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 Wednesday, December 5, 2007, Vol. 8, No. 241 Headlines A U S T R I A AKOS OBJEKTSANIERUNG: Vienna Court Orders Business Shutdown ELEPHANT LLC: Ried im Innkreis Court Orders Business Shutdown FALCONTROL SECURITY: Creditors' Meeting Slated for Dec. 12 GASTRO-TOURIST: Creditors' Meeting Slated for Dec. 6 INWESTED ASSET: Korneuburg Court Orders Business Shutdown VISEMA INFORMATIK: Vienna Court Orders Business Shutdown VTR VERANSTALTUNGSTECHNIK: Creditors' Meeting Slated for Dec. 12 B E L G I U M CHIQUITA BRANDS: Gets EU Sanction Over Banana Cartel in Europe NUANCE COMMUNICATIONS: Completes Viecore Acquisition F I N L A N D BRIGHTPOINT INC: Appoints Three Executive Officers F R A N C E DELPHI CORP: Wants Exclusive Filing Period Stretched to March 31 DRESSER-RAND GROUP: Implements Terms of New Union Contract FRESH DEL MONTE: Names Elias Hebeka as Director on Board QUEBECOR MEDIA: Issues Statement Regarding Spectrum Auction G E R M A N Y ADEXPERT GMBH: Claims Registration Period Ends Jan. 24, 2008 ARCON-KONSTRUKTION GMBH: Claims Registration Period Ends Dec. 27 AUTOHAUS MEISTER: Claims Registration Period Ends Jan. 2, 2008 BERGOINT ENGINEERING: Claims Registration Period Ends Jan. 3 BHS.NET GMBH: Creditors' Meeting Slated for December 4 BONK UND FUNKE: Claims Registration Ends December 28 C.P.BAUPROJEKT: Claims Registration Ends December 28 CASA HOCHBAU: Claims Registration Ends December 31 CEC IMMOBILIEN: Claims Registration Ends February 1, 2008 FONSCO GMBH: Claims Registration Ends December 28 FRANZ KUENG: Creditors' Meeting Slated for December 18 GB-WOHNANLAGEN SERVICE: Claims Registration Ends December 28 G F I GESELLSCHAFT: Claims Registration Period Ends Jan. 2, 2008 GIPSER- UND STUKKATEURBETRIEB: Claims Period Ends December 21 GOLDEN DRAGON: Claims Registration Period Ends January 2, 2008 HOLZAEPFEL WOHNBAU: Claims Registration Ends December 31 IKB DEUTSCHE: Mulls Capital Increase to Raise EUR2 Bln, FT Says ITG-GMBH: Claims Registration Period Ends January 2, 2008 J & M PROJEKTSTEUERUNGSGESELLSCHAFT: Claims Period Ends Dec. 27 K & K SERVICE: Claims Registration Period Ends Jan. 28, 2008 K. J. FRIEDRICH: Claims Registration Ends December 30 KONZEPTA GRUNDSTUECKS: Creditors' Meeting Slated for December 17 KUPFERBERG CONSULT: Creditors' Meeting Slated for Jan. 30, 2008 MEDIA VISION: Claims Registration Period Ends December 25 P+T GMBH: Creditors' Meeting Slated for December 21 PROSIEBENSAT.1 MEDIA: Posts EUR77.9 Mln Net Loss for Q3 2007 REGIONAL-BAU GMBH: Claims Registration Period Ends December 27 SI-COM GMBH: Creditors' Meeting Slated for December 18 SL WOHNBAU: Claims Registration Period Ends Jan. 21, 2008 G R E E C E ASPIS BANK: Fitch Affirms BB+ IDR with Stable Outlook OLYMPIC AIRLINES: Aid Recoup Done, Greece Tells European Court I R E L A N D INTERNATIONAL SECURITIES: Court Places Firm Under Examinership SCANDINOTES FIVE: Moody's Rates DKK255 Mln Class D Notes at Ba3 I T A L Y ALITALIA SPA: Group Net Debt Stands at EUR1.18 Bln in October K A Z A K H S T A N ACT TRADE: Proof of Claim Deadline Slated for December 28 BUSINESS CENTRE: Creditors Must File Claims December 28 ECO AGROPROMPROJECT: Claims Filing Period Ends Jan. 1, 2008 KANDI TRADE: Creditors' Claims Due on December 28 KUNDYZ LLP: Claims Registration Ends January 1, 2008 SAMGAU LTD: Proof of Claim Deadline Slated for December 28 SERVER-2030 LLP: Creditors Must File Claims December 28 TAU-HOLDING LLP: Claims Filing Period Ends December 28 VEK LLP: Creditors' Claims Due on January 1, 2008 ZARAP LLP: Claims Registration Ends January 1, 2008 K Y R G Y Z S T A N VENTURE C&C: Creditors Must File Claims by December 28 L U X E M B O U R G CA INC: Paying US$0.04 Per Share Quarterly Dividend on Dec. 28 N E T H E R L A N D S KONINKLIJKE AHOLD: Completes Tops Market Sale to Morgan Stanley N O R W A Y DRESSER-RAND: Employees Back to Work at Painted Post Facility R U S S I A AGROIMPULS JSCB: Moody's Assigns B3/NP/E+ Global Scale Ratings DAL'TRANSSTROY OJSC: Court Names E. S. Ugol'nikov as Liquidator GAZPROM NEFT: Gains Access to US$2.2 Billion Loan Facility GENERAL MOTORS: Bidding for Undisclosed Stake in OAO AvtoVAZ GOLDEN TELECOM: In Talks to Sell All Shares to VimpelCom GRES-2 OJSC: Creditors Must File Claims by December 22 IRIKLINSKOYE: Creditors Must File Claims by January 17, 2008 LIHOSLAVL'SKAYA GLOVE: Claims Filing Period Ends Jan. 17, 2008 MASHINOSTROITEL' TD: Creditors Must File Claims by December 17 MEZHDURECHENSKSTROY CJSC: Asset Sale Slated for December 17 SISTEMA JSFC: To Recommence Trading on Russian Stock Exchange TERSKIJ APK: Creditors Must File Claims by January 17, 2008 TEXTILE VYSHNE-VOLOTSKAYA: Hearing Slated for January 29, 2008 VIMPEL-COMMUNICATIONS: In Talks to Acquire Golden Telecom S P A I N AVANZIT SA: Chapter 15 Petition Summary S W I T Z E R L A N D AKKRO BAU: Claims Registration Period Ends December 10 BRAND AGENCY: Claims Registration Period Ends December 10 BEPES LLC: Creditors' Liquidation Claims Due by December 10 BUCH-UND ZEITUNGSVERLAG: Creditors Must File Claims by Dec. 12 GARTNER + LEBER: Creditors' Liquidation Claims Due by Dec. 10 IDS-INSTITUT: Creditors' Liquidation Claims Due by December 10 MANUS SCHADENSMANAGEMENT: Creditors Must File Claims by Dec. 10 PLUS-PUNKT OLTEN: Creditors Must File Claims by December 10 SCICO PUBLISHING: Bern Court Closes Bankruptcy Proceedings SEKI GASTRO: Bern Court Closes Bankruptcy Proceedings VARIF JSC: Creditors' Liquidation Claims Due by December 14 T U R K E Y CALIK HOLDING: Fitch Affirms IDR at B+ on Diversified Revenue PROFILO TELRA: Fitch Junks IDR on Liquidity Concerns U K R A I N E ASTRA-SVIT LLC: Creditors Must File Claims by December 6 BUILDING METAL: Creditors Must File Claims by December 6 DOWNY GOODS: Creditors Must File Claims by December 6 FRUIT-JELLY FILM: Creditors Must File Claims by December 6 GRAND CHEMISTRY: Creditors Must File Claims by December 6 LUTUGINO BREADRECEIVING: Creditors Must File Claims by Dec. 6 MEDICAL TECHNICS: Proofs of Claim Deadline Set December 6 ONYX-M LLC: Creditors Must File Claims by December 6 PRAVDA LLC: Proofs of Claim Deadline Set December 6 STAN-KOINTECH CJSC: Proofs of Claim Deadline Set December 6 TRADE-ARCHITECTURE BUILDING: Creditors' Claims Due December 6 WORKSAL AGRICULTURAL: Creditors Must File Claims by December 6 ZAPOROZHYE BOILER-ASSEMBLY: Creditors Must File Claims by Dec. 6 ZOLOTOY KOLOS: Creditors Must File Claims by December 6 U N I T E D K I N G D O M BAA LTD: Climate Activists Disrupt Parliamentary Inquiry CHRYSLER LLC: Overall November 2007 U.S. Sales Down 2 Percent CHRYSLER LLC: Invests US$48 Mln to Support New Dodge Production DAVIES & GIBBERSON: Brings In Liquidators from Moore Stephens FORD MOTOR: Overall U.S. Sales Up 0.4 Percent in November 2007 GENERAL MOTORS: Overall U.S. Sales Down 11 Percent in November GENERAL MOTORS: Bidding for Undisclosed Stake in OAO AvtoVAZ GREENLAKE DEVELOPMENTS: Appoints PwC as Joint Administrators HOBBY CERAMICS: J. M. Titley Leads Liquidation Procedure INDUSTRIA ENGINEERING: Claims Filing Period Ends January 9, 2008 MARCON BUILDINGS: Taps Begbies Traynor as Administrators NICOLSON PLANT: Brings In Administrators from BDO Stoy POPE & TALBOT: Wants Court OK to Hire Rives as Outside Counsel POPE & TALBOT: Selects FTI Consulting as Financial Advisor POPE & TALBOT: U.S. Trustee Elects 5-Member Creditors Committee POPE & TALBOT: Informs B.C. Supreme Court of APA with InterFor SUMMIT PRECISION: Barclays Bank Taps Kroll as Receivers TUDOR WINDOWS: Creditors' Meeting Slated for Dec. 11 ********* ============= A U S T R I A ============= AKOS OBJEKTSANIERUNG: Vienna Court Orders Business Shutdown ----------------------------------------------------------- The Trade Court of Vienna entered Oct. 29 an order shutting down the business of LLC AKOS Objektsanierung (FN 251753a). Court-appointed estate administrator Robert Klein 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. Robert Klein c/o Dr. Thomas Deschka Spiegelgasse 10 1010 Vienna Austria Tel: 513-99-39 Fax: 513 99 39 30 E-mail: klein@lawcenter.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Oct. 10 (Bankr. Case No 5 S 121/07i). Thomas Deschka represents Dr. Klein in the bankruptcy proceedings. ELEPHANT LLC: Ried im Innkreis Court Orders Business Shutdown ------------------------------------------------------------- The Land Court of Ried im Innkreis entered Oct. 29 an order shutting down the business of LLC Elephant (FN 143801y). Court-appointed estate administrator Peter Frisch 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. Peter Frisch Braunauerstrasse 22 4950 Altheim Tel: 07723/41213 Fax: 07723/41213-4 E-mail: office@ra-frisch.at Headquartered in Maria Schmolln, Austria, the Debtor declared bankruptcy on Oct. 19 (Bankr. Case No 17 S 39/07b). FALCONTROL SECURITY: Creditors' Meeting Slated for Dec. 12 ---------------------------------------------------------- Creditors owed money by LLC Falcontrol Security (FN 281287h) are encouraged to attend the creditors' meeting at 11:00 a.m. On Dec. 12. The creditors' meeting will be held at: The Land Court of Korneuburg Room 204 Second Floor Korneuburg Austria Headquartered in Vienna - Flughafen, Austria, the Debtor declared bankruptcy on Oct. 25 (36 S 129/07y). Stefan Langer serves as the court-appointed estate administrator of the bankrupt's estate. Annemarie Kosesnik-Wehrle represents Dr. Langer in the bankruptcy proceedings. The estate administrator can be reached at: Dr. Stefan Langer c/o Dr. Annemarie Kosesnik-Wehrle Oelzeltgasse 4 1030 Vienna Austria Tel: 01/712 63 02 Fax: 01/713 61 92 22 E-mail: kanzlei@kosesnik-langer.at GASTRO-TOURIST: Creditors' Meeting Slated for Dec. 6 ---------------------------------------------------- Creditors owed money by LLC Gastro-Tourist (FN 269953s) are encouraged to attend the creditors' meeting at 11:15 a.m. on Dec. 6. The creditors' meeting will be held at: The Land Court of Graz Room 222 Second Floor Graz Austria Headquartered in Voitsberg, Austria, the Debtor declared bankruptcy on Oct. 24 (26 S 89/07v). Mag. Herbert Ortner serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Mag. Herbert Ortner Hauptplatz 57 8570 Voitsberg Austria Tel: 03142/22303 Fax: 03142/223036 E-mail: office@recht-kompetent.at INWESTED ASSET: Korneuburg Court Orders Business Shutdown --------------------------------------------------------- The Land Court of Korneuburg entered Oct. 31 an order shutting down the business of JSC inWESTed Asset Management & Beteiligung (FN 254491b). Court-appointed estate administrator Stephan Riel 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. Stephan Riel c/o Dr. Alexander Schoeller Landstrasser Hauptstrasse � 1030 Vienna Austria Tel: 01/713 44 33 Fax: 01/713 10 33 E-mail: kanzlei@jsr.at Headquartered in Gerasdorf bei Vienna, Austria, the Debtor declared bankruptcy on Oct. 22 (Bankr. Case No 36 S 126/07g). Alexander Schoeller represents Dr. Riel in the bankruptcy proceedings. VISEMA INFORMATIK: Vienna Court Orders Business Shutdown -------------------------------------------------------- The Trade Court of Vienna entered Oct. 24 an order shutting down the business of LLC Visema Informatik (FN 210443a). Court-appointed estate administrator Walter Kainz 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. Walter Kainz Gusshausstrasse 23 1040 Vienna Austria Tel: 505 88 31 Fax: 505 94 64 E-mail: kanzlei@kainz-wexberg.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Oct. 22 (Bankr. Case No 28 S 119/07i). VTR VERANSTALTUNGSTECHNIK: Creditors' Meeting Slated for Dec. 12 ---------------------------------------------------------------- Creditors owed money by LLC VTR Veranstaltungstechnik Rieder (FN 139500y) are encouraged to attend the creditors' meeting at 10:30 a.m. on Dec. 12. The creditors' meeting will be held at: The Land Court of Korneuburg Room 204 Second Floor Korneuburg Austria Headquartered in Korneuburg, Austria, the Debtor declared bankruptcy on Oct. 25 (36 S 128/07a). Horst Winkelmayr serves as the court-appointed estate administrator of the bankrupt's estate. Herbert Nigl represents Mag. Winkelmayr in the bankruptcy proceedings. The estate administrator can be reached at: Mag. Horst Winkelmayr c/o Mag. Herbert Nigl Hauptplatz 15 2100 Korneuburg Austria Tel: 02262/724 35 Fax: 02262/724 35 50 E-mail: rae@kniwi.at ============= B E L G I U M ============= CHIQUITA BRANDS: Gets EU Sanction Over Banana Cartel in Europe -------------------------------------------------------------- The European Union told Plenglish.com that it will sanction Chiquita Brands International, for making a banana cartel in Europe. According to Plenglish.com, the union also pointed out these firms as responsible for banana cartel: -- Dole Food, -- Del Monte, -- Ecuador's Noboa, and -- Ireland's Fyffes. Plenglish.com notes that the companies were allegedly exporting large amounts of banana to Europe at "artificially high prices." European Commissioner for Competition Neelie Kroes sent a letter to the firms to inform them about the sanction, Plenglish.com states. About Chiquita Brands Cincinnati, Ohio-based Chiquita Brands International, Inc. (NYSE: CQB) -- http://www.chiquita.com/-- markets and distributes fresh food products including bananas and nutritious blends of green salads. The company markets its products under the Chiquita(R) and Fresh Express(R) premium brands and other related trademarks. Chiquita employs approximately 25,000 people operating in more than 70 countries worldwide, including Belgium, Columbia, Germany, Panama, Philippines, among others. * * * As reported in the Troubled Company Reporter on May 16, 2007, Moody's Investors Service Ratings affirmed these ratings on Chiquita Brands International Inc.: (i) corporate family rating at B3; (ii) probability of default rating at B3; (iii) US$250 million 7.5% senior unsecured notes due 2014 at Caa2(LGD5, 89%); and (iv) US$225 million 8.875% senior unsecured notes due 2015 at Caa2 (LGD5, 89%). Moody's changed the rating outlook for Chiquita Brands to negative from stable. Troubled Company Reporter reported on May 4, 2007, that Standard & Poor's Ratings Services placed its 'B' corporate credit and other ratings on Cincinnati, Ohio-based Chiquita Brands International Inc. on CreditWatch with negative implications, meaning that the ratings could be lowered or affirmed following the completion of their review. Total debt outstanding at the company was about US$1.3 billion as of March 31, 2007. NUANCE COMMUNICATIONS: Completes Viecore Acquisition ---------------------------------------------------- Nuance Communications Inc. has closed the acquisition of Viecore, Inc., a consulting and systems integration firm specializing in the deployment of contact center solutions for large enterprises. Viecore expands Nuance's professional services capabilities and complements its existing partnerships, allowing the Company to deliver end-to-end speech solutions and system integration for speech-enabled customer care in key vertical markets including financial services, telecommunications, healthcare, utilities and government. Viecore's consulting services, systems integration experience and significant intellectual property related to services delivery allows Nuance to further accelerate the deployment of customer care solutions. In connection with the acquisition of Viecore and in accordance with NASDAQ Marketplace Rule 4350, Nuance will grant 613,363 shares of its common stock, in the form of stand-alone restricted stock units, as an inducement that is material to 334 individuals entering into employment arrangements with Nuance. The restricted stock units will be granted upon the approval of the Compensation Committee of Nuance's Board of Directors. 577,600 of the restricted stock units vest over a four year period, 11,921 of the restricted stock units vest over a 90-day period, 11,921 of the restricted stock units vest over a one year period and 11,921 of the restricted stock units vest over a two year period. About Viecore Viecore is a leading consulting and systems integration firm delivering end-to-end automated customer interaction solutions. Since 1989, Viecore has been a trusted advisor to enterprise- level corporations, providing leadership and guidance in defining contact center strategies. Its integration services bring together CTI (computer telephony integration), IVR (interactive voice response), speech, and web technologies-to deliver comprehensive customer interaction management solutions for a wide range of industry segments. Its customer interaction solutions are deployed in thousands of enterprises worldwide, helping millions of callers every day, access information and perform self-service transactions. About Nuance Communications Based in Burlington, Massachusetts, Nuance Communications Inc. (NASDAQ: NUAN), fka ScanSoft Inc., -- http://www.nuance.com/-- provides speech and imaging solutions for businesses and consumers around the world. Its technologies, applications and services that help users interact with information, and create, share and use documents. The company has offices in Australia, Belgium, Japan, Korea, Hong Kong, India, Mexico, and the United Kingdom, among others. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 9, 2007, Standard & Poor's Ratings Services affirmed its 'B+' corporate credit rating on Burlington, Massachusetts-based Nuance Communications Inc. and assigned its 'B-' rating to Nuance's proposed USUS$150 million senior unsecured convertible notes due 2027. Proceeds from the notes will be used to partially fund the previously announced acquisition of Tegic Communications Inc. S&P said the outlook is positive. ============= F I N L A N D ============= BRIGHTPOINT INC: Appoints Three Executive Officers -------------------------------------------------- Brightpoint Inc., in connection with its ongoing integration following its transaction with Dangaard Telecom, the duties and responsibilities of certain executives are modified effective immediately: -- Jac Currie has been appointed as the company's Chief Information Officer and will lead the company's global IT team. -- R. Bruce Thomlinson will continue in his role of President, Asia Pacific but will have his scope expanded to include the Middle East, Africa and India. -- David O'Connell has been appointed as Chief Financial Officer for Brightpoint Europe. Prior to his appointment as CIO, Mr. Currie had been President of Emerging Markets since January 2006. From August 2002 to December 2005, Mr. Currie was the chairman and chief executive officer of Persequor Limited, a holding company for investments in wireless telecommunications that the Company subsequently acquired and which is now one of the Company's wholly owned subsidiaries. From January 1998 to August 2002, Mr. Currie served as the managing director of Brightpoint Middle East FZE, then one of the Company's wholly owned subsidiaries. Mr. Currie also serves on the board of directors of several of the Company's subsidiaries. Mr. Currie is a wireless industry veteran, having been involved in the industry since 1988. Prior to joining Brightpoint, he was employed by Deutsche Telecom in the Philippines. He also worked with Millicom International Cellular from 1988 to 1995, in various senior marketing and management roles throughout Europe, Asia and Latin America. Mr. Thomlinson has served the Company in various capacities, most recently as President, Asia-Pacific. Prior to the integration with Dangaard, Mr. Thomlinson served as President, International Operations from August 2005. Previously, he served as President of the Company's Asia-Pacific division from October 1998 and as Managing Director of Brightpoint Australia since October 1996, when Brightpoint acquired Hatadicorp Pty Ltd. Prior to that time, Mr. Thomlinson held the position of Managing Director for Hatadicorp. He has been engaged in the wireless communications industry since 1989. Prior to his appointment as CFO for Brightpoint Europe, Mr. O'Connell served as Vice President Integration and Communication since November 2006. Prior to that, Mr. O'Connell served as Vice President of Taxation, Global Credit and Risk Management for Brightpoint since April of 2003. From August of 1997 to April of 2003 he was the company's Director of Taxation. Prior to joining the Company, Mr. O'Connell was Tax Manager for Allison Engine Company (now Rolls-Royce) in Indianapolis, Indiana. Prior thereto, he held various tax positions with Ernst & Young. About Brightpoint Headquartered in Plainfield, Indiana, Brightpoint, Inc. -- http://www.brightpoint.com/-- distributes wireless devices and accessories, as well as provision of customized logistic services to the wireless industry. The company primarily operates in Australia, Colombia, Finland, Germany, India, New Zealand, Norway, the Philippines, the Slovak Republic, Sweden, United Arab Emirates and the United States. The company's customers include mobile operators, mobile virtual network operators, resellers, retailers and wireless equipment manufacturers. Brightpoint was incorporated in 1989 under the name Wholesale Cellular USA, Inc. and changed its name to Brightpoint Inc. in 1995. * * * On April 12, 2006, Standard & Poor's placed Brightpoint's long- term local and foreign issuer credit ratings at BB- with a stable outlook. =========== F R A N C E =========== DELPHI CORP: Wants Exclusive Filing Period Stretched to March 31 ---------------------------------------------------------------- Delphi Corporation and its debtor affiliates and subsidiaries ask the U.S. Bankruptcy Court for the Southern District of New York to further extend their exclusive periods to: (a) file a plan of reorganization through and including March 31, 2008; and (b) solicit acceptance of that plan through and including May 31, 2008. The Debtors' current Exclusive Plan Proposal Period will expire on December 31, 2007. "A further extension of the Exclusive Periods is justified by the significant progress the Debtors have made toward reorganization since they last sought an extension of the Exclusive Periods," John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, in Chicago, Illinois, asserts. The Debtors' good-faith progress towards reorganization, according to Mr. Butler, is most convincingly demonstrated by the filing of the Joint Plan of Reorganization and Disclosure Statement on Sept. 6, 2007. The Plan and Disclosure Statement were the products of a series of intense negotiations involving the Debtors, the Plan Investors led by Appaloosa Management L.P., the Statutory Committees, and General Motors Corp., Mr. Butler avers. As a result of the turbulence in the capital markets, however, the Debtors were required to negotiate potential amendments to the Plan and Disclosure Statement with certain stakeholders, Mr. Butler relates. Nonetheless, the Plan provides for full payment at Plan value to creditors and a distribution for equity holders, he notes. "All of these negotiated amendments represent the Debtors' continuing efforts to emerge from Chapter 11 protection as quickly as possible so that they can maximize value for all their stakeholders," Mr. Butler assures the Court. In addition to the significant progress toward confirming a plan, Mr. Butler points out that that the Debtors have substantially achieved the goals of their transformation plan by, among other things, negotiating amended collective bargaining agreements with their labor unions and comprehensive settlement and restructuring agreements with GM; continuing to divest non-core assets and businesses; and obtaining the second of two pension funding waivers from the Internal Revenue Service. The unresolved contingencies relating to fully committed exit financing, solicitation, and confirmation of the Plan, as well as the size and complexity of the Debtors' cases also justify a further extension of the Exclusive Periods, Mr. Butler adds. "The size and complexity of the Debtors' chapter 11 cases alone constitute sufficient cause to extend the Exclusive Periods," he asserts. Accordingly, the Debtors seek an extension of the Exclusive Periods to give them sufficient time to complete the Plan solicitation and confirmation processes in a timeframe that will allow them to emerge from bankruptcy in the first quarter of 2008. The Debtors are not using their Exclusive Periods to pressure stakeholders to submit to their reorganization demands, Mr. Butler clarifies. The Debtors, he explains, are actively utilizing the Periods to resolve remaining issues in good faith with their diverse constituencies. In addition, the Debtors' request is without prejudice to any party's right to request a termination of exclusivity for cause at any time under Section 1121(d) of the Bankruptcy Code. The Debtors said the requested extension was precautionary. The Debtors continue to expect that they will emerge from Chapter 11 during the first quarter of 2008. The Detroit News notes that Delphi, in November 2007, said if its plan isn't in place by Dec. 31, it could owe the U.S. Internal Revenue Service US$1,400,000,000, when the waiver on funding of the auto-parts supplier's pension obligations expires and would compel the company to pay taxes and penalties to the IRS. The IRS, according to the report, could extend the waiver. About Delphi Corp. Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of March 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in total assets and USUS$23,851,000,000 in total debts. The Debtors' exclusive plan-filing period expires on Dec. 31, 2007. On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan of Reorganization and a Disclosure Statement explaining that Plan. (Delphi Bankruptcy News, Issue No. 99; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) DRESSER-RAND GROUP: Implements Terms of New Union Contract ---------------------------------------------------------- Dresser-Rand Group Inc., after reaching impasse in its negotiations with the IUE-CWA Local 313 union representatives for the company's Painted Post facility in New York State, the company has implemented the terms of its last offer and has invited bargaining unit employees to immediately return to work. At the time of the strike on Aug. 4, 2007, there were approximately 400 bargaining unit employees. However, since the strike began, the company has hired over 90 permanent replacement workers, subcontracted approximately 35% of its work, and continued to augment production with approximately 130 temporary employees. It is anticipated that temporary employees will continue to be reduced by additional new hires, employees returning to work, and increased subcontracting. "This is a major event in the evolution of this facility because the contract language governing our operating policies is now consistent with contemporary standards, and the employee benefits will be more in line with the vast majority of what already exists among Dresser-Rand U.S.-based union and non-union employees," said Dresser-Rand President and Chief Executive Officer, Vincent R. Volpe, Jr. "While it is unfortunate that we collectively had to endure a sixteen week strike, it is equally clear that this was an investment in the future of the Painted Post facility. Throughout the course of the strike, our replacement workers and our salaried employees, as well as the strikers who returned to work, did an outstanding job because of their dedication and their extended work hours in helping the business move forward," said Mr. Volpe. On Nov. 13, 2007, the Union and the company agreed to meet for 3 more days of bargaining and then to meet every day beginning Nov. 26, 2007, in continuous negotiating sessions on consecutive days thereafter. On Nov. 19, 2007, the union made an offer to return to work under the expired contract. This followed 32 sessions of negotiations between the company and the union and a sixteen-week strike. The company elected not to accept the union's offer. During the first two days of negotiations following the Thanksgiving holiday, both parties expressed their unwillingness to change their negotiating position. The union then informed the company that it was unavailable to meet for the remainder of the week, and ended the negotiations at approximately noon on Nov. 27, 2007. According to Vice President and Chief Administrative Officer Elizabeth Powers, "The Union has filed several unfair labor practice charges against the company which will be decided over the course of the next several months. The company has fully cooperated with the National Labor Relations Board's investigation of these charges. However, the company, together with our external labor counsel, are confident that every precaution has been taken to ensure that the company has followed the law properly and fully respected the rights of the Union, the employees, and the bargaining process." Over the sixteen week strike, Painted Post shipped 42 complete compressor units, the majority of which were delivered on time or early to clients. During the months of the strike, from August through November 2007, the parts business in Painted Post exceeded shipment levels compared to August through November 2006. During the strike, Lloyds Registry recertified the Painted Post facility for both ISO 9001 and ISO 14001, despite the fact that the entire workforce of temporary and permanent replacement workers was new. According to Director of Operations for the Painted Post facility, Doug Rich, "The past several weeks have resulted in a culture change and a tremendous amount of teamwork within the facility as all of our employees -- both management and production employees -- have worked together to accomplish our goal of providing uninterrupted service to our clients. We are proud of the effort and results of our employees during this strike." Mr. Volpe said, "We are now looking forward to welcoming back many of our employees into a rejuvenated atmosphere of collaboration and teamwork, where positive energy is expended on satisfying our clients". "This company, with the support of its board and shareholders, never wavered in its resolve to obtain what we considered to be the principal operational objectives that have now been achieved" according to Mr. Volpe. "As a result, clients of our reciprocating compressor products, principally manufactured in Painted Post New York, should be better served." The company currently does not believe that this recent development warrants any change in its earnings guidance for 2007 and 2008 disclosed at its Oct. 31, 2007 conference call which followed the report of the company's third quarter 2007 results. About the Company Dresser-Rand Group Inc. (NYSE: DRC) is among the largest suppliers of rotating equipment solutions to the worldwide oil, gas, petrochemical, and process industries. It operates manufacturing facilities in the United States, France, Germany, Norway, India, and Brazil, and maintains a network of 24 service and support centers covering 105 countries. * * * As reported in the Troubled Company Reporter-Latin America on Sept. 7, 2007, Standard & Poor's Ratings Services assigned its bank loan and recovery ratings to the US$500 million senior secured revolving credit facility due 2012 of Dresser-Rand Group Inc. (BB-/Stable/--). FRESH DEL MONTE: Names Elias Hebeka as Director on Board -------------------------------------------------------- Fresh Del Monte Produce Inc.'s Board of Directors has appointed Dr. Elias K. Hebeka to serve as a director to the company until the 2008 Annual General Meeting of Shareholders when he will be considered for election to the board by the company's shareholders. Dr. Hebeka's appointment increases the board to nine members, five of whom are independent directors. Dr. Hebeka is currently serving as a consultant to several organizations and companies, including The World Bank and Callaway Golf. Dr. Hebeka has previously held various senior executive management and academia positions. At Revlon Inc. he served as President Worldwide Operations and Technical Affairs, Executive Vice President, Operations Worldwide, and Executive Vice President, Operations. Prior to joining Revlon, Dr. Hebeka was President and Chief Executive Officer of Liberty Science Center and he held various management positions with Warner Lambert Company for over 25 years. Prior to his business career, Dr. Hebeka served as a Professor at the University of Cairo. He currently serves as a Vice Chair of the board of trustees with The American University in Cairo. Dr. Hebeka also serves on the boards of two non-profit organizations. Mohammad Abu-Ghazaleh, Fresh Del Monte's Chairman and Chief Executive Officer, said, "Dr. Hebeka brings to Fresh Del Monte a wealth of academia and business experience. He has a tremendous amount of international business knowledge and his extensive familiarity and insight into emerging markets will be of great value to Fresh Del Monte in achieving its global growth strategy." Based in the Cayman Islands, Fresh Del Monte Produce Inc. -- http://www.freshdelmonte.com/-- is one of the world's leading vertically integrated producers, marketers and distributors of high-quality fresh and fresh-cut fruit and vegetables, as well as a leading producer and distributor of prepared fruit and vegetables, juices, beverages, snacks and desserts in Europe, the Middle East and Africa. Fresh Del Monte markets its products worldwide under the Del Monte(R) brand, a symbol of product quality, freshness and reliability since 1892. Del Monte Fresh Produce Company has operations in Chile, Brazil, France, Philippines, and Korea. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 22, 2007, Standard & Poor's Ratings Services has affirmed its 'BB-' corporate credit rating on Fresh Del Monte Produce Inc., and removed the rating from CreditWatch, where it was placed with positive implications on Nov. 1, 2007. S&P said the outlook is stable. QUEBECOR MEDIA: Issues Statement Regarding Spectrum Auction ----------------------------------------------------------- In light of media reports and questions from some Members of Parliament, Quebecor Media Inc. issues this statement: "Quebecor Media Inc. and its subsidiary, Videotron Ltd., fully respected the integrity of the public consultation process concerning the establishment of rules to be applied to the auction of spectrum for mobile wireless services. All representations made to various government authorities were conducted by persons who were duly registered as lobbyists." "In addition, Quebecor Media Inc. confirms that its President and Chief Executive Officer, Mr. Pierre Karl Peladeau, met on two occasions with the Hon. Maxime Bernier when he was Minister of Industry to discuss different issues including the company's perspective on the wireless file, specifically that it is in the interest of Canadian consumers to have greater competition in this area. The meetings were organized by company representatives who were duly recorded in the Lobby Registry, as were Mr. Peladeau and individuals who accompanied him to these meetings. The two meetings took place in the winter and the summer of 2006." "Mr. Peladeau and other senior officials of the company and its subsidiaries also met with other members of the Cabinet, of the public service as well as MPs including members from opposition parties. All individuals involved in the organization of these meetings and in the meetings themselves acted in accordance with the applicable legislation." "Quebecor Media Inc. is pleased with the decision announced earlier this week by the Minister of Industry, the Hon. Jim Prentice, that allows new competitors to enter the wireless market since this decision is clearly in the interest of all Canadian consumers." Quebecor Media Inc., a subsidiary of Mortsel, Belgium-based, Quebecor Inc. -- http://www.quebecor.com/-- owns operating companies in numerous media-related businesses: Videotron Ltd., a cable operator in Quebec and a major Internet Service Provider and provider of telephone and business telecommunications services; Sun Media Corporation, Canada's chain of tabloids and community newspapers; TVA Group Inc., operator of French- language general-interest television network in Quebec, a number of specialty channels, and the English-language general-interest station Sun TV; Canoe Inc., operator of a network of English- and French-language Internet properties in Canada; Nurun Inc., a major interactive technologies and communications agency with offices in Canada, the United States, Europe and Asia; companies engaged in book publishing and magazine publishing; and companies engaged in the production, distribution and retailing of cultural products, namely Archambault Group Inc., chain of music stores in eastern Canada, TVA Films, and Le SuperClub Videotron ltee, a chain of video and video game rental and retail stores. Headquartered in Montreal, Canada, the company has global facilities in India, France and Argentina. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 1, 2007, Moody's Investors Service rated Quebecor Media Inc.'s US$700 million add-on senior unsecured note issue B2. Ratings on the underlying 7.75% senior unsecured notes due in March of 2016 were affirmed at the same B2 level. At the same time, QMI's Ba3 corporate family rating and stable ratings outlook were affirmed. ============= G E R M A N Y ============= ADEXPERT GMBH: Claims Registration Period Ends Jan. 24, 2008 ------------------------------------------------------------ Creditors of ADexpert GmbH have until Jan. 24, 2008, to register their claims with court-appointed insolvency manager Dr. Juergen Sander. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Feb. 14, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Syke Hall 112 Hauptstr. 5A 28857 Syke 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. Juergen Sander An der Beeke 22 28844 Weyhe Germany Tel: 0421/806666 Fax: 0421/8066611 The District Court of Syke opened bankruptcy proceedings against ADexpert GmbH on Nov. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ADexpert GmbH Am Kuhzaun 28 28844 Weyhe Germany ARCON-KONSTRUKTION GMBH: Claims Registration Period Ends Dec. 27 --------------------------------------------------------------- Creditors of Arcon-Konstruktion GmbH have until Dec. 27 to register their claims with court-appointed insolvency manager Karina Schwarz. Creditors and other interested parties are encouraged to attend the meeting at 9:40 a.m. on Jan. 29, 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 Hannover Hall 226 Second Upper Floor Service Bldg. Hamburger Allee 26 30161 Hannover Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Karina Schwarz Adenauerallee 4 30175 Hannover Germany Tel: 0511 2353150 Fax: 0511 2353151 The District Court of Hannover opened bankruptcy proceedings against Arcon-Konstruktion GmbH on Nov. 13. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Arcon-Konstruktion GmbH Attn: Hedwig Minna Maria Meine, Manager Staakenweg 71 30179 Hannover Germany AUTOHAUS MEISTER: Claims Registration Period Ends Jan. 2, 2008 -------------------------------------------------------------- Creditors of Autohaus Meister GmbH have until Jan. 2, 2008, to register their claims with court-appointed insolvency manager Stephan Ruedlin. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on Feb. 12, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court Heilbronn Hall 4 Ground Floor Rollwagstr. 10a 74072 Heilbronn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Stephan Ruedlin Bismarckstrasse 107 74074 Heilbronn Germany Tel: 07131/91344-0 Fax: 07131/91344-11 The District Court of Heilbronn opened bankruptcy proceedings against Autohaus Meister GmbH on Nov. 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Autohaus Meister GmbH Benzenmuehlstrasse 9 71723 Grossbottwar Germany BERGOINT ENGINEERING: Claims Registration Period Ends Jan. 3 ------------------------------------------------------------ Creditors of Bergoint Engineering GmbH have until Jan. 3, 2008, to register their claims with court-appointed insolvency manager Stephan Schlegel. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Feb. 14, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Darmstadt Hall 4.326 Fourth Floor Building D Mathildenplatz 15 64283 Darmstadt Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Stephan Schlegel Hauptstrasse 336 65760 Eschborn Germany Tel: 06173/9394-0 Fax: 06173/9394-20 The District Court of Darmstadt opened bankruptcy proceedings against Bergoint Engineering GmbH on Nov. 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bergoint Engineering GmbH Attn: Denis Bergoint, Manager Akazienweg 11 64665 Alsbach-Hahnlein Germany BHS.NET GMBH: Creditors' Meeting Slated for December 4 ------------------------------------------------------ The court-appointed insolvency manager for BHS.NET GmbH, Michael Hawelka will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:00 a.m. on Dec. 4. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 9:45 a.m. on April 1, 2008 at the same venue. Creditors have until Feb. 5, 2008 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Michael Hawelka Friedrichstr. 204 10117 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against BHS.NET GmbH on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BHS.NET GmbH Prinz-Eugen-Str. 21 13347 Berlin Germany BONK UND FUNKE: Claims Registration Ends December 28 ---------------------------------------------------- Creditors of Bonk und Funke Vermoegensverwaltung GmbH & Co. KG have until Dec. 28 to register their claims with court-appointed insolvency manager Franz J. Abel. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Jan. 22, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Franz J. Abel Kaiserstrasse 77 66386 St. Ingbert Germany Tel: (06894) 3876 311 Fax: (06894) 382 185 The District Court of Saarbruecken opened bankruptcy proceedings against Bonk und Funke Vermoegensverwaltung GmbH & Co. KG on Nov. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bonk und Funke Vermoegensverwaltung GmbH & Co. KG Attn: Dominik Bonk and Michael Funke, Managers Am Langfeld 38 66130 Saarbruecken Germany C.P.BAUPROJEKT: Claims Registration Ends December 28 ---------------------------------------------------- Creditors of C.P.Bauprojekt GmbH have until Dec. 28 to register their claims with court-appointed insolvency manager Berthold Brinkmann. Creditors and other interested parties are encouraged to attend the meeting at 1:35 p.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 Neubrandenburg Hall 1 Fr.-Engels-Ring 15-18 Neubrandenburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Berthold Brinkmann Freiligrathstrasse 1 18055 Rostock Germany The District Court of Neubrandenburg opened bankruptcy proceedings against C.P.Bauprojekt GmbH on Nov. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: C.P.Bauprojekt GmbH Am Markt 4 17139 Malchin Germany CASA HOCHBAU: Claims Registration Ends December 31 -------------------------------------------------- Creditors of Casa Hochbau GmbH have until Dec. 31 to register their claims with court-appointed insolvency manager Rainer Beck. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on Jan. 21, 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 Duisburg Hall C205 Second Floor Kardinal-Galen-Strasse 124-132 47058 Duisburg 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: Rainer Beck Rheinstrasse 75 47623 Kevelaer Germany The District Court of Duisburg opened bankruptcy proceedings against Casa Hochbau GmbH on Nov. 13. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Casa Hochbau GmbH Attn: Thomas Kurz, Manager Halderner Str.2 46499 Hamminkeln Germany CEC IMMOBILIEN: Claims Registration Ends February 1, 2008 --------------------------------------------------------- Creditors of CEC Immobilien GmbH have until Feb. 1, 2008, to register their claims with court-appointed insolvency manager Dr. Andreas Schulte-Beckhausen. Creditors and other interested parties are encouraged to attend the meeting at 9:05 a.m. on Dec. 17, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bonn Hall W 1.25 First Floor Wilhelmstr. 23 53111 Bonn 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. Andreas Schulte-Beckhausen Oxfordstr. 2 53111 Bonn Germany Tel: 0228/985210 Fax: 0228/9852122 The District Court of Bonn opened bankruptcy proceedings against CEC Immobilien GmbH on Nov. 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: CEC Immobilien GmbH Boeselagerhof 11 53111 Bonn Germany Attn: Sylvia Neusser, Manager Esche 4 53111 Bonn Germany FONSCO GMBH: Claims Registration Ends December 28 ------------------------------------------------- Creditors of Fonsco GmbH have until Dec. 28 to register their claims with court-appointed insolvency manager Dr. Reinhard Th. Schmid. Creditors and other interested parties are encouraged to attend the meeting at 8:15 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 Stuttgart Hall 13 Ground Floor Hauffstr. 5 (Am Neckartor) 70190 Stuttgart Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Reinhard Th. Schmid Hasenbergsteige 5 70178 Stuttgart Tel: 0711/66 90 70 Fax: 0711/66 45 068 The District Court of Stuttgart opened bankruptcy proceedings against Fonsco GmbH on Nov. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Fonsco GmbH Attn: Dr. Regina-Elisabeth Mayer-Jaekel, Manager Otto-Lilienthalstr. 36 71034 Boeblingen Germany FRANZ KUENG: Creditors' Meeting Slated for December 18 ------------------------------------------------------ The court-appointed insolvency manager for Franz Kueng GmbH, Bjoern Gehde, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 8:30 a.m. on Dec. 18. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 9:40 a.m. on March 25, 2008, at the same venue. Creditors have until Feb. 6, 2008, to register their claims with: Dr. Bjoern Gehde Goethestr. 85 10623 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Franz Kueng GmbH on Nov. 6. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Franz Kueng GmbH Schoenhauser Allee 188 10119 Berlin Germany GB-WOHNANLAGEN SERVICE: Claims Registration Ends December 28 ------------------------------------------------------------ Creditors of GB-Wohnanlagen Service GmbH have until Dec. 28 to register their claims with court-appointed insolvency manager Hans W. Bauer. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.m. on Jan. 29, 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 Mosbach Meeting Hall 12 Lohrtalweg 2 74821 Mosbach 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 W. Bauer Emmeramsplatz 6 93047 Regelsburg Germany Tel: 0941/2968020 The District Court of Mosbach opened bankruptcy proceedings against GB-Wohnanlagen Service GmbH on Nov. 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: GB-Wohnanlagen Service GmbH Attn: Alois Abeltshauser, Manager Stadtamhof 8 93059 Regensburg Germany G F I GESELLSCHAFT: Claims Registration Period Ends Jan. 2, 2008 ---------------------------------------------------------------- Creditors of G F I Gesellschaft fuer Isoliertechnik mbH have until Jan. 2, 2008, to register their claims with court- appointed insolvency manager Stefan Rieger. Creditors and other interested parties are encouraged to attend the meeting at 9:50 a.m. on Feb. 13, 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 Frankfurt (Main) Hall 2 Building F Klingerstrasse 20 60313 Frankfurt (Main) 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 Rieger Brueder-Grimm-Strasse 13 60314 Frankfurt (Main) Germany Tel: 069/40586280 Fax: 069/40586285 The District Court of Frankfurt (Main) opened bankruptcy proceedings against G F I Gesellschaft fuer Isoliertechnik mbH on Nov. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: G F I Gesellschaft fuer Isoliertechnik mbH Floersheimer Str. 23 60326 Frankfurt (Main) Germany GIPSER- UND STUKKATEURBETRIEB: Claims Period Ends December 21 ------------------------------------------------------------- Creditors of SB- Gipser- und Stukkateurbetrieb GmbH have until Dec. 21 to register their claims with court-appointed insolvency manager Dr. Helmut Eisner. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.m. on Jan. 16, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Mosbach Meeting Hall 12 Lohrtalweg 2 74821 Mosbach 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. Helmut Eisner Josef-Schmitt-Strasse 10 97922 Lauda-Koenigshofen Germany Tel: 09343/2065 The District Court of Mosbach opened bankruptcy proceedings against SB- Gipser- und Stukkateurbetrieb GmbH on Nov. 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: SB- Gipser- und Stukkateurbetrieb GmbH Attn: Niko Batarilo, Manager Goetzstr. 14 a 74855 Hassmersheim Germany GOLDEN DRAGON: Claims Registration Period Ends January 2, 2008 -------------------------------------------------------------- Creditors of Golden Dragon GmbH have until Jan. 2, 2008, to register their claims with court-appointed insolvency manager Johannes Graute. Creditors and other interested parties are encouraged to attend the meeting at 1:30 p.m. on Jan. 16, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Essen Meeting Hall 293 Second Floor Zweigertstr. 52 45130 Essen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Johannes Graute III. Hagen 30 45127 Essen Germany The District Court of Essen opened bankruptcy proceedings against Golden Dragon GmbH on Nov. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Golden Dragon GmbH Attn: Lo Ming Tang, Manager Porscheplatz 100 45127 Essen Germany HOLZAEPFEL WOHNBAU: Claims Registration Ends December 31 -------------------------------------------------------- Creditors of Holzaepfel Wohnbau GmbH have until Dec. 31 to register their claims with court-appointed insolvency manager Dr. Kurt Nonnenmacher. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. 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 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. Kurt Nonnenmacher Kiehnlestr. 14 75172 Pforzheim Germany The District Court of Pforzheim opened bankruptcy proceedings against Holzaepfel Wohnbau GmbH on Nov. 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Holzaepfel Wohnbau GmbH Attn: Rainer Holzaepfel, Manager Muehlweg 5 71299 Wimsheim Germany IKB DEUTSCHE: Mulls Capital Increase to Raise EUR2 Bln, FT Says --------------------------------------------------------------- IKB Deutsche Industriebank AG is looking to raise EUR2 billion (US$3 billion) from a capital increase, with a share sale pegged at EUR1 each, the Financial Times Deutschland reports citing financial sources. The bank, which fell victim to the global credit squeeze triggered by the U.S. subprime crisis, was recently rescued by a bailout led by Germany's state-owned KfW Bankengruppe. As reported in the Troubled Company Reporter-Europe on Dec. 4, 2007, the KfW-led banking pool agreed to cover US$520 million in risks for IKB, the second time a rescue has been set up for the troubled lender in under four months. This brings the cost of the rescue to EUR6.1 billion. The FT report said the bank group agreed to the credit line on the condition that it will be free of all further liabilities and that there will be an accelerated sale for the MDAX-listed bank, Thomson Financial relates. The rescue package, Reuters says citing an unnamed source, will include: -- EUR150 million from Bundesverband deutscher Banken, Germany's leading banking and finance association; and -- EUR50 million to be shared by German savings bank association DSGV and cooperative banks association BVR. IKB has earlier notified Bundesbank and BaFin that it could face more liquidity problems if it fails to secure necessary financing. KfW, which holds a 38 percent stake in IKB, said Nov. 27 that it is increasing its risk shield for IKB by EUR2.3 billion to EUR4.8 billion based on new risk valuation information. The development bank has agreed in July 2007 to take over all of IKB's obligations related to Rhineland Funding when the vehicle's commercial paper couldn't be sold to investors following the U.S. subprime crisis, Bloomberg relates. Insider Trading Meanwhile, German authorities were probing claims of insider trading at IKB, which led to the raid of current and former executives' houses last week, reports say. The Duesseldorf State Prosecutor's office searched the homes of former IKB CEO Stefan Ortseifen, and Claus Momburg, IKB's current head of personnel and risk management, and the apartments linked with senior executives at Rhineland Funding, Peter Stiff writes for Times Online. According to the report, the probe is looking whether the managers knowingly pursued a high-risk strategy that put the IKB's survival in jeopardy. Mr. Ortseifen, along with three other management board members were relieved of their duties following an audit by PricewaterhouseCoopers, which found that the bank's crisis was a result of "flawed" risk management, Times Online relates. AFP says IKB's stock market value has plunged from nearly EUR3 billion at the beginning of 2007 to around EUR700 million at present. 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. ITG-GMBH: Claims Registration Period Ends January 2, 2008 --------------------------------------------------------- Creditors of ITG-GmbH have until Jan. 2, 2008, to register their claims with court-appointed insolvency manager Joerg A. Wunderlich. Creditors and other interested parties are encouraged to attend the meeting at 10:15 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 Trier Hall 63 Justizstrasse 2,4,6 54290 Trier Germany The Court will also verify the claims set out in the insolvency manager's report 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 A. Wunderlich Bahnhofsplatz 8 54292 Trier Germany Tel: 0651/146930 Fax: 0651/1469320 The District Court of Trier opened bankruptcy proceedings against ITG-GmbH on Nov. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ITG-GmbH Attn: Manfred Kreuz, Manager Loebstrasse 15 54292 Trier Germany J & M PROJEKTSTEUERUNGSGESELLSCHAFT: Claims Period Ends Dec. 27 --------------------------------------------------------------- Creditors of J & M Projektsteuerungsgesellschaft mbH have until Dec. 27 to register their claims with court-appointed insolvency manager Falk Eppert. Creditors and other interested parties are encouraged to attend the meeting at 10:30 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 Frankfurt (Oder) Hall 401 Muellroser Chaussee 55 15236 Frankfurt (Oder) 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: Falk Eppert Vietmannsdorfer Strasse 23 17268 Templin Germany The District Court of Frankfurt (Oder) opened bankruptcy proceedings against J & M Projektsteuerungsgesellschaft mbH on Nov. 19. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: J & M Projektsteuerungsgesellschaft mbH Rudelsburgstrasse 34 13129 Berlin Germany K & K SERVICE: Claims Registration Period Ends Jan. 28, 2008 ------------------------------------------------------------ Creditors of K & K Service Gesellschaft mbH fuer Grosskuechen und Kalteanlagen have until Jan. 28, 2008, to register their claims with court-appointed insolvency manager Sebastian Windelschmidt. Creditors and other interested parties are encouraged to attend the meeting at 9:35 a.m. on Feb. 21, 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 Cologne Meeting Hall 142 First Floor Luxemburger Strasse 101 50939 Cologne 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: Sebastian Windelschmidt Adolf-Kaschny-Strasse 19 51373 Leverkusen Germany The District Court of Cologne opened bankruptcy proceedings against K & K Service Gesellschaft mbH fuer Grosskuechen und Kalteanlagen on Nov. 13. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: K & K Service Gesellschaft mbH fuer Grosskuechen und Kalteanlagen Moenchsgasse 7 50737 Cologne Germany K. J. FRIEDRICH: Claims Registration Ends December 30 ----------------------------------------------------- Creditors of K. J. Friedrich GmbH have until Dec. 30 to register their claims with court-appointed insolvency manager Dr. Sabine Feuerborn. Creditors and other interested parties are encouraged to attend the meeting at 10:22 a.m. 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 Cologne Meeting Hall 142 First Floor Luxemburger Strasse 101 50939 Cologne 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. Sabine Feuerborn Else-Lang-Str. 1 50858 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against K. J. Friedrich GmbH on Nov. 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: K. J. Friedrich GmbH Attn: Karl Josef Friedrich, Manager Hammerschmidtstr. 124 50999 Cologne Germany KONZEPTA GRUNDSTUECKS: Creditors' Meeting Slated for December 17 ---------------------------------------------------------------- The court-appointed insolvency manager for Konzepta Grundstuecksgesellschaft mbH & Co. Siebzehnte Immobilien KG, Christoph Schulte-Kaubruegger, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:35 a.m. on Dec. 17. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 9:00 a.m. on March 31, 2008, at the same venue. Creditors have until Feb. 1, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Christoph Schulte-Kaubruegger Genthiner Str. 48 10785 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Konzepta Grundstuecksgesellschaft mbH & Co. Siebzehnte Immobilien KG on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Konzepta Grundstuecksgesellschaft mbH & Co. Siebzehnte Immobilien KG Menzelstrasse 17 14193 Berlin Germany KUPFERBERG CONSULT: Creditors' Meeting Slated for Jan. 30, 2008 --------------------------------------------------------------- The court-appointed insolvency manager for Kupferberg Consult GmbH, Christian Feketija will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:15 a.m. on Jan. 30, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Frankfurt (Main) Hall 1 Building F Klingerstrasse 20 60313 Frankfurt (Main) Germany The Court will also verify the claims set out in the insolvency manager's report on the same date at the same venue. Creditors have until Feb. 4, 2008 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Christian Feketija Letzter Hasenpfad 61 60598 Frankfurt (Main) Germany Tel: 069/60625786 Fax: 069/60625788 The District Court of Frankfurt (Main) opened bankruptcy proceedings against Kupferberg Consult GmbH on Oct. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kupferberg Consult GmbH Attn: Majer Kupferberg, Manager Palmstrasse 13 60316 Frankfurt (Main) Germany MEDIA VISION: Claims Registration Period Ends December 25 --------------------------------------------------------- Creditors of media vision Marketing & Videotechnik-Vertriebs- GmbH have until Dec. 25 to register their claims with court- appointed insolvency manager Dr. Christoph Niering. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.m. on Jan. 16, 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 Siegen Hall 009 Ground Floor Main Building Berliner Str. 21-22 57072 Siegen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Christoph Niering Brabanter Str. 2 50674 Koeln Germany Tel: 0221/9922300 Fax: 0221/99223035 The District Court of Siegen opened bankruptcy proceedings against media vision Marketing & Videotechnik-Vertriebs-GmbH on Nov. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: media vision Marketing & Videotechnik-Vertriebs-GmbH Attn: Klaus Kiesewetter, Manager Spandauer Str. 40 57072 Siegen Germany P+T GMBH: Creditors' Meeting Slated for December 21 --------------------------------------------------- The court-appointed insolvency manager for P+T GmbH, Michael Hawelka, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:45 a.m. on Dec. 21. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 9:30 a.m. on March 28, 2008, at the same venue. Creditors have until Jan. 31, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Michael Hawelka Friedrichstr. 204 10117 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against P+T GmbH on Oct. 19. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: P+T GmbH Fasanenstr. 29 10719 Berlin Germany PROSIEBENSAT.1 MEDIA: Posts EUR77.9 Mln Net Loss for Q3 2007 ------------------------------------------------------------ The ProSiebenSat.1 Group posted EUR77.9 million in consolidated net losses on EUR668.4 million in consolidated revenues for the third quarter of 2007, compared with EUR13.1 million in consolidated net profit on EUR431.3 million in consolidated revenues for the same period in 2006. Most of the increase came from the consolidation of the SBS Broadcasting Group, acquired by ProSiebenSat.1 in July 2007 and included in the accounts since then. Earnings were affected by a one-time charge of EUR120 million stemming from a fine required by the Federal Cartel Office. "Positioning the ProSiebenSat.1 Group internationally by acquiring the SBS Broadcasting Group was the right strategic decision," said ProSiebenSat.1 AG CEO Guillaume de Posch. "The dynamics of other European markets more than made up for the subdued German market in the third quarter. As a pan-European television group, ProSiebenSat.1 stands on a broader base, and is better protected against downturns. The vigor of the other European markets will continue to drive our growth in the fourth quarter." At Sept. 30, 2007, the Group had EUR3.54 billion in net financial debt, compared with EUR311.6 million a year earlier. The primary reason for the increase was the Group's substantially higher financial liabilities resulting from the financing arrangements associated with the SBS acquisition. Segment Free TV German-speaking region: One-off charge affects profit performance The Corporation's top priority for the next few months is the successful integration of the two Groups. International project teams have been formed to advance internal integration as quickly as possible, and thus to reap the expected synergies of EUR80 million to EUR90 million with full effect in 2010. These teams are working in close coordination to develop new approaches, especially in the area of TV production for the Group. In the Diversification unit, business models that had formerly focused on single countries will be extended into new markets. Over the next few months, for example, the MyVideo online platform may be launched in several SBS countries. The SevenGames.com international gaming platform will be launched as early as December. For this year, the Company continues to expect higher revenues and earnings, predominantly caused by the initial consolidation of SBS. As in previous years, recurring EBITDA is expected to rise faster than revenues again this year. Revenue growth combined with ongoing rigorous cost management will be the principal driver for rising profits. The core business in advertising-financed Free TV, will remain the major growth driver for the future. In the German market a new advertising sales model has been implemented that is in line with cartel law. The Group is confident that it will be able to reach its targets under the new sales model. The strong market dynamics in the former SBS regions will drive the Group's growth in Free TV operations again in the fourth quarter 2007. The diversified media portfolio will also help propel the Group's organic growth. About ProsiebenSat.1 Headquartered in Munich, Germany, ProsiebenSat.1 Media AG -- http://en.ProsiebenSat1.com/-- broadcasts and produces TV programs through 24 commercial TV stations, 24 premium Pay TV channels and 22 radio network. In June 2007, the ProSiebenSat.1 Group acquired SBS Broadcasting Group. The company employs around 6,000 Europe-wide. * * * As of Dec. 4, 2007, ProsiebenSat.1 Media AG carries Moody's Investors Service Ba1 senior unsecured and corporate family ratings. REGIONAL-BAU GMBH: Claims Registration Period Ends December 27 -------------------------------------------------------------- Creditors of Regional-Bau GmbH Goerlitz have until Dec. 27 to register their claims with court-appointed insolvency manager Dr. Martin Dreschers. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Feb. 29, 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: Dr. Martin Dreschers Heideparkstrasse 4 01099 Dresden Germany Tel: 02375/07 Web: http://www.insolnet.de/ The District Court of Dresden opened bankruptcy proceedings against Regional-Bau GmbH Goerlitz on Nov. 19. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Regional-Bau GmbH Goerlitz Attn: Hans-Juergen Rohrbach, Manager Koenigshainer Strasse 7a 02827 Goerlitz Germany SI-COM GMBH: Creditors' Meeting Slated for December 18 ------------------------------------------------------ The court-appointed insolvency manager for Si-Com GmbH, Christoph Schulte-Kaubruegger, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 11:40 a.m. on Dec. 18. 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 11:00 a.m. on April 1, 2008, at the same venue. Creditors have until Feb. 1, 2008, to register their claims with: Dr. Christoph Schulte-Kaubruegger Genthiner Str. 48 10785 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Si-Com GmbH on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Si-Com GmbH Rhinstr. 84 12681 Berlin Germany SL WOHNBAU: Claims Registration Period Ends Jan. 21, 2008 --------------------------------------------------------- Creditors of SL Wohnbau GmbH have until Jan. 21, 2008, to register their claims with court-appointed insolvency manager Manfred Dobler. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Feb. 12, 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 Stuttgart Hall 13 Ground Floor Hauffstr. 5 (Am Neckartor) 70190 Stuttgart Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Manfred Dobler Gansheidestr. 1 70184 Stuttgart Germany Tel: 0711/16 4330 Fax: 0711/16 43350 The District Court of Stuttgart opened bankruptcy proceedings against SL Wohnbau GmbH on Nov. 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: SL Wohnbau GmbH Apfelbluetenweg 11 71394 Kernen Germany =========== G R E E C E =========== ASPIS BANK: Fitch Affirms BB+ IDR with Stable Outlook ------------------------------------------------------ Fitch Ratings has affirmed the ratings of Athens-based Aspis Bank at Long-term Issuer Default 'BB+', Short-term IDR 'B', Individual 'C/D' and Support Rating '5'. At the same time, the agency has affirmed the bank's Support Rating Floor at 'No Floor'. The Outlook for the Long-term IDR is Stable. Aspis' IDRs and Individual rating take into account its increasing capital base, comfortable capital ratios, stable retail funding sources and expertise in its niche mortgage market. However, they also reflect the bank's below-par profitability, mediocre asset quality, risk concentration in its corporate loan book and competitive pressure on its core business. In 2006 and third quarter of 2007, operating revenue remained broadly flat due to a thinner net interest margin canceling out strong loan growth and unchanged, albeit relatively high, fee income. Operating profitability improved marginally, owing to low and stable impairment charges and improvements in operating costs. However, it has an operating ROAE of 9.31% at end of third quarter of 2007, which is still somewhat weaker than that of its larger peers, indicating Aspis's lack of economies of scale. The bank's net income in September 2007 was negatively affected by an additional tax charge relating to previous years, which resulted from a recent tax audit. Aspis is mainly exposed to credit risk in its strongly increasing loan book, amounting to EUR2.1 billion or 80.4% of assets at end of third quarter of 2007. Risk is, however, mitigated by a high proportion of mortgage loans and sound risk management systems. Despite improvements, at end of first half of 2007, the bank's impaired loan ratio was 5.8% (7.8% at end- 2005), still undistinguished, and coverage was relatively low. Loan concentration is high, with five loans (and commitments) exceeding 10% of eligible capital at end-2006. Market risk is moderate and largely limited to modest structural balance-sheet mismatches. Retail deposits are Aspis's main source of funding accounting for 81.4% of non-equity funding at end of third quarter of 2007. Apsis's funding profile benefits from a EUR250 million RMBS transaction (issued in 2003) and EUR100 million subordinated debt. Inter-bank funding is generally limited. Aspis has, in late 2006 and first half of 2007, significantly increased its capital base by issuing EUR53 million common shares in December 2006 and EUR40 million Tier 1 hybrid capital in April 2007. Apart from funding organic expansion in Greece's high-loan growth environment, Aspis originally planned to use the additional equity funding for the acquisition of First Business Bank, a small domestic shipping and corporate bank, announced in February 2007. However, the Bank of Greece did not approve the planned acquisition, citing a lack of synergies from the merger. As a result, Aspis's Tier 1 and eligible capital ratios improved significantly to 12.3% and 12.43% at end of first half of 2007 from 8.26% and 9.07%, respectively, at end- 2005. Given strong growth in risk-weighted assets, capital ratios are not very likely to remain at those comfortable levels. Aspis's management aims to maintain a total capital ratio of 9%, which Fitch considers relatively thin given Aspis's limited size, loan concentration, mediocre asset quality and strong loan growth. At end-2006, Aspis was the eleventh-largest bank in Greece with market shares of around 1.5% in lending (2.4% in mortgages) and 1% in deposits. Focused on the Greek domestic market, it had 69 branches and 1,044 staff at end of first half of 2007. Originally a pure mortgage bank, Aspis has in recent years expanded into SME and consumer lending. The listed bank is majority-owned by Aspis Pronia General Insurance Company and its various affiliates (59% at end-November 2007). At end of first half of 2007, Commercial Value AAE (rated Insurer Financial Strength 'BB'), a subsidiary of Aspis Pronia General Insurances, was Aspis's biggest single shareholder. Commercial Value AAE has been placed on Rating Watch Negative on June 20, 2007 following the Greek regulator's decision to freeze the company's insurance reserves. OLYMPIC AIRLINES: Aid Recoup Done, Greece Tells European Court -------------------------------------------------------------- The Greek government told the European Court of Justice in Luxembourg that it has recovered more than EUR540 million in state aid given to national carrier Olympic Airlines S.A., Stephanie Bodoni writes for Bloomberg News. "We have already recovered all the state aid," Vassili Christianos, lawyer for Greece, was quoted by Bloomberg News as telling the Court's five-judge panel. "The question that remains is whether Greece recouped the money in the right amount of time." Mr. Christianos argued that the two-month period given by the Commission covered only the amount of time Greece has to present guidelines for recouping the state aid, Bloomberg News relates. Mr. Christianos added it was not clear whether when Greece should have recovered the whole amount. As reported in TCR-Europe on May 20, 2005, the European Court ordered Greece to recover EUR194 million in illegal aid from the carrier. In May 2006, the European Commission referred Greece to the European Court of Justice for failure to comply with its state aid decision of Sept. 14, 2005. In its decision of September 2005, the Commission found that Greece had granted illegal and incompatible state aid through a number of measures: -- EUR40 million from the Greek State and Olympic Airways to cover part of the costs to Olympic Airlines of leasing aircraft; -- an unjustified payment of some EUR90 million from the Greek State to Olympic Airways when Olympic Airlines was set up and transferred to the State, achieved by overvaluing the assets transferred to the State; -- the Greek State's toleration of Olympic Airways' failure to pay more than EUR350 million in tax and social security liabilities due between December 2002 and December 2004; -- the assumption by the Greek State of a number of Olympic Airways' financial obligations, e.g. in connection with aircraft leasing contracts and the repayment of a bank loan, amounting to up to EUR60 million. The European Court then ruled that Greece infringed European Union rules by failing to comply with the EC's request. The Commission also deemed the Greek government of distorting competition for failure to recover the illegal state aid. The Court, however, cut the first amount to EUR130 million in Sept. 12, 2007, after finding that the EC failed to prove that some of the funds violated European Union's state aid rules. "If the court accepted our argument it would be a major step toward the resolution of these disputes with the commission," Paris Anestis, a lawyer for Greece, told Bloomberg News. Greece had been trying to reorganized Olympic Airways by selling its stake, but was unable to do so due to the state aid issue. "We can't organize a proper reorganization process until we have clarity about the company's state aid liabilities," Mr. Anestis said. &nbs