 144/07i). INVEST LIEGENSCHAFT: Claims Registration Period Ends Dec. 4 ----------------------------------------------------------- Creditors owed money by LLC INVEST Liegenschaft und Beteiligung (FN 128853s) (fka LLC re INVEST) have until Dec. 4 to file written proofs of claim to court-appointed estate administrator Alexander Knotek at: Dr. Alexander Knotek Pergerstrasse 12 2500 Baden Austria Tel: 02252/43056-0 Fax: 02252/43056-20 E-mail: info@avia-law.com Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:30 a.m. on Dec. 18 for the examination of claims. The meeting of creditors will be held at: The Land Court of Wiener Neustadt Room 15 Wiener Neustadt Austria Headquartered in Ma.Enzersdorf, Austria, the Debtor declared bankruptcy on Oct. 11 (Bankr. Case No. 11 S 109/07a). MAXI MARKETING: Vienna Court Orders Business Shutdown ----------------------------------------------------- The Trade Court of Vienna entered Oct. 18 an order shutting down the business of LLC maxi marketing (FN 157127w). Court-appointed estate administrator Christiane Pirker 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. Christiane Pirker Hasenhutgasse 9 Haus 3 1120 Vienna Austria Tel: 817 57 57 Fax: 817 57 57- 1 E-mail: Dr.Christiane.Pirker@chello.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Sept. 11 (Bankr. Case No 3 S 114/07w). MIJAJLOVIC JAMI: Claims Registration Period Ends Dec. 4 ------------------------------------------------------- Creditors owed money by KEG Mijajlovic JAMI (FN 225249z) have until Dec. 4 to file written proofs of claim to court-appointed estate administrator Gerhard Rigler at: Mag. Gerhard Rigler Hauptplatz 14 2700 Wiener Neustadt Austria Tel: 02622/84 141 Fax: 02622/84141-24 E-mail: hain.advocat@utanet.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:15 a.m. on Dec. 18 for the examination of claims. The meeting of creditors will be held at: The Land Court of Wiener Neustadt Room 15 Wiener Neustadt Austria Headquartered in Blumau, Austria, the Debtor declared bankruptcy on Oct. 11 (Bankr. Case No. 11 S 108/07d). R&B DOWNHOLE: Claims Registration Period Ends Nov. 14 ----------------------------------------------------- Creditors owed money by LLC R&B Downhole Technology (FN 241124w) have until Nov. 14 to file written proofs of claim to court- appointed estate administrator Ferdinand Bruckner at: Dr. Ferdinand Bruckner c/o Dr. Elisabeth Zonsics-Kral Schubertstrasse 10/3/5/9 2100 Korneuburg Austria Tel: 02262/729 39 Fax: 02262/729 39 15 E-mail: bruckner@raedrb-drz.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:00 a.m. on Nov. 28 for the examination of claims. The meeting of creditors will be held at: The Land Court of Korneuburg Room 204 Second Floor Korneuburg Austria Headquartered in Korneuburg, Austria, the Debtor declared bankruptcy on Oct. 17 (Bankr. Case No. 36 S 114/07t). Elisabeth Zonsics-Kral represents Dr. Bruckner in the bankruptcy proceedings. SDP PERSONALBEREITSTELLUNG: Court Orders Business Shutdown ---------------------------------------------------------- The Trade Court of Vienna entered Oct. 11 an order shutting down the business of LLC SDP Personalbereitstellung (FN 280476s). Court-appointed estate administrator Gerhard Stauder 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. Gerhard Stauder c/o Dr. Georg Kahlig Siebensterngasse 42 1070 Vienna Austria Tel: 523 47 91 Fax: 523 47 91 33 E-mail: kahlig.partner@aon.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Sept. 25 (Bankr. Case No 6 S 124/07p). Georg Kahlig represents Mag. Stauder in the bankruptcy proceedings. STONES AND MORE: Creditors' Meeting Slated for Nov. 22 ------------------------------------------------------ Creditors owed money by LLC Stones and More (FN 222099t) are encouraged to attend the creditors' meeting at 11:20 a.m. on Nov. 22. The creditors' meeting will be held at: The Land Court of Wels Hall 101 First Floor Maria Theresia Str. 12 Wels Austria Headquartered in Marchtrenk, Austria, the Debtor declared bankruptcy on Oct. 12 (20 S 124/07x). Mag. Rainer Kuebeck serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Mag. Rainer Kuebeck Freiung 14 4600 Wels Austria Tel: 07242/67531 Fax: 07242/67531-21 E-mail: office@selendi.at ============= B E L G I U M ============= MILACRON INC: Posts US$4.5-Mln Net Loss in Third Quarter of 2007 ---------------------------------------------------------------- Milacron Inc. incurred a net loss for the quarter ended Sept. 30 of US$4.5 million on sales of US$204 million, compared to a net loss in the third quarter of 2006 of US$7.2 million on sales of US$209 million. Restructuring costs and other non-recurring costs totaled US$1.7 million in the quarter, compared to US$2.9 million in the year-ago quarter. Manufacturing margins in the third quarter improved to 19.7% from 18.7% a year ago, primarily as a result of continued cost- reduction and sourcing initiatives. New orders of US$203 million were up slightly from US$201 million in the third quarter of 2006 due to currency translation effects. Cash on hand at the end of the quarter exceeded US$37 million, and Milacron had approximately US$42 million available for borrowing under its asset-based revolving credit facility. The company's liquidity (cash plus borrowing availability) rose to US$79 million from US$65 million at the beginning of the quarter and US$72 million at the end of the third quarter last year. "Our efforts to expand our presence in faster-growing, emerging markets continue to pay dividends," said Ronald D. Brown, chairman, president and chief executive officer. "Our orders from these markets are up 20% year to date. Our greatest current challenge, however, is the injection molding machine market in North America, which is down 17% year to date from 2006. This also negatively impacts our mold technologies business. As a result, we are stepping up our restructuring efforts to reduce our cost structure in this market." Segment Results Machinery Technologies-North America (machinery and related parts and services for injection molding, blow molding and extrusion supplied from North America, India and China) Sales in the quarter fell to US$93 million from US$106 million in the same period last year, as the ongoing consolidation of U.S. automotive molders curtailed demand from that sector and contributed to the glut of used equipment, depressing the market for new injection molding machines in North America. Sales of injection machines in India remained at record-high levels, and extrusion equipment sales continued to show solid increases. Blow molding machinery sales were down in the quarter but were running slightly ahead of last year on a year-to-date basis. Cost-containment measures helped minimize the impact of the overall volume drop, as segment earnings declined to US$3.8 million from US$6.0 million in the year-ago quarter. New orders in the quarter were US$91 million, off from US$106 million last year. Machinery Technologies-Europe (machinery and related parts and services for injection molding and blow molding supplied from Europe) Demand for injection molding machines continued to show growth in Western Europe, and, as a result, segment sales rose to US$46 million from US$40 million in 2006. Blow molding machine shipments were up slightly. Favorable currency translation effects accounted for about half of the segment sales gain. New orders were also US$46 million compared to US$31 million in the year-ago quarter, as currency accounted for about one-fifth of the increase. Higher volume and restructuring benefits aided the segment in posting a small operating profit of US$0.9 million compared to an operating loss of US$0.7 million in the year-ago quarter. Mold Technologies (mold bases and related parts and services, as well as maintenance, repair and operating supplies for injection molding worldwide) Softness in the injection molding-related markets in North America, particularly in the automotive sector, led to a slight sales decline in the third quarter to US$37 million from US$38 million a year ago. In Europe, our mold technologies sales were essentially flat in local currencies. During the quarter this segment accelerated its restructuring activities as it incurred a small loss of US$0.4 million compared to breaking even in the year-ago quarter. Industrial Fluids (water-based and oil-based coolants, lubricants and cleaners for metalcutting and metalforming operations worldwide) Sales of US$31 million were up from US$29 million in the third quarter of 2006, with currency translation effects accounting for most of the increase. With better pricing and improved operating efficiency, segment earnings jumped to US$3.5 million from US$1.9 million a year ago. Headquartered in Cincinnati, Ohio, Milacron Inc. (NYSE: MZ) -- http://www.milacron.com/-- is a global manufacturer and supplier of plastics-processing equipment and related supplies. Milacron is also one of the largest global manufacturers of synthetic water-based industrial fluids used in metalworking applications. The company has major manufacturing facilities in Brazil, North America, Europe, and Asia. Milacron's annual revenues approximated USUS$805 million over the last 12 months. The company has an office in South Korea, and joint ventures in China and India. In Europe, the company maintains operations in Belgium, Germany, Italy, the Netherlands, Spain, and England. * * * As reported in the Troubled Company Reporter on Jan. 2, 2007, Standard & Poor's Ratings Services revised its outlook on Cincinnati, Ohio-based Milacron Inc., to developing from