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 Tuesday, December 18, 2007, Vol. 8, No. 250 Headlines A U S T R I A AMIR PASIC: Claims Registration Period Ends Dec. 25 ANTON SCHWAB: Claims Registration Period Ends Dec. 21 DIAMED DIAGNOSTICA: Administrator Declares Insufficient Assets DKL DESINFEKTION: Claims Registration Period Ends Dec. 21 ELTNER MUSIKINSTRUMENTE: Claims Registration Period Ends Dec. 25 I.P.T.S. CONSULTING: Claims Registration Period Ends Dec. 27 IMUMED MED. PRODUKTE: Linz Court Orders Business Shutdown B E L G I U M POPE & TALBOT: B.C. Supreme Court Approves Sale of Surplus Lands POPE & TALBOT: Court Okays Bidding Procedures for Pulp Business POPE & TALBOT: Remaining Wood Products Sale Procedures Approved F R A N C E BOSTON SCIENTIFIC: Inks US$425MM Buyout Deal with Avista Capital DELPHI CORP: Court Approves Modified Disclosure Statement DELPHI CORP: Court Sets Plan Confirmation Hearing on January 17 DELPHI CORP: Court Approves Equity Purchase & Commitment Pact GEOPHYSIQUE - VERITAS: S&P Lifts Ratings to BB on Performance REALOGY CORP: Real Estate Downturn Cues Moody's Negative Outlook G E O R G I A METROMEDIA INT'L: Magticom Unit Earns US$29.98 Mln for Q2 2007 G E R M A N Y ADVANCED TECHNOLOGY: Claims Registration Ends January 16, 2008 AKTIV BAUTECHNIK: Claims Registration Period Ends Jan. 23, 2008 ALEWELT AUTOMOBILE: Claims Registration Ends January 16, 2008 ALFONS HAUCK: Claims Registration Period Ends Jan. 25, 2008 ALTENBURGER KAROSSERIE: Claims Registration Ends Jan. 4, 2008 ATV - JOCHUM: Creditors' Meeting Slated for January 9, 2008 AUTOHAUS HANS: Claims Registration Ends January 18, 2008 BHB WOHNBAU: Claims Registration Period Ends Jan. 10, 2008 BIO ENERGY: Claims Registration Ends January 18, 2008 COOK & CONCEPT: Claims Registration Period Ends Jan. 3, 2008 EICHHORN UND SOHN: Claims Registration Period Ends Jan. 8, 2008 ENERGIE- UND ANLAGENTECHNIK: Creditors' Mtg Set on Jan. 22, 2008 EVOLUTION 24: Claims Registration Period Ends Jan. 21, 2008 GESELLSCHAFT FUER INNOVATION: Claims Bar Date Ends Jan. 11, 2008 GUSTAV LIEBERMANN: Claims Registration Period Ends Jan. 2, 2008 HATE-MASSIV-BAU GMBH: Claims Period Ends Jan. 17, 2008 HEINZ ENTENMANN: Claims Registration Period Ends Jan. 21, 2008 HILDEBRANDT & FEICHTNER: Claims Registration Ends Jan. 11, 2008 HPI HANSEATISCHE: Claims Registration Period Ends Jan. 3, 2008 IKB DEUTSCHE: WestLB Eyes Partial Merger, Shareholder Says KANALBAU SEELOW: Claims Registration Ends January 29, 2008 KUAG ELANA: Claims Registration Period Ends Jan. 21, 2008 MEC GERMAN: Claims Registration Period Ends Jan. 5, 2008 METZGEREI FREDL: Claims Registration Period Ends Jan. 25, 2008 MTP METALLTECHNIK: Claims Registration Ends January 30, 2008 RK DATA: Claims Registration Ends January 30, 2008 ROBERT VAN DER FLIER: Claims Registration Ends January 15, 2008 STUCKATEURFACHBETRIEB THORSTEN: Claims Filing Ends Jan. 22, 2008 SW SANIERUNG: Claims Registration Period Ends Jan. 2, 2008 TAMTAI HOLDING: Claims Registration Period Ends Jan. 21, 2008 TONISCO-SYSTEM DEUTSCHLAND: Claims Filing Ends Jan. 31, 2008 G R E E C E OLYMPIC AIRLINES: Greece Prefers Liquidation Than Insolvency I R E L A N D AVOCA CLO VI: Fitch Rates Class F Notes at B on Credit Quality VALENCE TECH: Sept. 30 Balance Sheet Upside-Down by US$69.5 Mln I T A L Y ALITALIA SPA: AirOne's Business Plan Eyes 3,802 Lay-offs DANA CORP: Wants to Sell Cape Girardeau Property for US$2.8 Mln DANA CORP: Wants to Sell Stateville Property for US$9.6 Million ISLAND REFINANCING: Fitch Rates EUR32 Mln Class D Notes at BB- K A Z A K H S T A N A-PORT LLP: Proof of Claim Deadline Slated for Jan. 15, 2008 CONTUR STROY: Creditors Must File Claims by Jan. 11, 2008 CRISTALL LLP: Claims Filing Period Ends Jan. 15, 2008 JANA JOL: Creditors' Claims Due on Jan. 9, 2008 LUCKY STAR: Claims Registration Ends Jan. 9, 2008 SB-STROY LLP: Claims Deadline Slated for Jan. 15, 2008 SBEE SERVICES: Creditors Must File Claims by Jan. 9, 2008 TAO LLP: Claims Filing Period Ends Jan. 15, 2008 TAU BUILD: Creditors' Claims Due on Jan. 9, 2008 TRANS CENTRE: Claims Registration Ends Jan. 15, 2008 K Y R G Y Z S T A N BEIKAM LLC: Creditors Must File Claims by January 23, 2008 N E T H E R L A N D S JUBILEE CDO VIII: Fitch Rates EUR16 Million Class E Notes at BB PARK MOUNTAIN: Moody's Puts Low-B Ratings on Classes E & F Notes N O R W A Y CLEAR CHANNEL: Extends Merger Termination Date Until June 12 R U S S I A AIRPORT PETROZAVODSK: Court Hearing Slated for March 13, 2008 CONCRETE MORTAR: Bankruptcy Hearing Slated for Feb. 14, 2008 DERTEVSKIJ OJSC: Creditors Must File Claims by Feb. 8, 2008 IRKUTSKTEPLOELECTROSBYT: Claims Filing Period Ends Jan. 8, 2008 MONTAZHGASSERVICE: Creditors Must File Claims by Jan. 8, 2008 MOSKOVSKIJ WINERY: Creditors Must File Claims by Jan. 8, 2008 NADEZHDENSKIJ STARCH: Court Hearing Slated for March 19, 2008 OB'RYBY LLC: Asset Sale Slated for Jan. 12, 2008 ROSNEFT OIL: May Float Oilfield Units' Shares by 2010 ROSNEFT OIL: In Talks to Refinance US$11.75 Bln Maturing Loans RUDGORMASH OJSC: Bankruptcy Hearing Slated for March 27, 2008 SVETOZARNOYE OJSC: Creditors Must File Claims by Jan. 8, 2008 S P A I N COLATERALES GLOBAL: Moody's Rates EUR3.5MM Series D Notes at Ba2 HIPOCAT 12: Moody's Junks EUR28 Million Class D Notes S W I T Z E R L A N D AD HELP: Lucerne Court Starts Bankruptcy Proceedings CLEVER JSC: Aargau Court Starts Bankruptcy Proceedings EGC ENERGIE: Zurich Court Closes Bankruptcy Proceedings HEINZ SCHMIDT: Creditors' Liquidation Claims Due by December 20 INSTITUT FUR: Creditors' Liquidation Claims Due by December 24 PANORAMIC PICTURES: Creditors Must File Claims by December 24 PRINCESS: Creditors' Liquidation Claims Due by December 21 T-LENS LLC: Creditors' Liquidation Claims Due by December 27 TC FOHRENHOF: Creditors' Liquidation Claims Due by December 20 T U R K E Y * Fitch Lifts Istanbul & TOKI's Ratings on Sovereign's Upgrade U K R A I N E AMFIDEYA LLC: Proofs of Claim Filing Deadline Set December 20 DOMINI GROUP: Proofs of Claim Filing Deadline Set December 20 ELIPS OJSC: Creditors Must File Claims by December 20 KREMEL OJSC: Creditors Must File Claims by December 20 LUBNY GAS: Proofs of Claim Filing Deadline Set December 20 NIVA LLC: Creditors Must File Claims by December 20 SPECIAL RBU: Proofs of Claim Filing Deadline Set December 20 SVAGUS LLC: Proofs of Claim Filing Deadline Set December 20 TERRA LLC: Proofs of Claim Filing Deadline Set December 20 TODIS LLC: Proofs of Claim Filing Deadline Set December 20 ZIKO LLC: Proofs of Claim Filing Deadline Set December 20 U N I T E D K I N G D O M AXON FINANCIAL: Moody's Cuts Long-Term Rating of Sr. Notes at B2 BNP PARIBAS: Moody's Rates EUR50-Mln Class 7B Swaps at Ba1 CONQUEST BUSINESS: Brings In PwC to Administer Assets ECOMOLD LTD: Taps KPMG as Joint Administrators ENRON CORP: Commences Civil Action Against Hewitt Association ENRON CORP: Three Bankers Plead Guilty to Wire Fraud GAMBLE TRACKLINE: Appoints BDO Stoy as Joint Administrators GENERAL MOTORS: Refuses to Pay Bonuses to Retirees, IUE-CWA Says GLOBAL ENGINEERING: Names Joint Administrators from PwC MOLSON HOLDINGS: Appoints PwC to Administer Assets MONITOR OIL: U.S. Trustee Appoints Five-Member Creditors NCO GROUP: Inks US$325MM Buyout Deal with Outsourcing Solutions NCO GROUP: S&P Places 'B+' Rating Under Developing CreditWatch NON-LINEAR EDITING: Appoints Administrators from Deloitte SCO GROUP: Can Hire Boies Schiller as Special Litigation Counsel SECKLOE 243: Taps Joint Administrators from KPMG ********* ============= A U S T R I A ============= AMIR PASIC: Claims Registration Period Ends Dec. 25 --------------------------------------------------- Creditors owed money by OEG Amir Pasic & Fadil Coralic (FN 274809g) have until Dec. 25 to file written proofs of claim to court-appointed estate administrator Alexander Schoeller at: Dr. Alexander Schoeller c/o Dr. Stephan Riel Landstrasser Hauptstrasse 1/2 1030 Vienna Austria Tel: 713 44 33 Fax: 713 10 33 E-mail: kanzlei@jsr.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 1:30 p.m. on Jan. 8, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1701 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 5 (Bankr. Case No. 6 S 140/07s). Stephan Riel represents Dr. Schoeller in the bankruptcy proceedings. ANTON SCHWAB: Claims Registration Period Ends Dec. 21 ----------------------------------------------------- Creditors owed money by LLC Anton Schwab Soehne Buchbinderei Kartonagen (FN 47324w) have until Dec. 21 to file written proofs of claim to court-appointed estate administrator Christian Girardi at: Dr. Christian Girardi Maximilianstrasse 29/P 6020 Innsbruck Austria Tel: 0512/57 99 00 Fax: 0512/57 99 00-1 E-mail: office@gss.