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, December 6, 2007, Vol. 8, No. 242 Headlines A U S T R I A ENERGIE LIEBOCH: Creditors' Meeting Slated for Dec. 13 ING. J. SCHINKO: Creditors' Meeting Slated for Dec. 20 MONDTECH LLC: Creditors' Meeting Slated for Dec. 13 OLIVIN HANDEL: Creditors' Meeting Slated for Dec. 13 B E L G I U M INTERSTATE HOTELS: Completes US$118 Mln Buyout of Three Hotels SOLUTIA INC: Noteholders to Appeal Ruling on Claim TENNECO INC: Completes Partial Offering of 10-1/4% Senior Notes D E N M A R K CLEAR CHANNEL: Gets FCC Approval for US$1.3BB Sale to Newport TV CLEAR CHANNEL: Provides Update on Bain Capital/THLP Merger CLEAR CHANNEL: Paying US$0.1875 Quarterly Dividend by January 15 F R A N C E CHARLES JOURDAN: Owner Faces Fraud Charges; Bidder Quits Race GOODYEAR TIRE: Names Xerox's James Firestone to Board G E R M A N Y AMIKON GMBH: Claims Registration Ends January 7, 2008 BEBRA BIOGAS: Claims Registration Ends January 3, 2008 BOHLENS BETEILIGUNGS: Claims Registration Ends January 7, 2008 CARDISCOUNTER RONIG: Claims Registration Ends January 7, 2008 CK HOLZBAU: Claims Registration Ends January 3, 2008 FOTO SOMMER: Claims Registration Ends January 7, 2008 FRESENIUS MEDICAL: Acquires Renal Solutions for US$190 Million FRESENIUS SE: Kabi Arm to Acquire Nestle French & Spanish Units FRISCHA GETRAENKEMAERKTE: Claims Period Ends Dec. 28 HEINZ KNORR: Claims Registration Period Ends Jan. 7, 2008 IDB DISKOTHEKENBETRIEBE: Claims Registration Ends Jan. 8, 2008 JEDERMANN(S) GASTSTAETTEN: Claims Filing Period Ends Dec. 31 KARL RICK: Claims Registration Period Ends Jan. 7, 2008 L.K.O. LOGISTIK: Claims Registration Ends Jan. 2, 2008 LE WA TEC: Claims Registration Period Ends Jan. 7, 2008 R.S. WEINHANDELS: Claims Registration Ends Jan. 4, 2008 STAHL GERAETE: Claims Registration Period Ends Dec. 28 STEINBERG GRUNDSTUECKSVERWALTUNGS: Claims Period Ends Dec. 18 TEAM-BAU LEIPZIG: Claims Registration Period Ends Dec. 31 UDO NERLICH: Claims Registration Ends January 2, 2008 I R E L A N D AFFILIATED COMPUTER: Fitch Removes BB Ratings from Watch Neg. REID TRANSPORT: Seeks Administrators After Sale Attempts Failed I T A L Y XEROX CORP: Names New Senior Leadership in North America K A Z A K H S T A N BELAGASH LLP: Proof of Claim Deadline Slated for Jan. 8 INTERTECHENERGO LLP: Creditors Must File Claims Jan. 4 KAZAKH MORTGAGE: Moody's Affirms Ba2 Rating on US$7.1 Mln Notes KAZAKHTELECOM JSC: Claims Filing Period Ends Jan. 4 KAZLES LLP: Creditors' Claims Due on Jan. 8 QUARTS KG: Claims Registration Ends Jan. 4 RAMAZAN OJSC: Creditors Must File Claims Jan. 4 VIP HUNTING: Claims Filing Period Ends Jan. 4 K Y R G Y Z S T A N SHAM SERVICE: Creditors Must File Claims by January 11, 2008 P O R T U G A L BEARINGPOINT INC: Board Names Edwin Harbach as CEO & President R U S S I A EXPORTINSTRUMENT OJSC: Court Starts Bankruptcy Supervision INFORMATION AND INTELLIGENT: Claims Filing Period Ends Dec. 24 IRBITSKIJ GLASS: Creditors Must File Claims by Jan. 24, 2008 KINEL'SKAYA CJSC: Creditors Must File Claims by Dec. 24 M-KEDR OJSC:Creditors Must File Claims by Dec. 24 MOSCVORETSKIJ BREWERY OJSC: Asset Sale Slated for Dec. 26 PRECHISTENSKIJ CHEESE: Asset Sale Slated for Dec. 26 PRESTIGE LLC: Creditors Must File Claims by Dec. 24 PROKHLADNENSKOYE SUBSIDIARY: Court Starts Bankruptcy Supervision ROSNEFT OIL: Two Vice-Presidents Resign from Posts SUZEMSKIJ CHEESEMAKER: Claims Filing Period Ends Jan. 24, 2008 TD METALWORK: Creditors Must File Claims by Dec. 24 TVER'-INKOU TOBACCO: Asset Sale Slated for Dec. 24 * Fitch Upgrades Republic of Karelia's Ratings to BB- * Fitch Upgrades Republic of Sakha's Ratings to BB- S W I T Z E R L A N D ALBIN LLC: Claims Registration Period Ends December 12 B.REGLI JSC: Creditors' Liquidation Claims Due by December 12 DAEDALOS CONSULTING: Creditors Must File Claims by December 12 DIGI ARTIS: Creditors' Liquidation Claims Due by December 12 FRITZ KOPP: Creditors' Liquidation Claims Due by December 12 HP KULL: Creditors' Liquidation Claims Due by December 12 IFD JSC: Creditors' Liquidation Claims Due by December 12 KITALAN JSC: Creditors' Liquidation Claims Due by December 12 MAINMAN JSC: Creditors' Liquidation Claims Due by December 12 TRAMANO TRADING: Creditors' Liquidation Claims Due by Dec. 12 U K R A I N E DEPARTMENT CAPITAL: Creditors Must File Claims by December 7 DWELLING MEDPROJECT: Creditors Must File Claims by December 8 ELITE LLC: Creditors Must File Claims by December 7 LEGION TRADE: Creditors Must File Claims by December 7 LOZNA LLC: Creditors Must File Claims by December 7 MASIA LLC: Creditors Must File Claims by December 7 NOTER-LVO LLC: Creditors Must File Claims by December 8 OBRIY-2 LLC: Creditors Must File Claims by December 7 POLITANKI AGRICULTURAL: Creditors Must File Claims by December 7 STROYMIKS LLC: Creditors Must File Claims by December 7 TCHUBAR COLLECTIVE: Creditors Must File Claims by December 7 TECHNO-ALLIANCE LLC: Creditors Must File Claims by December 8 TERRA-PRODUCTION LLC: Creditors Must File Claims by December 7 WESTERN-UKRAINIANAL CENTER: Creditors' Claims Due December 7 U N I T E D K I N G D O M AUDUS NOBLE: Calls In Liquidators from Grant Thornton BERNARD WARD: Brings In Liquidators from KPMG BRITMIX LTD: J. M. Titley Leads Liquidation Procedure EUROPA THREE: Fitch Rates Classes E-1 and E-2 Notes at BB HLM CLEARANCE: Taps Liquidators from Vantis Business Recovery ISLE OF CAPRI: Posts US$24.6 Mln Net Loss in Quarter Ended Oct. J EDWARDS: Appoints Liquidators from Tenon Recovery M & G HAULAGE: Brings In Liquidators from Vantis MBIA INC: Shrinks Hudson Thames SIV to US$400 Million NORTHERN ROCK: Treasury Mulls Nationalization Absent Sale Deal PKA PROMOTIONS: Taps Michael Young to Liquidate Assets POPE & TALBOT: Asks Court for Authority to Sell Surplus Lands POPE & TALBOT: Wants to Perform Cross-Border Insolvency Protocol POPE & TALBOT: Selects KPMG LLP as Independent Auditor PRIME MARKETING: Names Micahel Peter Gerrard Liquidator UK BAKERIES: Administrator to Secure Sale Before Christmas UK COALITION: Hires Liquidators from Kingston Smith & Partners * Upcoming Meetings, Conferences and Seminars ********* ============= A U S T R I A ============= ENERGIE LIEBOCH: Creditors' Meeting Slated for Dec. 13 ------------------------------------------------------ Creditors owed money by LLC Energie Lieboch (fka LLC Bioenergie Stallhofen) (FN 235304k) are encouraged to attend the creditors' meeting at 10:10 a.m. on Dec. 13. The creditors' meeting will be held at: The Land Court of Graz Room 222 Second Floor Graz Austria Headquartered in Lieboch, Austria, the Debtor declared bankruptcy on Oct. 25 (40 S 29/07y). Franz Doppelhofer serves as the court-appointed estate administrator of the Bankrupt's estate. The estate administrator can be reached at: Mag. Franz Doppelhofer Reitschulgasse 1 8010 Graz Austria Tel: 0316/81 00 30 Fax: 0316/81 00 80 E-mail: office@fritschpartner.at ING. J. SCHINKO: Creditors' Meeting Slated for Dec. 20 ------------------------------------------------------ Creditors owed money by LLC Ing. J. Schinko Beton- und Fertigteil-Werk (FN 60657b) are encouraged to attend the creditors' meeting at 2:00 p.m. on Dec. 20. The creditors' meeting will be held at: The Land Court of Graz Room 230 Hall L Graz Austria Headquartered in Kirchbach, Austria, the Debtor declared bankruptcy on Oct. 30 (25 S 115/07k). Candidus Cortolezis serves as the court-appointed estate administrator of the Bankrupt's estate. The estate administrator can be reached at: Dr. Candidus Cortolezis Hauptplatz 14 8010 Graz Tel: 0316/813973 Fax: 0316/847797 E-mail: office@cortolezis.com MONDTECH LLC: Creditors' Meeting Slated for Dec. 13 --------------------------------------------------- Creditors owed money by LLC Mondtech (FN 263030i) are encouraged to attend the creditors' meeting at 10:00 a.m. on Dec. 13. 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. 25 (26 S 90/07s). Wolfgang Klobassa serves as the court-appointed estate administrator of the Bankrupt's estate. The estate administrator can be reached at: Dr. Wolfgang Klobassa Conrad-von-Hoetzendorf-Strasse 15 8570 Voitsberg Austria Tel: 03142/21850 Fax: 03142/21850-6 E-mail: insolvenz@ra-semlitsch-klobassa.at OLIVIN HANDEL: Creditors' Meeting Slated for Dec. 13 ---------------------------------------------------- Creditors owed money by LLC OLIVIN Handel und Betrieb (FN 244223b) are encouraged to attend the creditors' meeting at 1:20 p.m. on Dec. 13. The creditors' meeting will be held at: The Land Court of Wels Hall 101 First Floor Maria Theresia Strasse 12 Wels Austria Headquartered in Altmuenster, Austria, the Debtor declared bankruptcy on Oct. 29 (20 S 132/07y). Gerhard Goetschhofer serves as the court-appointed estate administrator of the Bankrupt's estate. The estate administrator can be reached at: Dr. Gerhard Goetschhofer Schlossplatz 15 4655 Vorchdorf Austria Tel: 07614/7575 Fax: 07614/7575-14 E-mail: rechtsanwalt@goetschhofer.at ============= B E L G I U M ============= INTERSTATE HOTELS: Completes US$118 Mln Buyout of Three Hotels -------------------------------------------------------------- Interstate Hotels & Resorts has completed the transaction to acquire three hotels from affiliates of The Blackstone Group L.P. for an aggregate price of US$118 million. Two of the hotels, the 321-room Hilton Seelbach Louisville in Kentucky and the 226-room Crowne Plaza Madison in Wisconsin, were acquired through a joint venture partnership with Investcorp International's U.S.