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 20, 2007, Vol. 8, No. 230 Headlines A U S T R I A A. GOLGER: Klagenfurt Court Orders Business Shutdown CESA-COMPUTERHANDEL: Claims Registration Period Ends Nov. 27 FSK ARMIERUNGEN: Feldkirch Court Orders Business Shutdown M + M MOTOR-SERVICE: Innsbruck Court Orders Business Shutdown PFEIFFER BAU: Claims Registration Period Ends Nov. 27 R&B DOWNHOLE: Korneuburg Court Orders Business Shutdown B E L G I U M M FABRIKANT: Panel Pursues US$10.25MM Recovery from Hahn Estate TENNECO INC: Receives US$474 Mil. Tenders for 10-1/4% Sr. Notes C Z E C H R E P U B L I C DABLICE REAL: Moody's Withdraws Ba1.cz Rating Upon Request F R A N C E CAP GEMINI: S&P Puts BB+ Ratings on CreditWatch Positive DELPHI CORP: Court Okays US$6.8 Billion Exit Financing Plan G E R M A N Y 90 GASTRO: Creditors' Meeting Slated for Dec. 13 AUTOHAUS HORENKAMP: Claims Registration Ends December 19 BLOMBERGER OBERFLACHEN: Claims Registration Ends December 20 BUSSE MARMOR: Creditors' Meeting Slated for Jan. 16, 2008 CHRYSLER LLC: Mulls Product Portfolio Streamlining DUERR AG: Earns EUR5.7 Million for Nine Months Ended Sept. 30 EGS-RUEHRWERKE GMBH: Claims Registration Ends December 13 FERNSEH-SCHMIDT: Claims Registration Period Ends Dec. 12 GARTENGESTALTUNG KIRCHER: Claims Registration Period Ends Dec. 7 HIRSCHINGER GMBH: Creditors' Meeting Slated for Dec. 17 IN VITRO BIOTEC: Claims Registration Period Ends Nov. 30 LEISTEN UND MOEBELTEILE: Claims Registration Ends December 20 LICHTTECHNIK BACKHAUS: Claims Registration Ends December 27 MASCHINEN LAUER: Creditors' Meeting Slated for Dec. 11 MTI GLOBAL: Posts CDN2.1 Million Net Loss in Third Quarter 2007 OSWALD SCHULZE: Claims Registration Period Ends Jan. 3, 2008 PIEKARSKI GMBH: Claims Registration Period Ends Nov. 26 PKS GESELLSCHASFT: Claims Registration Period Ends Oct. 26 STONES MENSWEAR: Claims Registration Ends December 20 UMWELT-TECHNIK-SUED: Claims Registration Period Ends Dec. 10 VATERLAND WERK: Claims Registration Period Ends Nov. 23 WEHRSTEDT ENGINEERING: Claims Registration Ends December 17 WERTEMANUFAKTUR WERBEAGENTUR: Claims Registration Ends Dec. 17 G R E E C E ARMSTRONG WORLD: Ex-Parent to Dissolve After Asset Distribution H U N G A R Y AES CORP: Cash Tender Offer for US$1.24 Bln Senior Notes Expires I R E L A N D RITCHIE IRELAND: Auction Sale of Policies Deferred to Dec. 10 I T A L Y ALITALIA SPA: Implements Organizational Changes K A Z A K H S T A N ATF BANK: Bank Austria Buys 91.8% Stake for US$2.1 Billion ATF BANK: S&P Upgrades Ratings to BB+ on UniCredito Deal BATYS SERVICE: Proof of Claim Deadline Slated for Dec. 18 EUROASIA TRANSIT: Creditors Must File Claims Dec. 12 HAPPY HOUSE: Claims Filing Period Ends Dec. 18 HLEBOZAVOD LLP: Creditors' Claims Due on Dec. 12 INSTROY-2006 LLP: Claims Registration Ends Dec. 18 JOL JYLU: Proof of Claim Deadline Slated for Dec. 12 PERFECT GIFTS: Creditors Must File Claims Dec. 18 SWM LTD: Claims Filing Period Ends Dec. 18 TAMERLAND TRD: Creditors' Claims Due on Dec. 12 TSENTRALNOYE GAZOSNABJENIYE: Claims Registration Ends Dec. 12 K Y R G Y Z S T A N MILANO GROUP: Creditors Must File Claims by December 14 NASOS-OSH LLC: Proof of Claim Deadline Slated for December 14 L U X E M B O U R G EVRAZ GROUP: Russian Units Release Results for Q3 2007 N E T H E R L A N D S JUBILEE CDO VIII: S&P Rates EUR16 Million Class E Notes at BB KONINKLIJKE AHOLD: Names John Rishton as President and CEO R U S S I A ALTAISKIJ OJSC: Creditors Must File Claims by Jan. 10, 2008 EVRAZ GROUP: Russian Units Release Results for Q3 2007 FML LTD: S&P Affirms B- Ratings with Stable Outlook KRASNOSEL'SKOYE: Creditors Must File Claims by Jan. 10, 2008 KUBAN'HYBRID: Asset Sale Slated for Dec. 10 MUGREEVSKOYE OJSC: Court Names S. A. Akimov as Liquidator NOVOSIBIRSKIJ OJSC: Creditors Must File Claims by Jan. 10, 2008 SKB BANK: Fitch Assigns B- IDR on Vulnerable Liquidity S P A I N GALICIA EMPRESAS I: Fitch Junks EUR24.3 Million Class E2 Notes S W I T Z E R L A N D ALLARTICON JSC: Creditors' Liquidation Claims Due by November 22 BALMA REINIGUNG: Lucerne Court Closes Bankruptcy Proceedings FLONTEX JSC: Creditors' Liquidation Claims Due by November 22 HEINZ PULVER: Creditors' Liquidation Claims Due by November 30 INSTITUT FUR: Creditors' Liquidation Claims Due by November 30 PAN PUBLICA: Creditors' Liquidation Claims Due by November 26 SP.ACES JSC: Zug Court Starts Bankruptcy Proceedings TECHNITRON ELEKTRIK: Creditors Must File Claims by November 22 VERSUSCHIRICO LLC: Zug Court Starts Bankruptcy Proceedings WIDMER DOMINIC: St. Gallen Court Closes Bankruptcy Proceedings U K R A I N E BM USBUILDINGASSEMBLY: Creditors Must File Claims by November 23 CREATIVE GAMES: Creditors Must File Claims by November 23 HERSON COMBINES: Claims Filing Bar Date Set November 23 SMILE-INTRO LLC: Creditors Must File Claims by November 23 TECHNICS LLC: Creditors Must File Claims by November 23 UPPK LLC: Claims Filing Bar Date Set November 23 YUGA LLC: Creditors Must File Claims by November 23 * S&P Assigns BB- Ratings to Ukraine's US$700 Mln Benchmark Bond * Fitch Assigns BB- Ratings to Ukraine's US$700 Million Loan U N I T E D K I N G D O M ADAPT RECRUITMENT: Claims Filing Period Ends December 20 ADVANCED MKTG: U.S. Court Confirms Chapter 11 Liquidation Plan ATOMIC MK: Taps Ernst & Young as Administrators AVAYA INC: Moody's Places Corporate Family Rating at B2 BRITISH ENERGY: Earns GBP243 Mln in Six Months Ended Sept. 30 CAMERON RICHARD: Taps Administrators from Vantis DIRECTION ENVIRONMENTAL: Joint Liquidators Take Over Operations ENRON CORP: State Gets Go Signal to Seek Ex-Founder's Assets FORD MOTOR: Names Tata, Mahindra & One Equity as Final Bidders FORD MOTOR: Ratified UAW Pact Prompts Moody's to Hold Ratings GILMAC BUILDING: Calls In Liquidators from Grant Thornton GMW LTD: Claims Filing Period Ends February 6, 2008 GORDON PRESS: Brings In Grant Thornton as Administrators GORDON RUSSELL: Taps Liquidators from Smith & Williamson HUSSEY CONSTRUCTION: Names Administrators from Tenon Recovery ICONIX BRAND: Buying Starter(R) Brand from NIKE for US$60 Mln LAMPLIGHT GROUP: Brings In Liquidators from Vantis Business MYLAN INC: Prices Public Offering of Preferred & Common Stock NORTHERN ROCK: Virgin Group Consortium Submits Takeover Bid NORTHERN ROCK: Olivant Bid Eyes Restructuring NORTHERN ROCK: Reviews Proposals & Considers Strategic Options NORTHERN ROCK: CEO Adam Applegarth to Leave Post by January 2008 ONLINE DELIVERY: Brings In Grant Thornton as Administrators PLASTISCENE LTD: Appoints Ernst & Young as Joint Administrators REMY WORLDWIDE: Hires Huron Consulting as Financial Consultant REMY WORLDWIDE: U.S. Trustee Balks at Schedules Filing Extension REMY WORLDWIDE: Wants to Sell Knopf Business for US$18.5 Million S D I PRINT: Names Philip John Gorman Liquidator WATERFORD WEDGWOOD: Fitch Junks IDR on Weak U.S. Dollar * Large Companies with Insolvent Balance Sheet ********* ============= A U S T R I A ============= A. GOLGER: Klagenfurt Court Orders Business Shutdown ---------------------------------------------------- The Land Court of Klagenfurt entered Oct. 19 an order shutting down the business of LLC A. Golger Haustechnik (FN 212090y). Court-appointed estate administrator Herbert Steinwandter 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. Herbert Steinwandter Peraustrasse 9 9500 Villach Austria Tel: 04242/28 122 Fax: 04242/28122-22 E-mail: villach@lawoffice.co.at Headquartered in Villach, Austria, the Debtor declared bankruptcy on Oct. 11 (Bankr. Case No 41 S 101/07m). CESA-COMPUTERHANDEL: Claims Registration Period Ends Nov. 27 ------------------------------------------------------------ Creditors owed money by LLC Cesa-Computerhandel Eder u. Schmol (FN 203985d) have until Nov. 27 to file written proofs of claim to court-appointed estate administrator Volker Leitner at: Mag. Volker Leitner Wiener Strasse 3 3100 St. Poelten Austria Tel: 02742/35 43 55 Fax: 02742/35 14 35 E-mail: office@gpls.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on Dec. 18 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 St. Georgen am Steinfelde, Austria, the Debtor declared bankruptcy on Oct. 19 (Bankr. Case No. 14 S 176/07h). FSK ARMIERUNGEN: Feldkirch Court Orders Business Shutdown --------------------------------------------------------- The Land Court of Feldkirch entered Oct. 19 an order shutting down the business of LLC FSK Armierungen (FN 220174k). Court-appointed estate administrator Andreas Droop 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. Andreas Droop c/o Dr. Arnulf Summer Kirchstrasse 4 6900 Bregenz Austria Tel: 05574/47244 Fax: 05574/52545 E-mail: andreas.droop@vol.at Headquartered in Bregenz, Austria, the Debtor declared bankruptcy on Oct. 11 (Bankr. Case No 14 S 40/07f). Arnulf Summer represents Mag. Droop in the bankruptcy proceedings. M + M MOTOR-SERVICE: Innsbruck Court Orders Business Shutdown ------------------------------------------------------------- The Land Court of Innsbruck entered Oct. 19 an order shutting down the business of LLC M + M Motor-Service (FN 37218h). Court-appointed estate administrator Gernot Moser 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. Gernot Moser Ludwig Penz Strasse 2 6130 Schwaz Austria Tel: 05242/62331 Fax: 05242/623311 E-mail: g.moser@rechtsberater.at Headquartered in Kramsach, Austria, the Debtor declared bankruptcy on Oct. 16 (Bankr. Case No 7 S 60/07v). PFEIFFER BAU: Claims Registration Period Ends Nov. 27 ----------------------------------------------------- Creditors owed money by LLC Pfeiffer Bau (FN 247189p) have