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on Jan. 4, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Innsbruck Room 214 Maximilianstrasse 4 6020 Innsbruck Austria Headquartered in Innsbruck, Austria, the Debtor declared bankruptcy on Nov. 5 (Bankr. Case No. 7 S 62/07p). DIAMED DIAGNOSTICA: Administrator Declares Insufficient Assets -------------------------------------------------------------- Mag. Christian Ebmer, the court-appointed estate administrator for LLC DiaMed Diagnostica Med.Produkte (FN 87788a), declared Nov. 5 that the Debtor's property is insufficient to cover creditors' claim. The Land Court of Linz ordered the shutdown of the Debtor's business on Nov. 2. Headquartered in Gallneukirchen, Austria, the Debtor declared bankruptcy on Oct. 30 (Bankr. Case No. 38 S 58/07v). The estate administrator can be reached at: Mag. Christian Ebmer Schillerstr. 12 4020 Linz Austria Tel: 0732/656969 Fax: 0732/656969-60 E-mail: office@hep.co.at DKL DESINFEKTION: Claims Registration Period Ends Dec. 21 --------------------------------------------------------- Creditors owed money by LLC DKL Desinfektion Klima Lueftung (FN 244013v) have until Dec. 21 to file written proofs of claim to court-appointed estate administrator Bernhard Schatz at: Dr. Bernhard Schatz Enzersdorfer Strasse 4 2340 Moedling Tel: 02236/89 33 77 Fax: 02236/89 33 77 40 E-mail: bernhard.schatz@bpv-huegel.com 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 Land Court of Wiener Neustadt Room 15 Wiener Neustadt Austria Headquartered in Guntramsdorf, Austria, the Debtor declared bankruptcy on Nov. 5 (Bankr. Case No. 11 S 110/07y). ELTNER MUSIKINSTRUMENTE: Claims Registration Period Ends Dec. 25 ---------------------------------------------------------------- Creditors owed money by LLC ELTNER Musikinstrumente Grosshandel (FN 79615g) have until Dec. 25 to file written proofs of claim to court-appointed estate administrator Karl Maier at: Dr. Karl Maier Hauptplatz 13/I 8720 Knittelfeld Austria Tel: 03512/83428 Fax: 03512-83428-50 E-mail: office@ra-maier.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on Jan. 10, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Leoben Hall IV First Floor Leoben Austria Headquartered in Judenburg, Austria, the Debtor declared bankruptcy on Nov. 5 (Bankr. Case No. 17 S 93/07f). I.P.T.S. CONSULTING: Claims Registration Period Ends Dec. 27 ------------------------------------------------------------ Creditors owed money by LLC I.P.T.S. Consulting (FN 234957a) have until Dec. 27 to file written proofs of claim to court- appointed estate administrator Hans Rant at: Dr. Hans Rant c/o Dr. Kurt Freyler Seilerstatte 5 1010 Vienna Austria Tel: 513 31 65 Fax: 512 20 01 E-mail: ra-kanzlei@rant-freyler.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:30 a.m. on Jan. 9, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1707 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 5 (Bankr. Case No. 2 S 148/07p). Kurt Freyler represents Dr. Rant in the bankruptcy proceedings. IMUMED MED. PRODUKTE: Linz Court Orders Business Shutdown --------------------------------------------------------- The Land Court of Linz entered Nov. 2 an order shutting down the business of LLC ImuMed Med. Produkte (FN 265870k). Court-appointed estate administrator Elisabeth Achatz-Kandut 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. Elisabeth Achatz-Kandut Schillerstrasse 12 4020 Linz Austria Tel: 65 69 69 Fax: 65 69 69 60 E-mail: e.achatz@hep.co.at Headquartered in Gallneukirchen, Austria, the Debtor declared bankruptcy on Oct. 30 (Bankr. Case No 12 S 82/07g). ============= B E L G I U M ============= POPE & TALBOT: B.C. Supreme Court Approves Sale of Surplus Lands ---------------------------------------------------------------- The British Columbia Supreme Court approved four transactions covering the sale of the surplus lands of Pope & Talbot Inc. and its debtor-affiliates: (a) An agreement between Pope & Talbot Ltd. and Kelowna Family Golf Centre Ltd., dated Oct. 19, 2007, for land and premises located in Beaverdell, British Columbia, for CDN$550,000. (b) An agreement between P&T Ltd. and Dan Norn, James Norn and Byron Norn dated Oct. 26, 2007, for land and premises located in Lower Arrow Lake, for CDN$751,000. (c) An agreement between P&T Ltd. and Paterson Pole Ltd. dated Oct. 26, 2007, for land and premises located in Lower Arrow Lake, for CDN$1,350,000. (d) An agreement between P&T Ltd. and RJR Investments Ltd. dated Nov. 16, 2007, for a portfolio of 10 properties. The subject properties are Blanket Creek, Beaton Complex, Beaton Schedule A, Galena Bay Thumb, Arrowhead (Henry's Creek), Galena Bay, Taite Creek, Tuzo Junction, Kettle River Park North, and Kettle River Park South. The Canadian Court authorized and directed the Canadian Debtors to take the necessary steps for the completion of the Transactions, and the conveyance of the Purchased Surplus Lands to the Purchasers. The Canadian Court held, however, that the closing of each of the Transactions is subject to the approval of the United States Bankruptcy Court for the District of Delaware, or having a cross-border protocol approved, whichever occurs first. The proceeds from each of the Transactions will be paid to Wells Fargo Financial Corporation Canada, as administrative agent under the Canadian Debtors' DIP Credit Agreement. The Surplus Lands Sale Order is without prejudice to the right of any party bring a motion to compel disgorgement of the proceeds of sale in the event that the Monitor's legal counsel concludes that the DIP Lenders and the prepetition lenders do not have a valid and enforceable mortgage. U.S. Debtors Seek Bankruptcy Court's Approval The U.S. Debtors have sought separate authority from the Bankruptcy Court to sell Surplus Lands contemplated by the Canadian Court's Surplus Lands Order. According to James E. O'Neill, Esq., at Pachulski Stang Ziehl & Jones LLP, in Wilmington, Delaware, the U.S. Debtors' proposed counsel, the U.S. Debtors believe that it is highly unlikely that auctions would produce higher or better bids for the Properties. As reported in the Troubled Company Reporter on Dec. 5, 2007, the Canadian Debtors told the Canadian Court that with the assistance of Colliers International, they have determined that certain properties are redundant and surplus to their ongoing and future operations. 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 U.S. and Canada. Markets for the company's products include the U.S., 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 Okays Bidding Procedures for Pulp Business --------------------------------------------------------------- The Hon. Christopher S. Sontchi of the United States Bankruptcy Court for the District of Delaware approved in all respects Pope & Talbot Inc. and its debtor-affiliates' bidding and sale procedures with respect to the sale of their pulp business assets, including: (1) the submission, consideration, qualification and acceptance of Qualified Overbids submitted to the Debtors; (2) the Auction; and (3) the identification and determination of the Successful Bid and the Back-Up Bid. According to the Bankruptcy Court, any objections to the Procedures Order that have not been withdrawn, waived, resolved or settled, are overruled. Judge Sontchi held that at any time, and in no event later than Jan. 8, 2008, the Debtors may enter into an asset purchase agreement with a Qualifying Bidder, with respect to all, substantially all, or a material part of the Pulp Business Assets, subject to Court-approval. Should the Debtors decide to enter into a Stalking Horse Purchase Agreement, they will file a notice of a hearing to approve the Stalking Horse Agreement, with respect to the Break- up Fee, the Expense Reimbursement and the Auction Overbid Protections. The Court will convene a Stalking Horse Bidder Hearing on Jan. 15, 2008, at 12:00 p.m. (prevailing Eastern time). Any objections to the Stalking Horse Bidder Notice must be filed no later Jan. 14, 2007, at 10:00 a.m. (prevailing Eastern time). If an Auction is required, Judge Sontchi states, it will be held on Feb. 5, 2008, at 10:00 a.m., at the Lexington Avenue, New York office of Shearman & Sterling LLP, the Debtors' counsel. The Court will convene a hearing to consider approval of the sale to the Stalking Horse Bidder or alternatively, the Successful Bidder, on Feb. 12, 2008, at 12:00 p.m. (prevailing Eastern time). Sale objections must be filed no later than Feb. 8, 2008, at 4:00 p.m. (prevailing Eastern time). Judge Sontchi authorized and directed the Debtors to serve a cure cost notice in connection with the assumption and assignment of the Assigned Contracts, no later than Jan. 31, 2008. Objections to the Cure Notice must be filed by Feb. 5, 2008, at 4:00 