T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Wednesday, January 2, 2008, Vol. 9, No. 1 Headlines A U S T R I A DOX.AT SOFTWAREMARKETING: Vienna Court Orders Business Shutdown FRIEDRICH ZAJIC: Creditors' Meeting Slated for Jan. 15 KANURIC KEG: Creditors' Meeting Slated for Jan. 14 MUSTAFIC OEG: Court Approves Administrator's Dismissal RUDOLF TOSNAR: Creditors' Meeting Slated for Jan. 10 S & M LLC: Leoben Court Orders Business Shutdown TRELLIS AUTOMATISIERUNGS: Creditors' Meeting Slated for Jan. 10 B E L G I U M FEDERAL-MOGUL: Emerges From Bankruptcy Protection in Delaware POPE & TALBOT: May Tap Pachulski Stang as Bankruptcy Co-Counsel POPE & TALBOT: May Tap Shearman Sterling as Bankruptcy Counsel POPE & TALBOT: Seeks Court Okay to Assign Contracts to InterFor D E N M A R K BIO-RAD LABS: Earns US$28 Mil. in Third Quarter Ended Sept. 30 F R A N C E CINRAM INT'L: Implements Changes to Internal Debt Structure CINRAM INT'L: Paying December 2007 Distributions on January 15 GENERAL CABLE: Gregory Kenny Steps Down as President and CEO PRIDE INTERNATIONAL: Provides Update on Fleet Contract Status G E R M A N Y 111PROZENT WERBEAGENTUR: Claims Registration Period Ends Jan. 11 BALTIC SOUL: Claims Registration Ends January 25, 2008 BFM-GMBH: Claims Registration Period Ends Jan. 7 ECOMARES GMBH: Creditors' Meeting Slated for Jan. 21 ECOMARES VERWALTUNGS: Creditors' Meeting Slated for Jan. 21 ECOMARES MARIFARM: Creditors' Meeting Slated for Jan. 21 EGO RANCH: Claims Registration Ends January 25, 2008 EURONEON LICHTWERBE: Claims Registration Period Ends Jan. 29 IBO METALLTECHNIK: Claims Registration Period Ends Jan. 28, 2008 PREISS & CO: Claims Registration Period Ends Jan. 31 PROVIDE-VR 2003-1: S&P Puts Class E Notes on Watch REALGRUND GRUNDSTUECKS: Claims Registration Ends Jan. 28, 2008 SCHREINEREI BUCHINGER: Claims Registration Ends Jan. 25, 2008 SOUNDWIND GMBH: Claims Registration Period Ends Jan. 25, 2008 TONGHS-HOF BAUTRAGERGESELLSCHAFT: Claims Period Ends Jan. 21 WEBER GMBH: Claims Registration Period Ends Jan. 20 G R E E C E FAGE DAIRY: S&P Cuts Ratings to B- on Operating Pressure H U N G A R Y HUNGARIAN TELEPHONE: Buys Memorex Telex for EUR90.5 Million HUNGARIAN TELEPHONE: Memorex Deal Cues S&P's Watch on B+ Ratings I T A L Y FIAT SPA: Withdraws From Nanjing Automobile Joint Venture IMAX CORP: Limited Liquidity Cues S&P to Affirm CCC+ Rating K A Z A K H S T A N AGROFIRM TURKSIB: Proof of Claim Deadline Slated for Jan. 29 BUILD COMPLECT: Creditors Must File Claims by Jan. 25 ILI-AGRO LLP: Claims Filing Period Ends Jan. 26 KAZANDYK LLP: Creditors' Claims Due on Jan. 23 NOTIS XXI: Claims Registration Ends Jan. 25 RAUAN LLP: Proof of Claim Deadline Slated for Jan. 25 SALYAN LLP: Creditors Must File Claims by Jan. 23 SB STROY: Claims Filing Period Ends Jan. 29 SHAGALA LLP: Creditors' Claims Due on Jan. 25 TRANS EXPRESS: Claims Registration Ends Jan. 29 K Y R G Y Z S T A N AK-ASHUU: Creditors Must File Claims by Jan. 23 N E T H E R L A N D S PARK MOUNTAIN: Moody's Puts Low-B Ratings on Two Note Classes N O R W A Y PETROLEUM GEO-SERVICES: S&P Rates US$400 Million Loan at B P O L A N D NETIA SA: Acquires 37.8% Stake in Uni-Net for PLN7.1 Million R U S S I A MOSPROMBANK LLC: Creditors Must File Claims by Feb. 15, 2008 MURMASKAYA DOCK: Creditors Must File Claims by Jan. 15, 2008 RODINSKY BUTTERPLANT: Asset Sale Slated for Jan. 14, 2008 SHATKOVSKY BUTTER: Creditors Must File Claims by Feb. 15, 2008 STRELETS LLC: Creditors Must File Claims by Feb. 15, 2008 TRANSCREDITBANK: Moody's Lifts Currency Deposit Rating to Ba1 S P A I N SANTANDER EMPRESAS 4: Fitch Junks EUR46 Mln Series F Notes SANTANDER HIPOTECARIO 4: Fitch Junks EUR14.8 Mln Class F Notes VALENCIA HIPOTECARIO 4: Moody's Junks EUR28.5 Mln Series D Notes S W I T Z E R L A N D BOSOMA JSC: Bern Court Starts Bankruptcy Proceedings DALBOTEX JSC: Bern Court Starts Bankruptcy Proceedings DATA DESIGN: Creditors' Liquidation Claims Due by January 3 EIGER ASSET: Creditors' Liquidation Claims Due by January 3 FREI + PARTNER: Creditors' Liquidation Claims Due by January 4 ST. LAURENT: Creditors' Liquidation Claims Due by January 3 KOCHERT CONSULTING: Creditors' Liquidation Claims Due by Jan. 3 LLC LOVIPAR: Creditors' Liquidation Claims Due by January 3 TRANS-WORLD SERVICE: Creditors' Liquidation Claims Due by Jan. 3 VANTRADE LTD: Creditors' Liquidation Claims Due by January 3 U K R A I N E BANK FINANCE: Moody's May Lift B2 Deposit Rating After Review OSCHADBANK: Fitch Assigns BB- Ratings with Positive Outlook U N I T E D K I N G D O M ABRAE TECHNOLOGY: M. C. Bowker Leads Liquidation Procedure ARENA LEARNING: Brings In Liquidators from Tenon Recovery AUSTIN DIVALL: Joint Liquidators Take Over Operations BERKELEY BERRY: Calls In Liquidators from KPMG BLUEWAYS COACHES: Appoints S. J. Parker as Liquidator BRITISH AIRWAYS: Finalizes US$4.4 Bln Boeing Aircraft Order FOCUS COACHES: Names M. C. Bowker Liquidator FORD MOTOR: Works With Chinese Suppliers to Improve Conditions HOLLY CONSTRUCTION: Taps Ian William Kings to Liquidate Assets JOHN ACRES: Hires Liquidators from Vantis KRB THOROUGHBREDS: Appoints Liquidators from KPMG LANDMARK SECURITIES: Fitch Affirms Class D Notes at BB MANSARD MORTGAGES 2007-2: Fitch Rates Class B2a Notes at BB ONE RED: Brings In Liquidators from Tenon Recovery OXFORD PRINT: Calls In Liquidators from Tenon Recovery P P TRAINING: Taps Liquidators from Tenon Recovery PROFITABLE PLOT: C. K. Rayment Leads Liquidation Procedure ZIPADEEDOODAH LTD: Joint Liquidators Take Over Operations ********* ============= A U S T R I A ============= DOX.AT SOFTWAREMARKETING: Vienna Court Orders Business Shutdown --------------------------------------------------------------- The Trade Court of Vienna entered Nov. 12, 2007, an order shutting down the business of LLC Dox.at Softwaremarketing und Vertrieb (FN 200028i). Court-appointed estate administrator Peter Zens recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Dr. Peter Zens c/o Dr. Norbert Schopf Esteplatz 5/5 1030 Vienna Austria Tel: 534 90 Fax: 534 90-50 E-mail: office@schopf-zens.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 6, 2007 (Bankr. Case No 5 S 129/07s). Norbert Schopf represents Dr. Zens in the bankruptcy proceedings. FRIEDRICH ZAJIC: Creditors' Meeting Slated for Jan. 15 ------------------------------------------------------ Creditors owed money by LLC Friedrich Zajic Bau (FN 249103d) are encouraged to attend the creditors' meeting at 11:50 a.m. on Jan. 15. The creditors' meeting will be held at: The Land Court of St. Poelten Room 216 Second Floor Old Building St. Poelten Austria Headquartered in Blindenmarkt, Austria, the Debtor declared bankruptcy on Nov. 14, 2007 (14 S 190/07t). Gerhard Taufner serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Dr. Gerhard Taufner Bahnhofstrasse 5 3390 Melk Austria Tel: 02752/5 24 66 Fax: 02752/5 25 74 E-mail: rechtsanwalt.taufner@taufner.at KANURIC KEG: Creditors' Meeting Slated for Jan. 14 -------------------------------------------------- Creditors owed money by Kanuric KEG Cafe Ramada (FN 228827k) are encouraged to attend the creditors' meeting at 9:30 a.m. On Jan. 14. The creditors' meeting will be held at: The Trade Court of Vienna Room 1705 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 14, 2007 (3 S 146/07a). Ilse Korenjak serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Dr. Ilse Korenjak Gusshausstrasse 6 1040 Vienna Austria Tel: 512 21 02 Fax: 512 21 02-20 E-Mail: office@buresch-korenjak.at MUSTAFIC OEG: Court Approves Administrator's Dismissal ------------------------------------------------------ The Land Court of St. Poelten approved Dr. Christian Lind's request to dismiss him as estate administrator of OEG Mustafic (FN 262498b). Mag. Oliver Simonic replaced Dr. Lind from his position on Nov. 13, 2007. The new estate administrator can be reached at: Mag. Oliver Simoncic Rathausplatz 3-4 3100 St. Poelten Austria Tel: 02742/47 082 Fax: 02742/47 082-19 E-mail: rechtsanwalt@simoncic.at Headquartered in St. Poelten, Austria, the Debtor declared bankruptcy on Nov. 12, 2007 (14 S 186/07d). RUDOLF TOSNAR: Creditors' Meeting Slated for Jan. 10 ---------------------------------------------------- Creditors owed money by LLC Rudolf Tosnar (FN 174771t) are encouraged to attend the creditors' meeting at 10:00 a.m. on Jan. 10. The creditors' meeting 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. 13, 2007 (10 S 110/07s). Valentin Piskernik serves as the court-appointed estate administrator of the bankrupt's estate. Thomas Wanek represents Mag. Piskernik in the bankruptcy proceedings. The estate administrator can be reached at: Mag. Valentin Piskernik c/o Dr. Thomas Wanek Hochstrasse 31 2380 Perchtoldsdorf Austria Tel: 01/8693888 Fax: 01/869166033 E-mail: anwalt@aon.at S & M LLC: Leoben Court Orders Business Shutdown ------------------------------------------------ The Land Court of Leoben entered Nov. 13, 2007, an order shutting down the business of LLC S & M (FN 286382a). Court-appointed estate administrator Scherbaum Norbert 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. Scherbaum Norbert Einspinnergasse 3 8010 Graz Austria Headquartered in Judenburg, Austria, the Debtor declared bankruptcy on Nov. 12, 2007 (Bankr. Case No 17 S 95/07z). TRELLIS AUTOMATISIERUNGS: Creditors' Meeting Slated for Jan. 10 --------------------------------------------------------------- Creditors owed money by LLC TRELLIS Automatisierungs- & Event- Technik (FN 272780y) are encouraged to attend the creditors' meeting at 10:00 a.m. on Jan. 10. The creditors' meeting will be held at: The Land Court of Wiener Neustadt Room 15 Wiener Neustadt Austria Headquartered in Leobersdorf, Austria, the Debtor declared bankruptcy on Nov. 14, 2007 (10 S 111/07p). Petra Klingenschmid serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Mag. Petra Klingenschmid Wassergasse 20 2500 Baden bei Wien Austria Tel: 02252/252991 Fax: 02252/252991-25 E-mail: office@aurednik.at ============= B E L G I U M ============= FEDERAL-MOGUL: Emerges From Bankruptcy Protection in Delaware ------------------------------------------------------------- Federal-Mogul Corporation and its debtor affiliates relate that their Plan of Reorganization became effective on Dec. 27, 2007. The Plan has been substantially consummated pursuant to Section 1101(2) of the Bankruptcy Code, according to Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones LLP, in Wilmington Delaware. All conditions contained in the Plan have been satisfied or waived. As reported in the Troubled Company Reporter on Nov. 12, 2007, the Plan was confirmed by the U.S. Bankruptcy Court for the District of Delaware on November 8 and affirmed by the U.S. District Court for the District of Delaware on November 14. The Confirmation Order relating to the Plan is final and non- appealable. The record date for holders of allowed claims and equity interests under the Plan was November 8. Under the confirmed Plan, all entities are permanently stayed, restrained and enjoined from taking any action for the purpose of collecting, recovering or receiving payments or recovery with respect to any asbestos personal injury claim or demand. Moreover, all entities -- excluding the Asbestos Trust, the Asbestos Insurance Companies and Reorganized Federal-Mogul to the extent permitted or required to pursue claims relating to the Hercules Policy, any EL Policy, and Asbestos Insurance Actions and Asbestos Insurance Action Recoveries -- that have asserted, assert, or may assert any claim or cause of action against any Asbestos Insurance Company based on any Asbestos Personal Injury Claim or Demand, are stayed. "We are delighted to have reached this significant milestone in Federal-Mogul's 108-year history of serving the global automotive industry," Federal-Mogul Chairman, President and Chief Executive Officer Jose Maria Alapont said. "We are confident about our future and wish to acknowledge the support and loyalty of our customers, suppliers and employees worldwide." "The company's performance reflects the dedication of the Federal-Mogul team, paving the way toward emergence from Chapter 11," Mr. Alapont added. "We are committed to our global strategy for sustainable profitable growth, as we remain focused on creating value for our customers through innovative technologies, leading products, operational and service excellence, and best cost optimization in all areas of our business." All final requests for compensation or reimbursement of the fees of any professional employed in the cases of Reorganized Federal-Mogul, pursuant to Sections 327 or 1103 of the Bankruptcy Code, must be filed and served on Reorganized Federal-Mogul and its counsel no later than Feb. 25, 2008. All requests for payment of an Administrative Claim against any of the U.S. Debtors must be filed with the Bankruptcy Court and served on the U.S. Trustee and counsel for Reorganized Federal- Mogul no later than April 25, 2008. About Federal-Mogul Federal-Mogul Corporation -- http://www.federal-mogul.com/-- (OTCBB: FDMLQ) is a global supplier, serving the world's foremost original equipment manufacturers of automotive, light commercial, heavy-duty, agricultural, marine, rail, off-road and industrial vehicles, as well as the worldwide aftermarket. Founded in Detroit in 1899, the company is headquartered in Southfield, Michigan, and employs 45,000 people in 35 countries. Aside from the U.S., Federal-Mogul also has operations in other locations which includes, Mexico, Malaysia, Australia, Belgium, China, India, Japan, Korea, Poland, Thailand, United Kingdom, among others. The Company filed for chapter 11 protection on Oct. 1, 2001 (Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown & Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl & Jones, P.C., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $10.15 billion in assets and $8.86 billion in liabilities. Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based at Dudley Hill, Bradford. Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq., at The Bayard Firm represent the Official Committee of Unsecured Creditors. On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan. They submitted a Disclosure Statement explaining that plan on April 21, 2003. They submitted several amendments and on June 6, 2004, the Bankruptcy Court approved the Third Amended Disclosure Statement for their Third Amended Plan. On July 28, 2004, the District Court approved the Disclosure Statement. The estimation hearing began on June 14, 2005. The Debtors submitted a Fourth Amended Plan and Disclosure Statement on Nov. 21, 2006, and the Bankruptcy Court approved that Disclosure Statement on Feb. 6, 2007. The Bankruptcy Court confirmed the Fourth Amended Plan on Nov. 8, 2007. POPE & TALBOT: May Tap Pachulski Stang as Bankruptcy Co-Counsel --------------------------------------------------------------- The United States Bankruptcy Court for the District of Delaware has granted Pope & Talbot Inc. and its debtor-affiliates authority to employ Pachulski Stang Ziehl & Jones LLP, as their bankruptcy co-counsel, nunc pro tunc to the Nov. 19, 2007. Pachulski will file applications and be compensated in accordance with Sections 330 and 331 of the Bankruptcy Code, the Bankruptcy Rules, the Local Rules and other procedures as may be fixed by Court order. As reported in the Troubled Company Reporter on Nov. 30, 2007, Harold N. Stanton, president and chief executive officer of Pope & Talbot Inc., said that the Debtors selected Pachulski Stang because of the firm's extensive experience and knowledge in business reorganizations under Chapter 11. He added that in preparing for its representation, Pachulski Stang has familiarized with the Debtors' businesses and affairs, and many of the potential legal issues, which may arise in the Chapter 11 cases. As the Debtors' co-counsel, Pachulski Stang will: -- provide legal advice with respect to the Debtors' powers and duties as debtors-in-possession in the continued operation of their businesses and management of their property; -- prepare necessary applications, motions, answers, orders, reports, and other legal papers; -- appear in Court to protect the interests of the Debtors; -- prepare and pursue approval of a disclosure statement and confirmation of a plan of reorganization; and -- perform all other legal services for the Debtors. In accordance with Section 330(a) of the Bankruptcy Code, Pachulski Stang will be paid according to its customary hourly rate and will be reimbursed of its actual and necessary expenses. Pachulski Stang's standard hourly rates are: Professional Hourly Rate ------------ ----------- Laura Davis Jones US$750 James E. O'Neill US$475 Timothy P. Cairns US$350 Karina Yee US$180 Pachulski Stang related that it has received payments, aggregating US$135,000, from the Debtors during the year prior to the bankruptcy filing in connection with its representation of the Debtors. Laura Davis Jones, Esq., a managing partner at Pachulski Stang, assured the Court that her firm does not hold or represent any interest adverse to the Debtors' bankruptcy estates. She added that Pachulski Stang is a "disinterested person" as defined in Section 101(14) of Bankruptcy Code. About Pope & Talbot Headquartered in Portland, Oregon, Pope & Talbot Inc. (Other OTC:PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood products business. Pope & Talbot was founded in 1849 and produces market pulp and softwood lumber at mills in the US and Canada. Markets for the company's products include the US, Europe, Canada, South America and the Pacific Rim. The company and its U.S. and Canadian subsidiaries applied for protection under the Companies' Creditors Arrangement Act of Canada on Oct. 28, 2007. The Debtors' CCAA Stay expires on Jan. 16, 2008. The company and fourteen of its debtor-affiliates filed for Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case No. 07-11738). Laura Davis Jones, Esq. at Pachulski, Stang, Ziehl & Jones L.L.P. is Debtors' proposed bankruptcy counsel. When the Debtors filed for bankruptcy, they listed total assets of US$681,960,000 and total debts of US$601,090,000. The Debtors' exclusive period to file a plan expires on March 18, 2008. Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21, 2007, filed an application for relief under Belgian bankruptcy laws in the commercial court in Brussels. If the Belgian court grants Pope & Talbot Europe's application, it is expected it will be liquidated through the bankruptcy proceeding. (Pope & Talbot Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). POPE & TALBOT: May Tap Shearman Sterling as Bankruptcy Counsel -------------------------------------------------------------- The United States Bankruptcy Court for the District of Delaware has granted Pope & Talbot Inc. and its debtor-affiliates permission to employ Shearman & Sterling LLP, as their bankruptcy counsel, effective as of the date of bankruptcy filing. The Hon. Christopher S. Sontchi also authorized Shearman & Sterling to apply its remaining credit balance in favor of the Debtors, to pay any fees, charges and disbursements relating to prepetition services rendered to the Debtors that remain unpaid as of Nov. 19, 2007. The remaining portion of the Retainer will be applied to fees, charges and disbursements relating to postpetition services rendered to the Debtors. As reported in the Troubled Company Reporter on Nov. 30, 2007, Harold N. Stanton, president and chief executive officer of Pope & Talbot Inc., related that the Debtors selected Shearman & Sterling because of the firm's extensive experience in reorganization and bankruptcy proceedings, and familiarity with the Debtors' business and legal affairs, and other issues relevant to the reorganization. As the Debtors' bankruptcy counsel, Shearman & Sterling will: -- provide legal advice with respect to the Debtors' powers and duties as debtors-in-possession in the continued operation of their business and