/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/080103.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, January 3, 2008, Vol. 9, No. 2 Headlines A U S T R I A BESSER SAUBER: Claims Registration Period Ends Jan. 8 CMC - KACHELOFENBAU: Creditors' Meeting Slated for Jan. 16 DSH INTERNATIONAL: Creditors' Meeting Slated for Jan. 9 ESEROVA & KINDERMANN: Administrator Declares Insufficient Assets HUESEYIN YILMAZ: Creditors' Meeting Slated for Jan. 17 MARIUS VELAN: Creditors' Meeting Slated for Jan. 15 MARTINOVIC-JELICA: Creditors' Meeting Slated for Jan. 10 RAI-BAU TROCKENBAU: Creditors' Meeting Slated for Jan. 15 B E L G I U M POPE & TALBOT: Hires Rothschild as Financial Advisor POPE & TALBOT: May Hire FTI to Do Financial Advisory Services POPE & TALBOT: Court OKs Stoel Rives as Special Outside Counsel F R A N C E ALCATEL-LUCENT SA: Names Vivek Mohan as Indian Biz Chief CHEMTURA CORP: Names Robert Wedinger as Chief Business Officer HARMAN INT'L: Gary Steel to Serve on Board of Directors SR TELECOM: Sells Airstar and SR500 Product Lines to Duons Group G E R M A N Y R-ESTATE GERMANY: Moody's Puts Low-B Ratings on Two Note Classes I R E L A N D COMMSCOPE INC: Completes US$2.65BB Buyout Deal with Andrew Corp. I T A L Y ALITALIA SPA: Italy Starts Exclusive Sale Talks with Air France ANDREW CORP: Completes US$2.7 Billion Merger Deal with CommScope K A Z A K H S T A N ALKOM-KOKSHETAU LLP: Proof of Claim Deadline Slated for Jan. 25 ALSU-FOOD LLP: Creditors Must File Claims by Jan. 29 ATYRAU NEFTEPRODUCT: Claims Filing Period Ends Jan. 25 IMANALI DISTRIBUTION: Creditors' Claims Due on Jan. 29 KAZAKHMYS-STROY LLP: Claims Registration Ends Jan. 25 KEREI LLP: Proof of Claim Deadline Slated for Jan. 25 RUDENOK LLP: Creditors Must File Claims by Jan. 25 SERVICE-ASTANA-1 LLP: Claims Filing Period Ends Jan. 25 SPETSSVYAZSTROY ASTANA: Creditors' Claims Due on Jan. 25 TECHCOM SERVICE: Claims Registration Ends Jan. 25 K Y R G Y Z S T A N PSK TRADE: Creditors Must File Claims by January 23, 2008 TULPAR OJSC: Proof of Claim Deadline Slated for January 26, 2008 N O R W A Y NORTEL NETWORKS: Settles Patent Dispute With Vonage Holdings NORTEL NETWORKS: Unit Commences Exchange Offer for 3 Sr. Notes P O L A N D SCO GROUP: Bankruptcy Filing Prompts Nasdaq Delisting Notice R U S S I A BALTFURNITURA OJSC: Creditors Must File Claims by Feb. 15 DANILOVSKY FLAX-TREATING: Creditors Must File Claims by Feb. 15 HYNIX: To Spend KRW147.1 Bil. for Expansion & Upgrade of Plants HYNIX SEMICON: S&P Assigns 'BB-' Rating on US$583.4MM Notes IBRESINSKY LUMBER: Creditors Must File Claims by Feb. 15 KHAKASSKIJ HEAT: Creditors Must File Claims by Feb. 15 KRASNOARMEYSKY MEAT-PACKING: Claims Filing Period Ends Feb. 15 KRASNOBORSKAYA LLC: Creditors Must File Claims by Feb. 15 KRASNOTUR'INSKOE FUELLING: Creditors Must File Claims by Feb. 15 MITSUBISHI MOTORS: Inks Incentives Grant Pact with Russia NORDOILSERVICE LLC: Creditors Must File Claims by Jan. 15 SHUISKAYA FURNITURE: Creditors Must File Claims by Feb. 15 SISTEMA JSFC: Launches Incentive Program for its Employees SPETSZHELEZOBETON CJSC: Court Starts Competitive Proceedings TVER BANK: Moody's Assigns Caa1/NP/E/Ba1.ru Global Scale Ratings TZAR-KNIGA LLC: Court Starts Bankruptcy Supervision Procedure VIMPEL-COMMUNICATIONS: CEO Izosimov to Stay Until Jan. 1, 2010 S W E D E N AVNET INC: Operating Unit Signs Distribution Deal with Zarlink QUEBECOR WORLD: Banks and Sponsors Grant Waivers Until March 31 S W I T Z E R L A N D ASG BAUMANAGEMENT: Lucerne Court Closes Bankruptcy Proceedings BRUCH-BAR LLC: Lucerne Court Starts Bankruptcy Proceedings DRIVE'IN: Creditors' Liquidation Claims Due by January 7 EMERSON COMMUNICATIONS: Creditors Must File Claims by January 7 FINNHAUS LLC: Creditors' Liquidation Claims Due by January 4 GRASSI INFORMATIK: Creditors Must File Claims by January 7 HAGGENMACHER DRUCK: Zurich Court Closes Bankruptcy Proceedings LLC RENOVISTA: Creditors' Liquidation Claims Due by January 7 MIKE'S AKKOTEAM: Basel-Country Court Starts Bankruptcy Process NEW GATE: Zurich Court Closes Bankruptcy Proceedings SIGMA ALPHA: Creditors' Liquidation Claims Due by January 7 SR INVEST: Creditors' Liquidation Claims Due by January 4 WB-CONSULT LLC: Creditors' Liquidation Claims Due by January 7 ZELLER WIL: St. Gallen Court Closes Bankruptcy Proceedings U K R A I N E AGRICULTURAL INVESTMNTS: Creditors Must File Claims by January 5 CABLE MANAGEMENT: Proofs of Claim Filing Ends January 5 CLASSIC-LINE LLC: Proofs of Claim Filing Ends January 5 CREATIN TRADE: Proofs of Claim Filing Ends January 5 KIEV BUILDING: Proofs of Claim Filing Ends January 5 MAXIMUM-FININVEST TRADE: Proofs of Claim Filing Ends January 5 NEW DAY: Proofs of Claim Filing Ends January 5 TIMESHEET LLC: Proofs of Claim Filing Ends January 5 U N I T E D K I N G D O M AQUARIUS LEASING: Taps KPMG to Administer Assets BAA LTD: Unions Call Off Planned Jan. 7 Strike Action BRITISH AIRWAYS: Faces Air Cargo Cartel Charges from EU GADE VALLEY: Brings In Liquidators from Vantis INDEPENDENT QUALITY: Calls In Liquidators from Tenon Recovery MARSTON MILLS: Appoints Ernst & Young as Administrators NEW ANGEL: Brings In Administrators from Begbies Traynor NORTHERN ROCK: RAB Capital Hikes Stake Ahead of Shareholder Mtg. RANK GROUP: Harrah's Entertainment May Launch Comeback Bid SEAMLESS RECORDINGS: Claims Filing Period Ends January 21, 2008 VONAGE HOLDINGS: Settles Patent Dispute With Nortel Networks * Upcoming Meetings, Conferences and Seminars ********* ============= A U S T R I A ============= BESSER SAUBER: Claims Registration Period Ends Jan. 8 ----------------------------------------------------- Creditors owed money by LLC besser sauber.at Vertrieb (FN 284037b) have until Jan. 8 to file written proofs of claim to court-appointed estate administrator Tobias Mitterauer at: Dr. Tobias Mitterauer Kasernenstrasse 4 5073 Wals Austria Tel: 0662/85 42 27 Fax: 0662/854227-40 E-mail: kanzlei@steger-partner.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:15 a.m. on Jan. 21 for the examination of claims. The meeting of creditors will be held at: The Land Court of Salzburg Room 221 Second Floor Salzburg Austria Headquartered in Wals bei Salzburg, Austria, the Debtor declared bankruptcy on Nov. 13, 2007 (Bankr. Case No. 23 S 78/07a). CMC - KACHELOFENBAU: Creditors' Meeting Slated for Jan. 16 ---------------------------------------------------------- Creditors owed money by LLC CMC - Kachelofenbau (FN 67461h) are encouraged to attend the creditors' meeting at 10:10 a.m. on Jan. 16. The creditors' meeting will be held at: The Trade Court of Vienna Room 1707 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 14, 2007 (2 S 152/07a). Eva-Maria Bachmann-Lang serves as the court-appointed estate administrator of the bankrupt's estate. Christian Bachmann represents Dr. Bachmann-Lang in the bankruptcy proceedings. The estate administrator can be reached at: Dr. Eva-Maria Bachmann-Lang c/o Dr. Christian Bachmann Opernring 8 1010 Vienna Austria Tel: 512 87 01 Fax: 513 82 50 E-mail: bachmann.rae@aon.at DSH INTERNATIONAL: Creditors' Meeting Slated for Jan. 9 ------------------------------------------------------- Creditors owed money by DSH International Limited (FN 276449v) are encouraged to attend the creditors' meeting at 11:10 a.m.on Jan. 9. The creditors' meeting will be held at: The Land Court of Leoben Hall 4 First Floor Leoben Austria Headquartered in Zeltweg, Austria, the Debtor declared bankruptcy on Nov. 15, 2007 (17 S 97/07v). Erwin Bajc serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Dr. Erwin Bajc Mittergasse 28 8600 Bruck an der Mur Austria Tel: 03862-51462 Fax: 03862-51462-10 E-mail: rechtsanwaelte@bzt.at ESEROVA & KINDERMANN: Administrator Declares Insufficient Assets ---------------------------------------------------------------- Mag. Petra Diwok, the court-appointed estate administrator for LLC Eserova & Kindermann (FN 255721k), declared Nov. 15 that the Debtor's property is insufficient to cover creditors' claim. The Trade Court of Vienna is yet to rule on the estate administrator's claim. Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Oct. 23, 2007 (Bankr. Case No. 2 S 146/07v). The estate administrator can be reached at: Mag. Petra Diwok Landstrasser Hauptstrasse 34 1030 Vienna Austria Tel: 713 80 57 Fax: 713 07 76 E-mail: diwok@aon.at HUESEYIN YILMAZ: Creditors' Meeting Slated for Jan. 17 ------------------------------------------------------ Creditors owed money by KEG Hueseyin Yilmaz (FN 234672g) are encouraged to attend the creditors' meeting at 10:00 a.m. on Jan. 17. The creditors' meeting will be held at: The Trade Court of Vienna Room 1703 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 13, 2007 (5 S 133/07d). Hans Gerhard Schreiber serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Dr. Hans Gerhard Schreiber Canovagasse 5 1010 Vienna Austria Tel: 505 31 71 Fax: 505 49 16 E-mail: h.schreiber@aon.at MARIUS VELAN: Creditors' Meeting Slated for Jan. 15 --------------------------------------------------- Creditors owed money by LLC Marius Velan (FN 36354m) are encouraged to attend the creditors' meeting at 10:30 a.m. on Jan. 15. The creditors' meeting will be held at: The Trade Court of Vienna Room 1607 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 12, 2007 (28 S 131/07d). Norbert Abel serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Mag. Norbert Abel Franz-Josefs-Kai 49/19 1010 Vienna Austria Tel: 533 52 72 Fax: 533 52 72 15 E-mail: office@abel-abel.at MARTINOVIC-JELICA: Creditors' Meeting Slated for Jan. 10 -------------------------------------------------------- Creditors owed money by Martinovic-Jelica KEG Fertighaus Vertrieb (FN 262682y) 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 Graz Room 222 Second Floor Graz Austria Headquartered in Graz, Austria, the Debtor declared bankruptcy on Nov. 13 (26 S 100/07m). Candidus Cortolezis serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Dr. Candidus Cortolezis Hauptplatz 14 8010 Graz Austria Tel: 0316/813973 Fax: 0316/847797 E-mail: office@cortolezis.com RAI-BAU TROCKENBAU: Creditors' Meeting Slated for Jan. 15 --------------------------------------------------------- Creditors owed money by Rai-Bau Trockenbau (FN 220840s) are encouraged to attend the creditors' meeting at 12:15 p.m. on Jan. 15. The creditors' meeting will be held at: The Trade Court of Vienna Room 1701 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 13, 2007 (6 S 146/07y). Hannelore Pitzal serves as the court-appointed estate administrator of the bankrupt's estate. Wolfgang Pitzal represents Dr. Pitzal in the bankruptcy proceedings. The estate administrator can be reached at: Dr. Hannelore Pitzal c/o Dr. Wolfgang Pitzal Paulanergasse 9 1040 Vienna Austria Tel: 587 31 11 Fax: 587 87 50 50 E-mail: office@pitzal-partner.at ============= B E L G I U M ============= POPE & TALBOT: Hires Rothschild as Financial Advisor ---------------------------------------------------- The Hon. Christopher S. Sontchi of the Unites States Bankruptcy Court for the District of Delaware has approved Pope & Talbot and its debtor-affilates' employment of Rothschild Inc. as their financial advisor and investment banker effective as of Nov. 19, 2007. The Court held that the U.S. Trustee will retain all rights to object to the Initial Sale Fee, the Completion Fee and any Financing Fee based on the reasonablenesss standard under Section 330 of the Bankruptcy Code. The Debtors will indemnify and hold Rothschild, its officers, employees and agents, harmless except in circumstances of Rothschild's gross negligence or willful misconduct. If, before the earlier of (i) the Court's confirmation of a plan of reorganization, or (ii) the Court's closing of the Debtors' Chapter 11 proceedings, Rothschild believes that it is entitled to the payment of any amounts by the Debtors on account of the Debtors' indemnification, contribution or reimbursement obligations under the terms of the Rothschild engagement letter, the Debtors will not pay any amounts to Rothschild unless approved by the Court. According to Judge Sontchi, Rothschild will not be entitled to receive a Financing Fee with respect to: -- any financing raised and provided without Rothschild's assistance; or -- any debt or equity provided by the Debtors' general unsecured creditors pursuant to an offering available to all or substantially all of the Debtors' impaired general unsecured creditors under a plan of reorganization. As reported in the Troubled Company Reporter on Dec. 3, 2007, the Debtors selected Rothschild because of its expertise in investment banking services, including domestic and cross-border restructuring, and because of the firm's extensive experience working with companies from various industries in complex financial restructuring, both out of court and in Chapter 11 cases, and familiarity with the Debtors' business, capital structure, financial affairs, and related matters. As their financial advisors, the Debtors expect Rothschild to: (a) undertake, in consultation with members of management, a comprehensive study and analysis of the Debtors' business, operations, liquidity, financial condition and prospects; (b) analyze industry trends and the Debtors' strategic position with each of its operating segments; (c) assist management in the preparation and review of the Debtors' financial or business plans, and analyze their strategic alternatives; (d) analyze liquidity and debt capacity under various strategic scenarios; (e) analyze and provide a recommendation to management with respect to incremental liquidity requirements under various strategic scenarios including the sale of certain assets; (f) assist in the development and execution of a strategy to improve the Debtors' short-term liquidity; (g) review comparable company and transaction information with respect to valuation, capital structure, operating efficiency and competitive strategies; (h) assist in valuing the Debtors and, as appropriate, valuing the Debtors' assets or operations, provided that any real estate or fixed asset appraisals will be undertaken by outside appraisers, separately retained and compensated by the Debtors; (i) advise the Debtors as to the availability of new debt or equity financing, mergers or acquisitions, and the sale or disposition of the Debtors' assets or businesses; (j) attend and present material at Board of Directors' meetings as requested by the Debtors; (k) attend meetings and interact with creditors as requested; (l) assist the Debtors and their other professionals in preparing for any potential litigation or depositions that may arise in connection with the services and provide relevant deposition or expert testimony with respect to the matters; (m) if the Debtors determine to commence Chapter 11 cases in order to pursue a transaction, and if requested by the Debtors, participate in hearings before the Court in which the cases are commenced, and provide testimony on matters and issues arising in connection with any proposed Plan; and (n) render other financial advisory and investment banking services as may be agreed upon by the Debtors and Rothschild. Stephen S. Ledoux, a professional at Rothschild, assured the Court that it is a "disinterested person," as 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). Shearman & Sterling LLP is the Debtor's bankruptcy counsel, while Laura Davis Jones, Esq. at Pachulski, Stang, Ziehl & Jones L.L.P. represents the Debtors as bankruptcy co-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 Hire FTI to Do Financial Advisory Services ------------------------------------------------------------- The United States Bankruptcy Court for the District of Delaware has authorized Pope & Talbot Inc. and its debtor-affiliates to employ FTI Consulting Inc. to perform financial advisory services for them, effective as of Nov. 19, 2007. Kelly Beaudin Stapleton, the United States Trustee for Region 3, attempted to block approval of the Debtors' request, arguing that: -- FTI Consulting's evergreen retainer is neither appropriate nor reasonable; -- the Debtors seek to enforce the Application's arbitration clause while it is still pending before the Court; and -- the indemnification provisions provide FTI Consulting with a liability cap if indemnification does not apply. William K. Harrington, Esq., trial attorney for the U.S. Trustee, argued that the use of funds from operations to compensate FTI Consulting, even though a retainer is held by the firm, provides a significant drain on the cash flow of the Debtors. By applying the retainer as an evergreen retainer, FTI Consulting is taking the unfortunate action of competing for cash flow where a deficit exists, Mr. Harrington asserted. The Hon. Christopher S. Sontchi held that FTI Consulting will be compensated, including with respect to any value-added fee, pursuant to the standards and procedures set forth in Sections 330 and 331 of the Bankruptcy Code, all applicable Bankruptcy