T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, November 15, 2007, Vol. 8, No. 227 Headlines A U S T R I A ALTUNTAS KEG: Claims Registration Period Ends Nov. 27 EASY-BAU LLC: Vienna Court Orders Business Shutdown HASELSTEINER KEG: Claims Registration Period Ends Nov. 20 ISOT LLC: Vienna Court Orders Business Shutdown LASERZ INNENAUSBAU: Vienna Court Orders Business Shutdown SARIANA LLC: Claims Registration Period Ends Nov. 20 STERLING LLC: Claims Registration Period Ends Nov. 20 TOP-REAL LLC: Claims Registration Period Ends Nov. 19 B E L G I U M CHIQUITA BRANDS: Posts US$28-Mln Net Loss in Qtr. Ended Sept. 30 C Z E C H R E P U B L I C HARVARDSKY PRUMYSLOVY: Supreme Court Rejects Bankruptcy Appeal D E N M A R K GRAPHIC PACKAGING: S&P Holds All Ratings and Revises Outlook F I N L A N D QUEBECOR WORLD: Moody's Junks New US$400 Mln Sr. Unsecured Notes F R A N C E BALLY TECH: Teams Up with Teradata to Provide Business Services BALLY TECH: Licenses Certicom for Next-Generation Casino Systems FCI INT'L: Moody's Lifts Rating to Ba3 on Improved Performance REXEL SA: In Exclusive Talks to Buy Hagemeyer for EUR3.1 Billion REXEL SA: Exclusive Takeover Talks Cue Fitch to Watch BB IDR G E R M A N Y BATRA LUEBECK: Claims Registration Period Ends Nov. 28 BBP VERWALTUNGSGESELLSCHAFT: Claims Registration Ends Nov. 27 CERBERUS SECURITY: Claims Registration Period Ends Dec. 3 DANISCHE BAUKOMPONENTEN: Claims Registration Period Ends Dec. 7 DO MO INDUSTRIE: Claims Registration Period Ends Nov. 30 HTL TRANSPORT: Claims Registration Period Ends Dec. 4 INTRA-HAUSSCHUH GMBH: Claims Registration Ends December 6 KRAFTVERKEHR GERHARD: Claims Registration Ends December 4 KLOCKE GMBH: Claims Registration Period Ends Dec. 19 MOCCABAR GASTRONOMIE: Claims Registration Period Ends Nov. 30 NALIN EIGENHEIMBAU: Claims Registration Period Ends Dec. 1 NOVELIS INC: Earns US$13 Million in 2007 Second Quarter REFORM UND DIATHAUS: Claims Registration Period Ends Nov. 27 TAM HOLDING: Claims Registration Ends December 7 UNICUM GASTSTATTENBETRIEBS: Claims Registration Ends Nov. 27 I T A L Y ALITALIA SPA: Posts EUR57.6 Million Pretax Loss in Third Quarter PARMALAT SPA: Group Earns EUR276.9MM for First Nine Months 2007 PARMALAT SPA: New York Court Denies Third-Party Action Dismissal PARMALAT SPA: New York Court Junks Motion for Reconsideration TISCALI SPA: Posts EUR3.9 Mln Loss for 9-Months Ended Sept. 30 K A Z A K H S T A N AK-BASTAU LLP: Proof of Claim Deadline Slated for Dec. 12 HALYK BANK: Fitch Affirms BB+ IDR; Stable Outlook GOLDEN LINE: Creditors Must File Claims Dec. 14 NORD OIL: Claims Filing Period Ends Dec. 14 PALTOSTAL LLP: Creditors' Claims Due on Dec. 14 TEMIR-BARS-2030 LLP: Claims Registration Ends Dec. 14 K Y R G Y Z S T A N RELIABLE DOCUMENTATIONS: Creditors Must File Claims by Dec. 19 N O R W A Y PETROLEUM GEO-SERVICES: Acquires 78% Stake in Arrow Seismic PETROLEUM GEO-SERVICES: Arrow Acquisition Cues S&P's BB- Ratings R U S S I A CENTROCREDIT BANK: Moody's Puts B3/NP/E+/Baa2.ru Global Ratings FEDERAL GRID: S&P Holds BB+ Debt Rating on Proposed Notes LENINGRAD OBLAST: S&P Affirms BB- Ratings with Positive Outlook MILK OJSC: Creditors Must File Claims by Dec. 3 OMUTINSKAGROPROMSNAB OJSC: Court Hearing Slated for Jan. 9, 2008 PILOT PLANT 408: Creditors Must File Claims by Jan. 3, 2008 UST'-ILIMSKIJ OJSC: Creditors Must File Claims by Dec. 3 VELSKSTROY OJSC: Bankruptcy Hearing Slated for Feb. 21, 2008 S P A I N BANKINTER 3 FTPYME: Moody's Junks EUR17.4 Mln Series E Notes CAIXA SABADELL 1: Fitch Junks EUR4.5 Million Class D Notes S W I T Z E R L A N D BBJ-DRUCK JSC: Creditors' Liquidation Claims Due by November 30 C. COCIVERA COLLOMBEY: Lucerne Court Starts Bankruptcy Process CRECON JSC: Zug Court Closes Bankruptcy Proceedings GARAGE LEUENBERGER: Creditors' Liquidation Claims Due by Dec. 8 GROW HOUSE: Creditors' Liquidation Claims Due by November 30 INTREX MESSE: Creditors' Liquidation Claims Due by November 30 JOHNSON PUMPEN: Creditors Must File Claims by March 4, 2008 KIESEL RETO: Thurgau Court Closes Bankruptcy Proceedings PROTOR JSC: Aargau Court Starts Bankruptcy Proceedings REEDEREI MS: Creditors' Liquidation Claims Due by December 12 U K R A I N E AMFITRITA LLC: Creditors Must File Claims by November 21 INTEKO-INVEST-GROUP: Creditors Must File Claims by November 21 KHARKOV OIL: Creditors Must File Claims by November 21 LUGANSK COAL: Claims Filing Bar Date Set November 18 MAKEYEVKA GLASS: Creditors Must File Claims by November 21 ONIS LLC: Claims Filing Bar Date Set November 18 PROMAGRO: Creditors Must File Claims by November 21 S.T.M. LLC: Creditors Must File Claims by November 21 TRADE EXPRESS: Claims Filing bar Date Set November 21 U N I T E D K I N G D O M BAKER STREET: Moody's May Cut Ba1 Rating After Review BAKER STREET US$: Moody's May Cut Ba1 Rating After Review BLUE FIN: S&P Puts BB+ Ratings to Two Series 1 Note Classes BRAKE BROS: Fitch Withdraws Ratings on Sale to Bain Capital BRITISH AIRWAYS: Fuel Surcharge Increase to Take Effect Today CABLE & WIRELESS: Restores Services in Cayman Islands CHRYSLER LLC: Plans to Offer Rebates in December CLIFTON STREET: Moody's May Cut Ba1 Rating After Review CONSTELLATION BRANDS: Buying Fortune's Wine Biz for US$885 Mln CONSTELLATION BRANDS: Fortune Deal Cues Fitch to Hold Ratings CREATIVE OUTSOURCING: Appoints Administrators from KPMG DURA AUTOMOTIVE: Asks Firm to Detail Purchase of Clients' Bonds GIRAFFE TOWN: Names Matthew Colin Bowker Liquidator HANOVER STREET: Moody's May Cut Ba1 Rating After Review ICONIX BRAND: Enters Into Five Global License Agreements MDG DRYWALL: Calls In Liquidator from Baker Tilly Restructuring MEGA BRANDS: S&P Places Low-B Ratings on CreditWatch Negative METRONET RAIL: Administration Costing Taxpayers GBP13 Mln a Week PEMBRIDGE SQUARE: Moody's May Cut Ba1 Rating After Review PLUS WALL: Appoints Stephen Robert Cork as Liquidator RED DRAGON: P. D. Masters Leads Liquidation Procedure SANDERSON FOOTWEAR: Taps Ian J. Gould to Liquidate Assets SPACE MODELS: Hires Liquidator from Mazars TOP BRAND: Claims Filing Period Ends December 10 TRUMAX LTD: Claims Filing Period Ends December 24 TYSON FOODS: Outlines International Expansion Plans * Beard Group's Featured Conference for November 2007 * Upcoming Meetings, Conferences and Seminars ********* ============= A U S T R I A ============= ALTUNTAS KEG: Claims Registration Period Ends Nov. 27 ----------------------------------------------------- Creditors owed money by KEG ALTUNTAS (FN 230292s) have until Nov. 27 to file written proofs of claim to court-appointed estate administrator Erwin Senoner at: Dr. Erwin Senoner Alser Strasse 21 1080 Vienna Austria Tel: 4060551 Fax: 4069601 E-mail: kanzlei@jus.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:15 a.m. on Dec. 11 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1607 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Oct. 18 (Bankr. Case No. 28 S 117/07w). EASY-BAU LLC: Vienna Court Orders Business Shutdown --------------------------------------------------- The Trade Court of Vienna entered Oct. 16 an order shutting down the business of LLC easy-bau (FN 170759t). Court-appointed estate administrator Stefan Jahn 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. Stefan Jahn c/o Dr. Susi Pariasek Gonzagagasse 15 1010 Vienna Austria Tel: 532 17 11 Fax: 532 17 11 11 E-mail: kanzlei@jahns.co.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Sept. 28 (Bankr. Case No 2 S 132/07k). Susi Pariasek represents Mag. Jahn in the bankruptcy proceedings. HASELSTEINER KEG: Claims Registration Period Ends Nov. 20 --------------------------------------------------------- Creditors owed money by KEG Haselsteiner (FN 157509g) have until Nov. 20 to file written proofs of claim to court-appointed estate administrator Michael Pfleger at: Mag. Michael Pfleger Hauptplatz 1/2 3300 Amstetten Austria Tel: 07472/61 303 Fax: 07472/61 303-50 E-mail: amstetten@lhup.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:50 a.m. on Dec. 11 for the examination of claims. The meeting of creditors will be held at: The Land Court of St. Poelten Room 216 Second Floor Old Building St. Poelten Austria Headquartered in Blindenmarkt, Austria, the Debtor declared bankruptcy on Oct. 15 (Bankr. Case No. 14 S 172/07w). ISOT LLC: Vienna Court Orders Business Shutdown ----------------------------------------------- The Trade Court of Vienna entered Oct. 16 an order shutting down the business of LLC ISOT (FN 260025s). Court-appointed estate administrator Arno Maschke 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. Arno Maschke c/o Dr. Georg Unger Mariahilfer Strasse 50 1070 Vienna Austria Tel: 523 62 00 Fax: 526 72 74 E-mail: maschke@sup.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Sept. 28 (Bankr. Case No 2 S 131/07p). Georg Unger represents Dr. Maschke in the bankruptcy proceedings. LASERZ INNENAUSBAU: Vienna Court Orders Business Shutdown --------------------------------------------------------- The Trade Court of Vienna entered Oct. 17 an order shutting down the business of KEG Laserz Innenausbau (FN 284847v). Court-appointed estate administrator Stefan Jahns 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. Stefan Jahns c/o Dr. Susi Pariasek Gonzagagasse 15 1010 Vienna Austria Tel: 532 17 11 Fax: 532 17 11-11 E-mail: kanzlei@jahns.co.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Oct. 1 (Bankr. Case No 3 S 124/07s). Susi Pariasek represents Mag. Jahns in the bankruptcy proceedings. SARIANA LLC: Claims Registration Period Ends Nov. 20 ---------------------------------------------------- Creditors owed money by LLC Sariana (FN 111409m) have until Nov. 20 to file written proofs of claim to court-appointed estate administrator Candidus Cortolezis at: Dr. Candidus Cortolezis Hauptplatz 14 8010 Graz Austria Tel: 0316/81 39 73 Fax: 0316/84 77 97 E-mail: office@cortolezis.com Creditors and other interested parties are encouraged to attend the creditors' meeting at 2:00 p.m. on Dec. 6 for the examination of claims. The meeting of creditors will be held at: The Land Court of Graz Hall L Room 230 Second Floor Graz Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Oct. 12 (Bankr. Case No. 25 S 110/07z). STERLING LLC: Claims Registration Period Ends Nov. 20 ----------------------------------------------------- Creditors owed money by LLC Stering (FN 35338v) have until Nov. 20 to file written proofs of claim to court-appointed estate administrator Marisa Schamesberge at: Dr. Marisa Schamesberge Hofgasse 6 / III 8010 Graz Austria Tel: 0316/842184 Fax: 0316/8421848 E-mail: kanzlei@ra-hofgasse6.com Creditors and other interested parties are encouraged to attend the creditors' meeting at 2:25 p.m. on Dec. 6 for the examination of claims. The meeting of creditors will be held at: The Land Court of Graz Hall L Room 230 Second Floor Graz Austria Headquartered in Hitzendorf, Austria, the Debtor declared bankruptcy on Oct. 15 (Bankr. Case No. 25 S 112/07v). TOP-REAL LLC: Claims Registration Period Ends Nov. 19 ----------------------------------------------------- Creditors owed money by LLC TOP-REAL Mag. Woegerer Immobilien (FN 71263z) have until Nov. 19 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 10:00 a.m. on Dec. 3 for the examination of claims. The meeting of creditors will be held at: The Land Court of Eisenstadt Hall F Eisenstadt Austria Headquartered in Neusiedl am See, Austria, the Debtor declared bankruptcy on Oct. 12 (Bankr. Case No. 26 S 145/07m). ============= B E L G I U M ============= CHIQUITA BRANDS: Posts US$28-Mln Net Loss in Qtr. Ended Sept. 30 ---------------------------------------------------------------- Chiquita Brands International Inc. released financial and operating results for the third quarter 2007. Third quarter net sales increased 3% to US$1.1 billion, and the company reported a net loss of US$28 million, including a charge of US$4 million related to a previously announced downsizing in Chile. The company reported a net loss of US$96 million, including a noncash charge of US$43 million in the year-ago period. "As we had anticipated, our third quarter, excluding charges, showed a modest improvement in year-over-year operating results," said Fernando Aguirre, chairman and chief executive officer. "While we continue to face rising industry costs and other market challenges, we expect to deliver further year-over- year progress in operating results in the fourth quarter and in the year ahead. The banana-pricing environment in Europe stabilized earlier in the year and improved in the third quarter, particularly in the aftermath of industry supply disruptions caused by Hurricane Dean. In addition, our value- added salads business showed significant year-on-year recovery in the third quarter, which we expect to continue in the fourth quarter and in 2008." Mr. Aguirre added, "Last week, we announced a business restructuring designed to improve our profitability by consolidating operations and simplifying our overhead structure to enhance efficiency, stimulate innovation and further focus on customers and consumers. In addition to new, sustainable cost reductions of approximately US$60-80 million beginning in 2008, the changes will result in fewer layers of management, faster decisions and better accountability. Also, we will drive greater integration and efficiency across business units and geographies, resulting in one face to customers, one global supply chain from seed to shelf, and one global innovation program with targeted priorities and better execution. Taken together, I am confident these actions will strengthen our long- term market position and enhance our ability to achieve sustainable, profitable growth." Business Restructuring On Oct. 29, 2007, Chiquita outlined a restructuring plan and management changes designed to accelerate its previously announced strategy to become the global leader in healthy, fresh foods. This business restructuring is designed to improve the company's profitability by consolidating operations and simplifying its overhead structure to improve efficiency, stimulate innovation and further enhance focus on customers and consumers. As a result of these changes, the company expects to generate new, sustainable cost reductions of approximately US$60-80 million annually, beginning in 2008, after a one-time charge of approximately US$25 million in the fourth quarter 2007 related to severance costs and certain asset write-downs. Realized savings will improve profitability, and resulting additional cash flow will be used primarily to reduce debt, consistent with the company's target to achieve a debt-to-capital ratio of 40%. About Chiquita Cincinnati, Ohio-based Chiquita Brands International, Inc. (NYSE: CQB) -- http://www.chiquita.com/-- markets and distributes fresh food products including bananas and nutritious blends of green salads. The company markets its products under the Chiquita(R) and Fresh Express(R) premium brands and other related trademarks. Chiquita employs approximately 25,000 people operating in more than 70 countries worldwide including Belgium, Columbia, Germany, Panama, Philippines, among others. * * * As reported in the Troubled Company Reporter on May 16, 2007, Moody's Investors Service Ratings affirmed these ratings on Chiquita Brands International Inc.: (i) corporate family rating at B3; (ii) probability of default rating at B3; (iii) USUS$250 million 7.5% senior unsecured notes due 2014 at Caa2 (LGD5, 89%); and (iv) USUS$225 million 8.875% senior unsecured notes due 2015 at Caa2 (LGD5, 89%). Moody's changed the rating outlook for Chiquita Brands to negative from stable. Troubled Company Reporter reported on May 4, 2007, that Standard & Poor's Ratings Services placed its 'B' corporate credit and other ratings on Cincinnati, Ohio-based Chiquita Brands International Inc. on CreditWatch with negative implications, meaning that the ratings could be lowered or affirmed following the completion of their review. Total debt outstanding at the company was about USUS$1.3 billion as of March 31, 2007. =========================== C Z E C H R E P U B L I C =========================== HARVARDSKY PRUMYSLOVY: Supreme Court Rejects Bankruptcy Appeal -------------------------------------------------------------- The Czech Republic Supreme Court rejected an appeal declaring Harvardsky prumyslovy holding (HPH) bankrupt, Supreme Court spokesman Petr Knoetig told CTK Czech News Agency. According to the report, two HPH creditors had appealed to the Supreme Court against Prague High Court's reversal decision that HPH is not bankrupt. CTK recalls that the Prague Municipal Court approved the bankruptcy petition initiated by six HPH creditors. ============= D E N M A R K ============= GRAPHIC PACKAGING: S&P Holds All Ratings and Revises Outlook ------------------------------------------------------------ Standard & Poor's Ratings Services revised its outlook on Graphic Packaging International Inc. to stable from negative. At the same time, it affirmed all of the ratings, including its 'B+' corporate credit rating. "The outlook revision reflects our expectations that Graphic Packaging's financial results will continue to improve because of greater price realization and cost reduction efforts," said Standard & Poor's credit analyst Pamela Rice. "In addition, we believe that its pending merger with Altivity Packaging LLC should be modestly positive for the company's business risk profile because of both industry rationalization and potential synergies." The new company will have revenues of about US$4.40 billion, and management expects about US$90 million of synergies over the next four years. Marietta, Georgia-based Graphic Packaging had total adjusted debt of US$2.10 billion and debt to last-12-month EBITDA of 6.1x at Sept. 30, 2007. "Although pro forma leverage for the combined companies is similar, we expect gradual debt reduction and improved earnings to result in a strengthening of credit measures to levels appropriate for the ratings over the next two years," Ms. Rice said. Graphic Packaging manufactures paperboard and folding cartons used in beverage and consumer products packaging, as well as packaging machines that are leased to beverage manufacturers. "We could revise the outlook to negative if Graphic Packaging is unable to reduce its debt sufficiently over the next two years to bring credit measures in line with expectations because of high input costs, a general economic downturn, or difficulties integrating Altivity," Ms. Rice said. "We could revise the outlook to positive if earnings and cash flow are more robust than currently expected because of revenue initiatives, further meaningful cost reductions, or greater than expected synergies that allow a much more rapid pace of debt reduction." ============= F I N L A N D ============= QUEBECOR WORLD: Moody's Junks New US$400 Mln Sr. Unsecured Notes ---------------------------------------------------------------- Moody's Investors Service rated Quebecor World Inc.'s new US$400 million senior unsecured note issue Caa1. At the same time, ratings for approximately US$1.6 billion of existing senior unsecured notes for QWI and its wholly-owned subsidiary companies, Quebecor World Capital Corporation and Quebecor World Capital ULC, were downgraded to Caa1 from B3. In addition, QWI's corporate family rating was affirmed at B3, the ratings outlook for all instruments was revised to stable from negative, and QWI's speculative grade liquidity rating was upgraded to SGL-3 from SGL-4. The actions reflect the combined impact of two significant ongoing transactions, the first of which is partial divestiture of QWI's European operations. This will remove a cash flow drag and management distraction while converting the operation into a small amount of cash and a semi- liquid residual investment. Secondly, a CDN$250 million common share issue together with proceeds from the new senior unsecured note issue and a concurrent US$100 million convertible debenture facilitates redemption of QWI's Series 5 Preferred Shares (CDN$175 million), and a