-based Real Estate Group. Interstate invested approximately US$4.7 million for a 15% equity interest in these properties, which will continue to be operated by Interstate under new management agreements. As part of the overall transaction, Interstate closed on the acquisition of a 100% interest in the third hotel, the Sheraton Columbia, for US$46.5 million. The company will immediately begin a US$12 million comprehensive renovation of the property, including upgrades to all guest rooms and public spaces. The renovation is expected to be completed by the end of 2008. Interstate funded the acquisitions with available cash and capacity under its senior revolving credit facility. "This transaction, which includes our seventh wholly owned property and two additional joint venture properties, illustrates our continued ability to execute on our growth strategy," Thomas F. Hewitt, Interstate's chief executive officer, said. "We know these properties well and are confident that we can create substantial value for our partners and our shareholders." Sheraton Columbia Maryland The 288-room Sheraton Columbia Hotel is located in Columbia, Maryland, a 14,000-acre planned community approximately 40 miles north of Washington, D.C., and 15 miles from Baltimore. Situated in Howard County features more than 2,500 businesses, over 60,000 jobs, 21 million square feet of commercial and residential space and an array of social, cultural, educational, entertainment and recreational programs and facilities. Hilton Seelbach Louisville Kentucky Since its opening in 1905, Seelbach Hilton Louisville, a 321- room property offers the atmosphere of a bygone era including internet access in all guest rooms and meeting rooms. It also is home to Kentucky's Oak Room restaurant. The hotel is situated downtown, close to Louisville's attractions. Crowne Plaza Madison Wisconsin Located off I-90/94, three miles from the Madison airport, the 226-room Crowne Plaza is situated near Madison's shopping mall, theater and restaurants, and proximate to the city's convention center, the University of Wisconsin and the state capitol. Renovated in 2005, the hotel features an indoor pool, restaurant and lounge, a business center and more than 6,800 square feet of meeting space. About Investcorp Real Estate Group The Investcorp Real Estate Group (LSE: IVC, BSE: INVCORP) -- http://www.investcorp.com/-- is a return-oriented real estate investor. Investcorp's real estate team, is experienced in the acquisition, development, financing, leasing, management, and disposition of a wide variety of property types including office, retail, hotel, residential, mixed-use, luxury resort and others. The Investcorp Real Estate Group is part of Investcorp, a provider and manager of alternative investment products. Investcorp has offices in New York, London and Bahrain. Founded in 1982, the firm has five lines of business: private equity, real estate, hedge funds, venture capital and Gulf growth capital. About Interstate Hotels & Resorts Inc. Headquartered in Arlington, Virginia, Interstate Hotels & Resorts Inc. (NYSE: IHR)-- http://www.ihrco.com/-- operated 189 hospitality properties with more than 43,000 rooms in 36 states, the District of Columbia, Belgium, Canada, Ireland, Mexico and Russia, including six wholly-owned properties and 20 properties with a minority ownership interest through 13 separate joint ventures, as of Aug. 31, 2007. In addition, Interstate Hotels & Resorts has contracts to manage 16 hospitality properties with nearly 4,600 rooms under development. * * * Moody's Investor Services placed Interstate Hotels & Resorts Inc.'s long term corporate family rating at B1 in January 2007. The outlook is negative. In August 2004, Standard & Poor's placed the company's long term foreign and local issuer credit ratings at B. Both ratings still hold to date. SOLUTIA INC: Noteholders to Appeal Ruling on Claim -------------------------------------------------- The Bank of New York, as Indenture Trustee for the 11.25% Senior Secured Notes due 2009 issued by Solutia Inc. and its predecessor, takes an appeal to the United States District Court for the Southern District of New York under 28 U.S.C. Section 158(a) from each and every part of: (a) the order of the U.S. Bankruptcy Court for the Southern District of New York denying BNY's request for relief from the automatic stay, entered Nov. 26, 2007; (b) Judge Beatty's November 9 memorandum decision on joint motion for partial summary judgment with respect to Claim No. 6210, and the November 26 final order granting partial summary judgment in favor of the Debtors and the Official Committee of Unsecured Creditors regarding the Debtors' objection to BNY's Claim No. 6210; and (c) Judge Beatty's ruling on BNY's emergency motion for reconsideration of the Memorandum Decision on Joint Motion for Partial Summary Judgment, issued on November 26. Bankruptcy Court's Ruling The Debtors's Consensual Plan provides, among other things, that the holders of the Debtors' 11.25% senior secured notes will be paid the allowed amount of their claim in full, in cash on the effective date. On Nov. 9, 2007, the Court issued its memorandum decision on the Debtors', the Official Committee of Unsecured Creditors', and the 2009 Noteholders' motions for partial summary judgment with respect to Claim No. 6210, where it concluded, among other things, that the Claim has a principal balance of US$187,400,000. Bank of New York, as indenture trustee for the 11.25% senior secured notes due 2009 issued by Solutia Inc., or its predecessor, filed a motion for reconsideration of the Court's Memorandum Decision, which was denied. The Court entered its final order granting partial summary judgment in favor of the Debtors and Creditors Committee regarding the Debtors' objection to Claim No. 6210 on November 26, 2007. In the final order, the Court allowed Claim No. 6210, (i) the original issued amount of the 2009 Notes of US$181,711,550, and (ii) the accrued prepetition original issue discount of US$5,666,797. Pursuant to Section 506(b) of the Bankruptcy Code these interest on Claim No. 6210 will be allowed: -- US$21,611,958, the accrued original issue discount from the Petition Date through November 9, 2007; and -- an amount equal to the number of days from November 9, 2007 to the effective date of Solutia's Plan multiplied by US$20,158, the daily accrued original issue discount from the Peittion Date from November 9, 2007, through Jan. 15, 2008; provided that the effective date or the Plan has not occurred on or before January 15, until the efective date of Solutia Inc's plan will be multiplied by US$21,735. The Court also denied Bank of New York's motion to lift stay. About Solutia Inc. Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ) -- http://www.solutia.com/-- and its subsidiaries, engage in the manufacture and sale of chemical-based materials, which are used in consumer and industrial applications worldwide. Solutia has operations in Malaysia, China, Singapore, Belgium, and Colombia. The company and 15 debtor-affiliates filed for chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949). When the Debtors filed for protection from their creditors, they listed US$2,854,000,000 in assets and US$3,223,000,000 in debts. Solutia is represented by Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis LLP, in New York, as lead bankruptcy counsel, and David A. Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders LLP, in St. Louis Missouri, as special counsel. Trumbull Group LLC is the Debtor's claims and noticing agent. Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP represent the Official Committee of Unsecured Creditors, and Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital provides the Creditors' Committee with financial advice. The Official Committee of Retirees of Solutia, Inc., et al., is represented by Daniel D. Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq., at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in Birmingham, Alabama. On Feb. 14, 2006, the Debtors filed their Reorganization Plan & Disclosure Statement. On May 15, 2007, they filed an Amended Reorganization Plan and on July 9, 2007, filed a 2nd Amended Reorganization Plan. The Bankruptcy Court approved the Debtors' amended Disclosure Statement on Oct. 19, 2007. On Oct. 22, 2007, the Debtor re-filed a Consensual Plan & Disclosure Statement and on November 29, the Court confirmed the Debtors' Consensual Plan. (Solutia Bankruptcy News, Issue No. 109; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). * * * Solutia carries Moody's Investors Service's B1 Corporate Family Rating and Probability of Default Rating. TENNECO INC: Completes Partial Offering of 10-1/4% Senior Notes --------------------------------------------------------------- Tenneco Inc. has completed its partial tender offer and consent solicitation for its 10-1/4% Senior Secured Notes due 2013 (CUSIP 880349AD7). As of midnight, New York City time, on Nov. 30, 2007, the expiration date, holders of Notes had tendered approximately US$474 million principal amount of Notes and Tenneco purchased US$230 million principal amount of such Notes, which was the maximum amount of the offer, or 48.5% of the principal amount of Notes tendered in the offer. The total purchase price of the Notes was US$250 million, including US$20 million in premiums. Holders whose