T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Monday, November 26, 2007, Vol. 8, No. 234 Headlines A U S T R I A ELITE ROMANOVIC: Claims Registration Period Ends Dec. 4 FULL HOUSE: Claims Registration Period Ends Dec. 4 G.K. HAUSTECHNIK: Claims Registration Period Ends Dec. 4 PRECISE COMPUTER: Claims Registration Period Ends Dec. 25 B E L G I U M POPE & TALBOT: Delays Filing of September 30 Form 10-Q POPE & TALBOT: CCAA Proceedings Transferred to British Columbia F I N L A N D EXIDE TECHNOLOGIES: Improved Financials Cue S&P to Lift Rating F R A N C E BOSTON SCIENTIFIC: Amends Pact to Settle Product Claims PATHEON INC: Wesley Wheeler Appointed as Chief Executive Officer G E R M A N Y A. J. KUNZWEILER: Claims Registration Period Ends Dec. 21 DREVIS GMBH: Claims Registration Period Ends Dec. 11 DRIVE SERVICE: Claims Registration Ends December 28 ELEKTRO-BLANZ GMBH: Claims Registration Period Ends Dec. 14 ELEKTROTECHNIK GRUEN: Claims Registration Ends December 18 IN STYLE: Claims Registration Ends December 27 KUNZWEILER GROUP: Claims Registration Period Ends Dec. 21 M & S BAUTRAGER: Claims Registration Period Ends Dec. 21 MARKGRAFLER ERDAUFBEREITUNG: Claims Registration Ends Nov. 30 MES PERSONALLEASING: Claims Registration Period Ends Dec. 21 METALL DESIGN: Claims Registration Period Ends Dec. 20 P & W PROJEKT: Claims Registration Period Ends Dec. 12 PIZZERIA SALERNO: Claims Registration Ends December 24 RVG BERLIN: Claims Registration Period Ends Dec. 27 S + S ELECTRONIC: Claims Registration Period Ends Dec. 14 SAATH UND SOHN: Claims Registration Ends December 17 SAUTER AUTOMATION: Claims Registration Ends December 14 SCHOPF INT.: Claims Registration Ends December 27 TAS MASCHINENBAU: Claims Registration Period Ends Dec. 12 WICOMAT GMBH: Claims Registration Ends December 14 I T A L Y ALPI EAGLES: Creditors File Insolvency Petition Against Carrier K A Z A K H S T A N ADEMO LLP: Proof of Claim Deadline Slated for Dec. 21 BARNURSTROYSNAB LLP: Creditors Must File Claims Dec. 21 BATON SERVICE: Claims Filing Period Ends Dec. 21 GIFTWARE LLP: Creditors' Claims Due on Dec. 21 HOUSE CONSTRUCTION: Moody's Puts E+ Bank Fin'l. Strength Rating KARRUDA LLP: Claims Registration Ends Dec. 21 KAZ SERVICE: Proof of Claim Deadline Slated for Dec. 21 MASTER LLP: Creditors Must File Claims Dec. 21 URPEK LLP: Claims Filing Period Ends Dec. 21 VNDER GROVND: Creditors' Claims Due on Dec. 21 YUTONG-AUTO LLP: Claims Registration Ends Dec. 21 K Y R G Y Z S T A N BECAS TOUR: Creditors Must File Claims by December 16 P O L A N D AFFILIATED COMPUTER: Replacement Directors Join Board TVN SA: Posts PLN78.33 Million Net Loss for Third Quarter 2006 TVN SA: Strong Operations Cue Moody's to Lift Rating to Ba2 TVN SA: S&P Raised Ratings to BB on Improve Liquidity R U S S I A AK BARS: Fitch Affirms IDR at BB- on Likely Government Support AL'KORENERGOSTROY LLC: Court Hearing Slated for April 10, 2008 ASS. KURSKATOMENERGOSTROY: Court Starts Competitive Proceedings GAZPROM NEFT: Shareholders Elects New Board of Directors MITSUBISHI MOTORS: Plans to Build Outlanders in Russia PF BASKUNCHAK: Creditors Must File Claims by Jan. 10, 2008 YUGRANEFT OAO: London Court Appoints Provisional Liquidator S P A I N WOOD STREET III: S&P Rates Class E Notes at BB- S W I T Z E R L A N D BAUDESIGN ARMIN: Uri Court Closes Bankruptcy Proceedings M. + R. RICHNER: Creditors Must File Claims by January 31, 2008 POL-TRAINING URSULA: Creditors Must File Claims by December 24 PRIME FORESTRY: Creditors' Liquidation Claims Due by December 31 SCHARER IMMOBILIEN: Creditors Must File Claims by December 3 TTR JSC: Aargau Court Starts Bankruptcy Proceedings U K R A I N E AGRAF LLC: Creditors Must File Claims by November 28 BUILDING-TRADE-SERVICE: Creditors Must File Claims by Nov. 28 CRYSTAL SIDAVO: Creditors Must File Claims by November 28 DRUZHKOVKA VID: Creditors Must File Claims by November 28 MAKRO-TRADE LLC: Creditors Must File Claims by November 28 SPECIAL ENERGY: Creditors Must File Claims by November 29 VERKHNIANSKAYA TRANSPORT: Creditors Must File Claims by Nov. 29 U N I T E D K I N G D O M ACOM BUSINESS: Bank of Scotland Taps Menzies as Receivers ARADAN LTD: Brings In Liquidators from Chantrey Vellacot DFK BRITISH ENERGY: Discovers Wire Thinning at Heysham 1 Reactor 2 COSTAIN GROUP: Appoints David Allvey as Chairman GRAYS TYRE: Names Richard Howard Toone Liquidator INTEGRIAN EUROPE: Brings In Begbies Traynor as Administrators J F TURKINGTON: Calls In Liquidators from BDO Stoy Hayward LORIMIST LTD: Appoints Begbies Traynor as Administrators LUDGATE FUNDING 2006-01: Fitch Rates Class S Notes at BB- PARAGON GROUP: Inks Standby Underwriting Agreement with UBS PHYTO-RESEARCH LTD: Appoints Administrators from Gerald Edelman QUEBECOR WORLD: Market Status Cues Refinancing Plan Withdrawal ROADCHEF FINANCE: Weak Performance Cues S&P's Outlook Revisions SMURFIT KAPPA: Fitch Keeps BB IDR Despite Weakening Market WHOLE FOODS: Board Increases January 22 Dividend by 11% WHOLE FOODS: Earns US$34 Million in Quarter Ended September 30 WILLEC UK: Taps Liquidators from Cooper Parry YUGRANEFT OAO: London Court Appoints Provisional Liquidator * Ruth Kelly Publishes Heathrow Airport Consultation Results * BOND PRICING: For the Week Nov. 12 to Nov. 16, 2007 ********* ============= A U S T R I A ============= ELITE ROMANOVIC: Claims Registration Period Ends Dec. 4 ------------------------------------------------------- Creditors owed money by KEG LLC Elite Romanovic (FN 283722p) have until Dec. 4 to file written proofs of claim to court- appointed estate administrator Georg Unger at: Dr. Georg Unger Mariahilfer Strasse 50 1070 Vienna Austria Tel: 523 62 00 Fax: 526 72 74 E-mail: office@sup.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 a.m. on Dec. 18 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. 22 (Bankr. Case No. 28 S 121/07h). FULL HOUSE: Claims Registration Period Ends Dec. 4 -------------------------------------------------- Creditors owed money by LLC Full House Verlag (FN 282363s) have until Dec. 4 to file written proofs of claim to court-appointed estate administrator Brigitte Stampfer at: Dr. Brigitte Stampfer Stadlergasse 27 1130 Vienna Austria Tel: 877 33 30 Fax: 877 33 30 33 E-mail: ra_stampfer@utanet.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 Trade Court of Vienna Room 1606 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Oct. 22 (Bankr. Case No. 4 S 121/07g). G.K. HAUSTECHNIK: Claims Registration Period Ends Dec. 4 -------------------------------------------------------- Creditors owed money by LLC G.K. Haustechnik & Co KG (FN 283822k) have until Dec. 4 to file written proofs of claim to court-appointed estate administrator Rene Lindner at: Mag. Rene Lindner Fadingerstr. 9 4020 Linz Austria Tel: 0732/78 40 80-34 Fax: 0732/78 40 80-5 E-mail: konkurs@hengstschlaeger-lindner.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 Linz Hall 522 Fifth Floor Linz Austria Headquartered in Linz, Austria, the Debtor declared bankruptcy on Oct. 22 (Bankr. Case No. 38 S 54/07f). PRECISE COMPUTER: Claims Registration Period Ends Dec. 25 --------------------------------------------------------- Creditors owed money by LLC Precise Computer Handel (FN 66527i) have until Dec. 25 to file written proofs of claim to court- appointed estate administrator Andrea Prochaska at: Mag. Andrea Prochaska Wassergasse 33/12 1030 Vienna Austria Tel: 718 77 50 Fax: 718 77 50 15 E-mail: anwalt@andrea-prochaska.at Creditors and other interested parties are encouraged to attend the creditors' meeting at noon on Jan. 8, 2008 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1701 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Oct. 19 (Bankr. Case No. 6 S 134/07h). ============= B E L G I U M ============= POPE & TALBOT: Delays Filing of September 30 Form 10-Q ------------------------------------------------------ Pope & Talbot Inc. disclosed in a regulatory filing with the U.S. Securities and Exchange Commission that the filing of its quarterly financial report on Form 10-Q for the period ended Sept. 30, 2007, will be delayed. The company has also been unable to complete an evaluation of its long-lived assets for impairment in relation to its current financial situation and the commencement of its CCAA proceedings, Mr. R. Neil Stuart, vice president and chief financial officer of Pope & Talbot Inc., noted. In the third quarter of 2006, Pope & Talbot reported an operating loss of US$1,700,000, a net loss of US$12,900,000, and a net loss per share of US$0.79. "Without giving effect to any impairment charge the company may be required to recognize for its long-lived assets once an impairment analysis is completed, the company expects to report an operating loss moderately greater than that reported in the third quarter of 2006 and a net loss significantly greater than that reported in the corresponding prior year period," according to Mr. Stuart. Mr. Stuart revealed that the preliminary results for the third quarter of 2007 include amortization of debt issuance costs of US$19,600,000, substantially all of which related to an acceleration of costs relating to Pope & Talbot's senior secured credit agreement. Another significant item in the third quarter of 2007 that affected operating results was the deferral of the annual maintenance shutdown of the Mackenzie pulp mill to October 2007 resulting in no shutdown maintenance costs in the third quarter of 2007 as compared to US$7,400,000 in the third quarter of 2006 and US$12,000,000 in the second quarter of 2007, Mr. Stuart added. Pope and Talbot and its subsidiaries continue to operate their businesses as debtor companies in accordance with the applicable provisions of the Companies' Creditors Arrangement Act of Canada under the jurisdiction of the Superior Court of Justice (Commercial List) for the Province of Ontario. "The Company has not developed a plan of reorganization for its emergence from the protections of the CCAA, and continues to seek buyers for its assets as a source of funds to repay creditors," Mr. Stuart relates. Headquartered in Portland, Oregon, Pope & Talbot Inc. (Other OTC: PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood products business. Pope & Talbot was founded in 1849 and produces market pulp and softwood lumber at mills in the US and Canada. Markets for the company's products include the US, Europe, Canada, South America and the Pacific Rim. The company and its U.S. and Canadian subsidiaries applied for protection under the Companies' Creditors Arrangement Act of Canada on Oct. 28, 2007. The Debtors' initial CCAA Stay expires on Nov. 23, 2007. The company and fourteen of its debtor-affiliates filed for Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case No. 07-11738). Laura Davis Jones, Esq. at Pachulski, Stang, Ziehl & Jones L.L.P. is Debtors' proposed bankruptcy counsel. When the Debtors filed for bankruptcy, they listed total assets of US$681,960,000 and total debts of US$601,090,000. The Debtors' exclusive period to file a plan expires on March 18, 2008. Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21, 2007, filed an application for relief under Belgian bankruptcy laws in the commercial court in Brussels. If the Belgian court grants Pope & Talbot Europe's application, it is expected it will be liquidated through the bankruptcy proceeding. (Pope & Talbot Bankruptcy News, Issue No. 4; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). POPE & TALBOT: CCAA Proceedings Transferred to British Columbia --------------------------------------------------------------- The Honorable Justice Geoffrey B. Morawetz at the Superior Court of Justice (Commercial List) for the Province of Ontario, in Canada, approved the request of Pope & Talbot Inc. and its debtor affiliates to transfer the venue of the Applicants' CCAA proceedings to the British Columbia Supreme Court. Accordingly, the Ontario Court asked the British Columbia Supreme Court to: -- accept the transfer and continuation of the Applicants' proceedings; -- recognize Mr. Justice Morawetz's Initial Order dated Oct. 29, 2007, approving a stay of proceedings to November 23; -- recognize all subsequent Ontario Court orders for all purposes; and -- assume primary jurisdiction of the Applicants' CCAA proceedings. The Ontario Court will maintain jurisdiction over the Applicants' CCAA proceedings until the British Columbia Supreme Court assumes primary jurisdiction, Mr. Justice Morawetz clarified. The Applicants' request, dated Nov. 19, 2007, came at the heels of similar filings made by the province of British Columbia, Wells Fargo Financial Corporation Canada, as agent for the Revolving Credit Facility Lenders, and Ableco Finance LLC, as Agent for the Term Loan B Lenders. Her Majesty the Queen in Right of the Province of British Columbia asked Justice Morawetz to: (a) declare that the British Columbia Supreme Court is the "forum conveniens" for the Companies' Creditors Arrangement Act proceedings of Pope & Talbot Ltd. and its subsidiaries; (b) request the British Columbia Supreme Court to accept the continuation of the CCAA proceedings; recognize Justice Morawetz's Initial Order dated Oct. 29, 2007, and all subsequent orders for all purposes; and assume primary jurisdiction; and (c) stay the CCAA Proceedings in Ontario pending continuation of the proceedings in the British Columbia Supreme Court. In the alternative, British Columbia asked Mr. Justice Morawetz to declare that the Ontario Superior Court does not have jurisdiction to receive the Applicants' CCAA Application. Douglas Knowles, Esq., at Fraser Milner Casgrain LLP, in Vancouver, British Columbia, noted that approximately one month before the CCAA bankruptcy filing, the Applicants changed their registered office to the offices of Stikeman Elliott LLP in Toronto, Ontario. Prior to that, the Applicants' registered office was located in Vancouver, British Columbia at the office of its counsel Stikeman Elliot. The corporate filings of the Applicants in British Columbia indicate that its registered head offices, as of Oct. 29, 2007, was the office of its counsel Stikeman Elliot in British Columbia, Mr. Knowles disclosed. The Applicants have more than 1,700 employees and significant assets in British Columbia, Mr. Knowles pointed out. The Applicants' chief and only place of business in Canada is British Columbia, he adds. The Applicants, Mr. Knowles stated, conduct their business in a "complex resource industry" which is subject to numerous statutes and regulations of the Province of British Columbia, with respect to matters including the environment, water, forests, pensions, workers compensation, employment standards and labor relations. Disputes arising from the statutes and regulations which govern the Company's business operations, Mr. Knowles asserted, are subject to determination or adjudication by ministerial officials, tribunals located in British Columbia, and by the British Columbia Supreme Court. Mr. Knowles added that some of the property and rights owned and enjoyed by the Applicants in British Columbia are in areas which may be subject to native land claims, which are also subject to adjudication in British Columbia. There is no evidence, Mr. Knowles argued, that: (a) the Applicants have any employees or assets or any place of business in Ontario, other than one bank account; and (b) any of the Applicants' creditors are located in Ontario. Rather, majority of the Applicants' creditors are located in British Columbia. Moreover, the vast majority of the stakeholders which will be affected by the CCAA proceedings are in British Columbia, Mr. Knowles maintained. Mr. Knowles furnished the Court with various sworn affidavits to support the Jurisdiction Transfer Request, including the affidavits of: 1. Fran Thibodeau, legal secretary of Fraser Milner Casgrain LLP, solicitors for her Majesty the Queen in Right of the Province of British Columbia; 2. Gary Townsend, assistant deputy minister of the Integrated land Management Bureau of the Ministry of Agriculture and Lands; 3. Michael Peters, executive director at the office of the Superintendent of Pensions; 4. Glen Davidson, director of the management and Standards, Water Stewardship Branch of the Ministry of Environment; 5. Richard Butler, a lawyer who represents the Attorney General of British Columbia on almost all major commercial insolvencies; 6. Pat Plunkett, director of the Forest Revenue Branch of the British Columbia Ministry of Small Business and Revenue; 7. Brad Harris, senior timber tenure forester of the Resource Tenures and Engineering Branch of the Ministry of Forests and Range for the Province of British Columbia; 8. Julian Paine, assistant deputy minister of the Strategic Initiatives Division of the British Columbia for the Ministry of Aboriginal Relations and Reconciliation; 9. Melanie Dovey, legal secretary of the Legal Services Branch of the British Columbia Ministry of Attorney General; 10. Julia Brooke, senior environmental protection officer with the Environmental Protection Division of the Environmental Management Branch for the Ministry of Environment for the Province of British Columbia; 11. Elan Symes, assistant deputy minister of the Revenue Programs Division of the Ministry of Small Business and Revenue; 12. David Morel; and 13. Steve Willick, president of Newland Enterprises Ltd. Representing the Attorney General of British Columbia, Mr. Butler identified certain jurisdictional or constitutional issues that could arise in the course of the Applicants' CCAA proceedings, including conflicts from initial orders, conflicts in vesting orders, and conflicts in arrangement and final orders. The Attorney General, Mr. Butler averred, has taken the position that orders in insolvency proceedings can only override the operation of provincial laws on constitutional grounds. On the Attorney General's behalf, Mr. Butler asserts that it is contrary to the interest of the British Columbia public in the appropriate ongoing operation of laws governing the activities of Pope & Talbot in British Columbia to have the CCAA proceedings continue in the courts of Ontario. The Attorney General further believes that it would be cumbersome and costly and would involve additional delay to force statutory decision-makers, third parties whose rights or interests are protected by statute, or would-be applicants for judicial review in British Columbia to apply to and appear in the Ontario court seeking: -- a determination of whether the stay under the initial order applies to a particular regulatory process; or -- if it does, to have the stay lifted. It would be particularly difficult, if not impossible, to do so in a timely way in response to emergency situations which may arise, the Attorney General added. On the other hand, Mr. Thibodeau attested that a detailed search of various Web sites indicate that the Applicants have no place of business in Ontario. Headquartered in Portland, Oregon, Pope & Talbot Inc. (Other OTC: PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood products business. Pope & Talbot was founded in 1849 and produces market pulp and softwood lumber at mills in the US and Canada. Markets for the company's products include the US, Europe, Canada, South America and the Pacific Rim. The company and its U.S. and Canadian subsidiaries applied for protection under the Companies' Creditors Arrangement Act of Canada on Oct. 28, 2007. The Debtors' initial CCAA Stay expires on Nov. 23, 2007. The company and fourteen of its debtor-affiliates filed for Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case No. 07-11738). Laura Davis Jones, Esq. at Pachulski, Stang, Ziehl & Jones L.L.P. is Debtors' proposed bankruptcy counsel. When the Debtors filed for bankruptcy, they listed total assets of US$681,960,000 and total debts of US$601,090,000. The Debtors' exclusive period to file a plan expires on March 18, 2008. Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21, 2007, filed an application for relief under Belgian bankruptcy laws in the commercial court in Brussels. If the Belgian court grants Pope & Talbot Europe's application, it is expected it will be liquidated through the bankruptcy proceeding. (Pope & Talbot Bankruptcy News, Issue No. 4; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). ============= F I N L A N D ============= EXIDE TECHNOLOGIES: Improved Financials Cue S&P to Lift Rating -------------------------------------------------------------- Standard & Poor's Ratings Services raised its corporate credit rating on Exide Technologies to 'B-' from 'CCC+' because of the company's improved financial results, which Exide has achieved despite sharply higher lead prices. The outlook is stable. Alpharetta, Georgio-based Exide, a manufacturer of automotive and industrial batteries, has total debt of about US$1.1 billion, including Standard & Poor's adjustments for underfunded retiree benefit liabilities, operating leases, and trade receivables sold. "The rating action reflects Standard & Poor's view that a default by Exide is unlikely over the next 12-18 months," said Standard & Poor's credit analyst Gregg Lemos Stein. Exide's financial profile remains highly leveraged, but credit measures have improved meaningfully over the past several quarters as a result of steadily increasing EBITDA. Prices for lead have more than tripled since mid-2006, leading to sharply higher working capital and negative free cash flow. However, Exide has been able to blunt most of the impact on profitability by passing along higher costs to its customers. The outlook is stable. S&P could revise the outlook to negative or lower the ratings if free operating cash flow fails to turn positive, if recent improvements in Exide's pricing environment prove unsustainable, or if lead costs continue to increase dramatically and liquidity diminishes. S&P could revise the rating to positive if leverage continues to moderate substantially and the company demonstrates consistent and sustainable positive free cash flow generation, allowing for permanent debt reduction. Headquartered in Princeton, New Jersey, Exide Technologies (NASDAQ: XIDE) -- http://www.exide.com/-- manufactures and distributes lead acid batteries and other related electrical energy storage products. The company has operations in 89 countries, including, Australia, India, Finland, Poland, New Zealand, among others. =========== F R A N C E =========== BOSTON SCIENTIFIC: Amends Pact to Settle Product Claims ------------------------------------------------------- Boston Scientific Corporation has reached an amended agreement to settle claims associated with a series of product communications issued by Guidant Corporation in 2005 and 2006. Boston Scientific acquired Guidant last year. This agreement amends a prior agreement Boston Scientific reached in July 2007 to cover additional unanticipated claims. The amended agreement was reached during mediation sessions conducted before U.S. Magistrate Judge Arthur J. Boylan in Minneapolis. Under the terms of the amended agreement, subject to certain conditions, Boston Scientific will pay a total of up to US$240 million. The agreement covers 8,550 patient claims, including all of those that have been consolidated in the U.S. District Court for the District of Minnesota in a Multi-District Litigation, well as other filed and unfiled claims throughout United States. As a result of the amendment, proceedings in Minnesota state court have -- like the trials in the bellwether cases in the MDL -- been stayed. Under the terms of the prior agreement, Boston Scientific had agreed to pay US$195 million to settle over 4,000 claims in the MDL, well as an undetermined number of additional similar claims. The company stated that the claims covered by the amended agreement constitute substantially all currently asserted claims in the United States arising from the 2005 and 2006 product communications. "We are pleased with this amendment, which is in the best interest of all involved," Jim Tobin, president and chief executive officer of Boston Scientific, said. About Boston Scientific Headquartered in Natick, Massachusetts, Boston Scientific Corporation (NYSE: BSX) -- http://www.bostonscientific.com/-- develops, manufactures and markets medical devices used in a broad range of interventional medical specialties. The company has offices in Argentina, Chile, France, Germany, and Japan, among others. * * * As reported in the Troubled Company Reporter on Oct. 23, 2007, Standard & Poor's Ratings Services affirmed its ratings on Boston Scientific Corp. (including the 'BB+' corporate credit rating) and removed them from CreditWatch, where they were placed with negative implications Aug. 3, 2007. The rating outlook is negative. PATHEON INC: Wesley Wheeler Appointed as Chief Executive Officer ---------------------------------------------------------------- The board of directors of Patheon Inc. appointed pharmaceutical industry executive Wesley P. Wheeler as chief executive officer effective Dec. 10, 2007. Mr. Wheeler will succeed Riccardo Trecroce, who plans to leave Patheon in the new year, after a transition period. "With Patheon's restructuring initiatives well underway, we are focused on taking the company forward to the next phase of growth and profitability," Ramsey Frank, managing director of JLL Partners, the company's largest shareholder, and chairman of Patheon Inc.'s corporate governance committee, said. "Wes Wheeler is a highly experienced pharmaceutical executive with a proven record of leading successful, international businesses. His in-depth knowledge of the industry and breadth of pharmaceutical experience will serve Patheon well as we move forward to grow and deliver improved value to our stakeholders," Mr. Frank added. "We would like to thank Riccardo Trecroce for his commitment and contributions to Patheon over his seven years with the company," Peter Green, chairman of Patheon's board of directors, said. "Riccardo led Patheon through a particularly challenging time in its evolution, successfully recapitalizing the company earlier this year and launching restructuring and operational initiatives to improve the company's profitability. We thank him for his dedication and wish him every success in his future endeavours." Mr. Wheeler's 29-year career includes multinational experience in pharmaceutical manufacturing, sales and marketing, R&D and engineering with three global pharmaceutical companies. He joins Patheon from Valeant Pharmaceuticals International, a California-based specialty pharmaceutical company, where he served as president, North America, R&D and Global Manufacturing. Prior to joining Valeant in 2003, Mr. Wheeler served as president and chief executive officer of DSM Pharmaceuticals Inc., a contract pharmaceutical manufacturer, where he led the organization through a business turnaround, significantly increasing new business, compliance and profitability in approximately 13 months. Prior to DSM, Mr. Wheeler was senior vice-president of logistics and strategy for GlaxoSmithKline plc. In this role, Mr. Wheeler was responsible for managing the manufacturing rationalization of Glaxo Wellcome and SmithKline Beecham, which included a supply network of over 100 plants in 41 countries. Previous to his manufacturing role, Mr. Wheeler was vice president of marketing for Glaxo Wellcome, responsible for antibiotic, antiviral, gastrointestinal and metabolic products. In addition to brand marketing, he was instrumental in developing the marketing services infrastructure for Glaxo Wellcome. Mr. Wheeler joined Glaxo in 1989 after a 12-year career at Exxon Research & Engineering Co. Mr. Wheeler holds a bachelor of science degree in mechanical engineering from Worcester Polytechnic Institute and a master of business administration degree from California Lutheran University. "Patheon is a well-positioned, global service provider to the pharmaceutical industry," Mr. Wheeler said. "The company has developed a solid foundation for growth and I intend to work closely with its many clients, its board of directors and its employees to deliver continued results for our industry." "I look forward to building on Patheon's track record of success and ultimately increasing value for its shareholders." About Patheon Inc. Headquartered in Mississauga, Ontario, Patheon Inc. (TSX: PTI) - - http://www.patheon.com/-- provides drug development and manufacturing services to the international pharmaceutical companies located primarily in North America, France, Italy, the United Kingdom and Japan. It produces both prescription and over-the-counter drugs for its clients. Patheon provides manufacturing services for a range of products in many dosage forms and packaging, such as compressed tablets, hard-shell capsules, liquids and powders filled in ampoules, vials, bottles or pre-filled syringes. The pharmaceutical development services provided by Patheon include dosage form development services, scale-up and technology transfer services, and manufacturing of pilot batches of drugs. * * * Moody's Investor Services placed Patheon Inc.'s long term corporate family and probability of default ratings at 'B2' in April 2007. The ratings still hold to date with a stable outlook. ============= G E R M A N Y ============= A. J. KUNZWEILER: Claims Registration Period Ends Dec. 21 --------------------------------------------------------- Creditors of A. J. Kunzweiler GmbH have until Dec. 21 to register their claims with court-appointed insolvency manager Ingo Michelsen. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Jan. 11, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Loerrach Hall 5 Bahnhofstr. 4a 79539 Loerrach 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: Ingo Michelsen Luisenstr. 5 79539 Loerrach Germany Tel: 07621/4225 880 The District Court of Loerrach opened bankruptcy proceedings against A. J. Kunzweiler GmbH on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: A. J. Kunzweiler GmbH Grenzstr. 20 79576 Weil am Rhein Germany DREVIS GMBH: Claims Registration Period Ends Dec. 11 ---------------------------------------------------- Creditors of Drevis GmbH have until Dec. 11 to register their claims with court-appointed insolvency manager Bernd Krumbholz. Creditors and other interested parties are encouraged to attend the meeting at 9:20 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 Gera Room 317 Rudolf-Diener-Str. 1 Gera 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: Bernd Krumbholz Fr.-Engels-Str. 1a 07545 Gera Germany The District Court of Gera opened bankruptcy proceedings against Drevis GmbH on Dec. 6. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Drevis GmbH Albin-May-Str. 7 07937 Zeulenroda-Triebes Germany DRIVE SERVICE: Claims Registration Ends December 28 --------------------------------------------------- Creditors of Drive Service Weber GmbH have until Dec. 28 to register their claims with court-appointed insolvency manager Kathrin Sachse. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Jan. 18, 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 Loerrach Hall 2.21 Second Floor Bahnhofstr. 4 a 79539 Loerrach 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 Sachse Weinbrennerstr. 4 79539 Loerrach Germany Tel: 07621/940370 The District Court of Loerrach opened bankruptcy proceedings against Drive Service Weber GmbH on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Drive Service Weber GmbH Attn: Thomas Weber, Manager Hauptstr. 196 79576 Weil am Rhein Germany ELEKTRO-BLANZ GMBH: Claims Registration Period Ends Dec. 14 ----------------------------------------------------------- Creditors of Elektro-Blanz GmbH have until Dec. 14 to register their claims with court-appointed insolvency manager Stefan Denkhaus. Creditors and other interested parties are encouraged to attend the meeting at 11:55 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 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: Stefan Denkhaus Jungfernstieg 30 20354 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Elektro-Blanz GmbH on Nov. 6. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Elektro-Blanz GmbH Attn: Mohammad Abdalla, Manager Hohenesch 10-12 22765 Hamburg Germany ELEKTROTECHNIK GRUEN: Claims Registration Ends December 18 ---------------------------------------------------------- Creditors of ELEKTROTECHNIK Gruen GmbH have until Dec. 18 to register their claims with court-appointed insolvency manager Thomas Georg. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Jan. 28, 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 Aachen Meeting Hall K 5 Third Floor Alter Posthof 1 52062 Aachen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Thomas Georg Juelicher Strasse 116 52070 Aachen Germany Tel: 0241/94618-0 Fax: 0241/533562 The District Court of Aachen opened bankruptcy proceedings against ELEKTROTECHNIK Gruen GmbH on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ELEKTROTECHNIK Gruen GmbH Grabenstrasse 3 52249 Eschweiler Germany Attn: Walter Seeger, Manager Martin-Luther-Str. 18 52249 Eschweiler Germany IN STYLE: Claims Registration Ends December 27 ---------------------------------------------- Creditors of In Style Gesellschaft fuer Hochwertiges Bauen und Wohnen mbH & Co. KG have until Dec. 27 to register their claims with court-appointed insolvency manager Ottmar Hermann. Creditors and other interested parties are encouraged to attend the meeting at 2:15 p.m. on March 6, 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 Koenigstein/Ts. Hall 106 A Burgweg 9 61462 Koenigstein/Ts. 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: Ottmar Hermann Bleichstrasse 2-4 60313 Frankfurt am Main Germany Tel: 069-913092-0 Fax: 069-913092-30 The District Court of Koenigstein/Ts. opened bankruptcy proceedings against In Style Gesellschaft fuer Hochwertiges Bauen und Wohnen mbH & Co. KG on Nov. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: In Style Gesellschaft fuer Hochwertiges Bauen und Wohnen mbH & Co. KG Koenigsteiner Strasse 83 65812 Bad Soden Germany KUNZWEILER GROUP: Claims Registration Period Ends Dec. 21 --------------------------------------------------------- Creditors of Kunzweiler Group GmbH have until Dec. 21 to register their claims with court-appointed insolvency manager Ingo Michelsen. Creditors and other interested parties are encouraged to attend the meeting at 10:30 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 Loerrach Hall 5 Bahnhofstr. 4a 79539 Loerrach 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: Ingo Michelsen Luisenstr. 5 79539 Loerrach Germany Tel: 07621/4225 880 The District Court of Loerrach opened bankruptcy proceedings against Kunzweiler Group GmbH on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kunzweiler Group GmbH Riedlistr. 41 79576 Weil am Rhein Germany M & S BAUTRAGER: Claims Registration Period Ends Dec. 21 -------------------------------------------------------- Creditors of M & S Bautrager GmbH have until Dec. 21 to register their claims with court-appointed insolvency manager Paul Wieschemann. Creditors and other interested parties are encouraged to attend the meeting at 10:40 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 Kaiserslautern Hall 8 Bahnhofstr. 24 67655 Kaiserslautern 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: Paul Wieschemann Flickerstal 2 67657 Kaiserslautern Germany Tel: 0631/341950 Fax: 0631/470269 The District Court of Kaiserslautern opened bankruptcy proceedings against M & S Bautrager GmbH on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: M & S Bautrager GmbH Kirchstrasse 16 67722 Winnweiler Germany MARKGRAFLER ERDAUFBEREITUNG: Claims Registration Ends Nov. 30 ------------------------------------------------------------- Creditors of Markgrafler Erdaufbereitung GmbH have until Nov. 30 to register their claims with court-appointed insolvency manager Thilo Braun. Creditors and other interested parties are encouraged to attend the meeting on Dec. 10, 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 Freiburg Room 207 Second Floor Aussenstelle Bismarckallee 2 79098 Freiburg 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: Thilo Braun Schillerstr 2 79102 Freiburg i. Br. Germany Tel: 0761-703900 Fax: 0761/7039052 The District Court of Freiburg opened bankruptcy proceedings against Markgrafler Erdaufbereitung GmbH on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Markgrafler Erdaufbereitung GmbH Attn: Alexander Brengartner, Manager Breisgau Ring Shelter 282 79427 Eschbach Germany MES PERSONALLEASING: Claims Registration Period Ends Dec. 21 ------------------------------------------------------------ Creditors of MES Personalleasing GmbH have until Dec. 21 to register their claims with court-appointed insolvency manager Rolf Rombach. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.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 Gera Hall 317 Rudolf-Diener-Str. 1 Gera Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Rolf Rombach Magdeburger Allee 159 99086 Erfurt Germany The District Court of Gera opened bankruptcy proceedings against MES Personalleasing GmbH on Nov. 6. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MES Personalleasing GmbH Heinrich-Hertz-Str. 10 07629 Hermsdorf Germany METALL DESIGN: Claims Registration Period Ends Dec. 20 ------------------------------------------------------ Creditors of Metall design Barche Metall- und Maschinenbau GmbH have until Dec. 20 to register their claims with court-appointed insolvency manager Hans-Wilhelm Bauer. Creditors and other interested parties are encouraged to attend the meeting at 10:25 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 Regensburg Hall 105 Augustenstr. 5 Regensburg 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-Wilhelm Bauer Emmeramsplatz 6 93047 Regensburg Germany Tel: 0941/29680-46 Fax: 0941/2968045 The District Court of Regensburg opened bankruptcy proceedings against Metall design Barche Metall- und Maschinenbau GmbH on Nov. 5. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Metall design Barche Metall- und Maschinenbau GmbH Ambergerstr. 131 93057 Regensburg Germany P & W PROJEKT: Claims Registration Period Ends Dec. 12 ------------------------------------------------------ Creditors of P & W Projekt- und Wohnungsbaugesellschaft mbH have until Dec. 12 to register their claims with court-appointed insolvency manager Boris Reski. 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 Pinneberg Hall 3 First Floor Station Route 17 25421 Pinneberg 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: Boris Reski Moltkestrasse 3-5 25421 Pinneberg Germany The District Court of Pinneberg opened bankruptcy proceedings against P & W Projekt- und Wohnungsbaugesellschaft mbH on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: P & W Projekt- und Wohnungsbaugesellschaft mbH Attn: Juergen Telschow-Schroeder, Manager Heidweg 55 25436 Gross Nordende Germany PIZZERIA SALERNO: Claims Registration Ends December 24 ------------------------------------------------------ Creditors of Pizzeria Salerno GmbH have until Dec. 24 to register their claims with court-appointed insolvency manager Jochen Wagner. Creditors and other interested parties are encouraged to attend the meeting at 9:10 a.m. on Feb. 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 Ingolstadt Meeting Hall 28 I Schrannenstr. 3 85049 Ingolstadt 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: Jochen Wagner Goldknopfgasse 2 85049 Ingolstadt Germany Tel: 0841/14 28 99-0 Fax: 0841/14 28 99-10 The District Court of Ingolstadt opened bankruptcy proceedings against Pizzeria Salerno GmbH on Nov. 5. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Pizzeria Salerno GmbH Dorfstrasse 6 85051 Ingolstadt Germany Attn: Erwin Spangler Dorfstrasse 6 85051 Ingolstadt Germany RVG BERLIN: Claims Registration Period Ends Dec. 27 --------------------------------------------------- Creditors of RVG Berlin-Brandenburg Gesellschaft fuer Verfahrensentwicklung und Recyclingtechnologien mbH have until Dec. 27 to register their claims with court-appointed insolvency manager Steffi Radack-Mueller. Creditors and other interested parties are encouraged to attend the meeting at 11:35 a.m. on Jan. 25, 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 Neuruppin Hall 325 Karl-Marx-Strasse 18a 16816 Neuruppin Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Steffi Radack-Mueller Franzoesische Strasse 9-12 10117 Berlin Germany The District Court of Neuruppin opened bankruptcy proceedings against RVG Berlin-Brandenburg Gesellschaft fuer Verfahrensentwicklung und Recyclingtechnologien mbH on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: RVG Berlin-Brandenburg Gesellschaft fuer Verfahrensentwicklung und Recyclingtechnologien mbH Attn: Kay Hinnerk Rahn, Manager Kanalstr. 17 16727 Velten Germany S + S ELECTRONIC: Claims Registration Period Ends Dec. 14 --------------------------------------------------------- Creditors of S + S electronic GmbH & Co. KG have until Dec. 14 to register their claims with court-appointed insolvency manager Dr. Wolfgang Bilgery. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.m. on Jan. 10, 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 Pforzheim Mannheimer Str. 17 75179 Pforzheim 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. Wolfgang Bilgery Humboldtstr. 16 70178 Stuttgart Germany The District Court of Pforzheim opened bankruptcy proceedings against S + S electronic GmbH & Co. KG on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: S + S electronic GmbH & Co. KG Attn: Dr. Ing. Erwin A. Sauter, Manager Pforzheimer Str. 95 75417 Muehlacker Germany SAATH UND SOHN: Claims Registration Ends December 17 ---------------------------------------------------- Creditors of Saath und Sohn GmbH have until Dec. 17 to register their claims with court-appointed insolvency manager Rembert Kuebel-Heising. Creditors and other interested parties are encouraged to attend the meeting at 9:15 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 of Lueneburg Hall 302 Ochsenmarket 3 21335 Lueneburg 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: Rembert Kuebel-Heising Winsener Strasse 14 21376 Salzhausen Germany Tel.: 04172 / 90 90 0 Fax : 04172 / 90 90 11 The District Court of Lueneburg opened bankruptcy proceedings against Saath und Sohn GmbH on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Saath und Sohn GmbH Attn: Bernhard Saath and Thomas Saath, Managers Hornwiesenring 81 21394 Kirchgellersen Germany SAUTER AUTOMATION: Claims Registration Ends December 14 ------------------------------------------------------- Creditors of Sauter Automation GmbH have until Dec. 14 to register their claims with court-appointed insolvency manager Dr. Wolfgang Bilgery. Creditors and other interested parties are encouraged to attend the meeting at 2:30 p.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 Pforzheim Mannheimer Str. 17 75179 Pforzheim Germany 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. Wolfgang Bilgery Humboldtstr. 16 70178 Stuttgart Germany The District Court of Pforzheim opened bankruptcy proceedings against Sauter Automation GmbH on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Sauter Automation GmbH Attn: Dr. Erwin A. Sauter, Manager Pforzheimer Str. 95 75417 Muehlacker Germany SCHOPF INT.: Claims Registration Ends December 27 ------------------------------------------------- Creditors of Schopf Int. Transporte GmbH have until Dec. 27 to register their claims with court-appointed insolvency manager Steffen Beck. Creditors and other interested parties are encouraged to attend the meeting on Jan. 3, 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 Ludwigsburg Hall 2001 Schorndorfer Str. 28 71638 Ludwigsburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Steffen Beck Breitscheidstrasse 10 70174 Stuttgart Germany Tel: 0711/2525660 The District Court of Ludwigsburg opened bankruptcy proceedings against Schopf Int. Transporte GmbH on Nov. 7. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Schopf Int. Transporte GmbH Attn: Franz Schopf, Manager Goethestrasse 44 71577 Grosserlach Germany TAS MASCHINENBAU: Claims Registration Period Ends Dec. 12 --------------------------------------------------------- Creditors of TAS Maschinenbau GmbH have until Dec. 12 to register their claims with court-appointed insolvency manager Marcus Winkler. 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 Goeppingen Hall 24 Ground Floor Pfarrstrasse 25 73033 Goeppingen 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: Marcus Winkler Leitzstrasse 45 70469 Stuttgart Germany Tel: 0711/2807590 Fax: 0711/28075911 The District Court of Goeppingen opened bankruptcy proceedings against TAS Maschinenbau GmbH on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: TAS Maschinenbau GmbH Oeschstr. 21 73072 Donzdorf Germany WICOMAT GMBH: Claims Registration Ends December 14 --------------------------------------------------- Creditors of WICOMAT GmbH & Co. have until Dec. 14 to register their claims with court-appointed insolvency manager Dr. Wolfgang Bilgery. Creditors and other interested parties are encouraged to attend the meeting at 1:30 p.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 Pforzheim Mannheimer Str. 17 75179 Pforzheim 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. Wolfgang Bilgery Humboldtstr. 16 70178 Stuttgart Germany The District Court of Pforzheim opened bankruptcy proceedings against WICOMAT GmbH & Co. on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: WICOMAT GmbH & Co. Attn: Dr. Ing. Erwin A. Sauter, Manager Pforzheimer Str. 95 75417 Muehlacker Germany ========= I T A L Y ========= ALPI EAGLES: Creditors File Insolvency Petition Against Carrier --------------------------------------------------------------- Creditors of Alpi Eagles S.p.A. has asked the Court of Padova to declare the regional carrier insolvent, The Financial Times says citing an IL Sole 24 Ore report. The petition was filed by airport operators SAVE of Venice and GESAC of Naples, Avionews relates. Alpi Eagles owes SAVE around EUR3.8 million. According to the report, Federazione Italiana Trasporti, Federazione Italiana Lavoratori Trasporti and Unione Italiana Lavoratori Trasporti have asked for an audience with Italian transport minister Alessandro Bianchi. "Alpi Eagles is not in a state of insolvency, because it is super-capitalized," Paolo Sinigaglia, Alpi Eagles's president, told Avionews. "I want stigmatize SAVE action, made by its President Enrico Marchi, who long time plots to close our airline." Headquartered in Venice, Italy, Alpi Eagles S.p.A. -- http://www.alpieagles.com/-- operates scheduled passenger services linking 15 domestic destinations, as well as international services to Albania, Czech Republic, France, Romania, Russia, Spain and Ukraine. Alpi Eagle is currently operating under a provisional license valid until Dec. 31, 2007, following an investigation by Ente Nazionale per l'Aviazione Civile, the italian Civil Aviation Authority, due to insufficient financial resources. The company's management has submitted an emergency financial recovery action plan to creditors. =================== K A Z A K H S T A N =================== ADEMO LLP: Proof of Claim Deadline Slated for Dec. 21 ----------------------------------------------------- The Specialized Inter-Regional Economic Court of North Kazakhstan has declared LLP Ademo insolvent. Creditors have until Dec. 21 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of North Kazakhstan Department of Agriculture Konstitutsiya Kazakhstana Str. 38 Petropavlovsk North Kazakhstan Kazakhstan BARNURSTROYSNAB LLP: Creditors Must File Claims Dec. 21 ------------------------------------------------------- LLP Barnurstroysnab has declared insolvency. Creditors have until Dec. 21 to submit written proofs of claims to: LLP Barnurstroysnab Krasnogorskaya Str. 11 Aktobe Aktube Kazakhstan BATON SERVICE: Claims Filing Period Ends Dec. 21 ------------------------------------------------ LLP Baton Service has declared insolvency. Creditors have until Dec. 21 to submit written proofs of claims to: LLP Baton Service Moldagulova Str. 11v-117 Aktobe Aktube Kazakhstan GIFTWARE LLP: Creditors' Claims Due on Dec. 21 ---------------------------------------------- LLP Firm Giftware has declared insolvency. Creditors have until Dec. 21 to submit written proofs of claims to: LLP Firm Giftware Abai Str. 97 Drujba Almaty Kazakhstan HOUSE CONSTRUCTION: Moody's Puts E+ Bank Fin'l. Strength Rating --------------------------------------------------------------- Moody's Investors Service assigned Baa2 long-term and Prime-2 short-term local currency deposit ratings and an E+ bank financial strength rating to House Construction Saving Bank of Kazakhstan. The outlook for all ratings is stable. According to Moody's, HCSBK's E+ BFSR, which translates into a Baseline Credit Assessment of B2, is based on the bank's fundamental credit strength, which, in Moody's view, is underpinned by HCSBK's government ownership, its well-developed branch network and strong capital adequacy. However, HCSBK's financial strength is constrained by its small size, limited period of operation and significant market risk exposure in its securities portfolio. The bank's Baa2 local currency deposit rating factors in an extremely high probability of systemic support in the event of a stress situation given the bank's 100% ownership by the government of Kazakhstan, as well as the bank's policy mandate to implement the Kazakhstani government's programme on home ownership. As a result, this rating receives a six-notch uplift from the bank's B2 BCA. HCSBK was established at the initiative of the Kazakhstani government for the purpose of supporting home ownership in the country. The bank has a unique business model in Kazakhstan, which involves taking long-term deposits from individuals and making home loans to the same individuals after a certain period of accumulating their savings at the bank. As the bank only began its core business a few years ago, its loan book is still relatively small and accounted for only 25.5% of its total assets at H1 2007. The rest of the bank's assets are currently invested in the Kazakhstani government and corporate securities. Currently, the bank's main funding source is its equity (57.4%), while its share of retail deposits accounts for a further 38% of funding. Apart from its home city of Almaty, the bank has branches in 15 Kazakhstani regions and is actively increasing the volume of sales both at these branches and through different sales agents. In Moody's view, HCSBK's ratings could be upgraded if it succeeds in materially growing its loan book while ensuring good quality, as well as maintaining reasonable capitalisation and reducing its market risk exposure. Conversely, downward rating pressure could arise from a failure to reduce market risk exposure or in the event of a material deterioration in asset quality and profitability. Based in Almaty, Kazakhstan, HCSBK reported total audited IFRS- consolidated assets and net income of US$122 million and US$0.4 million, respectively, at year end 2006 (US$61 million and US$- 1.6 million, respectively, at year end 2005 KARRUDA LLP: Claims Registration Ends Dec. 21 --------------------------------------------- The Specialized Inter-Regional Economic Court of Karaganda has declared LLP Mining Company Karruda (RNN 302000067681) has declared insolvent. Creditors have until Dec. 21 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Karaganda Jambyl Str. 9 Karaganda Kazakhstan KAZ SERVICE: Proof of Claim Deadline Slated for Dec. 21 ------------------------------------------------------- LLP Kaz Service Aviation has declared insolvency. Creditors have until Dec. 21 to submit written proofs of claims to: LLP Kaz Service Aviation Jubanovyh Str. 287 Aktobe Aktube Kazakhstan Tel: 8 (3132) 51-20-45 MASTER LLP: Creditors Must File Claims Dec. 21 ---------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan has declared LLP Master insolvent. Creditors have until Dec. 21 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of South Kazakhstan Ilyaev Str. 24 Shymkent South Kazakhstan Kazakhstan URPEK LLP: Claims Filing Period Ends Dec. 21 -------------------------------------------- The Specialized Inter-Regional Economic Court of North Kazakhstan has declared LLP Urpek insolvent. Creditors have until Dec. 21 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of North Kazakhstan Department of Agriculture Konstitutsiya Kazakhstana Str. 38 Petropavlovsk North Kazakhstan Kazakhstan VNDER GROVND: Creditors' Claims Due on Dec. 21 ---------------------------------------------- LLP Vnder Grovnd has declared insolvency. Creditors have until Dec. 21 to submit written proofs of claims to: LLP Vnder Grovnd Industrialnaya Str. 1 Taldykorgan Almaty Kazakhstan YUTONG-AUTO LLP: Claims Registration Ends Dec. 21 ------------------------------------------------- LLP Yutong-Auto has declared insolvency. Creditors have until Dec. 21 to submit written proofs of claims to: LLP Yutong-Auto Aitiyev Str. 44-33 Almaty Kazakhstan =================== K Y R G Y Z S T A N =================== BECAS TOUR: Creditors Must File Claims by December 16 ----------------------------------------------------- LLC Becas Tour has declared insolvency. Creditors have until Dec. 16 to submit written proofs of claim to: LLC Becas Tour Micro District 5, 55a-61 Bishkek Kyrgyzstan Tel: (0-502) 53-91-13 =========== P O L A N D =========== AFFILIATED COMPUTER: Replacement Directors Join Board ----------------------------------------------------- The independent directors of Affiliated Computer Services Inc.'s board of directors have completed their review of the replacement directors proposed by Darwin Deason, chairman of the board. No shareholders suggested any alternative nominees to those nominated by Mr. Deason. "We have determined that we have no reason to conclude that the nominees are not independent of Mr. Deason and the company's management," Dennis McCuistion said. Effective Nov. 21, 2007, Messrs. Robert B. Holland, III, J. Livingston Kosberg, Dennis McCuistion, Joseph P. O'Neill and Frank A. Rossi resigned from the company's board. The remaining directors have appointed Frank Varasano, Ted B. Miller, Jr., Richard W. Spears, and Kurt R. Krauss to fill the resulting vacancies. Mr. John H. Rexford also resigned from the company's board effective Nov. 21, 2007, leaving the board to consist of four independent directors and two management directors. Neither Mr. Deason nor any member of the company's management or board has any prior relationship with any of the newly elected independent directors. Frank Varasano Mr. Varasano, 61, served as executive vice president of Oracle Corporation from 1999 to 2001, where he was responsible for marketing, sales and consulting to Oracle's 400 largest product producing clients and was a member of the executive committee. Prior to that, Mr. Varasano held several senior management positions during his 26-year tenure at Booz Allen Hamilton. As a senior vice president, he led Booz Allen Hamilton's engineering and manufacturing practice, New York office and United States regional profit center. He also served on the firm's board of directors and executive committee. From 2005 to 2006, Mr. Varasano served as a director of Loudeye Corporation, serving on the compensation committee and the special committee that led the analysis and review of the sale of Loudeye to Nokia Corp. Mr. Varasano holds a Masters in Business Administration from Harvard Business School and a Bachelor of Science Degree from the United States Naval Academy. He also served as an officer aboard the USS Patrick Henry, a nuclear submarine. Ted B. Miller, Jr. From 1996 to 2001, Mr. Miller, 56, was the chief executive officer of Crown Castle International Corp., a wireless communications company he founded in 1995 which grew from start up to an US$11.1 billion market capitalization. He was chairman of the Crown Castle board of directors from 1999 to 2002. Prior to founding Crown Castle, Mr. Miller was involved in the commercial real estate development, management and brokerage business and various investments including the media business as an original licensee of Blockbuster Video. Mr. Miller is currently managing director of Imperium International LLC and president of 4M Investments LLC, both international private investment companies. He is currently the chairman and majority shareholder of M7 Aerospace LP, an internationally diversified aerospace service, manufacturing and technology company. He is also vice chairman and majority shareholder of Intercomp Technologies LLC, a payroll outsourcing company with operations in Europe. Mr. Miller received a Juris Doctor from Louisiana State University and a Bachelor of Business Administration from the University of Texas. Richard W. Spears From 1980 to 1992, Mr. Spears, 71, was senior vice president, law and human resources, of Ashland Oil Inc., then a Fortune 100 company. From 1992 to 2003, he was a co-owner and director of Kentucky Bank and Trust Co. From 1992 to 1994, Mr. Spears served as of counsel to Greenebaum, Doll & McDonald PLLC, a corporate law firm with offices in Kentucky, Ohio, Tennessee and the District of Columbia. Currently, Mr. Spears is President and a director of Ashmark, Inc., a private retail venture which he co-founded. Mr. Spears received a Bachelor of Laws from the University of Kentucky College of Law and a Bachelor of Arts in Economics from Georgetown College. Kurt R. Krauss From 1978 to 1992, Mr. Krauss, 58, was a partner with Booz Allen Hamilton. He also served on the firm's board of directors and executive committee. From 1992 to 1997, Mr. Krauss was managing partner of the Mead Group, a management consulting firm which he founded with offices in Greenwich, Connecticut, and London, England. From 1997 to 2000, he served as chief financial officer of Burson-Marsteller, a public relations and public affairs firm. Currently, Mr. Krauss is the managing member of Sachem Investments LLC, an investment company he founded in 2001. Mr. Krauss currently serves on the board of directors of Prescient Medical Inc., for which he is the audit committee chairman, and has served on the boards of directors of Zila, Inc., Loudeye Corporation and several other not-for-profit organizations. Mr. Krauss received a Master of Science in Industrial Administration from Carnegie-Mellon University and a Bachelor of Arts in Mathematics from Heidelberg College. About Affiliated Computer Headquartered in Dallas, Affiliated Computer Services Inc. (NYSE: ACS) -- http://www.AffiliatedComputer-inc.com/-- provides business process outsourcing and information technology solutions to world-class commercial and government clients. The company has more than 58,000 employees supporting client operations in nearly 100 countries. The company has global operations in Brazil, China, Dominican Republic, India, Guatemala, Ireland, Philippines, Poland, and Singapore. * * * As reported in the Troubled Company Reporter on Nov 6, 2007, Standard & Poor's Ratings Services kept its 'BB' corporate credit and senior secured ratings on Dallas-based Affiliated Computer Services Inc. on CreditWatch with negative implications, where they were placed on March 20, 2007. TVN SA: Posts PLN78.33 Million Net Loss for Third Quarter 2006 -------------------------------------------------------------- TVN S.A. released its consolidated financial results for the third-quarter ended Sept. 30, 2007. The company posted a net loss of PLN78.33 million on PLN296.55 million in revenue for the third quarter ended Sept. 30, 2007, compared with a net loss of PLN3.33 million on PLN215.41 million in revenue for the same period in 2006. For nine months ended Sept. 30, 2007, consolidated income statement of the group showed PLN107.46 million in net profit on PLN1.033 billion in revenue, compared with PLN171.79 million in net profit on PLN759.95 million in revenue for the nine months ended Sept. 30, 2006. At Sept. 30, 2007, TVN Group's consolidated balance sheet showed PLN2.62 billion in total assets, PLN1.34 billion in total liabilities and PLN1.28 billion in shareholders' equity. "We had an excellent third quarter and on a year to date basis we have seen remarkable growth for out thematic channels, with EBITDA for those channels increasing by 216% and on average achieving EBITDA margin for 25%. Our October and November audience share results for out TVN channel are on an upwards trend which bodes well for the fourth quarter and 2008," Piotr Walter, CEO of TVN S.A., disclosed. A full-text copy of the company's financial report for the nine- month period ended Sept. 30, 2007, is available for free a http://ResearchArchives.com/t/s?25b9 Headquartered in Warsaw, Poland, TVN S.A. -- http://www.tvn.pl/ -- is a leading television broadcaster in Poland and a part of ITI Group. TVN and its subsidiaries own and operate ten television channels (including TVN, TVN 7 and TV 24). or the year ended Dec. 31, 2005, the company reported revenues of approximately PLN860 million. TVN SA: Strong Operations Cue Moody's to Lift Rating to Ba2 ----------------------------------------------------------- Moody's Investors Service upgraded the corporate family rating of TVN S.A. to Ba2 from Ba3. Concurrently, Moody's upgraded the rating on TVN Finance Corporation plc's EUR235 million senior unsecured notes due 2013 to Ba3 from B1. The outlook on the ratings is stable. The rating upgrade reflects TVN's continued strong operational which has resulted in an enhancement in the company's credit metrics, e.g. Total Debt to EBITDA has improved to 2.2x as of LTM September 2007 from 2.6x as of December 2006. The Ba2 rating positively reflects TVN's leading position in the Polish TV broadcasting market, which enjoys a significant growth potential, as well as the company's solid and sustainable audience share levels, supported by its multi-channel and multi- distribution strategy which allows it to exploit content across different platforms. TVN Group is a leading media group in Poland. TVN Group owns and operates fourteen television channels: TVN, TVN Siedem, TVN 24, TVN CNBC Biznes, TVN Meteo, TVN Turbo, ITVN, TVN Style TVN Gra, TVN Lingua, TVN Med, Discovery Historia and Mango Teleshoping. TVN Group also owns NTL Radomsko and Onet.pl, Poland leading internet portal. TVN, our principal free-to-air channel, is recognized in the Polish market as a leading television broadcaster of high quality entertainment and comprehensive independent news and current affairs programs. TVN Siedem is an entertainment channel that complements TVN's programs by broadcasting feature films, television series and game shows. TVN 24 channel is the only 24-hour news and current affairs television channel in Poland. TVN CNBC Biznes is our business news channel launched in cooperation with CNBC Europe. TVN Meteo and TVN Turbo are Poland's first dedicated weather and automotive channels, respectively. TVN Style is a thematic channel focused on life styles, health and beauty. ITVN is a television channel that targets viewers of Polish origin living abroad. TVN Gra is an interactive game show channel. TVN SA: S&P Raised Ratings to BB on Improve Liquidity ----------------------------------------------------- Standard & Poor's Ratings Services raised its long-term corporate credit rating on Polish TV broadcasting company TVN S.A. to 'BB' from 'BB-', and its senior unsecured debt rating on related entity TVN Finance PLC to 'BB-' from 'B+'. The outlook is stable. "The upgrade reflects a likely significant improvement in the liquidity profile of TVN's major shareholder, following its imminent refinancing," said Standard & Poor's credit analyst Melvyn Cooke. "It also reflects a continued solid operating performance and capital structure at TVN over the past few years." International Trading and Investments Holding S.A. Luxembourg (not rated) is the majority shareholder, with about 62% of TVN's share capital. S&P expects TVN to maintain its solid position in the Polish TV market and its established and improved track record of high audience share among urban viewers. Consequently, the company is likely to continue to generate solid cash flows. In order to maintain the ratings, TVN's lease-adjusted total debt to EBITDA should be no higher than 3.5x through the cycle, with steady positive free cash flow generation. The ratings assume that TVN will not significantly alter its financial policy. In particular, S&P does not expect the company's dividend policy to stress the financial risk profile, provided current cash flow generation is maintained. There is limited upside to the ratings at this point, given the steady operating performance already incorporated and ITI's continuing aggressive growth strategy and weaker business and financial risk profiles. The ratings would come under pressure in any downturn in the Polish TV advertising market that hampers visibility on TVN's cash flow generation, or if ITI makes excessive calls on TVN for financial support or for investment in new ventures. =========== R U S S I A =========== AK BARS: Fitch Affirms IDR at BB- on Likely Government Support -------------------------------------------------------------- Fitch Ratings has affirmed AK BARS Bank's ratings at Long-term Issuer Default 'BB-', Short-term IDR 'B', National Long-term 'A+(rus)', Support '3' and Individual 'D'. The Outlooks for the Long-term IDR and National Long-term rating remain Stable. The Long-term IDR and National and Support ratings are driven by the likelihood of support from the government of the Republic of Tatarstan (Long-term IDR 'BB+' with Stable Outlook), which indirectly controls a 96% stake in the bank, according to the bank's audited financial statements. Fitch's view of potential support also takes into account the long-standing close relationship between RT and Ak Bars, the servicing by Ak Bars of RT accounts, the bank's extensive retail franchise in the republic (1.4 million individual depositors) and AK Bars' importance to RT's banking system (38% of assets at end of first half of 2007). "In addition, representations made by top RT government officials have confirmed to Fitch the republic's readiness to provide support to AK Bars, in case of need," says Vladimir Markelov, Associate Director at Fitch's Financial Institutions group in Moscow. "However, the non-transparent nature of RT's control of the bank's shares complicates a full assessment of the relationship between the RT government and AK Bars." Some uncertainty also remains as to RT's ability to make sufficient support available in a timely manner, in particular in light of certain budget constraints. The Individual rating reflects Ak Bars' large franchise in RT, improving revenue quality, adequate asset quality to date and good capitalization. However, the rating also takes into account still sizable funding from related entities and risks stemming from rapid retail loan growth. Refinancing risk is moderate, with the bank needing to refinance by end-2008 foreign wholesale borrowings equal to 11% of its liabilities. Movements in AK Bars' Long-term IDR and National Long-term rating are likely to be driven by any upgrade or downgrade of RT's Long-term IDR. Greater transparency of RT's ownership and control of AK Bars could also be positive for the bank's Long- term IDR, although this is not anticipated at present. Upward pressure for the Individual rating