p.m. (prevailing Eastern time). The Bankruptcy Court permits the Debtors, in consultation with the Official Committee of Unsecured Creditors, to delete any Assigned Contract from the Cure Notice, in accordance with the terms of the Stalking Horse Purchase Agreement, or as otherwise required pursuant to the transaction contemplated by the Successful Bid, at any time prior to the Court's Approval Order. No provisions of the Procedures Order will be deemed to constitute the consent of the Debtors' secured lenders or the Creditors Committee to any bid, and will not impair the ability of the Secured Lenders to act as Qualified Bidders. Monitor's Comments PricewaterhouseCoopers Inc. -- as monitor of the proceedings commenced by Pope & Talbot Ltd. and its subsidiaries under the Companies' Creditors Arrangement Act -- and Rothschild Inc., the Canadian Debtors' financial advisor and investment banker, acknowledge that the timeline for the Canadian Debtors' Pulp Business Assets Sale is tight but achievable. According to the Monitor, the tight timeline is also necessary, because: (1) working capital constraints have restricted the ability to purchase fibre supply at the mills, which has increased the risk of operational disruptions caused by uncontrollable circumstances like poor weather or supply chain failures; (2) recently, two key fiber suppliers to the Mackenzie mill have announced shutdown or curtailments in their operations, thereby restricting the availability of fiber. This has lead the Canadian Debtors to explore the addition of an experimental hardwood mix pulp product at the mill; and (3) the Canadian Debtors' DIP Financing requires the tight timeline as additional time will require further funding for the Canadian Debtors. "Working capital constraints over the past few months, and particularly post CCAA filing, have resulted in the company undertaking only essential capital expenditures and maintenance procedures," Greg Watson, president of PricewaterhouseCoopers Inc., reports. The Canadian Debtors believe that only discretionary capital expenditures are being deferred, however, "this is not a sustainable model," Mr. Watson explains. "As time passes, the chances for an unexpected essential major capital expenditure will increase," Mr. Watson tells the Court. Neither the Canadian Debtors nor the Monitor will necessarily have any advance warning of the requirement, Mr. Watson adds. As reported in the Troubled Company Reporter on Dec. 10, 2007, Kelly Beaudin Stapleton, the United States Trustee for Region 3, asked the United States Bankrupty Court to deny Pope & Talbot Inc. and its debtor-affiliates' proposed sale procedures for the sale of their pulp business assets to the extent that they seek conditional approval of the proposed bid protections for a subsequently-selected stalking horse bidder. Similar to the U.S. Trustee's Objection, Jason W. Staib, Esq., at Blank Rome LLP, in Wilmington, Delaware, the Official Committee of Unsecured Creditors' proposed counsel, asserted that the proposed Pulp Business Bidding Procedures "unnecessarily invite excessive" stalking horse protections, as they suggest that the bidders "will be entitled to a break-up fee of up to 3.5% and reimbursement of out-of-pocket expenses up to US$700,000." 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 U.S. and Canada. Markets for the company's products include the U.S., 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: Remaining Wood Products Sale Procedures Approved --------------------------------------------------------------- The United States Bankruptcy Court for the District of Delaware approved in all respects Pope & Talbot Inc. and its debtor- affiliates' 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, including: (1) the submission, consideration, qualification and acceptance of Qualified Overbids submitted to the Debtors; (2) the Auction; and (3) the identification and determination of the Successful Bid and the Back-Up Bid. Any objections to the Procedures Order that have not been withdrawn, waived, resolved or settled, are overruled, the Hon. Christopher S. Sontchi stated. The Bankruptcy Court held that at any time, and in no event later than Jan. 8, 2008, the Debtors may enter into an asset purchase agreement with a Qualifying Bidder, with respect to all, substantially all, or a material part of the Remaining Wood Products Business, subject to Court-approval. In the event that the Debtors enter into a Stalking Horse Purchase Agreement, they will file a notice of a hearing to approve the Stalking Horse Agreement, with respect to the Break- up Fee, the Expense Reimbursement and the Auction Overbid Protections. The Bankruptcy Court will convene a Stalking Horse Bidder Hearing on Jan. 15, 2008, at 12:00 p.m. (prevailing Eastern time). Any objections to the Stalking Horse Bidder Notice must be filed no later Jan. 14, 2007, at 10:00 a.m. (prevailing Eastern time). The Auction, if required, will be on Feb. 5, 2008, at 10:00 a.m. at the Lexington Avenue, New York office of Shearman & Sterling LLP, the Debtors' counsel. The Court will convene a hearing to consider a sale to the Stalking Horse Bidder or alternatively, any Successful Bidder, on Feb. 12, 2008, at 12:00 p.m. (prevailing Eastern time). Any objections to the sale must be filed no later than Feb. 8, at 4:00 p.m. (prevailing Eastern time). The Court authorized and directed the Debtors to serve a cure cost notice in connection with the assumption and assignment of the Assigned Contracts, no later than Jan. 31, 2008. Objections to the Cure Notice must be filed by Feb. 5, at 4:00 p.m. (prevailing Eastern time). The Hon. Christopher S. Sontchi allowed the Debtors, in consultation with the Official Committee of Unsecured Creditors, to delete any Assigned Contract from the Cure Notice, in accordance with the terms of the Stalking Horse Purchase Agreement, or as otherwise required pursuant to the transaction contemplated by the Successful Bid, at any time prior to the Court's approval of the sale. No provisions of the Procedures Order will be deemed to constitute the consent of the Debtors' secured lenders or the Creditors Committee to any bid, and will not impair the ability of the Secured Lenders to act as Qualified Bidders. The Debtors are seeking separate approval of the Bidding Procedures from the British Columbia Supreme Court. Canadian Monitor's Comments PricewaterhouseCoopers Inc., the Canadian Court-appointed 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 Rothschild Inc., the Canadian Debtors' financial advisor and investment banker, has "reconnected" with certain parties that had expressed interest in either of the two remaining sawmills as well as all parties who expressed interest in the broader Wood Products Business but who were unsuccessful. According to the Monitor, Rothschild has contacted an additional nine parties since the CCAA proceedings commenced and three parties have executed confidentiality agreements, which have granted them access to the Canadian Debtors' electronic data room. As with the pulp assets, the Canadian Debtors and Rothschild acknowledge that the timeline is very tight, but believe that they are achievable. The Monitor tells the CCAA Court that the decision to incorporate a tight timeline was influenced by the several factors, including: (1) The operations at the Remaining Wood Products Business are cash flow negative in their shut-down state and accordingly, an extended timeline will require further cash funding; (2) The operations of each sawmill are stand-alone and the logical buyers appear to be fully aware that the asset is for sale and none of these parties have suggested the timeline is unreasonable; and (3) The Canadian Debtors' DIP Financing Agreement requires the timeline be met, because additional time will require further funding to the company. The Monitor has reviewed the sales procedures with regards to the Remaining Wood Products Division, and accepts that the timeline is very tight. However, the Monitor sees no evidence to suggest that an extended timeline would attract any additional potential purchasers or produce higher sales values. The Monitor, therefore, supports the Canadian Debtors' proposed sale process and timeline. As reported in the Troubled Company Reporter on Dec. 12, 2007, Kelly Beaudin Stapleton, the United States Trustee for Region 3, complained 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. The Official Committee of Unsecured Creditors also asked 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. 