Notes were accepted for purchase were also paid accrued and unpaid interest on their purchased Notes up to, but not including the payment date. Banc of America Securities LLC and Citigroup Global Markets, Inc. served as dealer managers and solicitation agents in connection with the tender offer and consent solicitation. About Tenneco Inc. Based in Lake Forest, Illinois, Tenneco Inc., (NYSE: TEN) -- http://www.tenneco.com/-- manufactures automotive ride and emissions control products and systems for both the original equipment market and aftermarket. Brands include Monroe(R), Rancho(R), and Fric Rot ride control products and Walker(R) and Gillet emission control products. The company has operations in Argentina, Japan, and Germany, with its European operations headquartered in Brussels, Belgium. The company has approximately 19,000 employees worldwide. * * * As reported in the Troubled Company Reporter on Sept. 26, 2007, Fitch Ratings has placed Tenneco Inc.'s Issuer Default Ratings and securities ratings on Rating Watch Negative. Fitch confirmed these ratings: (i) IDR 'BB-'; (ii) Senior secured bank facility 'BB+'; (iii) Senior secured notes 'BB'; and (iv) Subordinated 'B'. ============= D E N M A R K ============= CLEAR CHANNEL: Gets FCC Approval for US$1.3BB Sale to Newport TV ---------------------------------------------------------------- Clear Channel Communication Inc. received approval from the Federal Communications Commission to sell 35 television stations to Newport Television LLC, a private equity firm controlled by Providence Equity Partners Inc., for US$1.3 billion, various sources report. In its order, the FCC denied a petition filed by Buckley Broadcasting of Monterey, seeking reconsideration of the 2002 Commission decision granting applications to transfer control of the Ackerley Group Inc. to Clear Channel. However, the FCC approval comes with certain conditions that must be met by Newport in six months, including divesting TV stations in nine markets where it is in violation with FCC ownership rules. Companies must comply with the numerical ownership limits of the FCC local television ownership rule. The nine market areas are Bakersfield, San Francisco, Santa Barbara, Fresno and Monterey in California; Salt Lake City; Albany, New York; Jacksonville, Florida, and San Antonio, Texas. Cross-ownership Rule Violation Providence has defiled an FCC newspaper-broadcast station cross- ownership rule in five markets because it owns interests in Spanish language network Univision Communications Inc. and Freedom Communications Holdings Inc. On Oct. 31, 2007, Providence filed a request for more time, in which it states that it "had intended to comply by way of redemption of its attributable interest in Freedom," but that "due to extraordinarily volatile conditions in the credit market and newspaper industry in general," it has not been able to obtain the necessary financing. Instead, it proposes to convert its interest in Freedom into one that is not attributable under the FCC's rules and, by doing so, come into compliance with the rule. About Clear Channel Based in San Antonio, Texas, Clear Channel Communications Inc. (NYSE:CCU) -- http://www.clearchannel.com/-- is a media and entertainment company specializing in "gone from home" entertainment and information services for local communities and premiere opportunities for advertisers. The company's businesses include radio, television and outdoor displays. Outside U.S., the company operates in 11 countries -- Norway, Denmark, the United Kingdom, Singapore, China, the Czech Republic, Switzerland, the Netherlands, Australia, Mexico and New Zealand. * * * As reported in the Troubled Company Reporter on Sept. 27, 2007, Fitch Ratings said it expects to downgrade Clear Channel Communications Inc.'s Issuer Default Rating to 'B' from 'BB-'. The rating outlook is expected to be stable. Existing ratings remain on rating watch negative pending the closing of the merger transaction and review of final documentation. CLEAR CHANNEL: Provides Update on Bain Capital/THLP Merger ---------------------------------------------------------- Clear Channel Communications, Inc. provided an update on the status of its merger with an affiliate of a private equity group co-led by Bain Capital Partners, LLC and Thomas H. Lee Partners, L.P. Both parties continue to actively pursue the satisfaction of the conditions to closing of the merger. The remaining material condition to be satisfied is obtaining the expiration or termination of the waiting period under the Hart Scott Rodino Act. As reported in the Troubled Company Reporter on May 21, 2007, Clear Channel entered into a second amendment to its merger agreement with a private equity group co-led by Thomas H. Lee Partners, L.P. and Bain Capital Partners, LLC. Under the terms of the merger agreement, as amended, Clear Channel shareholders will receive US$39.20 in cash for each share they own plus additional per share consideration, if any, if the closing of the merger occurs after December 31, 2007. This is an increase from the previous cash consideration of US$39.00 per share. As an alternative to receiving the US$39.20 per share cash consideration, Clear Channel's unaffiliated shareholders were offered the opportunity on a purely voluntary basis to exchange some or all of their shares of Clear Channel common stock on a one-for-one basis for shares of Class A common stock in the new corporation formed by the private equity group to acquire Clear Channel (subject to aggregate and individual caps), plus the additional per share consideration, if any. Clear Channel is confident that the necessary regulatory condition will ultimately be satisfied. However, it is not expected that these conditions can be satisfied in time to allow for a closing of the merger prior to the end of 2007. Clear Channel intends to exercise its right to extend the Termination Date on Dec. 12, 2007 in accordance with the provisions of the Merger Agreement. Once extended, the new Termination Date will be June 12, 2008. Subject to the receipt of the requisite regulatory approval and customary closing conditions, Clear Channel expects the closing of the merger will occur during the first quarter 2008. Based in San Antonio, Texas, Clear Channel Communications Inc. (NYSE:CCU) -- http://www.clearchannel.com/-- is a media and entertainment company specializing in "gone from home" entertainment and information services for local communities and premiere opportunities for advertisers. The company's businesses include radio, television and outdoor displays. Outside U.S., the company operates in 11 countries -- Norway, Denmark, the United Kingdom, Singapore, China, the Czech Republic, Switzerland, the Netherlands, Australia, Mexico and New Zealand. * * * As reported in the Troubled Company Reporter on Sept. 27, 2007, Fitch Ratings said it expects to downgrade Clear Channel Communications Inc.'s Issuer Default Rating to 'B' from 'BB-'. The rating outlook is expected to be stable. Existing ratings remain on rating watch negative pending the closing of the merger transaction and review of final documentation. CLEAR CHANNEL: Paying US$0.1875 Quarterly Dividend by January 15 ---------------------------------------------------------------- The Board of Directors for Clear Channel Communications, Inc. declared a quarterly cash dividend of US$0.1875 per share on its Common Stock. The dividend is payable on or before January 15, 2008 to shareholders of record at the close of business on December 31, 2007. Based in San Antonio, Texas, Clear Channel Communications Inc. (NYSE:CCU) -- http://www.clearchannel.com/-- is a media and entertainment company specializing in "gone from home" entertainment and information services for local communities and premiere opportunities for advertisers. The company's businesses include radio, television and outdoor displays. Outside U.S., the company operates in 11 countries -- Norway, Denmark, the United Kingdom, Singapore, China, the Czech Republic, Switzerland, the Netherlands, Australia, Mexico and New Zealand. * * * As reported in the Troubled Company Reporter on Sept. 27, 2007, Fitch Ratings said it expects to downgrade Clear Channel Communications Inc.'s Issuer Default Rating to 'B' from 'BB-'. The rating outlook is expected to be stable. Existing ratings remain on rating watch negative pending the closing of the merger transaction and review of final documentation. =========== F R A N C E =========== CHARLES JOURDAN: Owner Faces Fraud Charges; Bidder Quits Race ------------------------------------------------------------- The future of Charles Jourdan SAS remains unclear after owner Yannis Bilquez was arrested by Geneva police on charges he defrauded investors, Hoovers reports citing Les Echos as its source. According to Les Echos, Mr. Bilquez, who owns Charles Jourdan through one of several funds Avendis Capital SA established internationally, was held for 24 hours by police for questioning on criminal complaints filed by the fund's investors. He was held on remand when the questioning ended. Meanwhile, acquisition bidder Repetto has withdrawn its plans for Charles Jordan, Les Echos says. Repetto complained that Mr. Bilquez had made recovery of the brand, and therefore any acquisition, impossible. The U.S. company Omniscent remains the only contender for the acquisition of Charles Jourdan, Les Echos notes. Omniscent was granted a seven-day