Rules and Local Bankruptcy Rules for the United States Bankruptcy Court for the District of Delaware, guidelines established by the Office of the United States Trustee, and further Court order. Judge Sontchi permitted the Debtors to indemnify and hold FTI Consulting, its officers, employees and agents, harmless except in circumstances of FTI Consulting's gross negligence or willful misconduct. If, before the earlier of (i) the Court's confirmation of a plan of reorganization, or (ii) the Court's closing of the Debtors' Chapter 11 proceedings, FTI Consulting believes that it is entitled to the payment of any amounts by the Debtors on account of the Debtors' indemnification, contribution or reimbursement obligations under the terms of the FTI Consulting engagement letter, the Debtors will not pay any amounts to FTI Consulting unless approved by the Court, Judge Sontchi said. FTI Consulting reserves the right to file an administrative claim for any liability not covered by the FTI Consulting Employment Order, without prejudice to the right of the Debtors and any other party-in-interest to object to the claim. As reported in the Troubled Company Reporter on Dec. 4, 2007, the Debtors engaged FTI Consulting on Sept. 5, 2007, to provide them with financial advisory and consulting services. Pursuant to the terms of an engagement letter between the Debtors and FTI Consulting, dated September 5, FTI Consulting is expected to, among other things: (1) assist the Debtors with information and analyses required pursuant to the Debtors' prepetition financing; (2) assist with the identification and implementation of short-term cash management reporting procedures; (3) assist in the preparation of financial information for distribution to creditors, including cash receipts and disbursement analysis, analysis of various asset and liability accounts, and analysis of proposed transaction; (4) assist the Debtors in developing and implementing strategies to address critical trade suppliers; (5) provide assistance with tax planning and compliance issues with respect to any proposed restructuring, as well as any and all other tax assistance as may be requested from time to time; (6) assist the Debtors in the valuation of businesses and in the preparation of a liquidation valuation for a reorganization plan and disclosure purposes; (7) advise and assist the Debtors in reviewing executory contracts and providing recommendations to assume or reject; (8) advise and assist the Debtors in their assessment of the bonus, incentive and severance plans; and (9) advise and assist the Debtors in the process of identifying and reviewing DIP financing. Mr. Stanton related that Scott Rinaldi, a managing director of FTI Consulting, has been helping to oversee and coordinate the Debtors' treasury functions due to the vacancy that exists in the Debtors' treasurer position. FTI Consulting will be paid on an hourly basis: Professional Hourly Rate ------------ ----------- Senior Managing Director US$615 to US$675 Directors I Managing Directors US$450 to US$590 Associates I Consultants US$225 to US$420 Administration I Paraprofessionals US$95 to US$180 Dewey Inhoff, senior managing director with FTI Consulting, 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). Shearman & Sterling LLP is the Debtor's bankruptcy counsel, while Laura Davis Jones, Esq. at Pachulski, Stang, Ziehl & Jones L.L.P. represents the Debtors as bankruptcy co-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: Court OKs Stoel Rives as Special Outside Counsel --------------------------------------------------------------- The United States Bankruptcy Court for the District of Delaware has given permission to Pope & Talbot Inc. and its debtor- affiliates to employ Stoel Rives LLP as their special outside counsel on certain non-bankruptcy, corporate advisory matters, effective as of Nov. 19, 2007. According to the Hon. Christopher S. Sontchi, the corporate advisory matters for which Stoel Rives is being retained does not include representing the Debtors with respect to the negotiation of the terms of the proposed asset purchase agreement with International Forest Products Limited for the sale of the Debtors' wood products business. As reported in the Troubled Company Reporter Dec. 4, 2007, the Debtors told the Court that Stoel Rives LLP will advise the Debtors on a wide variety of corporate advisory matters, including: * general corporate; * securities compliance; * assisting the Debtors' counsel with non-bankruptcy aspects of mergers and acquisitions and financing; * employee benefits; * labor and employment law issues; * certain litigation matters currently pending, including two employment matters, two workers' compensation matters, and one commercial matter; and * environmental matters. The Debtors will pay for Stoel Rives' services at the firm's customary hourly rates of US$160 to US$525 for attorneys, and from US$110 to US$220 for para-professionals. The firm's hourly rates are subject to adjustment on a periodic basis. Mr. Stanton also told the Court that the Debtors have provided Stoel Rives a US$75,000 prepetition retainer. In addition, Stoel Rives has received approximately US$1,268,278 from the Debtors since Oct. 1, 2006, on account of legal services rendered. Although Stoel Rives has been paid for all outstanding balances existing as of the bankruptcy filing, Mr. Stanton clarifies, it is possible that a modest amount of fees and costs remain outstanding. In this event, the firm will file a claim for all prepetition fees and costs, much of which are likely to relate to either corporate advisory matters or the preparation of Stoel Rives' employment application, and all of which would be secured by and to the extent of the amount of the retainer. Ruth A. Beyer, Esq., a partner at Stoel Rives, assured the Court that her 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). Shearman & Sterling LLP is the Debtor's bankruptcy counsel, while Laura Davis Jones, Esq. at Pachulski, Stang, Ziehl & Jones L.L.P. represents the Debtors as bankruptcy co-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). =========== F R A N C E =========== ALCATEL-LUCENT SA: Names Vivek Mohan as Indian Biz Chief -------------------------------------------------------- Alcatel-Lucent SA has appointed Vivek Mohan as President of the company's business in India. Mr. Mohan has been part of Lucent Technologies since 2001 and after the merger he has been heading Services business for Alcatel-Lucent in South Asia. Mr. Mohan has finished his Bachelors in Computer Science from California State University and holds an MBA degree from Harvard Business School. "Alcatel-Lucent is committed to help its Indian customers grow their business and offer innovative services," Mr. Mohan said. "We have in India a talented team of recognized professionals to support them." Ravi Sharma, presently the President of South Asia business, has been appointed as Advisor to Frederic Rose, President of Europe, Africa and Asia (EAA) business, on Asian Regional Operators. In this role, Mr. Sharma will support the business in South & South East Asia and India, in developing and implementing a sound and profitable strategy to accompany Asian operators in these markets. Alcatel-Lucent will continue to leverage its positions in the fixed and mobile segment, applications and professional services, whilst also entering Industry and Public Sector markets outside the company's traditional customer base, in particular in Energy, Transport, Public Sector, Defense and Security. About Alcatel-Lucent Headquartered in Paris, France, Alcatel-Lucent S.A. -- http://www.alcatel-lucent.com/-- provides solutions that enable service providers, enterprises and governments worldwide to deliver voice, data and video communication services to end users. Alcatel-Lucent maintains operations in 130 countries, including, Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada, United States, Costa Rica, Dominican Republic, El Salvador, Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and Cambodia. * * * As reported in the TCR-Europe Nov. 9, 2007, Moody's Investors Service downgraded to Ba3 from Ba2 the Corporate Family Rating of Alcatel-Lucent. The ratings for senior debt of the group were equally lowered to Ba3 from Ba2 and the trust preferred notes of Lucent Technologies Capital Trust I have been downgraded to B2 from B1. At the same time, Moody's affirmed its Not-Prime rating for short-term debt of Alcatel-Lucent. Moody's said the outlook for the ratings is stable. Alcatel-Lucent's Long-Term Corporate Credit rating and Senior Unsecured Debt carry Standard & Poor's Ratings Services' BB rating. Its Short-Term Corporate Credit rating stands at B. CHEMTURA CORP: Names Robert Wedinger as Chief Business Officer -------------------------------------------------------------- Chemtura Corporation has appointed Robert S. Wedinger, PhD, as chief business officer, reporting directly to Chairman and Chief Executive Officer Robert Wood. Dr. Wedinger is now responsible for Chemtura's commercial organization and its four businesses: Polymer Additives, Performance Specialties, Crop and Consumer Products. Dr. Wedinger, who was serving as group president of Performance Specialties, will retain his Performance Specialties role in addition to his new responsibilities. He joined Chemtura in 2006 as vice president and general manager of Process Chemicals and Polymers. Dr. Wedinger came to Chemtura from J.M. Huber Corporation in Maryland, a private diversified manufacturer, where he served as vice president and general manager of the performance materials business and the consumer products business. His previous positions include vice president and general manager of pharmaceutical fine chemicals for Honeywell International (AlliedSignal) in New Jersey; and global technical director for the food ingredients division of FMC Corporation in Pennsylvania. Dr. Wedinger holds 10 U.S. patents and has three patents pending. He earned a Bachelor of Science in chemistry and biology from Wagner College and a Ph.D. in physical organic chemistry from the State University of New York at Stony Brook. He was a post-doctoral research fellow in synthetic organic chemistry at Harvard University. Dr. Wedinger is also a member of the SOCMA Board of Directors. About Chemtura Corp. Headquartered in Middlebury, Connecticut, Chemtura Corp. (NYSE:CEM) -- http://www.chemtura.com/-- is a global manufacturer and marketer of specialty chemicals, crop protection, and pool, spa and home care products. The company has approximately 6,400 employees around the world and sells its products in more than 100 countries. The company has facilities in Singapore, Australia, China, Hong Kong, India, Japan, South Korea, Taiwan, Thailand, Brazil, Belgium, France, Germany, Mexico, and The United Kingdom. * * * As reported in the Troubled Company Reporter-Latin America on May 18, 2007, Moody's Investors Service lowered Chemtura Corporation's ratings: -- Corporate Family Rating: Ba2 from Ba1 -- Senior notes, US$500 million due 2016: Ba2 from Ba1; LGD4 (53%) -- Senior Unsecured Notes, US$150 million due 2026: Ba2 from Ba1; LGD4 (53%) -- Senior Unsecured Notes, US$400 million due 2009: Ba2 from Ba1; LGD4 (53%) HARMAN INT'L: Gary Steel to Serve on Board of Directors ------------------------------------------------------- Harman International Industries Incorporated has appointed Gary Steel to serve as a member of the Company's Board of Directors. In connection with this appointment, the Board was expanded from seven to eight members. Mr. Steel will serve under this appointment until November 2009, at which time he will stand for reelection to the Board through the company's normal processes. Mr. Steel, a Scottish citizen, currently serves as Executive Committee member responsible for Human Resources at ABB Ltd., a leading global supplier of power and automation technologies. Previously, he served in a series of senior management positions for the Shell group of energy and petrochemical companies. His professional background includes extensive experience in human resource development, restructuring, and corporate governance. "We are delighted to welcome a global executive of Gary Steel's competence to our Board of Directors," said Dr. Sidney Harman, Chairman and Dinesh Paliwal, Chief Executive Officer. "Gary's deep expertise in human resource development, strategic initiatives and governance will serve as a valuable asset as we carefully match our company's strategy to evolving global markets and resources." Headquartered in Washington, D.C., Harman International Industries Inc. (NYSE: HAR) -- http://www.harman.com/-- makes audio systems through auto manufacturers, including DaimlerChrysler, Toyota/Lexus, and General Motors. Also the company makes audio equipment, like studio monitors, amplifiers, microphones, and mixing consoles for recording studios, cinemas, touring performers, and others. Harman Int'l has operations in Japan, Mexico and France. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 26, 2007, Standard & Poor's Ratings Services revised its CreditWatch implications for the 'BB-' corporate credit rating on Harman International Industries Inc. to positive from developing. SR TELECOM: Sells Airstar and SR500 Product Lines to Duons Group ---------------------------------------------------------------- SR Telecom Inc. sold its legacy product lines to Duons Group, a member company of the Vallee Group, based in Paris, France. The deal substantially reduces SR Telecom's expenses and protects the positions of some 28 employees in Montreal (Quebec), Canada and Mexico City, Mexico, effective immediately. The two-fold agreement, which ensures the safeguarding of current customer needs, allows for Duons to: 1. purchase the Airstar and SR 500 product lines, as well as all collateral assets, including the repair centers located in Montreal and Mexico City. Airstar-related patents remain the property of SR Telecom; Duons has been granted a royalty-free license for Airstar. 2. assume the repair function of angel and symmetryONE products. "I am pleased to be able to make this announcement," states SR Telecom President and CEO Serge Fortin, "as Duon's international presence mirrors our own and enables them to provide timely maintenance and repair of Airstar and SR500 products for customers all over the world. The added bonus is they are also capable of developing the products, should customers require it. "Where symmetryONE is concerned, SR Telecom will be able to benefit from economies of scale associated with the outsourcing and, most importantly, reduce waiting times for customers needing repair services." Earlier this year, SR Telecom announced it would be disposing of its legacy product lines, SR 500 and Airstar, to focus on its WiMAX Forum-certified symmetryMX product line. During Q2 2007, the Company issued a call for tenders for the products and associated business of its legacy line. That process, which concluded in September, resulted in the selection of Duons Group. About SR500 SR500 is a point-to-multipoint fixed wireless access system that enabled users to deliver high-quality voice and data to remote locations. Developed by SR Telecom and first introduced to the market in 1987, it was the Company's flagship product for many years. Traditionally, SR500 was used by two types of customers: telephone companies who wanted to provide the highest quality telephone lines to subscribers in primarily rural regions, and; industrial companies who used the product to provide reliable voice communications between offices as well as providing a means to transfer data and provide Supervision Control and Data Acquisition (SCADA) connections. In either case, SR500 was capable of carrying voice and data services hundreds of kilometres from the central exchange to the furthest subscriber. SR500 contributed a major portion of SR Telecom's revenues until recent years. About Airstar Airstar is a very high-capacity point-to-multipoint, line-of- sight system for carrying data traffic. A Local Multipoint Distribution Services (LMDS) product, Airstar is primarily used by carriers to offer data connections (up to several megabits per second) to a number of customers, generally businesses in an urban area. In typical applications, Airstar would transport these services to subscribers located three to ten kilometres from the data node. Launched in 1998, Airstar became part of SR Telecom's product offering in 2003, when the company acquired Netro Corporation. About Duons Group Duons Group specializes in Engineering, Support and Maintenance, providing industrial businesses with the services they need for the design, deployment, maintenance and future-proofing of their systems. Duons has been providing everyday systems management support to small and medium-sized businesses and large manufacturing groups alike for over a decade. It is a member of the Vallee Group