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 U.S. and Canada. Markets for the company's products include the U.S., 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 R A N C E =========== BOSTON SCIENTIFIC: Inks US$425MM Buyout Deal with Avista Capital ---------------------------------------------------------------- Boston Scientific Corporation and Avista Capital Partners have signed a definitive agreement under which Avista will acquire from Boston Scientific its fluid management and venous access businesses for US$425 million in cash. The transaction is expected to close in the first quarter of 2008, subject to regulatory approvals and customary conditions. Boston Scientific disclosed its intent to sell these businesses as part of its plan to divest non-strategic assets. Avista said that upon close of the transaction, the combined fluid management/venous access business will operate as an independent company under a new name. Ron Sparks, an Avista healthcare industry advisor, will become chairman and chief executive officer of the new company. Dave McClellan, president of Boston Scientific's Oncology business, will become president of the new company. The fluid management franchise, formerly North American Medical Instruments Corporation, produces a range of products used to manage fluid and measure pressure during angiography and angioplasty procedures. The fluid management franchise employs approximately 750 people in its Glens Falls, New York manufacturing facility. The venous access franchise, whose products are also manufactured in Glens Falls, offers a portfolio of implantable devices designed to provide access to the blood stream for patients requiring intravenous antibiotics, nutrition, chemotherapy and blood sampling. The venous access franchise is part of Boston Scientific's Oncology business, and employs approximately 150 people in locations around the United States. The projected revenue for the two businesses in 2007 is approximately US$170 million. "We now have under agreement the divestitures of all five non- strategic businesses we had identified for sale," Jim Tobin, president and chief executive officer of Boston Scientific, said. "In addition, our expense and head count reduction initiative is well under way, and we continue to make progress monetizing our investment portfolio and restructuring several businesses. These measures should help us further our overall goals of restoring profitable growth, increasing shareholder value and continuing to strengthen Boston Scientific for the future." In addition to the two sales, Boston Scientific has also disclosed agreements to sell its cardiac surgery, vascular surgery and auditory businesses. "Boston Scientific's fluid management and venous access businesses maintain strong leadership positions in their respective markets and are recognized for benefiting interventional cardiologists, radiologists and oncologists, and their patients," David Burgstahler, a partner at Avista Capital Partners. "Furthermore, given his extensive experience in the medical device field, Ron Sparks is a great fit to drive growth for the combined business going forward." "We are very excited about this transaction," Larry Pickering, Avista Capital Partners' healthcare industry partner, added. "The fluid management franchise has exceptional brands and a cutting-edge manufacturing facility at Glens Falls with unique custom kitting capabilities. The venous access business has robust R&D capabilities, a knowledgeable sales force and a strong new product introduction track record, which should continue to propel organic growth." "I am eager and delighted to work with the existing fluid management and venous access teams to build on their leading franchises in oncology, radiology and interventional cardiology to create a world-class, stand-alone medical device company," Ron Sparks said. "We want to recognize the important work these teams have done in developing these franchises, well as the valuable role we expect them to play going forward." "This is an exciting time for fluid management and venous access, and we are thrilled to be joining the talented Avista team as we develop a strategy to drive long-term growth and expand our businesses," Dave McClellan said. "We greatly appreciate the contributions our Fluid management and venous access employees have made to Boston Scientific," Mr. Tobin added. "We wish them continued success in providing customers and patients with quality products and innovative therapies." Fluid management/venous access will be Avista's fifth investment in the healthcare industry. In 2007, Avista made healthcare investments in BioReliance and VWR International and in 2006 Avista disclosed investments in Nycomed and MedServe. While at DLJ Merchant Banking Partners, the Avista partners were involved in numerous healthcare transactions including Accellent, Charles River Laboratories, Focus Diagnostics, KCI, Prometheus Labs and Warner Chilcott. About Avista Capital Partners Avista Capital Partners -- http://www.avistacap.com/-- is a private equity firm with offices in New York City and Houston, Texas. Founded in 2005, Avista manages US$2 billion in private equity capital. Avista's strategy is to make controlling or influential minority investments in growth-oriented media, healthcare and energy companies. Through its team of seasoned investment professionals and industry experts, Avista seeks to partner with management teams to invest in and add value to well-positioned businesses. About Boston Scientific Headquartered in Natick, Massachusetts, Boston Scientific Corporation (NYSE: BSX) -- http://www.bostonscientific.com/-- develops, manufactures and markets medical devices used in a broad range of interventional medical specialties. The company has offices in Argentina, Chile, France, Germany, and Japan, among others. * * * As reported in the Troubled Company Reporter on Oct. 23, 2007, Standard & Poor's Ratings Services affirmed its ratings on Boston Scientific Corp., including the 'BB+' corporate credit rating, and removed them from CreditWatch, where they were placed with negative implications Aug. 3, 2007. The rating outlook is negative. DELPHI CORP: Court Approves Modified Disclosure Statement --------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York entered an order formally approving Delphi Corp. and its debtor- affiliates' Disclosure Statement, as modified, on Dec. 10, 2007. As previously reported, the Court directed the Debtors to make certain changes to the Disclosure Statement at the hearing to consider confirmation of the Disclosure Statement, which hearing concluded on Dec. 7, 2007. Accordingly, the Debtors amended the Joint Plan of Reorganization and Disclosure Statement and subsequently filed a First Amended Plan of Reorganization and accompanying Disclosure Statement on Dec. 10, 2007. The Court approved the First Amended Disclosure Statement on the same date, Dec. 10, 2007. The modifications reflected in the First Amended Plan and the First Amended Disclosure Statement do not materially impact the terms of the Plan. Delphi Corp. Vice President and Chief Restructuring Officer John D. Sheehan relates that the First Amended Plan continues to provide for full recoveries for unsecured creditors at a negotiated Plan enterprise value and fair consideration for holders of Existing Common Stock. In particular, the Plan provides that Holders of Allowed General Unsecured Claims will receive New Common Stock and Discount Rights equal to 100% of their Allowed General Unsecured Claim plus applicable Postpetition Interest through the earlier of Jan. 31, 2008, and the Plan Confirmation Date. The distribution of New Common Stock to holders of General Unsecured Claims will equal 77.3% of the holders' Allowed General Unsecured Claim, and the remaining 22.7% of the Claim will be satisfied through the pro rata distribution of Discount Rights, Mr. Sheehan says. The Debtors are currently in the process of arranging for exit financing, comprised of: (1) up to US$2,550,000,000 in equity investments through the Discount Rights Offering and the transactions contemplated by the New Equity Purchase and Commitment Agreement among the Debtors, Appaloosa Management L.P., and the other Plan Investors; and (2) debt financing consisting of: * a US$1,600,000,000 asset-based revolving loan facility; * a US$3,700,000,000 of first-lien funded financing; and * a US$1,500,000,000 of second-lien funded financing of which up to US$750,000,000 will be placed with GM. The Debt Financing will be arranged by JPMorgan Securities Inc., JPMorgan Chase Bank, N.A., and Citigroup Global Markets Inc. The Debtors believe that the Exit Financing will enable them to honor their obligations under the Plan, and transition out of bankruptcy and into successful operation post-emergence. A full-text copy of the First Amended Plan is available for free at