extension to submit its recovery proposal for Charles Jourdan by the Commercial Court of Romans-sur-Isere in Drome, France. Headquartered in Romans Sur Isere, France, Charles Jourdan -- http://www.charles-jourdan.fr/-- manufactures luxury footwear. As previously reported in the TCR-Europe on Oct. 2, 2007, the court placed Charles Jourdan in compulsory administration on Sept. 12, 2007, after it filed for redressment judiciaire, the French equivalent of Chapter 11 bankruptcy protection, for the second time. The company first filed for bankruptcy on Aug. 22, 2005. Avendis and Finaluxe bought the company on Nov. 2, 2005. GOODYEAR TIRE: Names Xerox's James Firestone to Board ----------------------------------------------------- James A. Firestone, president, Xerox North America, has been elected to the Board of Directors of The Goodyear Tire & Rubber Company. "Jim has a wealth of managerial experience with a diverse group of respected companies, including Xerox, IBM and American Express," said Goodyear Chairman and Chief Executive Officer Robert J. Keegan. "We are confident that he will contribute significantly to Goodyear's continued growth." Mr. Firestone, 53, is an executive vice president of Xerox Corporation and has led the company's North American operations since 2004. He has also served as head of Xerox's channels group and was the company's chief strategy officer. Before joining Xerox in 1998, Mr. Firestone worked for the IBM Corporation as general manager of the Consumer Division and for the Ameritech Corporation as president of Consumer Services. He began his business career in 1978 with American Express, where during his 15-year tenure he ultimately rose to President, Travelers Cheques. Mr. Firestone holds a Bachelor of Science Degree in international economics from Georgetown University School of Foreign Service and a Master of public and private management from the Yale University School of Management. The election of Mr. Firestone brings the size of Goodyear's board to 13 members. About Goodyear Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company (NYSE: GT) -- http://www.goodyear.com/-- is the world's largest tire company. The company manufactures tires, engineered rubber products and chemicals in more than 90 facilities in 28 countries. Goodyear's operations are located in Argentina, Austria, Chile, Colombia, France, Italy, Guatemala, Jamaica, Peru, Russia, among others. Goodyear employs more than 80,000 people worldwide. * * * In June 2007, Standard & Poor's Ratings Services raised its ratings on Goodyear Tire & Rubber Co., including its corporate credit rating to 'BB-' from 'B+'. These ratings still apply as of Dec. 4, 2007. ============= G E R M A N Y ============= AMIKON GMBH: Claims Registration Ends January 7, 2008 ----------------------------------------------------- Creditors of Amikon GmbH have until Jan. 7, 2008, to register their claims with court-appointed insolvency manager Marc Herbert. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.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 Pirmasens Hall 235 Second Floor Pirmasens Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Marc Herbert Neikesstrasse 3 66111 Saarbr�cken Germany Tel: 0681-954580 Fax: 0681-9545823 E-Mail: Sekretariat@ra-embacher.de The District Court of Pirmasens opened bankruptcy proceedings against Amikon GmbH on Nov. 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Amikon GmbH Attn: Brigitte Birkhahn, Manager Bahnhofstrasse 1 66953 Pirmasens Germany BEBRA BIOGAS: Claims Registration Ends January 3, 2008 ------------------------------------------------------ Creditors of BEBRA Biogas GmbH have until Jan. 3, 2008, to register their claims with court-appointed insolvency manager Dr. Petra Mork. Creditors and other interested parties are encouraged to attend the meeting at 8:45 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 Dortmund Hall 3.201 Second Floor Gerichtsplatz 1 44135 Dortmund Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Petra Mork Arndtstr. 28 44135 Dortmund Germany The District Court of Dortmund opened bankruptcy proceedings against BEBRA Biogas GmbH on Nov. 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BEBRA Biogas GmbH Luenener Str. 208 a 59174 Kamen Germany Attn: Dr. Benno Brachthaeuser, Manager Crispinstr. 24 44229 Dortmund Germany BOHLENS BETEILIGUNGS: Claims Registration Ends January 7, 2008 -------------------------------------------------------------- Creditors of Bohlens Beteiligungsgesellschaft mbH i. L. have until Jan. 7, 2008, to register their claims with court- appointed insolvency manager Dr. Gideon Boehm. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Feb. 5, 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 Tostedt Meeting Hall I Hall CE.02 Linden 23 21255 Tostedt 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. Gideon Boehm Bachstr. 85 a 22083 Hamburg Germany Tel: 040/320836-0 Fax: 040/32083636 The District Court of Tostedt opened bankruptcy proceedings against Bohlens Beteiligungsgesellschaft mbH i. L. on Nov. 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bohlens Beteiligungsgesellschaft mbH i. L. Attn: Ralf Bohlens, Manager Dibberser Muehlenweg 83 b 21244 Buchholz Germany CARDISCOUNTER RONIG: Claims Registration Ends January 7, 2008 ------------------------------------------------------------- Creditors of Cardiscounter Ronig GmbH have until Jan. 7, 2008, to register their claims with court-appointed insolvency manager Dr. Sebastian Henneke. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Jan. 28, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duisburg Meeting Hall C407 Fourth 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: Dr. Sebastian Henneke Muelheimer Str. 100 47057 Duisburg Germany The District Court of Duisburg opened bankruptcy proceedings against Cardiscounter Ronig GmbH on Nov. 20. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Cardiscounter Ronig GmbH Kurt-Schumacher-Str. 220 46539 Dinslaken Germany CK HOLZBAU: Claims Registration Ends January 3, 2008 ---------------------------------------------------- Creditors of CK Holzbau GmbH have until Jan. 3, 2008, to register their claims with court-appointed insolvency manager Wolfgang Weidemann. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Jan. 24, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Lueneburg Hall 302 Ochsenmarket 3 21335 Lueneburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Wolfgang Weidemann Wendenstr. 4 20097 Hamburg Germany Tel: 040 / 23 32 85 Fax: 040 / 23 38 10 The District Court of Lueneburg opened bankruptcy proceedings against CK Holzbau GmbH on Nov. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: CK Holzbau GmbH Attn: Sabine Klinkenstein, Manager Geestwiesenweg 22 21423 Winsen/Luhe Germany FOTO SOMMER: Claims Registration Ends January 7, 2008 ----------------------------------------------------- Creditors of Foto Sommer GmbH have until Jan. 7, 2008, to register their claims with court-appointed insolvency manager Dr. Hans-Peter Lehner. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Amberg Hall 115 Meeting Hall V First Floor Baustadelgasse 1 Amberg 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. Hans-Peter Lehner Ditthornstr. 5 93055 Regensburg Germany Tel: 0941/640 820-0 Fax: 0941/640 820-10 The District Court of Amberg opened bankruptcy proceedings against Foto Sommer GmbH on Nov. 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Foto Sommer GmbH Lange Gasse 23 92224 Amberg Germany FRESENIUS MEDICAL: Acquires Renal Solutions for US$190 Million -------------------------------------------------------------- Fresenius Medical Care AG & Co. KGaA has acquired Renal Solutions, Inc. for total consideration of up to US$190 million, consisting of US$100 million at closing, US$60 million after the first year, and up to US$30 million in milestone payments over the next three years. RSI had approximately US$10 million of net debt outstanding at closing. RSI is currently commercializing the Allient Sorbent Hemodialysis System, which is returning sorbent-based technology (SORB) to the dialysis field. The SORB cartridge has a long market history in hemodialysis with over 6 million cartridges sold. As the innovator in the SORB technology field, RSI holds key patents and other intellectual property worldwide related to the SORB technology. The sorbent technology purifies tap water to dialysate quality and allows dialysate to be regenerated. This reduces the water volume requirement for a typical hemodialysis treatment from 120 liters/37 gallons of reverse osmosis water to just 6 liters/ 1.5 gallons of drinking water per treatment. The combination of Fresenius Medical Care's leading hemodialysis technology and the SORB technology will provide a platform for superior home products and therapies. Furthermore, the significant reduction of dialysate through SORB technology is one major step towards miniaturization - a pre-requisite for the wearable kidney concept which could benefit certain patients and complement clinical-based therapy. Fresenius Medical Care sees the current market size of the Home Therapy Market (Peritoneal Dialysis and Home Hemodialysis) at about US$2 billion representing approximately 11% of the overall worldwide dialysis market. The Company believes the Home Therapy market has the potential to grow to US$4 billion within the next 10 years. Fresenius Medical Care has a market share in