negative. At the same time, Standard & Poor's affirmed its ratings on the company, including its 'CCC+' corporate credit rating. =========== F R A N C E =========== BALLY TECH: To Acquire Compudigm Int'l Gaming Applications ---------------------------------------------------------- Bally Technologies, Inc. has signed a contract to acquire the Gaming Power and seePOWER applications for the gaming industry from Compudigm International, adding exclusive and powerful data visualization and business analysis technology to the new Bally Business Intelligence product line. Compudigm's integrated solutions will immediately serve as a key component in Bally's server-gaming strategy and the company's plans for delivering "The Networked Floor Of The Future." The acquired Compudigm technology currently monitors, manages and optimizes data from more than 60,000 gaming positions around the world that generate US$6 billion in annual revenues. Current customers using this product for marketing and business analysis include Harrah's Entertainment, Penn National Gaming, Trump Entertainment Resorts and the Seminole Tribe of Florida, as well as major casinos in New Zealand and Australia. Bally also announces the launch of a comprehensive Business Intelligence solution that will consist of two distinct and integrated modules -- its internally developed Data Analysis Dashboard and Compudigm's Gaming Power and seePower Data Visualization modules -- both working off one combined Gaming Data Warehouse. This combination of two best-of-breed solutions will offer the most powerful and state-of-the-art business intelligence suite for the gaming industry. The Data Analysis Dashboard offers more than 650 predefined key performance indicators, graphical data analysis charts and graphs, more than 150 predefined reports and ad-hoc reporting that will bring all essential information required to manage a casino just a few computer clicks away. "The Compudigm technology acquisition is consistent with our commitment to deliver leading, yet useable technology with a strong return on investment to our Systems footprint of more than 368,000 devices worldwide," said Richard Haddrill, Chief Executive Officer of Bally Technologies. "Our leading business intelligence suite of products will be a key component in delivering ROI on the evolving 'networked gaming floor of the future.'" The new Bally Business Intelligence product line will feature multiple pricing and scalable options for the different data warehousing, business analysis and data visualization solutions. "When combined with the acquired Compudigm technology, this will allow for dynamic decision-making that doesn't currently exist in the industry today and will be the most comprehensive business intelligence package in the gaming space," said Bruce Rowe, Senior Vice President of Strategy and Business Development for Bally. "And it's the perfect foundational technology for both today's networked floor and for the potential created by server applications." The Compudigm products Bally is acquiring transform the deluge of data generated by casino slots, tables and customer loyalty systems into actionable, visual insights that help casino managers make the smartest, fastest marketing and game floor management decisions possible. "The Bally solution will utilize seePOWER's smart marketing and predictive engine to unlock real value and to realize the full potential of a casino's business," said Wout van Loon, CEO of Compudigm International. "The seePOWER platform has provided many gaming customers with an unparalleled competitive advantage." The Bally agreement represents Compudigm's business model to provide industry-leading solution providers with the seePOWER platform and application development suite to deliver advanced visualization, customer profiling, customer segmentation and content-intelligence to the entertainment, loyalty, financial services, retail, telecommunications, utilities and health sciences industries. Recognized as the industry systems leader with more than 368,000 machines at casino, bingo, Class II, central determination and lottery locations worldwide -- including more than 204 locations currently running Bally eTICKET(TM) on more than 236,000 slot machines -- the Bally Technologies systems product line offers slot machine cash monitoring, table management, cashless, accounting, security, maintenance, marketing, promotional and bonusing capabilities, enabling operators to accurately analyze performance and accountability while providing an enhanced level of customer service. About Compudigm Founded in 1997, Compudigm -- visit http://www.compudigm.com/ -- delivers groundbreaking business intelligence solutions based upon its seePOWER data visualization technology, which enables enterprises to transform oceans of disparate data into actionable, visual intelligence for significant competitive advantage. The company enables enterprises to see their business clearly by animating, illustrating and infusing maps and floor-plans as well as product, engineering and scientific diagrams with comprehensive business intelligence. Compudigm also delivers advanced visualization, customer profiling, and content-intelligence as well as advice and guidance solutions to the gaming, retail, entertainment, telecommunications, utilities, health sciences and financial service industries. Compudigm's accolades include Gold and Silver awards from Casino Journal's Most Innovative Gaming Technology Products competition; dual Smithsonian Computerworld Laureates; and the Data Warehousing Institute's "Pioneering Product of the Year" award. About Bally Technologies Headquartered in Las Vegas, Nevada, Bally Technologies, Inc. (NYSE: BYI) -- http://www.BallyTech.com/-- designs, manufactures, operates, and distributes advanced gaming devices, systems, and technology solutions worldwide. Bally's product line includes reel-spinning slot machines, video slots, wide- area progressives and Class II lottery and central determination games and platforms. Bally Technologies also offers an array of casino management, slot accounting, bonus, cashless, and table management solutions. The company also owns and operates Rainbow Casino in Vicksburg, Mississippi. The company's South American operations are located in Argentina. The company also has operations in France, Germany, Macau, China, India, and the United Kingdom. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 7, 2007, Standard & Poor's Ratings Services has raised its corporate credit and senior secured debt ratings on Bally Technologies Inc. to 'B+' from 'B-'. Concurrently, S&P revised the CreditWatch implications to positive from developing. BICHE DE BERE: Nantes Court Orders Liquidation ---------------------------------------------- The Nantes Commercial Court in France has put Biche de Bere into liquidation on Oct. 31, 2007, the Financial Times reports, citing Le Monde as its source. According to the report, the company, which employs approximately 200 people, is set to close its 20 stores. In 2006 the company had turnover of EUR6.5 million while debts stood at EUR7 million, FT relates. Biche de Bere is a jewellery and ready-to-wear clothing specialist. EURO DISNEY: Narrows Net Loss to EUR42 Mln in FY Ended Sept. 30 --------------------------------------------------------------- Euro Disney S.C.A., parent company of Euro Disney Associes S.C.A., operator of Disneyland Resort Paris, reported results for its consolidated group, for the fiscal year 2007 ended Sept. 30, 2007. Revenues for the fiscal year increased 12% to EUR1.2 billion primarily reflecting volume growth in theme parks attendance and hotel occupancy. Theme parks revenues increased 14% to EUR658.6 million, primarily due to an increase of 1.7 million in attendance to 14.5 million for the fiscal Year. Hotels and Disney Village revenues increased 17% to EUR483 million, driven by a 10% increase in average spending per room and an increase of 5.8 percentage points in the hotel occupancy rate. Real estate revenues decreased EUR10.1 million to EUR19.3 million due to lower activity during the fiscal Year. Costs and expenses for the fiscal year increased 7% compared to the prior-year period. This increase was driven by additional labor and other direct costs incurred to support the increased Resort activity, labor rate inflation and increased marketing expenses. Partially offsetting this increase was a reduction of EUR4.9 million in costs and expenses related to lower Real estate activity and a EUR4.3 million benefit from the favorable settlement of a claim related to prior expenses. Operating margin before depreciation and amortization increased EUR57.8 million to EUR205.7 million. Operating margin increased to EUR50.8 million, against a prior year loss of EUR2 million. Net financial charges increased 7% over the prior-year period. This increase is primarily related to the Disneyland Park financing agreement, net of increased financial income. For the fiscal year, net loss decreased EUR47 million to EUR41.6 million while net loss attributable to equity holders of the parent decreased EUR34.7 million to EUR38.4 million. At Sept. 30, 2007, the group's consolidated balance sheet showed EUR2.9 billion in total assets, EUR2.6 billion in total liabilities and EUR356.2 million in total shareholders' equity. "This year's results, marked by a positive operating margin, were driven by volume growth in parks attendance and hotel occupancy and an increase in average spending per room. In 2007, we kicked off the 15th anniversary celebration by introducing a fantastic new parade and compelling new attractions," Karl L. Holz, chairman and chief executive officer of Euro Disney S.A.S., said. "This year's solid performance was made possible through the continued dedication and commitment of all our cast members, many of which celebrated their personal 15th anniversary with the Company this year." Mr. Holz added: "We look forward to continuing the celebration in fiscal year 2008 with the introduction of The Twilight Zone Tower of Terror attraction and Stitch Live; new experiences which only Disney can provide. "In 2008, we will continue to execute our growth strategy and remain focused on driving this business toward profitability." Headquartered in France, Euro Disney S.C.A. -- http://www.eurodisney.com/-- operates Disneyland Resort Paris which includes: Disneyland Park, Walt Disney Studios Park, seven themed hotels with approximately 5,800 rooms (excluding approximately 2,400 additional third-party rooms located on the site), two convention centers, Disney Village, a dining, shopping and entertainment center, and a 27-hole golf course. The Group's operating activities also include the development of the 2,000-hectare site, half of which is yet to be developed. Euro Disney S.C.A.'s shares are listed and traded on Euronext Paris. * * * Euro Disney SCA incurred consecutive net losses for the last six years in accordance with U.S. GAAP. The Company reported net losses of EUR88.6 million in 2006, EUR46.5 million in 2005, EUR77.5 million in 2004, EUR54.4 million in 2003, EUR67.3 million in 2002, and EUR50.6 million in 2001. URS CORP: Amends Pact with WGI to Raise Merger Consideration ------------------------------------------------------------ URS Corporation and Washington Group International Inc.'s definitive merger agreement for the acquisition of Washington Group by URS has been amended to increase the consideration to be received by Washington Group stockholders and to provide them with the ability to elect to receive cash, stock or cash and stock for their shares (subject to proration). Based on the closing price of URS' common stock on Nov. 2, 2007, the consideration is now valued at approximately US$3.2 billion, or US$97.89 per Washington Group share, which represents a premium of approximately 8.5% over the initial merger consideration value of US$90.20 as of such date. Based on the volume weighted average price of URS' common stock during the five trading days ending on Nov. 2, 2007, the consideration is now valued at approximately US$3.2 billion, or approximately US$99.00 per Washington Group share, compared with a value of approximately US$3.0 billion, or US$91.14 per Washington Group share (using the five trading day weighted average), under the terms of the original merger agreement. Under the terms of the revised merger agreement, which has been unanimously approved by the boards of directors of both companies, Washington Group stockholders can elect to receive all cash, all stock, or a combination of cash and stock (subject to proration) with a consideration value of 0.900 shares of URS common stock plus US$43.80 in cash for each Washington Group share. The proration will be determined based on the volume- weighted average price of URS' common stock during the five trading days ending on the day before the required Washington Group stockholder approval is received. This five trading day period is currently scheduled to end on Nov. 14, 2007. The election procedures are subject to proration to preserve an aggregate per share mix of 0.900 shares of URS common stock plus US$43.80 in cash for all outstanding Washington Group shares and options (after giving effect to the options' exercise prices). Based on the outstanding shares and options of Washington Group as of Sept. 30, 2007, in the aggregate, Washington Group shares and options will be converted into approximately US$1.4 billion in cash and approximately 29 million shares of URS common stock. All terms of the original merger agreement not related to the revised merger consideration remain substantially unchanged. Upon completion of the transaction, Washington Group stockholders would own approximately 35% of the combined company, compared with approximately 32% under the terms of the original merger agreement. Stockholders of record of URS common stock and Washington Group common stock at the close of business on Sept. 21, 2007, will be entitled to vote at the special meetings. Dennis Washington Exercises Stock Options Washington Group also disclosed that Dennis Washington, Chairman of the Washington Group board of directors, has executed a binding agreement to exercise all of his beneficially owned stock options for 3.224 million shares of Washington Group stock (or approximately 10% of outstanding Washington Group stock) and vote his shares in favor of the revised merger agreement if necessary to achieve the required Washington Group stockholder approval. If it is necessary for Mr. Washington to exercise his options and vote his shares, a new record date and meeting date for the Washington Group special meeting will be set. Mr. Washington has indicated that he intends to make the necessary Hart-Scott-Rodino Act filing in order to be able to exercise his options, and has also indicated that if the merger is completed he would elect to receive cash for all of his Washington Group shares (subject to proration). "The enhancement to the terms of our agreement reflects URS' commitment to the combination with Washington Group and our conviction that the transaction will create significant benefits for the stockholders, customers and employees of both companies," Martin M. Koffel, Chairman and Chief Executive Officer of URS, said. "We believe that the recent strong performance of both companies and continued positive outlook for our businesses warrant the increase in our offer. However, URS is a disciplined buyer and these terms represent our best and final offer for Washington Group." "We are very pleased to present this increased consideration to our stockholders for their vote at our special meeting next week," Washington Group President and Chief Executive Officer Stephen G. Hanks, said. "The increased financial terms of our agreement with URS provide even greater value to Washington Group stockholders, as well as a higher level of continued ownership in the combined entity and greater flexibility to choose between cash and stock in exchange for their shares. The combination of Washington Group and URS represents a unique opportunity to create a single-source provider that can offer a full life cycle of planning, engineering, construction, environmental management, and operations and maintenance services. Our board of directors unanimously recommends that Washington Group stockholders vote in favor of the merger agreement." URS expects the transaction to be slightly dilutive to GAAP earnings per share in 2008, accretive to GAAP EPS in 2009 and beyond, and accretive to its cash EPS in 2008 and beyond, not including revenue synergies expected through the combination. Consummation of the transaction is subject to the approval of the revised definitive merger agreement by Washington Group stockholders holding a majority of the outstanding shares and the approval of the issuance by URS of shares of common stock in the transaction by URS stockholders holding a majority of the shares voting. Stockholders' Special Meeting URS and Washington Group have rescheduled the companies' special meetings of stockholders for Nov. 15, 2007, to provide investors with additional time to evaluate the revised offer. Supplemental proxy materials will be distributed to URS and Washington Group stockholders prior to the new meeting date. The special meeting of URS stockholders will be held at 9:00 a.m., local time, at the offices of Cooley Godward Kronish LLP, located at 1114 Avenue of the Americas, New York, New York. The special meeting of Washington Group stockholders will be held at 7:00 a.m., local time, at Washington Group's offices located at 720 Park Boulevard, Boise, Idaho. URS Outlook for Fiscal 2007 URS has revised its outlook for fiscal 2007 based on revenue growth for the nine months of 2007 and the company's continued positive outlook for its markets. URS now expects that 2007 revenues will be approximately US$4.85 billion compared to its prior estimate of US$4.8 billion. Assuming this revenue expectation is met, URS now expects that 2007 net income will be approximately US$134 million compared to its prior estimate of US$132 million. URS noted that the guidance provided above does not include the impact of the proposed acquisition of Washington Group. About Washington Group Headquartered in Boise, Idaho, Washington Group International Inc. -- http://www.wgint.com/-- provides the talent, innovation, and proven performance to deliver integrated engineering, construction, and management solutions for businesses and governments worldwide. The company has approximately 25,000 people at work around the world providing solutions in power, environmental management, defense, oil and gas processing, mining, industrial facilities, transportation and water resources. About URS Corp. Headquartered in San Francisco, California, URS Corporation (NYSE:URS)-- http://www.urscorp.com/-- is an engineering design services firm and a United States federal government contractor for systems engineering and technical assistance and operations and maintenance services. The company's business focuses primarily on providing fee-based professional and technical services in the engineering and construction services and defense markets, although the company performs some limited construction work. It operates through two divisions: the URS Division and the EG&G Division. The company also has offices in Argentina, Australia, Belgium, China, France, Germany, and Mexico, among others. * * * As reported in the Troubled Company Reporter-Latin America on Sept. 21, 2007, Standard & Poor's Ratings Services assigned its 'BB+' bank loan rating and '2' recovery rating to URS Corp.'s proposed US$2.1 billion senior secured credit facilities, indicating expectations of substantial recovery in the event of a payment default. The facilities are rated the same as the corporate credit rating on the company. As reported in the Troubled Company Reporter on Sept. 20, 2007, Moody's Investors Service assigned a provisional rating of (P)Ba1 to the proposed US$2.1 million senior secured credit facility of URS Corporation, which will be used to finance its pending acquisition of Washington Group International Inc. ============= G E R M A N Y ============= ARCADE GMBH: Claims Registration Period Ends Dec. 7 --------------------------------------------------- Creditors of ARCADE GmbH Beraten-Planen-Einrichten have until Dec. 7 to register their claims with court-appointed insolvency manager Carsten Lange. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Jan. 28, 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 Aachen Meeting Hall T 111/112 (D 4.109) Adalbertsteinweg 90 (ab 2008 Eingang Haus-Nr. 92) 52070 Aachen 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: Carsten Lange Laurentiusstrasse 16-20 52072 Aachen Germany Tel: 024141344550 Fax: 0241413445511 The District Court of Aachen opened bankruptcy proceedings against ARCADE GmbH Beraten-Planen-Einrichten on Oct. 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ARCADE GmbH Beraten-Planen-Einrichten Attn: Alwin Hintzen, Manager Apfelstrasse 23 52525 Heinsberg Germany BARLIN PLANUNGSGESELLSCHAFT: Creditors' Meeting Set for Nov. 27 --------------------------------------------------------------- The court-appointed insolvency manager for Barlin Planungsgesellschaft mbH, Philipp Hacklander will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:18 a.m. on Nov. 27. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 9:45 a.m. on March 11, 2008, at the same venue. Creditors have until Jan. 20, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Philipp Hacklander Genthiner Str. 48 10785 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Barlin Planungsgesellschaft mbH on Oct. 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Barlin Planungsgesellschaft mbH Saalmannstr. 9 13403 Berlin Germany BHB - HOLZ: Creditors' Meeting Slated for Nov. 27 ------------------------------------------------- The court-appointed insolvency manager for BHB - Holz GmbH, Hartwig Albers will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:15 a.m. on Nov. 27. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 9:50 a.m. on March 11, 2008, at the same venue. Creditors have until Jan. 20, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Hartwig Albers Luetzowstr. 100 10785 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against BHB - Holz GmbH on Oct. 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BHB - Holz GmbH Eginhardstr. 22 10318 Berlin Germany CHRYSLER LLC: Closing Sterling Heights Vehicle Testing Center ------------------------------------------------------------- United Auto Workers union employees at a Chrysler LLC testing facility on Metropolitan Parkway in Michigan will be reassigned following the closure of the site, under the recently ratified labor contract between the carmaker and the union, Terry Oparka of C&G News reports. According to Chrysler spokesman Dave Elshoff, the Sterling Heights Vehicle Test Center, which employs twenty employees and is listed as an industrial warehouse, is for sale for $7 million, C&G News relates. Mr. Elshoff added that other Michigan facilities designated to be shuttered are located in Windsor, in Detroit on Mound and and Van Dyke, and in Plymouth. As reported in the Troubled Company Reporter on Nov. 5, 2007, Chrysler disclosed that it would make volume-related reductions at several of its North American assembly and powertrain plants, and eliminate four products from its line-up. Shifts will be eliminated at five North American assembly plants which, combined with other volume-related manufacturing actions, will lead to a reduction of 8,500-10,000 additional hourly jobs through 2008. Additional actions include reductions of salaried employment by 1,000 and supplemental (contract) employment by 37%. The Company also plans to eliminate hourly and salaried overtime and reduce purchased services due to reduction in volume. The volume-related actions are in addition to 13,000 jobs eliminated by the three-year Recovery and Transformation Plan announced in February. The objectives of the RTP remain the same. "We have to move now to adjust the way our company looks and acts to reflect a smaller market," Tom LaSorda, vice chairman and president of the Chrysler Group, said. "That means a cost base that is right-sized and an appropriate level of plant utilization." About Chrysler LLC Headquartered in Auburn Hills, Michigan, Chrysler LLC -- http://www.chrysler.com/-- a unit of Cerberus Capital Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R) brand vehicles and products. The company has dealers worldwide, including Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil, Venezuela, China, Japan and Australia. * * * As reported in the Troubled Company Reporter on Nov. 12, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating on Chrysler LLC and DaimlerChrysler Financial Services Americas LLC and removed it from CreditWatch with positive implications, where it was placed Sept. 26, 2007. The outlook is negative. CHRYSLER LLC: S&P Holds 'B' Rating and Removes Positive Watch ------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating on Chrysler LLC and DaimlerChrysler Financial Services Americas LLC and removed it from CreditWatch with positive implications, where it was placed Sept. 26, 2007. The outlook is negative. The CreditWatch placement resulted from the announcement that day by General Motors Corp. that it had reached a contract agreement with its main labor union, the United Auto Workers. As S&P expected, Chrysler reached a largely similar agreement that caused S&P to review the company's rating and outlook. Also, S&P assigned its bank loan and recovery ratings to Chrysler's US$7.5 billion, secured first-lien term loan. The loan is rated 'BB-', with a recovery rating of '1', indicating that lenders can expect very high (90% to 100%) recovery in the event of a payment default. S&P also raised the rating on the US$2 billion, second-lien term loan to 'B' from 'B-', and the recovery rating was revised to '4', indicating that lenders can expect average (30% to 50%) recovery in the event of a payment default, from '5'. The negative outlook on the corporate credit rating reflects S&P's view that Chrysler's exposure to weakening industry conditions in North America remains a key risk factor, which could cause greater-than-expected cash outflows during 2008. "We still view the company's liquidity as substantial for now and the new labor contract with the UAW as a significant long- term positive for the company's efforts to return its North American automotive operations to positive cash flow generation," said Standard & Poor's credit analyst Robert Schulz. "However, the greatest portion of cash benefits from the contract will not begin to accrue to Chrysler until 2010. The health care cost savings are subject to final court approval, but S&P do not expect this to be an issue," he continued. Chrysler faces several serious challenges during the next two years. First and foremost is the weak outlook for U.S. light- vehicle sales, which are expected to be flat at best in 2008 versus 2007. The current rating reflects the assumption that Chrysler will use cash in 2008 and 2009, but it does not reflect the much sharper use of cash that would result from the type of decline in U.S. light-vehicle sales that would accompany a recession. S&P expect U.S. light-vehicle sales to be about 16 million units in 2008, virtually flat with sales in 2007, which turned out to be a weaker year for sales than initially expected. Other uses of cash will include cash restructuring costs (including the cost of attrition plans, which Chrysler may negotiate with the UAW) and Chrysler's need to fund certain UAW contract provisions prior to 2010. S&P expect over time to place greater weight on the substantial health care and other cash savings that will begin in 2010 as stipulated in the current UAW contract. But it is important to note that Chrysler's automotive results, industry conditions, and the economic outlook will be crucial components of any such future review, and accordingly, the threshold for an outlook revision to stable in 2008 is fairly high, given the current lack of visibility into prospective results in North America. The rating on Chrysler reflects the wide-ranging challenges the company faces in North America, where the vast majority of its automotive operations are located. The company is more heavily reliant on North American sales of light trucks than either of its other Michigan-based competitors, but it benefits from its strong presence in the minivan segment and ownership of the iconic Jeep brand. Although the company has been profitable in recent years, S&P expect it to remain unprofitable into 2009 and perhaps longer. Chrysler's new management team is moving quickly to respond to the massive challenges of excess capacity and headcount and adverse product mix trends by instituting additional headcount reductions, closing plants, and reducing the number of models, in addition to implementing a restructuring plan that was first announced in February 2007. However, as with past restructurings, the ultimate success depends largely on whether the company can maintain its market share at a level consistent with its future capacity. In addition, near-term success will rest at least partly on the U.S. economy's avoiding a recession in 2008. The fate of Chrysler's restructuring also depends greatly on how the company's product mix, vehicle pricing, and market share evolve--and there is greater uncertainty in these areas, given the vagaries of consumer demand. Chrysler's U.S. light-vehicle market share has been more stable than that of its other Michigan-based competitors. Furthermore, Chrysler's sales mix of light trucks (crossover utility vehicles [CUVs], SUVs, vans, and pickups) and cars is more truck-weighted than those of its competitors, making the company more vulnerable to further adverse shifts in many of these segments. One key variable into 2008 will be the U.S. full-size pickup truck market, which is soft because of the weak housing market and high gas prices. In addition, formidable competitor Toyota Motor Corp. has a new full-size pickup truck that is manufactured in Texas. Chrysler has a fairly distant No. 3 position (17% share through October 2007 versus 41% and 30% for GM and Ford, respectively) in this market, which generates a disproportionate share of profits. Chrysler is underrepresented in the growing CUV segment; it had only an 8% share through the first 10 months of 2007. Although it will be introducing more models into this already well- populated segment, garnering critical market share will not be easy. CUVs are generally not as profitable as SUVs or full-size pickups, so the increasing customer substitution of CUVs for larger vehicles will likely reduce total profit contribution. As with its overall market share, Chrysler's share in the passenger car segment has been more stable than that of its Michigan-based competitors, but the company is underrepresented here, too (cars represent about 27% of Chrysler's product mix), compared with GM (39%) and Ford (34%). Chrysler's car sales are also highly concentrated among a few models. The weakness in Chrysler's automotive performance and the costs of executing a turnaround will reduce cash balances that were sizable at the close of the Chrysler purchase. Chrysler's pension funding position has improved in recent years, and this is less of a concern currently, as the U.S. hourly and salaried plans collectively were overfunded at the end of 2006. DCFS is expected to continue performing its primary function of providing retail and wholesale financing of Chrysler vehicles. S&P expect DCFS to remain profitable. Its portfolio is considered high quality, and S&P expect it to remain so. However, the financial affiliate is not expected to be a source of cash dividends for Chrysler. The outlook on Chrysler and DCFS is negative. S&P's primary concern is Chrysler's need to return its North American automotive operations--the vast majority of the company's business--to profitability. The ratings could be lowered, despite the health care savings that will start to accrue in 2010, if S&P came to expect that Chrysler's substantial cash outflow would fail to continue moderating or begins to worsen because of setbacks, whether Chrysler-specific or stemming from market conditions. S&P do not expect to revise the outlook to stable or positive within the next several quarters, given the uncertain economic outlook and ongoing execution risk in its turnaround plan. 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 35 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, Manager Sommerbergstrasse 01 37339 Worbis Germany DANISCHE BAUKOMPONENTEN: Claims Registration Period Ends Dec. 7 --------------------------------------------------------------- Creditors of DBI Danische Baukomponenten Import GmbH have until Dec. 7 to register their claims with court-appointed insolvency manager Marc Schaumann. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Jan. 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 Norderstedt Hall B Rathausallee 80 22846 Norderstedt Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Marc Schaumann Falkenstrasse 22 23564 Luebeck Germany The District Court of Norderstedt opened bankruptcy proceedings against DBI Danische Baukomponenten Import GmbH on Oct. 24. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: DBI Danische Baukomponenten Import GmbH Industriestrasse 3 23829 Wittenborn Germany Attn: Herrn Andreas Libera, Manager Wakenitzmauer 9 23552 Luebeck Germany DES ONLINEAUSKUNFT: Creditors' Meeting Slated for Dec. 6 -------------------------------------------------------- The court-appointed insolvency manager for DES onlineauskunft Marketinggesellschaft mbH, Joachim Heitsch will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:25 a.m. on Dec. 6. 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 10:00 a.m. on March 13, 2008, at the same venue. Creditors have until Jan. 17, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Joachim Heitsch Berliner Str. 117 10713 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against DES onlineauskunft Marketinggesellschaft mbH on Oct. 18. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: DES onlineauskunft Marketinggesellschaft mbH Kochstr. 22 10969 Berlin Germany DFA GESELLSCHAFT: Claims Registration Period Ends Nov. 30 --------------------------------------------------------- Creditors of DFA Gesellschaft fuer Finanz- und Anlagenkonzepte mbH have until Nov. 30 to register their claims with court- appointed insolvency manager Dr. Marc d`Avoine. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Jan. 8, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wuppertal Meeting Room A234 Second Floor Isle 2 42103 Wuppertal Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Marc d`Avoine Doeppersberg 19 42103 Wuppertal Germany The District Court of Wuppertal opened bankruptcy proceedings against DFA Gesellschaft fuer Finanz- und Anlagenkonzepte mbH on Oct. 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: DFA Gesellschaft fuer Finanz- und Anlagenkonzepte mbH Attn: Barbara Kozniewski, Manager Kreuzstrasse 20 40699 Erkrath Germany FAASS BOEDEN: Creditors' Meeting Slated for Nov. 27 --------------------------------------------------- The court-appointed insolvency manager for Faass Boeden GmbH, Christian Koehler-Ma, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:00 a.m. on Nov. 27. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 9:35 a.m. on March 11, 2008, at the same venue. Creditors have until Jan. 20, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Christian Koehler-Ma Kurfuerstendamm 26a 10719 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Faass Boeden GmbH on Oct. 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Faass Boeden GmbH Buechnerweg 81 12489 Berlin Germany INSTITUT FUER: Claims Registration Ends November 23 --------------------------------------------------- Creditors of Institut fuer Wirtschaftsinformation GmbH have until Nov. 23 to register their claims with court-appointed insolvency manager Ruediger Berkhan. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Dec. 4, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District of Goslar II/F Haus II Third Floor 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: 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 fuer Wirtschaftsinformation GmbH on Oct. 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Institut fuer Wirtschaftsinformation GmbH Oberdorf 23 38729 Hahausen Germany KOL GESELLSCHAFT: Claims Registration Ends Nov. 20 -------------------------------------------------- Creditors of KOL Gesellschaft fuer Abbruch-, Tiefbau- und landschaftsgartnerische Arbeiten mbH have until Nov. 20 to register their claims with court-appointed insolvency manager Angela Gerigk. Creditors and other interested parties are encouraged to attend the meeting on Nov. 26, 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 Essen Meeting Hall 296 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 Tel: 02362/993480 The District Court of Essen opened bankruptcy proceedings against KOL Gesellschaft fuer Abbruch-, Tiefbau- und landschaftsgartnerische Arbeiten mbH on Sept. 20. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: KOL Gesellschaft fuer Abbruch-, Tiefbau- und landschaftsgartnerische Arbeiten mbH Horster Str. 181 45968 Gladbeck Germany Attn: Atnan Ademi, Manager Sutumerfeldstr. 40 45899 Gelsenkirchen Germany KSTS GMBH: Claims Registration Ends November 26 ----------------------------------------------- Creditors of KSTS GmbH have until Nov. 26 to register their claims with court-appointed insolvency manager Gerhard Fichter. Creditors and other interested parties are encouraged to attend the meeting at 11:15 a.m. on Dec. 17, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court Heilbronn Hall 4 Ground Floor Rollwagstr. 10a 74072 Heilbronn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Gerhard Fichter Uhlandstrasse 4 74072 Heilbronn Germany Tel: 07131/888666 Fax: 07131/888667 The District Court of Heilbronn opened bankruptcy proceedings against KSTS GmbH on Oct. 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: KSTS GmbH Attn: Wolfram Stendel, Manager Sulmstrasse 9 74189 Weinsberg Germany P+T GMBH: Creditors' Meeting Slated for Dec. 21 ----------------------------------------------- The court-appointed insolvency manager for P+T GmbH, Michael Hawelka, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:45 a.m. on Dec. 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 9:30 a.m. on March 28, 2008 at the same venue. Creditors have until Jan. 31, 2008 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Michael Hawelka Friedrichstr. 204 10117 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against P+T GmbH on Oct. 19. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: P+T GmbH Fasanenstr. 29 10719 Berlin Germany REFORM UND DIATHAUS: Claims Registration Ends November 27 ---------------------------------------------------------- Creditors of Reform und Diathaus RAISS-Braunwarth GmbH have until Nov. 27 to register their claims with court-appointed insolvency manager Olaf Suehrer. Creditors and other interested parties are encouraged to attend the meeting at 9:30 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 Darmstadt Hall 4.307 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: Olaf Suehrer Steubenplatz 12 64293 Darmstadt Germany Tel: 06151/136270 Fax: 06151/1362729 The District Court of Darmstadt opened bankruptcy proceedings against Reform und Diathaus RAISS-Braunwarth GmbH on Oct. 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Reform und Diathaus RAISS-Braunwarth GmbH Eschollbruecker Str. 26 64295 Darmstadt Germany Attn: Susanne Maria Hildegard Raiss, Manager Soderstr. 20 64283 Darmstadt Germany SPECTRUM BRANDS: Posts US$333 Million Net Loss in Fourth Quarter ---------------------------------------------------------------- Spectrum Brands Inc. disclosed Thursday results of its fourth quarter ended Sept. 30, 2007. The company reported a fourth quarter net loss of US$333 million on net sales of US$548.2 million for the quarter ended Sept. 30, 2007. This compares with a net loss of US$439.4 million on net sales of US$486.3 million in the same period in 2006. Included in the net loss for the fourth quarter included certain items which management believes are not indicative of the company's on-going normalized operations. These items include: -- a loss from discontinued operations, net of tax, of US$178.8 million related to the company's Home & Garden business, which is being held for sale, including a US$168.5 million non-cash charge related to the fair value of this asset; -- net tax adjustments of US$126.7 million which include a non-cash charge of US$211.3 million (of which US$54.2 million is included in the loss from discontinued operations) reflecting an increase in the valuation allowance against certain net deferred tax assets; and other tax benefit adjustments of US$30.4 million which principally relate to the revaluation of certain foreign deferred tax credits resulting from statutory tax rate changes; -- pretax restructuring and related charges of US$36.6 million, associated with company-wide cost reduction initiatives; -- a non-cash impairment charge of US$24.4 million primarily related to the company's Varta brand. -- other items netting to a pretax benefit of US$1.9 million. Spectrum Brands' sales for the quarter were US$548.2 million, an increase of 13%, largely attributable to sales volume increases and the impact of favorable foreign exchange rates. Segment profit increased 54% to US$76.4 million for the quarter due primarily to increased sales and the impact of the company's cost restructuring initiatives. On a constant currency basis, sales increased 8% and segment profit increased 48%. Adjusted EBITDA, including EBITDA from Home & Garden, was US$92 million as compared with US$58 million in the prior year. Chief executive officer Kent Hussey stated, "We are pleased with the overall improvement in sales, EBITDA and segment profitability during the quarter. We are particularly pleased that the improvement represented both sales and profitability growth in each of our business segments, including our Home & Garden business. Our fourth quarter performance improvement was driven by a combination of sales volume growth and the benefits from the restructuring actions we took over the last two years to better control our costs. We believe this positive momentum demonstrates that we are taking the appropriate steps to deliver sustainable operating profitability improvement and create long- term shareholder value. We believe these positive trends will continue in fiscal year 2008." Gross profit and gross margin for the quarter were US$198.6 million and 36.2%, respectively, versus US$168.0 million and 34.5% for the same period last year. Restructuring and related charges of US$14.6 million were included in the current quarter's cost of goods sold; cost of goods sold in the comparable period last year included US$18.0 million in similar charges. Excluding these restructuring and related charges, gross margin improved as the positive impact of volume increases and manufacturing cost efficiencies offset increased raw material costs. Spectrum generated fourth quarter operating income of US$7.2 million versus an operating loss of US$415.3 million last year. The current quarter included US$22.0 million in restructuring and related charges within operating expenses; last year's operating expenses included US$3.1 million. Fiscal year 2006 results also included a US$433.0 million non-cash charge related to the value of certain trade names and goodwill. Absent these amounts, operating income increased largely due to increased sales and lower costs as a result of the restructuring initiatives implemented across the organization. About Spectrum Brands Headquartered in Atlanta, Georgia, Spectrum Brands Inc. (NYSE: SPC) -- http://www.spectrumbrands.com/-- is a consumer products company and a supplier of batteries, portable lighting, lawn and garden products, household insect control, shaving and grooming products, personal care products and specialty pet supplies. Spectrum Brands' products are available in more than one million stores in 120 countries around the world. The company has manufacturing and distribution facilities in China, Australia and New Zealand, and sales offices in Melbourne, Shanghai, and Singapore. The company's European headquarters is located in Sulzbach, Germany. The company has approximately 8,400 employees worldwide. * * * As reported in the Troubled Company Reporter on Oct. 3, 2007, Fitch Ratings has assigned a 'B/RR1' rating to Spectrum Brand's new four-year, US$225 million senior secured asset-backed loan facility priced at LIBOR +225 basis points. Fitch also affirmed these ratings: 'CCC' Issuer Default Rating, 'B/RR1' rating on the company's US$1 billion term loan B, 'B/RR1' rating on the company's EUR350 million term loan, 'CCC-/RR5' rating on the company's US$700 million 7.4% senior subordinated notes, 'CCC- /RR5' rating of the company's US$2.9 million 8.5% senior subordinated notes, and 'CCC-/RR5' rating on the company's US$347 million 11.25% variable rate toggle senior subordinated notes. The Rating Outlook is Negative. WEFE WIRTSCHAFT: Creditors' Meeting Slated for Dec. 5 ----------------------------------------------------- The court-appointed insolvency manager for WefE Wirtschaft fuer Europa GmbH, Christian Koehler-Ma will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:30 a.m. on Dec. 5. 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 10:15 a.m. on March 19, 2008 at the same venue. Creditors have until Jan. 19, 2008 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Christian Koehler-Ma Kurfuerstendamm 26 a 10719 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against WefE Wirtschaft fuer Europa GmbH on Oct. 19. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: WefE Wirtschaft fuer Europa GmbH Muellerstrasse 48 12623 Berlin Germany ============= H U N G A R Y ============= AES CORP: Earns US$103 Million in Third Quarter Ended Sept. 30 -------------------------------------------------------------- The AES Corporation reported net income of US$103 million for the three months ended Sept. 30, 2007, compared to a net loss of US$327 million for the same period in 2006. During the quarter, revenues increased by US$524 million or 18% to US$3.5 billion. The increase in revenues reflects higher rates and volumes of approximately US$284 million in Latin America, North America and Europe & Africa, favorable foreign currency translation of approximately US$174 million and contributions from TEG and TEP, two plants in Mexico the company acquired in first quarter 2007, of approximately US$57 million. Gross margin increased by US$14 million or 2% to US$840 million, primarily due to higher prices in North America and contributions from TEG and TEP as well as the impacts of favorable foreign currency translation, a combined impact of approximately US$106 million. These gains were partially offset by the impacts of gas curtailments and lower hydrology at the company's businesses in Argentina and Chile of approximately US$112 million. During the quarter, net cash from operating activities decreased by US$187 million to US$741 million. This decrease was primarily due to the sale of a Venezuelan subsidiary, C.A. LA Electricidad de Caracas, in May 2007. Excluding any contribution from EDC, net cash from operating activities would have decreased