http://bankrupt.com/misc/Delphi_1stAmendedReorgPlan.pdf A full-text copy of the First Amended Disclosure Statement is available for free at http://bankrupt.com/misc/Delphi_1stAmendedDS.pdf The Debtors maintain that the Plan provides for an equitable and early distribution to creditors and shareholders, preserves the value of Delphi's business as a going concern, and preserves the jobs of employees. The Debtors aver that any alternative to confirmation of the Plan, such as liquidation or attempts by another party-in-interest to file a plan, will result in significant delays, litigation, and costs, as well as the loss of jobs. Moreover, the Debtors believe that their creditors and shareholders will receive greater and earlier recoveries under the Plan than those that would be achieved in liquidation or under an alternative plan. The Plan continues to be supported by General Motors Corp., the Plan Investors, and both the Official Committee of Unsecured Creditors and the Official Committee of Equity Security Holders, according to Mr. Sheehan. Court Decree The Honorable Robert Drain finds that the Disclosure Statement complies with the provisions of the Bankruptcy Code and the Federal Rules of Bankruptcy Procedure. In particular, the Disclosure Statement contains adequate information within the meaning of Section 1125(a) of the Bankruptcy Code. The Disclosure Statement also complies with the requirements of Bankruptcy Rule 3016(c) by sufficiently describing in specific and conspicuous bold language the provisions of the Joint Plan of Reorganization that provide for releases and injunctions against conduct not otherwise enjoined under the Bankruptcy Code. Moreover, the Disclosure Statement sufficiently identifies the persons and entities that are subject to those releases and injunctions. To the extent not already withdrawn or reflected in changes to the Disclosure Statement, all objections filed or otherwise asserted against the Disclosure Statement are overruled. About Delphi Corp. Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of March 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in total assets and US$23,851,000,000 in total debts. The Debtors' exclusive plan-filing period expires on Dec. 31, 2007. On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan of Reorganization and a Disclosure Statement explaining that Plan. (Delphi Bankruptcy News, Issue No. 102; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) DELPHI CORP: Court Sets Plan Confirmation Hearing on January 17 --------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York will convene a hearing to consider confirmation of Delphi Corp. and its debtor-affiliates' First Amended Joint Plan of Reorganization, dated Dec. 10, 2007, on Jan. 17, 2008, at 10:00 a.m. prevailing Eastern time. Objections to confirmation of the Plan must: -- be served by Jan. 11, 2008, at 4:00 p.m. prevailing Eastern time; -- be in writing; -- comply with the Bankruptcy Rules and the Local Bankruptcy Rules for the Southern District of New York; -- set forth the name of the objector and the nature and amount of any claim or interest asserted by that objector against or in the Debtors or the Debtors' estates and property; -- state with particularity the legal and factual bases for the objection; and -- be filed with the Court and served on: * the Debtors' counsel: Skadden, Arps, Slate, Meagher & Flom LLP 333 West Wacker Drive, Suite 2100 Chicago, Illinois 60606 (800) 718-5305 Att'n: John Wm. Butler, Jr. Att'n: George N. Panagakis Att'n: Ron E. Meisler Att'n: Nathan L. Stuart and Skadden, Arps, Slate, Meagher & Flom LLP Four Times Square New York, New York 10036 Att'n: Kayalyn A. Marafioti Att'n: Thomas J. Matz * the U.S. Trustee The Office of the U.S. Trustee 33 Whitehall Street, Suite 2100 New York, New York 10004 Att'n: Alicia M. Leonhard * Counsel for the Official Committee of Unsecured Creditors Latham & Watkins LLP 885 Third Avenue New York, New York 10022 Att'n: Robert J. Rosenberg Att'n: Mitchell A. Seider Att'n: Mark A. Broude * Counsel for the Official Committee of Equity Security Holders Fried, Frank, Harris, Shriver & Jacobson LLP One New York Plaza New York, New York 10004 Att'n: Brad E. Scheler Att'n: Bonnie K. Steingart Att'n: Vivek Melwani * Counsel for JPMorgan Chase Bank, N.A., and the other postpetition lenders Davis Polk & Wardwell 450 Lexington Avenue New York, New York 10022 Att'n: Donald S. Bernstein Att'n: Brian M. Resnick * Counsel for Plan Investor A-D Acquisition Holdings, LLC White & Case LLP Wachovia Financial Center 200 South Biscayne Boulevard Suite 4900, Miami, Florida 33131 Att'n: Thomas E. Lauria Att'n: Michael C. Shepherd and White & Case LLP 1155 Avenue of the Americas New York, New York 10036 Att'n: Gerard H. Uzzi Att'n: Glenn M. Kurtz Att'n: Douglas P. Baumstein * Counsel for General Motors Corp. Weil, Gotshal & Manges LLP 767 Fifth Avenue New York, New York 10153 Att'n: Jeffrey L Tanenbaum Att'n: Michael P. Kessler Att'n: Robert J. Lemons About Delphi Corp. Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of March 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in total assets and US$23,851,000,000 in total debts. The Debtors' exclusive plan-filing period expires on Dec. 31, 2007. On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan of Reorganization and a Disclosure Statement explaining that Plan. (Delphi Bankruptcy News, Issue No. 102; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) DELPHI CORP: Court Approves Equity Purchase & Commitment Pact ------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York approved the Amendment to the New Equity Purchase and Commitment Agreement, as modified, among the Debtors, Appaloosa Management L.P., Harbinger Capital Partners Master Fund I, Ltd., Pardus Capital Management, L.P., Merrill Lynch, Pierce, Fenner & Smith, Inc., UBS Securities LLC, and Goldman Sachs & Co. The Debtors and the Appaloosa Plan Investors subsequently entered into the EPCA Amendment on Dec. 10, 2007. A full-text copy of the EPCA Amendment is available for free at: http://ResearchArchives.com/t/s?2662 Except as provided in the EPCA Amendment, the Aug. 2, 2007, New EPCA remains in full force and effect, the Court clarifies. The Honrable Robert Drain has permitted the Debtors and the Plan Investors to make non-material modifications to the EPCA Amendment without further Court order as long as those modifications are not opposed by either the Official Committee of Unsecured Creditors or the Official Committee of Equity Security Holders. The EPCA Amendment revises a number of provisions in the New EPCA to reflect events and developments since Aug. 3, 2007, including those relating to Court approvals in connection with the EPCA Amendment; Delphi's delivery of a revised disclosure letter and a revised business plan; updates and revisions to representations and warranties; the Debtors' agreements with principal labor unions; the execution and amendment of certain settlement agreements with General Motors Corp.; the execution of a best efforts financing letter; and the filing of the First Amended Plan of Reorganization and Disclosure Statement. The EPCA Amendment no longer outlines Delphi's proposed framework for a plan of reorganization but instead, except for corporate governance matters, relies upon the First Amended Plan for that function, David M. Sherbin, Delphi Corp. Vice President, General Counsel and Chief Compliance Officer, relates. Furthermore, the EPCA Amendment revises provisions relating to the Discount Rights Offering, including the replacement of existing common stockholders with unsecured creditors, under the Plan. The EPCA Amendment further reflects certain economic changes for recoveries provided under the Plan, and a post- emergence capital structure that includes Series C Preferred Stock to be issued to GM. The EPCA Amendment also removes or narrows the scope of certain conditions to closing in the New EPCA to provide greater certainty to the consummation of the transaction, including: * the no-strike conditions to include only strikes that occur after Oct. 29, 2007; * the capitalization condition to reduce the net debt required for the Debtors on the closing date; and * to exclude from the condition relating to the approval of material investment documents, numerous documents which have already been delivered by the Debtors to the Plan Investors like the Plan, the Disclosure Statement, the settlement agreements with GM, and the business plan. Certain conditions to closing, however, were added by the EPCA Amendment, including those requiring: -- the release and exculpation of each Plan Investor as set forth in the EPCA Amendment; -- that Delphi will have undrawn availability of US$1,400,000,000 under the asset backed revolving loan facility, subject to certain exclusions; -- an interest expense condition that limits the Reorganized Debtors' pro forma interest expense on its indebtedness during 2008 to US$585,000,000; -- that scheduled Pension Benefit Guarantee Corporation liens be withdrawn; and -- that the aggregate amount of trade and unsecured claims be no more than US$1,450,000,000, subject to certain waivers and exclusions. Delphi Amends Rights Agreement to Accommodate Appaloosa Investors Pursuant to the Rights Agreement dated as of Feb. 1, 1999, as amended, between Delphi Corp. formerly known as Delphi Automotive Systems Corp., and Computershare Trust Company, N.A., as successor Rights Agent, one Right is issued and attached to each outstanding share of Delphi's common stock. The Rights constitute a separate class of securities registered under the Securities Act of 1933, as amended, and entitle the holder of the Right, in certain circumstances, to purchase from Delphi a unit consisting of one one-hundredth of a share of Series A Junior Preferred Stock, par value US$0.10 per share, at an exercise price of US$65 per Right, subject to adjustment in certain events, Mr. Sherbin relates. On Dec. 10, 2007, Delphi amended the Rights Agreement to exempt the Appaloosa Plan Investors, as well as the Investors' assignees or transferees, from the definition of "Acquiring Person" as that term is defined in the Rights Agreement, solely as a result of transactions contemplated by the New EPCA, as amended by the EPCA Amendment. As a result, the Plan Investors' entry into the EPCA Amendment and the consummation of the transactions contemplated by the New EPCA will not trigger the Series A Preferred Stock purchase rights under the Rights Agreement, Mr. Sherbin explains. A full-text copy of the Rights Agreement, as amended on Dec. 10, 2007, is available for free at: http://ResearchArchives.com/t/s?2661 Based on information supplied by the Plan Investors to the SEC in Schedules 13D, reviewed by the Debtors as of Nov. 8, 2007, the Plan Investors hold an aggregate of 125,644,421 shares of Delphi common stock: Plan Investor Shares Held ------------- ----------- Appaloosa Management L.P. 52,000,000 Harbinger Capital Partners Master Fund I, Ltd. 26,450,000 Pardus Special Opportunities Master Fund L.P. 26,400,000 Goldman, Sachs & Co. 14,892,921 UBS Securities LLC 4,419,294 Merrill Lynch, Pierce, Fenner & Smith Inc. 1,482,206 About Delphi Corp. Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of March 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in total assets and US$23,851,000,000 in total debts. The Debtors' exclusive plan-filing period expires on Dec. 31, 2007. On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan of Reorganization and a Disclosure Statement explaining that Plan. (Delphi Bankruptcy News, Issue No. 102; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) GEOPHYSIQUE - VERITAS: S&P Lifts Ratings to BB on Performance ------------------------------------------------------------- Standard & Poor's Ratings Services has raised its corporate credit ratings to 'BB' from 'BB-' on global oil and gas seismic company Compagnie Generale de Geophysique - Veritas. The outlook is stable. At the same time, the ratings on the unsecured high yield notes were raised to 'BB-' from 'B+'. The issue ratings on the US$1.34 billion of senior secured credit facilities were raised to 'BB+' from 'BB-', while we revised our recovery rating on this debt to '2' from '3', indicating the expectation of substantial recovery (70%-90%) in the event of a payment default. "The upgrade reflects CGG-Veritas' strong nine-month operating performance in 2007 and favorable perspectives, together with increased confidence that 2008 should allow for significant free cash flow and debt reduction," said Standard & Poor's credit analyst Karl Nietvelt. Credit ratios should strengthen as a result in 2008. S&P forecasts that the ratio of adjusted debt to adjusted EBITDA will improve to about 1.3x at end 2008 from 2.3x expected for 2007. They also calculated such adjusted EBITDA as well as funds from operations after deduction of capitalized multi- client cash spending, as industry standard reported EBITDA and operating cash flow (on the basis of capitalization of multi- client expenditure) is viewed as aggressive. The ratings reflect CGG-Veritas' leading position, together with Schlumberger's WesternGeco (not rated), in the global oil and gas seismic sector. CGG-Veritas benefits from its dual exposure to seismic services, complemented by seismic-equipment manufacturing (SERCEL). Competitive advantages include the global reach of its 20-vessel seismic data-acquisition fleet, access to advanced modern equipment and technology, and an attractive and growing seismic data library, notably for the Gulf of Mexico. Offsetting credit weaknesses are the sector's intense competition, the continued high cyclicality for the offshore segment--principally because of rapid new-build of marine vessels rather than because of demand, which is anticipated to stay strong--together with our expectation that current record demand for SERCEL equipment will return to more normalized levels from 2009 onward. "The stable outlook on CGG-Veritas reflects our expectation of a continued very strong performance in 2008, together with expectations of debt reduction by year-end 2008," said Mr. Nietvelt. The ratings also factor in management's financial policy, and commitment toward debt reduction. The favorable sector outlook implies some degree of flexibility at this rating level, although not for major debt-financed acquisitions. Acquisition risk has recently increased in the sector, as highlighted by recent acquisitions by peers, such as PGS and WesternGeco. CGG-Veritas' current ratings factor in some flexibility for small debt-financed acquisitions, while large acquisitions, if any, are assumed to be largely share-based transactions. One-notch rating upside exists, should management decide to bring debt down significantly more than currently anticipated. Downside pressure, currently limited, could arise should the company's external growth policies be more aggressive than anticipated. REALOGY CORP: Real Estate Downturn Cues Moody's Negative Outlook ---------------------------------------------------------------- Moody's Investors Service has assigned an SGL-3 speculative grade liquidity rating to Realogy Corporation and changed the rating outlook from stable to negative. At the same time, Moody's affirmed the B3 corporate family rating and all other credit ratings. Although Moody's base case forecast anticipates that residential home sale volume and pricing will stabilize beginning in late 2008 or early 2009, the negative rating outlook considers the potential for a more severe and protracted real estate downturn. The SGL-3 speculative grade liquidity reflects an adequate liquidity profile with modestly negative free cash flow from operations and adequate headroom under financial covenants over the next four quarters. If the downturn in the real estate market is more severe than anticipated by Moody's base case forecast over the next four quarters, then Moody's could lower the SGL rating. In such a scenario, free cash flow from operations could turn sharply negative and compliance with the leverage covenant could be challenging. Headquartered in Parsippany, New Jersey, Realogy Corporation (NYSE: H)-- http://www.realogy.com/-- is real estate franchisor and a member of the S&P 500. The company has a diversified business model that also includes real estate brokerage, relocation, and title services. Realogy's world-renowned brands and business units include CENTURY 21(R), Coldwell Banker(R), Coldwell Banker Commercial(R), ERA(R), Sotheby's International Realty(R), NRT Incorporated, Cartus, and Title Resource Group. Realogy has more than 15,000 employees worldwide. The company operates in Australia, Brazil and France. ============= G E O R G I A ============= METROMEDIA INT'L: Magticom Unit Earns US$29.98 Mln for Q2 2007 -------------------------------------------------------------- Metromedia International Group Inc. released its preliminary financial results for the second quarter and six months ended June 30, 2007, for its principal core business, Magticom Limited. Magticom posted US$29.98 million in EBITDA on US$48.11 million in net revenues for the second quarter 2007, compared with US$24.67 million in EBITDA on US$39.96 million in net revenues for the same period in 2006. Magticom posted US$57.31 million in EBITDA on US$91.96 million in net revenues for the first half of 2007, compared with US$50.07 million in EBITDA on US$76.89 million in net revenues for the same period in 2006. Metromedia is a holding company. Accordingly, MIG does not generate cash flows from operations and is dependent on the earnings of its business ventures and the distribution or other payment of these earnings to meet its corporate cash outlay requirements. As of Nov. 30, 2007, the Company's unrestricted corporate cash balance was around US$0.3 million. As of Sept. 30, 2007, Magticom's unrestricted cash balance, in various currencies, was around US$22.8 million at current exchange rates. During the past several fiscal years, the cash flows generated from Magticom's operations have been sufficient to enable Magticom to self-finance its capital expenditure requirements and to fully repay any outstanding financing obligations. Magticom expended approximately US$28.7 million in the six months ended June 30, 2007, on capital infrastructure expansion or rehabilitation programs and maintenance of its radio frequency licenses. As of Sept. 30, 2007, Magticom did not have any outstanding debt obligations. External Sources of Liquidity As of Sept. 30, 2007, around US$124 million in cumulative unpaid dividends had accrued for holders of the Company's 7 1/4% Cumulative Convertible Preferred Stock. The Company is not obligated to pay any portion of this accrued dividend, except in the event of liquidation, or to pay any current dividend on the Preferred Stock. The Preferred Stock is currently trading at a substantial discount to its US$50 face value. During the past several years, the Company has relied upon cash receipts from the sale of certain of its non-core business ventures and, to a lesser extent, the repatriation of cash from business ventures, in the form of dividend distributions or the repayment of outstanding loans in order to meet its outstanding legal liabilities and obligations. Since the Company has monetized its interest in all but four of its business ventures, the Company must now rely on dividends from its business ventures or financing as the principal sources of funding for further business development. About Metromedia International Group Inc. Based in Charlotte, North Carolina, Metromedia International Group Inc. -- http://www.metromedia-group.com/-- through its wholly owned subsidiaries, owns interests in several communications businesses in the country of Georgia. The company's core businesses include Magticom Ltd., a mobile telephony operator located in Tbilisi, Georgia, Telecom Georgia, a long distance telephony operator, and Telenet, which provides Internet access, data communications, voice telephony and international access services. * * * Moody's Investor Services assigned B3 on Metromedia International Group Inc.' subordinated debt and B2 on its junior subordinated debt on March 1994. The ratings hold to date. ============= G E R M A N Y ============= ADVANCED TECHNOLOGY: Claims Registration Ends January 16, 2008 -------------------------------------------------------------- Creditors of Advanced Technology Luebben GmbH have until Jan. 16, 2008, to register their claims with court-appointed insolvency manager Dr. Christoph Junker. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Feb. 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 313 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: Dr. Christoph Junker Karcherallee 25 a 01277 Dresden Germany The District Court of Cottbus opened bankruptcy proceedings againstAdvanced Technology Luebben GmbH on Nov. 30, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Advanced Technology Luebben GmbH Attn: Robert Brauer, Manager Stieg 17 15910 Bersteland Germany AKTIV BAUTECHNIK: Claims Registration Period Ends Jan. 23, 2008 -------------------------------------------------------------- Creditors of Aktiv Bautechnik GmbH have until Jan. 23, 2008 to register their claims with court-appointed insolvency manager Andreas Kienast. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Feb. 14, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Andreas Kienast Peterstr. 14 23701 Eutin Tel: 04521/775080 Fax: 04521/775088 The District Court of COURT opened bankruptcy proceedings against Aktiv Bautechnik GmbH on Dec. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Aktiv Bautechnik GmbH Attn: Beyhan Oezdemir, Manager Alte Luebecker Chausse 8 24114 Kiel Germany ALEWELT AUTOMOBILE: Claims Registration Ends January 16, 2008 ------------------------------------------------------------- Creditors of Alewelt Automobile GmbH have until Jan. 16, 2008, to register their claims with court-appointed insolvency manager Relef Tantzen. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Feb. 13, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Stade Hall 113 Main Building Wilhadikirchhof 1 21682 Stade 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: Relef Tantzen Rhalandstrasse 26 27404 Zeven Germany Tel: 04281/93490 Fax: 04281/4744 The District Court of Stade opened bankruptcy proceedings against Alewelt Automobile GmbH on Nov. 29. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Alewelt Automobile GmbH Stader Strasse 37 27432 Bremervoerde Attn: Andreas Alewelt, Manager Fischerklink 12 27432 Bremervoerde Germany ALFONS HAUCK: Claims Registration Period Ends Jan. 25, 2008 ----------------------------------------------------------- Creditors of Alfons Hauck GmbH & Co. Besitz-KG have until Jan. 25, 2008, to register their claims with court-appointed insolvency manager Harry Kressl. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.m. on Feb. 26, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Mosbach Meeting Hall 12 Lohrtalweg 2 74821 Mosbach Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Harry Kressl Uhlandstrasse 57-61 74072 Heilbronn Germany Tel: 07131/965415 The District Court of Mosbach opened bankruptcy proceedings against Alfons Hauck GmbH & Co. Besitz-KG on Nov. 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Alfons Hauck GmbH & Co. Besitz-KG Attn: Alfons Hauck, Manager Deubacher Str. 7 97922 Lauda-Koenigshofen Germany ALTENBURGER KAROSSERIE: Claims Registration Ends Jan. 4, 2008 ------------------------------------------------------------- Creditors of Altenburger Karosserie- und Fahrzeugbau GmbH have until Jan. 4, 2008, to register their claims with court- appointed insolvency manager Bernd Krumbholz. Creditors and other interested parties are encouraged to attend the meeting at 11:15 a.m. on Feb. 5, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Gera Hall 317 Rudolf-Diener-Str. 1 Gera 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: Bernd Krumbholz Fr.-Engels-Strasse 1 a 07545 Gera Germany The District Court of Gera opened bankruptcy proceedings against Altenburger Karosserie- und Fahrzeugbau GmbH on Nov. 29. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Altenburger Karosserie- und Fahrzeugbau GmbH Mozartstr. 6 04600 Altenburg Germany ATV - JOCHUM: Creditors' Meeting Slated for January 9, 2008 ----------------------------------------------------------- The court-appointed insolvency manager for ATV - Jochum GmbH, Peter Theiss will present his first report on the Company's insolvency proceedings at a creditors' meeting at 1:45 p.m. on Jan. 9, 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 2:00 p.m. on Feb. 27, 2008 at the same venue. Creditors have until Jan. 30, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Peter Theiss Dudweiler Strasse 4 66111 Saarbruecken Germany Tel: (0681) 9404 180 Fax: (0681) 9404 181 The District Court of Saarbruecken opened bankruptcy proceedings against ATV - Jochum GmbH on Dec. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ATV - Jochum GmbH Saarwiesenweg 2 66333 Voelklingen Germany Attn: Sonja Jochum, Manager Linckeweg 1 66802 Ueberherrn Germany AUTOHAUS HANS: Claims Registration Ends January 18, 2008 -------------------------------------------------------- Creditors of Autohaus Hans und Friedhelm Coenen GmbH & Co. KG have until Jan. 18, 2008, to register their claims with court- appointed insolvency manager Volker Quinkert. Creditors and other interested parties are encouraged to attend the meeting at 9:30 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 Moenchengladbach Meeting Hall A 14 Ground Floor Hohenzollernstr. 157 41061 Moenchengladbach Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Volker Quinkert Brucknerallee 6 41236 Moenchengladbach Germany Tel: 02166/6189898 Fax: +4921666189888 The District Court of Moenchengladbach opened bankruptcy proceedings against Autohaus Hans und Friedhelm Coenen GmbH & Co. KG on Moenchengladbach. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Autohaus Hans und Friedhelm Coenen GmbH & Co. KG Attn: Hans Coenen, Manager Hofstrasse 65 41065 Moenchengladbach Germany BHB WOHNBAU: Claims Registration Period Ends Jan. 10, 2008 ---------------------------------------------------------- Creditors of BHB Wohnbau GmbH have until Jan. 10, 2008, to register their claims with court-appointed insolvency manager Andreas Stratenwerth. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Jan. 31, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Andreas Stratenwerth Lemgoer Str. 4 33604 Bielefeld Germany The District Court of Bielefeld opened bankruptcy proceedings against BHB Wohnbau GmbH on Nov. 27. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BHB Wohnbau GmbH Attn: Viktor Butwilowski, Manager Stieghorster Str. 60 33605 Bielefeld Germany BIO ENERGY: Claims Registration Ends January 18, 2008 ----------------------------------------------------- Creditors of Bio Energy Biogas GmbH have until Jan. 18, 2008, to register their claims with court-appointed insolvency manager Bielefeld. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Bielefeld Meeting Hall 4065 Fourth Floor Gerichtstr. 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: Hans-Peter Burghardt Bunsenstr. 3 32052 Herford Germany The District Court of Bielefeld opened bankruptcy proceedings against Bio Energy Biogas GmbH on Nov. 29. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bio Energy Biogas GmbH Attn: Bernhard Horstmann, Manager Loher Busch 52 32545 Bad Oeynhausen Germany COOK & CONCEPT: Claims Registration Period Ends Jan. 3, 2008 ------------------------------------------------------------ Creditors of Cook & Concept Beteiligungs-GmbH have until Jan. 3, 2008, to register their claims with court-appointed insolvency manager 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 Attn: Udo Adamy, Manager Dauelsener Dorstrasse 19 27283 Verden Germany EICHHORN UND SOHN: Claims Registration Period Ends Jan. 8, 2008 --------------------------------------------------------------- Creditors of Eichhorn und Sohn GmbH have until Jan. 8, 2008, to register their claims with court-appointed insolvency manager Alfred Ponzer. Creditors and other interested parties are encouraged to attend the meeting at 10:30 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 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: Alfred Ponzer Radeberger Strasse 37 01099 Dresden Germany Web site: http://www.ponzer.de/ The District Court of Dresden opened bankruptcy proceedings against Eichhorn und Sohn GmbH on Nov. 29. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Eichhorn und Sohn GmbH Attn: Maik Eichorn, Manager Waldweg 9 01326 Dresden Germany ENERGIE- UND ANLAGENTECHNIK: Creditors' Mtg Set on Jan. 22, 2008 ---------------------------------------------------------------- The court-appointed insolvency manager for Energie- und Anlagentechnik Koerner GmbH, Harry Kressl, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 2:30 p.m. on Jan. 22, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Mosbach Meeting Hall 12 Lohrtalweg 2 74821 Mosbach Germany The Court will also verify the claims set out in the insolvency manager's report at 2:30 p.m. on Feb. 26, 2008 at the same venue. Creditors have until Jan. 25, 2008 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Harry Kressl Uhlandstrasse 57-61 74072 Heilbronn Tel: 07131/965415 The District Court of Mosbach opened bankruptcy proceedings against Energie- und Anlagentechnik Koerner GmbH on Dec. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Energie- und Anlagentechnik Koerner GmbH Attn: Albin Koerner, Manager Dorfstr. 10 97950 Grossrinderfeld-Schoenfeld Germany EVOLUTION 24: Claims Registration Period Ends Jan. 21, 2008 ----------------------------------------------------------- Creditors of evolution 24 Systemhaus GmbH have until Jan. 21, 2008, to register their claims with court-appointed insolvency manager Ruediger Schmidt. 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 Goeppingen Hall 0.24 Ground Floor Pfarrstrasse 25 73033 Goeppingen 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: Ruediger Schmidt Muehlesgassle 2 73054 Eislingen Germany Tel: 07161/82018 Fax: 07161/817976 The District Court of Goeppingen opened bankruptcy proceedings against evolution 24 Systemhaus GmbH on Dec. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: evolution 24 Systemhaus GmbH Attn: Markus Mugele und Sandra Csulits, Managers Daimlerstr. 12 73054 Eislingen Germany GESELLSCHAFT FUER INNOVATION: Claims Bar Date Ends Jan. 11, 2008 ---------------------------------------------------------------- Creditors of Gesellschaft fuer Innovation, Betriebs- und Anlagenberatung (GIBA) mbH have until Jan. 11, 2008, to register their claims with court-appointed insolvency manager Klaus Wrede. 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 Magdeburg Hall 13 Justizzentrum Breiter Weg 203 - 206 39104 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: Klaus Wrede Lennestrasse 10 39112 Magdeburg Germany Tel: 0391/5973315 Fax: 0391/5973333 E-mail: k.wrede@kwp-magdeburg.com The District Court of Magdeburg opened bankruptcy proceedings against Gesellschaft fuer Innovation, Betriebs- und Anlagenberatung (GIBA) mbH on Nov. 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Gesellschaft fuer Innovation, Betriebs- und Anlagenberatung (GIBA) mbH Teich 12 39365 Eggenstedt Germany GUSTAV LIEBERMANN: Claims Registration Period Ends Jan. 2, 2008 --------------------------------------------------------------- Creditors of Gustav Liebermann GmbH & Co.KG Puppen- und Spielwarenfabrik have until Jan. 2, 2008, to register their claims with court-appointed insolvency manager Juergen Wittmann. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Jan. 21, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Coburg Meeting Hall K First Floor Coburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Juergen Wittmann Adolf-Kolping-Strasse 1 96317 Kronach Germany Tel: 09261/62200 Fax: 09261/622020 The District Court of Coburg opened bankruptcy proceedings against Gustav Liebermann GmbH & Co.KG Puppen- und Spielwarenfabrik on Nov. 29. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Gustav Liebermann GmbH & Co.KG Puppen- und Spielwarenfabrik Ketschenbacher Strasse 165 96465 Neustadt b. Coburg Germany HATE-MASSIV-BAU GMBH: Claims Period Ends Jan. 17, 2008 ------------------------------------------------------ Creditors of Hate-Massiv-Bau GmbH have until Jan. 17, 2008, to register their claims with court-appointed insolvency manager Dr. Steffen Koch. Creditors and other interested parties are encouraged to attend the meeting at 9:40 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 Reinbek Parkallee 6 21465 Reinbek 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. Steffen Koch Albert-Einstein-Ring 11 22761 Hamburg Germany The District Court of Reinbek opened bankruptcy proceedings against Hate-Massiv-Bau GmbH on Dec. 3, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hate-Massiv-Bau GmbH Attn: Hans-Juergen Thoelke, Manager 23843 Bad Oldesloe Germany HEINZ ENTENMANN: Claims Registration Period Ends Jan. 21, 2008 -------------------------------------------------------------- Creditors of Heinz Entenmann Verwaltungs-GmbH have until Jan. 21, 2008 to register their claims with court-appointed insolvency manager Dr. Tibor Braun. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Feb. 20, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Esslingen Hall One First Floor Ritterstr.5 (Eingang Strohstrasse) Esslingen 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. Tibor Braun Kriegerstr. 3 70191 Stuttgart Germany Tel: 0711/225583-0 Fax: 0711/225583-20 The District Court of Esslingen opened bankruptcy proceedings against Heinz Entenmann Verwaltungs-GmbH on Nov. 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Heinz Entenmann Verwaltungs-GmbH Attn: Heinz Entenmann, Manager Esslinger Str. 85 73207 Plochingen Germany HILDEBRANDT & FEICHTNER: Claims Registration Ends Jan. 11, 2008 --------------------------------------------------------------- Creditors of Hildebrandt & Feichtner GmbH -Fahrbahnmarkierung- Strassenservice- have until Jan. 11, 2008, to register their claims with court-appointed insolvency manager Sabine von Stein- Lausnitz. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Feb. 13, 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 Magdeburg Hall 13 Justizzentrum Breiter Weg 203 - 206 39104 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: Sabine von Stein-Lausnitz Hegelstr. 39 39104 Magdeburg Germany Tel: 0391/5982244 Fax: 0391/5982158 The District Court of Magdeburg opened bankruptcy proceedings against Hildebrandt & Feichtner GmbH -Fahrbahnmarkierung- Strassenservice- on Nov. 29. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hildebrandt & Feichtner GmbH -Fahrbahnmarkierung- Strassenservice- &n