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 13, 2007, Vol. 8, No. 247 Headlines A U S T R I A BM BAUMANAGEMENT: Graz Court Orders Business Shutdown DENIC ANLAGENBAU: Wels Court Orders Business Shutdown DOWA OBERFLACHENBEARBEITUNG: Claims Registration Ends Dec. 31 MARTIN BECKER: Claims Registration Period Ends Dec. 27 ROFANDRUCK KG: Estate Administrator Declares Insufficient Assets B E L G I U M POPE & TALBOT: Remaining Wood Products Sale Procedures Opposed POPE & TALBOT: Trade Creditors Ask Court to Secure Goods Payment F R A N C E HARVEST CLO IV: Fitch Rates Classes E-1 and E-2 Notes at BB MTI TECHNOLOGY: Court OKs Manatt Phelps as Special SEC Counsel XEROX CORP: Fitch Lifts BB-Rated Trust Pref. Securities to BBB- XEROX CORP: S&P Lifts Rating on Preferred Trust to BBB- from BB G E R M A N Y AGM ACHINGER: Claims Registration Ends January 7, 2008 B & A GMBH: Claims Registration Ends January 8, 2008 BAIER & PARTNER: Claims Registration Period Ends Jan. 11, 2008 BAUMHAUS INTEGRATION: Claims Registration Ends January 8, 2008 BSA ERD: Claims Registration Period Ends Jan. 10, 2008 CAMPE-MAURER: Claims Registration Period Ends Dec. 27 COOK & CONCEPT: Claims Registration Ends January 3, 2008 D3 MEDIA: Claims Registration Period Ends Jan. 8, 2008 DVS DEUTSCHE: Claims Registration Period Ends Jan. 8, 2008 EURO ART: Claims Registration Period Ends Dec. 28 EYEGENICA PHARMA: Claims Registration Ends January 2, 2008 FINNLA HAUS: Claims Registration Ends January 3, 2008 FIUDI INTERNATIONAL: Claims Registration Ends January 16, 2008 G & R AUTOMATENBETRIEBS: Claims Registration Ends Jan. 9, 2008 GROKA FRITZ: Claims Registration Period Ends Dec. 26 HN SERVICES: Claims Registration Period Ends Dec. 27 HOEBER-HAUS GMBH: Claims Registration Ends January 3, 2008 HYGIENIA MEDIZINISCHE: Claims Registration Period Ends Dec. 21 IKB DEUTSCHE: Fitch Downgrades US$404.88 Mln Facility to CC IPIROS IMPORT: Claims Registration Period Ends Jan. 14, 2008 JENOPTIK AG: Fitch Upgrades Issuer Default Rating to B+ JL+P BAUINITIATOR: Claims Registration Period Ends Dec. 21 JOENSTHOEVEL-VERSORUNGSTECHNIK: Registration Ends Jan. 15, 2008 KLOECKNER-PENTAPLAST: Moody's Cuts Corporate Family Rating to B2 KLOECKNER PENTAPLAST: S&P Affirms B Long-term Ratings LET'S WORK: Claims Registration Ends January 2, 2008 MAEUELER GMBH: Claims Registration Period Ends Dec. 28 PROSIEBENSAT.1 MEDIA: Axel Springer Selling Stake for EUR509 Mln REGIO SYSTEM: Claims Registration Period Ends Dec. 28 SCHAEFER SAUNA: Claims Registration Period Ends Dec. 25 SHK-GRUNDWERT GMBH: Claims Registration Ends January 3, 2008 STAHL- UND ANLAGENBAU: Claims Registration Ends January 2, 2008 UNITYMEDIA GMBH: Moody's Changes Outlook on Ratings to Positive VOLKERT PROJEKTPLANUNG: Claims Registration Ends Jan. 11, 2008 H U N G A R Y OI EUROPEAN: Fitch Lifts Senior Unsecured Notes to BB/RR2 I R E L A N D WR GRACE: Opposition Filing to Daubert Briefs Set Dec. 21 WR GRACE: Rehearing Plea on Libby Conspiracy Charge Denied I T A L Y ALITALIA SPA: Air France Sees Profitable Italian Carrier ALITALIA SPA: Board to Choose Preferred Buyer Today PARMALAT SPA: Faces Antitrust Probe over Newlat Sale Delays K A Z A K H S T A N AGRO SERVICE-MAGISTRAL: Claims Deadline Slated for Jan. 4, 2008 ALTYN SHEKER: Creditors Must File Claims Jan. 4, 2008 CONTENT CREATION: Claims Filing Period Ends Jan. 4, 2008 ELECTRO SYSTEM: Creditors' Claims Due on Jan. 4, 2008 ENERGOSPETSREMSERVICE LLP: Claims Registration Ends Jan. 4, 2008 ERMAK-SK LLP: Proof of Claim Deadline Slated for Jan. 4, 2008 INTER-SERVICE LLP: Creditors Must File Claims Jan. 4, 2008 LTD SERVICE: Claims Filing Period Ends Jan. 4, 2008 RAS-INVEST LLP: Creditors' Claims Due on Jan. 4, 2008 ZLATOY KASPY: Claims Registration Ends Jan. 4, 2008 K Y R G Y Z S T A N AIDAR-OSH LLC: Creditors Must File Claims by January 11, 2008 L U X E M B O U R G BASELL AF: Lyondell & Equistar Gets Consents to Amend Indenture BASELL AF: Fitch Lowers Ratings to B+ on Merger with Lyondell EVRAZ GROUP: Acquiring Stakes in Ukrainian Production Firms EVRAZ GROUP: Acquiring Claymont Steel for US$564.8 Million N E T H E R L A N D S HARBOURMASTER CLO 7: Fitch Rates EUR2 Mln Class S1 Notes at BB HARBOURMASTER PRO-RATA 2: Fitch Rates Class B2 Notes at BB X5 RETAIL: Unit Buys Back 160,000 Global Depositary Receipts R U S S I A ALFA BANK: Continued Expansion Cues Fitch's BB Ratings Upgrade EVRAZ GROUP: Acquiring Stakes in Ukrainian Production Firms EVRAZ GROUP: Acquiring Claymont Steel for US$564.8 Million FORD MOTOR: Russian Authorities Ban Pickets GAZPROMSTROY LLC: Creditors Must File Claims by Jan. 1, 2008 ISLAKH LLC: Creditors Must File Claims by Feb. 1, 2008 KRASNY METALLIST: Creditors Must File Claims by Jan. 1, 2008 MORSKOY RYBNY: Creditors Must File Claims by Jan. 1, 2008 PAVLOVSKIJ FOOD: Creditors Must File Claims by Feb. 1, 2008 ROSNEFT OIL: Cancels RUR15 Billion Bond Issue This Year SITRONICS JSC: Brings In Three New Members to Management Board SITRONICS JSC: Kiev Court Declares Sitronics-Ukraine Bankrupt SITRONICS JSC: Posts US$108 Million Net Loss for Q3 2007 STROYKOMBINAT OJCS: Creditors Must File Claims by Feb. 1, 2008 TMK OAO: Creates Joint Venture with SMS Demag AG TMK OAO: Inks US$5 Billion Cooperation Deal with TNK-BP Holding TNK-BP HOLDING: Inks US$5 Billion Cooperation Deal with OAO TMK VOROSHILOVSKIJ OJCS: Creditors Must File Claims by Feb. 1, 2008 VURNARSKIJ SKIM: Creditors Must File Claims by Jan. 1, 2008 X5 RETAIL: Unit Buys Back 160,000 Global Depositary Receipts YUZHNAYA LLC: Creditors Must File Claims by Feb. 1, 2008 S P A I N AYT CAIXANOVA: Moody's Junks EUR6.6 Million Series E Notes HIPOCAT 12: Moody's Junks EUR28 Million Class D Notes S W I T Z E R L A N D ATC ANTRIEBSTECHNIK: Aargau Court Closes Bankruptcy Proceedings DOCSANTE SUISSE: Zug Court Starts Bankruptcy Proceedings HAURI GASTRO: Creditors' Liquidation Claims Due by December 17 HRFT - HUMAN: Creditors' Liquidation Claims Due by December 17 OLECO JSC: Creditors' Liquidation Claims Due by December 17 NETWAY SOLUTIONS: Basel-Country Court Closes Bankruptcy Process PLAWEX LLC: Creditors' Liquidation Claims Due by December 15 QI-PICTURES LTD: Zurich Court Starts Bankruptcy Proceedings SELECT REISEN: Creditors' Liquidation Claims Due by December 17 WK CAR: Creditors' Liquidation Claims Due by December 17 U K R A I N E COMETA LLC: Proofs of Claim Filing Deadline Set for December 16 COMUNE HEAT-MACHINE: Creditors Must File Claims by December 16 IZIUM AGRICULTURAL: Proofs of Claim Filing Deadline Set Dec. 19 KRIVOY ROG 14130: Creditors Must File Claims by December 16 LVOV KIOTS-TRANS: Creditors Must File Claims by December 16 PETROLEUM-CHEMISTRY: Creditors Must File Claims by December 16 SITRONICS-UKRAINE: Kiev Court Commences Liquidation Process UKRAINIAN BUSINESS: Creditors Must File Claims by December 16 VIDRODZHENNIA LLC: Creditors Must File Claims by December 16 ZHEREBILOVKA LLC: Creditors Must File Claims by December 15 U N I T E D K I N G D O M ACTIVISION INC: Kotick & Kelly to Get US$10MM Cash Bonuses Each BRITISH ENERGY: Extends Use of Two Power Stations through 2016 G SQUARE: Moody's May Cut Ba1 Rating After Review ICONIX BRAND: S&P Rates Proposed US$60MM Add-On Term Loan at BB JFL MECELEC: Brings In Liquidators from KPMG KELSCO LTD: Claims Filing Period Ends January 31, 2008 LYONDELL CHEMICAL: Gets Requisite Consents to Amend Indenture LYONDELL CHEMICAL: Basell Merger Cues Fitch to Cut Ratings to B+ MONITOR OIL: Can Borrow US$1 Million from US$5 Million Financing MORPHEUS PLC: Fitch Affirms BB- Ratings on GBP9.5 Mln Notes QUALITY JOINERY: Calls In Liquidators from Vantis ROADCHEF FINANCE: Fitch Places BB-Rated GBP42 Mln Notes on RWN SEA CONTAINERS: Wins GE Seaco Arbitration Case SKYEPHARMA PLC: U.S. FDA Approves GlaxoSmithKline's Requip XL * Beard Audio Conferences Presents * Upcoming Meetings, Conferences and Seminars ********* ============= A U S T R I A ============= BM BAUMANAGEMENT: Graz Court Orders Business Shutdown ----------------------------------------------------- The Land Court of Graz entered Oct. 25 an order shutting down the business of LLC BM Baumanagement (FN 234789d). Court-appointed estate administrator Clemens Jaufer 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. Clemens Jaufer LLC Scherbaum/Seebacher Rechtsanwalte Einspinnerg. 3/II 8010 Graz Austria Tel: 0316/83 24 60-0 Fax: 0316/83 24 60-20 E-mail: office@scherbaum-seebacher.at Headquartered in Gratkorn, Austria, the Debtor declared bankruptcy on Oct. 24 (Bankr. Case No 40 S 28/07a). DENIC ANLAGENBAU: Wels Court Orders Business Shutdown ----------------------------------------------------- The Land Court of Wels entered Oct. 30 an order shutting down the business of LLC Denic Anlagenbau (FN 234862k). Court-appointed estate administrator Hubert Koellensperger 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. Hubert Koellensperger Schubertstrasse 20 4600 Wels Austria Tel: 07242/44546-0 Fax: 07242/42849 E-mail: office@wels-law.at Headquartered in Marchtrenk, Austria, the Debtor declared bankruptcy on Oct. 29 (Bankr. Case No 20 S 130/07d). DOWA OBERFLACHENBEARBEITUNG: Claims Registration Ends Dec. 31 ------------------------------------------------------------- Creditors owed money by LLC DOWA Oberflachenbearbeitung und Transporte (FN 221027s) have until Dec. 31 to file written proofs of claim to court-appointed estate administrator Ernst Lehenbauer at: Mag. Ernst Lehenbauer Hauptplatz 21 4470 Enns Austria Tel: 07223/810 10 E-mail: ra.lehenbauer@attglobal.net Creditors and other interested parties are encouraged to attend the creditors' meeting at 2:00 p.m. on Jan. 15, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Steyr Hall 7 Second Floor Steyr Austria Headquartered in Enns, Austria, the Debtor declared bankruptcy on Oct. 31 (Bankr. Case No. 14 S 40/07s). MARTIN BECKER: Claims Registration Period Ends Dec. 27 ------------------------------------------------------ Creditors owed money by LLC Martin Becker (FN 225463p) have until Dec. 27 to file written proofs of claim to court-appointed estate administrator Susi Pariasek at: Dr. Susi Pariasek Gonzagagasse 15 1010 Vienna Austria Tel: 533 28 55 Fax: 533 28 55 28 E-mail: office@anwaltwien.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on Jan. 8, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1607 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Oct. 30 (Bankr. Case No. 28 S 123/07b). ROFANDRUCK KG: Estate Administrator Declares Insufficient Assets ---------------------------------------------------------------- Dr. Ingrid Hochstaffl-Salcher, the court-appointed estate administrator for KG Rofandruck (FN 194757h), declared Oct. 31 that the Debtor's property is insufficient to cover creditors' claim. The Land Court of Innsbruck is yet to rule on the estate administrator's claim. Headquartered in Jenbach, Austria, the Debtor declared bankruptcy on Oct. 19 (Bankr. Case No. 7 S 61/07s). Walter Rupprechter represents Dr. Hochstaffl-Salcher in the bankruptcy proceedings. The estate administrator can be reached at: Dr. Ingrid Hochstaffl-Salcher c/o Mag. Walter Rupprechter LLC Hochstaffl & Rupprechter Rechtsanwalte Bahnhofstrasse 37 6300 Woergl Austria Tel: 05332/71 800 Fax: 05332/718007 E-mail: mail@hochstaffl-rupprechter.com ============= B E L G I U M ============= POPE & TALBOT: Remaining Wood Products Sale Procedures Opposed -------------------------------------------------------------- Kelly Beaudin Stapleton, the United States Trustee for Region 3, asks the United States Bankruptcy Court for the District of Delaware to deny Pope & Talbot Inc. and its debtor-affiliates' proposed Sale Procedures for the remaining wood products business. The U.S. Trustee also asks the the Debtors to confirm that it is their burden to address any and all issues related to consumer privacy under Section 363(b)(1) of the Bankruptcy Code, and consumer fraud under Section 363(o) of the Bankruptcy Code, through any order seeking approval of a Sale. The Debtors had previously sought Court approval of uniform bidding and sale procedures with respect to the sale of certain wood products assets not contemplated to be sold to International Forest Products and the assumption of related liabilities. The principal assets of the Remaining Wood Products Business include the mills located in Fort Saint James, British Columbia and Midway, British Columbia, and the receivables generated by the Wood Products Business that are held by P&T Factoring Limited Partnership. The U.S. Trustee complains that under the proposed sale procedures, the Debtors appear to seek tentative authority to provide to any subsequently-selected stalking horse bidder certain bid protections. "Having the proposed bid protections outlined in the order approving the Bidding Procedures is inappropriate and misleads prospective stalking horse bidders into believing that [the] amounts have been pre-approved by this Court," William K. Harrington, Esq., of the office of the U.S. Trustee, asserts. As the stalking horse bidder has not yet been identified and no information has been disclosed regarding the value of the transaction, approval of a break-up fee is not warranted at this time, Mr. Harrington argues. Mr. Harrington asserts that the Debtors must acknowledge in the sale order that their proposed sale will not be free and clear of claims and defenses that are related to a consumer credit transaction subject to the Truth in Lending Act or any consumer credit contract as defined by Section 363(o) of the Bankruptcy Code. Moreover, the U.S. Trustee points out, the Debtors did not provide sufficient information to determine whether a consumer privacy ombudsman needs to be appointed to protect personally identifiable information about individuals, pursuant to Section 363(b)(1) of the Bankruptcy Code. Creditors Committee The Official Committee of Unsecured Creditors asks the Court to revise the proposed Remaining Wood Business Bidding Procedures by: (a) deleting any reference to the amounts and types of stalking horse protections the Debtors are willing to grant; and (b) allowing it to participate in any sale process. The Creditors Committee is concerned that the Debtors' proposed bidding procedures for their remaining wood business invite excessive break-up fees and expense reimbursements. The Creditors Committee's proposed counsel, Jason W. Staib, Esq., at Blank Rome LLP, in Wilmington, Delaware, tells the Hon. Christopher S. Sontchi that the Creditors Committee has significant issues and concerns with respect to any bid protections to be granted to a potential purchaser of the Debtors' Remaining Wood Business, but sees no need to address the issues at this time. While the Debtors may have already created false expectations among potential stalking horse bidders, those expectations should not be perpetuated, the Creditors Committee asserts. About Pope & Talbot Headquartered in Portland, Oregon, Pope & Talbot Inc. (Other OTC:PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood products business. Pope & Talbot was founded in 1849 and produces market pulp and softwood lumber at mills in the US and Canada. Markets for the company's products include the US, Europe, Canada, South America and the Pacific Rim. The company and its U.S. and Canadian subsidiaries applied for protection under the Companies' Creditors Arrangement Act of Canada on Oct. 28, 2007. The Debtors' CCAA Stay expires on Jan. 16, 2008. The company and fourteen of its debtor-affiliates filed for Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case No. 07-11738). Laura Davis Jones, Esq. at Pachulski, Stang, Ziehl & Jones L.L.P. is Debtors' proposed bankruptcy counsel. When the Debtors filed for bankruptcy, they listed total assets of US$681,960,000 and total debts of US$601,090,000. The Debtors' exclusive period to file a plan expires on March 18, 2008. Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21, 2007, filed an application for relief under Belgian bankruptcy laws in the commercial court in Brussels. If the Belgian court grants Pope & Talbot Europe's application, it is expected it will be liquidated through the bankruptcy proceeding. (Pope & Talbot Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). POPE & TALBOT: Trade Creditors Ask Court to Secure Goods Payment ---------------------------------------------------------------- About 23 of Pope & Talbot Inc. and its Canadian debtor- affiliates' postpetition trade creditors ask the British Columbia Supreme Court: -- for a "charge" in all of the Canadian Debtors' property as security payment of all amounts the Debtors owe them, of up to US$5,000,000, for goods and services they provided to the Debtors; -- to compel the Canadian Debtors to timely pay for the reasonable fees and expenses of their legal and financial advisors; and -- to extend the benefit of the Initial Order's administration charge, to include their legal and financial advisors, and increase the aggregate amount of the Administration Charge to US$3,500,000. Linda A. Widdup, Esq., at MacPherson Leslier & Tyerman LLP, in Regina, Saskatchewan, informs the Court that the Postpetition Trade Creditors are small and medium-sized logging contractors in Interior, British Columbia, who services the Debtors' sawmill and timber operations. According to Ms. Widdup, the Postpetition Trade Creditors, who have organized themselves into a logging contractors' committee, are unwilling or unable to supply the Debtors with materials and services without the certainty that they will be paid in full for the supply. "The materials and services provided by the Postpetition Trade Creditors are essential to sustain the Debtors' ongoing operations. The participation of the Postpetition Trade Creditors in the CCAA Proceedings is important for all stakeholders," she avers. It will be difficult for the Postpetition Trade Creditors to continue to pay for the legal and financial advice they need to adequately participate in the CCAA Proceedings without assurances that the fees and disbursements of their legal and financial advisors will be paid in full, Ms. Widdup points out. The 23 Postpetition Trade Creditors are Lime Creek Logging Ltd., Crescent Bay Construction Ltd., Pattom Services Ltd., Mountain Meadow Contracting Ltd., GL & T Logging Ltd., Koert Dieterman Contracting Ltd., P & D Logging Ltd., Galena Contractors Ltd., D & B/W Logging Ltd., MacDonald Creek Logging Ltd., R & A Logging Ltd., Barry Abbott Logging Ltd., Covergent Management Group Ltd., Arrow Lakes Logging Ltd., Big Ledge Contracting Ltd., 513251 B.C. Ltd. d/b/a Mid-Boundary Contracting, E & F Logging Ltd., Balcaen Consolidated Contracting Ltd., Cougar Valley Ventures Ltd., Nakusp Logging Co. Ltd., John Bosovich d/b/a John Bosovich Trucking, Barry Areschenkoff d/b/a Areschenkoff Trucking and GGR Enterprises Ltd. About Pope & Talbot Headquartered in Portland, Oregon, Pope & Talbot Inc. (Other OTC:PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood products business. Pope & Talbot was founded in 1849 and produces market pulp and softwood lumber at mills in the US and Canada. Markets for the company's products include the US, Europe, Canada, South America and the Pacific Rim. The company and its U.S. and Canadian subsidiaries applied for protection under the Companies' Creditors Arrangement Act of Canada on Oct. 28, 2007. The Debtors' CCAA Stay expires on Jan. 16, 2008. The company and fourteen of its debtor-affiliates filed for Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case No. 07-11738). Laura Davis Jones, Esq. at Pachulski, Stang, Ziehl & Jones L.L.P. is Debtors' proposed bankruptcy counsel. When the Debtors filed for bankruptcy, they listed total assets of US$681,960,000 and total debts of US$601,090,000. The Debtors' exclusive period to file a plan expires on March 18, 2008. Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21, 2007, filed an application for relief under Belgian bankruptcy laws in the commercial court in Brussels. If the Belgian court grants Pope & Talbot Europe's application, it is expected it will be liquidated through the bankruptcy proceeding. (Pope & Talbot Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). =========== F R A N C E =========== HARVEST CLO IV: Fitch Rates Classes E-1 and E-2 Notes at BB ----------------------------------------------------------- Fitch Ratings has affirmed Harvest CLO IV PLC's EUR752 million notes due 2021 as: -- EUR456 million Class A-1A floating-rate notes (ISIN: XS0254041493): affirmed at 'AAA' -- EUR74 million Class A-1B floating-rate notes (ISIN: XS0254042541): affirmed at 'AAA' -- EUR50 million Class A-2 floating-rate notes (ISIN: XS0254042970): affirmed at 'AAA' -- EUR54.6 million Class B-1 floating-rate notes (ISIN: XS0254043861): affirmed at 'AA' -- EUR4.4 million Class B-2 fixed-rate notes (ISIN: XS0254046963): affirmed at 'AA' -- EUR29 million Class C floating-rate notes (ISIN: XS0254048746): affirmed at 'A' -- EUR11.1 million Class D-1 floating-rate notes (ISIN: XS0254050213): affirmed at 'BBB' -- EUR8.9 million Class D-2 fixed-rate notes (ISIN: XS0254052771): affirmed at 'BBB' -- EUR15.4 million Class E-1 floating-rate notes (ISIN: XS0254054553): affirmed at 'BB' -- EUR1.6 million Class E-2 fixed-rate notes (ISIN: XS0254055360): affirmed at 'BB' -- EUR20 million Class M combination notes (ISIN: XS0254059784): affirmed at 'AAA' -- EUR6 million Class N combination notes (ISIN: XS0254060790): affirmed at 'AA' -- EUR13.9 million Class O combination notes (ISIN: XS0254064438): affirmed at 'BBB' The affirmations reflect the steady performance of the portfolio. Since the transaction closed in June 2006, the results of both the over-collateralization and interest coverage tests have continued to exceed their minimum levels by substantial margins. The portfolio, which consists predominantly of senior secured leveraged loans has seen no defaults since close. In addition, the weighted average rating, currently 'B'/'B-', has changed little since close. All portfolio quality tests remain in compliance. The ratings of the Class A-1A, A-1 B and A-2 notes address ultimate repayment of principal at maturity and timely payment of interest according to the terms of the notes. For all other rated classes of notes (other than the combination notes), the ratings address ultimate payment of principal and interest, including any deferred interest, at maturity. The ratings on the Class N and O combination notes address the ultimate payment of principal only from funds received on their respective components (interest and principal). The rating on the Class M combination note is credit-linked to the rating assigned to the sovereign debt of the French Republic and addresses the ultimate return of principal only from a) interest and principal proceeds of the Class F component and b) the repayment of the French OAT (Obligation Assimilable du Tresor) strip component. The assets are selected by the collateral manager subject to the guidelines outlined in the collateral management agreement. The guidelines limit the collateral manager's portfolio allocations with respect to obligor, industry and asset type. On Sept. 5, 2007, Fitch assigned Mizuho Investment Management (U.K.) Ltd. a CDO Asset Manager Rating of '2' for leveraged loans, based on the company's long history and good market position in the European leveraged finance market, and its longstanding and experienced leveraged finance professionals. MTI TECHNOLOGY: Court OKs Manatt Phelps as Special SEC Counsel -------------------------------------------------------------- MTI Technology Corporation obtained authority from the Honorable Erithe A. Smith of the United States Bankruptcy Court for the District of Delaware to employ Manatt, Phelps & Philipps LLP as its special SEC and corporate counsel, nunc pro tunc to Nov. 1, 2007. As reported in the Troubled Company Reporter on Nov. 13, 2007, Manatt Phelps is expected to: a. analyze, advise, report and disclose required to comply with SEC rules and regulations and for communication with the SEC as necessary and appropriate; and b. advise, assist, negotiate and document corporate transaction on behalf of the Debtor. The firm's professionals and their compensation rates are: Professionals Designation Hourly Rate ------------- ----------- ----------- David M. Grinberg, Esq. Partner US$520 Ivan L. Kallick, Esq. Partner US$590 Jason Taketa, Esq. Associate US$415 Ivan L. Kallick, Esq., a partner of the firm, assured the Court that the firm does not hold any interest adverse to the Debtor's estate and is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. Mr. Kallick can be reached at: Ivan L. Kallick, Esq. Manatt, Phelps & Philipps, LLP 1215 K. Street, Suite 1900 Sacramento, CA 95814 Tel: (916) 552-2300 Fax: (916) 552-2323 http://www.manatt.com/ Headquartered in Tustin, California, M.T.I. Technology Corp. -- http://www.mti.com/-- provides professional services and data storage for mid- to large-sized organizations. In addition, the Company owns all of the issued and outstanding share capital of three European subsidiaries: MTI Technology GmbH in Germany, MTI Technology Limited in Scotland and MTI France S.A.S. in France. The company filed for Chapter 11 protection on October 15, 2007 (Bankr. C.D. Calif. Case No. 07-13347). Scott C. Clarkson, Esq., at Clarkson, Gore & Marsella, A.P.L., represents the Debtor. The Debtor selected Omni Managmeng Group LLC as its claims and noticing agent. The Trustee for Region 26 has not appointed an Official Committee of Unsecured Creditors to date in this case. When the Debtor filed for protection against its creditors, it listed assets and debts at US$64,002,000. XEROX CORP: Fitch Lifts BB-Rated Trust Pref. Securities to BBB- --------------------------------------------------------------- Fitch Ratings upgraded Xerox Corp.'s and its subsidiary's debt as: -- Issuer Default Rating to BBB from BBB-; -- senior unsecured credit facility to BBB from BBB-; -- senior unsecured debt to BBB from BBB-; and -- trust preferred securities to BBB- from BB. Approximately US$9.1 billion of securities, including the US$2 billion credit facility, are affected by Fitch's action. The Rating Outlook is Stable. The upgrades reflect Fitch's expectations that Xerox's gradual improvement in post-sale revenue trends will continue and, in conjunction with the operating leverage embedded in the financial model and strong expense management, will result in steady core cash flow growth in excess of revenue growth. Xerox's strengthening operating EBITDA margin, which increased to 14.3% for the latest 12 months ended Sept. 30, 2007 from 13.2% in the year-ago period and the company's greater-than- expected decline of secured debt in the capital structure, with secured debt declining to approximately 10% of total debt at Sept. 30, 2007 from nearly 27% at year-end 2006, including US$620 million of trust preferred securities, and Fitch's expectation that it will decline further to approximately 5% at year-end 2007. Positive rating actions could occur if Xerox's credit protection measures trend positively; improving the company's interest coverage metrics through growth in operating profits and/or redemption of older debt with considerably higher coupon payments relative to recent debt issuance is key. Recurring revenue model limits the financial stress from a less favorable macro-economic environment, particularly in the United States, which accounts for approximately 50% of the company's total revenue and financing business progresses toward a duration matching funding model over the next few years. Negative rating actions could occur if Xerox's financial performance declines materially in the event of an economic downturn in the U.S., indicating a less resilient business model relative to Fitch's expectations. Significant debt-financed acquisitions with considerable integration risk and/or unrelated to core business may also lead to negative rating action and if Xerox's color equipment installs, primarily in the Production segment, fail to offset declines in black and white equipment installs, leading to deteriorating operating and financial fundamentals. The ratings continue to reflect Xerox's significant recurring post-sale revenue from its growing installed base of equipment, consistent financial and operational performance, highly diversified revenue base from a customer, industry and geographic perspective, commitment to balance investments in share repurchases and acquisitions funded with free cash flow and strong brand name and broad product portfolio. Fitch's rating concerns center on consistent equipment pricing pressure, particularly in the office segment, due to strong competition, limited, but gradually improving, organic revenue growth, risk of more aggressive, and potentially debt-financed, shareholder-friendly initiatives and acquisitions and significant annual research and development expenditures associated with the industry. Fitch believes the financial performance of Xerox's core business has strengthened despite volatility in free cash flow associated with changes in the company's financing asset portfolio and the cash conversion cycle. For the LTM ended Sept. 30, 2007, Fitch estimates adjusted funds flow from operations, which excludes changes in Xerox's financing asset portfolio, and core FFO, which also excludes the estimated after-tax operating profit on the financing business, increased to US$1.7 billion and US$1.4 billion, respectively. The majority of Xerox's credit protection measures, on both a core and consolidated basis, improved slightly year-over-year due to earnings growth, offsetting the increase of core debt attributable to the acquisition of Global Imaging Systems Inc. in the second quarter of 2007. Fitch estimates the financing business accounts for 85% of total debt at Sept. 30, 2007 and is expected to increase to approximately 90% of total debt by year-end due to a US$500 million-US$600 million reduction of core debt. Xerox's leverage declined to approximately 3.6 times compared with 3.8x and 4.1x for the LTM ended Sept. 30, 2006 and 2005, respectively. Similarly, Fitch estimates Xerox's core leverage at Sept. 30, 2007 declined to approximately 0.4x compared with 0.6x and 0.9x for the LTM ended Sept. 30, 2006 and 2005, respectively. In addition, the company's overall interest coverage was 4.1x, while Fitch estimates core interest coverage was around 7.1x for the LTM ended Sept. 30, 2007 compared with 6.7x and 5.4x for the LTM ended Sept. 30, 2006 and 2005, respectively. The company's liquidity at Sept. 30, 2007, consisted of approximately US$848 million of cash, a US$2 billion unsecured bank facility revolver expiring April 30, 2012 with US$1.3 billion of availability and consistent free cash flow in excess of US$1 billion annually. Fitch believes Xerox could draw on the credit facility to support ongoing increases of internally funded financing assets. Fitch believes Xerox has more than sufficient liquidity and financial flexibility to meet upcoming debt maturities and absorb a reasonable adverse monetary outcome from any currently outstanding litigation. To support business growth, Xerox also has access to a secured eight-year US$5 billion U.S. credit facility provided by General Electric Vendor Financial Services expiring in December 2010. This facility is used for secured loans backed by U.S. finance receivables arising from the sale of Xerox's products. At Sept. 30, 2007, approximately US$4.6 billion was available under this facility. As Fitch anticipated, Xerox has fully repaid the outstanding secured debt balances on nearly all of its non-U.S. committed secured funding facilities in 2007 financed with unsecured debt. At Oct. 12, 2007, the company's Canadian facility, with total capacity of US$740 million, was the last non-U.S. funding facility. Fitch expects Xerox's usage of the aforementioned secured financing facilities will continue to decline as the company reduces its reliance on secured financing programs by maintaining a leverage ratio of 7:1 against finance assets through the issuance of unsecured debt in lieu of the secured funding facilities. As of Sept. 30, 2007, total debt with equity credit was US$8.7 billion, consisting of US$7.2 billion of senior unsecured debt, US$620 million of liabilities to subsidiary trusts issuing preferred securities and approximately US$883 million of debt secured by finance receivables. Debt secured by finance receivables accounted for approximately 10% of total debt with equity credit as of Sept. 30, 2007, down from 27% at year-end 2006. Xerox's net finance receivables and equipment on operating leases totaled US$8.4 billion at Sept. 30, 2007. Debt maturities in the fourth quarter of 2007 consist solely of US$569 million of secured debt, including US$469 million of secured facility borrowings in France that matured on Oct. 12, 2007 and were refinanced with an unsecured floating rate bank bridge loan due March 31, 2008. For 2008, US$1 billion of debt matures, of which US$600 million is unsecured debt. In addition to Xerox Corp., the IDR and unsecured debt ratings for Xerox Credit Corp. are also affected. XEROX CORP: S&P Lifts Rating on Preferred Trust to BBB- from BB --------------------------------------------------------------- Fitch Ratings has upgraded Xerox Corp.'s and its subsidiary's debt as: -- Issuer Default Rating to 'BBB' from 'BBB-'; -- Senior unsecured credit facility to 'BBB' from 'BBB-'; -- Senior unsecured debt to 'BBB' from 'BBB-'; -- Trust preferred securities to 'BBB-' from 'BB'. Approximately US$9.1 billion of securities, including the US$2 billion credit facility, are affected by Fitch's action. The Rating Outlook is Stable. The upgrades reflect: -- Fitch's expectations that Xerox's gradual improvement in post-sale revenue trends will continue and, in conjunction Xerox Corpwith the operating leverage embedded in the financial model and strong expense management, will result in steady core cash flow (non-financing) growth in excess of revenue growth; -- Xerox's strengthening operating EBITDA margin, which increased to 14.3% for the latest 12 months ended Sept. 30, 2007 from 13.2% in the year-ago period; and -- Greater-than-expected decline of secured debt in the capital structure, with secured debt declining to approximately 10% of total debt at Sept. 30, 2007 from nearly 27% at year-end 2006, including US$620 million of trust preferred securities, and Fitch's expectation that it will decline further to approximately 5% at year-end 2007. Positive rating actions could occur if Xerox's: -- Credit protection measures trend positively; improving the company's interest coverage metrics through growth in operating profits and/or redemption of older debt with considerably higher coupon payments relative to recent debt issuance is key; -- Recurring revenue model limits the financial stress from a less favorable macro-economic environment, particularly in the United States, which accounts for approximately 50% of the company's total revenue; and -- Financing business progresses toward a duration matching funding model over the next few years. Negative rating actions could occur if: -- Xerox's financial performance declines materially in the event of an economic downturn in the U.S., indicating a less resilient business model relative to Fitch's expectations; -- Significant debt-financed acquisitions with considerable integration risk and/or unrelated to core business; and -- Xerox's color equipment installs, primarily in the Production segment, fail to offset declines in black and white equipment installs, leading to deteriorating operating and financial fundamentals. The ratings continue to reflect Xerox's: -- Significant recurring post-sale revenue from its growing installed base of equipment; -- Consistent financial and operational performance; -- Highly diversified revenue base from a customer, industry and geographic perspective; -- Commitment to balance investments in share repurchases and acquisitions funded with free cash flow; and -- Strong brand name and broad product portfolio. Fitch's rating concerns center on: -- Consistent equipment pricing pressure, particularly in the office segment, due to strong competition; -- Limited, but gradually improving, organic revenue growth; -- Risk of more aggressive, and potentially debt-financed, shareholder-friendly initiatives and acquisitions; and -- Significant annual research and development expenditures associated with the industry (5.4% of Xerox's total revenues). Fitch believes the financial performance of Xerox's core business has strengthened despite volatility in free cash flow associated with changes in the company's financing asset portfolio and the cash conversion cycle. For the LTM ended Sept. 30, 2007, Fitch estimates adjusted funds flow from operations, which excludes changes in Xerox's financing asset portfolio, and core FFO, which also excludes the estimated after-tax operating profit on the financing business, increased to US$1.7 billion (+16% year/year) and US$1.4 billion (+23% year/year), respectively. The majority of Xerox's credit protection measures, on both a core and consolidated basis, improved slightly year-over-year due to earnings growth, offsetting the increase of core debt attributable to the acquisition of Global Imaging Systems Inc. in the second quarter of 2007. Fitch estimates the financing business accounts for 85% of total debt at Sept. 30, 2007 and is expected to increase to approximately 90% of total debt by year- end due to a US$500 million-US$600 million reduction of core debt. Xerox's leverage declined to approximately 3.6 times compared with 3.8x and 4.1x for the LTM ended Sept. 30, 2006 and 2005, respectively. Similarly, Fitch estimates Xerox's core leverage at Sept. 30, 2007 declined to approximately 0.4x compared with 0.6x and 0.9x for the LTM ended Sept. 30, 2006 and 2005, respectively. In addition, the company's overall interest coverage was 4.1x, while Fitch estimates core interest coverage was approximately 7.1x for the LTM ended Sept. 30, 2007 compared with 6.7x and 5.4x for the LTM ended Sept. 30, 2006 and 2005, respectively. The company's liquidity at Sept. 30, 2007, consisted of approximately US$848 million of cash, a US$2 billion unsecured bank facility revolver expiring April 30, 2012 with US$1.3 billion of availability and consistent free cash flow in excess of US$1 billion annually. Fitch believes Xerox could draw on the credit facility to support ongoing increases of internally funded financing assets. Fitch believes Xerox has more than sufficient liquidity and financial flexibility to meet upcoming debt maturities and absorb a reasonable adverse monetary outcome from any currently outstanding litigation. To support business growth, Xerox also has access to a secured eight-year US$5 billion U.S. credit facility provided by General Electric Vendor Financial Services expiring in December 2010. This facility is used for secured loans backed by U.S. finance receivables arising from the sale of Xerox's products. At Sept. 30, 2007, approximately US$4.6 billion was available under this facility. As Fitch anticipated, Xerox has fully repaid the outstanding secured debt balances on nearly all of its non-U.S. committed secured funding facilities in 2007 financed with unsecured debt. At Oct. 12, 2007, the company's Canadian facility, with total capacity of US$740 million, was the last non-U.S. funding facility. Fitch expects Xerox's usage of the aforementioned secured financing facilities will continue to decline as the company reduces its reliance on secured financing programs by maintaining a leverage ratio of 7:1 against finance assets through the issuance of unsecured debt in lieu of the secured funding facilities. As of Sept. 30, 2007, total debt with equity credit was US$8.7 billion, consisting of US$7.2 billion of senior unsecured debt, US$620 million of liabilities to subsidiary trusts issuing preferred securities and approximately US$883 million of debt secured by finance receivables. Debt secured by finance receivables accounted for approximately 10% of total debt with equity credit as of Sept. 30, 2007, down from 27% at year-end 2006. Xerox's net finance receivables and equipment on operating leases totaled US$8.4 billion at Sept. 30, 2007. Debt maturities in the fourth quarter of 2007 consist solely of US$569 million of secured debt, including US$469 million of secured facility borrowings in France that matured on Oct. 12, 2007 and were refinanced with an unsecured floating rate bank bridge loan due March 31, 2008. For 2008, US$1 billion of debt matures, of which US$600 million is unsecured debt. In addition to Xerox Corp., the IDR and unsecured debt ratings for Xerox Credit Corp. are also affected. ============= G E R M A N Y ============= AGM ACHINGER: Claims Registration Ends January 7, 2008 ------------------------------------------------------ Creditors of AGM ACHINGER Giessereimaschinen GmbH have until Jan. 7, 2008, to register their claims with court-appointed insolvency manager Christian Plail. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Augsburg Meeting Hall 162 Alten Einlass 1 86150 Augsburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Christian Plail c/o Kanzlei Schneider Eserwallstr. 1-3 86150 Augsburg Germany The District Court of Augsburg opened bankruptcy proceedings against AGM ACHINGER Giessereimaschinen GmbH on Nov. 20. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: AGM ACHINGER Giessereimaschinen GmbH Attn: Michael Achinger, Manager Wildtaubenweg 20 86156 Augsburg Germany B & A GMBH: Claims Registration Ends January 8, 2008 ---------------------------------------------------- Creditors of B & A GmbH have until Jan. 8, 2008, to register their claims with court-appointed insolvency manager Dr. Bruno Kuebler. 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 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. Bruno Kuebler Nieritzstrasse 14 01097 Dresden Germany Email: http://www.kuebler-gbr.de/ The District Court of Dresden opened bankruptcy proceedings against B & A GmbH on Nov. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: B & A GmbH Wilsdruffer Str. 27 01067 Dresden Germany Attn: Joao Fernando Lopes Calheiros, Manager geboren 1964 Hauptstrasse 3 b 01728 Possendorf Germany BAIER & PARTNER: Claims Registration Period Ends Jan. 11, 2008 -------------------------------------------------------------- Creditors of Baier & Partner Handelsgesellschaft mbH have until Jan. 11, 2008, to register their claims with court-appointed insolvency manager Sabine Fochler. Creditors and other interested parties are encouraged to attend the meeting at 12:50 p.m. on Feb. 11, 2008, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Sabine Fochler Schwedenstrasse 7 17033 Neubrandeuburg Germany The District Court of Neubrandenburg opened bankruptcy proceedings against Baier & Partner Handelsgesellschaft mbH on Nov. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Baier & Partner Handelsgesellschaft mbH Schwedenstrasse 7 17033 Neubrandeuburg Germany BAUMHAUS INTEGRATION: Claims Registration Ends January 8, 2008 -------------------------------------------------------------- Creditors of Baumhaus Integrationsunternehmen mit behinderten Menschen gGmbH have until Jan. 8, 2008, to register their claims with court-appointed insolvency manager Roland Lehnert. Creditors and other interested parties are encouraged to attend the meeting at 2:25 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 Oldenburg Meeting hall Second Floor Elisabethstrasse 6 26135 Oldenburg 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: Roland Lehnert Hauptstrasse 5 26122 Oldenburg Germany Tel: 0441 950910 Fax: 0441 9509177 E-mail: RALehnertOL@t-Online.de The District Court of Oldenburg opened bankruptcy proceedings against Baumhaus Integrationsunternehmen mit behinderten Menschen gGmbH on Nov. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Baumhaus Integrationsunternehmen mit behinderten Menschen gGmbH Stedinger Str. 30-32 26135 Oldenburg Germany BSA ERD: Claims Registration Period Ends Jan. 10, 2008 ------------------------------------------------------ Creditors of BSA Erd- und Abbrucharbeiten GmbH have until Jan. 10, 2008, to register their claims with court-appointed insolvency manager Karl-Heinz Trebing. Creditors and other interested parties are encouraged to attend the meeting at 9:05 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 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 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: Karl-Heinz Trebing Hanauer Landstrasse 287-289 60314 Frankfurt (Main) Germany Tel: 069/15051300 Fax: 069/15051400 The District Court of Frankfurt (Main) opened bankruptcy proceedings against BSA Erd- und Abbrucharbeiten GmbH on Nov. 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BSA Erd- und Abbrucharbeiten GmbH Attn: Mato Pavlovic, Manager Frankfurter Strasse 12 65830 Kriftel Germany CAMPE-MAURER: Claims Registration Period Ends Dec. 27 ----------------------------------------------------- Creditors of Campe-Maurer und Stahlbeton GmbH have until Dec. 27 to register their claims with court-appointed insolvency manager Andreas Kienast. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Jan. 17, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Magdeburg Hall D Insolvency Department Liebknechtstrasse 65-91 39110 Magdeburg 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 Kienast Lennestr. 10 39112 Magdeburg Germany Tel.: 0391/5973322 Fax: 0391/5973333 The District Court of Magdeburg opened bankruptcy proceedings against Campe-Maurer und Stahlbeton GmbH on Nov. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Campe-Maurer und Stahlbeton GmbH Dorfstr. 6 39171 Suezetal Germany COOK & CONCEPT: Claims Registration Ends January 3, 2008 -------------------------------------------------------- Creditors of Cook & Concept Beteiligungs-GmbH have until Jan. 3, 2008, to register their claims with court-appointed insolvency manager Dr. Christian Willmer. Creditors and other interested parties are encouraged to attend the meeting at 9:10 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 Verden (Aller) Hall 214 Main Building Johanniswall 8 27283 Verden (Aller) 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. Christian Willmer Georgstr. 5 27283 Verden (Aller) Germany Tel: 04231/884-45 Fax: 04231/884-55 The District Court of Verden (Aller) opened bankruptcy proceedings against Cook & Concept Beteiligungs-GmbH on Nov. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Cook & Concept Beteiligungs-GmbH Dauelsener Dorstrasse 19 27283 Verden Germany D3 MEDIA: Claims Registration Period Ends Jan. 8, 2008 ------------------------------------------------------ Creditors of D3 media GmbH have until Jan. 8, 2008, to register their claims with court-appointed insolvency manager Thomas Kloeckner. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Jan. 9, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Weilheim Meeting Hall E 007 Waisenhausstr. 5 Weilheim Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Thomas Kloeckner Hans-Urmiller-Ring 11 82515 Wolfratshausen Germany Tel: 08171/38730100 Fax: 08171/38730222 The District Court of Weilheim opened bankruptcy proceedings against D3 media GmbH on Nov. 27. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: D3 media GmbH Baderstr. 8 82211 Herrsching Germany DVS DEUTSCHE: Claims Registration Period Ends Jan. 8, 2008 ---------------------------------------------------------- Creditors of DVS Deutsche Verkehrsfliegerschule GmbH have until Jan. 8, 2008, to register their claims with court-appointed insolvency manager Stefan Rieger. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Offenbach am Main Hall 166N First Floor Kaiserstrasse 63065 Offenbach am 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-Str. 13 D 60314 Frankfurt (Main) Tel: 069/405862-80 Fax: 069/405862-85 The District Court of Offenbach am Main opened bankruptcy proceedings against DVS Deutsche Verkehrsfliegerschule GmbH on Nov. 19. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: DVS Deutsche Verkehrsfliegerschule GmbH Attn: Eberhard Herr, Manager Geisbaum 2 63329 Egelsbach Germany EURO ART: Claims Registration Period Ends Dec. 28 ------------------------------------------------- Creditors of Euro Art & Event GmbH have until Dec. 28 to register their claims with court-appointed insolvency manager Dr. Christian Dawe. Creditors and other interested parties are encouraged to attend the meeting at 11:25 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 Hamburg Hall B 405 Fourth Floor Annex Civil Justice Bldg. Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Christian Dawe Gansemarkt 50 20354 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Euro Art & Event GmbH on Nov. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Euro Art & Event GmbH Krohnstieg 61 22415 Hamburg Germany EYEGENICA PHARMA: Claims Registration Ends January 2, 2008 ---------------------------------------------------------- Creditors of EYEGenica Pharma- und Medizinprodukte Handels GmbH have until Jan. 2, 2008, to register their claims with court- appointed insolvency manager Kerstin Becker. 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 Offenbach am Main Hall 162N First Floor Kaiserstrasse 63065 Offenbach am 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: Kerstin Becker Zeilweg 42 60439 Frankfurt am Main Germany Tel: 069-9637610 Fax: 069-963761145 The District Court of Offenbach am Main opened bankruptcy proceedings against EYEGenica Pharma- und Medizinprodukte Handels GmbH on Nov. 17. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: EYEGenica Pharma- und Medizinprodukte Handels GmbH Attn: Franz X. Schwagerl, Manager Kettelerstrasse 13-15 63179 Obertshausen Germany FINNLA HAUS: Claims Registration Ends January 3, 2008 ----------------------------------------------------- Creditors of FINNLA Haus GmbH have until Jan. 3, 2008, to register their claims with court-appointed insolvency manager Manfred Dobler. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Stuttgart Hall 178 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: 0711/164330 Fax: 0711/1643350 The District Court of Stuttgart opened bankruptcy proceedings against FINNLA Haus GmbH on Nov. 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: FINNLA Haus GmbH Etzwiesenstr. 5 72108 Rottenburg Germany Attn: Carsten Knoch, Manager Forststr 172 Stuttgart Germany FIUDI INTERNATIONAL: Claims Registration Ends January 16, 2008 -------------------------------------------------------------- Creditors of Fiudi International Handels GmbH have until Jan. 16, 2008, to register their claims with court-appointed insolvency manager Christian Graf Brockdorff. Creditors and other interested parties are encouraged to attend the meeting at 11:05 a.m. on Feb. 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 Neuruppin Hall 325 Karl-Marx-Strasse 18a 16816 Neuruppin Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Christian Graf Brockdorff Friedrich-Ebert-Strasse 36 14469 Potsdam Germany The District Court of Neuruppin opened bankruptcy proceedings against Fiudi International Handels GmbH on Nov. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Fiudi International Handels GmbH Rosa-Luxemburg-Str. 19 16548 Glienicke/Nordbahn Germany Attn: Arsen Gurtsiev, Manager c/o Schwab Varnhagenstrasse 8 10439 Berlin Germany G & R AUTOMATENBETRIEBS: Claims Registration Ends Jan. 9, 2008 -------------------------------------------------------------- Creditors of G & R Automatenbetriebsgesellschaft mbH have until Jan. 9, 2008, to register their claims with court-appointed insolvency manager Karl-Hermann Kruse. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on Jan. 30, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Nordhorn Hall 42 Seilerbahn 15 48529 Nordhorn 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: Karl-Hermann Kruse Emsstrasse 7 48499 Salzbergen Germany Tel: 05976/1505 Fax: 05976/9381 The District Court of Nordhorn opened bankruptcy proceedings against G & R Automatenbetriebsgesellschaft mbH on Nov. 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: G & R Automatenbetriebsgesellschaft mbH Attn: Ralf Grote, Manager Ochtruper Str. 22 48455 Bad Bentheim Germany GROKA FRITZ: Claims Registration Period Ends Dec. 26 ---------------------------------------------------- Creditors of Groka Fritz Grossekathoefer Fleischwarenhandel GmbH have until Dec. 26 to register their claims with court-appointed insolvency manager Frank M. Welsch. Creditors and other interested parties are encouraged to attend the meeting at 11:00 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 Bielefeld Hall 4065 Fourth Floor Gerichtstrasse 66 33602 Bielefeld 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: Frank M. Welsch Barkeystrasse 30 33330 Guetersloh Germany The District Court of Bielefeld opened bankruptcy proceedings against Groka Fritz Grossekathoefer Fleischwarenhandel GmbH on Nov. 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Groka Fritz Grossekathoefer Fleischwarenhandel GmbH Friedrichsdorfer Str. 60 33335 Guetersloh Germany HN SERVICES: Claims Registration Period Ends Dec. 27 ---------------------------------------------------- Creditors of HN services GmbH & Co. KG have until Dec. 27 to register their claims with court-appointed insolvency manager Axel Klages. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 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: Axel Klages Schloss strasse 26 49074 Osnabrueck Germany Tel: (0541) 77063-0 Fax: (0541) 77063-33 E-mail: http://info@kanzlei-tkb.de The District Court of Osnabrueck opened bankruptcy proceedings against HN services GmbH & Co. KG on Nov. 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HN services GmbH & Co. KG Goethering 8 49074 Osnabrueck Germany HOEBER-HAUS GMBH: Claims Registration Ends January 3, 2008 ---------------------------------------------------------- Creditors of Hober-Haus GmbH have until Jan. 3, 2008, to register their claims with court-appointed insolvency manager Matthias Roensch. Creditors and other interested parties are encouraged to attend the meeting at 11:00 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 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: Matthias Roensch Gustav-Adolf-Strasse 6 b 01219 Dresden Germany E-mail: http://www.munz-anwaelte.de/ The District Court of Dresden opened bankruptcy proceedings against Hober-Haus GmbH on Nov. 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hober-Haus GmbH Attn: Andreas Hoeber, Manager geboren 1950 Bergstrasse 5 01738 Dorfhain Germany HYGIENIA MEDIZINISCHE: Claims Registration Period Ends Dec. 21 -------------------------------------------------------------- Creditors of HYGIENIA Medizinische Fachhandels GmbH have until Dec. 21 to register their claims with court-appointed insolvency manager Wolfgang Eichel. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Jan. 11, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Goslar House 2 Kaiserbleek 8 38640 Goslar 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 Eichel Braunschweiger Str. 15a D 38723 Seesen Germany Tel: 05381/93 56-0 Fax: 05381/93 56 44 The District Court of Goslar opened bankruptcy proceedings against HYGIENIA Medizinische Fachhandels GmbH on Nov. 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HYGIENIA Medizinische Fachhandels GmbH Attn: Jens Metzlaff, Manager Kattenberg 1 38640 Goslar Germany IKB DEUTSCHE: Fitch Downgrades US$404.88 Mln Facility to CC ----------------------------------------------------------- Fitch Ratings downgraded the loan facilities provided by IKB Deutsche Industriebank AG and IKB International S.A. to Havenrock II Limited as: -- US$165,000,000 loan provided by IKB International: downgraded to 'CC/DR2' from 'BBB+' Outlook Negative; -- US$404,875,000 Facility C loan provided by IKB: downgraded to 'CC/DR2' from 'BBB+'; Outlook Negative; -- US$43,750,000 Facility B loan provided by IKB: downgraded to 'CC/DR2' from 'B+'; Outlook Negative; and -- US$11,375,000 Facility A loan provided by IKB: downgraded to 'CC/DR2' from 'CCC'; Outlook Negative. The 364-day committed facilities can be drawn on to cover Havenrock II's obligations under a credit default swap. The downgrades are the result of rating migrations in the portfolio referenced by the Havenrock II credit default swap. The ratings have been assigned using the Vector 3.2 model and current criteria for Collateralized Debt Obligations (CDOs). IPIROS IMPORT: Claims Registration Period Ends Jan. 14, 2008 ------------------------------------------------------------ Creditors of Ipiros Import Export GmbH have until Jan. 14, 2008, to register their claims with court-appointed insolvency manager Axel Roth. 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 Leipzig Hall 027 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: Axel Roth Dittrichring 18-20 04109 Leipzig Germany Tel: 0341/1493105 Fax: 0341/1493111 The District Court of Leipzig opened bankruptcy proceedings against Ipiros Import Export GmbH on Nov. 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Ipiros Import Export GmbH Attn: Nikolaos Alexiou, Manager Zschochersche Str. 79 B 04229 Leipzig Germany JENOPTIK AG: Fitch Upgrades Issuer Default Rating to B+ ------------------------------------------------------- Fitch Ratings upgraded Jenoptik AG's long-term issuer default rating to B+ from B, and withdrawn its senior unsecured rating of B+. The outlook for the long-term IDR is stable. Fitch has also affirmed Jenoptik's short-term IDR at B. The upgrade reflects Jenoptik's overall improving financial profile, which is mainly due to significant de-leveraging of total adjusted debt/EBITDAR basis to 3.7x at mid-November 2007 after the early redemption of the 7.875% EUR150 million high- yield bond, originally due Nov. 15, 2010. While Jenoptik's free cash flow generation is still depressed from only moderate operating profitability and comparably high capital expenditures, FCF generation will see some relief from considerably lower interest payments from 2008, owing to the repayment of sizable and expensive debt. Overall, improved leverage and coverage ratios result in the credit now being more adequately placed on the B+ rating level in comparison to other industrial companies rated by Fitch. However, the ratings are constrained by Jenoptik's limited geographical diversification and its operations in cyclical, partly fragmented markets. The company remains vulnerable to temporary gaps in demand as experienced in its sensors business this year, when temporary lack of demand in an otherwise growing international traffic safety technology market resulted in an absence of large orders from Jenoptik's customers. This, in turn, led to a lack of demand for Jenoptik's traffic safety technology unit and a profit warning for Financial Year 2007. These weaknesses are, however, mitigated by good customer and end-market diversification, strong underlying growth trends of the photonics and mechatronics market, and Jenoptik's leading market positions in some segments and several niches with favorable growth potential. The Stable Outlook reflects Fitch's expectation that Jenoptik will continue to benefit from favorable growth potential of the photonics industry. Fitch expects that profitability improvements will further stabilize Jenoptik's margins and cash flow generation, and also maintain leverage at a level appropriate with the B+ rating level following the high-yield bond redemption. Jenoptik's business and financial profile changed significantly after the disposal of M+W Zander Holding AG, its former cyclical and loss-making clean systems division in 2006. With approximately 2,900 employees, Jenoptik generated financial year 2006 sales of continued operations of EUR485 million and a like- for-like result from continued operating activities of EUR38 million in its three divisions: Laser&Optics; Sensors and Mechatronics; and the holding company. JL+P BAUINITIATOR: Claims Registration Period Ends Dec. 21 ---------------------------------------------------------- Creditors of JL+P Bauinitiator und Baubetreuungs GmbH have until Dec. 21 to register their claims with court-appointed insolvency manager Werner Ruedesheim. Creditors and other interested parties are encouraged to attend the meeting at __ on __, 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 Koblenz Hall 111 Main Court Karmeliterstrasse 14 56068 Koblenz 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: Werner Ruedesheim Hermannstrasse 16 56203 Hoehr-Grenzhausen Germany Tel: 02624-95950 Fax: 02624-959595 E-mail: w.ruedesheim@rae-ssr.de The District Court of Koblenz opened bankruptcy proceedings against JL+P Bauinitiator und Baubetreuungs GmbH on Nov. 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: JL+P Bauinitiator und Baubetreuungs GmbH Attn: Heinrich Ludwig Meyer, Manager Josef-Goerres-Platz 2 56068 Koblenz Germany JOENSTHOEVEL-VERSORUNGSTECHNIK: Registration Ends Jan. 15, 2008 --------------------------------------------------------------- Creditors of Joensthoevel-Versorungstechnik GmbH have until Jan. 15, 2008, to register their claims with court-appointed insolvency manager Dr. Stephan Thiemann. Creditors and other interested parties are encouraged to attend the meeting at 8:45 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 Muenster Meeting Hall 13 B Gerichtsstr. 2-6 48149 Muenster 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 Thiemann Ludgeristrasse 54 Germany Tel: 0251/16283-0 Fax: 492511628311 The District Court of Muenster opened bankruptcy proceedings against Joensthoevel-Versorungstechnik GmbH on Nov. 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Joensthoevel-Versorungstechnik GmbH Attn: Mathias Joensthoevel, Manager Steinbrede 5 48163 Muenster Germany KLOECKNER-PENTAPLAST: Moody's Cuts Corporate Family Rating to B2 ---------------------------------------------------------------- Moody's Investors Service downgraded the Corporate Family Rating of Kloeckner-Pentaplast S.A. to B2 from Ba3 and changed the outlook to stable from rating under review for downgrade. The rating action concludes the review process that was initiated on May 4, 2007 following the company's announcement that its existing shareholders, Cinven Ltd. and CCMP Capital Advisors, LLC), have agreed to sell their shareholdings in Kloeckner Pentaplast to The Blackstone Group for a total consideration of EUR1.3 billion. Additionally, Moody's assigned a B2 CFR to Kleopatra Lux 1 S.a.r.l., the new ultimate consolidating holding company of all European as well as North and South American operating subsidiaries and expects to withdraw the CFR of KP shortly. The downgrade is primarily driven by increased leverage given the recapitalization after the takeover by Blackstone resulting in a pro forma adjusted leverage of debt to EBITDA of 8.4 times and weak performance year to date because of: (i) volatile resin costs; (ii) price pressure in PET; and (iii) start-up delays and cost relating to the conversion of facilities to raw material-efficient processes. kp is currently undergoing a restructuring program (F3), addressing process rationalizations and headcount reductions as well as an asset review, which already resulted in the closure of the high-cost Weert plant. These investments and increasing cash cost for financing and taxes will likely keep free cash flow negative, though at a decreasing trend. Against the weakened credit profile of kp however, Moody's acknowledges that there are a number of parameters that are expected to have a short- to medium positive impact on profit generation. Among those factors are: (i) cost savings from the restructuring program as well as from the augmented use of recycled PET, (ii) continued expansion into growth regions, especially Asia, and (iii) its relatively large size in a fragmented industry which enables kp to pass on volatile raw material costs to a certain extent, albeit with a time lag. The stable outlook indicates: (i) Moody's expectation of EBIT-margins increasing to high single digits; (ii) a de-leveraging, bringing debt/EBITDA well below 8.0x in fiscal year ending 2008 and (iii) the absence of any debt-financed acquisitions or additional major restructuring needs that could weaken the financial metrics. These rating changes were made: Downgrades: * Issuer: Kloeckner-Pentaplast S.A. -- Probability of Default Rating, Downgraded to B2 from Ba3; -- Corporate Family Rating, Downgraded to B2 from Ba3. Assignments: * Issuer: Kleopatra Lux 1 S.a.r.l. -- Probability of Default Rating, Assigned B2; -- Corporate Family Rating, Assigned B2. Outlook Actions: * Issuer: Kloeckner-Pentaplast S.A. -- Outlook, Changed To Stable From Rating Under Review kp, headquartered in Montabaur, Germany and with legal domicile in Luxembourg, is a global leader in the manufacturing of rigid plastic films for the pharmaceuticals, food, medical, electronics, and other packaging industries. The company generated nearly EUR1.2 billion of sales during fiscal year 2007 (ending September), 60% of which came from Europe (including a small portion from Asia) and 40% from the US, Canada and Latin America. kp today has 21 manufacturing sites in 11 countries with approximately 3,700 employees. KLOECKNER PENTAPLAST: S&P Affirms B Long-term Ratings ----------------------------------------------------- Standard & Poor's Ratings Services revised its outlook on Germany-based packaging group Kloeckner Pentaplast S.A. to negative from stable. At the same time, the 'B' long-term corporate credit ratings were affirmed. "The outlook revision reflects KP's weakened operating performance due to difficult operating conditions and internal operating problems," said Standard & Poor's credit analyst Jacob Zachrison. "These factors have weakened the group's credit measures below our expectations for the ratings. To improve its performance, KP will face the challenge of passing on increasing raw material prices to customers without reducing volumes," Mr. Zachrison added. At the end of September 2007, KP had debt of about EUR1.06 billion (adjusted for estimated operating leases and postretirement liabilities). The ratings on KP reflect its highly leveraged financial profile and exposure to high and volatile raw material prices. They also reflect KP's high dependence on calendered rigid polyvinyl chloride film and the risk of material substitution. These factors are mitigated by the group's leading niche market position in Europe and North America for PVC and polyethylene terepthalate based rigid film; its relatively broad geographic and customer base diversification; and its relatively stable end markets. The negative outlook reflects the currently challenging conditions in the packaging market and KP's internal operating problems, factors which could prevent improvement in the group's cash flows and credit measures. LET'S WORK: Claims Registration Ends January 2, 2008 ---------------------------------------------------- Creditors of Let's Work GmbH have until Jan. 2, 2008, to register their claims with court-appointed insolvency manager Dr. Jan Markus Plathner. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Jan. 23, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Darmstadt Hall 4.312 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. Jan Markus Plathner Lyoner Strasse 14 60528 Frankfurt Germany Tel: 069/962334-0 Fax: 069/962334-22 E-Mail: m.plathner@brinkmann-partner.de The District Court of Darmstadt opened bankruptcy proceedings against Let's Work GmbH on Nov. 29. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Let's Work GmbH Attn: Carsten Rosenkilde, Manager Pallaswiesenstrasse 63 64293 Darmstadt Germany MAEUELER GMBH: Claims Registration Period Ends Dec. 28 ------------------------------------------------------ Creditors of Maeueler GmbH have until Dec. 28 to register their claims with court-appointed insolvency manager Dr. Rainer Maus. Creditors and other interested parties are encouraged to attend the meeting at 9:10 a.m. on Jan. 17, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wuppertal Meeting Room A234 Second Floor Isle 2 42103 Wuppertal Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Rainer Maus Turmhof 15 42103 Wuppertal Tel: 0202/49 37 00 Fax: 0202/4937099 The District Court of Wuppertal opened bankruptcy proceedings against Maeueler GmbH on Nov. 20. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Maeueler GmbH Alarichstr. 22a 42281 Wuppertal Germany Attn: Ryszard Chodak, Manager Kuhauser Weg 58256 Ennepetal Germany PROSIEBENSAT.1 MEDIA: Axel Springer Selling Stake for EUR509 Mln ---------------------------------------------------------------- Axel Springer AG intends to sign a purchase agreement with the co-shareholder KKR/Permira with respect to a sale of its indirect participation in ProSiebenSat.1 Media AG (consisting of 12% of each of the common and preference shares). The purchase price for the shares amounts to EUR509,359,881.60 in total (average price of EUR19.40 per common and preference share). The transaction is subject to certain conditions, including the approval of the transaction by the German Commission on Media Concentration (Kommission zur Ermittlung der Konzentration im Medienbereich, KEK) and the final funding by the purchaser's banks of the anticipated debt-financed portion of the purchase price. Headquartered in Berlin, Germany, Axel Springer is Germany's biggest newspaper publishing house and third-largest magazine publisher. 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. REGIO SYSTEM: Claims Registration Period Ends Dec. 28 ----------------------------------------------------- Creditors of Regio System Deutschland GmbH have until Dec. 28 to register their claims with court-appointed insolvency manager Jan Wilhelm. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Jan. 15, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Kiel Hall 17 Deliusstr. 22 Kiel 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: Jan Wilhelm Germaniahafen 2 24143 Kiel Germany Tel: 0431/7759190 Fax: 0431/77591910 The District Court of Kiel opened bankruptcy proceedings against Regio System Deutschland GmbH on Nov. 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Regio System Deutschland GmbH Attn: Christoph Laloi und Peter Aue, Managers Ringstr. 50 24114 Kiel Germany SCHAEFER SAUNA: Claims Registration Period Ends Dec. 25 ------------------------------------------------------- Creditors of CORSO GmbH have until Dec. 25 to register their claims with court-appointed insolvency manager Udo Feser. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on Jan. 30, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Cottbus Hall 210 Platz 2 Cottbus 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: Udo Feser Uhlandstrasse 165/1661 0719 Berlin Germany The District Court of Cottbus opened bankruptcy proceedings against CORSO GmbH on Nov. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: SCHAEFER Sauna CORSO GmbH Attn: Wer-ner Baumholt und Karl-Heinz B�hrmann, Managers Kavelweg 1 03238 Oppelhain Germany SHK-GRUNDWERT GMBH: Claims Registration Ends January 3, 2008 ------------------------------------------------------------ Creditors of SHK-Grundwert GmbH have until Jan. 3, 2008 to register their claims with court-appointed insolvency manager Andrew Seidl. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on Feb. 11, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Andrew Seidl Heideparkstrasse 14 01099 Dresden Germany E-mail: http://www.RA-andrew-seidl.de/ The District Court of Dresden. opened bankruptcy proceedings against SHK-Grundwert GmbH on Nov. 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: SHK-Grundwert GmbH Attn: Bernhard Gassmann, Manager Kalkwerk 3 01665 Triebischtal Germany STAHL- UND ANLAGENBAU: Claims Registration Ends January 2, 2008 --------------------------------------------------------------- Creditors of Stahl- und Anlagenbau GmbH have until Jan. 2, 2008, to register their claims with court-appointed insolvency manager Susanne Mueller. 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 Neuruppin Hall 325 Karl-Marx-Strasse 18a 16816 Neuruppin Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Susanne Mueller Vietmannsdorfer Strasse 23 17268 Templin Germany The District Court of Neuruppin opened bankruptcy proceedings against Stahl- und Anlagenbau GmbH on Nov. 27. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Stahl- und Anlagenbau GmbH Attn: Maciej Romuald Blaszak, Manager Guestrower Strasse 13 17291 Prenzlau Germany UNITYMEDIA GMBH: Moody's Changes Outlook on Ratings to Positive --------------------------------------------------------------- Moody's Investors Service changed the outlook on the ratings of Unitymedia GmbH to positive from stable. The existing ratings remained unchanged: -- Corporate family rat