since 2003. Duons serves customers in more than 70 countries from locations in France, Australia and the Americas. The Duons group currently has more than two hundred employees, 90% of whom are highly qualified engineers and technicians. About SR Telecom Headquartered in Quebec, Canada, SR Telecom (TSX: SRX) -- http://www.srtelecom.com/-- delivers broadband wireless access (BWA) solutions that enable service providers to deploy voice, Internet and next-generation services in urban, suburban and remote areas. The company has offices in Mexico, France and Thailand. SR Telecom Inc.'s consolidated balance sheet at June 30, 2007, showed CDN$83.9 million in total assets and CDN$97.9 million in total liabilities, resulting in a CDN$14.0 million total stockholders' deficit. SR Telecom obtained an order from the Quebec Superior Court to extend to Feb. 29, 2008, the period of the Court-ordered stay of proceedings against the company under the Companies' Creditors Arrangement Act (Canada). SR Telecom filed for creditor protection under CCAA on Nov. 19, 2007. ============= G E R M A N Y ============= R-ESTATE GERMANY: Moody's Puts Low-B Ratings on Two Note Classes ---------------------------------------------------------------- Moody's Investors Service assigned these definitive ratings to the notes issued by R-Estate Germany-6 GmbH: -- Aaa to the EUR500,000 Class A+ Floating Rate Credit Linked Notes; -- Aaa to the EUR687,600,000 Class A Floating Rate Credit Linked Notes; -- Aa1 to the EUR180,000,000 Class B Floating Rate Credit Linked Notes; -- Aa3 to the EUR147,700,000 Class C Floating Rate Credit Linked Notes; -- Baa1 to the EUR152,300,000 Class D Floating Rate Credit Linked Notes; -- Ba1 to the EUR90,000,000 Class E Floating Rate Credit Linked Notes; and -- B1 to the EUR64,600,000 Class F Floating Rate Credit Linked Notes. Moody's has not assigned a rating to the Class G Notes. In addition, Moody's Investors Service has assigned the definitive rating to a Senior Credit Default Swap between Kreditanstalt fuer Wiederaufbau and a third party in connection with the notes issued by R-Estate Germany-6 GmbH: -- Aaa to the EUR3,230,122,319 Senior Credit Default Swap. In this transaction, Hypo Real Estate Bank AG transfers the credit risk of 5,727 mostly commercial mortgage loans granted to approximately 867 borrowers and 546 borrower groups. The reference portfolio has a total balance of EUR4.615 billion. The largest borrower group accounts for 1.2% of the reference portfolio. Based on borrower groups, the Herfindahl Index is 389. The dominating property type is multi-family (60.0%), followed by office (10.4%). The dominating loan type is fully amortizing annuity loans (88.3% of the reference portfolio). The property regional distribution within Germany is dominated by the federal states of North Rhine Westfalia (20.4%) and Bavaria (14.3%). The structure is sponsored by KfW, which provides credit protection for the reference portfolio. KfW in turn hedges its exposure through a senior credit default swap and the issuance of certificates of indebtedness to R-Estate Germany-6 GmbH . R-Estate Germany-6 GmbH in return finances the acquisition of the certificates through the issuance of credit-linked Notes to investors. The loans were originated by HRE and its predecessors Bayerische Handelsbank AG, Nuernberger Hypothekenbank AG, Sueddeutsche Bodencreditbank AG and Westfaelische Hypothekenbank AG as well as Wuerttembergische Hypothekenbank AG. The loans are serviced by HRE. Based on the originator's data, the portfolio has a weighted average loan-to-value of 60.6% and an average seasoning of 9.7 years. Further favorable portfolio characteristics include the high granularity of the portfolio, the relatively small amount of third party prior ranking claims and a high portion of fixed rate loans as well as the small portion of bullet loans. Less favorable aspects include, compared to other CMBS transactions, the limited information available on borrower default drivers and historical performance of the different borrower segments. Further, the Reference Pool is subdivided into subpool 1 and subpool 2. The outstanding nominal amount of subpool 1 equals EUR677.2 million, the outstanding nominal amount of subpool 2 equals EUR3,937.9 million as of the cut-off date. In case of insolvency of HRE, subpool 1 might remain outstanding unless KfW exercises its option to terminate the certificates with respect to subpool 1. In case of serious cause, both pools might remain outstanding unless KfW exercises its options to terminate the certificates with respect to the 2 subpools. If the Bank Guarantee is terminated automatically or at the KfW option following the termination of the certificates with respect to subpool 2 only, the Notes in an amount equal to subpool 2 will be redeemed fully sequentially. A Reference loan might contribute to both pools, the amount in subpool 2 ranks prior to the amount in subpool 1 after termination of the Bank Guarantee with respect to subpool 2. In this transaction, the credit definition includes bankruptcy and failure to pay. The loss definition includes principal, accrued interest and external enforcement costs. Losses will be allocated in a reverse sequential order: first to the Class G Notes, second to the Class F Notes and last pro rata and pari passu to the Class A+ Notes and the senior credit default swap. The Notes will amortize sequentially, starting with the Class A+ Notes and the senior credit default swap on a pro-rata basis. In Moody's opinion, the structure allows for timely payment of interest and ultimate payment of principal at par on or before the rated final legal maturity date. Moody's ratings address only the credit risks associated with the transaction, other non-credit risks have not been addressed, but may have significant effect on yield to investors. ============= I R E L A N D ============= COMMSCOPE INC: Completes US$2.65BB Buyout Deal with Andrew Corp. ---------------------------------------------------------------- CommScope Inc. has completed its acquisition of Andrew Corporation for a total purchase price of approximately US$2.65 billion. Andrew will become a wholly owned subsidiary of CommScope. "We are delighted with the closing of the Andrew transaction, which marks a new chapter in the history of our company," said Frank M. Drendel, chairman and chief executive officer of CommScope. "We believe this combination will further enhance CommScope's position as a worldwide leader in 'last mile' solutions." "Combining our innovative technologies, premier brands and a top- tier customer base, we expect to expand our global service model and create an enhanced offering of communications infrastructure solutions that addresses a broader spectrum of customer needs," Mr. Drendel added. "With this acquisition, we are advancing CommScope's stated global 'last mile' strategy while creating important cost reduction and growth opportunities that we believe will drive increased shareholder value." "We look forward to working with Andrew's talented team to quickly and smoothly integrate their operations into CommScope," Mr. Drendel continued. "As we continue to invest in the combined business for profitable growth, the talented and dedicated employees of both Andrew and CommScope will continue to play a critical role in the success of the combined company. CommScope is a proven and successful integrator of strategic transactions and we expect to begin realizing the benefits of this combination immediately and enjoy them fully over the next few years." Andrew stockholders will receive, for each Andrew share, US$13.50 in cash and 0.031543 shares of CommScope common stock. This fractional share of CommScope common stock was calculated according to the terms of the merger agreement by dividing US$1.50 by US$47.554, which was the volume weighted average of the closing sale prices for a share of CommScope common stock over the ten consecutive trading days ending on Dec. 24, 2007. Financing and Interest Rate Swap CommScope funded the transaction through a combination of senior secured credit facilities and available cash on hand. The US$2.5 billion senior secured credit facilities consist of: -- a US$1.35 billion seven-year senior secured term loan facility with an interest rate of London Interbank Offered Rate plus 250 basis points; -- a US$750 million six-year senior secured term loan facility with an initial interest rate of LIBOR plus 225 basis points; and -- a US$400 million six-year senior secured revolving credit facility with an initial interest rate of LIBOR plus 225 basis points. These debt commitments provide for a weighted average initial, variable interest rate of LIBOR plus approximately 241 basis points on the senior secured term loans. At closing, no funds had been borrowed from the revolving credit facility. CommScope also has entered into an interest rate swap in order to fix the LIBOR interest rate for an initial US$1.5 billion of the overall credit facility. Through this swap CommScope fixed these amounts at a LIBOR rate of 4.07750%: -- US$1.5 billion from Dec. 27, 2007 through Dec. 31, 2008; -- US$1.3 billion from Jan. 1, 2009 through Dec. 31, 2009; -- US$1.0 billion from Jan. 2, 2010 through Dec. 31, 2010; and -- US$400 million from Jan. 1, 2011 through Dec. 31, 2011. Banc of America Securities LLC acted as financial advisor to CommScope in connection with this acquisition and Duff & Phelps LLC provided a fairness opinion to CommScope. Fried, Frank, Harris, Shriver & Jacobson LLP, Baker & McKenzie LLP and Robinson, Bradshaw & Hinson, P.A. acted as CommScope's outside legal counsel. Citi acted as the primary financial advisor to Andrew, and Merrill Lynch provided a fairness opinion. Mayer Brown LLP acted as Andrew's primary outside legal counsel. Banc of America Securities LLC and Wachovia Capital Markets, LLC acted as Joint Lead Arrangers and Joint Bookrunners in connection with the credit facilities. About Andrew Corporation Headquartered in Westchester, Illinois, Andrew Corporation (NASDAQ:ANDW) -- http://www.andrew.com/-- designs, manufactures and delivers innovative and essential equipment and solutions for the communications infrastructure market. Founded in 1937, the company serves operators and original equipment manufacturers from facilities in 35 countries. About CommScope Inc. Based in Hickory, North Carolina, CommScope Inc. (NYSE:CTV) -- http://www.commscope.com/-- is into infrastructure solutions for communication networks. CommScope's structured cabling systems for business enterprise applications includes SYSTIMAX(R) Solutions(TM) and Uniprise(R) Solutions brands. It is also the manufacturer of coaxial cable for hybrid fiber coaxial applications. CommScope has facilities in Brazil, Australia, China and Ireland. * * * As reported in the Troubled Company Reporter on Oct. 19, 2007, Standard & Poor's Ratings Services affirmed its ratings on CommScope Inc. and Andrew Corp. and removed them from CreditWatch, where they were placed on June 27, 2007, with negative implications. S&P also affirmed the 'BB-' corporate credit and 'B' subordinated debt ratings for both companies. The outlook is stable. ========= I T A L Y ========= ALITALIA SPA: Italy Starts Exclusive Sale Talks with Air France --------------------------------------------------------------- The Italian government will commence exclusive talks with Air France-KLM Group on the sale of its 49.9% stake in national carrier Alitalia S.p.A., Bloomberg News reports. "We are very satisfied with this decision," Air France CEO Jean- Cyril Spinetta said in a statement. "We are committed to rapidly reaching a solid agreement that paves the way to the profitable growth of Alitalia." As reported in the TCR-Europe on Dec. 27, 2007, Alitalia's Board of Directors, advised by Citi, Roland Berger and Grimaldi & Associati, accepted and recommended Air-France's non-binding offer to acquire Italy's stake. Alitalia noted that Air-France's proposal: * provides adequate and reliable financial and industrial assurances to successfully carry out the restructuring, development and re-launching of Alitalia, while stating, within this context, the interest and willingness to acquire control of the Company; * is more convenient from an economic point of view for the shareholders; and * is perceived to be adequately aligned with the expectations stated by the shareholder Ministry of Economy and Finance through the press release issued on July 31, 2007, as it envisages to satisfactorily safeguard the general interests considered to be essential by the Government in terms of continuity and adequateness of aviation services in Italy. The Board said its decision was based on several elements summarized as: * Air France-KLM has considerable experience and offers a high degree of industrial credibility * the business plan put forward by AirFrance-KLM has been considered highly credible and adequate to address the strategic, industrial and financial issues of Alitalia, having also considered the competitive environment in which the Company operates. * the Air France-KLM proposal is expected to generate significant synergies in favor of Alitalia, allowing for a sustainable re-launch in the long term. * from the economic point of view, the Air France-KLM non-binding proposal offers the best terms for the Ministry of Economy and Finance and for minority shareholders, and is sustained by the high degree of certainty on the availability of the financial resources for Alitalia: On Sept. 30, 2007, Air France-KLM had cash and cash equivalents of EUR4.1 billion. Furthermore, Air France-KLM undertakes to guarantee the whole amount indicated for the capital increase (EUR750 million). * the Air France-KLM non binding proposal clearly states the willingness to undertake a number of commitments towards the Italian State on these topics: * the Air France-KLM proposal includes labor considerations on the levels of employment in line with Alitalia's Survival/Transition Plan. Air France-KLM indicates the intention to consider measures to involve employees with profit sharing schemes based on economic results. About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/-- provides air travel services for passengers and air transport of cargo on national, international and inter-continental routes. The Italian government owns 49.9% of Alitalia. The company has operations in Argentina. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia posted EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked annual net losses of EUR520 million in 2003, EUR813 million in 2004, EUR168 million in 2005, and EUR625.6 million in 2006. Italian Transport Minister Alessandro Bianchi has warned that Alitalia may file for bankruptcy if the current attempt to sell the government's 49.9% stake fails. ANDREW CORP: Completes US$2.7 Billion Merger Deal with CommScope ---------------------------------------------------------------- Andrew Corporation has completed its acquisition agreement with CommScope Inc. The transaction was valued for approximately US$2.65 billion. Andrew will become a wholly owned subsidiary of CommScope. "We are delighted with the closing of the Andrew transaction, which marks a new chapter in the history of our company," said Frank M. Drendel, chairman and chief executive officer of CommScope. "We believe this combination will further enhance CommScope's position as a worldwide leader in 'last mile' solutions." "Combining our innovative technologies, premier brands and a top- tier customer base, we expect to expand our global service model and create an enhanced offering of communications infrastructure solutions that addresses a broader spectrum of customer needs," Mr. Drendel added. "With this acquisition, we are advancing CommScope's stated global 'last mile' strategy while creating important cost reduction and growth opportunities that we believe will drive increased shareholder value." "We look forward to working with Andrew's talented team to quickly and smoothly integrate their operations into CommScope," Mr. Drendel continued. "As we continue to invest in the combined business for profitable growth, the talented and dedicated employees of both Andrew and CommScope will continue to play a critical role in the success of the combined company. CommScope is a proven and successful integrator of strategic transactions and we expect to begin realizing the benefits of this combination immediately and enjoy them fully over the next few years." Andrew stockholders will receive, for each Andrew share, US$13.50 in cash and 0.031543 shares of CommScope common stock. This fractional share of CommScope common stock was calculated according to the terms of the merger agreement by dividing US$1.50 by US$47.554, which was the volume weighted average of the closing sale prices for a share of CommScope common stock over the ten consecutive trading days ending on Dec. 24, 2007. Financing and Interest Rate Swap CommScope funded the transaction through a combination of senior secured credit facilities and available cash on hand. The US$2.5 billion senior secured credit facilities consist of: -- a US$1.35 billion seven-year senior secured term loan facility with an interest rate of London Interbank Offered Rate plus 250 basis points; -- a US$750 million six-year senior secured term loan facility with an initial interest rate of LIBOR plus 225 basis points; and -- a US$400 million six-year senior secured revolving credit facility with an initial interest rate of LIBOR plus 225 basis points. These debt commitments provide for a weighted average initial, variable interest rate of LIBOR plus approximately 241 basis points on the senior secured term loans. At closing, no funds had been borrowed from the revolving credit facility. CommScope also has entered into an interest rate swap in order to fix the LIBOR interest rate for an initial US$1.5 billion of the overall credit facility. Through this swap CommScope fixed these amounts at a LIBOR rate of 4.07750%: -- US$1.5 billion from Dec. 27, 2007 through Dec. 31, 2008; -- US$1.3 billion from Jan. 1, 2009 through Dec. 31, 2009; -- US$1.0 billion from Jan. 2, 2010 through Dec. 31, 2010; and -- US$400 million from Jan. 1, 2011 through Dec. 31, 2011. Banc of America Securities LLC acted as financial advisor to CommScope in connection with this acquisition and Duff & Phelps LLC provided a fairness opinion to CommScope. Fried, Frank, Harris, Shriver & Jacobson LLP, Baker & McKenzie LLP and Robinson, Bradshaw & Hinson, P.A. acted as CommScope's outside legal counsel. Citi acted as the primary financial advisor to Andrew, and Merrill Lynch provided a fairness opinion. Mayer Brown LLP acted as Andrew's primary outside legal counsel. Banc of America Securities LLC and Wachovia Capital Markets, LLC acted as Joint Lead Arrangers and Joint Bookrunners in connection with the credit facilities. About CommScope Inc. Based in Hickory, North Carolina, CommScope Inc. (NYSE:CTV) -- http://www.commscope.com/-- is into infrastructure solutions for communication networks. CommScope's structured cabling systems for business enterprise applications includes SYSTIMAX(R) Solutions(TM) and Uniprise(R) Solutions brands. It is also the manufacturer of coaxial cable for hybrid fiber coaxial applications. About Andrew Corporation Headquartered in Westchester, Illinois, Andrew Corporation (NASDAQ:ANDW) -- http://www.andrew.com/-- designs, manufactures and delivers innovative and essential equipment and solutions for the communications infrastructure market. Founded in 1937, the company serves operators and original equipment manufacturers from facilities in 35 countries including China, India, Italy, Czech Republic, Argentina, Bahamas, Belize, Barbados, Bermuda and Brazil. * * * As reported in the Troubled Company Reporter on Oct. 19, 2007, Standard & Poor's Ratings Services affirmed its ratings on CommScope Inc. and Andrew Corp. and removed them from CreditWatch, where they were placed on June 27, 2007, with negative implications. S&P also affirmed the 'BB-' corporate credit and 'B' subordinated debt ratings for both companies. S&P said the outlook is stable. =================== K A Z A K H S T A N =================== ALKOM-KOKSHETAU LLP: Proof of Claim Deadline Slated for Jan. 25 --------------------------------------------------------------- The Specialized Inter-Regional Economic Court of Akmola has declared LLP Alkom-Kokshetau insolvent. Creditors have until Jan. 25 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Akmola Room 228 Auelbekov Str. 139a Kokshetau Akmola Kazakhstan ALSU-FOOD LLP: Creditors Must File Claims by Jan. 29 ---------------------------------------------------- LLP Alsu-Food has declared insolvency. Creditors have until Jan. 29 to submit written proofs of claims to: LLP Alsu-Food Mailykoja Str. Saryagash South Kazakhstan Kazakhstan ATYRAU NEFTEPRODUCT: Claims Filing Period Ends Jan. 25 ------------------------------------------------------ The Specialized Inter-Regional Economic Court of Aktube has declared LLP Atyrau Nefteproduct insolvent. Creditors have until Jan. 25 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 IMANALI DISTRIBUTION: Creditors' Claims Due on Jan. 29 ------------------------------------------------------ LLP Imanali Distribution has declared insolvency. Creditors have until Jan. 29 to submit written proofs of claims to: LLP Imanali Distribution Dunayevsky Str. 15 Talgar District 041600, Almaty Kazakhstan KAZAKHMYS-STROY LLP: Claims Registration Ends Jan. 25 ----------------------------------------------------- LLP Kazakhmys-Stroy has declared insolvency. Creditors have until Jan. 25 to submit written proofs of claims to: LLP Kazakhmys-Stroy Micro District Samal-2, 69a Almaty Kazakhstan KEREI LLP: Proof of Claim Deadline Slated for Jan. 25 ----------------------------------------------------- The Specialized Inter-Regional Economic Court of Kyzylorda has declared LLP Kerei insolvent. Creditors have until Jan. 25 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kyzylorda Aiteke bi Str. 29 Kyzylorda Kazakhstan RUDENOK LLP: Creditors Must File Claims by Jan. 25 -------------------------------------------------- The Specialized Inter-Regional Economic Court of North Kazakhstan has declared LLP Rudenok insolvent. Creditors have until Jan. 25 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of North Kazakhstan Department of Agriculture Konstitutsiya Kazakhstana Str. 38 Petropavlovsk North Kazakhstan Kazakhstan SERVICE-ASTANA-1 LLP: Claims Filing Period Ends Jan. 25 ------------------------------------------------------- LLP Service-Astana-1 has declared insolvency. Creditors have until Jan. 25 to submit written proofs of claims to: LLP Service-Astana-1 Manas Str. 4 Astana Kazakhstan Tel: 8 (3172) 37-07-25 SPETSSVYAZSTROY ASTANA: Creditors' Claims Due on Jan. 25 -------------------------------------------------------- LLP Spetssvyazstroy Astana has declared insolvency. Creditors have until Jan. 25 to submit written proofs of claims to: LLP Spetssvyazstroy Astana Sofiyevskoye high way, 6 Astana Kazakhstan Tel: 8 (3172) 32-49-56 TECHCOM SERVICE: Claims Registration Ends Jan. 25 ------------------------------------------------- The Specialized Inter-Regional Economic Court of Akmola has declared LLP Techcom Service insolvent. Creditors have until Jan. 25 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Akmola Room 228 Auelbekov Str. 139a Kokshetau Akmola Kazakhstan =================== K Y R G Y Z S T A N =================== PSK TRADE: Creditors Must File Claims by January 23, 2008 --------------------------------------------------------- LLC PSK Trade Company has declared insolvency. Creditors have until Jan. 23, 2008 to submit written proofs of claim. Inquiries can be addressed to (0-772) 50-16-48. TULPAR OJSC: Proof of Claim Deadline Slated for January 26, 2008 ---------------------------------------------------------------- OJSC Tulpar has declared insolvency. Creditors have until Jan. 26, 2008 to submit written proofs of claim to: OJSC Tulpar Amrayev Street Sulukta Batken Kyrgyzstan =========== N O R W A Y =========== NORTEL NETWORKS: Settles Patent Dispute With Vonage Holdings ------------------------------------------------------------ Nortel Networks Corp. and Vonage Holdings Corp. have agreed in principle to end the litigation pending between them. The contemplated settlement involves a limited cross license to three Nortel and three Vonage patents and will not call for any monetary payments by any party. Claims relating to past damages and the remaining patents will be dismissed without prejudice. The settlement is subject to final documentation. "We are pleased to resolve this issue and enter into a productive relationship with Nortel," said Vonage Chief Legal Officer Sharon O'Leary. According to a Bloomberg report cited by the Troubled Company Reporter on Dec. 21, 2007, Nortel sued Vonage alleging infringement on 12 patents covering technology used in managing telephone data. Bloomberg's report said Nortel's lawsuit came after Vonage sued Nortel's U.S. unit in August seeking to invalidate three of the patents, arguing that the patents shouldn't have been issued by the U.S. Patent and Trademark Office. Nortel denied the allegations and claimed that Vonage is violating the three patents and nine others, Bloomberg said. The Delaware case is Vonage Holdings Corp. v. Nortel Networks Inc., 07CV507, U.S. District Court, Delaware (Wilmington). About Vonage Headquartered in Holmdel, New Jersey, Vonage Holdings Corp. (NYSE:VG) -- http://www.vonage.com/-- provides broadband telephone services with over 1.4 million subscriber lines as of February 8, 2006. Utilizing its voice over Internet protocol technology platform, the company offers feature-rich, low-cost communications services with a call quality comparable to traditional telephone services. While customers in the United States represent over 95% of its subscriber lines, Vonage continues to expand internationally, having launched its service in Canada in November 2004, and in the United Kingdom in May 2005. About Nortel Networks Headquartered in Ontario, Canada, Nortel Networks Corporation (NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next- generation technologies, for both service provider and enterprise networks, support multimedia and business-critical applications. Nortel's technologies are designed to help eliminate today's barriers to efficiency, speed and performance by simplifying networks and connecting people to the information they need, when they need it. Nortel does business in more than 150 countries around the world including Indonesia, the United Kingdom, Denmark, Russia, Norway, Australia, Brazil, China, Singapore, among others. Nortel Networks Limited is the principal direct operating subsidiary of Nortel Networks Corporation. * * * Nortel Networks Corp. still carries Moody's Investors Service 'B3' Senior Unsecured Debt rating which was placed on March 22, 2007. NORTEL NETWORKS: Unit Commences Exchange Offer for 3 Sr. Notes -------------------------------------------------------------- Nortel Networks Corporation's principal direct operating subsidiary, Nortel Networks Limited, has commenced offers to exchange: (1) any and all of the US$450,000,000 outstanding principal amount of 10.75% Senior Notes due 2016 for an equal amount of new 10.75% Senior Notes due 2016; (2) any and all of the US$550,000,000 outstanding principal amount of 10.125% Senior Notes due 2013 for an equal amount of new 10.125% Senior Notes due 2013; and (3) any and all of the US$1,000,000,000 outstanding principal amount of Floating Rate Senior Notes due 2011 for an equal amount of new Floating Rate Senior Notes due 2011. The outstanding notes are, and the new notes will be, fully and unconditionally guaranteed by Nortel Networks Corporation and initially guaranteed by Nortel Networks Inc. The terms of the new notes are substantially the same as the original notes, except that the new notes will be registered under the U.S. Securities Act of 1933, as amended, and the new notes have no transfer restrictions, rights to additional interest or registration rights, except for certain restrictions on transfers of new notes in Canada under applicable Canadian securities laws. The new notes have not been, and will not be, qualified for distribution under the securities laws of any province or territory of Canada except pursuant to available exemptions therefrom. A written prospectus providing the terms of each exchange offer may be obtained through the information agent, which can be contacted at: D.F. King & Co., Inc. 48 Wall Street New York, NY 10005 Banks and brokers call: (212) 269-5550 All others call: (800) 659-6590 The exchange offers commenced on Dec. 21 2007, and are scheduled to expire at 5:00 p.m., New York City time, on Jan. 25, 2008, unless extended. About Nortel Networks Headquartered in Ontario, Canada, Nortel Networks Corporation (NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next- generation technologies, for both service provider and enterprise networks, support multimedia and business-critical applications. Nortel's technologies are designed to help eliminate today's barriers to efficiency, speed and performance by simplifying networks and connecting people to the information they need, when they need it. Nortel does business in more than 150 countries around the world. Nortel Networks Limited is the principal direct operating subsidiary of Nortel Networks Corporation. * * * Nortel Networks Corp. still carries Moody's Investors Service 'B3' Senior Unsecured Debt rating which was placed on March 22, 2007. =========== P O L A N D =========== SCO GROUP: Bankruptcy Filing Prompts Nasdaq Delisting Notice ------------------------------------------------------------ The SCO Group, Inc. received a Nasdaq Staff Determination letter on Dec. 21, 2007, indicating that as a result of having filed for protection under Chapter 11 of the U.S. Bankruptcy Code, the Nasdaq Listing Qualifications Panel has determined to delist the company's securities from the Nasdaq Stock Market and has suspended trading of the securities effective at the open of business on Dec. 27, 2007. Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX) fka Caldera International Inc. -- http://www.sco.com/-- provides software technology for distributed, embedded and network-based systems, offering SCO OpenServer for small to medium business and UnixWare for enterprise applications and digital network services. The company has office locations in Australia, Austria, Argentina, Brazil, China, Japan, Poland, Russia, the United Kingdom, among others. The company and its affiliate, SCO Operations Inc., filed for Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead Case No. 07-11337). Epiq Bankruptcy Solutions, LLC, acts as the Debtors' claims and noticing agent. The United States Trustee failed to form an Official Committee of Unsecured Creditors in these cases due to insufficient response from creditors. The Debtors' exclusive period to file a chapter 11 plan expires on March 12, 2008. The Debtors' schedules of assets and liabilities showed total assets of US$9,549,519 and total liabilities of US$3,018,489. =========== R U S S I A =========== BALTFURNITURA OJSC: Creditors Must File Claims by Feb. 15 ---------------------------------------------------------- Creditors of OJSC Baltfurnitura have until Feb. 15 to submit proofs of claim to: OJSC Baltfurnitura Ozerki Settlement Gvardeisky Raion 238224 Kaliningrad Russia The Arbitration Court of Kaliningrad will convene at 10:00 a.m. on April 7 to hear the company's bankruptcy supervision procedure. The Court appointed S. Ya. Birkle as interim manager for the company. The case is docketed under Case No. A21-358/ 2007. The Court is located at: The Arbitration Court of Kaliningrad Room 406 Rokossovskogo Str. 2 Kaliningrad Russia The Debtor can be reached at: OJSC Baltfurnitura Ozerki Settlement Gvardeisky Raion 238224 Kaliningrad Russia DANILOVSKY FLAX-TREATING: Creditors Must File Claims by Feb. 15 --------------------------------------------------------------- Creditors of Danilovsky Flax-Treating Plant Municipal Unitary Enterprise have until Feb. 15 to submit proofs of claim to: V. V. Anchukov Competitive Proceedings Manager Office 44 Lunacharskogo Prospekt 43 Cherepovets 162614 Vologda Russia The Arbitration Court of Yaroslavl' commenced competitive proceedings against the company after finding it insolvent on Nov. 12, 2007. The case is docketed under Case No. A82-2690/ 2007-30-B/23. The Debtor can be reached at: Danilovsky Flax-Treating Plant Municipal Unitary Enterprise Roschina Settlement Danilovsky Raion Yaroslavl' Russia HYNIX: To Spend KRW147.1 Bil. for Expansion & Upgrade of Plants --------------------------------------------------------------- Hynix Semiconductor Inc. would invest KRW147.1 billion to expand and upgrade its existing plants. According to the report, the company said the investment would increase its production capacity and enhance price competitiveness. Rhee So-eui of Reuters writes that some of the funds will be spent on research and development. Headquartered in Echon, South Korea, Hynix Semiconductor Inc -- http://www.hynix.com/-- is a semiconductor manufacturer. Through a merger with LG Semiconductor in 1999, Hynix Semiconductor now has the world's largest dynamic random access memory chip production capacity as well as the industry's best technical development capacity by fully exploiting synergies resulting from the historical integration of both companies. The company has operations in Russia, and the United States. * * * The Troubled Company Reporter-Asia Pacific reported on June 19, 2007, that Moody's Investors Service upgraded to Ba2 from Ba3 Hynix Semiconductor Inc's senior unsecured bond rating and corporate family rating. At the same time, Moody's assigned a