by approximately US$19 million. During the quarter, the Company was the winning bidder on two projects totaling 1,762 MW in the Philippines and the Republic of South Africa. Additionally, the company's Alternative Energy group announced plans to begin construction of a 170 MW expansion of its Buffalo Gap wind farm in Texas. Once completed, the project will increase capacity at Buffalo Gap to 524 MW, making it one of the largest operating wind farms in the United States. "We are pleased with our continued progress toward achieving our growth goals, such as winning two strategically important projects in the Philippines and South Africa. These investments will be platforms for further expansion in these two high growth markets," said Paul Hanrahan, AES President and CEO. "In October, the market gave us a vote of confidence when our US$500 million offering of unsecured notes generated significant demand and was successfully upsized to US$2 billion. This transaction will help us to achieve more flexibility in our existing capital structure, as we were able to refinance existing debt, and will support our growth program." Third Quarter 2007 Segment Highlights Latin America Generation revenue increased by US$229 million to US$914 million, primarily due to higher rates in Chile and Argentina of approximately US$150 million and approximately US$32 million in higher intercompany sales at Tiete in Brazil. Gross margin decreased by US$84 million to US$183 million, primarily due to higher costs associated with gas supply curtailments and lower hydrology in Chile and Argentina of approximately US$112 million, partially offset by increased intercompany sales at Tiete. Latin America Utility revenue increased by US$141 million to US$1.3 billion, primarily due to approximately US$135 million in favorable foreign currency translation and approximately US$26 million in increased volumes at Eletropaulo in Brazil, partially offset by decreased rates at Eletropaulo due to the 2007 tariff reset. Gross margin increased by US$71 million to US$259 million, primarily due to approximately US$55 million in favorable foreign currency translation and approximately US$33 million in lower costs in Brazil. North America Generation revenue increased by US$76 million to US$566 million, primarily due to approximately US$57 million in contributions from the newly acquired TEG and TEP businesses in Mexico and approximately US$25 million in higher rates and volumes at Eastern Energy in New York. Gross margin increased by US$47 million to US$196 million, primarily due to the higher rates and volumes as well as lower costs at Eastern Energy, an impact of approximately US$34 million, and contributions from TEG and TEP of approximately US$20 million. North America Utility revenue remained flat at US$274 million. Consistent with revenues, gross margin remained relatively flat with a decrease of US$3 million to US$86 million. Europe & Africa Generation revenue increased by US$20 million to US$216 million, primarily due to increased rates and volumes of approximately US$15 million in Kazakhstan and approximately US$3 million in favorable foreign currency translation. Gross margin decreased by US$3 million, primarily due to decreased sales of excess emission allowances in Hungary. Europe & Africa Utility revenue increased by US$26 million to US$157 million, primarily due to increased rates of approximately US$14 million in Ukraine and approximately US$6 million in favorable foreign currency translation. Gross margin decreased by US$8 million, primarily due to the reversal of approximately US$7 million in VAT tax accrual during third quarter 2006 at SONEL in Cameroon. Asia Generation revenue increased by US$44 million to US$235 million, primarily due to higher dispatch in Pakistan and higher volume in Sri Lanka. Gross margin decreased by US$6 million to US$47 million, primarily due to lower volumes in China. Increased revenue in Pakistan and Sri Lanka had a relatively flat impact on gross margin due to related increases in fuel costs. About AES AES Corp. -- http://www.aes.com/-- is a global power company. The company operates in South America, Europe, Africa, Asia and the Caribbean countries. Specifically, it also has operations in India. Generating 44,000 megawatts of electricity through 124 power facilities, the company delivers electricity through 15 distribution companies. The company's Latin America business group is comprised of generation plants and electric utilities in Argentina, Brazil, Chile, Colombia, Dominican Republic, El Salvador, Panama and Venezuela. 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-Latin America 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. LGD assessments are subject to change pending the final capital structure. As reported on Oct. 12, 2007, Fitch Ratings assigned a 'BB/RR1' rating to AES Corporation's US$500 million issue of senior unsecured notes due 2017. AES' long-term Issuer Default Rating is rated 'B+' by Fitch. Fitch said the rating outlook is stable. AES CORP: Benefiting from Gas Export Restriction to Chile --------------------------------------------------------- AES Corporation Chief Executive Officer Paul Hanrahan said in a conference call that Argentina's restrictions on natural gas shipments to Chile are creating an opportunity for the company. Mr. Hanrahan commented to Business News Americas, "Chile has realized it needs more reliable sources of supply. They really became over-reliant on Argentine gas and are looking at more coal-fired plants, more hydro and LNG [liquefied natural gas]. Chile can't rely on as many imports of natural gas as they have in the past and this is what has created opportunities for us to expand in Chile as they have to add more non-natural gas capacity." According to BNamericas, low hydrology in Chile and Argentina are problems for AES in the third quarter 2007. BNamericas relates that gross generation margins in Latin America dropped to US$183 million in the third quarter 2007, compared to the same quarter last year, mainly due to higher costs associated with gas supply curtailments and lower hydrology. The main reasons for Argentina's continued reduction in natural gas shipment to Chile are high consumption fueled by low regulated prices, BNamericas states, citing an AES spokesperson. About AES AES Corp. -- http://www.aes.com/-- is a global power company. The company operates in South America, Europe, Africa, Asia and the Caribbean countries. Specifically, it also has operations in India. 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-Latin America 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. LGD assessments are subject to change pending the final capital structure. As reported on Oct. 12, 2007, Fitch Ratings assigned a 'BB/RR1' rating to AES Corporation's US$500 million issue of senior unsecured notes due 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 ============= SCOTTISH RE: Fitch Maintains Rating After Alt-A Realized Losses --------------------------------------------------------------- Fitch Ratings disclosed on November 8, 2007, that Scottish Re Group Limited's corporate debt and insurer financial strength ratings are unaffected following the company's reported realized losses on investments of US$102 million. In August, Fitch had performed stress tests on the 'A', 'BBB' and below subprime holdings in SCT's portfolio and the US$95 million in losses realized in connection with impairment charges for the subprime and Alt-A residential mortgage securities were in line with Fitch's stress test. Preliminary estimates of SCT's Sept. 30, 2007 risk-based capital (RBC) exceeds 375% excluding securitizations, and exceeds 325% including securitizations. These estimates compare to ratings expectations of greater than 250%. Fitch estimates that Total Adjusted Capital (TAC), including and excluding common equity in Regulation XXX securitizations, was US$1.65 billion and US$1.23 billion respectively. The majority of unrealized losses on investments resides in the securitizations. SCT has commented that the assets in the securitization trusts exceed the regulatory reserves by US$830 million. Fitch continues to watch developments for SCT's subprime and Alt-A holdings, especially as they relate to ratings expectations for RBC and exposure to these investments relative to TAC. Fitch also notes the first positive quarter in eight for pretax operating earnings as well as the expectation that SCT will meet or slightly exceed plan for 2007 for pretax operating earnings and net operating earnings Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a global life reinsurance specialist. Scottish Re has operating businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the United Kingdom, United States, and Singapore. Its flagship operating subsidiaries include Scottish Annuity & Life Insurance Company (Cayman) Ltd. and Scottish Re (US), Inc. Scottish Re Capital Markets, Inc., a member of Scottish Re Group Ltd., is a registered broker dealer that specializes in securitization of life insurance assets and liabilities. On June 30, 2007, Scottish Re reported total assets of US$13.6 billion and shareholder's equity of US$1.2 billion. Moody's insurance financial strength ratings are opinions of the ability of insurance companies to repay punctually senior policyholder claims and obligations. ========= I T A L Y ========= ACTUANT CORP: R. Alan Hunter Joins Board of Directors ----------------------------------------------------- Actuant Corporation has appointed R. Alan Hunter to