this market segment of approximately 30%. Home hemodialysis (HHD) has been a niche market for many years but with growing attention in recent past. With increased access to adequate therapy, the Company projects the number of HHD patients in North America could grow from about 0.5% at the end of 2006 to approximately 4% of the patient population in the next 10 years. "The acquisition of RSI is an important step to advance the technology required for strong future growth in this field," Dr. Ben Lipps, Fresenius Medical Care CEO, said. "The combination offers us the long-term opportunity to extend our leadership to home and acute dialysis products. Furthermore, by combining our equipment and membrane technology with the SORB technology, we can provide innovative solutions in the future such as a possible wearable kidney. With this acquisition, Fresenius Medical Care expects to increase its annual R&D spending by approximately US$10 million starting in 2008. Our mid-term financial targets for the years 2007 through 2010 remain unchanged." About Fresenius Medical Headquartered in Bad Homburg, Germany, Fresenius Medical Care AG & Co. KGaA -- http://www.fmc-ag.com/-- provides products and services for individuals undergoing dialysis because of chronic kidney failure. Fresenius Medical Care also provides dialysis products such as hemodialysis machines, dialyzers and related disposable products. Fresenius Medical Care provides dialysis treatment to around 128,200 patients around the globe. Fresenius AG holds around 37% of Fresenius Medical Care AG & Co. KgaA's capital. The company also operates facilities in Australia, Brazil, Canada, China, France, Korea, Mexico, Portugal and Sweden, among others. * * * As of Dec. 4, 2007, Fresenius Medical Care AG & Co. KGaA carries Ba2 Corporate Family and Ba1 Bank Loan and and Probability-of- Default ratings from Moody's Investors Service. Moody's said the outlook is positive. The company carries BB Long-term Foreign and Local Issuer Credit ratings from Standard & Poor's. S&P said the outlook is stable. FMC also carries BB Long-term Issuer Default and Senior Unsecured Debt ratings and B Short-term and Short-term Issuer Default ratings from Fitch, which said the outlook is stable. FRESENIUS SE: Kabi Arm to Acquire Nestle French & Spanish Units --------------------------------------------------------------- Fresenius Kabi, a unit of Fresenius SE, has reached an agreement to acquire Nestle's enteral nutrition businesses in France, Novartis Nutrition S.A.S., and in Spain, Nestle Healthcare Nutrition Spain. With this acquisition, Fresenius Kabi strengthens its fast- growing segment Clinical Nutrition and significantly expands its market position in France and Spain. Novartis Nutrition holds a leading position on the French enteral nutrition market and offers a comprehensive portfolio of sip and tube feeds and corresponding medical devices. With this acquisition, Fresenius Kabi will significantly improve its market position and will become the second largest provider of enteral nutrition products in France. Nestle Healthcare Nutrition Spain has successfully established itself as a renowned provider of enteral nutrition products in the Spanish market during the last few years. The acquisition will provide Fresenius Kabi with access to the Spanish enteral nutrition market. In 2007, the businesses are projected to achieve combined sales of approximately EUR55 million. The European Commission made the divestiture of the businesses a condition in connection with Nestle's acquisition of the worldwide clinical nutrition business of Novartis. Completion of the transaction was subject to both the approval of the European Commission and consultation and information of employees' representatives in France and Spain, all of which have now been satisfactorily completed. The parties agreed not to disclose the purchase price. The transaction is expected to close in 2007. About Fresenius SE Headquartered in Bad Homburg, Germany, Fresenius SE -- http://www.fresenius.com/-- is a global health care company with products and services for dialysis, the hospital and the medical care of patients at home. The Fresenius Group consists of three business segments, each of which is responsible for its own business operations worldwide: Fresenius Medical Care, Fresenius Kabi and Fresenius ProServe. The company also operates in Italy, Spain, France, U.K., Austria, Switzerland, the Netherlands, Belgium, Norway, Sweden, Poland, Canada, Mexico, U.S.A., Brazil, China, Korea, Australia, South Africa and Portugal. * * * As of Dec. 4, 2007, Fresenius SE carries Ba2 Corporate Family and Probability-of-Default ratings from Moody's Investors Service. Moody's said the outlook is positive. The company carries BB Long-term Foreign and Local Issuer Credit ratings from Standard & Poor's. S&P said the outlook is stable. Fresenius also carries BB Long-term Issuer Default and Senior Unsecured Debt ratings and B Short-term and Short-term Issuer Default ratings from Fitch, which said the outlook is stable. FRISCHA GETRAENKEMAERKTE: Claims Period Ends Dec. 28 ---------------------------------------------------- Creditors of Frischa Getraenkemaerkte GmbH & Co. KG have until Dec. 28 to register their claims with court-appointed insolvency manager Kaufmann Wilfried Koller. Creditors and other interested parties are encouraged to attend the meeting at 8:20 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 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: Kaufmann Wilfried Koller Schiffgraben 59 30175 Hannover Germany Tel: 0511 342129 Fax: 0511 3480645 The District Court of Hannover opened bankruptcy proceedings against Frischa Getraenkemaerkte GmbH & Co. KG on Nov. 20. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Frischa Getraenkemaerkte GmbH & Co. KG Attn: Friedrich Scharnhorst, Manager Steinweg 27 31535 Neustadt Germany HEINZ KNORR: Claims Registration Period Ends Jan. 7, 2008 --------------------------------------------------------- Creditors of Heinz Knorr Polstermoebel GmbH have until Jan. 7, 2008, to register their claims with court-appointed insolvency manager Dr. Christoph Junker. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Feb. 20, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Chemnitz Hall 24 Fuerstenstrasse 21-23 09130 Chemnitz Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Christoph Junker Karcherallee 25 a 01277 Dresden Germany Tel:(0351) 260 6060 Fax:(0351) 260 6066 E-mail: dresden@junker-kollegen.de The District Court of Chemnitz opened bankruptcy proceedings against Heinz Knorr Polsterm�bel GmbH on Nov. 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Heinz Knorr Polstermoebel GmbH Attn: Johannes Schmiedel, Manager Schwarzenberger Str. 101 08280 Aue Germany IDB DISKOTHEKENBETRIEBE: Claims Registration Ends Jan. 8, 2008 -------------------------------------------------------------- Creditors of DB Diskothekenbetriebe GmbH have until Jan. 8, 2008, to register their claims with court-appointed insolvency manager Michael Selker. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Osnabrueck Hall N 301 Kollegienwall 10 49074 Osnabrueck Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Michael Selker Niedersachsenstr. 11a 49074 Osnabrueck Germany Tel: 0541/357450 Fax: 0541/3574511 The District Court of Osnabrueck opened bankruptcy proceedings against DB Diskothekenbetriebe GmbH on Nov. 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: DB Diskothekenbetriebe GmbH Baumstr. 12 49074 Osnabrueck Germany Attn: Alexander Mueller, Manager Weststrasse 31 32657 Lemgo Germany JEDERMANN(S) GASTSTAETTEN: Claims Filing Period Ends Dec. 31 ------------------------------------------------------------ Creditors of Jedermann(s) Gaststaetten GmbH have until Dec. 31 to register their claims with court-appointed insolvency manager Dr. Peer Moeller. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Luebeck Hall 256 Am Burgfeld 7 23568 Luebeck Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Peer Moeller Untere Querstr. 1 23730 Neustadt/H Germany The District Court of Luebeck opened bankruptcy proceedings against Jedermann(s) Gaststaetten GmbH on Nov. 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Jedermann(s) Gaststaetten GmbH Attn: Wolfgang Buhr, Manager Dr. Julius-Leber-Str. 32 23552 Luebeck Germany KARL RICK: Claims Registration Period Ends Jan. 7, 2008 ------------------------------------------------------- Creditors of Karl Rick Blechwarenfabrikation GmbH have until Jan. 7, 2008, to register their claims with court-appointed insolvency manager Andreas Amelung. Creditors and other interested parties are encouraged to attend the meeting at 9:45 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 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: Andreas Amelung Im Mediapark 6B 50670 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against Karl Rick Blechwarenfabrikation GmbH on Nov. 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Karl Rick Blechwarenfabrikation GmbH Roemerstr. 133 50127 Bergheim Germany L.K.O. LOGISTIK: Claims Registration Ends Jan. 2, 2008 ------------------------------------------------------ Creditors of L.K.O. Logistik GmbH have until Jan. 2, 2008, to register their claims with court-appointed insolvency manager Dr. Dirk Herzig. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Chemnitz Hall 24 Fuerstenstrasse 21-23 09130 Chemnitz Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Dirk Herzig Promenadenstrasse 3 09111 Chemnitz Germany Tel:(0371) 382370 Fax: (0371) 3823710 Email: DHerzig@schubra.de The District Court of Chemnitz opened bankruptcy proceedings against L.K.O. Logistik GmbH on Nov. 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: L.K.O. Logistik GmbH Attn: Oliver Seidel, Manager Strasse der Befreiung 128 b 08141 Reinsdorf Germany LE WA TEC: Claims Registration Period Ends Jan. 7, 2008 ------------------------------------------------------- Creditors of LE WA TEC Spezialtiefbau GmbH have until Jan. 7, 2008, to register their claims with court-appointed insolvency manager Joerg Riedemann. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Feb. 4, 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 Dessau Hall 123 Willy-Lohmann-Str. 33 Dessau 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 Riedemann Muehlweg 47 06114 Halle Germany Tel: 0345/293900 Fax: 0345/2939029 The District Court of Dessau opened bankruptcy proceedings against LE WA TEC Spezialtiefbau GmbH on Nov. 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: LE WA TEC Spezialtiefbau GmbH Strasse der Wissenschaften 6 06749 Bitterfeld-Wolfen Germany R.S. WEINHANDELS: Claims Registration Ends Jan. 4, 2008 ------------------------------------------------------- Creditors of R.S. Weinhandels GmbH have until Jan. 4, 2008, to register their claims with court-appointed insolvency manager Dr. Tjark Thies. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Feb. 1, 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 Meeting Hall B 405 Fourth Floor 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: Dr. Tjark Thies Domstrasse 15 20095 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against R.S. Weinhandels GmbH on Nov. 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: R.S. Weinhandels GmbH Attn: Ralph Schmetzer, Manager Blankeneser Hauptstr. 159 22587 Hamburg Germany STAHL GERAETE: Claims Registration Period Ends Dec. 28 ------------------------------------------------------ Creditors of SGM - Stahl-, Geraete- und Maschinen GmbH have until Dec. 28 to register their claims with court-appointed insolvency manager Dr. Wolfgang Koehler. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on Feb. 8, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Arnsberg Meeting Room 328 Eichholzstr. 4 59821 Arnsberg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Wolfgang Koehler Marktstrasse 22 59555 Lippstadt Germany The District Court of Arnsberg opened bankruptcy proceedings against SGM - Stahl-, Geraete- und Maschinen GmbH on Nov. 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: SGM - Stahl-, Geraete- und Maschinen GmbH Heidberg 15 59602 Ruethen Germany Attn: Gudrun Hollmann, Manager Schwarzer Weg 6 59581 Warstein und Juergen Rembeck Bornefelder Strasse 12 59329 Wadersloh Germany STEINBERG GRUNDSTUECKSVERWALTUNGS: Claims Period Ends Dec. 18 ------------------------------------------------------------- Creditors of Steinberg Grundstuecksverwaltungs GmbH have until Dec. 18 to register their claims with court-appointed insolvency manager Horst Piepenburg. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Jan. 11, 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 341 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: Horst Piepenburg Heinrich-Heine-Allee 20 40213 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against Steinberg Grundstuecksverwaltungs GmbH on Nov. 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Steinberg Grundstuecksverwaltungs GmbH Weststrasse 28 40721 Hilden Germany TEAM-BAU LEIPZIG: Claims Registration Period Ends Dec. 31 --------------------------------------------------------- Creditors of Team-Bau Leipzig GmbH have until Dec. 31 to register their claims with court-appointed insolvency manager Stephan Poppe. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Jan. 28, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Leipzig Hall 056 Ground Floor Enforcement Court Bernhard Goering Strasse 64 04275 Leipzig Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Stephan Poppe Kathe-Kollwitz-Str. 9 04109 Leipzig Germany Tel: 910470 Fax: 9104710 The District Court of Leipzig opened bankruptcy proceedings against Team-Bau Leipzig GmbH on Nov. 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Team-Bau Leipzig GmbH Heinrichstrasse 9 04317 Leipzig Germany UDO NERLICH: Claims Registration Ends January 2, 2008 ----------------------------------------------------- Creditors of Udo Nerlich und Thomas Thiede Malereifachbetrieb GmbH have until Jan. 2, 2008, to register their claims with court-appointed insolvency manager Peter Baumgarte. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.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 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: Peter Baumgarte Lange-Hop-Strasse 158 30539 Hannover Germany Tel: 0511 954750 Fax: 0511 9547599 The District Court of Hannover opened bankruptcy proceedings against Udo Nerlich und Thomas Thiede Malereifachbetrieb GmbH on Nov. 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Udo Nerlich und Thomas Thiede Malereifachbetrieb GmbH Attn: Udo Nerlich and Thomas Thiede, Managers Im Kanaleck 27 30926 Seelze Germany ============= I R E L A N D ============= AFFILIATED COMPUTER: Fitch Removes BB Ratings from Watch Neg. ------------------------------------------------------------- Fitch Ratings has removed Affiliated Computer Services, Inc. from Rating Watch Negative and affirmed these ratings: -- Issuer Default Rating 'BB'; -- Senior secured revolving credit facility at 'BB'; -- Senior secured term loan at 'BB'; -- Senior notes at 'BB-'. The Rating Outlook is Stable. Approximately US$3.4 billion of debt, including the US$1 billion revolving credit facility, is affected by Fitch's action. Fitch's removal of ACS from Rating Watch Negative reflects the conclusion of the company's review of strategic alternatives, which ultimately resulted in no modification of the existing capital structure attributable to a leveraged buyout or other change of ownership. The ratings are supported by ACS': -- Consistent free cash flow due to a significant recurring revenue base from long-term outsourcing contracts (85% of total revenue); -- Diverse business lines, several of which are insulated or countercyclical to U.S. economic growth, with minimal exposure (5%-10% of revenue) to discretionary IT spending, such as consulting; -- Solid growth prospects for the business process outsourcing services market (75% of total revenue); -- Established and geographically diverse offshore delivery model that reduces the effect of currency fluctuations and/or salary inflation in individual offshore markets; and -- Material and sustained improvement in renewal rates. Rating concerns continue to center on: -- The lack of visibility with respect to ACS' long-term capital structure plans, which could include further debt- financed stock buybacks; -- ACS' acquisitive nature, which could be debt-financed going forward; -- Decline of new commercial contract bookings (60% of revenues), which fell approximately 30% year-over-year for the latest 12 months ended Sept. 30, 2007; -- The ongoing Securities and Exchange Commission and Department of Justice investigations, and several derivative lawsuits, all of which relate to the company's timing of historical stock option grants. The ratings may be downgraded in the event of: -- Aggressive resumption of debt-financed share buybacks. Although Fitch believes some flexibility exists in the current ratings for incremental debt-financed share repurchases, full utilization of the company's remaining US$2 billion uncommitted term loan accordion feature to buy back shares would lead to negative rating actions. -- A material reduction of liquidity if the pending court decision rules that ACS' failure to timely file its 10-K for fiscal year 2006 constitutes an event of default for the senior notes; and -- Continued declines in new commercial contract bookings. The ratings may be upgraded in the event of: -- Greater company transparency with respect to long-term capital structure targets; -- Material debt reduction; and -- Strong and sustainable growth of free cash flow. The rating of 'BB-' for the senior notes incorporates the fact that the secured credit facilities have the sole rights to ACS' accounts receivable, which represented approximately 23% of total assets and 46% of tangible assets as of Sept. 30, 2007, despite the notes being equally and ratably secured with the senior secured credit facilities under the terms of the related indenture. The credit facility is secured by a first priority perfected pledge of all notes owned by the borrowers and guarantors, all capital stock of predominantly all domestic subsidiaries and certain foreign subsidiaries of ACS, and a first priority perfected security interest in all other assets owned by ACS, including tangible and intangible assets. As of June 30, 2007, the financial covenant ratios contained in the credit facility, which are based on a quarterly schedule that becomes more restrictive over time relative to the amount of covenant adjusted debt outstanding, consist of bank-defined maximum consolidated senior leverage ratio of 3 times, maximum consolidated total leverage ratio of 4x and interest coverage covenant of 4.5x. Fitch estimates leverage (total debt/operating EBITDA) declined slightly year-over-year to 2.3x as of Sept. 30, 2007 from 2.5x due to growth in operating EBITDA. Fitch estimates interest coverage (operating EBITDA/ gross interest expense) declined to 5.8x for the LTM ended Sept. 30, 2007 compared with nearly 10x in the year-ago period due to increased interest expense from higher average debt levels. Fitch believes ACS' liquidity is adequate and was supported by approximately US$246 million of cash at Sept. 30, 2007 and US$818 million of availability on its US$1 billion secured revolving credit facility expiring 2012. The credit facility also includes an uncommitted accordion feature enabling ACS to increase the size of the revolver by up to US$750 million for general corporate purposes under certain circumstances. Liquidity is further supported by ACS' consistent free cash flow, which increased to US$378 million in fiscal 2007 despite increased interest expense. Total debt as of Sept. 30, 2007 was approximately US$2.4 billion, consisting primarily of US$1.8 billion of secured term loans due 2013 and US$250 million of senior notes due in June 2010 and June 2015. ACS' near-term debt maturities are manageable as the next material debt obligations of US$275 million occur in fiscal year 2010. However, if ACS' failure to timely file its 10-K for fiscal 2006 is ruled an event of default by the court, Fitch believes ACS will utilize its US$1 billion revolver to refinance the US$500 million of senior notes that would become immediately due at par value plus accrued interest. REID TRANSPORT: Seeks Administrators After Sale Attempts Failed --------------------------------------------------------------- Reid Transport Ltd sought the advice of administrators after a loss of more than 200 jobs and attempts to sell the company failed, BBC News reports. The failure to find a buyer meant Reid Transport had no option but to close the business and "implement an immediate redundancy program," Administrator Garth Callow of PricewaterhouseCoopers told BBC News. The company assured the U.K. Department of Enterprise, Trade and Investment that efforts will be made to secure redundancy payments for the workers before Christmas, BBC says. "A small number of workers are being retained to assist with an orderly run down of the operation, but drivers and sub-contract drivers already on the road have been asked to complete their current journey and they will be paid for this work," Mr. Callow said. "This is a particularly difficult situation so close to Christmas, particularly when there is no prospect of saving the company and the jobs." Headquartered in Ballymena, Ireland, Reid Transport Ltd. -- http://www.reidtransport.com/-- offers distribution, warehousing and transporting services, with depots strategically located throughout Ireland and the United Kingdom. ========= I T A L Y ========= XEROX CORP: Names New Senior Leadership in North America -------------------------------------------------------- Xerox Corporation disclosed the appointment of two seasoned executives to its North American senior management team. Doug Lord has been named president of Xerox's U.S. Solutions Group, and Kevin Warren will now lead Xerox Canada, Ltd. Mr. Lord, previously head of Xerox Canada, moves to the U.S. to lead Xerox's direct sales force that markets and sells Xerox's systems and services across the country. He replaces Michael Brannigan, who is retiring from Xerox after a 35-year career with the company. Mr. Lord brings a strong sales orientation to the role with more than 30 years of Xerox experience not only in sales management but also in marketing, human resources, supply chain and customer service. A 23-year veteran of Xerox, Kevin Warren assumes the role of president, chairman and CEO of Xerox Canada, leading a team of 4,200 employees who deliver annual revenue of more than US$1.2 billion. Warren previously led the team responsible for the transition of Xerox's acquisition of Global Imaging Systems. He has a strong background in direct sales and sales management, previously serving as head of Xerox's U.S. Eastern Sales Operations. Xerox also announced the retirement of Emerson Fullwood, chief marketing officer, Xerox North America. Mr. Fullwood began his Xerox career in 1972 and has held a number of marketing and sales leadership positions throughout the company. "A company's success is often defined by its leaders who are on the front line, serving as champions for their people and their customers," said Jim Firestone, executive vice president and president, Xerox North America. "During their more than three decades with Xerox, Mike and Emerson exemplified values-based, results-driven leadership. We will always appreciate their contributions to our company. They have paved the way for the next generation of Xerox leadership, including Kevin and Doug, to accelerate Xerox's growth and continue building value for our stakeholders." The appointments are effective January 1. Both Messrs. Lord and Warren report to Mr. Firestone. Headquartered in Stamford, Connecticut, Xerox Corp. -- http://www.xerox.com/-- develops, manufactures, markets, services and finances a range of document equipment, software, solutions and services. Xerox operates in over 160 countries worldwide and distributes products in the Western Hemisphere through divisions, wholly owned subsidiaries and third-party distributors. The company maintains operations in France, Japan, Italy, Nicaragua, among others. * * * Xerox Corp. holds Fitch Ratings' BB preferred stock rating to date. =================== K A Z A K H S T A N =================== BELAGASH LLP: Proof of Claim Deadline Slated for Jan. 8 ------------------------------------------------------- The Specialized Inter-Regional Economic Court of North Kazakhstan has declared LLP Belagash insolvent on Oct. 18. Creditors have until Jan. 8, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of North Kazakhstan Department of Agriculture Konstitutsiya Kazakhstana Str. 38 Petropavlovsk North Kazakhstan Kazakhstan INTERTECHENERGO LLP: Creditors Must File Claims Jan. 4 ------------------------------------------------------ LLP Intertechenergo has declared insolvency. Creditors have until Jan. 4, 2008, to submit written proofs of claims to: LLP Intertechenergo Akademik Bekturov Str. 15-74 140000, Pavlodar Kazakhstan KAZAKH MORTGAGE: Moody's Affirms Ba2 Rating on US$7.1 Mln Notes --------------------------------------------------------------- Moody's Investors Service affirms these ratings of notes issued by Kazakh Mortgage-Backed Securities 2007-1 B.V.: -- US$123,000,000 Class A Notes, A3 affirmed; -- US$11,300,000 Class B Notes, Baa2 affirmed; -- US$7,100,000 Class C Notes, Ba2 affirmed. Moody's has reviewed the ratings of the notes issued by Kazakh Mortgage-Backed Securities 2007-1 B.V. following the downgrade of Bank TuranAlem's Foreign Currency Senior Unsecured Debt Ratings to Ba1 from Baa3 to reflect the negative impact of the continued credit and liquidity crisis on the bank's credit risk profile (BTA BFSR is unchanged at D- and BTA Foreign Currency Deposit Rating is unchanged at Ba1). BTA is the Parent of Originator and Servicer, BTA Ipoteka (unrated), and the provider of servicing guarantee for Kazakh Mortgage-Backed Securities 2007-1 B.V. Affirmations of the notes' ratings are based on: (i) Strong performance of the transaction, which is characterized by low cumulative defaults and no losses to date. The amortization and prepayment of the pool have also led to increased relative subordination levels for the notes. (ii) The downgrade of BTA by one notch has marginally increased BTA's default risk. Moody's has analyzed the incremental risk for the notes in respect of the true sale and commingling. The potential impact on the servicing quality in case of the servicer's default is further mitigated by the back-up serving arrangement (with Halyk Bank as the contracted back-up servicer) that is in place since closing. However any further downgrades of BTA or deterioration in performance of the portfolio will likely lead to the downgrade of the notes. Kazakh Mortgage-Backed Securities 2007-1 B.V. was closed in March 2007. The ratings address the expected loss posed to investors by the legal final maturity. In Moody's opinion, the structure allows for timely payment of interest and ultimate payment of principal with respect to the notes by the legal final maturity. KAZAKHTELECOM JSC: Claims Filing Period Ends Jan. 4 --------------------------------------------------- Branch of JSC Kazakhtelecom has declared insolvency. Creditors have until Jan. 4 to submit written proofs of claims to: Branch of JSC Kazakhtelecom Kunayev Str. 114 Almaty Kazakhstan Tel: 8 (3272) 30-18-51 KAZLES LLP: Creditors' Claims Due on Jan. 8 ------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan has declared LLP Lazles insolvent. Creditors have until Jan. 8, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of East Kazakhstan Myzy Str. 2/1-206 Ust-Kamenogorsk East Kazakhstan Kazakhstan Tel: 8 (7232) 24-35-48 8 777 137 99-91 8 705 779 43-07 QUARTS KG: Claims Registration Ends Jan. 4 ------------------------------------------ The Specialized Inter-Regional Economic Court of Kyzylorda has declared LLP QUARTS KG Ltd insolvent on Oct. 5. Creditors have until Jan. 4, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kyzylorda Jahayev Str. 7 Kyzylorda Kazakhstan Tel: 8 (32422) 27-23-65 RAMAZAN OJSC: Creditors Must File Claims Jan. 4 ----------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared OJSC Pfg Ramazan insolvent on Feb. 22. Creditors have until Jan. 4, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Almaty Office 74 Kazybek bi Str. Almaty Kazakhstan Tel: 8 (7272) 72-12-50 VIP HUNTING: Claims Filing Period Ends Jan. 4 --------------------------------------------- LLP VIP Hunting Tours Kazakhstan has declared insolvency. Creditors have until Jan. 4, 2008, to submit written proofs of claims to: LLP VIP Hunting Tours Furmanov Str. 48/69-66 Almaty Kazakhstan =================== K Y R G Y Z S T A N =================== SHAM SERVICE: Creditors Must File Claims by January 11, 2008 ------------------------------------------------------------ LLC Sham Service has declared insolvency. Creditors have until Jan. 11, 2008, to submit written proofs of claim to: LLC Sham Service Lomonosov Str. 62 Bishkek Kyrgyzstan =============== P O R T U G A L =============== BEARINGPOINT INC: Board Names Edwin Harbach as CEO & President -------------------------------------------------------------- BearingPoint Inc.'s board of directors has named Ed Harbach as president and chief executive officer and a member of the board of directors. Mr. Harbach, who has more than 28 years of experience in the consulting industry, has been the company's president and chief operating officer since Jan. 2007. Harry L. You, who was chief executive officer since March 2005, is leaving the company to pursue other opportunities and will be succeeded by Mr. Harbach. Mr. You led BearingPoint through an important period of rebuilding and improved financial management. The company also filed its third-quarter Form 10-Q making it current and up-to-date in its periodic filings with the Securities and Exchange Commission. "BearingPoint continues to make great progress," Roderick McGeary, chairman of the board, stated. "Harry helped to build the financial foundation necessary to position us for future success. The board and Harry agreed that this is the perfect time for a change in leadership. We are thrilled that Ed will lead the company into the next, critical phase of achieving strategic and operational excellence." "Ed has extensive experience in the consulting industry, and has already brought great value to BearingPoint as the leader of its day-to-day operations," Mr. McGeary added. "With his proven ability to tackle operational challenges, drive business results and increase client satisfaction, Ed will be instrumental in helping us make the final push on our business turnaround and execute our strategy for long-term growth." "Ed"s appointment reflects the board's determination that the best way for the company to create value for its shareholders, clients and employees is by intensifying our focus on operations -- and leveraging the full scale and scope of our global business, including continuing to own and operate our European practice as an important part of our consolidated business," Mr. McGeary continued. "Ed will pursue this strategy with a focused and disciplined approach to driving profitable growth, building the company's cash flow and strengthening the balance sheet." "I am very enthusiastic about taking on the chief executive role." Mr. Harbach stated. "I have worked in the consulting business for my entire career and I am confident that our Company can create long-term value for shareholders. BearingPoint has world-class people and a solid customer base with great potential. I look forward to working with the Board, our management team and our global employee base to operate the company efficiently and to continue to establish BearingPoint as one of the world's premier management technology and consulting firms." Prior to his role as president and chief operating officer of BearingPoint, Mr. Harbach served as a managing partner and member of the leadership team at Accenture and held key client- facing and executive positions throughout the organization. In addition to leading global client relationships with several Fortune 100 companies, Mr. Harbach served as chief information officer and managing partner, client satisfaction and quality, and also served as turnaround leader on a number of critical client and organizational assignments in multiple geographic regions. "We thank Harry for his hard work and important contributions to BearingPoint over the last three years," Mr. McGeary added. "Harry's leadership has been important, particularly in building a strong foundation to bring current the company's financial reporting, strengthen the balance sheet and resolve a significant number of serious financial, compliance, legal and other issues which existed when he arrived. On behalf of the Board and management team, we wish him well in his future endeavors." "I am delighted that we have been able to get current and I look forward to pursuing other opportunities, Mr. You stated. "It has been a privilege working with the many talented people throughout BearingPoint over the past three years." "I am proud of the progress the company has made," Mr. You continued. "It is a real testament to our franchise and to the tenacity of our people. I have known Ed for several years and am confident in his abilities to lead BearingPoint into the future." About BearingPoint Inc. Headquartered in McLean, Virginia, BearingPoint Inc. (NYSE:BE) - - http://www.BearingPoint.com/-- is a provider of management and technology consulting services to Global 2000 companies and government organizations in 60 countries. The firm has more than 17,000 employees focusing on the Public Services, Financial Services and Commercial Services industries. BearingPoint professionals have built a reputation for knowing what it takes to help clients achieve their goals, and working closely with them to get the job done. The company's service offerings are designed to help its clients generate revenue, increase cost- effectiveness, manage regulatory compliance, integrate information and transition to "next-generation" technology. BearingPoint has global locations including in Indonesia, Australia, Austria, China, India, Japan, Mexico, Portugal, Singapore and Thailand. * * * Moody's Investor Service placed BearingPoint Inc.'s long term corporate family rating at 'B2' in December 2006 and its probability of default rating at 'B1' in September 2006. Both ratings still hold to date. =========== R U S S I A =========== EXPORTINSTRUMENT OJSC: Court Starts Bankruptcy Supervision ---------------------------------------------------------- The Arbitration Court of Moscow commenced bankruptcy supervision procedure on OJSC Commerce and Manufacturing Firm Exportinstrument on Aug. 6. The case is docketed under Case No. A40-37455/07-88-126B. The Interim Manager is: V. O. Yakovlev Block 1 Lubyanskij Proezd 5 101000 Moscow Russia The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: OJSC Commerce and Manufacturing Firm Exportinstrument Vavilova 67 117860 Moscow Russia INFORMATION AND INTELLIGENT: Claims Filing Period Ends Dec. 24 -------------------------------------------------------------- Creditors of Information and Intelligent System Laboratory LLC have until Dec. 24 to submit proofs of claim to: O. A. Zhal'neryunas Competitive Proceedings Manager Combainerov Str. 34 614036 Perm' Russia The Arbitration Court of Chelyabinsk region commenced two- year competitive proceedings against the company on Oct. 15. The case is docketed under Case No. A76-1998/2007-34-358. The Court is located at: The Arbitration Court of Chelyabinsk Vorovskogo Str. 2 454091 Chelyabinsk Russia IRBITSKIJ GLASS: Creditors Must File Claims by Jan. 24, 2008 ------------------------------------------------------------ Creditors of Irbitskij Glass Plant LLC have until Jan. 24, 2008, to submit proofs of claim to: Irbitskij Glass Plant LLC Proletarskaya Str. 79 Sverdlovsk 623850 Irbit Russia The Arbitration Court of Sverdlovsk commenced competitive proceedings against the company after finding it insolvent on Nov. 1. The Court appointed A. M. Krylova as competitive proceedings manager. The case is docketed under Case No. A60-701/2007-C11. The Court is located at: The Arbitration Court of Sverdlovsk Lenina Pr. 34 620151 Ekaterinburg Russia The Debtor can be reached at: Irbitskij Glass Plant LLC Proletarskaya Str. 79 Sverdlovsk 623850 Irbit Russia KINEL'SKAYA CJSC: Creditors Must File Claims by Dec. 24 ------------------------------------------------------- Creditors of CJSC Agri-Industrial Corporation Kinel'skaya have until Dec. 24 to submit proofs of claim to: S. N. Ershov Interim Manager P.O. Box 1914 443052 Samara Russia The Arbitration Court of Samara commenced bankruptcy supervision procedure on the company on Nov. 2. The case is docketed under Case No. A55-14705/2007. The Court is located at: The Arbitration Court of Samara Avrory Str. 148 443045 Samara Russia The Debtor can be reached at: CJSC Agri-Industrial Corporation Kinel'skaya Pervomai Square 3 Kinel' 446433 Samara Russia M-KEDR OJSC:Creditors Must File Claims by Dec. 24 ------------------------------------------------- Creditors of OJSC M-Kedr have until Dec. 24 to submit proofs of claim to: O. A. Zhal'neryunas Competitive Proceedings Manager Combainerov Str. 34 614036 Perm' Russia The Arbitration Court of Chelyabinsk region commenced two- year competitive proceedings against the company on Oct. 15. The case is docketed under Case No. A76-15999/2007-34-360. The Court is located at: