T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, November 29, 2007, Vol. 8, No. 237 Headlines A U S T R I A HANS HASLINGER: Linz Court Orders Business Shutdown ISHTAR BAU: Claims Registration Period Ends Dec. 27 NANOSHELL MATERIALS: Creditors' Meeting Slated for Dec. 4 NOWAK DACHSANIERUNG: Vienna Court Orders Business Shutdown SAMER TRANSPORT: Creditors' Meeting Slated for Dec. 6 B E L G I U M ARAMARK CORP: Teams Up with Amerex to Reduce Energy Costs F I N L A N D HILTON HOTELS: To Issue US$500 Mln Unsecured Floating Rate Notes F R A N C E AEROCAST: French Court Rules for Compulsory Liquidation RHODIA SA: Sept. 30 Balance Sheet Upside-Down by EUR226 Million RHODIA SA: Implements Global Price Increases for All Products G E R M A N Y AUTOHAUS PETERS: Claims Registration Period Ends Dec. 28 BAUSANIERUNGUSEDOM GMBH: Claims Registration Period Ends Dec. 14 BERLIN ASSETS: Claims Registration Period Ends Dec. 24 BURG BUSCHDORF: Claims Registration Ends December 21 CAT-CALL-GMBH: Claims Registration Period Ends Dec. 27 DIMEDIA CTC: Creditors' Meeting Slated for December 13 ECKERT'S FLIESENLEGER: Claims Registration Ends December 21 FMV VERWALTUNGSGESELLSCHAFT: Claims Registration Ends Dec. 19 GAT KATALYSATOREN: May File Insolvency Over Faulty Filters GMK BAUBETREUUNGS: Claims Registration Ends December 4 HEBUS KOMMUNIKATIONSTECHNIK: Claims Period Ends Dec. 13 HLI INDUSTRIE-ELEKTRONIK: Claims Registration Ends Dec. 21 IKB DEUTSCHE: Expects Higher Losses; Seeks More Funding KONDITOREI - CAFE: Claims Registration Period Ends Dec. 12 MERRIKH GASTRO: Claims Registration Period Ends Jan. 9, 2008 MERTON REAL: Creditors' Meeting Slated for Dec. 10 MICHAEL FUNKE: Claims Registration Ends December 10 MMORE INTERNATIONAL: Claims Registration Ends December 19 NRG ENERGY: Discloses New Consent Alternative Solicitations P & S BAUGESELLSCHAFT: Claims Registration Ends December 10 SCHIFFER BAUGESELLSCHAFT: Claims Registration Ends Dec. 21 TERWEDOW BAUGESELLSCHAFT: Claims Period Ends Dec. 14 TIMEVISION GMBH: Claims Registration Period Ends Dec. 14 W.C.S. GMBH: Claims Registration Period Ends Dec. 28 WLG LOGISTIK: Creditors' Meeting Slated for Dec. 18 ZEITARBEIT GROSSMANN: Claims Registration Period Ends Dec. 21 I T A L Y ALITALIA SPA: PM Sees New Owner for 49.9% Stake by Dec. 25 DANA CORP: Wants Pact Resolving Appaloosa Dispute Approved DANA CORP: Secures US$2 Billion Exit Financing PARMALAT SPA: Allocated Shares to Creditors Hike Stock Capital TISCALI SPA: Unveils Strategic Plan for 2008-2012 K A Z A K H S T A N AGROSERVICE ILI: Creditors Must File Claims by Dec. 28 ARAL LLP: Creditors Must File Claims by Dec. 28 ATLANTA KAZINVEST: Claims Filing Period Ends Dec. 28 ECO OIL: Creditors' Claims Due on Jan. 1 FOTO LIFE: Claims Registration Ends Dec. 28 KAZAKHSTANSKY AKTAURNY: Creditors Must File Claims by Dec. 28 ZLAK INVEST: Claims Filing Period Ends Dec. 28 K Y R G Y Z S T A N GIANT KING: Proof of Claim Deadline Slated for December 26 N E T H E R L A N D S HEXION SPECIALTY: Hikes Cardura, ACE, VeoVa & Versatic Prices NEPTUNO CLO III: Moody's Rates Class E Sr. Sec. Notes at (P)Ba3 P O L A N D AFFILIATED COMPUTER: Board Authorizes US$1 Bln Share Repurchase AFFILIATED COMPUTER: Five Former Directors Drop Lawsuits R U S S I A AGROPRODUCT CJSC: Creditors Must File Claims by Dec. 17 ALATYRSKAYA AGRIPROMCHEMISTRY: Claims Filing Period Ends Dec. 17 BRYUHOVETSKOYE OJSC: Court Hearing Slated for March 24, 2008 LUCH OJSC: Creditors Must File Claims by Jan. 17, 2008 MONTAZHTECHSTROY: Creditors Must File Claims by Jan. 17, 2008 POBEDA: Schedules Asset Auction for Dec. 18 ROSNEFT OIL: Wants to Cover 30% of Own Power by 2020 TATA MOTORS: Rolls Out One Millionth Car Off Indica Platform VERHNESALDINSKIJ GORODSKOJ: Claims Filing Ends Jan. 17, 2008 S P A I N FONCAIXA FTGENCAT 5: Moody's Junks EUR26.5 Mln Series D Notes * Moody's Says Amended Mortgage Law Will Benefit Spanish Holders S W I T Z E R L A N D BORER INFORMATIK: Basel-Country Court Starts Bankruptcy Process COSITRON JSC: Claims Registration Period Ends December 4 FILOSI VOUILLAMOZ: Creditors Must File Claims by December 5 GREUTER JSC: Zurich Court Closes Bankruptcy Proceedings GRAVAS COMMERCIAL: Creditors' Liquidation Claims Due by Dec. 5 KALENDER-VERLAG: Solothurn Court Starts Bankruptcy Proceedings L-CON LLC: Zurich Court Closes Bankruptcy Proceedings LEISURE WEAR: Creditors' Liquidation Claims Due by December 5 LUECHTER & SCHWARTZ: Creditors Must File Claims by December 5 OSTERTAG HAUSAMANN: Creditors Must File Claims by December 5 PC-TREND LLC: Claims Registration Period Ends December 3 PROCONTAS LLLC: Creditors' Liquidation Claims Due by December 3 SANWAY JSC: Claims Registration Period Ends December 2 TRADEX SWISS AG: Chapter 15 Petition Summary TRANIC LTD: Creditors' Liquidation Claims Due by December 3 VESPASIAN BERATUNGEN: Creditors Must File Claims by December 5 T U R K E Y SINAI KALKINMA: Fitch Affirms Low-B Ratings with Stable outlook U K R A I N E ASTRA-STYLE LLC: Creditors Must File Claims by November 30 DOVIRA LLC: Creditors Must File Claims by November 30 EDELWEISS LLC: Creditors Must File Claims by November 30 KOLOMIYA AGRICULTURAL: Creditors Must File Claims by November 30 OBERIG: Proofs of Claim Filing Ends November 30 PORT LAND: Creditors Must File Claims by November 30 PRIMEKS PROFI: Creditors Must File Claims by November 30 STAROBILSK PROVISIONS: Proofs of Claim Filing Ends November 30 TSENTURION LLC: Creditors Must File Claims by November 30 V. M. G. LLC: Creditors Must File Claims by November 30 ZOLOTOY KOLOS: Proofs of Claim Filing Ends November 30 U N I T E D K I N G D O M BEE FLY: Appoints Joint Administrators from BDO Stoy BUSINESS MORTGAGE: Moody's Rates EUR12.37 Mln Notes at Ba1 BRITISH AIRWAYS: Consortium Withdraws Iberia Bidding Interest CABLE & WIRELESS: Former Chair Criticizes Executive Payoff CABLE & WIRELESS: Launching Disabling Service for Stolen Phones CHLOE TRADING: Calls In Liquidators from Wilkins Kennedy COLUMBIA FINISHING: Brings In Liquidators from Mazars DIRECT LEISURE: Names Neil Francis Hickling Liquidator DIVERSITY FUNDING 1: S&P Assigns B Prelim Ratings to F Notes DUKE FUNDING II: S&P Junks Class D Notes on Lack of Proposals EMI GROUP: Moody's Withdraws B1 Corporate Family Rating ENTERPRISE VENDING: Brings In Administrators from Deloitte FIRST VENDING: Taps Deloitte & Touche to Administer Assets FORD MOTOR: Kentucky State Approves US$60M Investment Incentives IMEX LOGISTICS: Taps Liquidator from Kingston Smith & Partners INNOVATIVE GROUP: Calls In Liquidators from Menzies Corporate LUCKY ESTATES: Claims Filing Period Ends January 15, 2008 MAINSAIL II: S&P Junks Capital Notes on Payment Failure MORTGAGE FINANCE 7: Fitch Rates GBP7.9 Mln Class C Notes at BB NORMANBY WEFCO: Creditors' Meeting Slated for December 7 PARAGON GROUP: Selling Off Loan Assets to Avert Rights Issue RMC COMPONENTS: Appoints Administrators from Begbies Traynor SACHSEN FUNDING I: S&P Junks Capital Notes on Lack of Proposals SANYO ELECTRIC: Cooked Books to Pay Dividend, Sources Say SANYO ELECTRIC: To Invest JPY20 Billion in Chip Business SEA CONTAINERS: SeaCon Ltd. Files Sept. 2007 Operating Report SEA CONTAINERS: SeaCon Services Files Sept. 2007 Report SEA CONTAINERS: SeaCon Carribean Files Sept. 2007 Report TOP SECURITY: Appoints Liquidator from Mazars VISUAL GRAPHIC: Joint Liquidators Take Over Operations WHITELEY HENSHAW: Claims Filing Period Ends January 31, 2008 XELA INVESTMENTS: Hires Liquidator from Tenon Recovery * Upcoming Meetings, Conferences and Seminars ********* ============= A U S T R I A ============= HANS HASLINGER: Linz Court Orders Business Shutdown --------------------------------------------------- The Land Court of Linz entered Oct. 23 an order shutting down the business of LLC Hans Haslinger - Internationale Transporte (FN 121781s). Court-appointed estate administrator Guenther Grassner 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. Guenther Grassner Suedtirolerstr. 4-6 4020 Linz Austria Tel: 070770815 Fax: 070770816 E-mail: lawfirm@gltp.at Headquartered in Traun, Austria, the Debtor declared bankruptcy on Oct. 18 (Bankr. Case No 38 S 53/07h). ISHTAR BAU: Claims Registration Period Ends Dec. 27 --------------------------------------------------- Creditors owed money by LLC ISHTAR Bau (FN 289528b) have until Dec. 27 to file written proofs of claim to court-appointed estate administrator Eva Wexberg at: Dr. Eva Wexberg c/o Dr. Walter Kainz Gusshausstrasse 23 1040 Vienna Austria Tel: 505 88 31 Fax: 505 94 64 E-mail: kanzlei@kainz-wexberg.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:50 a.m. on Jan. 9, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1707 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Oct. 23 (Bankr. Case No. 2 S 145/07x). Walter Kainz represents Dr. Wexberg in the bankruptcy proceedings. NANOSHELL MATERIALS: Creditors' Meeting Slated for Dec. 4 --------------------------------------------------------- Creditors owed money by LLC Nanoshell Materials Research & Development (FN 260859t) are encouraged to attend the creditors' meeting at 9:00 a.m. on Dec. 4. The creditors' meeting will be held at: The Land Court of Klagenfurt Conference Hall 225 Second Floor Klagenfurt Austria Headquartered in Klagenfurt, Austria, the Debtor declared bankruptcy on Oct. 25 (40 S 52/07y). Bernhard Fink serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Dr. Bernhard Fink Bahnhofstrasse 5 9020 Klagenfurt Austria Tel: 0463/541 46 Fax: 0463/541 46-15 E-mail: office@fink-bernhart.at NOWAK DACHSANIERUNG: Vienna Court Orders Business Shutdown ---------------------------------------------------------- The Trade Court of Vienna entered Oct. 23 an order shutting down the business of KEG NOWAK Dachsanierung (FN 222185v). Court-appointed estate administrator Georg Freimueller 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. Georg Freimueller Alser Strasse 21 1080 Vienna Austria Tel: 406 05 51 Fax: 406 96 01 E-mail: kanzlei@jus.