until Nov. 27 to file written proofs of claim to court-appointed estate administrator Friedrich Nustere at: Dr. Friedrich Nustere Riemerplatz 1 3100 St. Poelten Austria Tel: 02742/47087 Fax: 02742/47089 E-mail: ra-nusterer@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:50 a.m. on Dec. 18 for the examination of claims. The meeting of creditors will be held at: The Land Court of St. Poelten Room 216 Second Floor St. Poelten Austria Headquartered in Gresten, Austria, the Debtor declared bankruptcy on Oct. 22 (Bankr. Case No. 14 S 177/07f). R&B DOWNHOLE: Korneuburg Court Orders Business Shutdown ------------------------------------------------------- The Land Court of Korneuburg entered Oct. 19 an order shutting down the business of LLC R&B Downhole Technology Handel (FN 241124w). Court-appointed estate administrator Ferdinand Bruckner 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. Ferdinand Bruckner c/o Dr. Elisabeth Zonsics-Kral Schubertstrasse 10/3/5/9 2100 Korneuburg Austria Tel: 02262/729 39 Fax: 02262/72437 E-mail: bruckner@raedrb-drz.at widhalm@raedrb-drz.at 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. ============= B E L G I U M ============= M FABRIKANT: Panel Pursues US$10.25MM Recovery from Hahn Estate --------------------------------------------------------------- The Official Committee of Unsecured Creditors in the bankruptcy cases of M. Fabrikant & Sons Inc. and Fabrikant-Leer International Ltd. asks the U.S. Bankruptcy Court for the Southern District of New York to direct the estate of Philip Hahn and Irving Rosenzweig, in his capacity both as the executor of the Hahn Estate and as an officer and director of the Debtors, to produce documents and appear for oral examination. The Committee previously obtained Court authority to take discovery from the Hahn Estate and Mr. Rosenzweig with respect to potential causes of action to avoid and recover US$10.25 million in transfers that the Debtors made to the Hahn Estate in December 2005 and January 2006. In this regard, the Committee intends to seek leave of the Court to pursue the causes of action on behalf of the Debtors, and the Committee is withdrawing the balance of the discovery that remains to be taken. The Committee reminds the Court that it has been evaluating additional potential causes of action against both the Hahn Estate and Mr. Rosenzweig, for the breaches of fiduciary duty to the Debtors and their creditors that Messrs. Hahn and Rosenzweig may have committed during the more than three years each of them served on the Debtors' Board of Directors. The Committee determined that it needs additional information, which it now seeks through the present Rule 2004 application, to adequately evaluate the potential causes of action. According to the Committee, Messrs. Hahn and Rosenzweig each served on the Debtors' Board from at least August 2002 until September 2005 (in the case of Mr. Hahn) and January 2006 (in the case of Mr. Rosenzweig). During that period, while insolvent, the Debtors fraudulently transferred many tens of millions of dollars to affiliated companies owned and controlled by members of the Fortgang family. The transfers included: (a) unsecured and undocumented advances totaling tens of millions of dollars to insolvent affiliates; and (b) preferential paydowns, also totaling tens of millions of dollars, of debt owed to other Affiliates, in violation of New York law deeming fraudulent the preferential repayment of debt owed to an insider. To evaluate whether, as a result of the transfers, the Debtors have viable breach of duty claims against Messrs. Hahn and Rosenzweig, the Committee needs discovery concerning: (i) Messrs. Hahn and Rosenzweig's knowledge and evaluation of the transfers, and their likely impact on MFS, at the time; and (ii) Messrs. Hahn and Rosenzweig's business dealings with the Fortgangs and the Affiliates, which may have impaired their ability to evaluate these transfers disinterestedly and free of conflicts of interest. About M. Fabrikant Headquartered in New York City, M. Fabrikant & Sons, Inc. -- http://www.fabrikant.com/-- sells diamonds and jewelries. Established in 1895, the Company is one of the oldest diamond and jewelry wholesaler in the world, including Japan, Canada, China, Thailand, Israel, Belgium, and Italy. The company and its affiliate, Fabrikant-Leer International Ltd., filed for chapter 11 protection on Nov. 17, 2006 (Bankr. S.D.N.Y. Lead Case No. 06-12737). Mitchel H. Perkiel, Esq., Lee W. Stremba, Esq., and Paul H. Deutch, Esq., at Troutman Sanders LLP represent the Debtors in their restructuring efforts. Alan Kolod, Esq., Lawrence L. Ginsberg, Esq., and Christopher J. Caruso, Esq., at Moses & Singer LLP serve as counsel to the Official Committee of Unsecured Creditors. In schedules filed with the Court, M. Fabrikant disclosed total assets of US$225,612,204 and total debts of US$439,993,890. TENNECO INC: Receives US$474 Mil. Tenders for 10-1/4% Sr. Notes --------------------------------------------------------------- Tenneco Inc. disclosed that as of 5:00 p.m., New York City time, on Nov. 15, 2007, a total of US$474 million in aggregate principal amount of its 10-1/4% Senior Secured Notes due 2013 (CUSIP 880349AD7) have been tendered pursuant to its tender offer for up to US$230 million aggregate principal amount of notes. As such, the requisite consents of holders of a majority in principal amount of notes required to adopt the proposed amendments to the indenture governing the notes have been received, and the company and the trustee executed a supplemental indenture to effect the proposed amendments described in the Offer to Purchase and Consent Solicitation Statement dated Nov. 1, 2007. Accordingly, tendered notes may no longer be withdrawn and consents delivered may no longer be revoked, except in the limited circumstances described in the offer to purchase. Based on the results, more than US$230 million principal amount of notes have already been tendered, so the amount of notes that will be purchased will be prorated based on the aggregate principal amount of notes validly tendered in the tender offer on or before the expiration date. In addition, the pricing terms of the offer were also set. As such, the total consideration for each US$1,000 principal amount of notes validly tendered and not withdrawn prior to the Consent Date is US$1,087.09, which includes a consent payment of US$30. The total consideration was determined by reference to a fixed spread of 50 basis points over the bid side yield of the 5-1/8% U.S. Treasury Note due June 30, 2008, which was calculated at 2:00 p.m., New York City time, on Nov. 15, 2007. The reference yield and the offer yield are 3.581% and 4.081%. Holders who tender their notes after the Consent Date but on or prior to the expiration date for the offer, and whose notes are accepted for purchase, will receive the related tender offer consideration as defined in the offer to purchase, but will not receive the related consent payment. The offer remains open and is scheduled to expire at midnight, New York City time, on Nov. 30, 2007, unless extended. In addition, accrued and unpaid interest on the notes up to but not including the settlement date for the offer, which is expected to be on or about Dec. 3, 2007, will be paid in cash on validly tendered notes accepted for purchase. The tender offer is conditioned on the satisfaction or waiver prior to the acceptance date of customary conditions, including Tenneco having received from the offer and sale of new notes, on terms and conditions acceptable to it in its sole discretion, funds sufficient to consummate the offer. The company expects to close on an offering of new 8-1/8% Senior Notes due 2015 on or about Nov. 20, 2007. Copies of the complete terms and conditions of the tender offer and consent solicitation may be obtained by contacting Global Bondholder Services Corporation, the information agent for the offer, at (212) 430-3774 (collect) or (866) 873-5600 (U.S. toll- free). Banc of America Securities LLC and Citi are the dealer managers and solicitation agents for the tender offer and consent solicitation. Additional information concerning the tender offer and consent solicitation may be obtained by contacting Banc of America Securities LLC, High Yield Special Products, at (704) 388-4813 (collect) or (888) 292-0070 (U.S. toll-free) and Citigroup Global Markets Inc. at (800) 558-3745 (toll-free). About Tenneco Inc. Based in Lake Forest, Illinois, Tenneco Inc., (NYSE: TEN) -- http://www.tenneco.com/-- manufactures automotive ride and emissions control products and systems for both the original equipment market and aftermarket. Brands include Monroe(R), Rancho(R), and Fric Rot ride control products and Walker(R) and Gillet emission control products. The company has operations in Argentina, Japan, and Germany, with its European operations headquartered in Brussels, Belgium. The company has approximately 19,000 employees worldwide. * * * As reported in the Troubled Company Reporter on Sept. 26, 2007, Fitch Ratings has placed Tenneco Inc.'s Issuer Default Ratings and securities ratings on Rating Watch Negative. Fitch confirmed these ratings: (i) IDR 'BB-'; (ii) Senior secured bank facility 'BB+'; (iii) Senior secured notes 'BB'; and (iv) Subordinated 'B'. =========================== C Z E C H R E P U B L I C =========================== DABLICE REAL: Moody's Withdraws Ba1.cz Rating Upon Request ---------------------------------------------------------- Moody's Investors Service withdrew the Ba1.cz long-term national scale senior secured rating assigned to the bond issued by Dablice Real a.s. at the request of the issuer. Moody's has withdrawn this rating for business reasons. Dablice Real, a.s., established in March 2003, is owned by three private individuals. DR is a special-purpose vehicle established for the purpose of acquiring land and preparing it for commercial development. DR issued a bond in 2005 for a total amount of CZK90 million (approx. EUR 3.2 million), for the purposes of financing the land purchase, investing in the connections to the necessary infrastructure, changing the land's classification and selling on the land. The bond matures in July 2008. =========== F R A N C E =========== CAP GEMINI: S&P Puts BB+ Ratings on CreditWatch Positive -------------------------------------------------------- Standard & Poor's Ratings Services placed its 'BB+' long-term corporate credit and debt ratings on France-based IT services company Cap Gemini S.A. on CreditWatch with positive implications. "The CreditWatch placement reflects the continued improvement of the company's revenues and margins," said Standard & Poor's credit analyst Patrice Cochelin. "Weak margins have held back the ratings on Cap Gemini in recent quarters," Mr. Cochelin said. Cap Gemini now expects operating margins to be above 7% for full-year 2007, up from 5.8% in 2006, implying margins of at least 8% in second-half 2007, up from 6.8% in second-half 2006 and 5.8% in first-half 2007. Cap Gemini's third-quarter 2007 revenues were up 6.2% organically from third-quarter 2006. S&P expects to resolve the CreditWatch in the coming two months following a meeting with Cap Gemini's management. "A potential upgrade to 'BBB-' would require our comfort with the company's ongoing operating improvement, particularly on margins and cash flow generation, and on the continuation of prudent financial policies," said Mr. Cochelin. DELPHI CORP: Court Okays US$6.8 Billion Exit Financing Plan ----------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York has approved a US$6,800,000,000 financing plan for Delphi Corp.'s exit from bankruptcy. The Hon. Robert D. Drain authorized Delphi to enter into, and perform under, an engagement letter and fee letters with JPMorgan Chase Bank, N.A., and Citigroup, which have agreed to arrange and syndicate: (a) a US$1,600,000,000 senior secured first lien asset-based revolving credit facility; (b) a US$3,700,000,000 senior secured first-lien term facility; and (c) a US$1,500,000,000 senior secured second-lien term facility, of which up to US$750,000,000 will be in the form of a note issued to General Motors Corp. in connection with the distributions contemplated under Delphi's Reorganization Plan. A redacted version of the Engagement Letter is available for free at http://ResearchArchives.com/t/s?2533 Delphi did not disclose the fees it will pay to the arrangers and obtained approval to file the fee letter under seal. Troy, Michigan-based Delphi, the Associated Press noted, originally sought US$8,700,000,000 in loans, but reduced that amount and delayed voting on its reorganization plan as it struggled to secure the financing in a tighter credit market. Delphi expects to emerge from bankruptcy during the first quarter of 2008. Delphi filed its Joint Plan of Reorganization on September 6, 2007, but said it will revise its plan due to changes in its exit financing terms and investment agreements with potential equity investors. The exit financing will be made available on the effective date of the Plan. The Reorganization Plan also provides that Delphi will obtain additional financing of up to US$2,550,000,000 from an equity rights offering, backstopped by investors led by Appaloosa Management LP. The investment agreement, according to a Nov. 14, 2007 news release, has been renegotiated to provide for an increase in consideration to the plan investors, after Goldman Sachs pulled out of the deal. According to AP, Judge Drain balked at the new terms of the deal and said he was "very distressed" the terms had changed, "sucking out hundreds of millions of dollars over these apparent excuses." The Official Committee of Unsecured Creditors and the Official Committee of Equity Security Holders of Delphi have conveyed their opposition to the potential amendments to the Plan. Delphi's chief customer, General Motors Corp., which is expected to recover US$2,700,000,000 in cash, notes and stock from the auto-parts supplier, has supported the amendments. Delphi is expected to file a revised Reorganization Plan and related documents on or before November 29, 2007, when the Court holds a hearing to consider approval of the disclosure statement explaining the terms of the Plan. About Delphi Corp. Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of Mar. 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in total assets and US$23,851,000,000 in total debts. The Debtors' exclusive plan-filing period expires on Dec. 31, 2007. On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan of Reorganization and a Disclosure Statement explaining that Plan. The hearing to consider the adequacy of the Disclosure Statement started on Oct. 3, 2007 and has been continued to November 29. (Delphi Bankruptcy News, Issue No. 97; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) ============= G E R M A N Y ============= 90 GASTRO: Creditors' Meeting Slated for Dec. 13 ------------------------------------------------ The court-appointed insolvency manager for 90 Gastro GmbH, Ruediger Wienberg will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:35 a.m. on Dec. 13. 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 9:05 a.m. on March 6, 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: Ruediger Wienberg Giesebrechtstr. 1 10629 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against 90 Gastro GmbH on Oct. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: 90 Gastro GmbH Dennewitzstr. 37 10785 Berlin Germany AUTOHAUS HORENKAMP: Claims Registration Ends December 19 -------------------------------------------------------- Creditors of Autohaus Horenkamp GmbH & Co. have until Dec. 19 to register their claims with court-appointed insolvency manager Dr. Petra Mork. Creditors and other interested parties are encouraged to attend the meeting at 1:40 p.m. on Jan. 30, 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. Petra Mork Arndtstr. 28 44135 Dortmund Germany The District Court of Dortmund opened bankruptcy proceedings against Autohaus Horenkamp GmbH & Co. on Oct. 31. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Autohaus Horenkamp GmbH & Co. Hertinger Str. 57 59423 Unna Germany Attn: Guenter Horenkamp, Manager Jaegerweg 12 59423 Unna Germany BLOMBERGER OBERFLACHEN: Claims Registration Ends December 20 ------------------------------------------------------------ Creditors of Blomberger Oberflachenbearbeitung GmbH have until Dec. 20 to register their claims with court-appointed insolvency manager Hans-Peter Burghardt. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Jan. 22, 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 Detmold Meeting Hall 12 Ground Floor Gerichtsstrasse 6 32756 Detmold 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-Peter Burghardt Bunsenstr. 3 32052 Herford Germany The District Court of Detmold opened bankruptcy proceedings against Blomberger Oberflachenbearbeitung GmbH on Oct. 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Blomberger Oberflachenbearbeitung GmbH Attn: Stefan Plattner, Manager Industriestr. 5 32825 Blomberg Germany BUSSE MARMOR: Creditors' Meeting Slated for Jan. 16, 2008 --------------------------------------------------------- The court-appointed insolvency manager for Busse Marmor- und Betonwerke GmbH, Rainer Eckert will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:00 a.m. on Jan. 16, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Syke Hall 112 Hauptstr. 5A 28857 Syke Germany The Court will also verify the claims set out in the insolvency manager's report at 10:00 a.m. on March 6, 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: Dr. Rainer Eckert Arthur-Menge-Ufer 5 30169 Hannover Germany Tel: 0511/626287-0 Fax: 0511/626287-10 E-mail: eckert-hannover@rae-eckert.de Web site: http://www.rae-eckert-de/ The District Court of Syke opened bankruptcy proceedings against Busse Marmor- und Betonwerke GmbH on Oct. 31. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Busse Marmor- und Betonwerke GmbH Nienburger Strasse 44 31547 Rehburg-Loccum Germany CHRYSLER LLC: Mulls Product Portfolio Streamlining -------------------------------------------------- Chrysler LLC is in discussions with dealers on product portfolio changes and poor performing dealerships, Jeff Bennett and Josee Valcourt of the Wall Street Journal reports citing three dealers familiar with the matter. To avoid confusion on overlapping products, sources said that Chrysler wants dealers to sell all of its passenger cars under the Chrysler name; pickup and commercial trucks under the Dodge name; and, sport-utility vehicles under the Jeep name. According to WSJ, the move would reduce the number of dealers and weed out competition between products such as midsized sedans Dodge Avenger and Chrysler Sebring, which are marketed under different names. As reported in the Troubled Company Reporter on Nov. 5, 2007, the company had plans to eliminate four models through 2008, including Dodge Magnum, the convertible version of Chrysler PT Cruiser, Chrysler Pacifica and Chrysler Crossfire. In the same time frame, Chrysler will add two all-new products to its portfolio: the Dodge Journey and Dodge Challenger, along with two new hybrid models, the Chrysler Aspen and Dodge Durango. 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. DUERR AG: Earns EUR5.7 Million for Nine Months Ended Sept. 30 ------------------------------------------------------------- Duerr AG released its financial results for the nine months and third quarter ended Sept. 30, 2007. Duerr posted EUR5.7 million in net profit on EUR1.02 billion in net revenues for the first nine months of 2007, compared with EUR0.1 million in net profit on EUR984 million in net revenues for the same period in 2006. The company reported EUR5.7 million in net income on EUR364.7 billion in net revenues for the third quarter of 2007, compared with EUR3.4 million in net profit on EUR357.6 million in net revenues for the same period in 2006. "We have got off to a good start in the fourth quarter," said Ralf Dieter, CEO of Duerr AG. "So we now expect growth of at least 10% in new orders compared with last year." The earnings situation was burdened for the last time in the third quarter by delays on projects in India. This caused the gross margin in the first nine months to dip to 16.0% as compared with 16.5% in the same period last year. Cost reductions were achieved through the improvements in internal processes which Duerr has implemented under the Group-wide FOCUS program, with administrative and selling expenses declining overall by 1.5% to EUR132.2 million. Operating cash flow (-EUR32.7 million) improved appreciably by EUR47.1 million in the first nine months of 2007. An even stronger improvement was prevented by a temporary build-up in net working capital. This was due to growth in trade receivables and inventories as a result of the increased volume of business. Owing to the good order situation the number of employees has risen by 3.9% versus Dec. 31, 2006, to 5,869. The increase was primarily in the growth region of Asia, where the number of employees rose by 20.0% to 721 (Dec. 31, 2006: 601). At 22.4%, the equity ratio as of Sept. 30, 2007 was little changed versus the end of 2006 (23.6%). Net financial debt amounted to EUR170.5 million at the end of the third quarter of 2007, as compared with EUR164.4 million as of September 30, 2006. Unchanged Positive Outlook for 2007 Duerr expects a strong improvement in earnings in fiscal 2007. At the operating level (EBIT before one-time expenses) the margin should rise to 3.5% from 2.9% last year, while sales growth of between 5% and 10% is forecast. Among the factors contributing to the earnings improvement will be the marked turnaround at the Cleaning and Filtration Systems business unit and in the U.S.A. Operating cash flow should be clearly positive in 2007. Duerr is still aiming to pay a dividend. Duerr expects a further earnings improvement in 2008. The target margin for 2008 is 5% based on earnings at the operating level. About Duerr Headquartered in Stuttgard, Germany, The Duerr Group -- http://www.durr.com/en/-- supplies products, systems, and services for automobile manufacturing. Duerr designs and builds paint shops and final assembly plants. The Duerr Group also operates in Czech Republic, France, U.K., Italy, Netherlands, Poland, Russia, Slovakia, Spain, Turkey, Australia, Brazil, China, India, Japan, Mexico, South Africa, South Korea and the U.S.A. * * * As of Nov. 19, 2007, Duerr AG carries B2 Corporate Family, B2 Probability of Default and Caa1 Senior Subordinate ratings from Moody's Investor Service. Moody's said the outlook is stable. The company also carries B Long-Term Foreign Issuer Credit and Local Issuer Credit ratings from Standard & Poor's. S&P said the Outlook is Stable. EGS-RUEHRWERKE GMBH: Claims Registration Ends December 13 --------------------------------------------------------- Creditors of EGS-Ruehrwerke GmbH have until Dec. 13 to register their claims with court-appointed insolvency manager Thiele. Creditors and other interested parties are encouraged to attend the meeting at 8:50 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 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: Thiele Bronnerstr. 7 44141 Dortmund Germany The District Court of Dortmund opened bankruptcy proceedings against EGS-Ruehrwerke GmbH on Oct. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: EGS-Ruehrwerke GmbH Am Buddenberg 18 59379 Selm Germany Attn: Burkhard Gandt, Manager Schwansbeller Weg 34 44532 Luenen Germany FERNSEH-SCHMIDT: Claims Registration Period Ends Dec. 12 -------------------------------------------------------- Creditors of Fernseh-Schmidt GmbH have until Dec. 12 to register their claims with court-appointed insolvency manager Dr. Rainer Eckert. Creditors and other interested parties are encouraged to attend the meeting at 8:05 a.m. on Jan. 23, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hannover Hall 226 Second Upper Floor Service Bldg. Hamburger Allee 26 30161 Hannover Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Rainer Eckert Arthur-Menge-Ufer 5 30169 Hannover Germany Tel: 0511 626287-0 Fax: 0511 626287-10 The District Court of Hannover opened bankruptcy proceedings against Fernseh-Schmidt GmbH on Oct. 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Fernseh-Schmidt GmbH Engelbosteler Damm 49 30167 Hannover Germany GARTENGESTALTUNG KIRCHER: Claims Registration Period Ends Dec. 7 ---------------------------------------------------------------- Creditors of Gartengestaltung Kircher GmbH have until Dec. 7 to register their claims with court-appointed insolvency manager Dietrich Hauser. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.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 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: Dietrich Hauser Edisonstrasse 19 74076 Heilbronn Germany Tel: 07131/64281-0 Fax: 07131/64281-28 The District Court of Heilbronn opened bankruptcy proceedings against Gartengestaltung Kircher GmbH on Oct. 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Gartengestaltung Kircher GmbH Katzensteige 18 74076 Heilbronn Germany HIRSCHINGER GMBH: Creditors' Meeting Slated for Dec. 17 ------------------------------------------------------- The court-appointed insolvency manager for Hirschinger GmbH Baustoffhandel, Thomas Maier will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:00 a.m. on Dec. 17. The meeting of creditors and other interested parties will be held at: The District Court of Pirmasens Hall 235 Second Floor Pirmasens Germany The Court will also verify the claims set out in the insolvency manager's report at 9:00 a.m. on Jan. 22, 2008 at the same venue. Creditors have until Jan. 14, 2008 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Thomas Maier Pirmasenser Strasse 18 66994 Dahn Germany Tel: 063 91/92 28 0 Fax: 063 91/92 28 99 E-mail: insolvenz@stb-maier.de The District Court of Pirmasens opened bankruptcy proceedings against Hirschinger GmbH Baustoffhandel on Oct. 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hirschinger GmbH Baustoffhandel Pirmasenser Strasse 53 66994 Dahn Germany IN VITRO BIOTEC: Claims Registration Period Ends Nov. 30 -------------------------------------------------------- Creditors of In Vitro Biotec GmbH have until Nov. 30 to register their claims with court-appointed insolvency manager Holger Bluemle. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Dec. 18, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Stuttgart Room 178 Hauffstr. 5 70190 Stuttgart Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Holger Bluemle Kriegsstr. 113 76135 Karlsruhe Germany Tel: 0721/919570 Fax: 0721/9195711 The District Court of Stuttgart opened bankruptcy proceedings against In Vitro Biotec GmbH on Oct. 31. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: In Vitro Biotec GmbH Attn: Dr. Marion Mappes Kesselstr. 17 70327 Stuttgart Germany LEISTEN UND MOEBELTEILE: Claims Registration Ends December 20 ------------------------------------------------------------- Creditors of Leisten und Moebelteile-Fertigungs-GmbH have until Dec. 20 to register their claims with court-appointed insolvency manager Hans-Peter Burghardt. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on Jan. 22, 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 Detmold Meeting Hall 12 Ground Floor Gerichtsstrasse 6 32756 Detmold 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-Peter Burghardt Bunsenstr. 3 32052 Herford Germany The District Court of Detmold opened bankruptcy proceedings against Leisten und Moebelteile-Fertigungs-GmbH on Oct. 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Leisten und Moebelteile-Fertigungs-GmbH Attn: Stefan Plattner, Manager Flachsmarktstr. 48 32825 Blomberg Germany LICHTTECHNIK BACKHAUS: Claims Registration Ends December 27 ----------------------------------------------------------- Creditors of Lichttechnik Backhaus GmbH have until Dec. 27 to register their claims with court-appointed insolvency manager Henning Bungart. Creditors and other interested parties are encouraged to attend the meeting at 11:00 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 Essen Meeting Hall 293 Second Floor Zweigertstr. 52 45130 Essen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Henning Bungart Zweigertstr. 43 45130 Essen Germany Tel: (0201) 793613 The District Court of Essen opened bankruptcy proceedings against Lichttechnik Backhaus GmbH on Oct. 31. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Lichttechnik Backhaus GmbH Hindenburgstr. 82-86 45147 Essen Germany Attn: Heinz Backhaus, Manager Dahlhauser Str. 171 45279 Essen Germany MASCHINEN LAUER: Creditors' Meeting Slated for Dec. 11 ------------------------------------------------------ The court-appointed insolvency manager for Maschinen Lauer GmbH, Dr. Thomas Schmidt will present his first report on the Company's insolvency proceedings at a creditors' meeting at 2:30 p.m. on Dec. 11. The meeting of creditors and other interested parties will be held at: The District Court of Trier Hall 63 Justizstrasse 2,4,6 54290 Trier Germany The Court will also verify the claims set out in the insolvency manager's report at 2:00 p.m. on Jan. 15, 2008 at the same venue. Creditors have until Dec. 4 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Thomas Schmidt Kalenfelsstrasse 5a 54290 Trier Germany Tel: 0651/970400 Fax: 0651/9704040 E-mail: thomas.schmidt@king-lawyers.de The District Court of Trier opened bankruptcy proceedings against Maschinen Lauer GmbH on Oct. 31. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Maschinen Lauer GmbH Diedenhofener Strasse 19 54294 Trier Germany MTI GLOBAL: Posts CDN2.1 Million Net Loss in Third Quarter 2007 --------------------------------------------------------------- MTI Global Inc. reported financial results for the three and nine-month periods ended Sept. 30, 2007. MTI Global also disclosed the consolidation of the majority of Aerospace production in Mexico and the consolidation options of recently acquired Mold-Ex silicone division with MTI's current US production facilities. The net loss for the third quarter of 2007 was CDN2.1 million, compared with a net loss of CDN463,000 for the same period last year. Sales for the three months ended Sept. 30, 2007, were CDN15.5 million, an increase of 5% compared with last year's sales of CDN14.8 million. Sales included a decrease of approximately CDN700,000 attributable to the impact of the decline in the U.S. dollar compared with the currency rates for the same period in 2006. Aerospace sales for the third quarter of fiscal 2007 were CDN4.8 million compared with sales of CDN5.6 million for the comparable period last year. Sales reflect a decrease of CDN427,000 related to the weakening U.S. dollar compared with last year. Fabricated Products sales for the period were CDN944,000 or 8% lower than sales of CDN1 million for the third quarter of fiscal 2006. The decrease was attributable to an anticipated decline in automotive market sales. North American Silicone sales for the third quarter of fiscal 2007 increased by 30%, or CDN1.3 million, to CDN5.7 million, compared with CDN4.4 million for the same period last year. The increase is due to revenues of CDN1.8 million from the acquisition of Mold-Ex during the quarter, offset by CDN300,000 in the quarter due to the lower exchange rate in effect this year as well as overall reduced activity in the transit market. European Silicone sales increased by CDN221,000, or 6% to CDN4.1 million for the third quarter of 2007 compared with sales of CDN3.9 million for the same period last year. The sales improvement included a modest CDN27,000 gain, or 1% attributable to the increase in the Euro. The gross margin for the third quarter in 2007 was CDN4.5 million, a CDN550,000 or 11% decrease, compared with the third quarter last year. The gross margin as a percentage, decreased to 29% from 34%, mostly due to redundant costs at MTI PolyFab resulting from subcontracting the majority of Aerospace manufacturing to Mexico and the decrease in the U.S. dollar. Offsetting the decrease in gross margin was a positive contribution of CDN745,000 from the inclusion of the Mold-Ex silicone results. President and chief executive officer, Bill Neill commented, "Third quarter results were disappointing to say the least. While we expected some continued pressures on results due to the rising Canadian dollar, we did not anticipate the sharp dramatic rise in such a short period of time. To put this into context, during the third quarter, the strengthening Canadian dollar eroded approximately CDN427,000 in Aerospace sales alone." Mr. Neill commented, "Over the past year, we have implemented a number of cost cutting and efficiency initiatives to mitigate industry and economic pressures. In light of the current pressures and to further those initiatives, we are implementing a shorter term plan focused specifically on improving and streamlining customer and sales relationships; achieving more stringent discipline with respect to processes; and tighter management of working capital including inventory and overall financial performance. This is the next logical step building on existing measures." "We took decisive action earlier on in the year to mitigate the effects of the rising Canadian dollar - including moving production of most Aerospace programs to Mexico - and the full benefits of this action will be fully reflected starting with the first quarter of fiscal 2008," he added. During the quarter, the company added the recently acquired silicone division of Mold-Ex to the North American Silicone division. This complementary acquisition contributed approximately CDN1.8 million to revenues to this division. MTI Global previously disclosed it would review consolidation alternatives for this division with a view to maximizing efficiencies and cost reductions. Migration of Aerospace Production to Mexico As previously reported, MTI continued the migration of its Aerospace production to MTI de Baja, Mexico, starting with the Boeing 787 program. To date, nearly 40% of the planned Aerospace production transfers have been completed with the remaining 60% on target to be completed by year end. During the quarter, MTI Global incurred expenses of approximately CDN1 million associated with the migration of programs to Mexico. The company also expects a further CDN500,000 in related expenses to be incurred in the fourth quarter with the full financial benefits and meaningful effects on results to begin in the first quarter of fiscal 2008. Nine Months Results Sales for the nine months ended Sept. 30, 2007, were CDN47.8 million, 3% ahead of last year's sales of CDN46.3 million. This includes a decrease of approximately CDN529,000 due to the impact of currency fluctuations. The gross margin for the nine months ended Sept. 30, 2007, was CDN15.7 million, a decrease of CDN1.3 million or 7%. The gross margin as a percentage decreased to 32% from 36% in the same period of 2006 because of duplication of costs in Mexico and margin erosions due to currency fluctuations. The loss before income taxes and non-controlling interest for the nine months ended Sept. 30, 2007, was CDN2.6 million compared to a loss of CDN157,000 last year. For the nine months ended Sept. 30, 2007, the net loss was CDN2.8 million, to a net loss of CDN348,000 for the same period last year. As at Sept. 30, 2007, the company had working capital of CDN7.2 million - including cash and cash equivalents, plus cash deposited as collateral totaling CDN700,000 - compared with CDN14.2 million at Dec. 31, 2006. Working capital has decreased due to an increase in bank indebtedness and an increase in the current portion of long term debt. The company is taking active measures including better inventory management to improve working capital. At Sept. 30, 2007, the company's consolidated balance sheet showed CDN60.8 million in total assets, CDN18.3 million in total liabilities, and CDN42.5 million in total shareholders' equity. Breach of Financial Covenant Subsequent to the release of the second quarter results, the company was notified by its Canadian chartered bank that it was in breach of a financial covenant in its credit facility agreement as at June 30, 2007. Specifically, the company did not comply with the debt service coverage ratio of 1.25 calculated on a rolling twelve-month basis. Furthermore, the company was in breach of a general covenant concerning the transfer of certain inventory and equipment to the company's contract manufacturer in Mexico without first receiving the Bank's prior written consent. The company has received a written notice of waiver of the June 30, 2007, breaches through Nov. 30, 2007, and has requested the Bank's written consent for ongoing transfers of inventory and equipment in compliance with the terms of its loan agreement. Due to unfavorable financial results in the third quarter, the company remains in breach of the same debt service coverage ratio as at Sept. 30, 2007. Accordingly, the credit facilities consisting of an operating and term loan with the Bank are in default and have both been reflected in current liabilities. The company also expects to be in breach of the debt service covenant at Dec. 31, 2007. The company has commenced discussions with the Bank with respect to the breaches and has requested that the Bank waive the default for Sept. 30, 2007. About MTI Global Headquartered in Mississauga, Ontario, MTI Global Inc. (TSX: MTI) -- http://www.mtiglobalinc.com/-- designs, develops and manufactures custom-engineered products using silicone and other cellular materials. The company serves a variety of specialty markets focused on three main product categories: Silicone, Aerospace and Fabricated Products. MTI's Canadian manufacturing operations are located in Mississauga, Ontario, with international manufacturing operations located in Richmond and Buchanan, Virginia; Pensacola, Florida; Bremen, Germany; and a contract manufacturer venture in Ensenada, Mexico. The company also has sales operations in England and Sweden, and an engineering support centre in Brazil. OSWALD SCHULZE: Claims Registration Period Ends Jan. 3, 2008 ------------------------------------------------------------ Creditors of Oswald Schulze Service und Montagegesellschaft mbH i.L. have until Jan. 3, 2008 to register their claims with court-appointed insolvency manager Angela Gerigk. Creditors and other interested parties are encouraged to attend the meeting on Jan. 9, 2008, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Essen Meeting Hall 296 Zweigertstr. 52 45130 Essen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Angela Gerigk Katharinenstr. 7 46282 Dorsten Germany The District Court of Essen opened bankruptcy proceedings against Oswald Schulze Service und Montagegesellschaft mbH i.L. on Oct. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Oswald Schulze Service und Montagegesellschaft mbH i.L. Krusenkamp 22-24 45964 Gladbeck Germany PIEKARSKI GMBH: Claims Registration Period Ends Nov. 26 ------------------------------------------------------- Creditors of Piekarski GmbH have until Nov. 26 to register their claims with court-appointed insolvency manager Dr. Peter C. Minuth. Creditors and other interested parties are encouraged to attend the meeting at 12:00 p.m. on Dec. 17, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Kleve Meeting Hall C 58 Ground Floor Schlossberg 1 47533 Kleve 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 C. Minuth Heinrich-Heine-Allee 20 40213 Duesseldorf Germany Tel: 0211-492240 Fax: 0211-4922487 The District Court of Kleve opened bankruptcy proceedings against Piekarski GmbH on Oct. 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Piekarski GmbH Fischerort 4 46446 Emmerich am Rhein Germany Attn: Thomas Piekarski, Manager Seufzerallee 16 46446 Emmerich am Rhein Germany PKS GESELLSCHASFT: Claims Registration Period Ends Oct. 26 --------------------------------------------------------- Creditors of PKS Gesellschaft fuer Elektro- und Medientechnik Verwaltungs mbH have until Oct. 26 to register their claims with court-appointed insolvency manager Dr. Winfried Andres. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Dec. 17, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Essen Meeting Hall 293 Second Floor Zweigertstr. 52 45130 Essen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Winfried Andres Heinrich-Held-Str. 16 45133 Essen Germany The District Court of Essen opened bankruptcy proceedings against PKS Gesellschaft fuer Elektro- und Medientechnik Verwaltungs mbH on Oct. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PKS Gesellschaft fuer Elektro- und Medientechnik Verwaltungs mbH Manderscheidtstr. 14 45141 Essen Germany Attn: Gudrun Steuernagel, Manager Manderscheidtstr. 14 45141 Essen Germany STONES MENSWEAR: Claims Registration Ends December 20 ----------------------------------------------------- Creditors of Stones menswear GmbH have until Dec. 20 to register their claims with court-appointed insolvency manager Thomas Schaefer. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Jan. 22, 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 Augsburg Meeting Hall 162 Alten Einlass 1 86150 Augsburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Thomas Schaefer Fuggerstr. 16 86150 Augsburg Germany The District Court of Augsburg opened bankruptcy proceedings against Stones menswear GmbH on Oct. 29. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Stones menswear GmbH Attn: Robert Scharf and Krueger Mathias, Managers Annastr. 8-10 86150 Augsburg Germany UMWELT-TECHNIK-SUED: Claims Registration Period Ends Dec. 10 ------------------------------------------------------------ Creditors of Umwelt-Technik-Sued GmbH have until Dec. 10 to register their claims with court-appointed insolvency manager Hanns Poellmann. Creditors and other interested parties are encouraged to attend the meeting at 1:00 p.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 Muehldorf a. Inn Hall 112 Innstrasse 1 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: Hanns Poellmann Prannerstrasse 11 80333 Muenchen Germany The District Court of Muehldorf a. Inn opened bankruptcy proceedings against Umwelt-Technik-Sued GmbH on Oct. 31. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Umwelt-Technik-Sued GmbH Attn: Adam Buerger, Manager Steinkirchen 9 84419 Obertaufkirchen Germany VATERLAND WERK: Claims Registration Period Ends Nov. 23 ------------------------------------------------------- Creditors of Vaterland Werk Friedrich Herfeld Soehne GmbH have until Nov. 23 to register their claims with court-appointed insolvency manager Martin Buchheister. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Jan. 7, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hagen Meeting Hall 143 Heinitzstrasse 42/44 58097 Hagen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Martin Buchheister Rathausplatz 21-23 58507 Luedenscheid Germany The District Court of Hagen opened bankruptcy proceedings against Vaterland Werk Friedrich Herfeld Soehne GmbH on Oct. 31. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Vaterland Werk Friedrich Herfeld Soehne GmbH Am Stadtgarten 4-8 58809 Neuenrade Germany Attn: Juergen Herfeld, Manager Rueterbruch 6 58809 Neuenrade Germany WEHRSTEDT ENGINEERING: Claims Registration Ends December 17 ----------------------------------------------------------- Creditors of Wehrstedt Engineering GmbH have until Dec. 17 to register their claims with court-appointed insolvency manager Friedemann U. Schade. Creditors and other interested parties are encouraged to attend the meeting at 8:45 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 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: Friedemann U. Schade Seelhorststrasse 64 30175 Hannover Germany Tel: 0511/515122-0 Fax: 0511/515122-19 Web: http://www.kuebler-gbr.de/ The District Court of Gifhorn opened bankruptcy proceedings against Wehrstedt Engineering GmbH on Oct. 29. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Wehrstedt Engineering GmbH Attn: Matthias Wehrstedt, Manager Heinrichstr. 26 38179 Schwuelper Germany WERTEMANUFAKTUR WERBEAGENTUR: Claims Registration Ends Dec. 17 -------------------------------------------------------------- Creditors of WERTEMANUFAKTUR Werbeagentur GmbH have until Dec. 17 to register their claims with court-appointed insolvency manager Karsten Toetter. Creditors and other interested parties are encouraged to attend the meeting at 10:50 a.m. on Jan. 17, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hamburg Hall B 405 Fourth Floor Annex Civil Justice Bldg. Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Karsten Toetter Speersort 4/6 20095 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against WERTEMANUFAKTUR Werbeagentur GmbH on July 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: WERTEMANUFAKTUR Werbeagentur GmbH Attn: Jens Schroeder and Tilo Maack, Managers Holzdamm 18 20099 Hamburg Germany =========== G R E E C E =========== ARMSTRONG WORLD: Ex-Parent to Dissolve After Asset Distribution --------------------------------------------------------------- Armstrong Holdings, Inc., the former parent company of Armstrong World Industries, Inc., disclosed its timetable for dissolution including distribution of net assets to shareholders. The last day of trading in ACKH common stock and the record date for shareholders entitled to receive a final distribution of the company's net assets will be on Dec. 5, 2007. The company's stock transfer books will close and no further trading or transfers will be recognized after settlement of trades made through that date. On Dec. 12, 2007, the distribution agent, American Stock Transfer & Trust Company, will begin the distribution of assets to shareholders. Following this distribution, Armstrong Holdings, Inc. will file Articles of Dissolution with the Commonwealth of Pennsylvania and will cease to exist. The company's net assets for distribution total approximately US$28 million, which will be divided pro-rata per share among the holders of the 40,551,975 outstanding shares of ACKH common stock. This amounts to a distribution of approximately US$0.69 per share. Shareholders should consult their tax advisor on the tax implications of this distribution. Shareholders who hold ACKH stock in brokerage accounts will receive the distribution in their accounts and their ACKH holdings will be cancelled after the distribution. Direct shareholders do not need to return their stock certificates to receive a distribution. Those certificates will become void and have no value. When they receive their distribution checks, direct shareholders should cancel or destroy those Armstrong Holdings stock certificates. Direct shareholders with questions concerning their accounts should contact American Stock Transfer & Trust Company at (800) 937-5449. Armstrong Holdings, Inc. previously was the parent holding company of Armstrong World Industries, Inc. until Oct. 2, 2006. On that date, AWI emerged from Chapter 11 bankruptcy. Under AWI's Plan of Reorganization, the company's ownership in AWI was cancelled. Based in Lancaster, Pennsylvania, Armstrong World Industries, Inc. (NYSE: AWI) -- http://www.armstrong.com/-- designs and manufactures floors, ceilings and cabinets. AWI operates 42 plants in 12 countries and employs approximately 14,200 people worldwide. The company has Asia-Pacific locations in Australia, China, Hong Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam. It also has locations in Colombia, Costa Rica, Greece and Iceland, among others. The company and its affiliates filed for chapter 11 protection on Dec. 6, 2000 (Bankr. Del. Case No. 00-04469). Stephen Karotkin, Esq., at Weil, Gotshal & Manges LLP, and Russell C.Silberglied, Esq., at Richards, Layton & Finger, P.A., represent the Debtors in their restructuring efforts. The company and its affiliates tapped the Feinberg Group for analysis, evaluation, and treatment of personal injury asbestos claims. Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton & Garrison, represent the Official Committee of Unsecured Creditors. The Creditors Committee tapped Houlihan Lokey for financial and investment advice. The Official Committee of Asbestos Personal Injury Claimant hired Ashby & Geddes as counsel. The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003. The District Court Judge Robreno confirmed AWI's Modified Plan on Aug. 14, 2006. The Clerk entered the formal written confirmation order on Aug. 18, 2006. The company's "Fourth Amended Plan of Reorganization, as Modified," has become effective and AWI has emerged from Chapter 11. * * * Standard & Poor's Ratings Service affirmed the 'BB' corporate credit and senior secured ratings for Armstrong World Industries Inc. on March 2007. Moody's Investors Service assigned, in October 2006, a Ba2 rating on Armstrong World Industries, Inc.'s new credit facility and a Corporate Family Rating of Ba2. Moody's said the ratings outlook is stable. ============= H U N G A R Y ============= AES CORP: Cash Tender Offer for US$1.24 Bln Senior Notes Expires ---------------------------------------------------------------- The AES Corporation disclosed that the offer to purchase up to US$1.24 billion aggregate principal amount of its outstanding senior notes in accordance with the terms and conditions described in its Offer to Purchase and the related Letter of Transmittal expired as scheduled at 12:00 midnight on Nov. 13, 2007. As of such time, a total of approximately US$1.9 billion aggregate principal amount of Notes had been validly tendered, consisting of approximately: (i) US$192.6 million principal amount of 8.75% Senior Notes due 2008, (ii) US$600.0 million principal amount of 9.00% Second Priority Senior Secured Notes due 2015 and (iii) US$1.1 billion principal amount of 8.75% Second Priority Senior Secured Notes due 2013. In accordance with the terms of the tender offer, since the total amount of Notes tendered exceeded the Tender Cap, the company accepted for purchase all of the 2008 Notes, all of the 2015 Notes and approximately US$447.4 million principal amount of the 2013 Notes (representing a pro ration factor of 37.6714%, with each amount tendered rounded down to the nearest US$1,000) that were validly tendered prior to the expiration time. Settlement of the tender offer occurred today at which time none of the 2015 Notes, approximately US$9.3 million principal amount of the 2008 Notes and approximately US$752.6 million principal amount of the 2013 Notes remained outstanding. AES Corporation, -- http://www.aes.com/-- a global power company, operates in South America, Europe, Africa, Asia and the Caribbean countries. Generating 44,000 megawatts of electricity through 124 power facilities, the company delivers electricity through 15 distribution companies. AES has been in Eastern Europe for over ten years, since it acquired three power plants in Hungary in 1996. Currently, AES has two distribution companies in Ukraine, which serve 1.2 million customers and generation plants in the Czech Republic and Hungary. AES is also the leading company in biomass conversion in Hungary, generating 37% of the nation's total renewable generation in 2004. * * * As reported in the Troubled Company Reporter on Oct. 12, 2007, Moody's Investors Service affirmed The AES Corporation's Corporate Family Rating at B1 and the senior unsecured rating assigned to its new senior unsecured notes offering at B1 following its upsizing to US$2 billion from US$500 million. Fitch Ratings assigned a 'BB/RR1' rating to AES Corporation's US$2 billion issuance of senior unsecured notes maturing 2015 and 2017. AES' long-term Issuer Default Rating is rated 'B+' by Fitch. Fitch said the rating outlook is stable. ============= I R E L A N D ============= RITCHIE IRELAND: Auction Sale of Policies Deferred to Dec. 10 ------------------------------------------------------------- Ritchie Risk-Linked Strategies Trading (Ireland) Ltd. and Ritchie Risk-Linked Strategies Trading (Ireland) II, Ltd. moved the auction sale of a pool of life settlement policies a month later, from Nov. 9, 2007, to Dec. 10, 2007, Bill Rochelle of Bloomberg News reports. The hearing to consider the results of the sale has been set for Dec. 13, 2007, Bloomberg relates. As reported in the Troubled Company Reporter on Oct. 8, 2007, the U.S. Bankruptcy Court for the Southern District of New York approved the procedures proposed by the Debtors for the sale those policies, which constitutes all or substantially all of the Debtors' assets. To participate in the auction, initial overbids must be in an amount of at least US$1 million for any Ritchie I Asset Pool, US$.5 million for any Ritchie II Asset Pool and US$3 million for a bid on all the assets. The Debtors sought Houlihan Lokey Howard & Zukin Capital Inc.'s services in the sale process. Based in Dublin, Ireland, Ritchie Risk-Linked Strategies Trading (Ireland) Ltd. and Ritchie Risk-Linked Strategies Trading (Ireland) II Ltd. -- http://www.ritchiecapital.com/-- are Dublin-based funds of hedge fund group Ritchie Capital Management LLC. The Debtors were formed as special purpose vehicles to invest in life insurance policies in the life settlement market. The Debtors filed for Chapter 11 protection on June 20, 2007 (Bankr. S.D.N.Y. Case Nos. 07-11906 and 07- 11907). Allison H. Weiss, Esq., David D. Cleary, Esq., and Lewis S. Rosenbloom, Esq., at LeBoeuf, Lamb, Greene & MacRae, LLP represent the Debtors in their restructuring efforts. No Official Committee of Unsecured Creditors has been appointed to date. When the Debtors filed for bankruptcy, they listed estimated assets and debts of more than US$100 million. The Debtors' exclusive period to file a Chapter 11 plan expires on Jan. 16, 2008. ========= I T A L Y ========= ALITALIA SPA: Implements Organizational Changes ----------------------------------------------- Alitalia S.p.A. has approved these organizational changes: -- the Business & Corporate Coordination department, headed by Giancarlo Schisano, is eliminated; -- a new Passenger & Cargo Division, headed by Mr. Schisano, has been set up reporting directly to the President, dealing with Purchasing & Supply Management, Marketing & Business Strategies, Sales & Distribution, Production, and Cargo, which report directly to the new division. -- the Administration, Finance & Control department, headed by Vittorio Mazza, will now report directly to the President again; -- Giancarlo Zeni, who previously headed Marketing & Business Strategies, is leaving the Company; and -- Andrea Stolfa, who previously headed Planning & Development as part of the Production Division, becomes head of Marketing & Business Strategies. 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. Italian Transport Minister Alessandro Bianchi has warned that Alitalia may file for bankruptcy if the current attempt to sell the government's 49.9% stake fails. =================== K A Z A K H S T A N =================== ATF BANK: Bank Austria Buys 91.8% Stake for US$2.1 Billion ---------------------------------------------------------- Bank Austria Creditanstalt AG, responsible within the UniCredit Group for commercial banking activities in Central and Eastern Europe, has finalized the acquisition of 91.8% of the total issued share capital of JSC ATF Bank for a consideration of approximately US$2.1 billion (EUR1.5 billion). In particular, BA-CA acquired 95.6% of total issued ordinary shares for a consideration of US$1.7 billion and 85% of total issued preference shares for a consideration of US$456 million. As announced on June 21, 2007, under the terms of the agreement signed by BA-CA and the private majority shareholders of ATF, the consideration will be increased by relevant portion of a further payment to be calculated based on 50% of ATF's 2007 consolidated net profit, adjusted to take into consideration any accounting discrepancies shown in the 2007 audited consolidated financial statements (compared to previous years audited financial statement). Additionally, pursuant to the Kazakh Law on joint stock companies, on Nov. 17, 2007, BA-CA launched a mandatory tender offer for the Bank's remaining shares not already held at a price of KZT10,180.93 (equivalent to US$84.37) for each ordinary share and KZT5,675.11 (equivalent to US$47.03) for each preference share, representing, in each case, the price per share agreed by BA-CA with the majority shareholders of ATF. The offer will remain open for 30 days and minority shareholders will have the opportunity to tender their ordinary and/or preference shares until Dec. 17, 2007. Shareholders tendering their shares in the course of the mandatory tender offer will also have a right to receive their relevant portion of the price adjustment described. Through the acquisition of ATF, the UniCredit Group will further strengthen its CEE network through a leading presence in the Republic of Kazakhstan, as well as additional operations in the Republic of Kyrgyzstan, the Republic of Tajikistan and the Russian Federation. Credit Suisse, UniCredit MIB and Allen & Overy acted as advisors to BA-CA. About the UniCredit Group With a current market capitalization of approximately EUR84 billion (Oct. 1, 2007), ranking among the top financial groups in Europe, UniCredit has a presence in 23 countries, with over 40 million clients and 9,000 branches, approximately 176,000 employees and total assets of approximately EUR1,018 billion (pro forma) as at June 30, 2007. Through the merger with Capitalia, effective as of Oct. 1, 2007, UniCredit has significantly strengthened its presence in Italy, which is one of its core markets alongside Germany, Austria and CEE. In the CEE region, UniCredit operates the largest international banking network with over 3,700 branches and outlets, where more than 76,000 employees serve approximately 27 million customers. About ATF Bank Based in Almaty, Kazakhstan, ATF Bank -- http://www.atfbank.kz/ -- reported total assets of KZT1047 billion (US$8.2 billion) at year-end 2006, ranking as third-largest bank in the country. * * * As reported in the TCR-Europe on July 5, 2007, Moody's Investors Service placed under review for possible upgrade the Ba1/NP local currency deposit ratings, the Ba1 senior unsecured notes rating, as well as the Ba3 junior subordinated debt rating of Kazakhstan's ATF Bank. Moody's said the bank's Ba1/NP foreign currency deposit ratings and the D- bank financial strength rating were affirmed and carry stable outlooks. In March 2007, Fitch Ratings affirmed Kazakhstan-based ATF Bank's ratings at Issuer Default 'BB-', Short-term 'B', Individual 'D' and Support '3'. Fitch said the Outlook on the Issuer Default rating remains Stable. ATF BANK: S&P Upgrades Ratings to BB+ on UniCredito Deal -------------------------------------------------------- Standard & Poor's Ratings Services raised its long-term counterparty credit rating on Kazakhstan-based ATF Bank to 'BB+' from 'B+'. The outlook is stable. The rating was also removed from CreditWatch with positive implications, where it had been placed on June 22, 2007. At the same time, the 'B' short-term rating was affirmed. "The upgrade follows the acquisition by UniCredito Italiano of a 91.8 % stake in ATF Bank, through subsidiary Bank Austria Creditanstalt," said Standard & Poor's credit analyst Ekaterina Trofimova. "ATF stands to benefit from this transaction in terms of financial flexibility, funding, capital, and risk management." S&P considers ATF to be a strategically important subsidiary of UniCredito (UniCredito Italiano SpA and Bank Austria Creditanstalt AG, both rated A+/Stable/A-1) and expect strong parental support in case of need. The long-term rating on ATF consequently includes a three-notch uplift from its stand-alone credit quality. UniCredito has launched a mandatory tender offer for the remaining ATF shares, aiming to ultimately take full ownership. The ratings reflect ATF's risky operating environment, high funding and lending concentrations, low capitalization, and operational and cultural transformation challenges related to its integration process with UniCredito. These weaknesses are somewhat offset by support from the new parent, ATF's good domestic commercial franchise, a dynamic and competent management team, and adequate risk management. With consolidated assets of Kazakhstani tenge KZT961 billion (US$7.9 billion) and a market share of 8.5% in banking system assets at June 30, 2007, ATF is the largest foreign-owned bank in Kazakhstan and ranks among the top five domestic banks. "We expect that the new, strong, and committed parent will benefit ATF and enable the bank to minimize the impact of current turbulence in the Kazakh banking market," added Ms. Trofimova. "Leveraging on its good local knowledge, strong recognition, and parent support, ATF is well-positioned to weather ongoing turmoil and reap the benefits of a still- promising Kazakh market." A potential upgrade will depend on improvements in the bank's stand-alone creditworthiness, including the strengthening of its business and financial profiles. On the downside, if the bank fails to gain from its new relationship with UniCredito or their links weaken, the ratings would come under pressure. BATYS SERVICE: Proof of Claim Deadline Slated for Dec. 18 --------------------------------------------------------- LLP Manufacturing-Construction Firm Batys Service has declared insolvency. Creditors have until Dec. 18 to submit written proofs of claims to: LLP Manufacturing-Construction Firm Batys Service Frunze Str. 49 Uralsk West Kazakhstan Kazakhstan EUROASIA TRANSIT: Creditors Must File Claims Dec. 12 ---------------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Euroasia Transit 2003 insolvent. Creditors have until Dec. 12 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kostanai Tolstoy Str. 74 Kostanai Kazakhstan HAPPY HOUSE: Claims Filing Period Ends Dec. 18 ---------------------------------------------- LLP Happy House has declared insolvency. Creditors have until Dec. 18 to submit written proofs of claims to: LLP Happy House Kabanbai batyr Str. 76-20 Almaty Kazakhstan HLEBOZAVOD LLP: Creditors' Claims Due on Dec. 12 ------------------------------------------------ The Specialized Inter-Regional Economic Court of East Kazakhstan has declared LLP Pervomaisky Bread-Baking Plant Hlebozavod insolvent. Creditors have until Dec. 12 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of East Kazakhstan Satpayev Str. 22/1-56 Ust-Kamenogorsk East Kazakhstan Kazakhstan Tel: 8 (7232) 62-26-83 INSTROY-2006 LLP: Claims Registration Ends Dec. 18 -------------------------------------------------- LLP Construction Company Instroy-2006 has declared insolvency. Creditors have until Dec. 18 to submit written proofs of claims to: LLP Construction Company Instroy-2006 Nauryzbai batyr Str. 89 Almaty Kazakhstan JOL JYLU: Proof of Claim Deadline Slated for Dec. 12 ---------------------------------------------------- The Specialized Inter-Regional Economic Court of Jambyl has declared LLP Temir Jol Jylu insolvent. Creditors have until Dec. 12 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Jambyl Tynyshbayev Str. 46 Taraz Jambyl Kazakhstan PERFECT GIFTS: Creditors Must File Claims Dec. 18 ------------------------------------------------- LLP Perfect Gifts has declared insolvency. Creditors have until Dec. 18 to submit written proofs of claims to: LLP Perfect Gifts Zenkov Str. 24 Almaty Kazakhstan SWM LTD: Claims Filing Period Ends Dec. 18 ------------------------------------------ LLP SWM Ltd. has declared insolvency. Creditors have until Dec. 18 to submit written proofs of claims to: LLP SWM Ltd. Kazakhstanskaya Str. 21a Karaganda Kazakhstan TAMERLAND TRD: Creditors' Claims Due on Dec. 12 ----------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Tamerland Trd insolvent. Creditors have until Dec. 12 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kostanai Tolstoy Str. 74 Kostanai Kazakhstan TSENTRALNOYE GAZOSNABJENIYE: Claims Registration Ends Dec. 12 ------------------------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan has declared LLP Tsentralnoye Gazosnabjeniye insolvent. Creditors have until Dec. 12 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of East Kazakhstan Satpayev Str. 22/1-56 Ust-Kamenogorsk East Kazakhstan Kazakhstan Tel: 8 (7232) 62-26-83 =================== K Y R G Y Z S T A N =================== MILANO GROUP: Creditors Must File Claims by December 14 ------------------------------------------------------- LLC Milano Group has declared insolvency. Creditors have until Dec. 14 to submit written proofs of claim to: LLC Milano Group Jybek Jolu Ave. 169a Bishkek Kyrgyzstan Tel: (+996 312) 93-89-45 NASOS-OSH LLC: Proof of Claim Deadline Slated for December 14 ------------------------------------------------------------- LLC Nasos-osh has declared insolvency. Creditors have until Dec. 14 to submit written proofs of claim to: LLC Nasos-osh Kyrgyzstan Str. 44 Osh Kyrgyzstan Tel: (0-502) 55-09-46 =================== L U X E M B O U R G =================== EVRAZ GROUP: Russian Units Release Results for Q3 2007 ------------------------------------------------------ Evraz Group S.A.'s major Russian operating subsidiaries have filed financial results with the Federal Financial Markets Service of the Russian Federation for the three months ended Sept. 30, 2007. The results are prepared in accordance with Russian accounting standards. Highlights The company highlights these results in the third quarter: -- prices and improved product mix help sustain NTMK profit growth The net profit of NTMK grew by 19% vs. third quarter 2006 as output rose , in particular of higher value added products, supported by an average 25% growth of prices across the majority of its products. Quarter-on-quarter, net profit decreased by 18% mainly due to higher raw materials prices (primarily coal and ferroalloys); -- Zapsib results reflect the planned blast furnace reline The third quarter 2007 net profit of Zapsib fell by 11% compared with the previous quarter and was marginally flat vs. third quarter 2006 due to a decrease in production caused by a scheduled blast furnace reline; -- higher prices for iron ore drive up KGOK and VGOK profit The third quarter 2007 net profit of KGOK and VGOK increased by 27% and 29% respectively compared with the same period last year and by 11% compared with second quarter 2007 as a result of higher iron ore prices and organic growth. About Evraz Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) -- http://www.evraz.com/-- manufactures and distributes steel and related products. In addition, the Company owns and operates certain mining assets. Its steel production and mining facilities are mainly located in the Russian Federation. It operates three steel mills in Russia, one mill in the Sve