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 Friday, December 14, 2007, Vol. 8, No. 248 Headlines A U S T R I A 123 VERTRIEB: Claims Registration Period Ends Dec. 20 FERROCO MASCHINENHANDEL: Claims Registration Ends Dec. 27 PRECISE COMPUTER: Vienna Court Orders Business Shutdown SOBEX HANDEL: Vienna Court Orders Business Shutdown VTR VERANSTALTUNGSTECHNIK: Korneuburg Court Shuts Down Business B E L G I U M CHIQUITA BRANDS: May Benefit from WTO's Ruling on EU Tariffs FERRO CORPORATION: Closes Restructuring of Electronic Operations POPE & TALBOT: Court Gives Final Approval on DIP Financing POPE & TALBOT: Court Gives Final Okay to Use of Cash Collateral POPE & TALBOT: Canadian Debtors Must Review Sale Terms, PwC Says F I N L A N D ARROW ELECTRONICS: Deploys Triad Semiconductor's ASICs Business F R A N C E CULLIGAN INT'L: Moody's Cuts Corporate Family Rating to B3 MAGNA INT'L: Unit Makes Mini Sports Activity Vehicle for BMW XEROX CORP: Appoints Three Corporate Officers to Executive Roles G E R M A N Y 3 OF A KIND: Claims Registration Period Ends Jan. 18, 2008 ADAM GUMBMANN: Claims Registration Ends January 28, 2008 ANDREAS BOEHNE: Claims Registration Ends January 22, 2008 AUTOHAUS AM FLUGPLATZ: Claims Period Ends Jan. 3, 2008 AUTOHAUS GLOBISCH: Claims Registration Period Ends Jan. 7, 2008 BEVER BAUUNTERNEHMUNG: Claims Registration Ends Jan. 31, 2008 BRUEGGEMANN COMPACT: Claims Registration Period Ends Dec. 28 BS HOCHBAU: Claims Registration Period Ends Jan. 17, 2008 CASANA GMBH: Claims Registration Period Ends Jan. 4, 2008 CONRAD GERLICH: Claims Registration Period Ends Dec. 25 CORDES GMBH: Claims Registration Period Ends Jan. 4, 2008 EPITEC SCHUTZFILM: Claims Registration Period Ends Dec. 20 FORM GMBH: Claims Registration Period Ends Jan. 7, 2008 HAYES LEMMERZ: Posts US$62.7-Mln Net Loss for Qtr. Ended Oct. 31 HLS-SERVICE: Claims Registration Period Ends Dec. 17 JAHN DRUCK: Creditors' Meeting Slated for January 7, 2008 K.N. ARTWORK: Claims Registration Ends January 25, 2008 KBV VERMOEGENSBERATUNG: Claims Registration Ends Feb. 1, 2008 KUCK TELEFONLADEN: Claims Registration Ends Jan. 18, 2008 NUMOSIS LEASING: Claims Registration Period Ends Jan. 18, 2008 TUI AG: TUI Travel Posts 5% Growth in December Pro-Forma Profit TUI AG: Moody's Confirms B1 Corporate Family Rating WOLFGANG JANTSCH: Claims Registration Period Ends Jan. 16, 2008 H U N G A R Y ARVINMERITOR INC: Signs Deal to Acquire Mascot Truck I R E L A N D SACHSEN LB: Parties Reach Deal on LBBW Takeover SACHSEN LB: Moody's Cuts Bank Financial Strength Rating to E+ I T A L Y DANA CORP: Addresses Objections to Confirmation of Plan DANA CORP: Bankruptcy Court to Confirm Reorganization Plan DANA CORP: Names Post-Bankruptcy Board of Directors EUROHOME ITALY: Moody's Rates EUR10.3 Mln Class E Notes at (P)B3 K A Z A K H S T A N ARMAN ENGINEERING: Claims Deadline Slated for Jan. 11, 2008 ATAMEKEN-SECURITY LLP: Claims Registration Ends Jan. 11, 2008 AZTM-ENERGO LLP: Claims Filing Period Ends Jan. 11, 2008 CASPIAN INDUSTRIAL: Creditors' Claims Due on Jan. 11, 2008 CATALIZATOR LLP: Claims Registration Ends Jan. 11, 2008 JANAKALA CJSC: Claims Deadline Slated for Jan. 11, 2008 KAZEXIM BIO: Creditors Must File Claims by Jan. 11, 2008 SAUDA-COMPANY LTD: Claims Filing Period Ends Jan. 11, 2008 K Y R G Y Z S T A N DA DIL: Creditors Must File Claims by January 11, 2008 L U X E M B O U R G CA INC: Lewis Ranieri Ends Six-Year Tenure on Board of Directors EVRAZ GROUP: S&P Affirms BB- on Planned Acquisitions EVRAZ GROUP: Ukrainian Asset Purchase Cues Fitch to Hold BB IDR N E T H E R L A N D S CORPORATE EXPRESS: Debt Reduction Cues S&P to Affirm BB- Ratings MARS 2004: Fitch Affirms EUR12 Million Class E Notes at BB P O L A N D AFFILIATED COMPUTER: Amends Chairperson's Employment Agreement R U S S I A CHEMIRESOURCE CJSC: Creditors Must File Claims by Feb. 1, 2008 COMSTAR-UNITED: Access Telecom to Buy Shares worth US$322 Mln EVRAZ GROUP: S&P Affirms BB- on Planned Acquisitions EVRAZ GROUP: Ukrainian Asset Purchase Cues Fitch to Hold BB IDR FLOX LLC: Creditors Must File Claims by Feb. 1, 2008 HYNIX SEMICONDUCTOR: Issues US$583.4-Million Convertible Notes HYNIX SEMICONDUCTOR: May Post 4th Qtr. Loss on Low Chip Prices INGAKAMF CJSC: Asset Sale Slated for Jan. 10, 2008 KHABAROVSKIJ 3: Court Starts Bankruptcy Supervision Procedure PRIMORSKIJ PLANT: Creditors Must File Claims by Jan. 1, 2008 SHILING CJSC: Asset Sale Slated for Jan. 4, 2008 SSMO LENSPECSMU: S&P Affirms Credit Ratings at B TROITSKOILPRODUCT: Creditors Must File Claims by Jan. 1, 2008 TYUMENSKAYA OIL: Bankruptcy Hearing Slated for March 11, 2008 S W I T Z E R L A N D BFB BERATUNG: Creditors' Liquidation Claims Due by December 19 MCO JSC: Creditors' Liquidation Claims Due by December 19 NES-SPORTSWEAR: Creditors' Liquidation Claims Due by December 19 OTTO ZIMMERMANN: St. Gallen Court Closes Bankruptcy Proceedings PIONIER PORTFOLIOVERWALTUNG: Zug Court Starts Bankruptcy Process REHABILITATIONSKLINIK: Court Closes Bankruptcy Process ROSENHOLZ GROUP: Zug Court Starts Bankruptcy Proceedings SIDELMONT JSC: Creditors' Liquidation Claims Due by December 19 SPEFA DRUCK: Creditors' Liquidation Claims Due by December 19 WELLFIN LLC: Creditors' Liquidation Claims Due by December 19 T U R K E Y * Fitch Upgrades Turkey's Local Currency IDR to BB U K R A I N E ALEXANDROVSKY LLC Creditors Must File Claims by December 19 BOBROVITSA INTERREGIONAL: Creditors Must File Claims by Dec. 16 GALOL-SM OJSC: Creditors Must File Claims by December 19 INTERFOOD UKRAINE: Creditors Must File Claims by December 19 U N I T E D K I N G D O M ADAMS PROPERTY: Appoints Liquidators from Smith & Williamson COUNTRY FOODS: Calls In Liquidators from BDO Stoy Hayward CUMMINS INC: Board Declares Two-for-One Common Stock Split DIFFERENT PROCESS: Brings In Liquidators from Mazars DURA AUTOMOTIVE: Resolves Objections to Plan Confirmation DURA AUTO: Court Defers Plan Confirmation Hearing to Dec. 17 DURA AUTO: Extends Marketing Period for US$425 Mln Exit Loan EDS FACILITIES: Taps Liquidators from Chantrey Vellacott FALCON RETREADS: Joint Liquidators Take Over Operations FORD MOTOR: Idles Light Truck Plants Two Weeks Ahead of Schedule FUDGE LEISURE: Claims Filing Period Ends January 8, 2008 GAS ELECTRICAL: Hires Liquidators from Moore Stephens HMV GROUP: Oct. 27 Balance Sheet Upside-Down by GBP8.4 Million HUNTS GLASS: Names Peter Wastell Liquidator ISLE OF CAPRI: Names Dale Black Sr. VP & Chief Financial Officer NEW INN: M. Abdulali Leads Liquidation Procedure NORTHERN ROCK: Aims to Complete Strategic Review by Feb. 2008 NORTHERN ROCK: Andy Kuipers Succeeds Adam Applegarth as CEO OPTYCA PRINTING: Brings In Liquidators from Smith & Williamson RANK GROUP: Like-for-Like Revenue Up 1% in 49 Weeks to Dec. 9 STEELTECH INTERIORS: Claims Filing Period Ends January 11, 2008 WOODLAKE CONSULTANTS: Appoints Philip Michael Lyon as Liquidator XDRIVE LTD: Claims Filing Period Ends January 31, 2008 * Chadbourne & Parke-London Adds 3 Partners to Finance Practice * Shearman & Sterling Adds 13 Associates and Counsel ********* ============= A U S T R I A ============= 123 VERTRIEB: Claims Registration Period Ends Dec. 20 ----------------------------------------------------- Creditors owed money by LLC 123 Vertrieb (FN 125487s) have until Dec. 20 to file written proofs of claim to court-appointed estate administrator Heinrich Nagl at: Dr. Heinrich Nagl Pfarrgasse 5 3580 Horn Austria Tel: 02982/2278 Fax: 02982/4479 E-mail: dr.nagl.horn@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 8:30 a.m. on Jan. 9 for the examination of claims. The meeting of creditors will be held at: The Land Court of Krems an der Donau Hall A Second Floor Krems an der Donau Austria Headquartered in Maria Dreieichen, Austria, the Debtor declared bankruptcy on Nov. 2 (Bankr. Case No. 9 S 63/07y). FERROCO MASCHINENHANDEL: Claims Registration Ends Dec. 27 --------------------------------------------------------- Creditors owed money by LLC Ferroco Maschinenhandel Ing. Rudolf Ferro (FN 119678y) have until Dec. 27 to file written proofs of claim to court-appointed estate administrator Eberhard Wallenti at: Dr. Eberhard Wallentin Porzellangasse 4-6 1090 Vienna Austria Tel: 313 740 Fax: 313 748 0 E-mail: office@ksw.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 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 1606 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 2 (Bankr. Case No. 4 S 127/07i). PRECISE COMPUTER: Vienna Court Orders Business Shutdown ------------------------------------------------------- The Trade Court of Vienna entered Oct. 31 an order shutting down the business of LLC Precise Computer Handel (FN 66527i). Court-appointed estate administrator Andrea Prochaska recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Mag. Andrea Prochaska Wassergasse 33/12 1030 Vienna Austria Tel: 718 77 50 Fax: 718 77 50 15 E-mail: anwalt@andrea-prochaska.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Oct. 19 (Bankr. Case No 6 S 134/07h). SOBEX HANDEL: Vienna Court Orders Business Shutdown --------------------------------------------------- The Trade Court of Vienna entered Nov. 5 an order shutting down the business of LLC Sobex Handel (FN 238953b). Court-appointed estate administrator Erwin Senoner 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. Erwin Senoner c/o Dr. Georg Freimueller Alser Strasse 21 1080 Vienna Austria Tel: 406 05 51 Fax: 406 96 01 E-mail: kanzlei@jus.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Oct. 2 (Bankr. Case No 6 S 111/07a). Georg Freimueller represents Dr. Senoner in the bankruptcy proceedings. VTR VERANSTALTUNGSTECHNIK: Korneuburg Court Shuts Down Business --------------------------------------------------------------- The Land Court of Korneuburg entered Nov. 5 an order shutting down the business of LLC VTR Veranstaltungstechnik Rieder (FN 139500y). Court-appointed estate administrator Horst Winkelmayr recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Mag. Horst Winkelmayr c/o Mag. Herbert Nigl Hauptplatz 15 2100 Korneuburg Tel: 02262/724 35 Fax: 02262/724 35 50 E-mail: rae@kniwi.at Headquartered in Korneuburg, Austria, the Debtor declared bankruptcy on Oct. 25 (Bankr. Case No 36 S 128/07a). Herbert Nigl represents Mag. Winkelmayr in the bankruptcy proceedings. ============= B E L G I U M ============= CHIQUITA BRANDS: May Benefit from WTO's Ruling on EU Tariffs ------------------------------------------------------------ Ohio.com reports that Chiquita Brands International's profits could increase as a result of the World Trade Organization compliance panel's ruling that the European Union's import tariffs for bananas breached international trade rules. Oppenheimer & Co. analyst Barry Sine told Ohio.com that Chiquita Brands will be closely following the case. The European Union tariff costs Chiquita Brands about US$1 per share yearly. An Ecuadorian official commented to Ohio.com, "It was a total victory. We are very happy with the result." Michael Mann, a spokesperson for the European Union's Farm Commissioner Marian Fisher Boel, confirmed the loss to Ohio.com. However, Mr. Mann claimed that the WTO panel ignored data indicating a growth in European imports of bananas from Latin America, Ohio.com states. Cincinnati, Ohio-based Chiquita Brands International, Inc. (NYSE: CQB) -- http://www.chiquita.com/-- markets and distributes fresh food products including bananas and nutritious blends of green salads. The company markets its products under the Chiquita(R) and Fresh Express(R) premium brands and other related trademarks. Chiquita employs approximately 25,000 people operating in more than 70 countries worldwide, including Belgium, Columbia, Germany, Panama, Philippines, among others. * * * As reported in the Troubled Company Reporter on May 16, 2007, Moody's Investors Service Ratings affirmed these ratings on Chiquita Brands International Inc.: (i) corporate family rating at B3; (ii) probability of default rating at B3; (iii) US$250 million 7.5% senior unsecured notes due 2014 at Caa2(LGD5, 89%); and (iv) US$225 million 8.875% senior unsecured notes due 2015 at Caa2 (LGD5, 89%). Moody's changed the rating outlook for Chiquita Brands to negative from stable. Troubled Company Reporter reported on May 4, 2007, that Standard & Poor's Ratings Services placed its 'B' corporate credit and other ratings on Cincinnati, Ohio-based Chiquita Brands International Inc. on CreditWatch with negative implications, meaning that the ratings could be lowered or affirmed following the completion of their review. Total debt outstanding at the company was about US$1.3 billion as of March 31, 2007. FERRO CORPORATION: Closes Restructuring of Electronic Operations ---------------------------------------------------------------- Ferro Corporation has completed the previously announced restructuring of its Electronic Materials Systems operations in the United States. The restructuring included transfer of dielectric materials manufacturing from the Company's production facilities in Niagara Falls, New York, to existing Ferro facilities in Penn Yan, New York and Uden, The Netherlands. As part of the restructuring program, Ferro sold its Niagara Falls manufacturing site and certain industrial ceramics product lines that were based at the Niagara Falls site to TAM Ceramics LLC, an affiliate of All-American Holdings LLC. "We completed the restructuring program on schedule and we continue to estimate annual savings of $7 million to $8 million in 2008 as a result," said Barry Russell, Vice President of Ferro Electronic Material Systems. "We are pleased to reach agreement for the sale of the Niagara Falls manufacturing facility and industrial ceramics products." About Ferro Electronic Ferro Electronic Material Systems has locations in Vista, CA; Penn Yan, NY; South Plainfield, NJ; Cleveland, OH; Haverhill, United Kingdom; Uden, The Netherlands; Hanau, Germany; Tsukuba, Japan; and Suzhou, China. Its products include advanced packaging and thick film conductors; metal pastes and powders for solar energy applications; chemical mechanical planarization (CMP) slurries for semiconductors and advanced integrated circuits; dielectrics used in chip components and multilayer ceramic capacitors (MLCC); and surface finishing materials for LCD, hard disk, and ophthalmic polishing. About Ferro Corp. Headquartered in Cleveland, Ohio, Ferro Corporation (NYSE: FOE) -- http://www.ferro.com/-- is a global producer of an array of specialty chemicals including coatings, enamels, pigments, plastic compounds, and specialty chemicals for use in industries ranging from construction, pharmaceuticals and telecommunications. Ferro operates through the following five primary business segments: Performance Coatings, Electronic Materials, Color and Performance Glass Materials, Polymer Additives, and Specialty Plastics. Revenues were USUS$2 billion for the FYE ended Dec. 31, 2006. Ferro Corp. has global locations in Argentina, Australia, Belgium, Brazil, China, among others. * * * As reported in the Troubled Company Reporter-Latin America on May 16, 2007, Moody's Investors Service assigned a B1 corporate family rating to Ferro Corporation. Moody's also assigned a B1 rating to the company's USUS$200 million senior secured notes (issued as unsecured notes in 2001) due in January 2009 and an SGL-3 speculative grade liquidity rating. POPE & TALBOT: Court Gives Final Approval on DIP Financing ---------------------------------------------------------- The Hon. Christopher S. Sontchi of the United States Bankruptcy Court for the District of Delaware granted Pope & Talbot Inc. and its debtor-affiliates authority, on a final basis, to borrow up to US$18,000,000 in term loans and up to US$71,062,301 in revolving credit from Wells Fargo Financial Corporation, as DIP administrative agent, and Ableco Financial LLC, as DIP collateral agent. The Debtors' obligations under the DIP facility are secured by a first priority, perfected security interest and lien on all of the Debtors' assets, including all claims and causes of action under Chapter 5 of the U.S. Bankruptcy Code. The DIP Liens are subject to a carve-out for payment of Clerk of Court fees, U.S. Trustee fees, and bankruptcy professionals' fees; and certain permitted liens. The DIP Facility will terminate on the earlier of: (i) Feb. 15, 2008; (ii) the date of both (x) the effective date and substantial consummation of a Chapter 11 plan of reorganization and (y) the effective date and implementation of a plan of compromise or arrangement in the CCAA Proceedings; (iii) the date on which the stay of the CCAA Proceedings expires; (iv) the date of the closing of a sale of all or substantially all of the the Debtors' assets pursuant to Section 363 of the Bankruptcy Code and the CCAA; and (v) an earlier date on which all DIP Loans and other extensions of credit will become due and payable in accordance with the terms of DIP Loan Agreement and other DIP Loan Documents. The Debtors will use the DIP Loan proceeds for working capital purposes and to repay US$25,000,000 in prepetition revolving loan obligations to Wells Fargo Financial Corporation Canada, as administrative agent. Judge Sontchi also authorized the Debtors to pay the required fees under the DIP Facility. Pursuant to the DIP Credit Agreement and Final DIP Order, the Debtors are required to consummate a sale of their wood products business by Jan. 31, 2008. They are required to close a sale of their pulp business by February 15. A full-text copy of the Final DIP Order is available at no charge at http://researcharchives.com/t/s?264e A full-text copy of the Debtors' DIP Budget is available at no charge at http://researcharchives.com/t/s?264f As reported in the Troubled Company Reporter on Dec. 10, 2007, the Official Committee of Unsecured Creditors in the Debtors' bankruptcy cases asked the Court for to deny the Debtors' proposed DIP Financing or make modifications to accommodate its objections. Jason W. Staib, Esq., at Blank Rome LLP, in Wilmington, Delaware, the Creditors Committee's proposed counsel, contended that, both prior to and since the commencement of the Debtors' Chapter 11 cases, the actions of the Debtors' secured lenders have been motivated by one central, unwavering and inappropriate goal of forcing a liquidation of the Debtors' assets at the expense of the Debtors' other creditor constituents., 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. 9; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). POPE & TALBOT: Court Gives Final Okay to Use of Cash Collateral --------------------------------------------------------------- The United States Bankruptcy Court for the District of Delaware has granted Pope & Talbot Inc. and its debtor-affiliates authority, on a final basis, to use their prepetition lenders' cash collateral. The prepetition lenders are granted adequate protection liens for any diminution in value of the cash collateral as a result of its use by the Debtors. The Official Committee of Unsecured Creditors appointed in the Debtors' bankruptcy cases or any other interested party may commence until Feb. 8, 2008, any action challenging the validity, perfection, enforceability and extent of the prepetition lenders' liens or the Debtors' prepetition loan obligations. The Debtors' authority to use the lenders' cash collateral may terminate in the event they default on their obligations under an US$89,000,000 DIP Credit Facility with Wells Fargo Financial Corporation, as DIP administrative agent, and Ableco Financial LLC, as DIP collateral agent. As reported in the Troubled Company Reporter on Nov. 27, 2007, the Court granted the Debtors authority, on an interim basis, to use the lenders' cash collateral in the Debtors' existing bank operating accounts in an amount not to exceed US$14,800,000. Pope & Talbot Inc. president and chief executive officer Harold N. Stanton said that the Debtors require the continued use of any cash that they may have, as well as any cash receipts from outstanding accounts that they receive after the bankruptcy filing, to continue to (i) finance their operations, (ii) make essential payments like employee wages, payroll and other taxes, and (iii) for the purchase of goods, materials and other general corporate and working capital purposes in the ordinary course of the Debtors' businesses. 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. 9; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). POPE & TALBOT: Canadian Debtors Must Review Sale Terms, PwC Says ---------------------------------------------------------------- PricewaterhouseCoopers Inc., as monitor of the proceedings commenced by Pope & Talbot Ltd. and its subsidiaries under the Companies' Creditors Arrangement Act, tells the British Columbia Supreme Court that one of the conditions to close the Debtors' asset purchase agreement with International Forest Products Limited, for the sale of certain of their wood products business assets is the approval under the Forest Act (BC) of the transfer of the timber tenure. To grant the approval, the Monitor explains, the Ministry of Forest and Range requires that the Canadian Debtors have an arrangement in place for the payment of stumpage that may be due after the close of the transaction, for any arrears related to the period prior to the Closing Date. "This may require a three-way arrangement between the Ministry, the purchaser, and P&T," Greg Watson, PricewaterhouseCoopers Inc. president, points out. Accordingly, the Monitor has requested that the Canadian Debtors begin to explore the requirements for this arrangement so that it does not delay the closing of the transaction. The Monitor reports that another approval that the Canadian Debtors will require from the Ministry of Forest and Range will be the transfer of one small parcel of private land within Tree Farm License #23. The Monitor says that once transferred, the private land will remain within the TFL; however, approval of the transfer may require certain consultation with the local First Nations. The Monitor has also requested that the Canadian Debtors begin to explore the requirements for the consultation so that it does not delay the closing of the transaction. As reported in the Troubled Company Reporter on Dec. 10, 2007, the Hon. Christoher S. Sontchi of the United States Bankruptcy Court for the District of Delaware approved the stalking horse purchase agreement the U.S. Debtors entered into with InterFor. The Monitor also commented that it is satisfied that, on balance and under the present circumstances, the Interfor APA was the best offer available to the Debtors and is appropriate as a stalking horse bid. 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. 9; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). ============= F I N L A N D ============= ARROW ELECTRONICS: Deploys Triad Semiconductor's ASICs Business --------------------------------------------------------------- The North American Components business of Arrow Electronics, Inc., will make Triad Semiconductor, Inc.'s mixed-signal via- configurable array ASICs available through Arrow's North American sales and design centers. Arrow Electronics will provide technical sales and support and product logistics for Triad Semiconductor's mixed-signal ASIC customers. Triad's patent-pending approach significantly reduces engineering labor and fabrication costs for high- performance ASIC designs, and can speed "time-to-prototype" by more than half a year. "As designs become more highly integrated, many of our customers have been asking for mixed-signal ASIC support," said director of the customer logic solutions group of Arrow's North America Components business, Chris Miller. "Over the last 6 months, we've seen a significant interest in Triad's technology. Customers appreciate how Triad has addressed their analog integration challenge with a competitive and flexible single- mask configurable technology. Customers are seeing the benefits with a lower NRE, faster time to production, along with the ability to make design changes quickly and inexpensively." "Arrow is the ideal strategic design and distribution partner, with its outstanding design support and unparalleled reach to 40,000 customers throughout North America," said Triad Semiconductor chief executive officer, Lynn Hayden. "Our combined efforts short circuit the time, cost and risk associated with full-custom layout, letting companies in the medical, industrial, communications, sensor and other sectors achieve cost-effective, high-performance mixed-signal ASIC designs." About Triad Semiconductor Triad Semiconductor -- http://www.triadsemi.com/-- is a fabless ASIC company that develops, prototypes and produces mixed-signal ASICs for production volumes from the low thousands to millions. Its patent-pending Via Configurable Array technology creates ASIC arrays with silicon-proven analog and digital functions, reducing the time, cost and risk associated with full custom layout. Triad's via-only routing also significantly reduces engineering effort and fabrication time, resulting in fast-turn prototypes and design changes at minimal cost. Founded in 2003 and privately held, Triad is headquartered in Winston Salem, North Carolina. About Arrow Electronics Headquartered in Melville, New York, Arrow Electronics Inc. -- http://www.arrow.com/-- provides products, services and solutions to industrial and commercial users of electronic components and computer products. Arrow serves as a supply channel partner for nearly 600 suppliers and more than 130,000 original equipment manufacturers, contract manufacturers and commercial customers through a global network of over 270 locations in 53 countries and territories. The company operates in France, Spain, Portugal, Denmark, Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden, Italy, Germany, Austria, Switzerland, Belgium, the Netherlands, United Kingdom, Argentina, Brazil, Mexico, Australia, China, Hong Kong, Korea, Philippines and Singapore. * * * Arrow Electronics senior subordinated stock continues to carry Moody's Investors Service's Ba1 rating. The company's senior preferred stock is rated at Ba2. =========== F R A N C E =========== CULLIGAN INT'L: Moody's Cuts Corporate Family Rating to B3 ---------------------------------------------------------- Moody's Investors Service downgraded Culligan International Company's debt ratings to reflect weaker-than-expected operating performance and credit metrics since the company completed a US$900 million leveraged recapitalization in May 2007, which included a US$375 million dividend payment to its equity holders, including Clayton, Dubilier & Rice Fund VI Limited Partnership. The rating outlook is stable. Following the May 2007 recapitalization transaction, weak organic revenue growth and transition issues associated with the relocation of distribution activities to a third-party have led to lower profitability and weaker-than-expected credit metrics. For the latest twelve month period ending Sept. 30, 2007, debt/EBITDA (calculated using Moody's standard analytic adjustments) exceeded 8.0 times, up significantly from nearly 7.0 times expected on a pro forma basis using 2006 results following the recapitalization. "It will now take longer than expected for the company to reduce leverage to levels more commensurate with the previous rating," says Moody's analyst, Michael Zuccaro. The rating agency stated in March 2007 that downward pressure on Culligan's ratings would occur if operating performance declined materially such that debt/EBITDA increased above 7.0 times. Moody's downgraded these ratings: * Issuer: Culligan International Company -- Corporate Family Rating to B3 from B2; -- Probability of Default Rating to B3 from B2; -- First Lien Senior Secured Credit Facilities to B2 (LGD3, 33%) from B1 (LGD 3, 34%); -- Second Lien Senior Secured Term Loan to Caa2 (LGD5, 84%) from Caa1 (LGD5, 85%); -- The rating outlook is stable. The B3 corporate family rating reflects the significant increase in leverage that has occurred as a result of weak operating performance on top of the May 2007 debt-financed dividend to shareholders. The rating also reflects the company's much more aggressive financial policy while it is still in the midst of executing revitalization and growth plans for its North American operations, which have historically lagged behind the more profitable and cash flow generative European operations. Furthermore, consolidated free cash flow is expected to remain modest relative to the heavy debt load, leading to limited capacity for significant debt reduction over the near-term. Supporting the debt ratings are the company's broad geographic diversity, the strength of its established brand, and its diverse distribution channels and customers, and adequate liquidity. The non-cyclical nature of its products, low dealer churn rates, large installed base and recurring nature of the majority of its revenue typically provide a stable and predictable revenue platform. When coupled with expected further profitability improvement as a result of continued restructuring and outsourcing actions and planned future growth, the company should continue to generate positive, albeit modest, free cash flow. Liquidity is supported by unused capacity under its revolving credit facility and lack of financial covenants in the agreement. The rating outlook is stable, reflecting Moody's expectation for steady improvement in credit metrics over the near-to- intermediate term, although starting out at much weaker levels than originally expected following the recapitalization transaction in May 2007. Culligan International Company is a U.S. operating subsidiary of Culligan Holding S.ar.l., and the principal borrower under the rated debt facilities. Culligan is a global provider of water treatment products and services for household and commercial applications. Products are sold under the Culligan brand. Revenue was approximately US$764 million over the latest 12 month period ending Sept. 30, 2007. MAGNA INT'L: Unit Makes Mini Sports Activity Vehicle for BMW ------------------------------------------------------------ Magna International Inc.'s Magna Steyr unit will be responsible for serial development and production of the Mini Sports Activity Vehicle. At current exchange rates, Magna expects its annualized sales associated with the program to be in excess of US$1 billion, once the program reaches full production. The Mini Sports Activity Vehicle will be the second new vehicle program produced by Magna Steyr for BMW Group. Magna Steyr has been the sole production source of the BMW X3 since the launch of the vehicle in 2003, and expects to continue to produce the X3 until the end of the current vehicle program. Magna's co-Chief Executive Officer, Siegfried Wolf, stated: "This is a huge recognition of the work that Magna Steyr has achieved so far through its partnership with BMW Group. Above all, I'm delighted for our employees, as this will allow us to set another milestone in our long-running and successful cooperation with BMW Group. As we have done before, we will work on this vehicle program with our fullest commitment to ensure that we meet BMW Group's high expectations." About Magna International Headquartered in Ontario, Canada, Magna International Inc. (TSX: MG.A, MG.B; NYSE: MGA) -- http://www.magna.com/-- is a diversified automotive supplier that designs, develops and manufactures automotive systems, assemblies, modules and components, and engineers and assembles complete vehicles, for sale to original equipment manufacturers of cars and light trucks in North America, Europe, Asia, South America and Africa. The company's capabilities include the design, engineering, testing and manufacture of automotive interior systems; seating systems; closure systems; metal body and chassis systems; vision systems; electronic systems; exterior systems; powertrain systems; roof systems; well as complete vehicle engineering and assembly. The company has approximately 83,000 employees in 229 manufacturing operations and 62 product development and engineering centers in 23 countries including Brazil, China, Czech Republic, France, Germany, Korea, among others. * * * As reported in the Troubled Company Reporter on Sept. 24, 2007, Magna International Inc.'s plan of arrangement and agreements relating to the strategic investment in Magna by Open Joint Stock Company Russian Machines became effective on Sept. 20, 2007. XEROX CORP: Appoints Three Corporate Officers to Executive Roles ---------------------------------------------------------------- Xerox Corporation's board of directors has elected Doug Lord and Shaun Pantling as vice presidents of the corporation, and Willem Appelo as a senior vice president. Mr. Lord was recently named president of Xerox's U.S. Solutions Group, responsible for the direct sales of Xerox's technology and services across the country. A 31-year Xerox veteran, he was most recently president, chairman and Chief Executive Officer of Xerox Canada, Ltd. Mr. Pantling leads Xerox Global Services in Europe. During his 33 years with Xerox, he has led sales operations and customer service units across Europe. Mr. Appelo is president, Xerox Strategic Services Group, responsible for the company's worldwide supplies business as well as global manufacturing, supply chain, procurement, facilities management, Xerox's environmental sustainability initiatives and other core corporate functions. He joined Xerox in 1991 and has held leadership positions of increasing responsibility in manufacturing and supply chain operations. These corporate officer appointments are effective immediately. 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. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 21, 2007, Moody's Investors Service raised the ratings of Xerox Corporation and supported subsidiaries, upgrading Xerox's senior unsecured rating to Baa2 from Baa3. ============= G E R M A N Y ============= 3 OF A KIND: Claims Registration Period Ends Jan. 18, 2008 ---------------------------------------------------------- Creditors of 3 of a kind GmbH have until Jan. 18, 2008, to register their claims with court-appointed insolvency manager Jens Koeke. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Feb. 8, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Goettingen Hall B8 Berliner Strasse 8 37073 Goettingen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Jens Koeke Obere Karspuele 36 37073 Goettingen Germany Tel: 0551/9003660 Fax: 0551/90036629 The District Court of Goettingen opened bankruptcy proceedings against 3 of a kind GmbH on Nov. 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: 3 of a kind GmbH Attn: Joerg Schafer, Manager Weender Strasse 38 37073 Goettingen Germany ADAM GUMBMANN: Claims Registration Ends January 28, 2008 -------------------------------------------------------- Creditors of Adam Gumbmann Verwaltungsgesellschaft mbH have until Jan. 28, 2008, to register their claims with court- appointed insolvency manager Dr. Siegfried Beck. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Feb. 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 Fuerth Hall 3 Ground Floor Baumenstrasse 32 Fuerth 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. Siegfried Beck Stahlstr. 17 90411 Nuremberg Germany Tel: 0911/9512850 Fax: 0911/95128510 The District Court of Fuerth opened bankruptcy proceedings against Adam Gumbmann Verwaltungsgesellschaft mbH on Nov. 27. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Adam Gumbmann Verwaltungsgesellschaft mbH Vacher Str. 20 91074 Herzogenaurach Germany ANDREAS BOEHNE: Claims Registration Ends January 22, 2008 --------------------------------------------------------- Creditors of Andreas Boehne GmbH have until Jan. 22, 2008, to register their claims with court-appointed insolvency manager Georg Welslau. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Feb. 2, 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: Georg Welslau Marienstr. 62 32427 Minden Germany The District Court of Bielefeld opened bankruptcy proceedings against Andreas Boehne GmbH on Nov. 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Andreas Boehne GmbH Attn: Herbert Mundt, Manager Kreuzacker 1 32457 Porta Westfalica Germany AUTOHAUS AM FLUGPLATZ: Claims Period Ends Jan. 3, 2008 ------------------------------------------------------ Creditors of Autohaus am Flugplatz Erhard Schnuchel GmbH have until Jan. 3, 2008, to register their claims with court- appointed insolvency manager Christian Langhoff. Creditors and other interested parties are encouraged to attend the meeting at 10:30 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 Stralsund Hall A 421 Fourth Floor House A Frankendamm 17 Stralsund Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Christian Langhoff Carl-Heydemann-Ring 55 18437 Stralsund Germany The District Court of Stralsund opened bankruptcy proceedings against Autohaus am Flugplatz Erhard Schnuchel GmbH on Dec. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Autohaus am Flugplatz Erhard Schnuchel GmbH Attn: Erhard Schnuchel, Manager Straswse am Flugplatz 5 18435 Stralsund Germany AUTOHAUS GLOBISCH: Claims Registration Period Ends Jan. 7, 2008 --------------------------------------------------------------- Creditors of Autohaus Globisch GmbH have until Jan. 7, 2008, to register their claims with court-appointed insolvency manager Jan Gaertner. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Feb. 18, 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: Jan Gaertner Weisseritzstrasse 3 01067 Dresden Web site: http://www.WORAKO.de/ The District Court of Dresden opened bankruptcy proceedings against Autohaus Globisch GmbH on Dec. 3. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Autohaus Globisch GmbH Attn: Rene Sobkowiak, Manager Meissner Landstrasse 22 01157 Dresden Germany BEVER BAUUNTERNEHMUNG: Claims Registration Ends Jan. 31, 2008 ------------------------------------------------------------- Creditors of Bever Bauunternehmung GmbH have until Jan. 31, 2008, to register their claims with court-appointed insolvency manager Dr. Frank Kreuznacht. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Muenster Meeting Hall 112 B First Floor 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. Frank Kreuznacht Wolbecker Windmuehle 15 a 48167 Muenster Germany Tel: 02506/821-0 Fax: +492506821100 The District Court of Muensteropened bankruptcy proceedings against Bever Bauunternehmung GmbH on Nov. 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bever Bauunternehmung GmbH Attn: Andreas Boecker, Manager Kortenkamp 5 d 48291 Telgte Germany BRUEGGEMANN COMPACT: Claims Registration Period Ends Dec. 28 ------------------------------------------------------------ Creditors of Brueggemann Compact GmbH have until Dec. 28 to register their claims with court-appointed insolvency manager Wilfried Pohle. Creditors and other interested parties are encouraged to attend the meeting at 10:10 a.m. on Jan. 18, 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 Arnsberg Meeting Hall 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: Wilfried Pohle Bahnstrasse 1 34431 Marsberg Germany The District Court of Arnsberg opened bankruptcy proceedings against Brueggemann Compact GmbH on Nov. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Brueggemann Compact GmbH Attn: Hubertus Brueggemann, Manager Wallerstrasse 7 59872 Meschede Germany BS HOCHBAU: Claims Registration Period Ends Jan. 17, 2008 --------------------------------------------------------- Creditors of BS Hochbau GmbH have until Jan. 17, 2008, to register their claims with court-appointed insolvency manager Dr. Martin Moderegger. Creditors and other interested parties are encouraged to attend the meeting at 9:45 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 Hameln Hall 106 Zehnthof 1 31785 Hameln Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Martin Moderegger Schiffgraben 23 30159 Hannover Tel.: 0511-763529-0 Fax: 0511-763529-43 E-mail: Hannover@dr-moderegger.de The District Court of Hameln opened bankruptcy proceedings against BS Hochbau GmbH on Nov. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BS Hochbau GmbH Petersilienstr 8 31848 Bad Muender Germany CASANA GMBH: Claims Registration Period Ends Jan. 4, 2008 --------------------------------------------------------- Creditors of Casana GmbH have until Jan. 4, 2008, to register their claims with court-appointed insolvency manager Manuel Sack. Creditors and other interested parties are encouraged to attend the meeting at 9:12 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 Osterode am Harz Hall 12 Amtshof 20 37520 Osterode am Harz 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: Manuel Sack Theaterstr. 3 30159 Hannover Germany Tel: 0511/366020 Fax: 0511/3660255 E-mail: hannover@brinkmann-partner.de The District Court of Osterode am Harz opened bankruptcy proceedings against Casana GmbH on Dec. 3. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Casana GmbH Attn: Baerbel Bojack, Manager Freiheiter Strasse 2 37520 Osterode am Harz Germany CONRAD GERLICH: Claims Registration Period Ends Dec. 25 ------------------------------------------------------- Creditors of Conrad Gerlich Geldschrank- und Tresorbau GmbH have until Dec. 25 to register their claims with court-appointed insolvency manager Joerg Lehr. Creditors and other interested parties are encouraged to attend the meeting at 10:45 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 Mainz Hall 174 Building B Ernst-Ludwig Strasse 7 55116 Mainz 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. Joerg Lehr GF 192 Jean-Pierre-Jungels-Strasse 6 D 55126 Mainz Germany Tel: 06131/948000 Fax: 06131/9480050 The District Court of Mainz opened bankruptcy proceedings against Conrad Gerlich Geldschrank- und Tresorbau GmbH on Nov. 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Conrad Gerlich Geldschrank- und Tresorbau GmbH Philipp-Reis-Str. 8 55129 Mainz-Hechtsheim Germany CORDES GMBH: Claims Registration Period Ends Jan. 4, 2008 --------------------------------------------------------- Creditors of Cordes GmbH have until Jan. 4, 2008, to register their claims with court-appointed insolvency manager Stefan Meyer. Creditors and other interested parties are encouraged to attend the meeting at 10:30 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 Muenster Meeting Hall 101 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: Stefan Meyer Ostertorstr. 7 32312 Luebbecke Tel: 05741-337300 Fax: +495741337338 The District Court of Muenster opened bankruptcy proceedings against Cordes GmbH on Dec. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Cordes GmbH Hollefeldstrasse 45 48282 Emsdetten Germany Attn: Bernhard Cordes, Manager Cremannsbusch 19 48282 Emsdetten Germany EPITEC SCHUTZFILM: Claims Registration Period Ends Dec. 20 ---------------------------------------------------------- Creditors of Epitec Schutzfilm GmbH have until Dec. 20 to register their claims with court-appointed insolvency manager Manfred Kuersch. Creditors and other interested parties are encouraged to attend the meeting at 10:20 a.m. on Jan. 10, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wittlich Hall 3 Gerichtsgebaude Kurfuerstenstrasse 63 54516 Wittlich 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 Kuersch Kirchstrasse 19 53518 Adenau Germany Tel: 02691/93283 Fax: 02691/932840 The District Court of Wittlich opened bankruptcy proceedings against Epitec Schutzfilm GmbH on Nov. 27. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Epitec Schutzfilm GmbH Vulkanstr. 22 54578 Wiesbaum Germany FORM GMBH: Claims Registration Period Ends Jan. 7, 2008 ------------------------------------------------------- Creditors of Form GmbH have until Jan. 7, 2008, to register their claims with court-appointed insolvency manager Achim Thomas Thiele. 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 Hagen Meeting Hall 259 Second Floor Heinitzstrasse 42/44 58097 Hagen 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: Achim Thomas Thiele Bronnerstr. 7 44141 Dortmund Germany The District Court of Hagen opened bankruptcy proceedings against Form GmbH on Nov. 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Form GmbH Wermingser Str. 26 58636 Iserlohn Germany Attn: Katrazyna Barbara Kowalczyk Huckarder Str. 13 44147 Dortmund Germany HAYES LEMMERZ: Posts US$62.7-Mln Net Loss for Qtr. Ended Oct. 31 ---------------------------------------------------------------- Hayes Lemmerz International, Inc. has reported that sales for the fiscal third quarter ended Oct. 31, 2007 were US$554.9 million, up 20% from US$463.3 million in the year earlier quarter. The sales increase resulted from strong international steel and aluminum wheel sales, material cost recovery and favorable foreign currency fluctuations. For the third quarter, the company reported Adjusted EBITDA of US$55.8 million, an improvement of US$12.0 million or 27% over the year earlier quarter, and earnings from operations before impairments of US$22.2 million, an improvement of US$11.3 million or more than double the year earlier quarter. Free cash flow for the third quarter, excluding the effects of the company's accounts receivables securitization program, was US$26.5 million, an increase of US$26.2 million over the year earlier quarter. Free cash flow for the first nine months of fiscal 2007 was US$8.0 million, an increase of US$14.2 million for the same period last year. "This was a good quarter for the company, even though our net income was negatively impacted by asset impairment and other restructuring charges," said President, Chief Executive Officer and Chairperson of the Board, Curtis Clawson. The company reported a net loss for the third quarter of US$62.7 million, of which US$50.0 million resulted from asset impairments and restructuring charges, compared with a net loss of US$59.6 million a year earlier. "Our third quarter results reflect our success in implementing our strategy of restructuring our business, executing our operating plan and continuing to extend the lead in our global wheel business with international expansions in leading-cost regions," Mr. Clawson added. Hayes Lemmerz sold its automotive brake business in November, continuing to execute its strategy of reducing reliance on Detroit Three business in the United States, focusing its presence in the right geographic regions, and concentrating capital and efforts on its profitable global wheel business. Earlier in the fiscal year, as previously reported, the company sold its suspension and MGG businesses and its aluminum components facility in Wabash, Indiana. These businesses have been classified as discontinued operations. Adjusted for the sale of its automotive brake business (which is now classified as discontinued operations), Hayes Lemmerz remains on track to meet its guidance for the fiscal year ending Jan. 31, 2008. The company expects revenue of approximately US$2.1 billion (US$2.2 billion including the brake business), and Adjusted EBITDA is expected to be in the range of US$190 million to US$200 million (US$200 million to US$210 million including the brake business). The company expects positive free cash flow. Capital expenditures for the fiscal year are expected to be between US$95 million and US$100 million. About Hayes Lemmerz International Based in Northville, Michigan, Hayes Lemmerz International Inc. (Nasdaq: HAYZ) -- http://www.hayes-lemmerz.com/-- is a supplier of automotive and commercial highway wheels, brakes and powertrain components. The company has 30 facilities and approximately 8,500 employees worldwide. The company has operations in India, Brazil and Germany, among others. * * * As reported on Sept. 26, 2007, Fitch Ratings placed Hayes- Lemmerz International Inc.'s issuer default rating at 'B' with a negative rating watch. HLS-SERVICE: Claims Registration Period Ends Dec. 17 ---------------------------------------------------- Creditors of HLS-Service GmbH Schwarze Pum-pe have until Dec. 17 to register their claims with court-appointed insolvency manager Thomas Krafft. Creditors and other interested parties are encouraged to attend the meeting at 10:45 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 Cottbus Hall 210 First Floor Gerichtsplatz 2 03046 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: Thomas Krafft Jagerallee 37 H 14469 Potsdam Germany The District Court of Cottbus opened bankruptcy proceedings against HLS-Service GmbH Schwarze Pum-pe on Nov. 27. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HLS-Service GmbH Schwarze Pum-pe Attn: Hans-Rainer Mitrach, Manager Heinrichsfelder Allee 58 03130 Spremberg Germany JAHN DRUCK: Creditors' Meeting Slated for January 7, 2008 --------------------------------------------------------- The court-appointed insolvency manager for Jahn Druck GmbH, Marc Herbert, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:05 a.m. on Jan. 7, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Saarbruecken Meeting Hall 24 Second Floor Vopeliusstrasse 2 66280 Sulzbach Germany The Court will also verify the claims set out in the insolvency manager's report at 8:45 a.m. on Feb. 18, 2008, at the same venue. Creditors have until Jan. 21, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Marc Herbert Neikesstrasse 3 66111 Saarbruecken Germany Tel: 0681-954580 Fax: 0681-954 5823 The District Court of Saarbruecken opened bankruptcy proceedings against Jahn Druck GmbH on Nov. 27. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Jahn Druck GmbH Attn: Thomas Jahn, Manager Vogelstrasse 13 66538 Neunkirchen Germany K.N. ARTWORK: Claims Registration Ends January 25, 2008 ------------------------------------------------------- Creditors of K.N. Artwork Werbetrager Produktions GmbH have until Jan. 25, 2008, to register their claims with court- appointed insolvency manager Dirk Decker. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Feb. 19, 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: Dirk Decker Speersort 4-6 20095 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against K.N. Artwork Werbetrager Produktions GmbH on Nov. 27. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: K.N. Artwork Werbetrager Produktions GmbH Attn: Niko Albers, Manager Lokstedter Steindamm 31 22529 Hamburg Germany KBV VERMOEGENSBERATUNG: Claims Registration Ends Feb. 1, 2008 ------------------------------------------------------------- Creditors of KBV Vermoegensberatung Projektentwicklung GmbH have until Feb. 1, 2008, to register their claims with court- appointed insolvency manager Jan Markus Plathner. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on March 18, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Frankfurt (Main) Hall 2 Building F Klingerstrasse 20 60313 Frankfurt (Main) Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Jan Markus Plathner Lyoner Strasse 14 60528 Frankfurt (Main) Germany Tel: 069/9623340 Fax: 069/96233422 Web site: http://www.brinkmann-partner.de/ The District Court of Frankfurt (Main) opened bankruptcy proceedings against KBV Vermoegensberatung Projektentwicklung GmbH on Nov. 27. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: KBV Vermoegensberatung Projektentwicklung GmbH Hanauer Landstrasse 187-189 60314 Frankfurt (Main) Germany KUCK TELEFONLADEN: Claims Registration Ends Jan. 18, 2008 --------------------------------------------------------- Creditors of Kuck Telefonladen GmbH have until Jan. 18, 2008, to register their claims with court-appointed insolvency manager Jana Dettmer. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Bonn Hall S 2.22 Second Stock William-Strasse 21 53111 Bonn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Jana Dettmer In der Suerst 3 53111 Bonn Germany Tel: 0228/85080-21 Fax: 02288508020 The District Court of Bonn opened bankruptcy proceedings against Kuck Telefonladen GmbH on Nov. 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kuck Telefonladen GmbH Adolf-Dasbach-Str. 14 53919 Weilerswist Germany NUMOSIS LEASING: Claims Registration Period Ends Jan. 18, 2008 -------------------------------------------------------------- Creditors of Numosis Leasing und Vermietungen GmbH have until Jan. 18, 2008, to register their claims with court-appointed insolvency manager Dr. Joern-H. Meyn. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Feb. 18, 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. Joern-H. Meyn Herrengraben 31 20459 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Numosis Leasing und Vermietungen GmbH on Nov. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Numosis Leasing und Vermietungen GmbH Hinrichsenstrasse 27 20535 Hamburg Germany TUI AG: TUI Travel Posts 5% Growth in December Pro-Forma Profit --------------------------------------------------------------- TUI Travel plc released unaudited pro forma financial information on Dec. 13, 2007. Highlights * merger of First Choice Holidays plc and the tourism businesses of TUI AG successfully completed on Sept. 3, 2007 * 100 day strategic review is progressing well and the integration of the two leading U.K. franchises remains on track * current trading remains strong with the outlook encouraging for both Winter 2007/08 and Summer 2008 programs; U.K. Mainstream revenues up 5% for Winter and up 11% for Summer * pro forma underlying operating profit up 5% at GBP287 million (2006: GBP274 million) which compares to a market consensus for September 2007 of GBP277 million * the Specialist sectors delivered 36% growth in underlying operating profit to GBP129 million (2006: GBP95 million) while Mainstream profitability as anticipated is down 12% to GBP162 million (2006: GBP183 million) due to cost and yield pressures in the U.K. and Germany * acquisition of seventeen niche high growth specialist businesses for a maximum total consideration of GBP227 million (2006: sixteen acquisitions for maximum consideration of GBP160 million); the acquisition pipeline remains strong * based on the current outlook, the Board remains confident that it will meet its expectations for the year ended Sept. 30, 2008 * interim dividend of 5.9 pence per share recommended for 2007 * investor day scheduled for 29 January 2008 "As we approach the key booking period for both Winter and Summer 2008, we are encouraged by our performance to date and the ongoing level of demand for our portfolio of package and specialist holidays. The integration program continues to advance as planned, with excellent progress made in the U.K. and across other businesses. We are confident that the combination of organic and acquisition led growth, coupled with the synergy benefits arising from integration, will deliver superior returns for our shareholders. Furthermore, by delivering both underlying growth and synergies, we are building a platform from which we can deliver sustainable long-term earnings and margin growth," Peter Long, chief executive officer of TUI Travel plc, commented. Change of Year End Following the creation, on Sept. 3, 2007, of TUI Travel via the merger of First Choice and the tourism businesses of TUI AG, pro forma financial information for the new Group is being provided. This information is provided in order to reflect the change in financial year-end of all TUI Travel's businesses. First Choice and its subsidiaries have moved from a Oct. 31 to a Sept. 30 year-end and TUI Tourism has changed its year-end from Dec. 31 to Sept. 30. As previously highlighted, pro forma financial information provided when the merger was announced on March 19 , and financial information provided in the prospectus, published on June 29, was based on a simple aggregation of these businesses' previous October and December year-ends. Accordingly, by combining existing forecasts for First Choice to October 2007 and TUI Tourism to December 2007 the market arrived at a consensus of GBP317 million. The effect of changing the year-end for TUI Travel to September reduces 2007 underlying operating profit by an estimated GBP30 million to a pro forma underlying operating profit of GBP287 million for the year ended 2007 (2006: GBP274 million). The year-end harmonization adjustment is primarily as a result of excluding the relevant months from the final calendar year quarter for 2007 for both businesses and replacing them with months from the final calendar year quarter for 2006. The GBP30 million reduction has principally arisen because the TUI Tourism Q4 2006 result is significantly weaker than the consensus forecast Q4 2007 performance, with the improvement primarily driven by the benefits from the TUI AG restructuring program announced in December 2006, which are being realized in Q4 2007. Financial Highlights * pro forma underlying operating profit up 5% at GBP287 million (2006: GBP274 million) * pro forma underlying operating margin flat year-on-year at 2.2% * pro forma underlying operating profit includes profit on the sale and leaseback of aircraft of GBP15 million in 2007 and GBP20 million in 2006. Excluding these gains results in underlying operating profit of GBP272 million (2006: GBP254 million). To the extent that profits of this nature arise from the asset management of aircraft in periods, they will not be included in underlying operating profit. * pro forma underlying earnings per share of 16 pence (2006: 15.7 pence) * as anticipated, Mainstream underlying operating profit was down 12% to GBP162 million (2006: GBP183 million) primarily as a result of significant cost pressures in the U.K. (Air Passenger Duty and fuel) that were not fully recovered from the customer and yield pressures in early Summer trading in the German market. The Nordics business delivered an excellent performance while Western Europe delivered an GBP18 million turnaround in pro forma underlying earnings. * the Specialist sectors' pro forma underlying operating profit increased by GBP34 million (up 36%) to GBP129 million (2006: GBP95 million). * acquisitions of niche specialist businesses with a maximum consideration of GBP227m were made during the year (GBP151 million cash paid during the year) with the acquisition pipeline remaining strong. * separately disclosed items of GBP173.8 million (2006: GBP33.7 million) Current Trading Since the trading update announced on Nov. 8, the Winter 2007/08 season has continued to trade well with customer demand for both package and specialist holidays encouraging. For Summer 2008, early indications are also positive, even though in a number of Tui Travel's source markets, brochures have only just gone on sale. Winter 2007/08 Trading for the Winter programs has continued to track in line with expectations, with all businesses now in the peak selling period for the season. As anticipated there has been a slight slowdown in the rate of sale over the last few weeks as a result of the exceptionally strong start to the season. However, most importantly, load factors are still ahead of the prior year in all key source markets. U.K. Mainstream trading remains strong with total sales up 5% on 5% lower volumes. As previously announced, TUI Travel has significantly reduced capacity within the short-haul segment within both brands, down by 30% in Thomson and down by 22% in First Choice, it continues to reduce its participation in the short-haul segment, and primarily in the loss-making scheduled "city pair" routes operated by Thomsonfly. Sales in TUI U.K. are 15% lower in short haul on lower volumes of 28%. Within First Choice, both medium haul and long haul continue to trade well with sales up 19% and 20% on higher volumes of 9% and 14% respectively, as consumer demand for Egypt, Cuba and Mexico remains strong. For the total U.K. program, the load factor is four percentage points further sold than last year, with margins tracking ahead. The Nordic region has continued to benefit from the expansion of the higher margin long haul program, where capacity is up 12%. Consumer demand for long haul destinations, such as Thailand, has driven sales growth of 16% on 12% higher volumes, with margins also ahead of last year. In both Central Europe and Western Europe, demand is encouraging with sales up 8% in each region on capacity that is marginally up. In the specialist sectors, Canada has continued to trade satisfactorily in a very difficult competitive environment, while demand for Activity Holidays and Online Destination Services has driven excellent growth with sales up 7% and 55% respectively. Summer 2008 Even though it remains very early in the booking cycle for Summer 2008, TUI Travel is pleased with trading to date. Since the last trading update in early November, trading in the U.K. has continued to track in line with expectations. As a result, load factors are four percentage points ahead of last year with the First Choice program up four percentage points and the Thomson program three percentage points ahead. As previously announced, TUI Travel has scaled back significantly its short haul flying program with total capacity down 25%, including a reduction of 30% in Thomson's short haul capacity. As a consequence, sales are down 4% on 13% lower volumes. The Nordic region summer program continues to perform strongly with sales growth of 14% on higher volumes of 9%. The program is now one percentage point further sold than last year, and despite ongoing cost pressures (primarily fuel), margins are ahead of last year. In Central Europe and Western Europe, bookings for Summer 2008 have only recently gone on sale, but in early trading we are pleased with the promising start. Sales are up 8% and 23% respectively. Outlook As TUI Travel enters the key booking period for both Winter and Summer 2008, it is encouraged by its performance to date and the ongoing level of demand for its portfolio of package and specialist holidays. The integration program continues to progress as planned, with excellent progress being made in the U.K. and across a number of other business lines. Based on the current outlook, the Board remains confident that it will meet its expectations for the current TUI Travel financial period ending Sept. 30, 2008. TUI Travel firmly believes that the combination of organic and acquisition led growth, coupled with the synergy benefits arising from integration, will deliver superior returns for its shareholders. Furthermore, by achieving both growth and synergies, it is building a platform from which it can deliver sustainable long-term earnings and margin growth. About TUI Headquartered in Hanover, Germany, TUI AG -- http://www.tui-group.com/-- engages in the tourism and shipping sectors. The Company's core activities are in the tourism business, focusing mainly on the markets of Central, Northern and Western Europe. TUI AG's shipping and logistics activities are contained within its Hapag-Lloyd Container Linie GmbH and CP Ships Ltd. subsidiaries. * * * As reported in the TCR-Europe on Aug. 21, 2007, Moody's Investors Service placed the B1 Corporate Family Rating for TUI Aktiengesellschaft on review for possible downgrade. At the same time, the senior unsecured debt ratings are lowered to B2 from B1, and left on review for possible downgrade. The ratings of the unsecured notes were originally placed on review for possible downgrade on March 20, 2007, following the announcement of the planned merger between TUI's tourism division and First Choice PLC. In a TCR-Europe report on July 27, 2007, Standard & Poor's Ratings Services lowered its ratings on the senior unsecured issues of Germany-based tourism and shipping group TUI AG to 'B' from 'B+' and removed them from CreditWatch, where they were originally placed with negative implications on March 19, 2007. This follows the approval of the merger of its tourism business with U.K. travel operator First Choice Holidays PLC to TUI Travel PLC by antitrust authorities and First Choice shareholders, resulting in increased structural subordination of the group's senior unsecured indebtedness. At the same time, Standard & Poor's affirmed the 'BB-' long-term corporate credit rating on TUI. S&P said the outlook is negative. TUI AG: Moody's Confirms B1 Corporate Family Rating --------------------------------------------------- Moody's Investors Service confirmed the B1 Corporate Family Rating for TUI Aktiengesellschaft, while the B2 unsecured rating has been lowered to B3, and the subordinated rating is also confirmed at B3. The outlook is negative. This concludes the review for possible downgrade that was initiated on Aug. 17, 2007. The confirmation of the Corporate Family Rating reflects the significant strengthening in profitability in the third quarter in both tourism and shipping, with the group reporting underlying EBITA of EUR830 million in the quarter, versus EUR573 million a year earlier. The results are not fully comparable due to the consolidation of First Choice plc as of September 2007, but benefited nevertheless from stronger tourism earnings in the French market, and higher transport volumes and freight rates in the shipping business, in particular in the Far East. The company is currently predicting underlying full year 2007 earnings in tourism to be broadly in line with 2006, and significantly higher in shipping. Moody's notes that the group's credit metrics should further benefit over time from the full-year consolidation of First Choice. As of third quarter 2007, the company's liquidity consisted mainly of its EUR2.5 billion in cash on hand. The company also retains an undrawn EUR1 billion syndicated loan facility maturing 2009, as well as access to several undrawn committed bilateral facilities. The group reported EUR650 million in short-term financial liabilities. The company has EUR385 million in convertible notes maturing in December 2008, with subsequent bond maturities in each year until 2012. Moody's notes, further, the group's strong seasonality in cash flows, with the bulk of cash flow generated in the second and third quarters, with the fourth quarter usually seeing a cash outflow. Under the implementation of LGD, Moody's has assigned a Probability of Default rating of B1 to TUI AG. The rating of the senior unsecured notes issued at TUI AG has been lowered to B3 (LGD5, 80%), while the subordinated Euronotes are rated B3 (LGD6, 96%). The notching between the CFR and the senior unsecured notes reflects the substantial liabilities ranking ahead of the notes within the group capital structure, which have increased with the consolidation of TUI Travel plc. The negative outlook reflects mainly the fact that the company's metrics remain weakly positioned for the rating category, although some improvement is expected toward year-end if the company's forecasts are realized. The outlook could be stabilized if a combination of improved profitability at TUI's core operations in conjunction with the full year consolidation of First Choice leads to Total Debt/EBITDA falling towards 6.5x. Conversely, the rating could be negatively impacted if a reversal in the most recent trend results in leverage exceeding 7.5x on a continued basis, or if concerns develop about liquidity. TUI AG, based in Hanover, Germany, is Europe's largest integrated tourism group and a leading provider of container shipping services, with reported revenues and underlying EBITA of EUR20.9 billion and EUR369 million in 2006, respectively. WOLFGANG JANTSCH: Claims Registration Period Ends Jan. 16, 2008 --------------------------------------------------------------- Creditors of Wolfgang Jantsch Wollfabrikations-Gesellschaft mbH have until Jan. 16, 2008, to register their claims with court- appointed insolvency manager Dr. Bernd Peters. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 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. Bernd Peters Am Wall 146 28195 Bremen Germany Tel: 0421/24 40 09-0 Fax: 0421/24 40 09-29 The District Court of Verden (Aller) opened bankruptcy proceedings against Wolfgang Jantsch Wollfabrikations- Gesellschaft mbH on Nov. 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Wolfgang Jantsch Wollfabrikations-Gesellschaft mbH Am Triften 13 28876 Oyten Germany ============= H U N G A R Y ============= ARVINMERITOR INC: Signs Deal to Acquire Mascot Truck ---------------------------------------------------- ArvinMeritor Inc. has entered into an agreement to acquire Mascot Truck Parts Ltd. Terms of the acquisition were not disclosed. Mascot's 170 full-time employees, six remanufacturing locations, and current customer base will become part of the ArvinMeritor team. Mascot enjoys a customer satisfaction level with its loyal customers in Canada and the United States. "This expansion of our remanufacturing business makes sense for our customers and aligns with our business strategy to grow the aftermarket business," Carsten Reinhardt, president of ArvinMeritor's Commercial Vehicle Systems business, said. "Mascot has a similar passion for providing its customers with high-quality, dependable, remanufactured components - all of which complement the ArvinMeritor remanufacturing model." "Our reputation for quality, customer service, wholesale-only distribution, and extensive product knowledge are considerable assets that we have developed for many years. We believe this arrangement between ArvinMeritor and Mascot will offer the market products and services unmatched by our competition," Glenn Hanthorn, president of Mascot, said. Mascot's six Canadian remanufacturing locations - including three in Mississauga, Ontario; and one each in Edmonton, Alberta; Moncton, New Brunswick; and Boucherville, Quebec - well as its network of logistic centers across North America that provides customers with immediate availability of remanufactured products - will become integral to ArvinMeritor's remanufacturing business. ArvinMeritor established its axle carrier remanufacturing operation in 1982 at its Florence, Kentucky, national parts distribution center, and has since moved that operation into a major remanufacturing center that now includes brake shoes, transmissions and trailer axles, with 275,000 sq. ft. and 220 employees in Plainfield, Indiana. In late 2006, ArvinMeritor reached two remanufacturing milestones with production of its 10 millionth brake shoe and 50,000th axle differential carrier produced for North American customers. About Mascot Truck Parts Headquartered in Mississauga, Ontario, Canada, Mascot Truck Parts Ltd. is a remanufacturer of transmissions, drive axle carriers, steering gears and drivelines. Founded in 1936, these products are available from more than 20 facilities in Canada and the U.S., allowing delivery of quality products and service across North America. About Arvinmeritor Headquartered in Troy, Michigan, ArvinMeritor Inc. (NYSE: ARM) -- http://www.arvinmeritor.com/-- supplies integrated systems, modules and components to the motor vehicle industry. The company serves commercial truck, trailer and specialty original equipment manufacturers and certain aftermarkets, and light vehicle manufacturers. ArvinMeritor employs about 29,000 people at more than 120 manufacturing facilities in 25 countries. These countries are: China, India, Japan, Singapore, Thailand, Australia, Venezuela, Brazil, Argentina, Belgium, Czech Republic, France, Germany, Hungary, Italy, Netherlands, Spain, Sweden, Switzerland, United Kingdom, among others. * * * As reported in the Troubled Company Reporter on Oct. 9, 2007, Fitch Ratings downgraded its ratings on ArvinMeritor Inc. including Issuer Default Rating to 'BB-' from 'BB'; Senior secured revolver to 'BB' from 'BB+'; and Senior unsecured notes to 'B+' from 'BB-'. The rating outlook is negative. Standard & Poor's Ratings Services lowered its corporate credit rating and related ratings on ArvinMeritor Inc. to 'B+' from 'BB-'. The outlook is negative. Moody's Investors Service downgraded ArvinMeritor's Corporate Family Rating to B1 from Ba3 and maintained the outlook at stable. Moody's also lowered its ratings on the company's secured bank obligations (to Ba1, LGD-1, 8% from Baa3, LGD-2, 13%) and unsecured notes (to B2, LGD-4, 63% from B1, LGD-4, 63%). The Probability of Default is changed to B1 from Ba3, while the company's Speculative Grade Liquidity rating remains SGL-2. The outlook is stable. ============= I R E L A N D ============= SACHSEN LB: Parties Reach Deal on LBBW Takeover ----------------------------------------------- The proposed Landesbank Baden-Wuerttemberg takeover of Landesbank Sachsen Girozentrale (Sachsen LB) on Jan. 1, 2008, faced no more obstacles as shareholders, guarantors and the management of both banks agreed Dec. 13, 2007, on the core details of the final transfer of ownership. A sustainable solution has been found for Sachsen LB and the basis for a lasting future of its Leipzig location has been established. In an article by Stewart Douglas for Banking Times, the proposed takeover bid faced problems on who would foot the bill for potential liabilities after the Saxon authorities said they were not prepared to contribute financially. According to the report, Saxony will now guarantee up to GBP2 billion of the bank's outstanding potential obligations, subject to the approval of the local parliament. About Landesbank Baden-Wuerttemberg Headquartered in Stuttgart, Germany, Landesbank Baden- Wuerttemberg -- http://www.lbbw.de/-- is a universal and international commercial bank. It is among Germany's five largest banks, with total assets of EUR428 billion and a work force of over 12,000 employees scattered in 230 branches. Branches in New York, London, Singapore, Beijing, and Mexico City as well as a large number of representative offices provide Germany's export-oriented economy with support abroad. About Sachsen LB Headquartered in Dublin, Ireland, Landesbank Sachsen Girozentrale (Sachsen LB) -- http://www.sachsenlb.ie/EN/Home/-- employs around 600 persons and had total assets of roughly EUR68 billion at the end of 2006. Its present owners are the Sachsen- Finanzgruppe and the Free State of Saxony. The two owners will transfer their shares to LBBW, receiving LBBW shares in return. Within the LBBW group Sachsen LB will be run in the form of a parent-subsidiary model. A similar model is currently operated with success with Landesbank Rheinland-Pfalz, which has belonged to the LBBW group for several years. SACHSEN LB: Moody's Cuts Bank Financial Strength Rating to E+ ------------------------------------------------------------- Sachsen LB's and Sachsen LB Europe's debt and deposit ratings placed under review for possible downgrade Moody's Investors Service downgraded the Bank Financial Strength Ratings of Landesbank Sachsen AG and its subsidiary Sachsen LB Europe plc to E+ from C-with a developing outlook. The E+ translates into a Baseline Credit Assessment of B3 for both banks. This concludes the BFSR's review for downgrade that was initiated on Aug. 17, 2007. At the same time, SachsenLB's Aa2 senior unsecured debt and deposit ratings, the Aa3 subordinated debt rating as well as SLBE's Aa3 debt and deposit ratings were today placed under review for possible downgrade. Previously, these ratings had a developing outlook. The P-1 short-term ratings for both banks have been affirmed. In addition, SachsenLB's upper Tier II hybrid securities (grandfathered Genussscheine previously rated Aaa) have been downgraded to Caa1 with a developing outlook, further to a review for downgrade of some guaranteed German hybrid securities initiated by Moody's on 19 October 2007. Additionally, Moody's affirmed, with a stable outlook, SachsenLB's and SLBE's Aaa rating for obligations qualifying for the grandfathering of "Anstaltslast" (a maintenance obligation) and "Gewaehrtraegerhaftung" (a guarantee obligation), which were abolished in July 2005. The BFSR downgrade for SachsenLB is based on Moody's view that: (i) the current financial strength of the bank leaves limited capacity for a recovery, given excessive on- and off- balance sheet losses on structured credit products expected for 2007, as well as major shortfalls in liquidity; (ii) SachsenLB's franchise and financial profile have been materially impaired, taking into account that a major portion of group profits, stemming from SLBE's structuring business, will likely fall away; and (iii) severe weaknesses in risk management. The developing outlook takes into account two different aspects: (i) the continued uncertainties associated with the ongoing turbulence in the credit