management of their properties; -- prepare legal papers on behalf of the Debtors; -- pursue confirmation of a plan of reorganization and approval of the corresponding solicitation procedures and disclosure statement; -- attend meetings and negotiate with the creditors' representatives, equity holders and other parties-in- interest; -- provide general corporate, capital markets, mergers and acquisitions, employment, tax and litigation advice and other general non-bankruptcy legal services to the Debtors; -- appear before the Court, any appellate courts and the Office of the United States Trustee to protect the Debtors' interests; and -- provide other legal services necessary and proper in the Chapter 11 proceedings. Shearman & Sterling intends to work closely with other professionals retained by the Debtors to avoid unnecessary duplication of services performed for or charged to the Debtors' estates. In exchange for the contemplated legal services, the Debtors will pay Shearman & Sterling based on the firm's applicable hourly rates: Professional Hourly Rate ------------ ----------- Partners US$695 to US$940 Counsel/Specialists US$500 to US$750 Associates US$325 to US$595 Legal Assistants US$100 to US$235 The Debtors will also reimburse the firm for expenses it may incur, including travel costs and temporary employment of additional staff, relating to any work undertaken. Shearman & Sterling relates that it received an advance retainer of US$800,000 from the Debtors. Fredrick Sosnick, Esq., a Shearman & Sterling professional, assured the Court that his firm is a "disinterested person," as the term is defined in Section 101(14) of the Bankruptcy Code. About Pope & Talbot Headquartered in Portland, Oregon, Pope & Talbot Inc. (Other OTC:PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood products business. Pope & Talbot was founded in 1849 and produces market pulp and softwood lumber at mills in the US and Canada. Markets for the company's products include the US, Europe, Canada, South America and the Pacific Rim. The company and its U.S. and Canadian subsidiaries applied for protection under the Companies' Creditors Arrangement Act of Canada on Oct. 28, 2007. The Debtors' CCAA Stay expires on Jan. 16, 2008. The company and fourteen of its debtor-affiliates filed for Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case No. 07-11738). Laura Davis Jones, Esq. at Pachulski, Stang, Ziehl & Jones L.L.P. is Debtors' proposed bankruptcy counsel. When the Debtors filed for bankruptcy, they listed total assets of US$681,960,000 and total debts of US$601,090,000. The Debtors' exclusive period to file a plan expires on March 18, 2008. Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21, 2007, filed an application for relief under Belgian bankruptcy laws in the commercial court in Brussels. If the Belgian court grants Pope & Talbot Europe's application, it is expected it will be liquidated through the bankruptcy proceeding. (Pope & Talbot Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). POPE & TALBOT: Seeks Court Okay to Assign Contracts to InterFor --------------------------------------------------------------- Pope & Talbot Inc. and its debtor-affiliates asks the United States Bankruptcy Court for the District of Delaware for authority to: (i) assume and assign to International Forest Products Limited, effective on the closing date, certain business contracts, and (ii) execute and deliver to Interfor the documents or other instruments as may be necessary to cure, transfer and assign the Business Contracts to Interfor. No Other Qualifying Bidders Pursuant to the Court's bidding procedures order for the Debtors' Wood Products Business, any Qualifying Bidder, other than Interfor, must have delivered its bid by Dec. 14, 2007. Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones LLP, in Wilmington, Delaware, tells the Court that since no other bid was received by the Bid Deadline, "Interfor is deemed the successful bidder pursuant to the Bidding Procedures and the Purchase Price, as set forth in the Asset Purchase Agreement." The Debtors believe that Interfor does not have any interest that is materially adverse to the Debtors, their estates or creditors, Ms. Jones notes. Moreover, the Debtors believe that the terms and conditions of the Asset Purchase Agreement are fair and reasonable and comparable to terms of similar agreements in sales of comparable assets, Ms. Jones states. Cure of Defaults To the extent that any monetary defaults exist under any Business Contracts, pursuant to the terms of the Asset Purchase Agreement, the Debtors will cure any default prior to the assumption and assignment of the Business Contracts unless provided otherwise in the Asset Purchase Agreement, Ms. Jones explains. Furthermore, to the extent that any nonmonetary defaults exist under a nonresidential real property lease that is a Business Contract, the default will be cured by Interfor by performance at and after the assumption and assignment of the lease pursuant to the terms of the Asset Purchase Agreement, Ms. Jones clarifies. The Debtors represent that upon information and belief, that Interfor has sufficient financial resources and experience to assure the non-debtor parties to the Business Contracts of adequate future performance, Ms. Jones says. A schedule of the Debtors' proposed cure amounts is available for free at http://researcharchives.com/t/s?269c Debtors Want Exhibits Sealed Ms. Jones tell the Hon. Christopher S. Sontchi that the InterFor APA contains numerous schedules and exhibits, which the Debtors have determined to be confidential in nature. Accordingly, the Debtors seek the Court's authority to file certain exhibits under seal. These are: a. Exhibits: Exhibit 1.01(f) -- Principles and Procedures for Inventory Valuation Exhibit 1.01(g) -- Formula for Determining Target Inventory Adjustment Exhibit 1.01(i) -- Formula for Determining STI Adjustment Exhibit 2.10 -- Principles and Procedures for Determining Forestry Services Exhibit 3.12 -- Timber Tenures Exhibit 5.05 -- Mill Log Inventories Exhibit 6.01 -- Salaried Employees b. Disclosure schedule: Section 3.13 -- Employee Benefit Matters The Canadian Debtors likewise sought the Canadian Court's authority to file the exhibits under seal. Objections to Cure Amounts Four parties filed individual objections to the Debtors' proposed cure amounts. Three of the four Objecting Parties assert additional amounts that may fall due and accrue prior to the Closing Date. The Objecting Parties and the Cure Amounts asserted are: Amount Entity Asserted ------ -------- ARI Financial Services, Inc. US$19,232 Automotive Rentals, Inc. 6,899 Caterpillar Financial Services Corp. 51,164 IGI Resources, Inc. 3,976 As reported in the Troubled Company Reporter on Dec. 10, 2007, Judge Sontchi approved approved in all respects the stalking horse purchase agreement the Debtors entered into with InterFor for the sale of certain of their Wood Products Business Assets and the assumption of certain related liabilities. About Pope & Talbot Headquartered in Portland, Oregon, Pope & Talbot Inc. (Other OTC:PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood products business. Pope & Talbot was founded in 1849 and produces market pulp and softwood lumber at mills in the US and Canada. Markets for the company's products include the US, Europe, Canada, South America and the Pacific Rim. The company and its U.S. and Canadian subsidiaries applied for protection under the Companies' Creditors Arrangement Act of Canada on Oct. 28, 2007. The Debtors' CCAA Stay expires on Jan. 16, 2008. The company and fourteen of its debtor-affiliates filed for Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case No. 07-11738). Laura Davis Jones, Esq. at Pachulski, Stang, Ziehl & Jones L.L.P. is Debtors' proposed bankruptcy counsel. When the Debtors filed for bankruptcy, they listed total assets of US$681,960,000 and total debts of US$601,090,000. The Debtors' exclusive period to file a plan expires on March 18, 2008. Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21, 2007, filed an application for relief under Belgian bankruptcy laws in the commercial court in Brussels. If the Belgian court grants Pope & Talbot Europe's application, it is expected it will be liquidated through the bankruptcy proceeding. (Pope & Talbot Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). ============= D E N M A R K ============= BIO-RAD LABS: Earns US$28 Mil. in Third Quarter Ended Sept. 30 -------------------------------------------------------------- Bio-Rad Laboratories Inc. reported net income of US$28.0 million for the third quarter ended Sept. 30, 2007, compared to net income of US$23.2 million reported for the same period in 2006. Third-quarter net income in 2006 benefited from a pre-tax investment gain of US$4.7 million. Third-quarter gross margin was 55.4% compared to 54.7% in the third quarter last year. Third-quarter revenues were US$339.7 million in 2007, up 11.5% compared to US$304.8 million reported for the same period in 2006. These results were driven by continued growth across product areas in both the Life Science and Clinical Diagnostics segments. On a currency-neutral basis, revenues increased 8.0% compared to the same period last year. Year-to-date revenues grew by 7.6% to US$1.0 billion compared to the first three quarters in 2006. Normalizing for the impact of currency effects, growth was 3.8%. Year-to-date net income for 2007 was US$80.6 million compared to US$86.6 million in the same period last year. Year-to-date results for the first three quarters in 2006 was favorably impacted by one-time additional revenue of US$11.7 million resulting from a licensing settlement agreement reached with bioMerieux as well as the aforementioned pre-tax investment gain of US$4.7 million. Year-to-date gross margin was 55.7% compared to 56.6% in the same period in 2006. "We are pleased with the company's performance during the quarter and encouraged