the company's Board of Directors, effective immediately. Mr. Hunter is a retired executive from The Stanley Works where he had served as President and Chief Operating Officer from 1993-1997 as well as Vice President Finance and Chief Financial Officer from 1986-1993. He joined Stanley in 1974 and prior to that time was an Officer in the United States Navy. Mr. Hunter has been involved in several business and community organizations since retiring from Stanley in 1997. Commenting on the announcement, Bob Arzbaecher, Actuant's Chairman and CEO, said, "We are pleased to announce the addition of Alan to Actuant's Board of Directors. His broad experience in operations and finance, as well as his industrial tool and home center market background, nicely complements the Actuant portfolio of businesses. The rest of the Board and I look forward to his contributions and counsel on the various opportunities awaiting Actuant." Actuant also announced that Kathleen Hempel will be retiring from the Board at the Company's Annual Meeting of Shareholders in January 2008. Arzbaecher commented, "Kathy has been a member of our Board since 2001. Since that time, Actuant has grown significantly, both in terms of internal growth and acquisitions. I am grateful for her dedication, integrity and leadership during this period of growth for Actuant and, speaking on behalf of the entire Board, we will miss her insight and passion for the business." About Actuant Corp. Headquartered in Glendale, Wisconsin, Actuant Corp. (NYSE:ATU) -- http://www.actuant.com/-- is a diversified industrial company with operations in more than 30 countries, including Australia, Brazil, China, Hong Kong, Italy, Japan, Taiwan, United Kingdom and South Korea. The Actuant businesses are market leaders in highly engineered position and motion control systems and branded hydraulic and electrical tools and supplies. Since its creation through a spin-off in 2000, Actuant has grown its sales from US$482 million to over US$1 billion and its market capitalization from US$113 million to over US$1.5 billion. The company employs a workforce of approximately 6,000 worldwide. Actuant Corporation trades on the NYSE under the symbol ATU. * * * As reported in the Troubled Company Reporter-Latin America on June 6, 2007, Moody's Investors Service assigned a Ba2 (LGD3, 43%) rating to Actuant Corporation's USUS$250 million senior unsecured notes and affirmed the company's Ba2 Corporate Family Rating. Standard & Poor's Ratings Services assigned its 'BB-' rating to Actuant Corp.'s proposed USUS$250 million senior unsecured notes due 2017. The proceeds from the notes will be principally used to repay a portion of borrowings under the company's senior credit facility due 2009. ALITALIA SPA: Bankruptcy Looms if Sale Fails, Says Minister ----------------------------------------------------------- Italian Transport Minister Alessandro Bianchi has warned that Alitalia S.p.A. may file for bankruptcy if the current attempt to sell the government's 49.9% stake fails, The Associated Press reports. "If we're not able to sell Alitalia in an acceptable manner within the next two to three months, we'd run the serious risk of bankruptcy," Mr. Bianchi told AP. AP notes that the remarks by Mr. Bianchi, whose ruling party had previously ruled out liquidating Alitalia, means that the carrier's bankruptcy could be the only option. As previously reported in the TCR-Europe, 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. Alitalia, however, has concluded that Cordata Baldassarre's bid is "no longer compatible" to its planned stake sale. TPG Capital, meanwhile, has informed it was unable to finalize an Italian-led consortium, but will continue to follow the developments of the sale. 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. ALITALIA SPA: Bid Filing Bar Date Moved to November 20 ------------------------------------------------------ Alitalia S.p.A. has moved the deadline for submission of binding offers for the Italian government's 49.9% stake in the national carrier to Nov. 20, 2007, Thomson Financial reports citing La Repubblica as its source. Trade union sources had told Thomson Financial that Alitalia had set a Nov. 16, 2007, deadline for the offers, which would be tackled by the carrier's board on Nov. 20, 2007. La Repubblica notes that with the deferment, Alitalia chairman Maurizio Prato may recommend to the Italian government the carrier's potential buyer by Nov. 30, 2007. Alitalia's board may also decide on the same day whether to enter exclusive sale talks with the chosen bidder, a trade union source told Thomson Financial. As previously reported in the TCR-Europe, 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. Alitalia, however, has concluded that Cordata Baldassarre's bid is "no longer compatible" to its planned stake sale. TPG Capital, meanwhile, has informed it was unable to finalize an Italian-led consortium, but will continue to follow the developments of the sale. 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. DANA CORP: Gets Banks' Proposals for US$2 Billion Exit Financing ---------------------------------------------------------------- Dana Corp. and its debtor-affiliates have received proposals from 10 financial institutions in connection with the exit financing contemplated in their joint plan of reorganization and the bankruptcy court-approved Disclosure Statement. The Debtors are seeking a US$2 billion loan to exit Chapter 11 by the end of 2007. Dana has sought permission from the U.S. Bankruptcy Court for the Southern District of New York to enter into and perform under a commitment letter and a fee letter, which allows the payment of commitment fees and reimbursement of out-of-pocket expenses. Dana, however, has yet to identify the lenders or financial institutions who will syndicate or provide the loan. Corinne Ball, Esq., at Jones Day, in New York, told the Court that the Debtors, with the assistance of Miller Buckfire & Co., LLC, and AlixPartners, LLP, their financial advisors, are still in the process of selecting and negotiating the optimal financing package from proposals submitted by more than 10 financial institutions. "The Debtors need to proceed expeditiously to stay on target to emerge from chapter 11 by the end of 2007 and anticipate that they will be in a position to file the Commitment Letter with the Court on or about November 16, 2007," Ms. Ball says. The Debtors have asked the Court to hold a hearing on Nov. 28, 2007, to consider approval of the Commitment Letter. Objections are due Nov. 21, 2007, at 4:00 p.m. The Debtors said that in any event, they will file the Commitment Letter with the Court at least three business days prior to the scheduled hearing. According to Ms. Ball, the Commitment Documents will contain customary terms and conditions found in similar types of financing, and will generally provide for an Exit Facility consisting of: (a) Up to $2 billion senior credit facility, which will consist of: -- $650 million asset-based revolving credit facility with a sublimit for letters of credit to be determined; and -- $1.35 billion term loan. (b) Maturity is expected to be between five to seven years. (c) The collateral securing the exit facility is substantially all of the Debtors' assets, including a pledge of 65% of the stock of each of the Debtors' foreign subsidiaries. (d) The interest rate and fees are still to be negotiated but will be consistent with market rates used in similar financing type. (e) The Exit Facility will contain affirmative and negative covenants, representations and warranties and events of default customary for similar types of financings. (f) The Revolver will be undrawn at closing. The proceeds of the Term Loan will be used at closing to repay existing claims against the Debtors pursuant to the Plan, including repaying in full the DIP Credit Agreement, and any excess proceeds will remain on the balance sheet of the Reorganized Debtors. About Dana Corporation Headquartered in Toledo, Ohio, Dana Corporation -- http://www.dana.com/--designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. Dana has facilities in China in the Asia-Pacific, Argentina in the Latin-American regions and Italy in Europe. The company and its affiliates filed for chapter 11 protection on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Aug. 31, 2007 the Debtors listed $6,878,000,000 in total assets and $7,551,000,000 in total debts resulting in a total shareholders' deficit of $673,000,000. Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represent the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners serves as Dana's Chief Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents the Official Committee of Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the Official Committee of Equity Security Holders. Stahl Cowen Crowley, LLC serves as counsel to the Official Committee of Non-Union Retirees. The Debtors filed their Joint Plan of Reorganization on Aug. 31, 2007. On Oct. 23, 2007, the Court approved the adequacy of the Disclosure Statement explaining their Plan. The Court has set Dec. 10, 2007, to consider confirmation of the Plan. (Dana Corporation Bankruptcy News, Issue No. 60; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). FIAT SPA: CEO Marchionne Confirms Talks with Daimler ---------------------------------------------------- Fiat S.p.A. CEO Sergio Marchionne confirmed that the company is in talks with Daimler AG following speculations that Daimler could seek a partner to work on the next generation of Mercede