Ba2 senior unsecured bond rating for Hynix's proposed US$500 million issuance. The outlook for the ratings is stable. HYNIX SEMICON: S&P Assigns 'BB-' Rating on US$583.4MM Notes ----------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'BB-' rating to Hynix Semiconductor Inc.'s US$583.4 million unsubordinated and unsecured convertible notes maturing in 2012. The ratings on Korea-based Hynix reflect the severe pricing pressures and the cyclical, capital-intensive nature of the commodity DRAM industry, from which the company derives the bulk of its revenues. However, these industry risks are mitigated by the company's strong market share and good cost position in the DRAM industry, as well as its improving market position in the NAND flash industry. Hynix has improved its market position in DRAM to second globally, and NAND flash to third globally, over the past few years, backed by its strong design capabilities and proven process technologies. The company posted strong operating performance through 2006, and its cash position has improved, indicating a recovery in its ability to make needed capital expenditures to maintain its cost-leadership position and service debt through business cycles. At 23%, Hynix had the second-largest market share in the global DRAM industry as of September 2007, following industry leader Samsung Electronics Co. Ltd. (A/Stable/A-1) at 28%. Micron Technology Inc. (BB-/Stable/--), another competitor, has considerably reduced its position in the commodity DRAM market. In China, Hynix had a leading position with about 58% market share as of September 2007, benefiting from the country's booming PC and consumer electronics market. Rising leverage remains a concern, with debt-to-EBITDA reaching 0.9x in 2006 from 0.7x in 2005. Given the company's heavy capital expenditures in 2007 and 2008, free cash flow is likely to be negative over the medium term. However, mitigating factors include Hynix's commitment toward maintaining positive free operating cash flow after 2008 and its efforts to diversify debt maturities through refinancing with longer maturity notes. About Hynix Semiconductor Inc. Headquartered in Echon, South Korea, Hynix Semiconductor Inc -- http://www.hynix.com/ -- is a semiconductor manufacturer. Through a merger with LG Semiconductor in 1999, Hynix Semiconductor now has the world's largest dynamic random access memory chip production capacity as well as the industry's best technical development capacity by fully exploiting synergies resulting from the historical integration of both companies. The company has operations in Russia, and the United States. IBRESINSKY LUMBER: Creditors Must File Claims by Feb. 15 -------------------------------------------------------- Creditors of OJSC Ibresinsky Lumber Integrated Plant have until Feb. 15 to submit proofs of claim to: V. I. Emelyanov Competitive Proceedings Manager Office 12 Pristroy P. Lumumby Str. 8 428022 Chuvash Russia The Arbitration Court of Chuvash commenced competitive proceedings against the company after finding it insolvent on Nov. 8, 2007. The case is docketed under Case No. A79-5152/ 2005. The Debtor can be reached at: OJSC Ibresinsky Lumber Integrated Plant Ibresi Settlement Chuvash Russia KHAKASSKIJ HEAT: Creditors Must File Claims by Feb. 15 ------------------------------------------------------ Creditors of Khakasskij Heat Engineering Plant LLC have until Feb. 15 to submit proofs of claim to: A. V. Savinsky Competitive Proceedings Manager Office 301 Aerovokzal'naya Str. 19 660022 Krasnoyarsk Russia The Arbitration Court of Krasnoyarsk Krai commenced competitive proceedings against the company after finding it insolvent on Oct. 31, 2007. The case is docketed under Case No. A33-8384/ 2007. The Court is located at: The Arbitration Court of Krasnoyarsk Krai Lenina Str. 143 660021 Krasnoyarsk Russia The Debtor can be reached at: Khakasskij Heat Engineering Plant LLC Zheleznodorozhnikov Str. 18B 660075 Krasnoyarsk Russia KRASNOARMEYSKY MEAT-PACKING: Claims Filing Period Ends Feb. 15 -------------------------------------------------------------- Creditors of CJSC Krasnoarmeysky Meat-Packing Factory have until Feb. 15 to submit proofs of claim to: A. V. Shlyakhov Competitive Proceedings Manager Pr. Lenina 72 400005 Volgograd Russia The Arbitration Court of Volgograd commenced one-year competitive proceedings against the company after finding it insolvent on Nov. 23, 2007. The case is docketed under Case No. A12-4920/07-c50. The Debtor can be reached at: CJSC Krasnoarmeysky Meat-Packing Factory Malaya Zemlya Heroes Str. 27 Volgograd Russia KRASNOBORSKAYA LLC: Creditors Must File Claims by Feb. 15 ---------------------------------------------------------- Creditors of Cheese-Making Company Krasnoborskaya LLC have until Feb. 15 to submit proofs of claim to: A. A. Borunov Competitive Proceedings Manager Building 1 Mira Pr. 68 129110 Moscow Russia Tel: (495) 680-11-93 The Arbitration Court of Smolensk commenced competitive proceedings against the company after finding it insolvent on Nov. 7, 2007. The case is docketed under Case No. A62-628/ 2007 1306-H. The Court is located at: The Arbitration Court of Smolensk Pr. Gagarina 46 214001 Smolensk Russia The Debtor can be reached at: Cheese-Making Company Krasnoborskaya LLC Vokzal'naya Str. 1 214012 Smolensk Russia KRASNOTUR'INSKOE FUELLING: Creditors Must File Claims by Feb. 15 ---------------------------------------------------------------- Creditors of OJSC Krasnotur'inskoe Fuelling Enterprise have until Feb. 15 to submit proofs of claim to: S. V. Semenov Competitive Proceedings Manager P.O. Box 439 620000 Ekaterinburg Russia The Arbitration Court of Sverdlovsk commenced competitive proceedings against the company after finding it insolvent on Oct. 31, 2007. The case is docketed under Case No. A60-2263/ 2007-C11. The Court is located at: The Arbitration Court of Sverdlovsk Lenina Pr. 34 620151 Ekaterinburg Russia The Debtor can be reached at: OJSC Krasnotur'inskoe Fuelling Enterprise Klyuchik Str. 1a Krasnotur'insk Sverdlovsk Russia MITSUBISHI MOTORS: Inks Incentives Grant Pact with Russia --------------------------------------------------------- Mitsubishi Motors Corporation that it signed an agreement for the granting of incentives (decree 166) for industrial assembly with the Ministry of Economic Development & Trade of the Russian Federation. This agreement is endowed with the right to incentives, but MMC is still in the process of studying the feasibility of local production in Russia. MMC will make an announcement once all of its plans are set. Decree 166 covers the granting of incentives for automakers relating to establishment of local production facilities. Such incentives include customs duties relief or privileges for importation of automobile components. Chang-Ran Kim of Reuters cites a source as saying that MMC would agree on the deal with the intention of assembling cars locally by mid-2010. CSM Worlwide analyst Hirofumi Yokoi is quoted by Makiko Kitamura and Kiyori Ueno of Bloomberg News as saying, "Mitsubishi has carved out a niche as the third-largest Japanese carmaker in the fast-growing Russia market." MMC's Lancer sedan was the 11th most popular car in Russia by sales from January to November, relates Bloomberg. The report added that the automaker may increase vehicle sales in the country by 40% next year to 140,000 units. About Mitsubishi Motors Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation -- http://www.mitsubishi-motors.co.jp/-- is one of the few automobile companies in the world that produces a full line of automotive products ranging from 660-cc mini cars and passenger cars to commercial vehicles and heavy-duty trucks and buses. The company also operates consumer-financing services and provides this to its customer base. MMC adopted the Mitsubishi Motors Revitalization Plan on Jan. 28, 2005, as its three- year business plan covering fiscal 2005 through 2007, after investor DaimlerChrysler backed out from the company. The main objectives of the plan are "Regaining Trust" and "Business Revitalization. The company has operations worldwide, covering the United States, Germany, the United Kingdom, Italy, the Netherlands, Russia, the Philippines, Indonesia, Malaysia, China and Australia. Its products are sold in over 170 countries. * * * The Troubled Company Reporter-Asia Pacific reported on July 10, 2007, that Rating and Investment Information, Inc. has lifted its issuer rating from 'B' to 'B+' with a stable outlook. Also, R&I affirmed its 'B' rating for its domestic commercial paper program. The upgrade in rating, according to the report, is due to the fact that Mitsubishi Motors has been working to restructure its operations since it announced its Mitsubishi Motors Revitalization Plan in January 2005 and despite difficult domestic market conditions caused by factors like shrinking vehicle demand, Mitsubishi Motors has managed to leverage new model introductions to gradually restore its earnings base. NORDOILSERVICE LLC: Creditors Must File Claims by Jan. 15 --------------------------------------------------------- Creditors of Nordoilservice LLC have until Jan. 15 to submit proofs of claim to: A. P. Shalygo Interim Manager P.O. Box 107 115054 Moscow Russia The Arbitration Court of Moscow will convene at 2:00 p.m. on April 8 to hear the company's bankruptcy supervision procedure after finding it insolvent on Dec. 10, 2007. The case is docketed under Case No. A40-54724/07-36-130B. The Court is located at: The Arbitration Court of Moscow Hall 728 Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: Nordoilservice LLC Pereulok Nikoloyamskoy 4/6, 3 109004 Moscow Russia SHUISKAYA FURNITURE: Creditors Must File Claims by Feb. 15 ---------------------------------------------------------- Creditors of CJSC Shuiskaya Furniture Factory have until Feb. 15 to submit proofs of claim to: V. I. Churyumov Competitive Proceedings Manager P.O. Box 115 603000 Nizhny Novgorod Russia The Arbitration Court of Ivanovo commenced one-year competitive proceedings against the company after finding it insolvent on Nov. 19, 2007. The case is docketed under Case No. A17-1934/ 07-14B. The Court is located at: The Arbitration Court of Ivanovo B. Khmelnitskogo Str. 59B Ivanovo Russia The Debtor can be reached at: CJSC Shuiskaya Furniture Factory 1st Nagornaya Str. 1/3 Shuya 155902 Ivanovo Russia SISTEMA JSFC: Launches Incentive Program for its Employees ---------------------------------------------------------- Sistema JSFC launched a long-term incentive program for its employees on Dec. 28, 2007. The program will encompass up to 110 top and middle managers of Sistema. Participants will be entitled to exercise their rights granted under all of the below-mentioned plans during one year following the expiration of a three-year period from the execution date of the respective agreement. Under the plans for the phantom stock of Sistema and phantom stock of its public subsidiaries there will be distributed 20,000 phantom shares of Sistema, 996,000 phantom shares of MTS, 1,190,500 phantom shares of Comstar, 37,600 phantom shares of Sistema Hals, and 45,455,000 phantom shares of Sitronics. The total amount of the remuneration linked to the phantom shares of Sistema and its public subsidiaries will be based on the market value of the companies' shares at the time of exercise of any rights by the program's participants. Under the stock option plan for ordinary shares of Sistema's non-public subsidiaries the corporation allocates certain parts of its stakes in the charter capital of the subsidiaries. The following table set out the total number of the issued ordinary shares of the non-public subsidiaries of Sistema allocated for the purposes of the stock option plan: Company The aggregate part of the issued charter capital allocated for the stock option purposes JSCB "MBRD" 2.2% OJSC "Detskiy Mir-Center" 2.5% OJSC "Sistema Mass-media" 2.5% OJSC "VAO Intourist" 4.0% Concern "Radiotechnical and Informational Systems", JSC 5.0% CJSC Medsi Group of companies 5.0% CJSC "Binnopharm" 5.0% Under the Sistema's stock Bonus plan the total amount of Sistema's treasury stock currently being allocated for the plan purposes is expected to be 0.1% of the issued share capital of Sistema. Besides that the Sistema's Board of Directors may grant additional Sistema's stock bonuses for top and middle managers of Sistema as an individual annual incentive. "One of Sistema's priorities is the attraction and retention of the best managers and professional in the market. This program will enable us to enhance monetary motivation of our current and new employees. Sistema has always been one of the most attractive employers in Russia and thanks to this program, is going to strengthen its position in the labor market," Alexander Goncharuk Sistema president commented. About Sistema Sistema JSFC (LSE: SSA) -- http://www.sistema.com/-- is the largest private sector consumer services company in Russia and the CIS, with over 65 million customers. Sistema develops and manages market-leading businesses in selected service-based industries, including telecommunications, technology, insurance, banking, real estate, retail and media. Founded in 1993, the company reported revenues of US$7.5 billion for the first nine months of year 2006, and total assets of US$18.5 billion as at Sept. 30, 2006. Sistema's shares are listed under the symbol 'SSA' on the London Stock Exchange, under the symbol 'AFKS' on the Russian Trading System (RTS), and under the symbol 'SIST' on the Moscow Stock Exchange (MSE). * * * As reported in the TCR-Europe on Oct. 26, 2007, Moody's Investors Service upgraded the corporate family ratings of JSFC Sistema to Ba3 from B1. Moody's said the outlook on the ratings is positive. Simultaneously, Moody's upgraded the existing Sistema Capital S.A. Notes and MTN program ratings to Ba3 from B3. The company carries Standard & Poor's BB- issuer credit rating with positive outlook and Fitch Ratings' BB- issuer default rating with stable outlook. SPETSZHELEZOBETON CJSC: Court Starts Competitive Proceedings ------------------------------------------------------------ The Arbitration Court of Moscow commenced competitive proceedings against CJSC Spetszhelezobeton after finding it insolvent on Nov. 29, 2007. The case is docketed under Case No. A41-K2-4061/07. The Competitive Proceedings Manager is: Yu. V. Chernikova 129110 Orlovsly Per. 5 Russia The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: CJSC Spetszhelezobeton Soviet Str. 1a Shatura Russia TVER BANK: Moody's Assigns Caa1/NP/E/Ba1.ru Global Scale Ratings ---------------------------------------------------------------- Moody's Investors Service assigned these global scale ratings to Joint-Stock Business Bank TVER JSC: -- bank financial strength rating of E; and -- long-term and short-term local and foreign currency deposit ratings of Caa1/Not Prime. Concurrently, Moody's Interfax Rating Agency assigned a long- term national scale rating of Ba1.ru to Bank TVER. Moscow-based Moody's Interfax is majority-owned by Moody's, a leading global rating agency. The outlook on the global scale ratings is stable, while the national scale rating carries no specific outlook. According to Moody's and Moody's Interfax, the Caa1/Not Prime/E global scale ratings reflect global default and loss expectation, while the Ba1.ru national scale rating reflects the standing of Bank TVER's credit quality relative to that of its domestic peers. According to Moody's, Bank TVER's ratings reflect the bank's sound economic capitalization and its currently good asset quality. However, the ratings are constrained by the bank's small market franchise, very high concentration of its funding base, relatively decreasing level of liquidity due to the growing share of the loan portfolio in the structure of its total assets and a high market risk appetite resulting in a potentially highly volatile nature of its operating income. Moody's notes that Bank TVER is unlikely to receive support from the Russian government in case of distress. The scope and timeliness of the support from the bank's shareholders also remains uncertain. Therefore, bank TVER's deposit ratings are based solely on its Baseline Credit Assessment of Caa1/Not Prime. Hence, the Caa1 long-term foreign currency deposit rating assigned to the bank does not incorporate any probability of external support. Moody's notes that an upgrade of Bank TVER's deposit ratings might be possible in the event of significant growth of its market franchise together with decreasing concentration of the funding base, improvement of profitability and decreasing market risk appetite while maintaining good assets quality. In Moody's opinion, there is a remote likelihood of a downgrade of Bank TVER's current ratings. However, any deterioration of its assets resulting from realization of market or credit risks, and decreasing liquidity together with a decrease of economic