by the success of new products," said Norman Schwartz, Bio-Rad president and chief executive officer. "As we wrap up the year, we will continue to focus on our ongoing businesses and work to integrate the recently acquired DiaMed into Bio-Rad's organization." In the beginning of the fourth quarter of 2007, Bio-Rad completed the purchase of 77.7% of Switzerland-based DiaMed Holding AG for approximately US$409 million in cash. DiaMed develops, manufactures, and markets a complete line of reagents and instruments used in blood typing and screening and has annual sales of approximately US$200 million. DiaMed's results will be included in the company's consolidated financial statements beginning in the fourth quarter of 2007. At Sept. 30, 2007, the company's consolidated balance sheet showed US$1.71 billion in total assets, US$766.1 million in total liabilities, and US$946.3 million in total stockholders' equity. Full-text copies of the company's consolidated financial statements for the quarter ended Sept. 30, 2007, are available for free at http://researcharchives.com/t/s?2693 About Bio-Rad Headquartered in Hercules, California, Bio-Rad Laboratories, Inc. (AMEX: BIO) (AMEX: BIOb) -- http://www.bio-rad.com/-- is a multinational manufacturer and distributor of life science research products and clinical diagnostics. It serves more than 85,000 research and industry customers worldwide through its global network of operations. The company employs over 5,000 people globally and had revenues of nearly USUS$1.3 billion in 2006. Aside from the United State, the company maintains operations in Bulgaria, Canada, Denmark, Greece, India, Philippines, Taiwan, and The Netherlands, Brazil, El Salvador, Mexico and Puerto Rico. * * * To date, Bio-Rad Laboratories Inc. still carries Moody's Investors Service 'Ba2' long term corporate family rating and 'Ba3' senior subordinated debt rating. Moody's said the outlook is stable. =========== F R A N C E =========== CINRAM INT'L: Implements Changes to Internal Debt Structure ----------------------------------------------------------- Cinram International Income Fund is implementing changes to its internal debt structure to address the tax consequences to taxable U.S. unitholders, which would have otherwise resulted from the Fund's suspension of distributions. Background On Nov. 5, 2007, Cinram disclosed the Fund's intention to suspend all distribution payments following the distribution for the month of December 2007. A distribution of CDN$0.1625 (previously CDN$0.2708) per unit was declared for November and December 2007 to help address the potentially adverse tax consequences to U.S. unitholders of the suspension of distributions. The Fund's distributions to unitholders are funded in part through interest payments made on an inter-company note. For U.S. federal income tax purposes, the Fund's unitholders are treated as the beneficial owners of this inter-company debt. To the extent that the Fund does not distribute cash equal to the amount of the interest income, any shortfall is treated as imputed income to unitholders for U.S. federal income tax purposes. By maintaining a reduced distribution of CDN$0.1625 for November and December, management estimates that sufficient cash will be distributed to avoid any imputation of income to U.S. unitholders under U.S. federal income tax principles for which there is no corresponding distribution of cash. Internal Reorganization To eliminate imputed income, on a going forward basis, for unitholders subject to U.S. federal income tax, the Fund is executing an internal reorganization by way of a series of inter-company transfers. The initial inter-company transfer was completed as of Dec. 14, 2007, and the balance of the transfers will occur by year end. The reorganization will result in minimal cash tax leakage and a loss of tax basis which may result in future capital gains; however, it should not have a material impact on the Fund's 2007 and 2008 free cash flow projections. Information for U.S. Unitholders The Fund recommends that unitholders subject to U.S. federal income tax consult with their tax advisors to determine if they are required to file an information return on Internal Revenue Service Form 926 reporting the transfer of Cinram International LLC to Cinram International Inc., one of the inter-company transfers. About Cinram Cinram International Inc. (TSX: CRW.UN) - http://www.cinram.com/ -- an indirect wholly owned subsidiary Cinram International Income Fund, provides pre-recorded multimedia products and related logistics services. With facilities in North America and Europe, Cinram International Inc. manufactures and distributes pre-recorded DVDs, VHS video cassettes, audio CDs, audio cassettes and CD-ROMs for motion picture studios, music labels, publishers and computer software companies around the world including Canada, France, Germany, Mexico, the United Kingdom, and the United States. * * * As reported in the Troubled Company Reporter on Dec. 27, 2007, Moody's Investors Service affirmed the B1 Corporate Family rating and B1 Senior Secured debt rating of Cinram International Inc. The rating action follows the company's recent weaker than expected operating results, which has caused Moody's to significantly reduce expectations for Cinram's future profitability. The rating has nonetheless been affirmed as Moody's believes Cinram's decision to eliminate all distribution payments to unit holders should enable the company to generate meaningful levels of free cash flow and maintain key credit metrics appropriate for its current rating. The long term ratings reflect a B2 probability of default and loss given default assessment of LGD 3, 30% for the senior secured credit facility. The outlook remains stable. CINRAM INT'L: Paying December 2007 Distributions on January 15 -------------------------------------------------------------- Cinram International Income Fund has declared a cash distribution of CDN$0.1625 per unit for the month of December 2007, payable on Jan. 15, 2008, to unitholders of record at the close of business on Dec. 31, 2007. Cinram International Limited Partnership has also declared a cash distribution of CDN$0.1625 per Class B limited partnership unit for the month of December 2007, payable on Jan. 15, 2008, to unitholders of record at the close of business on Dec. 31, 2007. On Nov. 5, 2007, the Fund disclosed a change in its distribution policy based on a revised outlook for the Fund. It is the Fund's intention to suspend all distribution payments following the distribution for the month of December 2007. Cinram International Inc. (TSX: CRW.UN) - http://www.cinram.com/ -- an indirect wholly owned subsidiary Cinram International Income Fund, provides pre-recorded multimedia products and related logistics services. With facilities in North America and Europe, Cinram International Inc. manufactures and distributes pre-recorded DVDs, VHS video cassettes, audio CDs, audio cassettes and CD-ROMs for motion picture studios, music labels, publishers and computer software companies around the world including Canada, France, Germany, Mexico, the United Kingdom, and the United States. * * * As reported in the Troubled Company Reporter on Dec. 27, 2007, Moody's Investors Service affirmed the B1 Corporate Family rating and B1 Senior Secured debt rating of Cinram International Inc. The rating action follows the company's recent weaker than expected operating results, which has caused Moody's to significantly reduce expectations for Cinram's future profitability. The rating has nonetheless been affirmed as Moody's believes Cinram's decision to eliminate all distribution payments to unit holders should enable the company to generate meaningful levels of free cash flow and maintain key credit metrics appropriate for its current rating. The long term ratings reflect a B2 probability of default and loss given default assessment of LGD 3, 30% for the senior secured credit facility. The outlook remains stable. GENERAL CABLE: Gregory Kenny Steps Down as President and CEO ------------------------------------------------------------ General Cable Corp. disclosed in a regulatory 8-K filing with the Securities and Exchange Commission dated Dec. 21, 2007, that Gregory B. Kenny, president and chief executive officer and a Director, of the company has terminated his existing employment agreement and change-in-control agreement with General Cable effective Dec. 31, 2007. Mr. Kenny's employment agreement was entered into on Oct. 18, 1999, with a three-year term subject to one-year extensions and has been amended since that date principally to reflect changes in his officer positions and responsibilities. Mr. Kenny's change-in-control agreement was entered into on Oct. 18, 1999, and was amended and restated on April 28, 2000. In addition to terminating Mr. Kenny's employment and change-in- control agreements, the Termination Agreement provides that Mr. Kenny will receive a salary and incentive compensation as determined by the Board's Compensation Committee as well as employee benefits which similarly situated General Cable employees are eligible to receive. Mr. Kenny also agreed in the Termination Agreement to certain noncompetition and nonsolicitation provisions. The company further disclosed to the SEC that Robert J. Siverd, executive vice president, general counsel and secretary, likewise terminated his existing employment agreement and change-in-control agreement with General Cable effective Dec. 31, 2007. In addition to terminating his employment and change- in-control agreements, the Siverd Termination Agreement provides that Mr. Siverd will receive a salary and incentive compensation as determined by the Board's Compensation Committee as well as employee benefits which similarly situated General Cable employees are eligible to receive. Mr. Siverd also agreed in his Termination Agreement to certain noncompetition and nonsolicitation provisions. In addition Brian J. Robinson, senior vice president and chief financial officer, entered into a Novation Agreement with General Cable effective Dec. 31, 2007, under which Mr. Robinson releases his right to receive severance payments under his Letter Agreement of Sept. 14, 2003, in exchange for participation under the Severance Plan. Mr. Robinson also agreed in his Novation Agreement to certain noncompetition and nonsolicitation terms set forth in that Novation Agreement. About General Cable Headquartered in Highland Heights, Kentucky, General Cable Corporation (NYSE: BGC) -- http://www.generalcable.com/-- makes aluminum, copper, and fiber-optic wire and cable products. It has three operating segments: industrial and specialty (wire and cable products conduct electrical current for industrial and commercial power and control applications); energy (cables used for low-, medium- and high-voltage power distribution and power transmission products); and communications (wire for low-voltage signals for voice, data, video, and control applications). Brand names include Carol and Brand Rex. It also produces power cables, automotive wire, mining cables, and custom-designed cables for medical equipment and other products. General Cable has locations in China, Australia, France, Brazil, the Dominican Republic and Spain. * * * As reported in the Troubled Company Reporter on Sept. 19, 2007, Standard & Poor's Ratings Services affirmed its 'BB-' corporate credit rating on General Cable Corp. The outlook is stable. PRIDE INTERNATIONAL: Provides Update on Fleet Contract Status ------------------------------------------------------------- Pride International Inc. has disclosed that its report of drilling rig status and contract information covering the company's fleet of offshore drilling rigs, its five drilling management projects, along with a summary status of its Eastern Hemisphere-based land fleet, has been updated as of Dec. 19, 2007. The report also provides an estimate of 2008 rig out-of-service time resulting from planned shipyard programs and time required for rig mobilizations. The updated report, titled "Monthly Fleet Update," is available through the company's web site. The company also announced that 2008 estimated capital expenditures are expected to total approximately US$780 million compared to US$835 million in estimated capital expenditures for 2007. The 2008 expected expenditures include sustaining or fleet maintenance capital investment of approximately US$180 million, expenditures associated with the construction of two ultra-deepwater drillships of approximately US$395 million, rig enhancements, including contractually required upgrades, of approximately US$185 million and an estimated US$20 million for critical spare components. Headquartered in Houston, Texas, Pride International Inc. (NYSE: PDE) -- http://www.prideinternational.com/-- provides onshore and offshore contract drilling and related services in more than 25 countries, operating a diverse fleet of 277 rigs, including two ultra-deepwater drillships, 12 semisubmersible rigs, 28 jackups, 16 tender-assisted, barge and platform rigs, and 214 land rigs. The company maintains worldwide operations in France, Mexico, Kazakhstan, India, and Brazil, among others. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 22, 2007, Standard & Poor's Ratings Service raised its corporate credit rating on offshore contract drilling firm Pride International Inc. to 'BB+' from 'BB'. At the same time, S&P raised the rating on the company's unsecured debt to 'BB+' from 'BB-'. S&P said the outlook is stable. ============= G E R M A N Y ============= 111PROZENT WERBEAGENTUR: Claims Registration Period Ends Jan. 11 ---------------------------------------------------------------- Creditors of 111Prozent Werbeagentur GmbH have until Jan. 11 to register their claims with court-appointed insolvency manager Rolf G. Pohlmann. Creditors and other interested parties are encouraged to attend the meeting at 9:25 a.m. on Feb. 1, 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 Munich Meeting Room 102 Infanteriestr. 5 80097 Munich 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: Rolf G. Pohlmann Rosental 6 80331 Muenchen Germany Tel: (089)548033-0 Fax: (089)548033-111 The District Court of Munich opened bankruptcy proceedings against 111Prozent Werbeagentur GmbH on Dec. 10, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: 111Prozent Werbeagentur GmbH Stefan-George-Ring 23 81929 Muenchen Germany BALTIC SOUL: Claims Registration Ends January 25, 2008 ------------------------------------------------------ Creditors of Baltic Soul GmbH have until Jan. 25, 2008 to register their claims with court-appointed insolvency manager Stefan Denkhaus. Creditors and other interested parties are encouraged to attend the meeting at 10:35 a.m. on Feb. 22, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hamburg 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: Stefan Denkhaus Jungfernstieg 30 20354 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Baltic Soul GmbH on Dec. 4. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Baltic Soul GmbH Attn: Daniel Dombrowe and Mirko Luetkemeyer, Managers Theodorstrasse 42 22761 Hamburg Germany BFM-GMBH: Claims Registration Period Ends Jan. 7 ------------------------------------------------ Creditors of BFM-GmbH Beschichtungs- & Fugentechnik Meissen have until Jan. 7 to register their claims with court-appointed insolvency manager Nils Freudenberg. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Feb. 8, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Dresden Hall D131 Olbrichtplatz 1 01099 Dresden Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Nils Freudenberg Caspar-David-Friedrich-Str. 6 01219 Dresden Germany Web site: http://www.tiefenbacher.de/ The District Court of Dresden opened bankruptcy proceedings against BFM-GmbH Beschichtungs- & Fugentechnik Meissen on Dec. 3, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BFM-GmbH Beschichtungs- & Fugentechnik Meissen Attn: Lars Schindler, Manager Vorbruecker Strasse 1 01662 Meissen Germany ECOMARES GMBH: Creditors' Meeting Slated for Jan. 21 ---------------------------------------------------- The court-appointed insolvency manager for ECOMARES GmbH & Co KG, Jens-Soeren Schroeder will present his first report on the Company's insolvency proceedings at a creditors' meeting at 11:30 a.m. on Jan. 21. The meeting of creditors and other interested parties will be held at: The District Court of Kiel Hall 17 Deliusstr. 22 Hinterlegungsstelle Kiel Germany The Court will also verify the claims set out in the insolvency manager's report at 11:10 a.m. on Feb. 25 at the same venue. Creditors have until Jan. 25 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Jens-Soeren Schroeder Raboisen 38 20095 Hamburg Germany Tel: 040/334460 Fax: 040/33446111 The District Court of Kiel opened bankruptcy proceedings against ECOMARES GmbH & Co KG on Dec. 1, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ECOMARES GmbH & Co KG Attn: Dieter Kloth and Gerrit H. Quantz, Managers Wall 55 24103 Kiel Germany ECOMARES VERWALTUNGS: Creditors' Meeting Slated for Jan. 21 ----------------------------------------------------------- The court-appointed insolvency manager for ECOMARES Verwaltungs GmbH, Jens-Soeren Schroeder will present his first report on the Company's insolvency proceedings at a creditors' meeting at 12:30 p.m. on Jan. 21. The meeting of creditors and other interested parties will be held at: The District Court of Kiel Hall 17 Deliusstr. 22 Hinterlegungsstelle Kiel Germany The Court will also verify the claims set out in the insolvency manager's report at 11:40 a.m. on Feb. 25 at the same venue. Creditors have until Jan. 25 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Jens-Soeren Schroeder Raboisen 38 20095 Hamburg Germany Tel: 040/334460 Fax: 040/33446-111 The District Court of Kiel opened bankruptcy proceedings against ECOMARES Verwaltungs GmbH on Dec. 1, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ECOMARES Verwaltungs GmbH Attn: Dieter Kloth and Gerrit H. Quantz, Manager Wall 55 24103 Kiel Germany ECOMARES MARIFARM: Creditors' Meeting Slated for Jan. 21 -------------------------------------------------------- The court-appointed insolvency manager for Ecomares MariFarm GmbH, Jens-Soeren Schroeder will present his first report on the Company's insolvency proceedings at a creditors' meeting at noon on Jan. 21. The meeting of creditors and other interested parties will be held at: The District Court of Kiel Hall 17 Deliusstr. 22 Hinterlegungsstelle Kiel Germany The Court will also verify the claims set out in the insolvency manager's report at 11:20 a.m. on Feb. 25 at the same venue. Creditors have until Jan. 25 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Jens-Soeren Schroeder Raboisen 38 20095 Hamburg Germany Tel: 040/334460 Fax: 040/33446111 The District Court of Kiel opened bankruptcy proceedings against Ecomares MariFarm GmbH on Dec. 1, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Ecomares MariFarm GmbH Attn: Dieter Kloth und Gerrit H. Quantz, Manager Wall 55 24103 Kiel Germany EGO RANCH: Claims Registration Ends January 25, 2008 ---------------------------------------------------- Creditors of EGO Ranch GmbH have until Jan. 25, 2008 to register their claims with court-appointed insolvency manager Torben Ottmar Herbold. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.m. on Feb. 27, 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 Potsdam Hall 301 Third Floor Nebenstelle Lindenstrasse 6 14467 Potsdam 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: Torben Ottmar Herbold Haeckelstrasse 10 39104 Magdeburg Germany The District Court of Potsdam opened bankruptcy proceedings against EGO Ranch GmbH on Dec. 3. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: EGO Ranch GmbH Attn: Torsten Haier, Manager Muehlenfichten 1 14532 Gueterfelde Germany EURONEON LICHTWERBE: Claims Registration Period Ends Jan. 29 ------------------------------------------------------------ Creditors of Euroneon Lichtwerbe GmbH have until Jan. 29 to register their claims with court-appointed insolvency manager Wolfgang Weidemann. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on March 11, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Wolfgang Weidemann Wendenstr. 4 20097 Hamburg Germany The District Court of Reinbek opened bankruptcy proceedings against Euroneon Lichtwerbe GmbH on Dec. 12, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Euroneon Lichtwerbe GmbH Attn: Bob Ouverkerk, Manager Reinbeker Str. 3 22145 Stapelfeld Germany IBO METALLTECHNIK: Claims Registration Period Ends Jan. 28, 2008 ---------------------------------------------------------------- Creditors of IBO Metalltechnik GmbH have until Jan. 28, 2008, to register their claims with court-appointed insolvency manager Dr. Florian Stapper. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on Feb. 27, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Leipzig Hall 056 Ground Floor Enforcement Court Bernhard Goering Strasse 64 04275 Leipzig Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Florian Stapper Karl-Heine-Strasse 16 04229 Leipzig Germany Tel: 0341/984110 Fax: 0341/9841111 The District Court of Leipzig opened bankruptcy proceedings against IBO Metalltechnik GmbH on Dec. 3. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: IBO Metalltechnik GmbH Frankenheimer Strasse 26 04435 Doelzig Germany PREISS & CO: Claims Registration Period Ends Jan. 31 ---------------------------------------------------- Creditors of Preiss & Co. (GmbH & Co. KG) have until Jan. 31 to register their claims with court-appointed insolvency manager Juergen Holst. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on Feb. 15, 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 Norderstedt Hall B Rathausallee 80 22846 Norderstedt 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 Holst Flughafenstrasse 52b 22335 Hamburg Germany The District Court of Norderstedt opened bankruptcy proceedings against Preiss & Co. (GmbH & Co. KG) on Dec. 5, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Preiss & Co. (GmbH & Co. KG) Attn: Sandro Preiss, Manager Dorfstrasse 54 23826 Bark Germany PROVIDE-VR 2003-1: S&P Puts Class E Notes on Watch -------------------------------------------------- Standard & Poor's Ratings Services has placed on CreditWatch with negative implications its credit ratings on the class B, C, D, and E notes in the German RMBS transaction PROVIDE-VR 2003-1 PLC. The ratings on the other classes of notes in this transaction are unaffected at this time. PROVIDE-VR 2003-1 is structured as a partially funded synthetic transaction comprising mortgage loans mainly originated by Deutsche Genossenschafts-Hypothekenbank AG as well as other German cooperative banks. The CreditWatch placement follows the further exhaustion of the first-loss piece in this transaction. Total realized losses have increased to 0.35% of the initial principal balance, absorbing 26.00% of the available first-loss protection. PROVIDE-VR 2003-1 has underperformed the German RMBS index in terms of total delinquencies and credit events. Currently, over 4% of the total outstanding principal balance is in arrears or in credit event. "Similar to the PROVIDE-VR 2002-1 transaction, loss allocation in the transaction has picked up during the past 18 months," said credit analyst Viktor Milev. "Initially, the periodic loss allocation was rather low, resulting in a slow exhaustion of the unrated class F notes. During the recent reporting periods, however, realized losses have demonstrated a notable growth and led to a more rapid pace of first-loss piece exhaustion. The class F notes have now absorbed a total loss of EUR1.572 million, which reduced their outstanding balance to EUR4.528 million. At the same time, there are aggregate defaults and credit events outstanding in the amount of EUR9.950 million," Mr. Milev continued. Recovery rates in the transaction have been low, with a current weighted-average recovery rate of 45% (expressed as percentage of the total principal affected). Based on these factors, the likelihood of loss allocation to a rated class of notes has significantly increased. Standard & Poor's will now carry out a full analysis of the underlying portfolio, focusing on the expected loss for loans which are already experiencing a credit event. To obtain the most accurate and recent data, Standard & Poor's will be in close communication with the originator. Standard & Poor's expects to resolve these CreditWatch placements within 90 days of this media release. Ratings List PROVIDE-VR 2003-1 PLC EUR75.75 Million Floating-Rate Credit-Linked Notes Rating Class To From ----- -- ---- B AA/Watch Neg AA C A/Watch Neg A D BBB/Watch Neg BBB E BB/Watch Neg BB REALGRUND GRUNDSTUECKS: Claims Registration Ends Jan. 28, 2008 -------------------------------------------------------------- Creditors of Realgrund Grundstuecks-und Bautragergesellschaft mbH have until Jan. 28, 2008, to register their claims with court-appointed insolvency manager Dr. Detlef Ruediger Beckmann. Creditors and other interested parties are encouraged to attend the meeting at 11:35 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 Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report 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. Detlef Ruediger Beckmann Lindenallee 33 14050 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Realgrund Grundstuecks-und Bautragergesellschaft mbH on Dec. 4. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Realgrund Grundstuecks-und Bautragergesellschaft mbH Alexanderplatz 5 10178 Berlin Germany SCHREINEREI BUCHINGER: Claims Registration Ends Jan. 25, 2008 ------------------------------------------------------------- Creditors of Schreinerei Buchinger GmbH i.L. have until Jan. 25, 2008 to register their claims with court-appointed insolvency manager Rosemarie Lankes. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Feb. 26, 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 Regensburg Hall 105 Augustenstr. 5 Regensburg 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: Rosemarie Lankes Dr.-Valentin-Koch-Str. 12 93413 Cham Germany Tel: 09971/994045 Fax: 09971/994046 The District Court of Regensburg opened bankruptcy proceedings against Schreinerei Buchinger GmbH i.L. on Dec. 4. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Schreinerei Buchinger GmbH i.L. Kalkofen 2a 93473 Arnschwang Germany SOUNDWIND GMBH: Claims Registration Period Ends Jan. 25, 2008 ------------------------------------------------------------- Creditors of Soundwind GmbH have until Jan. 25, 2008, to register their claims with court-appointed insolvency manager Dr. Achim Ahrendt. Creditors and other interested parties are encouraged to attend the meeting at 10:20 a.m. on Feb. 25, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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. Achim Ahrendt Albert-Einstein-Ring 11/15 22761 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Soundwind GmbH on Nov. 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Soundwind GmbH EKZ-Hamburger Strasse 33 22083 Hamburg Germany TONGHS-HOF BAUTRAGERGESELLSCHAFT: Claims Period Ends Jan. 21 ------------------------------------------------------------ Creditors of Tonghs-Hof Bautragergesellschaft mbH have until Jan. 21 to register their claims with court-appointed insolvency manager Wilhelm Klaas. Creditors and other interested parties are encouraged to attend the meeting at 12:00 p.m. on Feb. 11, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Kleve Meeting Hall D 117 Schlossberg 1 47533 Kleve 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: Wilhelm Klaas Eichendorffstrasse 25 47800 Krefeld Germany Tel: 02151/80580 Fax: 02151/805858 The District Court of Kleve opened bankruptcy proceedings against Tonghs-Hof Bautragergesellschaft mbH on Dec. 11, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Tonghs-Hof Bautragergesellschaft mbH Dorfstrasse 61 47661 Issum Germany Attn: Wilhelm Kuytz, Manager Dorfstrasse 67 47661 Issum Germany WEBER GMBH: Claims Registration Period Ends Jan. 20 --------------------------------------------------- Creditors of Weber GmbH have until Jan. 20 to register their claims with court-appointed insolvency manager Bruno Fraas. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Feb. 26, 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 Wuerzburg Meeting Hall 2 Second Stock Virchowstr. 14 Wuerzburg 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: Bruno Fraas Berliner Platz 6 97080 Wuerzburg Germany The District Court of Wuerzburg opened bankruptcy proceedings against Weber GmbH on Dec. 12, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Weber GmbH Attn: Edmund Weber, Manager Ochsenfurter Str. 66 97340 Marktbreit Germany =========== G R E E C E =========== FAGE DAIRY: S&P Cuts Ratings to B- on Operating Pressure -------------------------------------------------------- Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Greece-based dairy company Fage Dairy Industry S.A. to 'B-' from 'B'. The outlook is stable. At the same time, the rating on the company's senior unsecured notes was lowered to 'B-' from 'B'. "The downgrade reflects that the company's credit measures are meaningfully outside our ratio guidelines as a result of disappointing trading for the 12 months to Sept. 30, 2007," said Standard & Poor's credit analyst Diego Festa. "We expect that difficult market conditions in the Greek dairy market will continue to challenge a sustained recovery in Fage's earnings in the medium term." At Sept. 30, 2007, the company had total debt of EUR191.1 million (EUR155.3 million one year earlier), adjusted for operating leases, the post-tax unfunded pension deficit, equipment purchase commitments, and accrued interest. Fage is confronted with rising price-led competition in Greece, and increasing concentration in the retail market, which represents about 75% of its sales. These factors, together with the adverse impact of the yogurt product recall for quality issues in November 2006, the third since April 2005, are eroding the company's leading share of the Greek branded-yogurt market, which was 32% at Sept. 30, 2007, down from 35% one year earlier. Increased competitiveness since the entry in mid-2004 of Friesland Foods (which gained 9.5% share in just two years) will translate into a much less benign pricing environment than previously. Consequently, S&P does not expect Fage to regain its previous position. The company is also exposed to cost inflation (including milk, packaging, and energy) and the strengthening of the euro against the U.S. dollar, as its cost base is still primarily euro based. As a result, Fage saw a 32% year-on-year drop in EBITDA, before a EUR4.9 million shareholders' payment, in the 12 months to September 2007, with the margin on sales down to 7.7%, from 10.9% one year earlier. Despite the promotional initiatives undertaken by the company to defend its market share and the increased proportion of U.S. and U.K. operations, adjusted debt to EBITDA increased to 8.8x in the year to September 2007 (from 4.4x in the same period of 2006), which is above our ratio guideline of 6.0x at the previous rating level. Adjusted EBITDA interest coverage decreased to 1.6x from 3.0x. Positively, the company's new yogurt plant in the U.S. is likely to start operations in April 2008. This will result in operating profits benefiting from reduced costs--such as transportation and milk -- and the avoidance of import tariffs. The stable outlook reflects the company's manageable maturity profile, with the bulk of debt due in January 2015. It also reflects our expectation that new production capacity in the U.S. will benefit profitability, partly offsetting pressures in Fage's domestic market. The ratings could experience downward pressure if Fage suffers further significant market share losses in its domestic market or if further negative free cash flow reduces headroom under Fage's covenants. Although unlikely in the near term, a positive rating action could result from sustained recovery to historical earnings levels, resulting in discretionary cash flow generation leading to gradual deleveraging and a restoration of the net debt-to- EBITDA ratio to less than 6x. ============= H U N G A R Y ============= HUNGARIAN TELEPHONE: Buys Memorex Telex for EUR90.5 Million ----------------------------------------------------------- Hungarian Telephone and Cable Corp. announced Dec. 20, 2006, that it has reached an agreement to purchase 95.7% of the outstanding equity in Austrian-based Memorex Telex Communications AG. The purchase price for Memorex is EUR90.5 million. It includes the assumption of EUR60.2 million in debt and a cash payment of EUR30.3 million to the selling shareholders of Memorex for their 95.7% equity interest. HTCC will refinance a substantial portion of Memorex's EUR60.2 million debt at closing. HTCC will fund the Memorex acquisition and the refinancing of the assumed Memorex debt with a subordinated bridge loan facility arranged by Merril Lynch and BNP Paribas, where the facility will rank pari passu with HTCC's existing EUR142 million 10.75% senior notes due 2012 and HTCC's existing EUR200 million floating rate senior notes due 2013. HTCC intends to subsequently replace the bridge loan facility with longer term financing. The purchase price is based on a multiple of around 5.5 of Memorex's estimated 2007 EBITDA. HTCC expects to close the Memorex acquisition in February 2008 following the satisfaction of customary closing conditions, including obtaining the necessary competition authority approvals. Following closing, HTCC intends to buy out the minority shareholders in Memorex in accordance with Austrian law, resulting in HTCC's ownership of 100% of the equity. "We are very pleased to announce this agreement which will further develop our position in the wholesale market in the region. Following the acquisition of Memorex, HTCC will be the number one provider of wholesale data and capacity services in the Central and Eastern European market," Martin Lea, HTCC's president and CEO commented. "We feel that, with the increased demand for data capacity in the region, this acquisition will help fuel HTCC's growth and create significant value for HTCC's shareholders. In addition, with HTCC's existing presence in the wholesale business in the region, we expect to benefit from significant operating and cost synergies following the closing of the acquisition. I look forward to discussing the transaction in greater detail with our shareholders," Mr. Lea added. Headquartered in Austria, Memorex is one of the leading alternative telecommunications providers in the Central and Eastern European region providing wholesale data and capacity services to leading global telecommunications providers and Internet companies. Memorex provides services between 14 countries in the region including Austria, Bulgaria, the Czech Republic, Italy, Romania, Slovakia, Turkey, and Ukraine. Memorex operates over 12,500 km of fiber optic cable in the region which enables it to provide high quality wholesale services to large international carriers. Memorex has exhibited strong revenue and EBITDA growth in its business over the last few years with revenue growth largely due to expansion in developing markets, most recently in Memorex's successfully entering the market in Turkey as the only non-Turkish alternative to the incumbent telecommunications provider. Headquartered in Budapest, Hungary, Hungarian Telephone and Cable Corp. -- http://www.htcc.hu/-- is the number one alternative and the second largest fixed line telecommunications and broadband Internet Services Provider in the Republic of Hungary with more than one million customers. In addition to delivering voice, data and Internet services in Hungary, it is also a major player in the Central and Eastern European wholesale telecommunications market. It operates under the Invitel brand name. HUNGARIAN TELEPHONE: Memorex Deal Cues S&P's Watch on B+ Ratings ---------------------------------------------------------------- Standard & Poor's Ratings Services placed its 'B+' long-term corporate credit rating on Hungary-based fixed-line telecoms operator Hungarian Telephone and Cable Corp. and all related entities on CreditWatch with negative implications. "This follows HTCC's announcement to purchase 95.7% of Austria- based Memorex Telex Communications AG (not rated), one of the leading alternative infrastructure providers in Central and Eastern Europe for a price of EUR90.5 million (approximately US$130.3 million)," said Standard & Poor's credit analyst Matthias Raab. HTCC will fully fund the acquisition through a EUR100 million subordinated bridge loan facility, which will be pari passu with the existing subordinated bonds due 2012 and the senior unsecured notes due 2013. It will also roll over EUR26.2 million debt obligations at Memorex. At the same time we placed all ratings of the group's debt instruments on CreditWatch with negative implications. "The CreditWatch placement reflects our need to determine the effects of the acquisition on HTCC's business and financial risk profile and to see whether the expected increase in debt resulting from this transaction is compatible with the current rating on the group. We also need to better understand the implications of the bridge facility and its expected refinancing for the group's current capital structure," added Mr. Raab. At this stage, we see reasonable chances that the corporate credit rating could be affirmed. A more unlikely potential downgrade would be limited to one notch. S&P expects to resolve the CreditWatch status before the expected closing of the acquisition in February 2008. ========= I T A L Y ========= FIAT SPA: Withdraws From Nanjing Automobile Joint Venture --------------------------------------------------------- Fiat Group Automobiles and Nanjing Automobile Corporation have signed the equity transfer agreement for withdrawal of Fiat from the Nanjing-Fiat joint venture on Dec. 26, 2007, so that they can concentrate on their major but independent plans to restructure the Chinese automotive business. To assure that the needs of over 160,000 customers in China are covered, the company will continue to provide technical support to the network for as long as necessary. As in the past, the network will provide spare parts and after- sale support at the highest standards. Fiat will always guarantee continuous, quality assistance in China for all of its existing and future products. Although their collaboration in the passenger cars sector has come to an end, the long-standing cooperation between the two groups will continue in the commercial vehicle and components sectors, to the great satisfaction of both partners, and will be sustained by the ongoing structural evolution of the Chinese automotive industry. "This decision gives us total freedom of action to concentrate on the restructuring of our automotive business in China," Sergio Marchionne, CEO of the Fiat Group disclosed in a separate statement. Mr. Marchionne added, "NAC remains a very important partner of ours in the commercial vehicle sector, through the joint-venture with Iveco, which has generated mutual satisfaction over the years. Furthermore, following the merger that has been announced today between Nac and Saic, which is in turn an important partner of the Fiat Group in heavy commercial vehicles, agricultural machinery and components, our businesses in China will further be strengthened." "The Chinese market is a key element of the Fiat Group project for worldwide expansion of its automotive activities. In 2008 we will initiate large-scale importation of new models to be sold by our commercial network, which we continue to support and with which we are working tirelessly to offer customers top- quality products and services. This will further improve our familiarity with the Chinese market in view of finalizing our partnership with Chery Automobiles, one of the biggest car makers in China. This will permit the opening of a new and important phase in development of our industrial and commercial activities in China," Mr. Marchionne concluded. About Fiat S.p.A. Headquartered in Turin, Italy, Fiat S.p.A. -- http://www.fiatgroup.com/-- manufactures and sells automobiles, commercial vehicles, and agricultural and construction equipment. It also manufactures, for use by the company's automotive sectors and for sale to third parties, other automotive-related products and systems, principally power trains (engines and transmissions), components, metallurgical products and production systems. Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano. Fiat operates in Argentina, Australia, Austria, Belgium, Brazil, Bulgaria, China, Czech Republic, Denmark, France, Germany, Greece, Hungary, India, Ireland, Italy, Japan, Lituania, Netherlands, Poland, Portugal, Romania, Russia, Singapore, Spain, among others. * * * As of Dec. 10, 2007, Fiat S.p.A. Carries Moody's long-term corporate family rating of Ba1 and probability of default rating of Ba1 with positive outlook. The company also carries Standard & Poor's BB+ on long-term foreign issuer credit rating, BB+ on long-term local issuer credit rating, B on short-term foreign issuer and local issuer credit ratings. IMAX CORP: Limited Liquidity Cues S&P to Affirm CCC+ Rating ----------------------------------------------------------- Standard & Poor's Ratings Services revised its outlook on IMAX Corp. to stable from positive. S&P also affirmed the ratings on the company, including the 'CCC+' corporate credit rating. "The outlook revision reflects our expectation that crucial elements of an upgrade scenario may take longer to materialize," explained Standard & Poor's credit analyst Tulip Lim. "Although we believe there have been positive developments at the company recently and that the revenue-sharing arrangements it has struck with AMC Entertainment Inc. could improve recurring revenue and visibility, the deployment of these systems will use up the company's very limited liquid resources." S&P also expects that the revenue-sharing business model will require additional external funding for at least the next two years. S&P also lowered the rating on the US$160 million unsecured notes due 2010 to 'CCC' from 'CCC+' based on its expectation of increased borrowings under the senior secured facility, which would diminish recovery prospects of unsecured debt holders. The rating reflects the modest size of the company's niche market relative to its debt burden, weak discretionary cash flow, uncertain implications of revenue-sharing arrangements, and limited liquidity. These concerns overshadow IMAX's position as a specialized provider of giant-screen projection, camera, and sound systems; the recurring revenue provided by the installed base of 296 IMAX theater systems; and a measure of near-term revenue visibility provided by the company's backlog of pending system installations. Based in New York City and Toronto, Canada, IMAX Corporation (NASDAQ:IMAX) -- http://www.imax.com/-- is an entertainment technology company, with emphasis on film and digital imaging technologies including 3D, post-production and digital projection. IMAX is a fully-integrated, out-of-home entertainment enterprise with activities ranging from the design, leasing, marketing, maintenance, and operation of IMAX(R) theatre systems to film development, production, post- production and distribution of large-format films. IMAX also designs and manufactures cameras, projectors and consistently commits significant funding to ongoing research and development. IMAX has locations in Guatemala, India, Italy, among others. =================== K A Z A K H S T A N =================== AGROFIRM TURKSIB: Proof of Claim Deadline Slated for Jan. 29 ------------------------------------------------------------ LLP Agrofirm Turksib has declared insolvency. Creditors have until Jan. 29 to submit written proofs of claims to: LLP Agrofirm Turksib Seifullin Str. 16a Kapshagai Almaty Kazakhstan BUILD COMPLECT: Creditors Must File Claims by Jan. 25 ----------------------------------------------------- LLP Build Complect Service has declared insolvency. Creditors have until Jan. 25 to submit written proofs of claims to: LLP Build Complect Service Mendeleyev Str. 10 Boroldai Ilyisky District Almaty Kazakhstan ILI-AGRO LLP: Claims Filing Period Ends Jan. 26 ----------------------------------------------- The Tax Committee of Almaty has ordered the compulsory liquidation of LLP Ili-Agro (RNN 091300023516). Creditors have until Jan. 26 to submit written proofs of claims to: The Tax Committee of Almaty Room 208 Jangusurov Str. 113a Taldykorgan Almaty Kazakhstan Tel: 8 (3282) 24-19-77 KAZANDYK LLP: Creditors' Claims Due on Jan. 23 ---------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Kazandyk insolvent. Creditors have until Jan. 23 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktobe Aktube Kazakhstan Tel: 8 (3132) 21-30-32 NOTIS XXI: Claims Registration Ends Jan. 25 ------------------------------------------- LLP Notis XXI JSC has declared insolvency. Creditors have until Jan. 25 to submit written proofs of claims to: LLP Notis XXI JSC Zavodskaya Str. 30 Maksimovka Tselinogradsky District Akmola Kazakhstan RAUAN LLP: Proof of Claim Deadline Slated for Jan. 25 ----------------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan has declared LLP Rauan insolvent. Creditors have until Jan. 25 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of East Kazakhstan Golovkov Str. 38, 40 Ust-Kamenogorsk East Kazakhstan Kazakhstan Tel: 8 (3232) 55-37-89 SALYAN LLP: Creditors Must File Claims by Jan. 23 ------------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Salyan insolvent. Creditors have until Jan. 23 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktobe Aktube Kazakhstan Tel: 8 (3132) 21-30-32 SB STROY: Claims Filing Period Ends Jan. 29 ------------------------------------------- LLP SB Stroy Invest has declared insolvency. Creditors have until Jan. 29 to submit written proofs of claims to: LLP SB Stroy Invest Seifullin Str. 18-4 Astana Kazakhstan SHAGALA LLP: Creditors' Claims Due on Jan. 25 --------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan has declared LLP Shagala insolvent. Creditors have until Jan. 25 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of East Kazakhstan Golovkov Str. 38, 40 Ust-Kamenogorsk East Kazakhstan Kazakhstan Tel: 8 (3232) 55-37-89 TRANS EXPRESS: Claims Registration Ends Jan. 29 ----------------------------------------------- LLP Trans Express Aktobe has declared insolvency. Creditors have until Jan. 29 to submit written proofs of claims to: LLP Trans Express Aktobe Patsayev Str. 38 Aktobe Aktube Kazakhstan =================== K Y R G Y Z S T A N =================== AK-ASHUU: Creditors Must File Claims by Jan. 23 ----------------------------------------------- Credit Union Ak-Ashuu has declared insolvency. Creditors have until Jan. 23 to submit written proofs of claim to: Credit Union Ak-Ashuu Ostashkovsky Str. 58 Bishkek Kyrgyzstan ===================== N E T H E R L A N D S ===================== PARK MOUNTAIN: Moody's Puts Low-B Ratings on Two Note Classes ------------------------------------------------------------- Moody's Investors Service assigned definitive ratings to notes issued by Park Mountain SME 2007-I B.V. The ratings assigned are: -- Aaa to the EUR363,250,000 Class A3 Floating Rate Credit Linked Notes due 2016; -- Aa2 to the EUR30,300,000 Class B Floating Rate Credit Linked Notes due 2016; -- A2 to the EUR30,250,000 Class C Floating Rate Credit Linked Notes due 2016; -- Baa2 to the EUR30,250,000 Class D Floating Rate Credit Linked Notes due 2016; -- Ba2 to the EUR21,200,000 Class E Floating Rate Credit Linked Notes due 2016; -- Ba3 to the EUR30,300,000 Class F Floating Rate Credit Linked Notes due 2016. Provisional ratings were assigned on Dec. 14, 2007. The ratings address the expected loss posed to investors by the legal final maturity date in 2016. The transaction also benefits from a Loss Threshold amount of EUR22,700,000. The ratings of the notes are based upon: (1) An assessment of the credit quality and diversity of the underlying reference entities in the static portfolio; (2) The loss protection provided by the subordination of the more junior ranking classes of notes and the loss threshold; (3) The legal and structural integrity of the transaction. Park Mountain SME 2007-I B.V. is a partially funded synthetic transaction arranged by Fortis Bank N.V./S.A., in which investors are exposed to the credit risk related to a portfolio of secured and unsecured loans extended by Fortis Bank N.V./S.A. to Belgian SMEs. The credit risk transferred by Fortis Bank N.V./S.A. is related to a total portfolio of approximately EUR3.02 billion. This reference pool is made up initially of 10,545 claims to 4,847 separate obligors. The portfolio is static. The notes are scheduled to mature in November 2013 but may mature earlier should the clean up call option be exercised. The legal final maturity of the transaction is in November 2016. =========== N O R W A Y =========== PETROLEUM GEO-SERVICES: S&P Rates US$400 Million Loan at B ---------------------------------------------------------- Standard & Poor's Ratings Services had assigned its 'B' senior unsecured rating to a US$400 million convertible bond issue by Norway-based Petroleum Geo-Services ASA. The bond proceeds have been used to repay a bridge facility used to finance PGS's acquisition of Arrow Seismic ASA earlier in 2007. The rating is notched down twice from the 'BB-' corporate rating, as PGS's prioritized debt (chiefly a US$600 million secured term maturing 2015 and a US$350 million revolving credit facility matu