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Oct. 16 (Bankr. Case No 38 S 55/07a). SAMER TRANSPORT: Creditors' Meeting Slated for Dec. 6 ----------------------------------------------------- Creditors owed money by KEG Samer Transport (FN 262325y) are encouraged to attend the creditors' meeting at 2:50 a.m. on Dec. 6. The creditors' meeting will be held at: The Land Court of Graz Hall L Room 230 Graz Austria Headquartered in Graz-Wetzelsdorf, Austria, the Debtor declared bankruptcy on Oct. 25 (25 S 114/07p). Roland Gsellmann serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Dr. Roland Gsellmann Farberplatz 1 8010 Graz Austria Tel: 0316/835692 Fax: 0316/835692-15 E-mail: office@herdeygsellmann.at ============= B E L G I U M ============= ARAMARK CORP: Teams Up with Amerex to Reduce Energy Costs --------------------------------------------------------- Aramark Corporation has entered into a national partnership with Amerex Energy Services to provide clients with an array of energy services, including the purchase of renewable energy credits. "Businesses and institutions nationwide are aggressively working to improve their environmental footprint - for themselves, for their customers, and for their communities," said Ron Mesaros, associate vice president of technical services for ARAMARK. "Together, Aramark and Amerex can offer these institutions more innovative ways to reduce their energy costs and complement their strategies for sustainability." Aramark's energy management programs are a vital component of an institution's overall strategy toward environmental stewardship. Through its services, Aramark helps institutions calculate their carbon footprint, reduce reliance on fossil fuels, procure alternative energy, achieve LEED certification, and reduce greenhouse gas emissions. Amerex Energy Services, a division of Amerex Brokers LLC, a wholly owned subsidiary of GFI Group Inc. is a national energy consultant that works with retail electric providers and wholesale power suppliers to procure energy for its clients. The company provides a wide array of energy and energy-related financial tools to help its clients lower their energy costs. The company serves a global client network of more than 1,000 firms, including thousands of traders and risk management professionals. Together, ARAMARK and Amerex will offer a broad portfolio of options to help businesses reduce energy use and cost- effectively procure energy resources. Services offered include conducting energy audits, developing energy reduction strategies, negotiating contracts with electricity and natural gas providers, training facility staff on energy efficiency, and providing ongoing insight into the energy market. The companies will also assist institutions with the purchase of RECs. RECs represent units of energy expended by a business which, when purchased, are invested into renewable energy solutions such as wind power, water power and solar energy. A growing number of institutions are purchasing RECs as a way to minimize their impact on the environment and affect climate change. Aramark and Amerex recently partnered with Integrys Energy Services Inc. and Credit Suisse Group to help Baylor University negotiate a ground breaking 10-year power deal that will save more than US$2 million of the US$13.5 million the university spends annually on electricity for the 735-acre campus. The agreement includes the finance and support of wind-generated electricity, support for the development of wind farms in Texas, and the development of alternative energy sources in higher education. For its efforts, Baylor received a "2007 Award for Innovation" for the National Association of College and University Business Officers. "The new energy contract at Baylor is a breakthrough agreement for universities looking for creative ways to remain good stewards to their communities," added Mr. Mesaros. "This national partnership will allow Aramark and Amerex to bring critical energy management knowledge and insights to other institutions throughout the United States." About Aramark Headquartered in Philadelphia, Pennsylvania, Aramark Corp. (NYSE: RMK) -- http://www.aramark.com/-- is a professional services organization, providing food services, facilities management, hospitality services, and uniforms and career apparel to health care institutions, universities and school districts, stadiums and arenas, businesses, prisons, senior living facilities, parks and resorts, correctional institutions, conference centers, convention centers, and public safety professionals around the world. Aramark has approximately 240,000 employees serving clients in 20 countries, including Belgium, Czech Republic, Germany, Ireland, UK, Mexico, Brazil, Chile, among others. * * * As reported in the Troubled Company Reporter on Aug. 16, 2007, Standard & Poor's Ratings Services revised its outlook on Philadelphia, Pennsylvaniabased ARAMARK Corp. to stable from negative. At the same time, Standard & Poor's affirmed its ratings on ARAMARK, including the 'B+' corporate credit rating. ============= F I N L A N D ============= HILTON HOTELS: To Issue US$500 Mln Unsecured Floating Rate Notes --------------------------------------------------------------- Hilton Hotels Corporation has agreed to issue an aggregate principal amount of US$500 million of unsecured Floating Rate Notes due 2013. The Notes will bear interest equal to three month LIBOR plus 4.50% per year, adjusted quarterly. The proceeds of the sale of the Notes will be used to repay an equal amount of Hilton's secured mezzanine loans incurred in connection with the funding of the acquisition of Hilton by investment funds affiliated with The Blackstone Group and related transactions. Completion of the transaction is subject to customary closing conditions. The Notes have been offered and sold in a private placement to qualified institutional buyers pursuant to Section 4(2) of the Securities Act of 1933, as amended. The Notes have not been registered under the Securities Act or securities laws of any state and may not be offered or sold in the United States absent an applicable exemption from registration requirements under the Securities Act or the laws of any state. In connection with the offering of the Notes, Hilton has made certain information available to prospective financing sources. Hilton is posting under the Investor Relations tab on its website. Certain of this information, including information relating to Hilton's financial performance for the three months ended Sept. 30, 2007 and information relating to the financing of the merger of Hilton, which was completed on Oct. 24, 2007. About Hilton Hotels Headquartered in Beverly Hills, California, Hilton Hotels Corp. -- http://www.hilton.com/-- together with its subsidiaries, engages in the ownership, management, and development of hotels, resorts, and timeshare properties, as well as in the franchising of lodging properties in the United States and internationally, including Australia, Austria, Barbados, Costa Rica, Finland, India, Indonesia, Trinidad and Tobago, Philippines and Vietnam. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 29, 2007, Moody's Investors Service downgraded Hilton Corporation's Corporate Family Rating and senior unsecured ratings to B3 and Caa1, respectively. =========== F R A N C E =========== AEROCAST: French Court Rules for Compulsory Liquidation ------------------------------------------------------- A commercial court in Chateauroux has put French foundry Aerocast into compulsory liquidation after four years under a court-supervised administration proceeding, The Financial Times reports. The company pointed to its difficulties in the production of complex aluminum parts and the problems at Airbus SAS. Several companies are reportedly interested in acquiring the company after the court allowed Aerocast to continue operating for three months to attract potential buyers, FT relates. Aerocast specializes in aluminum parts for the aviation industry. It employs 112 staff and achieved a balanced result on turnover of EUR8.8 million in 2006, FT notes. RHODIA SA: Sept. 30 Balance Sheet Upside-Down by EUR226 Million --------------------------------------------------------------- Rhodia S.A. released financial results for the third quarter ended Sept. 30, 2007. Third Quarter 2007 Results Confirm Solid Free Cash Flow Generation Another quarter of profitable growth drives solid EBITDA and Free Cash Flow generation * Net Sales up 7% to EUR1.3 billion * recurring EBITDA* up 20% to EUR192 million versus EUR160 million in the third quarter 2006, despite the EUR(22) million negative impact of foreign exchange. * recurring EBITDA margin up to 15.2% versus 13.6 % in the third quarter 2006 * a positive Free Cash Flow of EUR53 million versus EUR(10) million in the third quarter 2006 * free Cash Flow for the first 9 months of 2007 of EUR41 million, compared to a cash outflow of EUR(124) million for the same period in 2006 Key highlights * 9% volume growth with strong demand levels * solid pricing +3% * unfavorable foreign exchange, raw material and energy cost environment * organics' restructuring continues Accelerated delivery on financial commitments * Free Cash Flow generation of more than EUR100 million expected in 2007 * financial leverage of Net Debt on Recurring EBITDA ratio below 2 times expected at the end of 2007 "Our strong leadership positions in growing markets give us full confidence that we will continue to generate sustainable and profitable growth," Jean-Pierre Clamadieu, chief executive officer of Rhodia, said. "We expect to generate more than EUR100 million of Free Cash Flow in 2007 and to be one year ahead in the delivery of our financial leverage commitment." * Before restructuring and other operating income and expenses Net Sales rose by 7% to EUR1.3 billion in the third quarter of 2007, from EUR1.2 billion a year earlier. This increase was driven by a significant 9% volume growth (4.4% excluding CERs) and a 3% positive impact from price increases. Foreign exchange had a 4.4% negative impact, due to the continued weakness of the US dollar. Recurring EBITDA grew by 20% to EUR192 million, benefiting from the good volume trends, in spite of the negative impact of foreign exchange (EUR22 million). Solid pricing in local currency continued to offset the impact of increases in raw material and energy costs. CER sales generated EUR39 million of recurring EBITDA in the third quarter of 2007. The recurring EBITDA margin rose to 15.2% in the third quarter 2007 from 13.6% in the third quarter 2006. Operating Profit rose by 2.7% to EUR115 million, versus EUR112 million for the third quarter 2006 which was favorably impacted by a EUR27million exceptional gain. The Financial Result improved to EUR(43) million compared to EUR(62) million in the third quarter 2006, as the Group now fully benefits from the lower interest costs resulting from the refinancing initiatives realized over the past year. The Net Profit Group Share for the third quarter 2007 totaled EUR45 million, compared to a profit of EUR70 million in the third quarter 2006, which was favorably impacted by a EUR34 million recognition of US deferred tax assets. At Sept. 30, 2007, the Group's consolidated balance sheets showed EUR4.5 billion in total assets, EUR4.7 billion in total liabilities and EUR226 in stockholders' deficit. Operating Cash Flow totaled EUR115 million in the third quarter 2007. The ratio of Working Capital Requirements on total sales stood at 12.9%. Capital Expenditure totaled EUR83 million. Free Cash Flow* was EUR53 million, versus EUR(10) million in the third quarter 2006 and now stands at EUR41 million for the first nine months compared to a negative of EUR(124) million for the same period in 2006. Consolidated Net Debt totaled EUR1.6 billion on Sept. 30, 2007, a EUR25 million decrease from June 30, 2007. Thanks to the strength of Rhodia's business portfolio, Net Sales grew 7%, with 9% volume growth and a 3% positive impact from price increases. Polyamide, Silcea and Novecare are high margin leadership businesses well positioned in growing markets. Investments are under way to support the growth of these businesses. Acetow is finalizing its action plan to improve margins to compensate for the unfavorable foreign exchange environment. Organics focuses on the development of its leadership position in Diphenols and continues its restructuring in fine organics. Recently it announced plans to end Paracetamol manufacturing at its Roussillon site in France and to end all operations at its Avonmouth site in the U.K. Eco Services continues to generate very high margins and Energy Services benefits from the ongoing sales of CERs. * Defined as "net cash provided by operating activities" plus "non recurring refinancing cash costs" minus Capital Expenditure" Outlook The level of demand is expected to remain favorable in most regions, with strong volumes and a solid pricing power, in an environment still influenced by high raw material and energy costs. The foreign exchange environment should remain unfavorable. Rhodia confirms its 2007 outlook of a strong growth in recurring EBITDA and expects to generate more than EUR100 million positive Free Cash Flow for the full year 2007. One year ahead of its commitment, Rhodia expects to achieve a Net Debt on Recurring EBITDA ratio below 2 at the end of 2007. About Rhodia Headquartered in Paris, France, Rhodia S.A. (NYSE: RHA) -- http://www.rhodia.com/-- is a global specialty chemicals company partnering with major players in the automotive, electronics, pharmaceuticals, agrochemicals, consumer care, tires, and paints and coatings markets. Rhodia offers tailor- made solutions combining original molecules and technologies to respond to customers' needs. The group generated sales of EUR4.8 billion in 2006 and employs around 16,000 people worldwide. Rhodia is listed on Euronext Paris and the New York Stock Exchange. The company has operations in Brazil. * * * As reported in the TCR-Europe on Nov. 28, 2007, Moody's Investors Service affirmed Rhodia S.A. Corporate Family Rating at Ba3. Moody's said the outlook has been changed to Positive from Stable. As reported on April 26, 2007, Fitch Ratings affirmed Rhodia S.A.'s Issuer Default Rating at BB- and revised the Outlook to Positive from Stable. Fitch has assigned Rhodia SA's proposed issue of up to EUR595.125 million bonds convertible and/or exchangeable for new and/or existing shares an expected 'BB-' rating. These ratings are affected: -- Corporate Family Ratings upgraded to Ba3; -- Probability-of-Default assigned at Ba3; -- Rhodia S.A. Senior Unsecured ratings upgraded to B1, LGD4 (69%); and -- Rhodia S.A. Senior convertible notes rated (P)B1, LGD4 (69%). At the same time, Standard & Poor's Ratings Services raised its long-term corporate credit rating on Rhodia to BB- from B+, and its long- term debt rating on the group to B from B-. Standard & Poor's also assigned its B senior unsecured debt rating to Rhodia's proposed new bond, which will be used for refinancing purposes. RHODIA SA: Implements Global Price Increases for All Products ------------------------------------------------------------- Rhodia S.A. has disclosed worldwide price increases in the range of 7% to 15% depending on product line on Nov. 22, 2007. Although Rhodia has put into place a number of action plans over the past few years to improve productivity and reduce costs, the price increases are required to help respond to the dramatic and simultaneous rising costs of energy, raw materials and transport, and to defend Rhodia's margins at a time when the demand for specialty chemicals is strengthening worldwide. About Rhodia Headquartered in Paris, France, Rhodia S.A. (NYSE: RHA) -- http://www.rhodia.com/-- is a global specialty chemicals company partnering with major players in the automotive, electronics, pharmaceuticals, agrochemicals, consumer care, tires, and paints and coatings markets. Rhodia offers tailor- made solutions combining original molecules and technologies to respond to customers' needs. The group generated sales of EUR4.8 billion in 2006 and employs around 16,000 people worldwide. Rhodia is listed on Euronext Paris and the New York Stock Exchange. The company has operations in Brazil. * * * As reported in the TCR-Europe on Nov. 28, 2007, Moody's Investors Service affirmed Rhodia S.A. Corporate Family Rating at Ba3. Moody's said the outlook has been changed to Positive from Stable. As reported on April 26, 2007, Fitch Ratings affirmed Rhodia S.A.'s Issuer Default Rating at BB- and revised the Outlook to Positive from Stable. Fitch has assigned Rhodia SA's proposed issue of up to EUR595.125 million bonds convertible and/or exchangeable for new and/or existing shares an expected 'BB-' rating. These ratings are affected: -- Corporate Family Ratings upgraded to Ba3; -- Probability-of-Default assigned at Ba3; -- Rhodia S.A. Senior Unsecured ratings upgraded to B1, LGD4 (69%); and -- Rhodia S.A. Senior convertible notes rated (P)B1, LGD4 (69%). At the same time, Standard & Poor's Ratings Services raised its long-term corporate credit rating on Rhodia to BB- from B+, and its long- term debt rating on the group to B from B-. Standard & Poor's also assigned its B senior unsecured debt rating to Rhodia's proposed new bond, which will be used for refinancing purposes. ============= G E R M A N Y ============= AUTOHAUS PETERS: Claims Registration Period Ends Dec. 28 -------------------------------------------------------- Creditors of Autohaus Peters GmbH have until Dec. 28 to register their claims with court-appointed insolvency manager Jens-Soeren Schroeder. Creditors and other interested parties are encouraged to attend the meeting at 9:30 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 Neumuenster Meeting Hall B0.31 Law Courts Boostedter Strasse 26 Neumuenster 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: Jens-Soeren Schroeder Raboisen 38 20095 Hamburg Germany The District Court of Neumuenster opened bankruptcy proceedings against Autohaus Peters GmbH on Nov. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Autohaus Peters GmbH Friedrichstadter Strasse 9-11 24768 Rendsburg Germany Attn: Hans-Dieter Peters, Manager Wuehrenredder 1 24794 Buensdorf Germany BAUSANIERUNGUSEDOM GMBH: Claims Registration Period Ends Dec. 14 ---------------------------------------------------------------- Creditors of BauSanierungUsedom GmbH have until Dec. 14 to register their claims with court-appointed insolvency manager Joerg Sievers. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Jan. 30, 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 Stralsund Hall A 421 House A Frankendamm 17 Stralsund 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: Joerg Sievers Robert-Blum-Str.1 17489 Greifswald Germany The District Court of Stralsund opened bankruptcy proceedings against BauSanierungUsedom GmbH on Nov. 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BauSanierungUsedom GmbH Attn: H. Kahle, Manager Lindenstrasse 4 17424 Seebad Heringsdorf Germany BERLIN ASSETS: Claims Registration Period Ends Dec. 24 ------------------------------------------------------ Creditors of Berlin Assets GmbH & CO. Erste Projekt KG have until Dec. 24 to register their claims with court-appointed insolvency manager Torben Ottmar Herbold. Creditors and other interested parties are encouraged to attend the meeting at 2:20 p.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 Potsdam Hall 301 Third Floor Nebenstelle Lindenstrasse 6 14467 Potsdam Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Torben Ottmar Herbold Haeckelstrasse 10 39104 Magdeburg Germany The District Court of Potsdam opened bankruptcy proceedings against Berlin Assets GmbH & CO. Erste Projekt KG on Nov. 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Berlin Assets GmbH & CO. Erste Projekt KG Lindenallee 10 14806 Fredersdorf Germany BURG BUSCHDORF: Claims Registration Ends December 21 ---------------------------------------------------- Creditors of "Burg" Buschdorf-Bautrager GmbH & Co. KG have until Dec. 21 to register their claims with court-appointed insolvency manager Michael Hawelka. Creditors and other interested parties are encouraged to attend the meeting at 11:00 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 Leipzig Hall 145 Ground Floor Enforcement Court Bernhard Goering Strasse 64 04275 Leipzig Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Michael Hawelka Nonnenstrasse 37 04229 Leipzig Germany Tel: 0341/4866414 Fax: 0341/4866428 E-mail: HHH.Leipzig@t-online.de The District Court of Leipzig opened bankruptcy proceedings against "Burg" Buschdorf-Bautrager GmbH & Co. KG on Nov. 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: "Burg" Buschdorf-Bautrager GmbH & Co. KG Attn: Rainer Krause, Manager Torgauer Strasse 29 04779 Wermsdorf Germany CAT-CALL-GMBH: Claims Registration Period Ends Dec. 27 ------------------------------------------------------ Creditors of Cat-Call-GmbH have until Dec. 27 to register their claims with court-appointed insolvency manager Hagen Hirth. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Feb. 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 Dresden Hall D131 Olbrichtplatz 1 01099 Dresden Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Hagen Hirth Glacisstrasse 9a 01099 Dresden Germany The District Court of Dresden opened bankruptcy proceedings against Cat-Call-GmbH on Nov. 13. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Cat-Call-GmbH Bautzner Strasse 19b 01099 Dresden Germany DIMEDIA CTC: Creditors' Meeting Slated for December 13 ------------------------------------------------------ The court-appointed insolvency manager for Dimedia CTC Fotostudios GmbH, Peter Sulzmann will present his first report on the Company's insolvency proceedings at a creditors' meeting at 11:00 a.m. on Dec. 13. The meeting of creditors and other interested parties will be held at: The District Court of Aschaffenburg Meeting Hall 5.103 Schlossplatz 5 63739 Aschaffenburg Germany The Court will also verify the claims set out in the insolvency manager's report at 2:00 p.m. on Jan. 22, 2008, at the same venue. Creditors have until Dec. 20 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Peter Sulzmann Bahnhofstr. 31 63500 Seligenstadt Germany Tel: 06182/92050 Fax: 06182/920515 The District Court of Aschaffenburg opened bankruptcy proceedings against Dimedia CTC Fotostudios GmbH on Nov. 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Dimedia CTC Fotostudios GmbH Nordring 12 63762 Grossostheim Germany Attn: Peter Heckel, Manager Sandgasse 53 63739 Aschaffenburg Germany ECKERT'S FLIESENLEGER: Claims Registration Ends December 21 ----------------------------------------------------------- Creditors of Eckert's Fliesenleger GmbH have until Dec. 21 to register their claims with court-appointed insolvency manager Justus Schneidewind. Creditors and other interested parties are encouraged to attend the meeting at 11:30 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 Potsdam Hall 301 Third Floor Nebenstelle Lindenstrasse 6 14467 Potsdam Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Justus Schneidewind Behlertstrasse 28 a 14469 Potsdam Germany The District Court of Potsdam opened bankruptcy proceedings against Eckert's Fliesenleger GmbH on Nov. 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Eckert's Fliesenleger GmbH Attn: Herrn Michael Eckert, Manager Mozartsteg 2 14532 Stahnsdorf Germany FMV VERWALTUNGSGESELLSCHAFT: Claims Registration Ends Dec. 19 ------------------------------------------------------------- Creditors of FMV Verwaltungsgesellschaft mbH have until Dec. 19 to register their claims with court-appointed insolvency manager Markus M. Merbecks. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.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 Chemnitz Hall 28 Fuerstenstrasse 21-23 09130 Chemnitz Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Markus M. Merbecks Leipziger Strasse 58 09113 Chemnitz Germany Tel:(0371) 444610 Fax:(0371) 4446111 E-mail: merbecks@merbecks.de The District Court of Chemnitz opened bankruptcy proceedings against FMV Verwaltungsgesellschaft mbH on Nov. 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: FMV Verwaltungsgesellschaft mbH Attn: Peter Meiss, Manager Parkstr. 32 09120 Chemnitz Germany GAT KATALYSATOREN: May File Insolvency Over Faulty Filters ---------------------------------------------------------- A representative for GAT Katalysatoren GmbH, which is under probe for allegedly supplying around 28,000 faulty particle filters for diesel engines, told Frankfurter Allgemeine Zeitung that the company may file for insolvency if the German ministry of transport requires it to replace the systems at an estimated cost of EUR1,000 each, the Financial Times reports. According to KBA, the German federal motor vehicle office, GAT and rivals Bosal International of Belgium and Tenneco of the United States allegedly produced faulty filters affecting around 40,000 drivers. Headquartered in Gladbeck, Germany, GAT Katalysatoren GmbH http://www.gat-kat.com/-- develops innovative emission technology products for the automotive industry. GMK BAUBETREUUNGS: Claims Registration Ends December 4 ------------------------------------------------------ Creditors of GMK Baubetreuungs GmbH have until Dec. 4 to register their claims with court-appointed insolvency manager Ottmar Hermann. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Jan. 15, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Karlsruhe Hall IV First Floor Schlossplatz 23 76131 Karlsruhe 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 Bleichstr. 2-4 60313 Frankfurt Germany Tel: 069/9130920 The District Court of Karlsruhe opened bankruptcy proceedings against GMK Baubetreuungs GmbH on Nov. 7. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: GMK Baubetreuungs GmbH Attn: Edgar Knam, Manager Zum Wiesengrund 56 76307 Karlsbad Germany HEBUS KOMMUNIKATIONSTECHNIK: Claims Period Ends Dec. 13 ------------------------------------------------------- Creditors of HEBUS Kommunikationstechnik GmbH have until Dec. 13 to register their claims with court-appointed insolvency manager Juergen Pietzker. Creditors and other interested parties are encouraged to attend the meeting at 8:10 a.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 Landshut Meeting Hall 8/I Maximilianstrasse 22-24 Landshut 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: Juergen Pietzker Isargestade 732 84028 Landshut Germany Tel: 0871/89629 Fax: 0871/274638 The District Court of Landshut opened bankruptcy proceedings against HEBUS Kommunikationstechnik GmbH on Nov. 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HEBUS Kommunikationstechnik GmbH Seligenthaler Str. 16 84034 Landshut Germany HLI INDUSTRIE-ELEKTRONIK: Claims Registration Ends Dec. 21 ---------------------------------------------------------- Creditors of HLI Industrie-Elektronik GmbH have until Dec. 21 to register their claims with court-appointed insolvency manager Dr. Frank Kebekus. Creditors and other interested parties are encouraged to attend the meeting at 8:45 a.m. on Jan. 15, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duesseldorf Meeting Hall A 409 Fourth Floor Muehlenstrasse 34 40213 Duesseldorf 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. Frank Kebekus Carl-Theodor-Str. 1 40213 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against HLI Industrie-Elektronik GmbH on Nov. 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HLI Industrie-Elektronik GmbH Oststrasse 74a 40724 Hilden Germany IKB DEUTSCHE: Expects Higher Losses; Seeks More Funding ------------------------------------------------------- IKB Deutsche Industriebank AG will likely post over EUR6 billion in losses from an initial estimate of EUR3.5 billion as a result of its unsuccessful speculation on the US subprime mortgage market, the Financial Times relates citing a Frankfurter Allgemeine Zeitung report. According to the report, Germany's state-owned KfW Bankengruppe, which holds a 38 percent stake in IKB, is now expected to provide further financing to fund a rescue. KfW has recently increased its risk shield for IKB by EUR2.3 billion to EUR4.8 billion based on new risk valuation information, AP Worldstream says. Karin Matussek of Bloomberg News relates, citing people familiar with the matter, that IKB may need to increase its rescue package by EUR400 million in the event that the US subprime crisis endure on the global financial markets. Private and savings banks have committed EUR500 million to IKB as risk protection, Borsen-Zeitung says, and they are reportedly not ready to provide IKB with more funding. IKB has notified Germany's financial watchdog, Bundesbank and German Financial Supervisory Authority (BaFin), that it could face more liquidity problems if it fails to secure necessary financing, Thomson Financial relates. KfW has scheduled an extraordinary meeting with the administrative board to discuss IKB's situation this week, Bloomberg relates. According to Borsen-Zeitung, IKB is currently in talks with Deutsche Postbank, the banking subsidiary of German national postal services provider Deutsche Post, regarding a sale of its corporate customer credits in a move to improve IKB's equity capital situation. The German banks, however, are said to oppose this plan. About KfW Bankengruppe Headquartered in Frankfurt, Germany, KfW Bankengruppe -- http://www.kfw.de/EN_Home/-- deals with the promotion of the development and transformation countries, export and project financing, promotion of middle class, existence founders and start ups, promotion living economy, environmental and climatic protection, education and infrastructure. With 3,900 employees, KFW Bankengruppe has its locations in Berlin, Bonn and Frankfurt am Main. Owned by the federal government and the Laender, it is one of the leading banks in Germany. About IKB Deutsche Headquartered in Dusseldorf, Germany, IKB Deutsche Industriebank AG -- http://www.ikb.de/-- pioneered the long-term industrial loan and provides medium-sized companies with long-term financing. The bank operates in several German locations, as well as branches in the United Kingdom, Luxembourg, Spain and France. IKB had previously invested in securitized loans on the US market for subprime mortgages, which are now almost worthless. This resulted in a deep-seated crisis within the bank, pushing it on the brink of bankruptcy. * * * As reported in the TCR-Europe on Oct. 4, 2007, Fitch Ratings has downgraded IKB Deutsche Industriebank AG's hybrid debt securities to Long-term 'BB-' from 'A'. They remain on Rating Watch Negative. IKB is rated Long-term Issuer Default 'A+' with Stable Outlook, Short-term IDR 'F1', Support '1' and Individual 'F'. Its subordinated debt issues are rated 'A'. IKB's hybrid capital instruments rated Long-term 'BB-' and on RWN are: -- EUR75 million IKB Funding Trust I's perpetual notes -- EUR400 million Funding Trust II's perpetual notes -- EUR100 million IKB International SA's capital contribution certificates maturing in 2009 -- EUR200 million Hybrid Raising GmbH's perpetual capital notes linked to a silent participation in IKB -- EUR200 million Capital Raising GmbH's perpetual notes linked to a silent participation in IKB -- EUR70 million IKB International SA's capital contribution certificates maturing in 2010 -- EUR150 million Propart Funding Ltd's profit participation certificates maturing in 2015. KONDITOREI - CAFE: Claims Registration Period Ends Dec. 12 ---------------------------------------------------------- Creditors of Konditorei - Cafe Meyer GmbH have until Dec. 12 to register their claims with court-appointed insolvency manager Markus Dahmann. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Jan. 24, 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 Ludwigshafen am Rhein Meeting Hall VII Wittelsbachstr. 10 67061 Ludwigshafen/Rhein 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: Markus Dahmann Wimphelingstr. 13 67346 Speyer Germany The District Court of Ludwigshafen am Rhein opened bankruptcy proceedings against Konditorei - Cafe Meyer GmbH on Nov. 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Konditorei - Cafe Meyer GmbH Bahnhofstrasse 6 67227 Frankenthal Germany Attn: Timo Meyer, Manager Reiboldstrasse 4 67251 Freinsheim Germany MERRIKH GASTRO: Claims Registration Period Ends Jan. 9, 2008 ------------------------------------------------------------ Creditors of Merrikh Gastro GmbH have until Jan. 9, 2008, to register their claims with court-appointed insolvency manager Andreas Fischer. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Feb. 9, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Baden-Baden Hall 009a Ground Floor Gutenbergstr. 17 76532 Baden-Baden 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: Andreas Fischer Erbprinzenstr. 27 76133 Karlsruhe Germany The District Court of Baden-Baden opened bankruptcy proceedings against Merrikh Gastro GmbH on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Merrikh Gastro GmbH Siamac Merrikh, Manager Aumattstr. 36 a 76530 Baden-Baden Germany MERTON REAL: Creditors' Meeting Slated for Dec. 10 -------------------------------------------------- The court-appointed insolvency manager for Merton Real Estate Entwicklungsgesellschaft mbH, Bjoern Gehde, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:40 a.m. on Dec. 10. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 10:05 a.m. on March 3, 2008, at the same venue. Creditors have until Jan. 10, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Bjoern Gehde Goethestr. 85 10623 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Merton Real Estate Entwicklungsgesellschaft mbH on Oct. 25. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Merton Real Estate Entwicklungsgesellschaft mbH Pariser Str. 44 10707 Berlin Germany MICHAEL FUNKE: Claims Registration Ends December 10 --------------------------------------------------- Creditors of MFT Michael Funke Transport GmbH & Co. KG have until Dec. 10 to register their claims with court-appointed insolvency manager Michael Bremen. Creditors and other interested parties are encouraged to attend the meeting at 8:40 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 Duesseldorf Meeting Hall A 409 Fourth Floor Muehlenstrasse 34 40213 Duesseldorf 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: Michael Bremen Sternstr. 58 40479 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against MFT Michael Funke Transport GmbH & Co. KG on Nov. 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MFT Michael Funke Transport GmbH & Co. KG Attn: Michael Funke, Manager Lucas-Bols-Strasse 12 41462 Neuss Germany MMORE INTERNATIONAL: Claims Registration Ends December 19 --------------------------------------------------------- Creditors of MMORE INTERNATIONAL GmbH have until Dec. 19 to register their claims with court-appointed insolvency manager Erwin Richmann. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Jan. 17, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Giessen Hall 408 Fourth Floor Building B Gutfleischstrasse 1 35390 Giessen 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: Erwin Richmann Ernst Ludwsig Strasse 11 35463 Fernwald Germany The District Court of Giessen opened bankruptcy proceedings against MMORE INTERNATIONAL GmbH on Nov. 13. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MMORE INTERNATIONAL GmbH Steinstrasse 18 35463 Fernwald-Steinbach Germany NRG ENERGY: Discloses New Consent Alternative Solicitations ----------------------------------------------------------- NRG Energy Inc. is providing each investor with a new consent alternative with respect to its Notes in addition to the previously announced tender offers and consent solicitations, which remain in effect, in connection with its pending conditional tender offers and concurrent consent solicitations relating to its US$4.7 billion of outstanding 7.25% senior notes due 2014, 7.375% senior notes due 2016 and 7.375% senior notes due 2017. As previously announced, each investor may elect to tender its Notes in the conditional, contractually required offers at 101% of the principal amount, plus accrued interest, or may elect to receive a consent payment of US$1.25 to US$2.50 in cash per US$1,000 principal amount of Notes. For the Original Consent Payment, consents are limited to an agreement (the Original Amendment) not to require the change of control offers in connection with NRG's formation of a holding company structure via the contemplated intercompany merger transaction. The Original Consent Payment will be a minimum of US$1.25 per US$1,000 principal amount of Notes, or, in the event that such consents are received from a majority in principal amount of a series of Notes, will be US$1.25 divided by the percentage of that series which consented. As supplemented, each investor will have the same two alternatives as before as well as a new consent alternative. Under the new alternative, each investor may elect to receive a consent payment of US$7.50 to US$15.00 in cash per US$1,000 principal amount of Notes. For the Alternative Consent Payment, consents will provide a new exception to the limitation on restricted payments in the indentures for the Notes which will permit restricted payments, including dividends and/or stock repurchases, of up to US$300 million per year, with any of this additional restricted payment capacity not used during a year being carried over to the next year on a cumulative basis and without reducing the amounts otherwise available to make restricted payments. In the event that consents to the new consent alternative are received from a majority in principal amount of each of the three series of Notes, the Alternative Consent Payment will be US$7.50, divided by the overall percentage of the aggregate principal amount of the Notes that delivered consents under the new alternative and, in that event, NRG will not consummate the Holdco Merger and NRG will not be obligated (but reserves the right) to consummate the tender offers. In all other events, Holders of Notes who deliver consents under the new consent alternative will also be consenting to the Original Amendment and will receive US$7.50 per US$1,000 principal amount of such Notes subject to and promptly upon consummation of the Holdco Merger. NRG's obligation to make the minimum consent payments of US$1.25 per US$1,000 principal amount of Notes or US$7.50 per US$1,000 principal amount of Notes, as applicable, is not conditioned on the receipt of consents from holders of Notes representing a majority in principal amount of any one or more series. The only condition to NRG's obligation to make these minimum consent payments is the consummation of the Holdco Merger, and NRG will make these consent payments promptly thereafter. The only condition to NRG's obligation to make the Maximum Alternative Consent Payment is the receipt and effectiveness of consents to the new consent alternative from holders of a majority in principal amount of each of the three series of Notes, and NRG will make such payments promptly thereafter. If that consents are received with respect to Notes representing a majority in principal amount of a particular series of Notes (whether under the original consent alternative, the new consent alternative or both on a combined basis), NRG will have the option to terminate the tender offer for that series of Notes in its discretion without purchasing any tendered Notes of such series. Tendered Notes will not be eligible to receive any consent payment even if NRG exercises its option to terminate the tender offer for a series after receiving majority consents from that series. The tender offers are not being modified and will continue in effect on the same terms and conditions as previously announced. The tender offers are expressly conditioned on the consummation of the Holdco Merger (although NRG reserves the right to accept tenders and purchase tendered Notes even if the Holdco Merger is not consummated). Only one election (tender, original consent or alternative consent) may be made with respect to a specific principal amount of Notes. However, one election may be made for a portion of such Notes and another election or elections may be made for the remainder of such Notes (in each case in a minimum principal amount of US$1,000). Holders who deliver consents with respect to any Notes will be eligible to receive either the Original Consent Payment or the Alternative Consent Payment for such Notes, as appropriate according to their election for such Notes, but not both consent payments. Notes that are neither tendered nor consented will not be eligible to receive a consent payment under any circumstances. The tender offers and the consent solicitations will expire at 9:00 a.m., New York City time, on Dec. 4, 2007, unless extended. NRG reserves the right, but is not obligated, to extend the tender offers and the consent solicitations. Tenders may be withdrawn and consents may be revoked at any time prior to 9:00 a.m., New York City time, on Dec. 4, 2007. The complete terms of the tender offers and consent solicitations are contained in the Notice of Conditional Offers to Purchase and Concurrent Alternative Consent Solicitations Statement dated Nov. 2, 2007, as supplemented by the Supplement dated Nov. 26, 2007. Copies of the Supplement are being sent to holders of Notes. Each tender offer or consent solicitation with respect to a series of Notes is independent of the others. Banc of America Securities LLC is the exclusive dealer manager for the tender offers and solicitation agent for the consent solicitations. Questions regarding the tender offers and the consent solicitations can be addressed to Banc of America Securities LLC at (888) 292-0070 or (212) 847-5188. Requests for documents may be directed to MacKenzie Partners, Inc., the information agent, at (800) 322-2885 or (212) 929-5500. About NRG Energy Hearquartered in Princeton, New Jersey, NRG Energy Inc. (NYSE: NRG) -- http://www.nrgenergy.com/-- owns and operates a diverse portfolio of power-generating facilities, primarily in Texas and the Northeast, South Central and West regions of the U.S. Its operations include baseload, intermediate, peaking, and cogeneration and thermal energy production facilities. NRG also has ownership interests in generating facilities in Australia, Germany and Brazil. * * * Standard & Poor's Ratings Services rates NRG Energy Inc.'s USUS$4.7 billion unsecured bonds at 'B'. In addition, Standard & Poor's rates NRG Energy Inc.'s corporate credit rating at 'B+'. S&P said the outlook is stable. P & S BAUGESELLSCHAFT: Claims Registration Ends December 10 ----------------------------------------------------------- Creditors of P & S Baugesellschaft mbH & Co.KG have until Dec. 10 to register their claims with court-appointed insolvency manager Claus-Peter Langer. Creditors and other interested parties are encouraged to attend the meeting at 10:25 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 Munich Meeting Hall 102 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Claus-Peter Langer Herzog-Wilhelm-Str.17 80331 Munich Germany Tel: 236858-0 Fax: 2603440 The District Court of Munich opened bankruptcy proceedings against P & S Baugesellschaft mbH & Co.KG on Nov. 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: P & S Baugesellschaft mbH & Co.KG Inselkammerstr. 5 82008 Unterhaching Germany SCHIFFER BAUGESELLSCHAFT: Claims Registration Ends Dec. 21 ---------------------------------------------------------- Creditors of Schiffer Baugesellschaft mbH have until Dec. 21 to register their claims with court-appointed insolvency manager Klaus Siemon. Creditors and other interested parties are encouraged to attend the meeting on Jan. 25, 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 Moenchengladbach Meeting Hall A 14 Ground Floor Hohenzollernstr. 157 41061 Moenchengladbach Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Klaus Siemon Homberger Strasse 12 40474 Duesseldorf Germany Tel: 0211/479970 Fax: +492114799750 The District Court of Moenchengladbach opened bankruptcy proceedings against Schiffer Baugesellschaft mbH on Nov. 8. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Schiffer Baugesellschaft mbH Schillerstrasse 1 41569 Rommerskirchen Germany TERWEDOW BAUGESELLSCHAFT: Claims Period Ends Dec. 14 ---------------------------------------------------- Creditors of Terwedow Baugesellschaft mbH have until Dec. 14 to register their claims with court-appointed insolvency manager Holger Rhode. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on Jan. 4, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wuppertal Meeting Room A234 Second Floor Isle 2 42103 Wuppertal Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Holger Rhode Friedrich-Ebert-Strasse 17 42103 Wuppertal Germany Tel: 0202/4086150 Fax: 0202/4086159 The District Court of Wuppertal opened bankruptcy proceedings against Terwedow Baugesellschaft mbH on Nov. 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Terwedow Baugesellschaft mbH Alte Ziegelei 1 c 42653 Solingen Germany Attn: Hans-Juergen Terwedow, Manager Heinestrasse 17 42651 Solingen Germany TIMEVISION GMBH: Claims Registration Period Ends Dec. 14 -------------------------------------------------------- Creditors of Timevision GmbH have until Dec. 14 to register their claims with court-appointed insolvency manager Robert Fliegner. Creditors and other interested parties are encouraged to attend the meeting at 9:40 a.m. on Jan. 4, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wuppertal Meeting Room A234 Second Floor Isle 2 42103 Wuppertal Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Robert Fliegner Gruenewalder Str. 29-31 42657 Solingen Germany Tel: 0212/2494200 Fax: 0212/2494201 The District Court of Wuppertal opened bankruptcy proceedings against Timevision GmbH on Nov. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Timevision GmbH Ketzberger Strasse 19a 42653 Solingen Germany Attn: Hansjoerg Falk, Manager Ketzberger Strasse 19a 42653 Solingen Germany W.C.S. GMBH: Claims Registration Period Ends Dec. 28 ---------------------------------------------------- Creditors of W.C.S. GmbH Werbemarketing-Consulting-Service have until Dec. 28 to register their claims with court-appointed insolvency manager Soenke Hansen. Creditors and other interested parties are encouraged to attend the meeting at 10:55 a.m. on Jan. 31, 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: Soenke Hansen Moenckebergstrasse 17 20095 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against W.C.S. GmbH Werbemarketing-Consulting-Service on Nov. 8. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: W.C.S. GmbH Werbemarketing-Consulting-Service Attn: Guenther Klauer, Manager Barlachstrasse 9 21073 Hamburg Germany WLG LOGISTIK: Creditors' Meeting Slated for Dec. 18 --------------------------------------------------- The court-appointed insolvency manager for WLG Logistik und Grundstuecksverwaltungsgesellschaft mbH, Heiko Dauenhauer will present his first report on the Company's insolvency proceedings at a creditors' meeting at 2:00 p.m. on Dec. 18. 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 2:00 p.m. on Feb. 5, 2008, at the same venue. Creditors have until Jan. 15, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Heiko Dauenhauer Bahnhofstrasse 2 66953 Pirmasens Germany Tel: 0 63 31-55 22 0 Fax: 0 63 31-55 22 55 The District Court of Pirmasens opened bankruptcy proceedings against WLG Logistik und Grundstuecksverwaltungsgesellschaft mbH on Oct. 17. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: WLG Logistik und Grundstucksverwaltungsgesellschaft mbH Gueterbahnhof 66953 Pirmasens Germany ZEITARBEIT GROSSMANN: Claims Registration Period Ends Dec. 21 ------------------------------------------------------------- Creditors of Zeitarbeit Grossmann GmbH have until Dec. 21 to register their claims with court-appointed insolvency manager Norbert Oberdiek. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Jan. 16, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Saarbruecken Area Hall 13 First Floor Vopeliusstrasse 2 66280 Sulzbach 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: Norbert Oberdiek Mathias-Iven-Strasse 10 66117 Saarbruecken Germany Tel: 0681/954 120 Fax: 0681/954 1222 The District Court of Saarbruecken opened bankruptcy proceedings against Zeitarbeit Grossmann GmbH on Nov. 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Zeitarbeit Grossmann GmbH Bruehlstr. 14 66606 St Wendel Germany ========= I T A L Y ========= ALITALIA SPA: PM Sees New Owner for 49.9% Stake by Dec. 25 ---------------------------------------------------------- Italian Prime Minister Romano Prodi believes a buyer will be chosen for the government's 49.9% stake in Alitalia S.p.A. by Dec. 25, 2007, Flavia Krause-Jackson writes for Bloomberg News. Transport Minister Alessandro Bianchi said on Nov. 26, 2007, that Italy has no plans to postpone the stake sale to 2008, Bloomberg News relates. Three parties remain in contention for Italy's controlling stake in Alitalia: -- Air France-KLM, -- Deutsche Lufthansa AG, and -- AP Holding S.p.A. OAO Aeroflot will not participate in the process while Cordata Baldassarre's bid was deemed "no longer compatible" to the sale. TPG Capital, meanwhile, was unable to finalize an Italian-led consortium, but will continue to follow the developments of the sale. Alitalia has extended to Dec. 5, 2007, the deadline for submission of non-binding offers and may commence exclusive negotiations with the chosen bidder within the first half of December 2007. 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. DANA CORP: Wants Pact Resolving Appaloosa Dispute Approved ---------------------------------------------------------- Dana Corporation and 40 of its domestic direct and indirect debtor-subsidiaries ask the U.S. Bankruptcy Court for the Southern District of New York to approve a settlement that resolves their disputes with Appaloosa Management, L.P., which had lost a bid to provide equity exit financing to the company. Under the settlement, Dana agreed to reimburse up to US$2,000,000 for out-of-pocket expenses Appaloosa Management incurred in the Chapter 11 cases, in exchange for its support to Dana's Joint Plan of Reorganization. In October 2007, Dana's Board of Directors rejected Appaloosa's offer to purchase preferred Dana shares that remain unsold in a rights offering. Dana's Reorganization Plan, as amended, incorporates a Global Settlement which provides, among others, (i) an equity financing of up US$790,000,000 by Centerbridge Capital Partners, L.P., and members of an Ad Hoc Steering Committee, and (ii) a settlement between Dana and its unions. As part of of the Settlement, Appaloosa has agreed to withdraw its appeal on a prior order by Judge Lifland approving the Debtors' investment agreement with Centerbridge. The Settlement Agreement will also permit Appaloosa to invest in reorganized Dana. Appaloosa will be permitted to acquire unsecured claims prior to the November 28, 2007 record date established by the Plan and the Investment Agreement for determining parties entitled to purchase new Series B preferred stock. Dana said that its settlement agreement with Appaloosa, which holds 14.98% of existing common stock of Dana, will resolve one of the major potential obstacles remaining to confirmation of the Plan, at minimal cost. The Settlement has been negotiated with the Official Committee of Unsecured Creditors. Centerbridge has also consented to the terms of the Settlement. The primary terms of the Settlement Agreement are: -- Withdrawal of Appeal: Appaloosa will withdraw the Appellate Case with prejudice within two business days of the Settlement becoming effective. -- Waiver of Standstill: The Debtors will waive certain provisions of a Confidentiality Agreement between Dana and Appaloosa to lift contractual restrictions on Appaloosa from acquiring a beneficial ownership of claims or debt securities of Dana its subsidiaries. -- Expenses: The Creditors Committee will support, and the Debtors will take no position with respect to, a motion by Appaloosa under Section 503(b) of the Bankruptcy Code seeking reimbursement of US$2,000,000 of reasonable fees and expenses incurred in connection with the Debtors' Chapter 11 cases. -- Voting: The order approving the Settlement will provide that all of Appaloosa's claims against the Debtors now held or acquired prior to the deadline for voting on the Plan will be deemed to vote to accept the Plan and consent to the releases provided for therein. Appaloosa will only transfer its claims to an entity that agrees to accept all of Appaloosa's obligations under the Settlement. -- Plan Support Agreement: Appaloosa will reaffirm its obligations under the Plan Support Agreement dated July 26, 2007, among Dana, the Unions, Centerbridge and certain of its affiliates and various holders of unsecured claims that agreed to support the Plan. The Debtors and the Creditors Committee waive certain claims for breach of contract they may have versus Appaloosa under the Plan Support Agreement. -- Investment Agreement: Appaloosa will support the Investment Agreement between Dana and Centerbridge and will refrain from taking a number of enumerated actions that would serve to interfere with the Investment Agreement or the confirmation of the Plan. Corinne Ball, Esq., at Jones Day, in New York, tells the Court, the Settlement Agreement (a) surpasses "the lowest point in the range of reasonableness," (b) represents a proper exercise of the Debtors' business judgment and (c) should be approved pursuant to Section 363 of the Bankruptcy Code and Rule 9019 of the Federal Rules of Bankruptcy Procedure. About Dana Corporation Headquartered in Toledo, Ohio, Dana Corporation -- http://www.dana.com/-- designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. Dana has facilities in China in the Asia-Pacific, Argentina in the Latin-American regions and Italy in Europe. The company and its affiliates filed for chapter 11 protection on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Sept. 30, 2007, the Debtors listed US$7,018,000,000 in total assets and 7,554,000,000 in total debts resulting in a total shareholders' deficit of US$536,000,000. Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represent the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners serves as Dana's Chief Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents the Official Committee of Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the Official Committee of Equity Security Holders. Stahl Cowen Crowley, LLC serves as counsel to the Official Committee of Non-Union Retirees. The Debtors filed their Joint Plan of Reorganization on Aug. 31, 2007. On Oct. 23, 2007, the Court approved the adequacy of the Disclosure Statement explaining their Plan. The Court has set Dec. 10, 2007, to consider confirmation of the Plan. (Dana Corporation Bankruptcy News, Issue No. 62; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). DANA CORP: Secures US$2 Billion Exit Financing ---------------------------------------------- Dana Corporation has obtained fully underwritten commitments for a US$2,000,000,000 exit financing facility, marking a significant step toward the company's timely emergence from Chapter 11 reorganization. These commitments ensure that Dana will be positioned to emerge from bankruptcy by the end of January 2008, or earlier. The exit facility will be underwritten by Citigroup Global Markets Inc., Lehman Brothers Inc., and Barclays Capital, and will consist of a US$650,000,000 asset-based revolving credit facility and a US$1,350,000,000 term loan facility. The facilities are secured by substantially all of the assets of Dana and most of its domestic subsidiaries. Dana Chairman and Chief Executive Officer Mike Burns said, "This is a significant step toward our emergence as a strong, financially stable company that is equipped to make significant investments in our programs and to continue providing innovative products of the highest quality to our customers worldwide. The fact that our exit facility is fully underwritten during difficult credit market conditions is a strong endorsement of our proposed capital structure and success in implementing our turnaround initiatives. In addition, it further ensures our timely emergence from Chapter 11 after confirmation of our plan of reorganization by the bankruptcy court." Proceeds from the facility will be used by Dana to repay its debtor-in-possession credit facility, make other payments required upon exit from bankruptcy, and provide liquidity to fund working capital and other general corporate purposes. The commitment letter remains subject to bankruptcy court approval and the funding of the commitments set forth in the commitment letter is subject to customary closing conditions. Dana was advised by Miller Buckfire & Co., AlixPartners, and Jones Day in connection with its exit financing process. About Dana Headquartered in Toledo, Ohio, Dana Corporation -- http://www.dana.com/-- designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. Dana has facilities in China in the Asia-Pacific, Argentina in the Latin-American regions and Italy in Europe. The company and its affiliates filed for chapter 11 protection on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Aug. 31, 2007, the Debtors listed USUS$6,878,000,000 in total assets and US$7,551,000,000 in total debts resulting in a total shareholders' deficit of US$673,000,000. Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represent the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners serves as Dana's Chief Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents the Official Committee of Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the Official Committee of Equity Security Holders. Stahl Cowen Crowley, LLC serves as counsel to the Official Committee of Non-Union Retirees. The Debtors filed their Joint Plan of Reorganization on Aug. 31, 2007. On Oct. 23, 2007, the Court approved the adequacy of the Disclosure Statement explaining their Plan. The Court has set Dec. 10, 2007, to consider confirmation of the Plan. (Dana Corporation Bankruptcy News, Issue No. 62; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). PARMALAT SPA: Allocated Shares to Creditors Hike Stock Capital -------------------------------------------------------------- Parmalat S.p.A. communicates that, following the allocation of shares to creditors of the Parmalat Group, the subscribed and fully paid up share capital has now been increased by EUR77,640 to EUR1,652,118,077 from EUR1,652,040,437. The share capital increase is due to the exercise of 77,042 warrants and to the assignation of 598 shares. The latest status of the share allotment is that 34,186,761 shares representing approximately 2.1% of the share capital are still in a deposit account c/o Parmalat S.p.A., of which: * 13,481,713 or 0.8% of the share capital, registered in the name of individually identified commercial creditors, are still deposited in the intermediary account of Parmalat S.p.A. centrally managed by Monte Titoli (compared with 13,481,247 shares as at Oct. 26, 2007); and * 20,705,048 or 1.3% of the share capital registered in the name of the Foundation, called Fondazione Creditori Parmalat, of which: -- 120,000 shares representing the initial share capital of Parmalat S.p.A. (unchanged); and -- 20,585,048 or 1.2% of the share capital that pertain to currently undisclosed creditors (compared with 21,361,710 shares as at Oct. 26, 2007). Headquartered in Milan, Italy, Parmalat S.p.A. -- http://www.parmalat.net/-- sells nameplate milk products that can be stored at room temperature for months. It also has about 40 brand product lines, which include yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The company's U.S. operations filed for chapter 11 protection on Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP, represent the Debtors. When the U.S. Debtors filed for bankruptcy protection, they reported more than $200 million in assets and debts. The U.S. Debtors emerged from bankruptcy on April 13, 2005. Parmalat S.p.A. and its Italian affiliates filed separate petitions for Extraordinary Administration before the Italian Ministry of Productive Activities and the Civil and Criminal District Court of the City of Parma, Italy on Dec. 24, 2003. Dr. Enrico Bondi was appointed Extraordinary Commissioner in each of the cases. The Parma Court has declared the units insolvent. On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No. 04-14268, in the United States Bankruptcy Court for the Southern District of New York. Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat Capital Finance Ltd., and Food Holdings Ltd. Dairy Holdings and Food Holdings are Cayman Island special-purpose vehicles established by Parmalat S.p.A. The Finance Companies are under separate winding up petitions before the Grand Court of the Cayman Islands. Gordon I. MacRae and James Cleaver of Kroll (Cayman) Ltd. serve as Joint Provisional Liquidators in the cases. On Jan. 20, 2004, the Liquidators filed Sec. 304 petition, Case No. 04-10362, in the United States Bankruptcy Court for the Southern District of New York. In May 2006, the Cayman Island Court appointed Messrs. MacRae and Cleaver as Joint Official Liquidators. Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon, Herlands Randolph, represent the Finance Companies in the Sec. 304 case. The Honorable Robert D. Drain presides over the Parmalat Debtors' U.S. cases. On June 21, 2007, the U.S. Court Granted Parmalat Permanent Injunction. TISCALI SPA: Unveils Strategic Plan for 2008-2012 ------------------------------------------------- The Board of Directors of Tiscali S.p.A. has approved its strategic plan for 2008-2012. Industrial Plan 2008-2012: Guidelines The guidelines at the basis of the industrial plan 2008-2012 foresee to strengthen the competitive positioning in Italy and in the U.K. targeting, primarily in 2008, the acceleration of the integration process of Pipex in the U.K. and a commercial boost in Italy. The product positioning will be maintained on the double play offers (voice and data) with high capacity and at competitive prices, with an offer also covering IPTV services, already available in the UK and which are being launched in Italy and mobile telephony services as well (through MVNO agreements). The plan also envisages, particularly in the U.K. by leveraging on the client base acquired with Pipex, to further develop a positioning in the SMEs market, by offering a complete portfolio of integrated IP services with a competitive market positioning. From an infrastructure standpoint, the plan contemplates a further expansion of the network to reach 1,800 unbundling (LLU) sites in 2008 and 2,100 by 2009, covering approximately 30 million lines. In particular, it is expected to reach 1,000 LLU sites in the U.K. in 2008 (740 of which IPTV enabled) and 1,100 sites in 2009 (covering 17 million lines). In Italy, thanks to a virtual unbundling agreement reached with Telecom Italia, the IPTV offer will be launched on 1,000 LLU sites already in 2008 (13 million lines), rolling out the network in 2H2008 to reach directly 800 LLU sites by 2008 and 1,000 in 2009, where economically viable. The capital expenditure necessary to acquire the forecast customer base and to develop the network and the new services (IPTV and MVNO etc), amounts, over the business plan horizon, to ca EUR1 billion, of which EUR220 million in 2008. In order to further simplify the Group structure and to achieve a better operating efficiency, the Board of Directors has also approved the merger of Tiscali Italia S.p.A. with Tiscali Services - the company currently providing IT services to the Group - and a new consolidation perimeter including all Italian activities of the Group (Tiscali Italian SpA, Tiscali Services, Tiscali Network, MVNO). Targets On the basis of the business plan approved the targets at consolidated level and in Italy and United Kingdom are: -- 2008 revenues at EUR1.3 billion (+39% vs 2007) growing 17% per annum to reach over EUR2 billion in 2012. In particular: * Italy: EUR417 million revenues in 2008 and EUR850 million in 2012 (+21% per annum), 70% from direct access; and * United Kingdom: approximately EUR900 million of revenues in 2008 and approximately EUR1.2 billion revenues in 2012, +14% per annum with about 70% from direct access. -- Gross Operating Result at EUR290 million in 2008 (22% of revenues) and over EUR600 million in 2012 (30% of revenues), with a 30% growth per annum. In particular: * Italy: Gross Operating Result at EUR90 million in 2008 (21% of revenues) and EUR250 million in 2012 (29% of revenues); * United Kingdom: Gross Operating Result at approximately EUR220 million in 2008 (24% of revenues) and EUR370 million in 2012 (30% of revenues) -- 3.3 million customers in 2008, of which 1.6 million direct customers and 1.1 million 'multiplay,' reaching over 4 million customers in 2012 of which approximately 3 million direct customers (2.1 million as 'multiplay' customers, of which 650,000 IPTV). In particular: * In Italy 1.2 million customers in 2008 of which 600,000 direct customers and 400,000 multiplay customers, reaching 1.7 m