capitalization could potentially have negative rating implications. Domiciled in Tver, the major business activity of the bank relates to the companies of the Group Guta. At the same time, Bank TVER is one of the largest privately owned local banks in the Tver region by total assets and shareholders' equity, with branches in Moscow, St. Petersburg, Tula, Voronezh, St. Petersburg, Chelyabinsk, Tambov and Nizhny Novgorod. At year end 2006, Bank TVER reported: total consolidated assets of US$159 million (US$38 million at year end 2005); shareholders' equity of US$52.5 million (US$3.3 million at year end 2005); and net profit of US$1.5 million (US$0.6 million in 2005). TZAR-KNIGA LLC: Court Starts Bankruptcy Supervision Procedure ------------------------------------------------------------- The Arbitration Court of Sverdlovsk commenced 6-months bankruptcy supervision procedure against Chain of Book Supermarkets Tzar-Kniga after finding it insolvent. The Court appointed V. Andreev as Interim Manager. The Court is located at: The Arbitration Court of Sverdlovsk Lenina Pr. 34 620151 Ekaterinburg Russia The Debtor can be reached at: Chain of Book Supermarkets Tzar-Kniga Roschina Settlement Danilovsky Raion Yaroslavl' Russia VIMPEL-COMMUNICATIONS: CEO Izosimov to Stay Until Jan. 1, 2010 -------------------------------------------------------------- Alexander Izosimov has accepted OJSC Vimpel-Communications' Board of Directors' unanimous decision to extend his contract term as its Chief Executive Officer until Jan. 1, 2010. About VimpelCom Headquartered in Moscow, Russia, OJSC Vimpel-Communications (NYSE: VIP) -- http://www.vimpelcom.com/-- provides mobile telecommunications services in Russia and Kazakhstan with newly acquired operations in Ukraine, Tajikistan and Uzbekistan. The Company operates under the 'Beeline' brand in Russia and Kazakhstan. In addition, VimpelCom is continuing to use 'K-mobile' and 'EXCESS' brands in Kazakhstan. The group wholly owns Mobitel in Georgia. * * * As of Oct. 8, 2007, OJSC Vimpel-Communication carries Ba2 Corporate Family, Probability-of-Default and Senior Unsecured Debt Ratings from Moody's Investors Service. The company also carries BB+ long-term corporate credit rating from Standard & Poor's Ratings Services. =========== S W E D E N =========== AVNET INC: Operating Unit Signs Distribution Deal with Zarlink -------------------------------------------------------------- Avnet Inc.'s operating group, Avnet Electronics Marketing, has entered into a global distribution agreement with Zarlink Semiconductor Inc. Under the agreement, Avnet will distribute globally Zarlink's optical and telecommunications products - including timing and synchronization and voice processing devices, as well as the recently acquired Legerity voice enhancement products. "Avnet has a deep understanding of Zarlink's telecom and optical product portfolios, backed by a strong technical team and solid logistical capabilities," said Jeff Crocker, senior vice president of worldwide sales for Zarlink Semiconductor. "This translates into design expertise and support that will help Zarlink's customers successfully develop compelling solutions." "Avnet is honored to continue growing our relationship with Zarlink and expanding our semiconductor and supply chain offerings for both companies on a global basis. Zarlink's recent acquisition of Legerity voice products further expands their technical product portfolio, offering designers a comprehensive line of products for a broad line of access, residential and enterprise applications," said Ravi Kichloo, senior vice president of global semiconductor business development for Avnet Electronics Marketing. About Avnet Electronics Marketing Avnet Electronics Marketing -- http://www.em.avnet.com/-- is an operating group of Phoenix-based Avnet, Inc. (NYSE:AVT), a Fortune 500 company. Avnet Electronics Marketing serves electronic original equipment manufacturers (EOEMs) and electronic manufacturing services (EMS) providers in 73 countries, distributing electronic components from leading manufacturers and providing associated design-chain and supply- chain services. About Avnet Inc. Headquartered in Phoenix, Arizona, Avnet, Inc. -- http://www.avnet.com/-- distributes electronic components and computer products, primarily for industrial customers. It has operations in the following countries: Australia, Belgium, China, Germany, Hong Kong, India, Indonesia, Italy, Japan, Malaysia, New Zealand, Philippines, Singapore, and Sweden, Brazil, Mexico and Puerto Rico. * * * Moody's Investors Service affirmed Avnet's Ba1 corporate family long-term debt ratings in March 2007. Moody's said the outlook is positive. QUEBECOR WORLD: Banks and Sponsors Grant Waivers Until March 31 --------------------------------------------------------------- Quebecor World Inc. has obtained from its banking syndicate and the sponsors of its North American securitization program waivers until March 31, 2008, from compliance with certain financial tests under the relevant agreements in respect of the quarter ended Dec. 31, 2007, in particular, the maximum Debt-to- EBITDA ratio of 4.50:1.00. The waivers are subject to a number of conditions including: (1) the company having obtained, on or before Jan. 15, 2008, US$125 million of new financing; and (2) the company delivering, on or before Jan. 31, 2008, a "Refinancing Transaction", being comprised of commitments or other arrangements satisfactory to the company's lenders which would reduce the company's current credit facility to US$500 million by Feb. 29, 2008, and further allow the repayment in full of the company's current credit facility and the concurrent termination of the company's North American securitization program on or before June 30, 2008. In addition, Quebecor World, with the assistance of its independent financial advisor, continues to actively pursue financing options and solutions to its liquidity and balance sheet challenges and to explore various strategic alternatives. The company is in active discussions with major financial institutions in respect of financing alternatives that could satisfy the conditions under the aforementioned waivers, although no firm commitments have been obtained, and there can be no assurance that such financing commitments will be obtained. About Quebecor World Inc. Headquartered in Montreal, Quebec, Quebecor World Inc. (TSX: IQW)(NYSE:IQW), -- http://www.quebecorworldinc.com/-- provides market solutions, including marketing and advertising activities, well as print solutions to retailers, branded goods companies, catalogers and to publishers of magazines, books and other printed media. It has 127 printing and related facilities located in North America, Europe, Latin America and Asia. In the United States, it has 82 facilities in 30 states, and is engaged in the printing of books, magazines, directories, retail inserts, catalogs and direct mail. In Canada it has 17 facilities in five provinces, through which it offers a mix of printed products and related value-added services to the Canadian market and internationally. The company is an independent commercial printer in Europe with 19 facilities, operating in Austria, Belgium, Finland, France, Spain, Sweden, Switzerland and the United Kingdom. In March 2007, it sold its facility in Lille, France. Quebecor World (USA) Inc. is its wholly owned subsidiary. * * * As reported in the Troubled Company Reporter on Nov. 29, 2007, Standard & Poor's Ratings Services lowered its preferred stock rating on Quebecor World Inc. two notches to 'C' from 'CCC-'. The company's other ratings, including the 'B-' long-term corporate credit rating, remain unchanged. All ratings are on CreditWatch with negative implications, where they were initially placed Aug. 9, 2007. ===================== S W I T Z E R L A N D ===================== ASG BAUMANAGEMENT: Lucerne Court Closes Bankruptcy Proceedings -------------------------------------------------------------- The Bankruptcy Service of Luzern-Land in Lucerne entered Nov. 23, 2007, an order closing the bankruptcy proceedings of LLC ASG Baumanagement. The Bankruptcy Service of Luzern-Land can be reached at: Bankruptcy Service of Luzern-Land 6011 Kriens LU Switzerland The Debtor can be reached at: LLC ASG Baumanagement Buhlstrasse 1 6038 Gisikon LU Switzerland BRUCH-BAR LLC: Lucerne Court Starts Bankruptcy Proceedings ---------------------------------------------------------- The Bankruptcy Service of Luzern-Stadt in Lucerne commenced bankruptcy proceedings against LLC Bruch-Bar on Nov. 15, 2007. The Bankruptcy Service of Luzern-Stadt can be reached at: Bankruptcy Service of Luzern-Stadt 6000 Luzern 5 Switzerland The Debtor can be reached at: LLC Bruch-Bar Bruchstrasse 1 6003 Lucerne Switzerland DRIVE'IN: Creditors' Liquidation Claims Due by January 7 -------------------------------------------------------- Creditors of LLC Drive'In Wulflingen have until Jan. 7 to submit their claims to: Prohaska Treuhand Bollstrasse 28 8405 Winterthur ZH Switzerland The Debtor can be reached at: LLC Drive'In Wulflingen Winterthur ZH Switzerland EMERSON COMMUNICATIONS: Creditors Must File Claims by January 7 --------------------------------------------------------------- Creditors of JSC Emerson Communications have until Jan. 7 to submit their claims to: Dr. Balthasar Settelen Advocacy Durr + Partner Rechtsanwalte Centralbahnstrasse 7 Mail box: 206 4010 Basel Switzerland The Debtor can be reached at: JSC Emerson Communications Zurich Switzerland FINNHAUS LLC: Creditors' Liquidation Claims Due by January 4 ------------------------------------------------------------ Creditors of LLC Finnhaus have until Jan. 4 to submit their claims to: Rebweg 1 3658 Merligen BE Switzerland The Debtor can be reached at: LLC Finnhaus Sigriswil Thun BE Switzerland GRASSI INFORMATIK: Creditors Must File Claims by January 7 ---------------------------------------------------------- Creditors of LLC Grassi Informatik have until Jan. 7 to submit their claims to: Hannes Tanner Mail box: 529 3550 Langnau i.E. Signau BE Switzerland The Debtor can be reached at: LLC Grassi Informatik Langnau i.E. Signau BE Switzerland HAGGENMACHER DRUCK: Zurich Court Closes Bankruptcy Proceedings -------------------------------------------------------------- The Bankruptcy Service of Wiedikon in Zurich entered Nov. 19, 2007, an order closing the bankruptcy proceedings of JSC Haggenmacher Druck. The Bankruptcy Service of Wiedikon-Zurich can be reached at: Bankruptcy Service of Wiedikon-Zurich 8036 Zurich Switzerland The Debtor can be reached at: JSC Haggenmacher Druck Eichstrasse 29 8045 Zurich Switzerland LLC RENOVISTA: Creditors' Liquidation Claims Due by January 7 ------------------------------------------------------------- Creditors of LLC RENOVISTA have until Jan. 7 to submit their claims to: Markus Wey Liquidator Reutlingerstasse 10 8472 Seuzach Winterthur ZH Switzerland The Debtor can be reached at: LLC RENOVISTA Seuzach Winterthur ZH Switzerland MIKE'S AKKOTEAM: Basel-Country Court Starts Bankruptcy Process -------------------------------------------------------------- The Bankruptcy Service of Liestal in Basel-Country commenced bankruptcy proceedings against LLC Mike's Akkoteam on Oct. 31, 2007. The Bankruptcy Service of Liestal can be reached at: Bankruptcy Service of Liestal 4410 Liestal BL Switzerland The Debtor can be reached at: LLC Bruch-Bar Weiermattstr. 4 4410 Liestal BL Switzerland NEW GATE: Zurich Court Closes Bankruptcy Proceedings ---------------------------------------------------- The Bankruptcy Service of Altstetten in Zurich entered Nov. 22, 2007, an order closing the bankruptcy proceedings of JSC New Gate. The Bankruptcy Service of Altstetten-Zurich can be reached at: Bankruptcy Service of Altstetten-Zurich 8048 Zurich Switzerland The Debtor can be reached at: JSC New Gate Segnesstrasse 1 8048 Zurich Switzerland SIGMA ALPHA: Creditors' Liquidation Claims Due by January 7 ----------------------------------------------------------- Creditors of LLC Sigma Alpha have until Jan. 7 to submit their claims to: Spyridon Anastasopoulos Eggbergstrasse 4b 8193 Eglisau Bulach ZH Switzerland The Debtor can be reached at: LLC Sigma Alpha Oetwil an der Limmat Dietikon ZH Switzerland SR INVEST: Creditors' Liquidation Claims Due by January 4 --------------------------------------------------------- Creditors of LLC sr invest have until Jan. 4 to submit their claims to: Jurg Brand Bahnhofstrasse 23 6300 Zug Switzerland The Debtor can be reached at: LLC sr invest Zug Switzerland WB-CONSULT LLC: Creditors' Liquidation Claims Due by January 7 -------------------------------------------------------------- Creditors of LLC WB-Consult have until Jan. 7 to submit their claims to: W. Beck Liquidator Hohenstr. 10 8115 Huttikon Dielsdorf ZH Switzerland The Debtor can be reached at: LLC WB-Consult Huttikon Dielsdorf ZH Switzerland ZELLER WIL: St. Gallen Court Closes Bankruptcy Proceedings ---------------------------------------------------------- The Bankruptcy Service of St. Gallen entered Nov. 19, 2007, an order closing the bankruptcy proceedings of JSC Zeller Wil. The Bankruptcy Service of St. Gallen can be reached at: Bankruptcy Service of St. Gallen Zweigstelle Oberuzwil Schlapfer 9242 Oberuzwil Wahlkreis Wil SG Switzerland The Debtor can be reached at: JSC Zeller Wil Obere Bahnhofstrasse 28 9500 Wil Wahlkreis Wil SG Switzerland ============= U K R A I N E ============= AGRICULTURAL INVESTMNTS: Creditors Must File Claims by January 5 ---------------------------------------------------------------- Creditors of LLC Agricultural Investmnts (code EDRPOU 33676140) have until Jan. 5 to submit written proofs of claims to: The Economic Court of Kharkov Derzhprom 8th Entrance Svoboda Square 5 61022 Kharkov Ukraine The Economic Court of Kharkov commenced bankruptcy supervision procedure on the company. The case is docketed as B-31/175-07. The Debtor can be reached at: LLC Agricultural Investmnts Grazhdanskaya Str. 7 61057 Kharkov Ukraine CABLE MANAGEMENT: Proofs of Claim Filing Ends January 5 ------------------------------------------------------- Creditors of LLC Cable Management Systems (code EDRPOU 31107521) have until Jan. 5 to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as 15/621-b. The Debtor can be reached at: LLC Cable Management Systems Vossoyedineniya Avenue 19 02160 Kiev Ukraine CLASSIC-LINE LLC: Proofs of Claim Filing Ends January 5 ------------------------------------------------------- The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as 15/866-b. Creditors of LLC Classic-Line (code EDRPOU 33546821) have until Jan. 5 to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC Classic-Line Bastionnaya Str. 1/36 Kiev Ukraine CREATIN TRADE: Proofs of Claim Filing Ends January 5 ---------------------------------------------------- Creditors of LLC Creatin Trade Invest (code EDRPOU 34047979) have until Jan. 5 to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as 23/477-b. The Debtor can be reached at: LLC Creatin Trade Invest Schors Str. 31 Kiev Ukraine KIEV BUILDING: Proofs of Claim Filing Ends January 5 ---------------------------------------------------- Creditors of LLC Kiev Building Group of People (code EDRPOU 33061788) have until Jan. 5 to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as 15/854-b. The Debtor can be reached at: LLC Kiev Building Group of People Malinskaya Str. 2-A 03164 Kiev Ukraine MAXIMUM-FININVEST TRADE: Proofs of Claim Filing Ends January 5 -------------------------------------------------------------- Creditors of LLC Maximum-Fininvest Trade have until Jan. 5 to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as 23/473-b. The Debtor can be reached at: LLC Maximum-Fininvest Trade Schors Str. 31 Kiev Ukraine NEW DAY: Proofs of Claim Filing Ends January 5 ---------------------------------------------- Creditors of LLC New Day (code EDRPOU 31087956) have until Jan. 5 to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as 15/867-b. The Debtor can be reached at: LLC New Day O. Vishnia Str. 7 Kiev Ukraine TIMESHEET LLC: Proofs of Claim Filing Ends January 5 ---------------------------------------------------- Creditors of LLC Timesheet (code EDRPOU 34045492) have until Jan. 5 to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as 23/472-b. The Debtor can be reached at: LLC Timesheet Mechnikov/L.Pervomaysky Str. 10/2 Kiev Ukraine =========================== U N I T E D K I N G D O M =========================== AQUARIUS LEASING: Taps KPMG to Administer Assets ------------------------------------------------ Mark Granville Firmin and Richard Dixon Fleming of KPMG LLP were appointed joint administrators of Aquarius Leasing Ltd. (Company Number 03236023) on Dec. 20, 2007. KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit, and tax-related services to customers in such target industries as banking, media and entertainment, consumer products, health care providers, insurance, and pharmaceuticals. The company can be reached at: Aquarius Leasing Ltd. 420 Tong Street Bradford West Yorkshire BD4 6LP England Tel: 0870 855 4055 Fax: 0127 468 9524 Web site: http://www.aquarius-leasing.com/ BAA LTD: Unions Call Off Planned Jan. 7 Strike Action ----------------------------------------------------- Leaders of Unite and the Public and Commercial Services Union have decided to call off an industrial action set for Jan. 7 after last-minute talks with BAA Ltd. (fka BAA plc) over workers' final salary pension scheme reached an agreement, BBC News reports. According to the report, the planned strike actions on Jan. 14 and Jan. 17, will also be canceled if the pension scheme deal is approved by union members. "Following a productive discussion, BAA and the trade unions have reached an agreement in principle," a BAA spokesman was quoted by BBC as saying. "The trade unions will now consult their members on the proposed agreement and, to allow sufficient time for that, have agreed to call off the industrial action planned for Jan. 7." BAA and the trade unions is scheduled to meet again on Jan. 4, the spokesman told BBC. Strike Vote On Dec. 21, 2007, Unite national aviation secretary Brendan Gold announced that workers at BAA's seven airports across the U.K. have voted for strike action to defend their final salary pension scheme. BAA airport firefighters, security, maintenance, administrative and clerical staff belonging to Unite: the union and PCS are covered by the strike vote. A total of 1946 Unite members voted for strike action with 1108 voting against. "BAA has just posted profits of over five hundred million pounds and the Spanish owners Ferrovial have seen their profits rise by nearly sixty per cent. It is clear that our members' pension scheme is financially sound, and should be left alone," Mr. Gold said. "Our quarrel is with BAA and Ferrovial, not with airline passengers. So we have avoided taking industrial action during the holiday period. But our members are determined that the campaign on which we are now embarking will succeed in protecting the future of the pension scheme." About BAA Headquartered in London, United Kingdom, BAA Ltd. (fka BAA plc) -- http://www.baa.com/-- owns and operates seven airports in the United Kingdom, including Heathrow, the world's busiest international airport, and Budapest Airport, serving 700 destinations by around 300 airlines. In June 2006, BAA was bought by a consortium led by Grupo Ferrovial SA, the Spanish construction company. Ferrovial is one of the world's leading construction groups, specializing in four strategic lines of business - airports, construction, transport infrastructure and services - throughout Spain, the U.K., Portugal and nine other countries in Europe and the rest of the world. The company has around 89,000 employees and a net revenue of EUR12.4 billion. * * * As reported in the TCR-Europe on Nov. 27, 2007, Standard & Poor's Ratings Services has lowered its long-term corporate credit rating on U.K.-based airports operator BAA Ltd. to 'BB-' from 'BBB+', reflecting delays in refinancing, as well as operating issues. BRITISH AIRWAYS: Faces Air Cargo Cartel Charges from EU ------------------------------------------------------- British Airways plc confirmed that it received a statement of objections from the European Commission, concerning its alleged participation in a cartel in the provision of airfreight services, in violation of EU rules on restrictive business practices (Article 81 of the EC Treaty and Article 53 of the Agreement on the European Economic Area), published reports say. According to BBC News, Air France-KLM and SAS also received statements of objections from the commission. The airlines, however, pledged to fully cooperate with the EU regulators' investigation, which dates back to early 2006, BBC relates. Procedural Background A statement of objections is a formal step in commission antitrust investigations in which the commission informs the parties concerned in writing of the objections raised against them. The addressee of a statement of objections can reply in writing to the statement of objections, setting out all facts known to it which are relevant to its defense against the objections raised by the commission. The party may also request an oral hearing to present its comments on the case. The commission may then take a decision on whether conduct addressed in the statement of objections is compatible or not with the EC Treaty's antitrust rules. Sending a statement of objections does not prejudge the final outcome of the procedure. Bloomberg News reveals under EU rules, companies found guilty of antitrust violations can be fined as much as 10% of their annual sales. Headquartered in West Drayton, United Kingdom, British Airways plc -- http://www.ba.com/-- operates of international and domestic scheduled and charter air services for the carriage of passengers, freight and mail, and provides of ancillary services. The British Airways group consists of British Airways plc and a number of subsidiary companies including in particular British Airways Holidays Ltd. and British Airways Travel Shops Ltd. BA has offices in India and Guatemala. * * * British Airways plc carries a senior unsecured debt rating of Ba1 from Moody's Investors' Service with a stable outlook. GADE VALLEY: Brings In Liquidators from Vantis ---------------------------------------------- Frank Wessely and Peter James Hughes-Holland of Vantis were appointed joint liquidators of Gade Valley Cleaning Ltd. (formerly Specialised Mastics Ltd.) on Dec. 20, 2007 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Vantis 81 Station Road Marlow Buckinghamshire SL7 1NS England INDEPENDENT QUALITY: Calls In Liquidators from Tenon Recovery ------------------------------------------------------------- Ian William Kings and Steven P. Ross of Tenon Recovery were appointed joint liquidators of Independent Quality Inspection Services Ltd. on Dec. 18, 2007 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Tenon Recovery Tenon House Ferryboat Lane Sunderland Tyne and Wear SR5 3JN England MARSTON MILLS: Appoints Ernst & Young as Administrators ------------------------------------------------------- Simon Allport and Alan Michael Hudson of Ernst & Young LLP were appointed Dec. 14, 2006, joint administrators of: -- Marston Mills Group Ltd. (Company Number 5297284); -- Marston Mills Ltd. (Company Number 1247701); -- Coloroll (1997) Ltd. (Company Number 3143652); and -- CW Textiles Ltd. (Company Number 4543739). Ernst & Young -- http://www.ey.com/-- provides broad array of services relating to audit and risk-related services, tax, and transactions across all industries-from emerging growth companies to global powerhouses-deal with a broad range of business issues. Headquartered in Lancashire, England the companies retail household textiles, home furnishings and associated products and design and distribution of home furnishings. NEW ANGEL: Brings In Administrators from Begbies Traynor -------------------------------------------------------- I.E. Walker and James Patrick Nicholas Martin of Begbies Traynor were appointed joint administrators of The New Angel Ltd. (Company Number 5043115) on Dec. 13, 2007. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. The company can be reached at: The New Angel Ltd. 2 South Embankment Dartmouth Devon TQ6 9BH England Tel: 01803 839 425 Fax: 01803 839 567 Web site: http://www.thenewangel.co.uk/ NORTHERN ROCK: RAB Capital Hikes Stake Ahead of Shareholder Mtg. ---------------------------------------------------------------- RAB Capital has purchased additional 350,000 shares in Northern Rock Plc for GBP30,000 on Dec. 31, 2007, bringing its stake in the troubled mortgage lender to 7.59 percent, published reports say. RAB and fellow hedge fund SRM Global, Northern Rock's largest shareholders, have forced a special shareholder meeting for Jan. 15 to decide on the bank's future. Reuters says the two hedge funds have tabled resolutions, which if passed, would give shareholders the right to block attempts to: -- sell more than 5 percent of the bank's assets; -- issue 5 percent of new shares; or -- buy any assets. SRM has increased its stake in the troubled mortgage lender to 10 percent in December 2007. Strategic Options Northern Rock is currently under strategic review and will decide over two private sector bidders later this month, Times Online relates. Olivant Advisers Ltd., the boutique private equity firm led by former Abbey National Plc CEO Luqman Arnold, plans to inject up to GBP900 million of fresh capital into the bank. The firm's proposal also includes its own management team to rescue the bank. Meanwhile, a consortium composed of Virgin Group Ltd., WL Ross & Co, Toscafund Asset Management LLP and First Eastern Investment Group has proposed a full takeover. Both proposals promise the immediate repayment of about GBP10 billion to the Bank of England. The British Treasury has instructed parliamentary draftsmen last month to write a nationalization bill as a fallback option should attempts to sell Northern Rock fail, the TCR-Europe reports citing the Telegraph as its source. Northern Rock became Britain's most public casualty of the global credit crisis when it was forced to seek emergency funding from the Bank of England in September 2007 after other banks in the wholesale markets refused to extend borrowings, Miles Costello writes for Times Online. Estimated borrowings by the bank to date totals not less than GBP26 billion, the paper adds. About Northern Rock plc Headquartered in Newcastle upon Tyne, England, Northern Rock plc -- http://www.northernrock.co.uk/mortgages/-- is currently the 5th largest UK mortgage lender, the largest financial institution based in the North East of England and one of the most cost efficient UK mortgage lenders based on key performance ratios. The company had more than US$200 billion in assets at the end of June 2007. * * * As reported in the TCR-Europe on Dec. 20, 2007, Moody's Investors Service downgraded to E+ from D+ Northern Rock's Bank Financial Strength Rating. The E+ maps into a Baseline Credit Assessment of B1. The bank's dated subordinated debt was downgraded to B1 from Baa1 and the undated subordinated debt and Tier-1 securities were downgraded to B3 from Baa1 and Baa3 respectively. All of these ratings have negative outlooks. Northern Rock's short- term rating was affirmed at Prime-1. As reported in the TCR-Europe on Sept. 28, 2007, Standard & Poor's Ratings Services placed its 'A-/A-1' counterparty credit ratings on U.K. bank Northern Rock PLC on CreditWatch with developing implications. At the same time, the 'BBB' subordinated, 'BB' junior subordinated, and 'A-' senior unsecured debt ratings were placed on CreditWatch with developing implications. RANK GROUP: Harrah's Entertainment May Launch Comeback Bid ---------------------------------------------------------- Harrah's Entertainment is preparing to make another attempt for Rank Group plc, which is currently on a valuation of just over GBP350 million, Alistair Osborne and Ben Harrington write for the Daily Telegraph. According to the report, Harrah's has called in Morgan Stanley and Rank's former broker, Deutsche Bank, to explore strategic options in the European gambling market, including a potential bid for the UK casino and bingo group. "Whatever happens, this is the beginning of the end for Rank," an analyst was quoted by the Daily Telegraph as saying. In November 2007, Rank turned down an offer from Harrah's, which proposed injecting the majority of London Clubs' casinos into Rank in return for a 28% stake in the combined group, the paper relates. Rank also rejected an approach from Duke Street Capital for its bingo business, the paper reveals. Headquartered in London, United Kingdom, Rank Group PLC -- http://www.rank.com/-- is an international leisure and entertainment company. The Group provides services to the film industry, including film processing, video duplication and cinema exhibition. The Group's leisure and entertainment activities entail gambling services, encompassing Mecca Bingo Clubs and Grosvenor Casinos, and owned and franchises Hard Rock cafes. * * * As reported in the TCR-Europe on Nov. 14, 2007, Standard & Poor's Ratings Services lowered its long-term corporate credit rating on U.K. gaming group The Rank Group PLC to 'B+' from 'BB-'. S&P said the outlook is negative. At the same time, the debt ratings on Rank's three public bond issues were lowered to 'B' from 'BB-', one notch lower than the corporate credit rating to reflect structural subordination, and the 'B' short-term corporate credit rating was withdrawn at the company's request. In October 2007, Moody's Investors Service downgraded to B1 (from Ba3) the corporate family rating of Rank Group Plc. Moody's concurrently downgraded ratings of the US$100 million guaranteed notes due 2008 and US$14.3 million guaranteed notes due 2018 at Rank Group Finance Plc to B3/LGD5/85% from B2/LGD5/84%. Ratings have been placed on review for possible further downgrade. In April 2007, Standard & Poor's Ratings Services revised its outlook on the company The Rank Group PLC to negative from stable. At the same time, the 'BB-' long-term and 'B' short- term corporate credit ratings were affirmed. SEAMLESS RECORDINGS: Claims Filing Period Ends January 21, 2008 --------------------------------------------------------------- Creditors of Seamless Recordings Ltd. have until Jan. 21, 2008 to send in their full names, their addresses and descriptions, full particulars of their debts or claims, and the names and addresses of their solicitors (if any) to: Robert C. Keyes Joint Liquidator Tenon Recovery Dukesbridge House 23 Duke Street Reading Berkshire RG1 4SA England Robert C. Keyes and Paul W. Ellison of Tenon Recovery were appointed joint liquidators of the company on Dec. 13, 2007 by resolutions of members. VONAGE HOLDINGS: Settles Patent Dispute With Nortel Networks ------------------------------------------------------------ Vonage Holdings Corp. and Nortel Networks Corp. have agreed in principle to end the litigation pending between them. The contemplated settlement involves a limited cross license to three Nortel and three Vonage patents and will not call for any monetary payments by any party. Claims relating to past damages and the remaining patents will be dismissed without prejudice. The settlement is subject to final documentation. "We are pleased to resolve this issue and enter into a productive relationship with Nortel," said Vonage Chief Legal Officer Sharon O'Leary. According to a Bloomberg report cited by the Troubled Company Reporter on Dec. 21, 2007, Nortel sued Vonage alleging infringement on 12 patents covering technology used in managing telephone data. Bloomberg's report said Nortel's lawsuit came after Vonage sued Nortel's U.S. unit in August seeking to invalidate three of the patents, arguing that the patents shouldn't have been issued by the U.S. Patent and Trademark Office. Nortel denied the allegations and claimed that Vonage is violating the three patents and nine others, Bloomberg said. The Delaware case is Vonage Holdings Corp. v. Nortel Networks Inc., 07CV507, U.S. District Court, Delaware (Wilmington). About Nortel Networks Headquartered in Ontario, Canada, Nortel Networks Corporation (NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next- generation technologies, for both service provider and enterprise networks, support multimedia and business-critical applications. Nortel does business in more than 150 countries around the world. Nortel Networks Limited is the principal direct operating subsidiary of Nortel Networks Corporation. About Vonage Headquartered in Holmdel, New Jersey, Vonage Holdings Corp. (NYSE:VG) -- http://www.vonage.com/-- provides broadband telephone services with over 1.4 million subscriber lines as of February 8, 2006. Utilizing its voice over Internet protocol technology platform, the company offers feature-rich, low-cost communications services with a call quality comparable to traditional telephone services. While customers in the United States represent over 95% of its subscriber lines, Vonage continues to expand internationally, having launched its service in Canada in November 2004, and in the United Kingdom in May 2005. * * * At Sept. 30, 2007, Vonage Holdings Corp.'s consolidated balance sheet showed US$665.8 million in total assets and US$728.7 million in total liabilities, resulting in a US$62.9 million total shareholders' deficit. * Upcoming Meetings, Conferences and Seminars --------------------------------------------- Jan. 7, 2008 TURNAROUND MANAGEMENT ASSOCIATION Views from the Bench Omni Hotel, New Haven, Connecticut Contact: http://www.turnaround.org/ Jan. 10, 2008 TURNAROUND MANAGEMENT ASSOCIATION Distressed Debt Panel University Club, Jacksonville, Florida Contact: http://www.turnaround.org/ Jan. 10, 2008 TURNAROUND