reduction of what would otherwise be outstanding under a new, 2-year, US$375 million (partially) secured and guaranteed revolving credit facility. The resulting improvement in liquidity and modest improvement in ongoing cash generation combine to cause the favorable ratings outlook revision and SGL rating upgrade. However, with it being confirmed that QWI's bank credit facility will permanently benefit from a package of security and upstream subsidiary guarantees not shared with its senior unsecured notes, the bank credit facility's preferential access to realization proceeds triggers the notes' ratings to be downgraded by one notch to Caa1. The new notes are rated at the same Caa1 level as the company's existing notes. The rating action assumes that the proposed transactions close as expected and that the related documentation conforms to what has been provided to Moody's thus far. Accordingly, the ratings are subject to adjustment should the transactions not close, or should they close on a basis different than that presented to Moody's. Assignment: * Issuer: Quebecor World, Inc. -- Senior Unsecured Regular Bond/Debenture, Assigned Caa1 (LGD4, 60) Downgrades: * Issuer: Quebecor World, Inc. -- Senior Unsecured Regular Bond/Debenture, Downgraded to Caa1 (LGD4, 60) from B3 (LGD4, 55) * Issuer: Quebecor World Capital Corporation -- Senior Unsecured Regular Bond/Debenture, Downgraded to Caa1 (LGD4, 60) from B3 (LGD4, 55) * Issuer: Quebecor World Capital ULC -- Senior Unsecured Regular Bond/Debenture, Downgraded to Caa1 (LGD4, 60) from B3 (LGD4, 55) Upgrades: * Issuer: Quebecor World, Inc. -- Speculative Grade Liquidity Rating, Upgraded to SGL-3 from SGL-4 Outlook Actions: * Issuer: Quebecor World Capital Corporation -- Outlook, Changed To Stable From Negative * Issuer: Quebecor World Capital ULC -- Outlook, Changed To Stable From Negative * Issuer: Quebecor World, Inc. -- Outlook, Changed To Stable From Negative On Nov. 12, 2007, QWI announced the above-noted financing transactions. On Nov. 7, 2007, QWI announced that it had entered into a definitive agreement to combine its European operations with those of RSDB NV's Roto Smeets, a Netherlands- based commercial printing company. With QWI retaining a 29.9% minority interest in the combined entity, Moody's views the transaction as being modestly positive by way of a problem operation being effectively divested, but with very little cash being returned, there is no immediate, significant financial benefit. Accordingly, Moody's continues to be very cautious in evaluating QWI's longer term prospects. In the interim, QWI's CFR remains B3, albeit Moody's sees the company as being weakly positioned at the B3 rating level. Headquartered in Montreal, Quebec, Canada, Quebecor World Inc. (TSX: IQW) (NYSE: IQW) -- http://www.quebecorworld.com/-- provides marketing and advertising solutions to leading retailers, catalogers, branded-goods companies and other businesses with marketing and advertising activities, as well as complete, full-service print solutions for publishers. The company's major product categories include advertising inserts and circulars, catalogs, direct mail products, magazines, books, directories, digital premedia, logistics, mail list technologies and other value-added services. Quebecor World has approximately 27,500 employees working in more than 120 printing and related facilities in the United States, Canada, Argentina, Austria, Belgium, Brazil, Chile, Colombia, Finland, France, India, Mexico, Peru, Spain, Sweden, Switzerland and the United Kingdom. =========== F R A N C E =========== BALLY TECH: Teams Up with Teradata to Provide Business Services --------------------------------------------------------------- Bally Technologies Inc. and Teradata Corporation will work together to provide solutions based on the new Bally Business Intelligence solution integrated with the Teradata(R) Warehouse. With Bally's expertise in casino systems and slot networks, along with Teradata's enterprise data warehouse leadership, mutual customers will benefit from optimized slot operations, better analysis and management of customer relationships and more robust marketing strategies. They will also gain new insight into the overall profitability of the business. Some mutual customers include Harrah's Entertainment, Mohegan Tribal Gaming Authority, Silverton Casino and Spotlight 29 Casino. Bally Technologies needed a technology partner that could provide deeper customer understanding to leverage its enterprise data visualization. In addition, Bally needed to enhance reporting capabilities and performance analytics on a platform that could support their growing user requirements for more sophisticated analytics. Enterprise Data Warehouses produced by Teradata analyze business operations to drive smarter, faster decisions by providing a complete view of the business and the agility to create a sustainable competitive advantage. Teradata provides integrated, optimized and extensible technology for a single application-neutral repository of a company's current and historical data, forming the framework of the business intelligence architecture. Bally Technologies chose to partner with Teradata to better serve its customers by providing them information in a centralized environment. This data can then be analyzed and presented to the business users as a series of static- or active-data visualizations that show how the business is performing. These visualizations allow decision-makers to make accurate business assessments and adjustments to positively affect customer entertainment experiences and operational results. "The Bally BI strategy is to bring our customers the best technology solutions, and Teradata brings to our portfolio a world-class pedigree in data warehousing and CRM applications," said Bruce Rowe, senior vice president of strategy and business development for Bally Technologies. "Both Bally Technology and Teradata recognize the importance of leveraging detailed data to drive customer understanding, satisfaction and a process of continuous business improvement. The Teradata and Bally Business Intelligence Solution provides the power of advanced visual space analytics to the casino management team, enabling them to operationalize their data warehouse," said Dave Porter, director of hospitality and gaming for Teradata. Teradata and Bally Technologies will be exhibiting and demonstrating the integrated solution at the Global Gaming Expo show in Las Vegas from Nov. 13 through Nov. 15 in booth numbers 522 and 524 respectively. About Teradata Teradata Corporation (NYSE:TDC) -- http://www.teradata.com/ -- is the world's largest company solely focused on raising intelligence through data warehousing and enterprise analytics. Teradata is in more than 60 countries. 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 develo BALLY TECH: Licenses Certicom for Next-Generation Casino Systems ---------------------------------------------------------------- Bally Technologies, Inc. has licensed Certicom Corp.'s Game Guardian Server Based Gaming(TM) (SBG) security platform to protect its next-generation casino systems. Specifically, Bally Technologies will use Certicom's Game Guardian SBG Certificate Authority Server and Game Guardian SBG Client to enable secure, authenticated connections between applications, gaming machines and backend servers. The Game Guardian SBG platform will be integrated into Bally Technologies rapidly growing line of server-based gaming solutions, allowing the company to perform security operations and complex authentication demands in only a fraction of the time of other commonly-used security schemes. With Game Guardian, Bally Technologies can easily submit software upgrades to existing casinos without the undue burden of new hardware or entirely new infrastructure to deploy. Certicom's Game Guardian platform ensures the strongest level of security through leading-edge cryptography, including Elliptic Curve Cryptography. In 2005, the NSA recommended ECC as the public-key crypto-system to protect classified and unclassified government communications. Known as Suite B, these recommendations are part of an initiative to upgrade the security infrastructure of government communications to meet present and future security needs. ECC is used in a growing number of sectors ranging from networking, consumer electronics, wireless devices and semiconductors to government and financial services. Server based gaming is the next wave of casino technology that is gaining tremendous interest, offering users a much more dynamic and interactive gaming experience. Because it is centrally managed through a single console, casino owners can use a main computer to instantly control and connect all the machines on a casino floor, while tailoring each one to a player's preference. It offers players a way to play the games they want at any location without having to switch machines. It also saves casino owners money on personnel and staffing costs. "Bally Technologies prides itself on being a leading innovator in the next generation of gaming systems. As the gaming industry migrates toward networked-based systems and GSA- protocol standards, network security becomes an ever-increasing concern," said Bally Technologies' Vice President of Advanced Product Development, Robert Crowder. "We are pleased to partner with Certicom, utilizing Game Guardian security algorithms to protect the sensitive data moving through casino-floor networks and gaming machines." Certicom's Game Guardian SBG Certificate Authority Server is a turnkey product that provides sub-root certificate authority services for Bally Technologies' entire casino operator network. The Certificate Authority Server issues digital certificates used to create digital signatures and public-private key pairs. It guarantees that the individual granted the unique certificate is who he or she claims to be, so that users and relying parties can trust the information in Certicom's certificates. The Game Guardian Certificate Authority Server is a highly customized and high performance Gaming Certificate Authority 'end-to-end' security solution, which also follows the rigorous security standards set out by the Gaming Regulatory Agencies worldwide. "We are pleased that Bally Technologies has selected our Game Guardian security platform as it rolls out its next generation casino gaming systems," said Certicom President and Chief Executive Officer Bernard W. Crotty. "The capabilities in our Game Guardian platform will enable a complete new gaming experience and our secure protocols allow casinos everywhere to take advantage of all the benefits associated with server-based gaming, for instance, increased efficiency to changing games on the fly for customers. Game Guardian has the potential to become the gold standard of security in the gaming industry." About Certicom Certicom -- http://www.certicom.com/-- protects the value of content, applications and devices with government-approved security. Adopted by the National Security Agency (NSA) for government communications, Elliptic Curve Cryptography (ECC) provides the most security per bit of any known public-key scheme. As the global leader in ECC, Certicom security offerings are currently licensed to more than 300 customers including General Dynamics, Motorola, Oracle, Research In Motion and Unisys. Founded in 1985, Certicom's corporate offices are in Mississauga, Ontario, Canada with worldwide sales and marketing headquarters in Reston, Virginia and offices in the U.S., Canada, Europe and China. About Bally Technologies Inc. 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. FCI INT'L: Moody's Lifts Rating to Ba3 on Improved Performance -------------------------------------------------------------- Moody's Investors Service upgraded to Ba3 from B1 the Corporate Family Rating of FCI International SAS. The Probability of Default Rating has been upgraded to B1 from B2 using a 65% Family Recovery Rate due to the debt capital structure which is now all first lien following the February 2007 refinancing. Concurrently Moody's has upgraded the senior credit facilities to Ba3 with an LGD3 assignment, and 30% LGD rate. The outlook for the ratings is stable. The rating upgrade reflects: (i) the company's improved operating efficiency with a reported Ebitda Margin of 15.4% for fiscal year 2006 up from 12.6% in fiscal year 2005 (ii) the company's substantial post-transaction de-leveraging with a reported net leverage down to 2.7 times on a net debt to Ebitda basis down from 3.9 times at the time of the initial rating action in October 2005, and (iii) the successful refinancing of the second lien facility, PIK and mezzanine resulting in total interest savings of EUR20 million per annum of which EUR3 million is cash interest. FCI's Ba3 Corporate Family Rating also reflects the company's significant brand recognition, its leading market positions within the four different segments they cover and the company's worldwide presence enabling FCI to take advantage of growth differential across geographies. The rating further recognizes FCI's established customer relationships with key OEMs and end- users added to knowledge of clients' specifications. Moody's notes the auto division which represents around 42% of FCI's 2006 sales is still affected by the US market slowdown and raw material price increase. This is however mitigated by the predictable nature of the business with 87% of forecasted sales for 2009 already secured at the end of FY 2006 and by the strong connector market growth resulting from the continuous increase in connector content per vehicle. The upgrade also reflects the success in restructuring Electronics (formerly CDC), FCI's other major division representing around 40% of FY2006 sales, evidenced by a return to profitability. This division has also been affected by rising copper and gold prices which have been partially offset by a pricing policy enabling the company to pass through costs to clients and through material consumption reductions initiated in the restructuring operation. Moody's notes the stated intention of the company to consider larger acquisitions in the fragmented connector market which could be debt funded. The rating factors headroom for debt funded acquisitions provided adjusted leverage remains below 4.5 times. Affected ratings are: -- Corporate Family Rating upgraded to Ba3. -- Probability of Default Rating upgraded to B1. -- Ratings on Term loans A, B and C (EUR549 million) upgraded to Ba3, LGD3, 30%. FCI, based in Versailles, France, is the world's fourth largest connector manufacturer with 2006 sales of EUR1,302 million. REXEL SA: In Exclusive Talks to Buy Hagemeyer for EUR3.1 Billion ---------------------------------------------------------------- Hagemeyer and Rexel SA have agreed to exclusive negotiations aimed at finalizing an agreement under which Rexel would make an all cash offer of EUR4.85 per Hagemeyer share, approximately EUR3.1 billion in total (US$4.5 billion), and Hagemeyer's Management and Supervisory Boards would recommend this revised proposed offer. According to a report carried by Modern Distribution Management, the offer is up from Rexel's original EUR4.60 per share bid, which had valued the company at US$4.3 billion. As part of the envisaged transaction Rexel has entered into an agreement with Sonepar to sell certain activities of Hagemeyer to Sonepar, following successful completion of the proposed offer. Rexel's revised proposed offer is subject to certain pre- conditions, including high level due diligence and finalization of a merger protocol. Due diligence was expected to commence on Nov. 14, 2007. If the proposed offer is made, Sonepar will tender its 10.49% shareholding in Hagemeyer at the same terms and conditions as applicable to all shareholders. Further announcements will be made in due course, the companies said in a joint statement. Headquartered in Paris, France, Rexel SA -- http://www.rexel.com/-- distributes more than one million kinds of electrical parts and supplies, including wiring devices, cabling systems, circuit protectors, lighting products, automation equipment, hand tools, climate control equipment, and electronic security components. For the twelve months ended Dec. 31, 2006, Rexel reported total sales and EBITDA of EUR9,299 million and EUR637 million, respectively. REXEL SA: Exclusive Takeover Talks Cue Fitch to Watch BB IDR ------------------------------------------------------------ Fitch Ratings has placed Rexel SA's Long-term Issuer Default rating of 'BB' and senior secured ratings of 'BB+' on Rating Watch Negative. This rating action follows the joint announcement by Rexel, Hagemeyer and Sonepar that they will be entering exclusive negotiations for the finalization of a recommended offer for Hagemeyer by Rexel of EUR4.85 per share and confirmation of Hagemeyer's Management and Supervisory Boards supporting this offer. This follows Rexel's previous proposed offer of EUR4.60 per share on Oct. 25, 2007. As part of the agreement, Rexel would sell Hagemeyer's America, Asia-Pacific and certain European activities to French competitor, Sonepar. "The increased offer for Hagemeyer reflects Rexel's willingness to act as a consolidator in its core European region, offsetting to some extent the current downturn in the US residential construction market," says Pablo Mazzini, Director in Fitch's Leveraged Finance team. However, as anticipated in Fitch's earlier commentary, the agency expects a higher financial risk profile derived from this fully debt-funded acquisition, if it proceeds, for at least the next two years until full cost savings derived from the combined group start to materialize. Pro forma for the Hagemeyer acquisition, Rexel's revenue would increase by EUR3.6 billion, although net lease-adjusted leverage could increase to above 5.5x and net lease adjusted interest cover would be below 2.5x, which is more consistent with the low 'BB' range, possibly high 'B' range. The resolution of the RWN will be at completion of the deal, following Rexel's due diligence process, finalization of a merger protocol and customary regulatory approval. ============= G E R M A N Y ============= BATRA LUEBECK: Claims Registration Period Ends Nov. 28 ------------------------------------------------------ Creditors of Batra Luebeck GmbH have until Nov. 28 to register their claims with court-appointed insolvency manager Sven Krueger. Creditors and other interested parties are encouraged to attend the meeting at 10:30 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 Luebeck Hall 256 Am Burgfeld 7 23568 Luebeck 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: Sven Krueger Roeckstr. 40 23568 Luebeck Germany The District Court of Luebeck opened bankruptcy proceedings against Batra Luebeck GmbH on Oct. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Batra Luebeck GmbH Einsiedelstrasse 6 23554 Luebeck Germany BBP VERWALTUNGSGESELLSCHAFT: Claims Registration Ends Nov. 27 ------------------------------------------------------------- Creditors of BBP Verwaltungsgesellschaft mbH have until Nov. 27 to register their claims with court-appointed insolvency manager Henning Schorisch. Creditors and other interested parties are encouraged to attend the meeting at 9:15 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 Dresden Hall D131 Olbrichtplatz 1 01099 Dresden 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: Henning Schorisch Wasastrasse 15 01219 Dresden Germany E-mail: http://www.hww-kanzlei.de/ The District Court of Dresden opened bankruptcy proceedings against BBP Verwaltungsgesellschaft mbH on Oct. 25. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BBP Verwaltungsgesellschaft mbH Attn: Uwe Davids, Manager Plan 30 15831 Grossbeeren OT Diedersdorf Germany CERBERUS SECURITY: Claims Registration Period Ends Dec. 3 --------------------------------------------------------- Creditors of Cerberus Security und Catering GmbH have until Dec. 3 to register their claims with court-appointed insolvency manager Klaus Wrede. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Jan. 14, 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 Magdeburg Hall D Insolvency Department Liebknechtstrasse 65-91 39110 Magdeburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Klaus Wrede Lennestrasse 10 39112 Magdeburg Germany Tel: 0391/5973315 Fax: 0391/5973333 E-mail: k.wrede@kwp-magdeburg.com The District Court of Magdeburg opened bankruptcy proceedings against Cerberus Security und Catering GmbH on Oct. 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Cerberus Security und Catering GmbH Muehlenweg 8 39326 Hohenwarsleben 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, 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 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: Danische Baukomponenten Import GmbH Industriestrasse 3 23829 Wittenborn Germany Attn: Andreas Libera, Manager Wakenitzmauer 9 23552 Luebeck Germany DO MO INDUSTRIE: Claims Registration Period Ends Nov. 30 -------------------------------------------------------- Creditors of DO MO Industrie Service GmbH have until Nov. 30 to register their claims with court-appointed insolvency manager Dr. Christoph Schulte-Kaubruegger. 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 Dortmund Hall 3.201 Second Floor Gerichtsplatz 1 44135 Dortmund 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. Christoph Schulte-Kaubruegger Koenigswall 21 44137 Dortmund Germany The District Court of Dortmund opened bankruptcy proceedings against DO MO Industrie Service GmbH on Oct. 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: DO MO Industrie Service GmbH ehemals Aplerbecker Str. 308 44309 Dortmund Germany HTL TRANSPORT: Claims Registration Period Ends Dec. 4 ----------------------------------------------------- Creditors of HTL Transport- und Logistik GmbH have until Dec. 4 to register their claims with court-appointed insolvency manager Karl-Heinz Trebing. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on Jan. 15, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hanau Area E09 Engelhardstrasse 21 63450 Hanau 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: Karl-Heinz Trebing Hanauer Landstr. 287-289 60314 Frankfurt/Main Germany Tel: 069/15051530 Fax: 069/15051400 The District Court of Hanau opened bankruptcy proceedings against HTL Transport- und Logistik GmbH on Oct. 24. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HTL Transport- und Logistik GmbH Hoefchen 1 36396 Steinau Germany Attn: Werner Peter Gerken Burgschmietstr. 41 90419 Nuernberg Germany INTRA-HAUSSCHUH GMBH: Claims Registration Ends December 6 --------------------------------------------------------- Creditors of INTRA-Hausschuh GmbH have until Dec. 6 to register their claims with court-appointed insolvency manager Dr. Lucas F. Floether. Creditors and other interested parties are encouraged to attend the meeting at 1:00 p.m. on Jan. 16, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Leipzig Hall 056 Ground Floor Enforcement Court Bernhard Goering Strasse 64 04275 Leipzig 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. Lucas F. Floether Specks Hof Eingang C Nikolaistrasse 3-5 04109 Leipzig Tel: 0341/652200 Fax: O341/65220111 The District Court of Leipzig opened bankruptcy proceedings against INTRA-Hausschuh GmbH on Oct. 29. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: INTRA-Hausschuh GmbH Sonnenstrasse 32 04746 Hartha Germany KRAFTVERKEHR GERHARD: Claims Registration Ends December 4 --------------------------------------------------------- Creditors of Kraftverkehr Gerhard Drescher Speditions und Logistik GmbH have until Dec. 4 to register their claims with court-appointed insolvency manager Dr. Peter Naarmann. Creditors and other interested parties are encouraged to attend the meeting at 10:45 a.m. on Jan. 15, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Chemnitz Hall 24 Fuerstenstrasse 21-23 09130 Chemnitz 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. Peter Naarmann Dresdner Strasse 86 09130 Chemnitz Germany Tel:(0371) 444390 Fax:(0371) 4443911 Internet/Email: info-ch@mne-insolvenzbuero.de The District Court of Chemnitz opened bankruptcy proceedings against Kraftverkehr Gerhard Drescher Speditions und Logistik GmbH on Oct. 29. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kraftverkehr Gerhard Drescher Speditions und Logistik GmbH Attn: Carmen Eckert, Manager Fabrikstrasse 2 09387 Jahnsdorf Germany KLOCKE GMBH: Claims Registration Period Ends Dec. 19 ---------------------------------------------------- Creditors of Klocke GmbH have until Dec. 19 to register their claims with court-appointed insolvency manager Hans-Achim Ernst. Creditors and other interested parties are encouraged to attend the meeting at 9:50 a.m. on Jan. 9, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bielefeld Hall 4065 Fourth Floor Gerichtstrasse 66 33602 Bielefeld 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: Hans-Achim Ernst Bunsenstr. 3 32052 Herford Germany The District Court of Bielefeld opened bankruptcy proceedings against Klocke GmbH on Oct. 24. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Klocke GmbH Attn: Siegfried Sowa, Manager Gewerbestr. 5 32602 Vlotho Germany MOCCABAR GASTRONOMIE: Claims Registration Period Ends Nov. 30 ------------------------------------------------------------- Creditors of Moccabar Gastronomie Verwaltungs GmbH have until Nov. 30 to register their claims with court-appointed insolvency manager Carsten Morgenstern. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Jan. 8, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Chemnitz Hall 24 Fuerstenstrasse 21-23 09130 Chemnitz 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 Morgenstern Michaelstrasse 71 09116 Chemnitz Germany Tel: (0371) 381770 Fax: (0371) 3817730 E-mail: chemnitz@hww-kanzlei.de The District Court of Chemnitz opened bankruptcy proceedings against Moccabar Gastronomie Verwaltungs GmbH on Oct. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Moccabar Gastronomie Verwaltungs GmbH Humboldstrasse 14 08058 Zwickau Germany Attn: Jens Walther, Manager Kirschbergstrasse 19 04159 Leipzig Germany NALIN EIGENHEIMBAU: Claims Registration Period Ends Dec. 1 ---------------------------------------------------------- Creditors of Nalin Eigenheimbau GmbH have until Dec. 1 to register their claims with court-appointed insolvency manager Nermin Sahin. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Jan. 10, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Gifhorn Hall 118 Schlossgarten 4 38518 Gifhorn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Nermin Sahin Theaterstrasse 6 30159 Hannover Germany Tel: 0511/35771030 Fax: 0511/35771059 E-mail: ansahin@t-online.de The District Court of Gifhorn opened bankruptcy proceedings against Nalin Eigenheimbau GmbH on Oct. 29. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Nalin Eigenheimbau GmbH Elisabeth-Boehm-Str. 13a 31319 Sehnde Germany NOVELIS INC: Earns US$13 Million in 2007 Second Quarter ------------------------------------------------------- Novelis Inc., a subsidiary of Hindalco Industries Limited, has reported its financial results for the second quarter of fiscal year 2008, which ended on Sept. 30, 2007. (Novelis changed its fiscal year end from December 31 to March 31 following its acquisition by Hindalco on May 15, 2007) Total rolled products shipments in the quarter increased to 747 kilotonnes -- kt --- compared with 737 kt in the corresponding period of 2006. Novelis incurred a pre-tax loss of US$23 million on sales of US$2,821 million, compared with the prior- year period when it incurred a pre-tax loss of US$154 million on sales of US$2,494 million. The US$131 million increase in pre-tax earnings reflects significant underlying operational improvement despite difficult market conditions in North America and Asia. This increase is due to a number of positive business factors, including: -- The company's exposure to customer contracts with metal price ceilings was reduced by US$44 million, net of hedges, compared with the prior-year period. -- Product mix improvements, price increases, and volume increases primarily in Europe and South America, benefited net sales by approximately US$22 million compared with the prior-year period. -- The company realized a US$29 million improvement in metal price lag over the prior-year period, largely as a result of better risk management. Metal price lag negatively impacted pre-tax earnings by US$4 million in the quarter ended Sept. 30, 2007, compared with US$33 million in the prior-year period. -- Corporate selling, general and administrative (SG&A) expenses were reduced by US$17 million, driven by streamlining of corporate staff and unusual items related to financial reporting requirements and executive changes in the prior year. -- The company reversed US$21 million of reserves (US$15 million net of tax) relating to previously disputed applications of social contribution tax credits as a result of a favorable Superior Court ruling in Brazil. -- Improved operational performance was partially offset by higher input and operational costs in the current quarter compared with the prior year period. In addition to these items, pre-tax earnings during the quarter ended Sept. 30, 2007, were impacted by certain income and expense items associated with fair value adjustments recorded at the date of acquisition. The net pre-tax impact of these items was a benefit of US$29 million primarily driven by the amortization of accruals related to unfavorable contracts partially offset by higher depreciation and amortization. Novelis President and Chief Operating Officer, Martha Brooks said, "During the second quarter, further improvements in Novelis' business operations enabled us to achieve an increase in pre-tax results despite soft conditions in the North American marketplace. While the effect of these improvements was partially offset by increased input and operating costs, our financial performance also benefited from stronger risk management capabilities, and in particular, our ability to manage our metal price volatility in a more effective manner. Ms. Brooks added, "Market conditions in North America and Asia were challenging, primarily related to the transportation and housing sectors in North America and strong competition from Chinese manufacturers in Asia; however, we continued to see very strong demand for our products in South America and Europe. Demand for the aluminum beverage can, a market in which we have a strong global position, is growing strongly on three continents." For the three months ended Sept. 30, 2007, Novelis reported net income of US$13 million, compared with the corresponding period of 2006 when it incurred a net loss of US$102 million. Included in net income of US$13 million for the second quarter of fiscal year 2008 is US$36 million of income tax benefit. Significant tax items in the quarter included: -- US$27 million of tax expense related to exchange translation and re-measurement items; -- US$19 million of tax expense on valuation allowance increases primarily related to tax losses in certain jurisdictions where the company believes, based on current facts and circumstances, it will not be able to utilize those losses; and -- US$74 million of tax benefit associated with a reduction in tax rates in Germany. Cash taxes paid during the second quarter of fiscal year 2008 were US$18 million. Six Months For the six months ended Sept. 30, 2007, total rolled products shipments increased to 1,504 kt from 1,490 kt for the corresponding period of 2006. For the six-month period, the company incurred a combined pre-tax loss of US$134 million on combined net sales of US$5,649 million, an improvement of US$34 million compared with a pre-tax loss of US$168 million on net sales of US$5,058 million for the same period of 2006. The combined pre-tax loss for the first six months of fiscal 2008 includes a number of non-recurring expenses related to the acquisition by Hindalco. These include US$45 million of stock compensation expense triggered by the sale of Novelis and US$32 million for sale transaction costs, among other items, as the company previously disclosed in its financial results for the first quarter of fiscal year 2008. Excluding the transaction expenses, pre-tax improvement was US$111 million compared with the corresponding period of 2006. For the six months ended Sept. 30, 2007, Novelis incurred a net loss of US$138 million, including US$4 million of income tax expense. This compares with the corresponding period of 2006 when it incurred a net loss of US$96 million. Significant tax items in the first six months of fiscal year 2008 included: -- US$80 million of exchange translation and re-measurement expense; -- US$53 million of valuation allowance increases primarily related to tax losses in certain jurisdictions where the company believes, based on current facts and circumstances, it will not be able to utilize those losses; and -- US$69 million of tax benefit associated with enacted tax rate changes (primarily in Germany). Cash taxes paid during the first six months of fiscal year 2008 were US$39 million. For further information regarding Novelis' second quarter and year-to-date results, please review the company's Quarterly Report on Form 10-Q as filed with United States Securities and Exchange Commission on Nov. 9, 2007. About Novelis Based in Atlanta, Georgia, Novelis Inc., (NYSE: NVL) (TSX: NVL) -- http://www.novelis.com/-- is the global provider of aluminum rolled products and aluminum can recycling. The company operates in 11 countries and has approximately 12,900 employees. Novelis has the capability to provide its customers with a regional supply of technologically sophisticated rolled aluminum products throughout Asia, Europe, North America and South America. Through its advanced production capabilities, the company supplies aluminum sheet and foil to the automotive and transportation, beverage and food packaging, construction and industrial, and printing markets. Novelis South America operates two rolling plants and primary production facilities in Brazil in the Latin American region. Novelis also has operations in Germany, Switzerland and Korea. * * * As reported in the Troubled Company Reporter-Latin America on July 26, 2007, Fitch Ratings has affirmed the Issuer Default Rating for Novelis, Inc. and Novelis, Corp. at 'B' and assigned a Negative Rating Outlook. The company's previous senior secured bank debt ratings have been withdrawn. Ratings for the new credit facility of 'BB' were assigned and the senior unsecured debt ratings have been affirmed as: Novelis, Inc. -- IDR 'B'; -- Senior secured asset-based revolver 'BB/RR1'; -- Senior secured term loan B 'BB/RR1'; -- Senior unsecured notes 'B/RR4'. Novelis, Corp. -- IDR 'B'; -- Senior secured asset-based revolver 'BB/RR1'; -- Senior secured term loan B 'BB/RR1'. REFORM UND DIATHAUS: Claims Registration Period Ends Nov. 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 TAM HOLDING: Claims Registration Ends December 7 ------------------------------------------------ Creditors of TAM Holding GmbH & Co. Immobi KG have until Dec. 7 to register their claims with court-appointed insolvency manager Kathrin Schmidtmadel. Creditors and other interested parties are encouraged to attend the meeting at 12:30 p.m. on Jan. 7, 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 Neubrandenburg Hall 1 Fr.-Engels-Ring 15-18 Neubrandenburg 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: Kathrin Schmidtmadel Ostermeyerstrasse 11 22607 Hamburg Germany The District Court of Neubrandenburg opened bankruptcy proceedings against TAM Holding GmbH & Co. Immobi KG on Oct. 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: TAM Holding GmbH & Co. Immobi KG Fleether Muehle 1 17252 Mirow Germany UNICUM GASTSTATTENBETRIEBS: Claims Registration Ends Nov. 27 ------------------------------------------------------------ Creditors of Unicum Gaststattenbetriebs-GmbH have until Nov. 27 to register their claims with court-appointed insolvency manager Heinrich Stellmach. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Jan. 8, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Osnabrueck Hall N 302 Kollegienwall 10 49074 Osnabrueck 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: Heinrich Stellmach Kollegienwall 3-4 49074 Osnabrueck Germany Tel: 0541/1817-0 Fax: 0541/1817210 E-mail: osnabrueck@stellmach-broeckers.de The District Court of Osnabrueck opened bankruptcy proceedings against Unicum Gaststattenbetriebs-GmbH on Oct. 29. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Unicum Gaststattenbetriebs-GmbH Attn: Walter Gebing, Manager Neuer Graben 40 49074 Osnabrueck Germany ========= I T A L Y ========= ALITALIA SPA: Posts EUR57.6 Million Pretax Loss in Third Quarter ---------------------------------------------------------------- Alitalia S.p.A. posted EUR57.56 million in pretax losses on EUR1.27 billion in total consolidated revenues for the third quarter ended Sept. 30, 2007, compared with EUR66.43 million in pretax losses on EUR1.25 billion in total consolidated revenues for the same period in 2006. The third quarter 2007 was negatively affected by industrial unrest in the airport and flight, sectors, with EUR32 million in potential revenue loss. As of Sept. 30, 2007, the company's workforce saw a decrease of 496 people to 11,262 employees, from the same period last year. As of Sept. 30, 2007, Alitalia's operating fleet consisted of 185 aircraft of which 156 for short/medium-haul flights, and 29 for long-haul. As of Sept. 30, 2007, the company's net financial position amounted to -EUR1.150 billion. Outlook for 2007 Expected operating result in 2007 in line with 2006, without considering the EUR197 million write-down of the fleet. The company expects 2007 results to worsen compared to the previous year due to strong fuel price increase and substantial loss of traffic revenues in second half 2007. Amount of cash-on-hands is sufficient to ensure the Company going concern for more than 12 months without any significant critical issues in the implementation of the Plan's main elements. Otherwise, such critical issues could bring about the conditions for taking immediate action regarding the capital increase. 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. PARMALAT SPA: Group Earns EUR276.9MM for First Nine Months 2007 --------------------------------------------------------------- Parmalat S.p.A. released its financial results for the nine months ended Sept. 30, 2007. The Parmalat Group posted EUR276.9 million in net profit on EUR2.82 billion in net revenues for the first nine months of 2007, compared with EUR101.4 million in net profit on EUR2.68 billion in net revenues for the same period in 2006. The Group's net financial position improved significantly during the first nine months of 2007, with the balance changing from indebtedness of EUR170 million at Dec. 31, 2006, to net financial assets totaling EUR327.6 million at Sept. 30, 2007, a net gain of EUR497.6 million. These developments account for most of this improvement: -- the cash flow from operations, net of changes in operating working capital and after capital expenditures and income tax payments, amounted to EUR67.7 million. -- cash from litigation settlements totaled EUR257.4 million, which is the net result of proceeds of EUR302.7 million generated by settlements reached between the end of 2006 and the third quarter of 2007 and legal costs amounting to EUR45.3 million (attributable both to 2006 and 2007); -- cash flow from non-recurring transactions totaled EUR217.8 million. This amount is the net result of proceeds generated by the disposal of non-strategic non-current assets (EUR247.8 million), less outlays for acquisitions of equity investments (EUR14.2 million) and payment of unsecured claims (EUR9.8 million). -- the cash flow from financial transactions reflects net financial income of EUR0.9 million, dividend payments totaling EUR43.4 million and proceeds of EUR7.3 million generated by the exercise warrants. Sundry items totaled EUR1.5 million on balance. Parmalat S.p.A. Parmalat S.p.A. posted EUR199.4 million in net profit on EUR663.1 million in net revenues for the first nine months of 2007, compared with EUR67.7 million in net profit on EUR661.2 billion in net revenues for the same period in 2006. Proceeds from new settlements reached during the period and higher income generated by invested liquidity account for this improvement. Net financial assets improved significantly during the first nine months of 2007, rising from EUR341.4 million to EUR785.6 million, for a net positive change of EUR444.3 million compared with Dec. 31, 2006. This gain reflects the positive impact of the cash flow generated by the Company's regular operations and the non-recurring transactions mentioned when discussing the Group's performance, offset in part by dividend payments (EUR41.2 million) and the amount invested to buy back the interests held by minority shareholders in two subsidiaries in Russia and Romania (EUR8.3 million). Outlook for 2007 The results for the first nine months of 2007 were in line with expectations, despite a less than positive performance by the Venezuelan operations and an increase in the prices paid for raw milk. As for EBITDA, targets call for an annual increase ranging between 7% and 10%, compared with 2006. About Parmalat Headquartered in Milan, Italy, Parmalat S.p.A. -- http://www.parmalat.net/-- sells nameplate milk products that can be stored at room temperature for months. It also has about 40 brand product lines, which include yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The Company's U.S. operations filed for chapter 11 protection on Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP, represent the Debtors. When the U.S. Debtors filed for bankruptcy protection, they reported more than US$200 million in assets and debts. The U.S. Debtors emerged from bankruptcy on April 13, 2005. Parmalat S.p.A. and its Italian affiliates filed separate petitions for Extraordinary Administration before the Italian Ministry of Productive Activities and the Civil and Criminal District Court of the City of Parma, Italy on Dec. 24, 2003. Dr. Enrico Bondi was appointed Extraordinary Commissioner in each of the cases. The Parma Court has declared the units insolvent. On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No. 04-14268, in the United States Bankruptcy Court for the Southern District of New York. Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat Capital Finance Ltd., and Food Holdings Ltd. Dairy Holdings and Food Holdings are Cayman Island special-purpose vehicles established by Parmalat S.p.A. The Finance Companies are under separate winding up petitions before the Grand Court of the Cayman Islands. Gordon I. MacRae and James Cleaver of Kroll (Cayman) Ltd. serve as Joint Provisional Liquidators in the cases. On Jan. 20, 2004, the Liquidators filed Sec. 304 petition, Case No. 04-10362, in the United States Bankruptcy Court for the Southern District of New York. In May 2006, the Cayman Island Court appointed Messrs. MacRae and Cleaver as Joint Official Liquidators. Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon, Herlands Randolph, represent the Finance Companies in the Sec. 304 case. The Honorable Robert D. Drain presides over the Parmalat Debtors' U.S. cases. PARMALAT SPA: New York Court Denies Third-Party Action Dismissal ---------------------------------------------------------------- The Hon. Lewis Kaplan of the U.S. District Court for the Southern District of New York found that the request of Dr. Enrico Bondi, Extraordinary Administrator of Parmalat Finanziaria S.p.A., to dismiss Grant Thornton International's third-party complaints lacks merit, and, thus denied the request in all respects. About Parmalat Headquartered in Milan, Italy, Parmalat S.p.A. -- http://www.parmalat.net/-- sells nameplate milk products that can be stored at room temperature for months. It also has about 40 brand product lines, which include yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The Company's U.S. operations filed for chapter 11 protection on Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP, represent the Debtors. When the U.S. Debtors filed for bankruptcy protection, they reported more than US$200 million in assets and debts. The U.S. Debtors emerged from bankruptcy on April 13, 2005. Parmalat S.p.A. and its Italian affiliates filed separate petitions for Extraordinary Administration before the Italian Ministry of Productive Activities and the Civil and Criminal District Court of the City of Parma, Italy on Dec. 24, 2003. Dr. Enrico Bondi was appointed Extraordinary Commissioner in each of the cases. The Parma Court has declared the units insolvent. On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No. 04-14268, in the United States Bankruptcy Court for the Southern District of New York. Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat Capital Finance Ltd., and Food Holdings Ltd. Dairy Holdings and Food Holdings are Cayman Island special-purpose vehicles established by Parmalat S.p.A. The Finance Companies are under separate winding up petitions before the Grand Court of the Cayman Islands. Gordon I. MacRae and James Cleaver of Kroll (Cayman) Ltd. serve as Joint Provisional Liquidators in the cases. On Jan. 20, 2004, the Liquidators filed Sec. 304 petition, Case No. 04-10362, in the United States Bankruptcy Court for the Southern District of New York. In May 2006, the Cayman Island Court appointed Messrs. MacRae and Cleaver as Joint Official Liquidators. Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon, Herlands Randolph, represent the Finance Companies in the Sec. 304 case. The Honorable Robert D. Drain presides over the Parmalat Debtors' U.S. cases. (Parmalat Lumber Bankruptcy News, Issue No. 94; http://bankrupt.com/newsstand/or 215/945-7000). PARMALAT SPA: New York Court Junks Motion for Reconsideration ------------------------------------------------------------- The Hon. Lewis Kaplan of the U.S. District Court for the Southern District of New York has denied the request of Gerald K. Smith and G. Peter Pappas for reconsideration of the court's order dismissing their Second Amended Complaints. Messrs. Smith and Pappas had sought to amend their pleadings and to correct certain deficiencies. Judge Kaplan stated that Messrs. Smith and Pappas failed to demonstrate any error of fact or law with respect to the denial of leave to amend, and the fact that proposed amended complaints have been submitted does not render his ruling a manifest error of law. In addition, Judge Kaplan ruled that relief is not warranted to take account of newly discovered evidence. Messrs. Smith and Pappas had conceded that the discovery was complete, thus the relevant materials were available, while the motions to dismiss were pending. Judge Kaplan adds that Messrs. Smith and Pappas point to no manifest injustice. About Parmalat Headquartered in Milan, Italy, Parmalat S.p.A. -- http://www.parmalat.net/-- sells nameplate milk products that can be stored at room temperature for months. It also has about 40 brand product lines, which include yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The Company's U.S. operations filed for chapter 11 protection on Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP, represent the Debtors. When the U.S. Debtors filed for bankruptcy protection, they reported more than US$200 million in assets and debts. The U.S. Debtors emerged from bankruptcy on April 13, 2005. Parmalat S.p.A. and its Italian affiliates filed separate petitions for Extraordinary Administration before the Italian Ministry of Productive Activities and the Civil and Criminal District Court of the City of Parma, Italy on Dec. 24, 2003. Dr. Enrico Bondi was appointed Extraordinary Commissioner in each of the cases. The Parma Court has declared the units insolvent. On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No. 04-14268, in the United States Bankruptcy Court for the Southern District of New York. Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat Capital Finance Ltd., and Food Holdings Ltd. Dairy Holdings and Food Holdings are Cayman Island special-purpose vehicles established by Parmalat S.p.A. The Finance Companies are under separate winding up petitions before the Grand Court of the Cayman Islands. Gordon I. MacRae and James Cleaver of Kroll (Cayman) Ltd. serve as Joint Provisional Liquidators in the cases. On Jan. 20, 2004, the Liquidators filed Sec. 304 petition, Case No. 04-10362, in the United States Bankruptcy Court for the Southern District of New York. In May 2006, the Cayman Island Court appointed Messrs. MacRae and Cleaver as Joint Official Liquidators. Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon, Herlands Randolph, represent the Finance Companies in the Sec. 304 case. The Honorable Robert D. Drain presides over the Parmalat Debtors' U.S. cases. (Parmalat Lumber Bankruptcy News, Issue No. 94; http://bankrupt.com/newsstand/or 215/945-7000). TISCALI SPA: Posts EUR3.9 Mln Loss for 9-Months Ended Sept. 30 -------------------------------------------------------------- Tiscali S.p.A. posted EUR3.88 million in net losses on EUR614.33 million in net revenues for nine months ended Sept. 30, 2007, compared with EUR67.40 million in net losses on EUR487.01 million in net revenues for the same period in 2006. The company posted EUR28.99 million in net losses on EUR221.28 million in net revenues for the third quarter ended Sept. 30, 2007, compared with EUR4.79 million in net profit on EUR168.92 million in net revenues for the same period in 2006. As of Sept. 30, Tiscali's cash and cash equivalents totaled EUR104.5 million, with a net debt related to continuing operations at EUR 596.7 million. As of Sept. 30, 2007, Tiscali had EUR1.56 billion in total assets, EUR1.31 billion in total liabilities, and EUR249.59 million in total shareholders' equity. The result was affected by: -- net capital gain of EUR95.8 million resulting from the disposal of the Dutch and the Germany operations; and -- EUR61.5 million financial charges to refinancing. About Tiscali Headquartered in Cagliari, Italy, Tiscali S.p.A. -- http://www.tiscali.com/-- offers Internet access in the country. The group also operates in other European countries, serving more than seven million subscribers, of which over 1.5 million are broadband users. Tiscali posted consecutive net losses for the past years: EUR5.5 million in 1999, EUR101 million in 2000, EUR1.66 billion in 2001, EUR593.1 million in 2002, EUR242.4 million in 2003, EUR131.8 million in 2004, EUR12.9 million in 2005, and EUR103.6 million in 2006. =================== K A Z A K H S T A N =================== AK-BASTAU LLP: Proof of Claim Deadline Slated for Dec. 12 --------------------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan has declared LLP Ak-Bastau insolvent on Sept. 19. Creditors have until Dec. 12 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of South Kazakhstan Tokayev Str. 17 Shymkent South Kazakhstan Kazakhstan HALYK BANK: Fitch Affirms BB+ IDR; Stable Outlook ------------------------------------------------- Fitch Ratings has affirmed Kazakhstan-based Halyk Bank's ratings at Long-term foreign currency Issuer Default Rating 'BB+', Short-term foreign currency IDR 'B', Long-term local currency IDR 'BBB-', Short-term local currency IDR 'F3', Individual 'C/D', Support '3' and Support Rating Floor 'BB+'. The Outlooks for the Long-term foreign and local currency IDRs remain Stable. Halyk's Long-and Short-term IDRs and Support rating reflect the moderate probability of support forthcoming, in case of need, from the Kazakhstani authorities. This is based on the bank's substantial domestic franchise, and takes into account the authorities' ability to provide support, as reflected in the sovereign's Long-term foreign currency IDR of 'BBB' and Long- term local currency IDR of 'BBB+'. Halyk's Stable Outlooks for its Long-term IDRs reflect that of the sovereign's Long-term foreign currency IDR. The Individual rating of Halyk reflects its broad domestic franchise, strong bottom-line performance, adequate asset quality to date, reasonable liquidity and low appetite for market risk. However, the ratings also considers the risks inherent in the bank's rapid loan growth, significant loan concentrations and heightened credit risks in the current Kazakhstani operating environment. "Halyk is less dependent on foreign funding (30% of liabilities at end of first half of 2007) than most other large Kazakhstani banks, has more moderate exposure to the higher-risk construction/real estate sector (15% of loans) and a lower proportion of foreign currency lending (45%), which are all relative positives, in Fitch's view, for the bank's credit profile," says Dmitri Angarov, Associate Director of Fitch's Financial Institutions Group in Moscow. Mr. Angarov continued, "In addition, the bank has benefited from 39% increase of retail deposits in third quarter of 2007, and has been able to continue to expand its lending franchise (by 15% in third quarter of 2007), while other banks have experienced funding constraints. At present the refinancing risk is negligible, since Halyk does not face any large-ticket repayments to end-2008." Nonetheless, Halyk's construction/real estate and foreign currency lending exposures are still considerable, and the bank could be negatively impacted by any further deterioration of the credit environment. Continued rapid loan growth, while other banks are forced to slow down their expansions, could also represent an additional source of risk for Halyk relative to the rest of the sector. In addition, the bank's capital ratios are likely decrease from the acceptable 13.5% tier 1/15.9% total ratios at first half of 2007 towards the declared 10%/12% target levels. Halyk was the third-largest bank in Kazakhstan at end of third quarter of 2007 with a 12.1% share of assets, and the largest bank by retail deposits (25% market share) and branch network. The Almex Group, beneficially owned by the daughter and son-in- law of President Nazarbayev, own a majority (68.7%) stake, while institutional and individual investors held a 31.3% stake following the December 2006 IPO. Fitch will continue to review the ratings of Kazakhstani banks during the next few weeks. GOLDEN LINE: Creditors Must File Claims Dec. 14 ----------------------------------------------- The Specialized Inter-Regional Economic Court of West Kazakhstan has declared LLP Golden Line insolvent on Sept. 26. Creditors have until Dec. 14 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of West Kazakhstan Sholohov Str. 2/4 Uralsk West Kazakhstan Kazakhstan Tel: 8 (3112) 53-84-66 NORD OIL: Claims Filing Period Ends Dec. 14 ------------------------------------------- LLP Nord Oil has declared insolvency. Creditors have until Dec. 14 to submit written proofs of claims to: LLP Nord Oil Karasai batyr Str. 69 Almaty Kazakhstan Tel: 8 (3272) 59-07-52 PALTOSTAL LLP: Creditors' Claims Due on Dec. 14 ----------------------------------------------- The Specialized Inter-Regional Economic Court of Astana has declared LLP Paltostal insolvent on Oct. 15. Creditors have until Dec. 14 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Astana Abai Str. 36 Astana Kazakhstan TEMIR-BARS-2030 LLP: Claims Registration Ends Dec. 14 ----------------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan has declared LLP Temir-Bars-2030 insolvent. Creditors have until Dec. 14 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of South Kazakhstan Ismailov Str. 44 Saryagysh Saryagyshsky District South Kazakhstan Kazakhstan =================== K Y R G Y Z S T A N =================== RELIABLE DOCUMENTATIONS: Creditors Must File Claims by Dec. 19 -------------------------------------------------------------- LLC Reliable Documentations has declared insolvency. Creditors have until Dec. 19 to submit written proofs of claim. Inquiries can be addressed to (0-555) 50-91-98, (0-772) 35-29- 58. =========== N O R W A Y =========== PETROLEUM GEO-SERVICES: Acquires 78% Stake in Arrow Seismic ----------------------------------------------------------- Petroleum Geo-Services ASA has acquired 18,359,070 shares in Arrow Seismic ASA at a price of NOK96 per share. Following the transaction, PGS holds 18,359,070 shares in Arrow corresponding to approximately 78% of all issued and outstanding shares in Arrow. In accordance with the Norwegian Securities Trading Act, PGS expects to proceed with a mandatory offer for the remaining outstanding shares in Arrow, at the same price (NOK96) as the acquired shares. This represents a premium of 50% related to the last closing price of NOK64 and a premium of 37 % to the issue price in the IPO in May 2007 of NOK70 per share. The mandatory Offer implies a total value of the share capital of Arrow of approximately NOK2.26 billion. An offer document, setting out the terms and conditions of the mandatory Offer, is expected as soon as practically possible and no later than four weeks from Nov. 14, as required. PGS reserves the right to acquire additional shares in Arrow in the market, both before and during the offer period for the mandatory Offer. Arrow owns and operates two 3D vessels and has three vessels under conversion to 2D/source vessels, including one vessel with possibilities for upgrade to 6-streamer operation. Further, Arrow has four purpose-built high capacity seismic new buildings on order for delivery in 2008 and 2009. Of these nine vessels, four are currently chartered to other seismic companies, while the intention is to include the remaining five vessels in PGS' operations, including the last two high capacity newbuildings with delivery in Q2 and Q4 2009 and the three 2D/source vessels. The acquisition is in line with PGS' strategy of growth in the high-end segment of the seismic acquisition market. PGS will gain access to two state of the art 10-12 streamer new build vessels at cost and delivery times which is substantially more attractive compared to alternative new build projects. PGS will also gain access to capable source/2D vessels at a reasonable cost. With the increased activity on wide azimuth, these vessels can be effectively utilized by PGS. "The acquisition of Arrow provides an attractive high-end supplement to our state-of-the-art multi streamer fleet," Svein Rennemo, president and chief executive officer of PGS said. "Due to early delivery, these vessels enable us to capture more effectively the short- and medium term strength in the high-end seismic market. The transaction supports our further market penetration in wide azimuth surveys and represents an important step in our fleet renewal plans for the coming years." Carnegie ASA is acting as financial advisor to PGS in relation to this transaction. Headquartered in Lysaker, Norway, Petroleum Geo-Services (OSE: PGS) (NYSE: PGS) -- http://www.pgs.com/-- is a focused geophysical company providing a broad range of seismic and reservoir services, including acquisition, processing, interpretation, and field evaluation. The company also possesses the world's most extensive multi-client data library. The company has operations in Singapore and Ecuador. PETROLEUM GEO-SERVICES: Arrow Acquisition Cues S&P's BB- Ratings ---------------------------------------------------------------- Standard & Poor's Ratings Services had affirmed its 'BB-' long- term corporate credit ratings on Norway-based oilfield services company Petroleum Geo-Services ASA following an announcement that it intends to acquire Norway-based Arrow Seismic ASA. The outlook is stable. "The affirmation reflects our view that the transaction is favorable from a business standpoint, as it will give PGS additional marine acquisition vessel capacity," said Standard & Poor's credit analyst Jeffrey B Morrison. "The transaction will be entirely debt financed. As a result, we expect the company's credit measures to temporarily rise ab