could result from further successful franchise and funding diversification, provided asset quality and profitability remain adequate. Downward pressure is unlikely in the near-term, but could most likely arise from significant credit losses in light of the bank's rapid loan growth. Ak Bars was founded by the RT government in 1993. It is the largest bank in the republic by assets and is among the 20 largest banks in Russia. Ak Bars is diversifying its franchise into the retail market and rapidly expanding its loan portfolio outside the republic. AL'KORENERGOSTROY LLC: Court Hearing Slated for April 10, 2008 -------------------------------------------------------------- The Arbitration Court of Moscow will convene at 10:30 a.m. on April 10, 2008, to hear the bankruptcy supervision procedure against Al'korenergostroY LLC. The case is docketed under Case No. A40-49382/07-86-142B. The interim manager is: A. K. Kulikov 3rd Floor Novinskij Boul. 11 121099 Moscow Russia The Court is located at: The Arbitration Court of Moscow Room 773 Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: Al'korenergostroY LLC Block 3 Petrovka Str. 17 107031 Moscow Russia ASS. KURSKATOMENERGOSTROY: Court Starts Competitive Proceedings --------------------------------------------------------------- The Arbitration Court of Kursk commenced competitive proceedings against Association Kurskatomenergostroy LLC on July 11. The case is docketed under Case No. A35-149/06. The competitive proceedings manager is: V. N. Rybachenko Marata Str. 21? 305000 Kursk Russia The Court is located at: The Arbitration Court of Kursk K. Marksa Str. 25 305004 Kursk Russia The Debtor can be reached at: Association Kurskatomenergostroy LLC Ol'shanskogo Str. 5 305000 Kursk Russia GAZPROM NEFT: Shareholders Elects New Board of Directors -------------------------------------------------------- Shareholders of OAO Gazprom Neft have elected a new board of directors, Bloomberg News reports. The new board includes: -- Alexander Dyukov, Gazprom Neft CEO; -- Alexei Miller, Gazprom CEO; and -- six other Gazprom executives. The new board includes two representatives from Eni S.p.A.: -- Marco Alvera, Eni's project manager for Russia and senior vice president for portfolio development; and -- Stefano Cao, Eni's head of oil exploration and production. Eni holds a 20% stake in Gazrpm Neft after acquiring OAO Yukos Oil Co.'s shares in a liquidation auction in April 2007. About Gazprom Neft Headquartered in Moscow, Russia, OAO Gazprom Neft -- http://www.gazprom-neft.ru/-- explores, produces, refines, markets, produces and sells petroleum products. The Company holds oilfield exploration and development licenses in the Yamal-Nenets and Khanti-Mansiisk autonomous regions, as well as in theOmsk and Tomsk regions, and in Chukotka. The Company's main oil processing center is the Omsk Refinery. Gazprom Neft is one of Russia's largest oil companies handling downstream and upstream operations. It was known as Sibneft before April 2007. * * * As of Aug. 24, 2007, Gazprom Neft carries a Ba1 Corporate Family and Ba2 Senior Unsecured Debt ratings from Moody's. Moody's said the outlook is positive. Gazprom Neft also carries BB+ Long-Term Foreign Issuer Credit and Local Issuer Credit ratings from Standard & Poor's. S&P said the outlook is positive. MITSUBISHI MOTORS: Plans to Build Outlanders in Russia ------------------------------------------------------ Mitsubishi Motors Corp. will soon unveil an estimated US$180 million facility near St. Petersburg in Russia, Reuters relates. The new facility will produce Outlanders and are due to become operational in 2010, Reuters says. According to the report, Mitsubishi Motors and the Russian Government sealed a memorandum in December 2006 stating the automaker's intention to establish car assembly facilities in Russia. Reuters further relates that Mitsubishi has to arrive at a definite decision before the year ends if it counts on getting financial preference in the country. The assembly facilities are estimated to reach an annual capacity of 30,000 vehicles a year at the first stage, Reuters reports. Production of popular Lancer sedans could be launched later on. As reported in the Troubled Company Reporter-Asia Pacific on Oct. 30, 2007, Mitsubishi eyes a 40% increase in vehicle sales in 2008. It also aims to sell 140,000 Mitsubishi-brand vehicles next year. About Mitsubishi Motors Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation -- http://www.mitsubishi-motors.co.jp/-- is one of the few automobile companies in the world that produces a full line of automotive products ranging from 660-cc mini cars and passenger cars to commercial vehicles and heavy-duty trucks and buses. The company also operates consumer-financing services and provides this to its customer base. MMC adopted the Mitsubishi Motors Revitalization Plan on Jan. 28, 2005, as its three- year business plan covering fiscal 2005 through 2007, after investor DaimlerChrysler backed out from the company. The main objectives of the plan are "Regaining Trust" and "Business Revitalization." The company has operations worldwide, covering the United States, Germany, the United Kingdom, Italy, the Netherlands, the Philippines, Indonesia, Malaysia, China and Australia. Its products are sold in over 170 countries. * * * The Troubled Company Reporter-Asia Pacific reported on July 10, 2007, that Rating and Investment Information, Inc. has lifted its issuer rating from 'B' to 'B+' with a stable outlook. Also, R&I affirmed its 'B' rating for its domestic commercial paper program. The upgrade in rating, according to the report, is due to the fact that Mitsubishi Motors has been working to restructure its operations since it announced its Mitsubishi Motors Revitalization Plan in January 2005 and despite difficult domestic market conditions caused by factors like shrinking vehicle demand, Mitsubishi Motors has managed to leverage new model introductions to gradually restore its earnings base. PF BASKUNCHAK: Creditors Must File Claims by Jan. 10, 2008 ---------------------------------------------------------- Creditors of CJSC PF Baskunchak have until Jan. 10, 2008, to submit proofs of claim to: V. V. Kozlov Competitive proceedings manager Apartment 3 Block 1 Rumynskaya Str. 9 Astrakhan' Russia The Arbitration Court of Astrakhan' commenced competitive proceedings against the company after finding it insolvent on Oct. 23. The case is docketed under Case No. A06-2761/2007-11. YUGRANEFT OAO: London Court Appoints Provisional Liquidator ----------------------------------------------------------- The High Court in London appointed a Provisional Liquidator in England and Wales in respect of the Russian company OJSC ANK Yugraneft, which is presently in liquidation in Russia. The application was made by Sibir Energy plc and by OAO Moscow Oil & Gas Company, and was supported by the Russian liquidator, Mr. M. Kotov. The court granted powers to the English Provisional Liquidator, Stephen Cork of Smith & Williamson, to issue proceedings in the Commercial Court in London on behalf of Yugraneft against: -- Roman Abramovich, -- Millhouse Capital U.K. Limited, and -- Boris Berezovsky. Those proceedings were issued on the same day and have been served on the defendants. The proceedings arise out of the dilution of Yugraneft's interest in a joint venture company Sibneft Yugra, and involve substantial claims to recover the proceeds of the diluted interest. Henry Cameron, Chief Executive of Sibir, said, "This is now a matter for the Provisional Liquidator and the English Commercial Court in London." Headquartered in Moscow, Russia, Yugraneft extracts and refines oil from the Malochernogorskoe oil field. The Arbitration Court of Moscow commenced bankruptcy supervision procedure on Yugraneft in February 2005 (Case No. A40-66543/04-95-67B) and appointed Mr. Kotov as insolvency manager. ========= S P A I N ========= WOOD STREET III: S&P Rates Class E Notes at BB- ----------------------------------------------- Standard & Poor's Ratings Services, at issuer request of the, has withdrawn its credit rating on the class X combination note issued by Wood Street CLO III B.V. At the same time, the ratings on the class A-1, A2A, A2B, B, C, D, and E notes were affirmed. Wood Street CLO III is an arbitrage cash flow CLO managed by Alcentra Ltd. The transaction closed in June 2006. The portfolio comprises senior secured and mezzanine loans from issuers incorporated in Western Europe and the U.S. The transaction is still in its reinvestment period, which ends in August 2012. Ratings List Wood Street CLO III B.V. EUR550 Million Senior Secured And Deferrable Floating-Rate Notes Class Rating To From Rating Withdrawn X NR BBB- Ratings Affirmed A-1 AAA A-2 AAA A-2B AAA B AA C A- D BBB- E BB- ===================== S W I T Z E R L A N D ===================== BAUDESIGN ARMIN: Uri Court Closes Bankruptcy Proceedings -------------------------------------------------------- The Bankruptcy Court of Uri entered Oct. 12 an order closing the bankruptcy proceedings of LLC Baudesign Armin Jauch. The Bankruptcy Service of Uri can be reached at: Bankruptcy Service of Uri 6460 Altdorf UR Switzerland The Debtor can be reached at: LLC Baudesign Armin Jauch Rynachtstrasse 13 6460 Altdorf UR Switzerland M. + R. RICHNER: Creditors Must File Claims by January 31, 2008 --------------------------------------------------------------- Creditors of LLC M. + R. Richner have until Jan. 31. 2008, to submit their claims to: Trend-Treuhand Neugutstrasse 88 8600 Dubendorf Uster ZH Switzerland The Debtor can be reached at: LLC M. + R. Richner Fischbach-Goslikon Bremgarten AG &