MANAGEMENT ASSOCIATION NJTMA Holiday Party Iberia Tavern & Restaurant, Newwark, New Jersey Contact: 908-575-7333 or www.turnaround.org Jan. 11, 2008 TURNAROUND MANAGEMENT ASSOCIATION Annual Lenders Panel Westin Buckhead, Atlanta, Georgia Contact: www.turnaround.org Jan. 14-15, 2008 ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS VALCON: Liquidity, LBOs, Risk and Restructurings Marriott Harbor Beach Resort & Spa, Fort Lauderdale, Florida Contact: http://www.airacira.org/ Jan. 10, 2008 TURNAROUND MANAGEMENT ASSOCIATION Member Appreciation FREE Happy Hour Dave & Busters, Jacksonville, Florida Contact: 561-882-1331 or www.turnaround.org Jan. 16, 2008 TURNAROUND MANAGEMENT ASSOCIATION Current Outlook: Workouts, Lending and Turnarounds Marriott North, Fort Lauderdale, Florida Contact: www.turnaround.org Jan. 17, 2008 BEARD AUDIO CONFERENCES Corporate Bankruptcy Bootcamp: Fundamentals of BAPCPA Proceedings Contact: 240-629-3300; http://www.beardaudioconferences.com/ Jan. 17-18, 2008 AMERICAN BANKRUPTCY INSTITUTE Caribbean Insolvency Symposium Westin Diplomat, Hollywood, Florida Contact: http://www.abiworld.org/ Jan. 24, 2008 TURNAROUND MANAGEMENT ASSOCIATION Winter Warm-up Belgo Brasserie, Calgary, Alberta Contact: 403-294-4954 or www.turnaround.org Jan. 29, 2008 TURNAROUND MANAGEMENT ASSOCIATION Finding Money: Int'l Asset Search and Recovery Methods for Collecting Judgments Centre Club, Tampa, Florida Contact: www.turnaround.org Jan. 29, 2008 TURNAROUND MANAGEMENT ASSOCIATION Member Appreciation FREE Happy Hour The Lime, Tampa, Florida Contact: 561-882-1331 or www.turnaround.org Jan. 29, 2008 WEST LEGALWORKS Southeastern Distressed M&A Summit Westin Buckhead, Atlanta, Georgia Contact: http://www.westlegalworks.com Jan. 30, 2008 TURNAROUND MANAGEMENT ASSOCIATION Year 2008 Kick-Off Party Oak Hill Country Club, Rochester, New York Contact: 716-440-6615 or www.turnaround.org Jan. 31, 2008 BEARD AUDIO CONFERENCES Partnerships in Bankruptcy: Unwinding the Deal Contact: 240-629-3300; http://www.beardaudioconferences.com/ Feb. 7, 2008 TURNAROUND MANAGEMENT ASSOCIATION PowerPlay Philips Arena, Atlanta, Georgia Contact: 678-795-8103 or www.turnaround.org Feb. 7, 2008 TURNAROUND MANAGEMENT ASSOCIATION Breakfast Event Carnelian Room, San Francisco, California Contact: 510-346-6000 ext 226 or www.turnaround.org Feb. 7, 2008 TURNAROUND MANAGEMENT ASSOCIATION PowerPlay Philips Arena, Atlanta, Georgia Contact: 678-795-8103 or www.turnaround.org Feb. 14-16, 2008 AMERICAN BANKRUPTCY INSTITUTE 13th Annual Rocky Mountain Bankruptcy Conference Westin Tabor Center, Denver, Colorado Contact: 1-703-739-0800; http://www.abiworld.org/ Feb. 20, 2008 TURNAROUND MANAGEMENT ASSOCIATION 13 Week Cash Flow Courtyard Marriott, Dania Beach, Florida Contact: www.turnaround.org Feb. 20, 2008 TURNAROUND MANAGEMENT ASSOCIATION Member Appreciation FREE Happy Hour Islamorada Fish Company, Dania, Florida Contact: 561-882-1331 or www.turnaround.org Feb. 22, 2008 AMERICAN BANKRUPTCY INSTITUTE Bankruptcy Battleground West Fairmont Miramar, Santa Monica, California Contact: http://www.abiworld.org/ Feb. 23-26, 2008 NORTON INSTITUTES ON BANKRUPTCY LAW Bankruptcy Litigation Seminar I Park City, Utah Contact: http://www.nortoninstitutes.org/ Feb. 25, 2008 FINANCIAL RESEARCH ASSOCIATES LLC Financial Services Mergers & Acquisitions Deals Forum Harvard Club, New York, New York Contact: http://www.frallc.com/ Feb. 26, 2008 TURNAROUND MANAGEMENT ASSOCIATION Member Appreciation FREE Happy Hour One Eyed Jacks, Orlando, Florida Contact: 561-882-1331 or www.turnaround.org Feb. 26, 2008 TURNAROUND MANAGEMENT ASSOCIATION Retail Panel Citrus Club, Orlando, Florida Contact: www.turnaround.org/ Feb. 27-28, 2008 EUROMONEY INSTITUTIONAL INVESTOR 6th Annual Distressed Investing Forum Union League Club, New York, New York Contact: http://www.euromoneyplc.com/ Feb. 27 - Mar. 1, 2008 TURNAROUND MANAGEMENT ASSOCIATION CTP Courses Holland & Knight, Atlanta, Georgia Contact: www.turnaround.org/ Mar. 6-8, 2008 ALI-ABA Fundamentals of Bankruptcy Law Mandalay Bay Resort, Las Vegas, Nevada Contact: http://www.ali-aba.org/ Mar. 8-10, 2008 AMERICAN BANKRUPTCY INSTITUTE Conrad Duberstein Moot Court Competition St. John's University School of Law, New York Contact: http://www.abiworld.org/ Mar. 19, 2008 TURNAROUND MANAGEMENT ASSOCIATION Rick Cieri of Kirkland & Ellis Jamie Sprayregan of Goldman Sachs Bankers Club of Miami, Florida Contact: 561-882-1331 or www.turnaround.org Mar. 25, 2008 TURNAROUND MANAGEMENT ASSOCIATION Dearfoam Slipper Turnaround Centre Club, Tampa, Florida Contact: 561-882-1331 or www.turnaround.org Mar. 25-29, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference Ritz Carlton Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ Mar. 27-30, 2008 NORTON INSTITUTES ON BANKRUPTCY LAW Bankruptcy Litigation Seminar II Las Vegas, Nevada Contact: http://www.nortoninstitutes.org/ Apr. 3, 2008 INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION Annual Spring Luncheon Renaissance Hotel, Washington, District of Columbia Contact: 703-449-1316 or www.iwirc.org Apr. 3, 2008 AMERICAN BANKRUPTCY INSTITUTE Nuts and Bolts for Young Practitioners - East The Renaissance, Washington, District of Columbia Contact: http://www.abiworld.org/ Apr. 3-6, 2008 AMERICAN BANKRUPTCY INSTITUTE 26th Annual Spring Meeting The Renaissance, Washington, District of Columbia Contact: http://www.abiworld.org/ Apr. 7-8, 2008 PRACTISING LAW INSTITUTE 30th Annual Current Developments in Bankruptcy & Reorganization PLI Center New York, New York Contact: http://www.pli.edu/ Apr. 10, 2008 TURNAROUND MANAGEMENT ASSOCIATION Assignment for Benefit of Creditors University Club, Jacksonville, Florida Contact: www.turnaround.org Apr. 25-27, 2008 NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES NABT Spring Seminar Eldorado Hotel & Spa, Santa Fe, New Mexico Contact: http://www.nabt.com/ Apr. 29, 2008 TURNAROUND MANAGEMENT ASSOCIATION Why Prospects Become Clients Citrus Club, Orlando, Florida Contact: www.turnaround.org/ May 1-2, 2008 TURNAROUND MANAGEMENT ASSOCIATION 2nd Annual Credit & Bankruptcy Symposium Foxwoods Resort Casino, Ledyard, Connecticut Contact: www.turnaround.org/ May 1-2, 2008 AMERICAN BANKRUPTCY INSTITUTE Debt Symposium Hilton Garden Inn, Champagne/Urbana, Illinois Contact: 1-703-739-0800; http://www.abiworld.org/ May 9, 2008 AMERICAN BANKRUPTCY INSTITUTE Nuts and Bolts for Young Practitioners - NYC Alexander Hamilton U.S. Custom House, New York Contact: 1-703-739-0800; http://www.abiworld.org/ May 12, 2008 AMERICAN BANKRUPTCY INSTITUTE New York City Bankruptcy Conference Millennium Broadway Hotel & Conference Center, New York Contact: 1-703-739-0800; http://www.abiworld.org/ May 12-13, 2008 PRACTISING LAW INSTITUTE 30th Annual Current Developments in Bankruptcy & Reorganization PLI Center San Francisco, California Contact: http://www.pli.edu/ May 13-16, 2008 AMERICAN BANKRUPTCY INSTITUTE Litigation Skills Symposium Tulane University, New Orleans, Louisiana Contact: 1-703-739-0800; http://www.abiworld.org/ May 18-20, 2008 INTERNATIONAL BAR ASSOCIATION 14th Annual Global Insolvency & Restructuring Conference Stockholm, Sweden Contact: http://www.ibanet.org/ May 21, 2008 TURNAROUND MANAGEMENT ASSOCIATION What Happened to My Money - The Restructuring of a Loan Servicer Marriott North, Fort Lauderdale, Florida Contact: www.turnaround.org/ June 4-7, 2008 ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS 24th Annual Bankruptcy & Restructuring Conference J.W. Marriott Spa and Resort, Las Vegas, Nevada Contact: http://www.airacira.org/ June 12-14, 2008 AMERICAN BANKRUPTCY INSTITUTE 15th Annual Central States Bankruptcy Workshop Grand Traverse Resort and Spa, Traverse City, Michigan Contact: http://www.abiworld.org/ June 19-21, 2008 ALI-ABA Partnerships, LLCs, and LLPs: Uniform Acts, Taxation, Drafting, Securities, and Bankruptcy Omni Hotel, San Francisco, California Contact: http://www.ali-aba.org/ June 24, 2008 TURNAROUND MANAGEMENT ASSOCIATION Fraud Panel Citrus Club, Orlando, Florida Contact: http://www.turnaround.org/ June 26-29, 2008 NORTON INSTITUTES ON BANKRUPTCY LAW Western Mountains Bankruptcy Law Seminar Jackson Hole, Wyoming Contact: http://www.nortoninstitutes.org/ July 10, 2008 TURNAROUND MANAGEMENT ASSOCIATION Cynthia Jackson of Smith Hulsey & Busey University Club, Jacksonville, Florida Contact: http://www.turnaround.org/ July 10-13, 2008 AMERICAN BANKRUPTCY INSTITUTE 16th Annual Northeast Bankruptcy Conference Ocean Edge Resort Brewster, Massachussets Contact: http://www.abiworld.org/events July 29, 2008 TURNAROUND MANAGEMENT ASSOCIATION Employment Issues Following Hurricanes & Disasters Centre Club, Tampa, Florida Contact: http://www.turnaround.org/ July 31 - Aug. 2, 2008 AMERICAN BANKRUPTCY INSTITUTE 4th Annual Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay Cambridge, Maryland Contact: http://www.abiworld.org/ Aug. 16-19, 2008 AMERICAN BANKRUPTCY INSTITUTE 13th Annual Southeast Bankruptcy Workshop Ritz-Carlton, Amelia Island, Florida Contact: http://www.abiworld.org/ Aug. 20-24, 2008 NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES NABT Convention Captain Cook, Anchorage, Alaska Contact: http://www.nabt.com/ Aug. 26, 2008 TURNAROUND MANAGEMENT ASSOCIATION Do's and Don'ts of Investing in a Turnaround Citrus Club, Orlando, Florida Contact: www.turnaround.org/ Sept. 4-5, 2008 AMERICAN BANKRUPTCY INSTITUTE Complex Financial Restructuring Program Four Seasons, Las Vegas, Nevada Contact: http://www.abiworld.org/ Sept. 4-6, 2008 AMERICAN BANKRUPTCY INSTITUTE Southwest Bankruptcy Conference Four Seasons, Las Vegas, Nevada Contact: http://www.abiworld.org/ Sept. 17, 2008 TURNAROUND MANAGEMENT ASSOCIATION Real Estate / Condo Restructuring Panel Marriott North, Fort Lauderdale, Florida Contact: www.turnaround.org/ Sept. 24-26, 2008 INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION IWIRC 15th Annual Fall Conference Scottsdale, Arizona Contact: http://www.ncbj.org/ Sept. 24-27, 2008 NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges Desert Ridge Marriott, Scottsdale, Arizona Contact: http://www.iwirc.org/ Sept. 30, 2008 TURNAROUND MANAGEMENT ASSOCIATION Private Equity Panel Centre Club, Tampa, Florida Contact: www.turnaround.org/ Oct. 9, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Luncheon - Chapter 11 University Club, Jacksonville, Florida Contact: http://www.turnaround.org/ Oct. 28, 2008 TURNAROUND MANAGEMENT ASSOCIATION State of the Capital Markets Citrus Club, Orlando, Florida Contact: www.turnaround.org/ Oct. 28-31, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott New Orleans, Louisiana Contact: 312-578-6900; http://www.turnaround.org/ Nov. 19, 2008 TURNAROUND MANAGEMENT ASSOCIATION Interaction Between Professionals in a Restructuring/Bankruptcy Bankers Club, Miami, Florida Contact: 312-578-6900; http://www.turnaround.org/ Dec. 3-5, 2008 AMERICAN BANKRUPTCY INSTITUTE 20th Annual Winter Leadership Conference Westin La Paloma Resort & Spa Tucson, Arizona Contact: http://www.abiworld.org/ May 7-10, 2009 AMERICAN BANKRUPTCY INSTITUTE 27th Annual Spring Meeting Gaylord National Resort & Convention Center National Harbor, Maryland Contact: http://www.abiworld.org/ June 11-13, 2009 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort and Spa Traverse City, Michigan Contact: http://www.abiworld.org/ June 21-24, 2009 INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY & BANKRUPTCY PROFESSIONALS 8th International World Congress TBA Contact: http://www.insol.org/ July 16-19, 2009 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Mt. Washington Inn Bretton Woods, New Hampshire Contact: http://www.abiworld.org/ Sept. 10-12, 2009 AMERICAN BANKRUPTCY INSTITUTE 17th Annual Southwest Bankruptcy Conference Hyatt Regency Lake Tahoe, Incline Village, Nevada Contact: http://www.abiworld.org/ Oct. 5-9, 2009 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Desert Ridge, Phoenix, Arizona Contact: 312-578-6900; http://www.turnaround.org/ Dec. 3-5, 2009 AMERICAN BANKRUPTCY INSTITUTE 21st Annual Winter Leadership Conference La Quinta Resort & Spa, La Quinta, California Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 4-8, 2010 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention JW Marriott Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ BEARD AUDIO CONFERENCES 2006 BACPA Library Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/; http://researcharchives.com/t/s?20fa BEARD AUDIO CONFERENCES BAPCPA One Year On: Lessons Learned and Outlook Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Calpine's Chapter 11 Filing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Carve-Out Agreements for Unsecured Creditors Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Changes to Cross-Border Insolvencies Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Changing Roles & Responsibilities of Creditors' Committees Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES China\u2019s New Enterprise Bankruptcy Law Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Clash of the Titans -- Bankruptcy vs. IP Rights Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Coming Changes in Small Business Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Dana's Chapter 11 Filing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Deepening Insolvency \u2013 Widening Controversy: Current Risks, Latest Decisions Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Diagnosing Problems in Troubled Companies Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Claims Trading Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Market Opportunities Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Real Estate under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Employee Benefits and Executive Compensation under the New Code Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Equitable Subordination and Recharacterization Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Fundamentals of Corporate Bankruptcy and Restructuring Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Handling Complex Chapter 11 Restructuring Issues Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Healthcare Bankruptcy Reforms Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES High-Yield Opportunities in Distressed Investing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Homestead Exemptions under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Hospitals in Crisis: The Insolvency Crisis Plaguing Hospitals Across the U.S. Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES IP Rights In Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES KERPs and Bonuses under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Non-Traditional Lenders and the Impact of Loan-to-Own Strategies on the Restructuring Process Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Partnerships in Bankruptcy: Unwinding The Deal Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Privacy Rights, Protections & Pitfalls in Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Real Estate Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Reverse Mergers\u2014the New IPO? Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Second Lien Financings and Intercreditor Agreements Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Surviving the Digital Deluge: Best Practices in E-Discovery and Records Management for Bankruptcy Practitioners and Litigators Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Technology as a Competitive Advantage For Today\u2019s Legal Processes Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES The Battle of Green & Red: Effect of Bankruptcy on Obligations to Clean Up Contaminated Property Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES The Subprime Sector Meltdown: Legal Developments and Latest Opportunities Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Twenty-Day Claims Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Using Virtual Data Rooms to Expedite M&A and Insolvency Proceedings Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Validating Distressed Security Portfolios: Year-End Price Validation and Risk Assessment Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES When Tenants File -- A Landlord's BAPCPA Survival Guide Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ The Meetings, Conferences and Seminars column appears in the Troubled Company Reporter each Wednesday. Submissions via e- mail to conferences@bankrupt.com are encouraged. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than US$3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/booksto order any title today. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Jazel P. Laureno, Julybien Atadero, Carmel Zamesa Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Pius Xerxes Tovilla, Kristina A. Godinez, Patrick Abing and Marites Claro, Editors. Copyright 2008. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$625 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *