T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Friday, January 4, 2008, Vol. 8, No. 3 Headlines A U S T R I A BREZINA AUFZUEGE: Claims Registration Period Ends Jan. 18 COMPACT BUILDING: Creditors' Meeting Slated for Jan. 16 HUBER ANDREAS: Creditors' Meeting Slated for Jan. 7 IBRAHIM AGGUEN: Creditors' Meeting Slated for Jan. 18 JUWELIER SCHATZL: St. Poelten Court Orders Business Shutdown LUDWIG PFEFFER: Creditors' Meeting Slated for Jan. 18 LUNO INNENAUSBAU: Claims Registration Period Ends Jan. 15 PROHOLZ HANDEL: Creditors' Meeting Slated for Jan. 15 RAFAC - BETEILIGUNG: Creditors' Meeting Slated for Jan. 15 WITH US: Claims Registration Period Ends Jan. 10 B E L G I U M POPE & TALBOT: Court Approves KPMG LLP as Independent Auditor POPE & TALBOT: Canada Court OKs Bid Procedures for Pulp Business POPE & TALBOT: Bid Protocol for Remaining Wood Business Approved D E N M A R K ANGIOTECH PHARMACEUTICALS: S&P Holds B- Corporate Credit Rating F R A N C E BALLY TECHNOLOGIES: Earns US$21.2 Mln in Quarter Ended Sept. 30 DELPHI CORP: Court Approves Sale of Steering Biz for US$447 Mln DELPHI CORP: Court Moves Excl. Plan-Filing Period to March 31 INTERMEC TECH: Hires David Yung as Asia Pacific Vice President G E R M A N Y AUTOHAUS WETZLAR: Claims Registration Ends January 15 BAU- UND DIENSTLEISTUNGS: Claims Period Ends Jan. 9 BERGER BETEILIGUNGS: Claims Registration Ends January 15 CHRYSLER LLC: U.S. Sales Increases 1 Percent in December CIM-TECHNOLOGIE ORGANISATIONS: Claims Registration Ends Jan. 17 DESS-BAU BAU: Claims Registration Period Ends Jan. 22 EURO TRUCK: Claims Registration Period Ends Jan. 11 FOTEC INDUSTRIETECHNIK: Claims Registration Period Ends Jan. 8 GISMO SPORTSWEAR: Claims Registration Period Ends Jan. 9 HANSEATISCHE INVESTITIONS: Claims Period Ends Jan. 23 HATEGA HAUS-TERRASSE-GARTEN: Claims Registration Ends Jan. 15 HOCHBAU MITTELELBE: Claims Registration Period Ends Jan. 10 HOCKEY SCHNEIDWAREN: Claims Registration Ends January 15 IBL GESELLSCHAFT: Files for Insolvency at Hamburg Court JOSEF FLECK: Claims Registration Period Ends Jan. 11 K & T EXPRESS: Claims Registration Period Ends Jan. 14 NOVEMBER AG: Files for Insolvency at Fuerth Court PENTAGON DESIGN: Claims Registration Period Ends Jan. 6 PROMISE XXS: Fitch Rates EUR73.8 Million Class E Notes at BB RIEMA KONZEPTBAU: Claims Registration Period Ends Jan. 14 RONO SYSTEMTECHNIK: Claims Registration Period Ends Jan. 10 ST. GABRIEL RESIDENZEN: Claims Registration Period Ends Jan. 10 WFI VERTRIEBSGESELLSCHAFT: Claims Registration Ends Jan. 14 XOXO-TRENDSTUDIO GMBH: Claims Registration Period Ends Jan. 21 H U N G A R Y FLEXTRONICS INT'L: Eyes Plant Closure & 7,000 Job Cuts Worldwide I R E L A N D WR GRACE: Charleston City Wants Stay Lifted to Seize Property WR GRACE: Wants to Settle Environmental Claims for US$44 Million I T A L Y DANA CORP: 24 Investor Groups to Buy US$540 Mln New Dana Shares K A Z A K H S T A N AKSAI SPETSSTROY: Creditors Must File Claims by Jan. 25 ARMAN LLP: Proof of Claim Deadline Slated for Jan. 25 ASTANA FINANCE: Fitch Affirms BB+ Ratings with Stable Outlook EMEN LTD: Claims Filing Period Ends Jan. 25 MADIN KAZAKHSTAN: Creditors' Claims Due on Jan. 25 MERSHAIR LLP: Claims Registration Ends Jan. 25 N-SERVICE LLP: Proof of Claim Deadline Slated for Jan. 25 PELYM LLP: Creditors Must File Claims by Jan. 25 SUYUMBAI LLP: Claims Filing Period Ends Jan. 25 VALENTINA LLP: Creditors' Claims Due on Jan. 25 VOSTOCHNY EXPRESS: Claims Registration Ends Jan. 25 K Y R G Y Z S T A N IMOTU PRODUCTION: Creditors Must File Claims by January 26 N E T H E R L A N D S LANCELOT 2006: Fitch Rates EUR12 Million Class E Notes at BB SMILE 2005: Fitch Rates EUR108 Million Class E Notes at BB- P O L A N D NETIA SA: Warsaw Court Dismisses Minority Shareholders' Claims P O R T U G A L COMPANHIA SIDERURGICA: Most Profitable Stock in Bovespa in 2007 R U S S I A ALMAZ CJSC: Creditors Must File Claims by Jan. 15 ARLANSKY PLANT: Court Starts Competitive Proceedings CHEMVOLOKNO LLC: Creditors Must File Claims by Feb. 15 GAZPROM NEFT: Closes 50% Tomskneft Stake Acquisition IGLINSKOYE ANIMAL: Creditors Must File Claims by Feb. 15 MORSHANSKAYA CLOTHES: Asset Sale Slated for Jan. 18 PERVOMAISKY CREAMERY: Creditors Must File Claims by Jan. 15 ROSBANK OJSC: S&P Lifts Ratings to BB+ on SocGen Majority Share ROSNEFT OIL: Completes 50% Tomskneft Stake Sale to Gazprom Neft ROSNEFT OIL: New Assets Seen to Hike Output by 10.8% in 2008 RUSSIAN SKY: Creditors Must File Claims by Jan. 15 SEVERSTAL OAO: Names James Hrusovsky as SeverCorr CEO SEVERSTAL OAO: Shareholders Approve RUR2.50 Per Share Dividend VOSTOKKVARTSSAMOTSVETY: Creditors Must File Claims by Jan. 15 * Standard & Poor's Assigns BB+ Ratings to Krasnoyarsk Krai * Standard & Poor's Lifts Volgograd Oblast's Ratings to BB- S W E D E N MAZDA MOTOR: Announces Organizational & Personnel Changes MAZDA MOTOR: Domestic Sales for November 2007 Up 2.3% MAZDA MOTOR: November 2007 Global Output Up 6.6% Year-on-Year U K R A I N E ALTERNATIVE-2000 LLC: Creditors Must File Claims January 6 AMADIS SERVICE: Creditors Must File Claims January 6 BEAU MONDE: Creditors Must File Claims January 6 CAPITAL KHARKOV: Creditors Must File Claims January 6 CAPITAL KRYM: Creditors Must File Claims January 6 ISA-AGRO LLC: Creditors Must File Claims January 6 ITD LLC: Creditors Must File Claims January 6 MAYAK LLC: Proofs of Claim Filing Due January 6 METIZ MACHINERY: Creditors Must File Claims January 6 NEW DEAL: Creditors Must File Claims January 6 UKRAINIAN PETROLEUM: Creditors Must File Claims January 6 UKRATEND-LINE LLC: Creditors Must File Claims January 6 ZARIA LLC: Creditors Must File Claims January 6 U N I T E D K I N G D O M BRIAN LIVESEY: Brings In Begbies Traynor as Administrators CHEYNE FINANCE: Receivers Struck Deal on Refinancing COSI LTD: Names KPMG LLP as Joint Administrators D & C SATELLITE: Claims Filing Period Ends February 10 ELITE PROPERTY: Taps Tenon Recovery as Joint Administrators EMAP PLC: Possible Asset Sale Cues S&P to Cut Ratings to B ENTRY FUNDING 1: Fitch Rates EUR5 Million Class F Notes at B ERINACEOUS: Settles Legal Action Over Mount Street Acquisition FGX INT'L: Moody's Withdraws All Ratings After Debt Refinancing FIREMASTER EXTINGUISHER: Appoints Administrators from Tenon FORD MOTOR: 2007 Sales Decreases by 12% at 2.57 Million FORD MOTOR: Overall Sales in Canada Drops 11.8% to 15,163 Units FORD MOTOR: Singles Out Jaguar & Land Rover Bidder Tata Motors GENERAL MOTORS: Lays-Off 450 Workers in St. Catharines, Ontario K.W. BEARD: Lloyds TSB Taps BDO Stoy as Receivers LADBROKES PLC: Inks Five-Year Deal with Turf TV OPTIMISTIC MEDIA: Claims Filing Period Ends February 12 RAPID 903: Brings In Liquidators from Vantis TATA MOTORS: Set to Launch World's Cheapest Car on Jan. 10 THOMPSONS FLOORING: Taps Liquidators from Tenon Recovery TRIONIC INSTALLATION: A. Clifton Leads Liquidation Procedure * BOOK REVIEW: A Legal History of Money in the United States ********* ============= A U S T R I A ============= BREZINA AUFZUEGE: Claims Registration Period Ends Jan. 18 --------------------------------------------------------- Creditors owed money by OEG BREZINA Aufzuege (FN 29494z) have until Jan. 18 to file written proofs of claim to court-appointed estate administrator Matthias Schmidt at: Dr. Matthias Schmidt Dr. Karl Lueger-Ring 12 1010 Vienna Austria Tel: 533 16 95 Fax: 535 56 86 E-mail: mailto:schmidt@preslmayr.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on Jan. 18 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1607 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 14, 2007 (Bankr. Case No. 28 S 133/07y). COMPACT BUILDING: Creditors' Meeting Slated for Jan. 16 ------------------------------------------------------- Creditors owed money by Compact Building Limited (FN 243485t) are encouraged to attend the creditors' meeting at 9:50 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 155/07t). Ulla Reisch serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Dr. Ulla Reisch Praterstrasse 62-64 1020 Vienna Austria Tel: 212 55 00 E-mail: office.wien@ulsr.at HUBER ANDREAS: Creditors' Meeting Slated for Jan. 7 --------------------------------------------------- Creditors owed money by OEG Huber Andreas (FN 170213p) are encouraged to attend the creditors' meeting at 2:00 p.m. on Jan. 7. The creditors' meeting will be held at: The Land Court of Innsbruck Room 212 Second Floor New Building Maximilianstrasse 4 6020 Innsbruck Austria Headquartered in Innsbruck, Austria, the Debtor declared bankruptcy on Nov. 16, 2007 (19 S 112/07d). Thomas Obholzer serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Dr. Thomas Obholzer Dr. Otto Stolzstrasse 15 6060 Hall/Tirol Austria Tel: 05223/56 2 76 Fax: 05223/52 0 42 E-mail: dr.obholzer@aon.at IBRAHIM AGGUEN: Creditors' Meeting Slated for Jan. 18 ----------------------------------------------------- Creditors owed money by IBRAHIM AGGUEN KEG TRANSPORT (FN 231127v) are encouraged to attend the creditors' meeting at 9:45 a.m. on Jan. 18. 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. 14, 2007 (28 S 132/07a). Georg Freimueller serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Dr. Georg Freimueller Alser Strasse 21 1080 Vienna Austria Tel: 406 05 51 Fax: 406 96 01 E-mail: kanzlei@jus.at JUWELIER SCHATZL: St. Poelten Court Orders Business Shutdown ------------------------------------------------------------ The Land Court of St. Poelten entered Nov. 13, 2007, an order shutting down the business of LLC Juwelier Schatzl (FN 261545a). Court-appointed estate administrator Friedrich Kuehleitner recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Mag. Friedrich Kuehleitner Markt 7 5620 Schwarzach/Pongau Austria Tel: 06415/58 58 Fax: 06415/5858-5 E-mail: kuehleitner@rechtsanwaelte-schwarzach.com Headquartered in St. Johann im Pongau, Austria, the Debtor declared bankruptcy on Nov. 7, 2007 (Bankr. Case No 44 S 35/07g). LUDWIG PFEFFER: Creditors' Meeting Slated for Jan. 18 ----------------------------------------------------- Creditors owed money by LLC Ludwig Pfeffer (FN 66260t) are encouraged to attend the creditors' meeting at 8:30 a.m. on Jan. 18. The creditors' meeting will be held at: The Land Court of Salzburg Hall 256 Second Floor Salzburg Austria Headquartered in Salzburg, Austria, the Debtor declared bankruptcy on Nov. 14, 2007 (44 S 38/07y). Rainer Hessenberger serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Mag. Rainer Hessenberger Alter Markt 7/2 5020 Salzburg Austria Tel: 0662/84 11 41 Fax: 0662/84 84 15 E-mail: hessenberger@aon.at LUNO INNENAUSBAU: Claims Registration Period Ends Jan. 15 --------------------------------------------------------- Creditors owed money by LLC LUNO Innenausbau (FN 231335z) have until Jan. 15 to file written proofs of claim to court-appointed estate administrator Martin Koroschetz at: Dr. Martin Koroschetz Hauptstrasse 8 2540 Bad Voeslau Austria Tel: 02252/251 251 Fax: 02252/251251-5 E-mail: Dr.Koroschetz@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on Jan. 29 for the examination of claims. The meeting of creditors will be held at: The Land Court of Wiener Neustadt Room 15 Wiener Neustadt Austria Headquartered in Guenselsdorf, Austria, the Debtor declared bankruptcy on Nov. 13, 2007 (Bankr. Case No. 11 S 115/07h). PROHOLZ HANDEL: Creditors' Meeting Slated for Jan. 15 ----------------------------------------------------- Creditors owed money by LLC PROHOLZ Handel (FN 277940k) are encouraged to attend the creditors' meeting at 12:30 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. 14, 2007 (6 S 147/07w). Leopold Riess serves as the court-appointed estate administrator of the bankrupt's estate. Eva Riess represents Dr. Riess in the bankruptcy proceedings. The estate administrator can be reached at: Dr. Leopold Riess c/o Dr. Eva Riess Zeltgasse 3/12 1080 Vienna Austria Tel: 402 57 01 Fax: 402 57 01 21 E-mail: law@riess.co.at RAFAC - BETEILIGUNG: Creditors' Meeting Slated for Jan. 15 ---------------------------------------------------------- Creditors owed money by LLC Rafac - Beteiligung (FN 127505h) are encouraged to attend the creditors' meeting at 12:45 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. 14, 2007 (6 S 145/07a). Klemens Dallinger serves as the court-appointed estate administrator of the bankrupt's estate. Katharina Widhalm-Budak represents Dr. Dallinger in the bankruptcy proceedings. The estate administrator can be reached at: Dr. Klemens Dallinger c/o Dr. Katharina Widhalm-Budak Schulerstrasse 18 1010 Vienna Austria Tel: 513 28 33 Fax: 513 28 33 22 E-mail: dallinger@anwaltsteam.at WITH US: Claims Registration Period Ends Jan. 10 ------------------------------------------------ Creditors owed money by LLC With us (FN 212441p) have until Jan. 10 to file written proofs of claim to court-appointed estate administrator Johannes Leon at: Dr. Johannes Leon Reichsratsstrasse 5 1010 Vienna Austria Tel: 402 15 54 Fax: 402 15 54 54 E-mail: offce@leonlaw.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:15 a.m. on Jan. 24 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1703 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 15, 2007 (Bankr. Case No. 5 S 123/07h). ============= B E L G I U M ============= POPE & TALBOT: Court Approves KPMG LLP as Independent Auditor ------------------------------------------------------------- The United States Bankruptcy Court for the District of Delaware has granted Pope & Talbot Inc. and its debtor-affiliates permission to employ KPMG LLP as their independent auditor, effective as of Nov. 19, 2007. The Hon. Christopher S. Sontchi held that KPMG will not retain any third parties, including affiliates, without approval of the Court. As reported in the Troubled Company Reporter on Dec. 5, 2007, the Debtors told the Court that that KPMG's diverse experience and extensive knowledge in the field of accounting will be of much help to their restructuring plans. As the Debtors' financial advisors, KPMG will: -- audit the Debtors' consolidated financial statements and internal control over financial reporting; -- review the Debtors' condensed consolidated balance sheets and related condensed consolidated statements of operations and cash flows as well as selected quarterly financial data; -- perform procedures required by the standards of the Public Company Accounting Oversight Board (United States), including reading information incorporated by reference in the Debtors' previously filed registration statements and performing subsequent event procedures; -- audit the Debtors' Pension Plan and Tax Deferred Savings Plan; and -- perform additional audit services that may be requested by the Debtors from time to time during the pendency of their Chapter 11 cases. The Debtors will pay for KPMG's general auditing services according to the firm's customary hourly rates: Professional Hourly Rate ------------ ----------- Partners US$360 Managers US$270 Senior Associates US$200 Staff US$120 Assistant US$100 KPMG will be paid these amounts with respect to auditing services related to the Debtors' pension and tax deferred savings plans: Professional Hourly Rate ------------ ----------- Partners US$300 Managers US$200 Senior Associates US$150 Staff/Assistant US$110 Timothy McCann, a certified public accountant at KPMG, 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: Canada Court OKs Bid Procedures for Pulp Business ---------------------------------------------------------------- The British Columbia Supreme Court has approved Pope & Talbot Inc. and its debtor-affiliates' proposed bidding procedures for their pulp business assets, and authorized the Debtors to schedule an auction, if necessary. The Canadian Court held that the Bidding Procedures will govern the Auction, which is intended to solicit bids for the Debtors' Pulp Business. As reported in the Troubled Company Reporter on Dec. 14, 2007, the Hon. Christopher S. Sontchi of the United States Bankruptcy Court for the District of Delaware had earlier approved in all respects the Debtors' bidding and sale procedures with respect to the sale of their pulp business assets, including: (1) the submission, consideration, qualification and acceptance of Qualified Overbids submitted to the Debtors; (2) the Auction; and (3) the identification and determination of the Successful Bid and the Back-Up Bid. 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: Bid Protocol for Remaining Wood Business Approved ---------------------------------------------------------------- The British Columbia Supreme Court has approved Pope & Talbot Inc. and its debtor-affiliates' proposed bidding procedures for the sale of their remaining wood products business. The Canadian Court likewise authorized the Debtors to schedule an auction, if necessary, to solicit bids for their Remaining Wood Products Business. As reported in the Troubled Company Reporter on Dec. 14, 2007, the United States Bankruptcy Court for the District of Delaware had earlier approved in all respects the Debtor's bidding and sale procedures with respect to the sale of certain wood products assets not contemplated to be sold to International Forest Products and the assumption of related liabilities, including: (1) the submission, consideration, qualification and acceptance of Qualified Overbids submitted to the Debtors; (2) the Auction; and (3) the identification and determination of the Successful Bid and the Back-Up Bid. 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). ============= D E N M A R K ============= ANGIOTECH PHARMACEUTICALS: S&P Holds B- Corporate Credit Rating --------------------------------------------------------------- Standard & Poor's Ratings Services affirmed the ratings, including the 'B-' long-term corporate credit rating, on Vancouver-based Angiotech Pharmaceuticals Inc. and removed them from CreditWatch with negative implications, where they were placed Oct. 22, 2007. The outlook is negative. "The affirmation reflects our expectation that the company has sufficient cash to support its operations in the medium term, even if revenue growth is stagnant," said Standard & Poor's credit analyst Maude Tremblay. The ratings on Angiotech reflect its continued high dependence on the challenged drug-eluting stent (DES) market for its operating performance, uncertainty regarding the timing and extent of revenue growth from new products, as well as expected negative free cash flow generation in the medium term. The company's leading position within the DES market, a pipeline of products that have the potential to improve and diversity the company's revenue stream, and sufficient liquidity to meet its obligations in the medium term partially offset these factors. Angiotech is a specialty pharmaceutical company whose core strength is adding pharmaceutical compounds to medical devices used by surgeons. A licensing agreement with Boston Scientific Corp. for the Taxus DES, from which Angiotech receives royalty revenues, is the company's most important revenue generator. Due to recent demand decline, Taxus royalties now represent about 40% of the company's last 12 months revenues (at Sept. 30, 2007). The medical products segment, resulting mostly from the American Medical Instruments Inc. acquisition in March 2006, manufactures and markets a wide range of single-use specialty medical products directly to end-users. The company is also investing to research and develop new products linked to surgical procedures; however, these have yet to provide material revenue contribution. Third-quarter royalty payments from BSX declined by 41% year- over-year to US$24.9 million, and S&P expects them to contract by about 20% in fourth-quarter 2007 compared with the same period in 2006. Increased competition could cause a further decrease in Taxus royalties of double digits annually in the medium term. The medical products segment underperformed management's expectations during third-quarter 2007: products acquired from AMI generated stable revenues; however, new products have yet to make material contributions. As a result, lease-adjusted EBITDA declined to US$63.3 million for the 12 months ended Sept. 30, 2007, compared with US$99.0 million for the 12 months ended Dec. 31, 2006. The company's ability to generate free cash flow is under severe constraints, given the deterioration of the operating performance and interest expense of about US$50 million annually. Funds from operations were only US$3.1 million year- to-date at Sept. 30, 2007, which was sufficient to cover the company's limited investments in working capital and long-term assets in that period. However S&P expects free operating cash flow to become negative during fourth-quarter 2007. The negative outlook reflects S&P's expectation that Angiotech will remain free cash flow negative for several quarters. S&P could lower the rating if weakening market conditions for DES or setbacks in the product pipeline lead to a cash burn in excess of US$25 million annually. Conversely, S&P could revise the outlook to stable if contribution from new products or divestment of assets leads to an improvement in free cash flow generation. =========== F R A N C E =========== BALLY TECHNOLOGIES: Earns US$21.2 Mln in Quarter Ended Sept. 30 --------------------------------------------------------------- Bally Technologies, Inc. financial results for the fiscal quarter ended Sept. 30, 2007. Net income increased to US$21.2 million, or 11% of total revenue, compared with a net loss of US$225,000 in the same period last year, as a result of improved margin and cost leverage. Total revenues increased 23% to US$189.0 million as compared with US$153.7 million for the same period last year. "We are very pleased with our continued improvement in both business momentum and margins in all the key parts of our business," Richard M. Haddrill, the Company's Chief Executive Officer, said. Cash and cash equivalents increased to around US$51.6 million at Sept. 30, 2007 as compared with approximately US$40.8 million at June 30, 2007. Selling, general and administrative expenses increased 6% to US$52.3 million and declined to 28% of total revenue from 32% as compared with the same period last year. Adjusted EBITDA was US$58.5 million, a 122% increase as compared with the same period last year. The company made an unscheduled US$15.0 million payment on its term loan during the first quarter of fiscal 2008. "In addition to improving our margins, the quarterly results also reflect our improving operating leverage," Robert C. Caller, the Company's Chief Financial Officer, said. "Our SG&A and R&D expenses were favorably impacted by better control over costs and savings from our India Development Centers." At Sept. 30, 2007, the company's balance sheet showed total assets of US$871.0 million and total liabilities of US$647.2 million, resulting in US$222.5 million stockholders' equity. Equity, at June 30, 2007, was US$199.4 million. About Bally Technologies Inc. Headquartered in Las Vegas, Nevada, Bally Technologies Inc. (NYSE:BYI) - http://www.ballytech.com/-- is engaged in the design, manufacture, assembly and distribution of technology based products to commercial gaming markets. The company's business consists of two business units: the Bally Gaming and Systems business unit and the Rainbow Casino (Rainbow) business unit. The Bally Gaming and Systems unit consists of three primary sub-groups: Gaming Equipment, which includes the sale of gaming devices; Gaming Operations, which includes the rent and lease of gaming devices, and Systems, which includes the sale and support of gaming systems. It also owns and operates the Rainbow Casino in Vicksburg, Mississippi. The company's South American operations are located in Argentina. The company also has operations in France, Germany, Macau, China, India, and the United Kingdom. * * * As reported in the Troubled Company Reporter on Dec. 28, 2007, Fitch Ratings upgraded Bally Technologies' Issuer Default Rating and senior secured bank debt ratings as: IDR to 'B' from 'B-' and Secured bank credit facilities to 'BB/RR1' from 'B/RR3'. DELPHI CORP: Court Approves Sale of Steering Biz for US$447 Mln --------------------------------------------------------------- The Honorable Robert Drain of the U.S. Bankruptcy Court for the Southern District of New York has authorized Delphi Corp. and its debtor-affiliates to auction off their global steering and halfshaft businesses, in accordance with the proposed bidding procedures. Pursuant to a Master Sale And Purchase Agreement dated Dec. 10, 2007, the Debtors have agreed to sell their steering business to Steering Solutions Corp. for US$447 million, subject to higher and better offers. Judge Drain agreed to to the Debtors' request to grant a break- up fee and an expense reimbursement for Steering Solutions, noting that the bidder was unwilling to commit to hold open its offer for the Steering Business absent bid protections. The Court, however, held that, pursuant to an agreement by the Official Committee of Unsecured Creditors, the Debtors, and Steering Solutions, (i) the break-up fee will be reduced from US$6 million to US$5.5 million and (ii) Steering Solutions retain the right to seek an expense reimbursement in an amount up to US$6 million if a break- up fee is not paid. The Court denied Steering Holding, LLC's objection to the proposed bid procedures. Steering Holding had asked the Court not to approve the Debtors' selection of Steering Solutions as the stalking horse bidder on grounds that it intends to submit an alternative bid, which would raise the cash portion of the purchase price from US$1 million to US$10 million and would reduce the break-up fees and expense reimbursements by US$4 million. The Court will convene a hearing on Feb. 21, 2008, at 10:00 a.m., Eastern time, to confirm the results of the auction, if any, and approve the sale. Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of March 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in total assets and US$23,851,000,000 in total debts. The Debtors' exclusive plan-filing period expires on Dec. 31, 2007. On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan of Reorganization and a Disclosure Statement explaining that Plan. (Delphi Bankruptcy News, Issue No. 104; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) DELPHI CORP: Court Moves Excl. Plan-Filing Period to March 31 ------------------------------------------------------------- The Honorable Robert Drain extends Delphi Corp. and its debtor- affiliates': (a) exclusive period for filing a plan of reorganization through and including March 31, 2008; and (b) exclusive period for soliciting acceptance of that plan through and including May 31, 2008. The Debtors' current Exclusive Plan Proposal Period expired on Dec. 31, 2007. As reported in the Troubled Company Reporter on Dec. 4, 2007, the Debtors' good-faith progress towards reorganization, according to John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, in Chicago, Illinois, is most convincingly demonstrated by the filing of the Joint Plan of Reorganization and Disclosure Statement on Sept. 6, 2007. The Debtors sought an extension of the Exclusive Periods to give them sufficient time to complete the Plan solicitation and confirmation processes in a timeframe that will allow them to emerge from bankruptcy in the first quarter of 2008. Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of March 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in total assets and US$23,851,000,000 in total debts. The Debtors' exclusive plan-filing period expires on Dec. 31, 2007. On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan of Reorganization and a Disclosure Statement explaining that Plan. (Delphi Bankruptcy News, Issue No. 102; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) INTERMEC TECH: Hires David Yung as Asia Pacific Vice President -------------------------------------------------------------- Intermec Technologies Inc. has appointed David Yung as its Vice President and General Manager, Asia Pacific Region. Mr. Yung is a technology veteran with over twenty years of general management experience in the Asia Pacific region. Mr. Yung was most recently at RS Components LTD, where he served as Asia Pacific, General Manager. He was responsible for building out a partner and distribution network for a B-to-B electronic and automation instrumentation business line. Previous to his role at RS Components, Mr. Yung was the Managing Director at Lenovo, Inc., leading an enterprise sales capture team focusing on large project awards and deployments to top tier clients throughout Northern and Southern Asia. "David is a results oriented general manager who demonstrates effective team building, communications and planning skills," said Michael A. Wills, SVP of Global Sales and Service. "These leadership skills are a vital component to our growth prospects in the Asia Pacific region." About Intermec Inc. Intermec Inc. -- http://www.intermec.com/-- develops, manufactures and integrates technologies that identify, track and manage supply chain assets. Core technologies include RFID, mobile computing and data collection systems, bar code printers and label media. The company has locations in Australia, Bolivia, Brazil, China, France, Hong Kong, Singapore and the United Kingdom. * * * Standard & Poor's Rating Services raised its ratings on Everett, Washington-based Intermec Inc. to 'BB-' from 'B+'. The upgrade reflects expectations that Intermec will sustain current levels of profitability and leverage. S&P said the outlook is stable. ============= G E R M A N Y ============= AUTOHAUS WETZLAR: Claims Registration Ends January 15 ----------------------------------------------------- Creditors of Autohaus Wetzlar GmbH & Co. KG have until Jan. 15 to register their claims with court-appointed insolvency manager Bernd Ache. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on Feb. 20, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wetzlar Meeting Hall 201 Building B Second Floor Wetherstr. 1 35578 Wetzlar Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Bernd Ache, GF: 44 Karl-Kellner-Ring 23 35576 Wetzlar Germany Tel: 06441/94240 Fax: 06441/42843 E-mail: info@kanzlei-unuetzer.de The District Court of Wetzlar opened bankruptcy proceedings against Autohaus Wetzlar GmbH & Co. KG on Dec. 6, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Autohaus Wetzlar GmbH & Co. KG Hermannsteiner Strasse 46 35576 Wetzlar Germany Attn: Peter Schmidt, Manager Adalbert-Stifter-Strasse 20 35394 Giessen Germany BAU- UND DIENSTLEISTUNGS: Claims Period Ends Jan. 9 --------------------------------------------------- Creditors of Bau- und Dienstleistungs GmbH Stassfurt have until Jan. 9 to register their claims with court-appointed insolvency manager Kaufmann Andre Schirrmeister. Creditors and other interested parties are encouraged to attend the meeting at 10:05 a.m. on Feb. 6, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Magdeburg Hall 14 Breiter Weg 203 - 206 39104 Magdeburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Kaufmann Andre Schirrmeister Magdeburger Str. 23 06112 Halle Germany Tel: 0345/2308811 Fax: 0345/ 2311199 The District Court of Magdeburg opened bankruptcy proceedings against Bau- und Dienstleistungs GmbH Stassfurt on Dec. 18, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bau- und Dienstleistungs GmbH Stassfurt Attn: Helgo Koerber, Manager Bernburger Str. 10 c 39418 Stassfurt Germany BERGER BETEILIGUNGS: Claims Registration Ends January 15 -------------------------------------------------------- Creditors of Berger Beteiligungs GmbH have until Jan. 15 to register their claims with court-appointed insolvency manager Stefan Conrads. Creditors and other interested parties are encouraged to attend the meeting at 9:10 a.m. on Feb. 13, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wuppertal Meeting Hall A234 Second Floor Eiland 2 42103 Wuppertal Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Stefan Conrads Mankhauser Str. 7a 42699 Solingen Germany Tel: 0212/22172-0 Fax: 0212/22172-18 The District Court of Wuppertal opened bankruptcy proceedings against Berger Beteiligungs GmbH on Dec. 4, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Berger Beteiligungs GmbH Blumenstr. 111 42655 Solingen Germany Attn: Frank Berger, Manager Klauberger Str. 30 42651 Solingen Germany CHRYSLER LLC: U.S. Sales Increases 1 Percent in December -------------------------------------------------------- Chrysler posted a 1% rise in December sales to 191,423 units, up from 190,415 in December the previous year. We talked to Steven Landry, Executive Vice President of North American Sales, about the results. "December is always a little unpredictable," Mr. Landry said. "We're very happy with our sales being up 1%. I will also add inside that 1% sales, our fleet was down and our retail number was up, so it's all going in the right direction. In the month of December, it looks like we will gain market share." Not all automakers have posted results yet, precise market share figures are not available. "Our forecast estimate is that we will pick up half a point of market in the month of December," he said. Mr. Landry said that Chrysler has momentum going into January, and the new "Zero Plus" incentive program should help. Under that program, qualified customers can choose 0% APR financing for 36 months or 3.9% APR financing for 60 months PLUS consumer cash allowance amounts of up to $2,500. The program runs through Feb. 29, 2008. "We're providing the opportunity for some consumers to have that down payment, that elusive down payment, that is important for consumers to get a deal done today," Mr. Landry said. "With the banks and the financial institutions the way they are today, they like to see a bigger down payment, it makes it easier for them to do financing." The all-new Chrysler Town & Country and Dodge Grand Caravan minivans recorded strong results in December, which also gives Mr. Landry confidence for 2008. About Chrysler LLC Headquartered in Auburn Hills, Michigan, Chrysler LLC -- http://www.chrysler.com/-- a unit of Cerberus Capital Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R) brand vehicles and products. The company has dealers worldwide, including Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil, Venezuela, China, Japan and Australia. * * * As reported in the Troubled Company Reporter on Nov. 12, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating on Chrysler LLC and DaimlerChrysler Financial Services Americas LLC and removed it from CreditWatch with positive implications, where it was placed Sept. 26, 2007. The outlook is negative. CIM-TECHNOLOGIE ORGANISATIONS: Claims Registration Ends Jan. 17 --------------------------------------------------------------- Creditors of CIM-Technologie Organisationsberatung und Software GmbH have until Jan. 17 to register their claims with court- appointed insolvency manager Prof. Dr. Klaus Reischl. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Feb. 12, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Muehldorf a. Inn Hall 112 Innstrasse 1 Muehldorf a. Inn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Prof. Dr. Klaus Reischl Residenzplatz 10 94032 Passau Germany The District Court of Muehldorf a. Inn opened bankruptcy proceedings against CIM-Technologie Organisationsberatung und Software GmbH on Dec. 14, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: CIM-Technologie Organisationsberatung und Software GmbH Roman Krause Goellstrasse 10 84524 Neuoetting Germany DESS-BAU BAU: Claims Registration Period Ends Jan. 22 ----------------------------------------------------- Creditors of dess-bau Bau- und Bausanierungsgesellschaft mbH have until Jan. 22 to register their claims with court-appointed insolvency manager Dr. Volkhard Frenzel. Creditors and other interested parties are encouraged to attend the meeting at 1:00 p.m. on Feb. 12, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Dessau Hall 123 Willy-Lohmann-Str. 33 Dessau Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Volkhard Frenzel Magdeburger Strasse 23 06112 Halle Germany Tel: 0345/2311111 Fax: 0345/2311199 The District Court of Dessau opened bankruptcy proceedings against dess-bau Bau- und Bausanierungsgesellschaft mbH on Dec. 18, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: dess-bau Bau- und Bausanierungsgesellschaft mbH Attn: Angela Schlosser, Manager Waldweg 56 06844 Dessau-Rosslau Germany EURO TRUCK: Claims Registration Period Ends Jan. 11 --------------------------------------------------- Creditors of Euro Truck Mobil GmbH have until Jan. 11 to register their claims with court-appointed insolvency manager Andreas Kienast. Creditors and other interested parties are encouraged to attend the meeting at 10:20 a.m. on Feb. 14, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Magdeburg Hall D Insolvency Department Liebknechtstrasse 65-91 39110 Magdeburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Andreas Kienast Lennestr. 10 39112 Magdeburg Germany Tel: 0391/5973322 Fax: 0391/5973333 The District Court of Magdeburg opened bankruptcy proceedings against Euro Truck Mobil GmbH on Dec. 5. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Euro Truck Mobil GmbH vormals Wittenberger Str. 45 (Haus 3) Nils-Bohr-Str. 45 39106 Magdeburg Germany FOTEC INDUSTRIETECHNIK: Claims Registration Period Ends Jan. 8 -------------------------------------------------------------- Creditors of FOTEC Industrietechnik GmbH have until Jan. 8 to register their claims with court-appointed insolvency manager Stephan Thiemann. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on Feb. 19, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Chemnitz Hall 27 Fuerstenstrasse 21-23 09130 Chemnitz Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Stephan Thiemann Leipziger Str. 62 09113 Chemnitz Germany Tel: (0371) 262010 Fax: (0371) 2620111 E-mail: chemnitz@pluta.net The District Court of Chemnitz opened bankruptcy proceedings against FOTEC Industrietechnik GmbH on Dec. 13, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: FOTEC Industrietechnik GmbH Attn: Oleg Morunov, Manager Neefestr. 80 a 09119 Chemnitz Germany GISMO SPORTSWEAR: Claims Registration Period Ends Jan. 9 -------------------------------------------------------- Creditors of Gismo Sportswear GmbH have until Jan. 9 to register their claims with court-appointed insolvency manager Carl- Heinrich Klek. Creditors and other interested parties are encouraged to attend the meeting at 9:40 a.m. on Jan. 30, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Offenbach am Main Hall 166N First Floor Kaiserstrasse 16-18 63065 Offenbach am Main Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Carl-Heinrich Klek Berliner Str. 2 D 63065 Offenbach am Main Tel: 069/8290000 Fax: 810403 E-mail: klek@klek-offenbach.de The District Court of Offenbach am Main opened bankruptcy proceedings against Gismo Sportswear GmbH on Dec. 12, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Gismo Sportswear GmbH Attn: Hayrettin Cakir, Manager Werner-von-Braun-Strasse 6 63303 Dreieich Germany HANSEATISCHE INVESTITIONS: Claims Period Ends Jan. 23 ----------------------------------------------------- Creditors of E.M.V. Hanseatische Investitions- und Baugesellschaft mbH Rostock have until Jan. 23 to register their claims with court-appointed insolvency manager Achim Ahrendt. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on March 5, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Rostock Hall 330 Zochstrasse 18057 Rostock Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Achim Ahrendt Lange Strasse 1a Haus der Schiffahrt 18055 Rostock Germany The District Court of Rostock opened bankruptcy proceedings against E.M.V. Hanseatische Investitions- und Baugesellschaft mbH Rostock on Dec. 12, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: E.M.V. Hanseatische Investitions- und Baugesellschaft mbH Rostock Attn: Claus Weinberg, Manager Lohgerberstrasse 12 18055 Rostock Germany HATEGA HAUS-TERRASSE-GARTEN: Claims Registration Ends Jan. 15 ------------------------------------------------------------- Creditors of HaTeGa Haus-Terrasse-Garten Service- u. Vertriebsgesellschaft mbH have until Jan. 15 to register their claims with court-appointed insolvency manager Berthold Brinkmann. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on March 4, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Reinbek Parkallee 6 21465 Reinbek Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Berthold Brinkmann Sechslingspforte 2 22087 Hamburg Germany The District Court of Reinbek opened bankruptcy proceedings against HaTeGa Haus-Terrasse-Garten Service- u. Vertriebsgesellschaft mbH on Dec. 5, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HaTeGa Haus-Terrasse-Garten Service- u. Vertriebsgesellschaft mbH Attn: Joerg Mestmacher, Manager Dorfstr. 55 22113 Oststeinbek Germany HOCHBAU MITTELELBE: Claims Registration Period Ends Jan. 10 ----------------------------------------------------------- Creditors of Hochbau Mittelelbe GmbH have until Jan. 10 to register their claims with court-appointed insolvency manager Heiko Rautmann. Creditors and other interested parties are encouraged to attend the meeting at 9:40 a.m. on Jan. 31, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Magdeburg Hall 14 Breiter Weg 203-206 39104 Magdeburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Heiko Rautmann Editharing 31 39108 Magdeburg Germany Tel: 0391/5066030 Fax: 0391/5066033 E-mail: Heiko.Rautmann@gmx.de The District Court of Magdeburg opened bankruptcy proceedings against Hochbau Mittelelbe GmbH on Dec. 13, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hochbau Mittelelbe GmbH Attn: Erhard Breier, Manager Goethestr. 7 39108 Magdeburg Germany HOCKEY SCHNEIDWAREN: Claims Registration Ends January 15 -------------------------------------------------------- Creditors of Hockey Schneidwaren GmbH & Co. KG have until Jan. 15 to register their claims with court-appointed insolvency manager Stefan Conrads. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Feb. 13, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wuppertal Meeting Hall A234 Second Floor Eiland 2 42103 Wuppertal Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Stefan Conrads Mankhauser Str. 7a 42699 Solingen Germany Tel: 0212/22172-0 Fax: 0212/22172-18 The District Court of Wuppertal opened bankruptcy proceedings against Hockey Schneidwaren GmbH & Co. KG on Dec. 4, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hockey Schneidwaren GmbH & Co. KG Blumenstr. 111 42655 Solingen Germany Attn: Frank Berger, Manager Klauberger Str. 30 42651 Solingen Germany IBL GESELLSCHAFT: Files for Insolvency at Hamburg Court ------------------------------------------------------- Hamburg-based IBL Gesellschaft fuer Immunchemie und Immunbiologie mbH, a 100% subsidiary of november AG (ISIN DE000A0S9N72), has filed for insolvency on Dec. 20, 2007, with the local court of Hamburg. The company cited illiquidity and over-indebtedness on its balance sheet. This is because the ongoing negotiations with different banks relating to different loans could not be concluded in time before the expiry of the insolvency deadline. JOSEF FLECK: Claims Registration Period Ends Jan. 11 ---------------------------------------------------- Creditors of Josef Fleck GmbH have until Jan. 11 to register their claims with court-appointed insolvency manager Robert Multrus. Creditors and other interested parties are encouraged to attend the meeting at 8:15 a.m. on Jan. 22, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Rosenheim Room 210 Rosenheim Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Robert Multrus Rathausstr. 10 83022 Rosenheim Germany Tel: 08031/8074790 Fax: 08031/80747966 The District Court of Rosenheim opened bankruptcy proceedings against Josef Fleck GmbH on Dec. 18, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Josef Fleck GmbH Erlenstrasse 5 83052 Bruckmuehl Germany K & T EXPRESS: Claims Registration Period Ends Jan. 14 ------------------------------------------------------ Creditors of K & T Express GmbH + Co. KG have until Jan. 14 to register their claims with court-appointed insolvency manager Dr. Stephan Thiemann. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on Feb. 13, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Chemnitz Hall 24 Fuerstenstrasse 21-23 09130 Chemnitz Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Stephan Thiemann Leipziger Str. 62 09113 Chemnitz Germany Tel:(0371) 262010 Fax: (0371) 2620111 E-mail: chemnitz@pluta.net The District Court of Chemnitz opened bankruptcy proceedings against K & T Express GmbH + Co. KG on Dec. 13. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: K & T Express GmbH + Co. KG Attn: Jens Tschiersch, Manager Hohe Str. 6 08371 Glauchau Germany NOVEMBER AG: Files for Insolvency at Fuerth Court ------------------------------------------------- november AG (ISIN DE000A0S9N72) has filed for insolvency on Dec. 21, 2007, with the local court of Fuerth because of illiquidity and accounting insolvency. Headquartered in Erlangen, Germany, november AG -- http://www.november.de/-- specializes in bio- and nanotechnology. It is engaged in the market and customer- orientated transfer of product developments, as well as an expansion of existing product and technology portfolios, through cooperation agreements and financial stakes in other companies, which return a high yield. PENTAGON DESIGN: Claims Registration Period Ends Jan. 6 ------------------------------------------------------- Creditors of Pentagon Design GmbH have until Jan. 6 to register their claims with court-appointed insolvency manager Gerd Mensendiek. Creditors and other interested parties are encouraged to attend the meeting at 11:30 a.m. on Feb. 5, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Detmold Meeting Room 12 Ground Floor Gerichtsstr. 6 32756 Detmold Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Gerd Mensendiek Detmolder Str. 43 33604 Bielefeld Germany The District Court of Detmold opened bankruptcy proceedings against Pentagon Design GmbH on Dec. 11. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Pentagon Design GmbH Attn: Hans Erik Biel-Nielsen, Manager Paulinenstr. 71 32756 Detmold Germany PROMISE XXS: Fitch Rates EUR73.8 Million Class E Notes at BB ------------------------------------------------------------ Fitch Ratings has affirmed PROMISE XXS 2006-1 GmbH notes due May 2024: -- EUR234,999 Class A+ (ISIN XS0277600663): affirmed at 'AAA' -- EUR168.7 million Class A (ISIN XS0277602016): affirmed at 'AAA' -- EUR101.520 million Class B (ISIN XS0277606272): affirmed at 'AA' -- EUR73.79 million Class C (ISIN XS0277606512): affirmed at 'A' -- EUR53.11 million Class D (ISIN XS0277606942): affirmed at 'BBB' -- EUR73.790 million Class E (ISIN XS0277607320): affirmed at 'BB' Fitch has reviewed the performance of the PROMISE XXS 2006-1 GmbH notes and found that the current credit enhancement levels of the Class A+ to Class E notes are sufficient to support the current ratings, although the credit quality of the collateral pool has deteriorated. The portfolio quality was assessed by a mapping approach, in line with Fitch's CDO rating methodology. Since closing, the portfolio equivalent rating has deteriorated but stayed within the 'BB+'/'BB' range. Current losses are covered by synthetic excess spread. The credit enhancement of the notes equals the initial credit enhancement in accordance with the pro rata amortization profile. These levels are deemed sufficient to support the current ratings, but Fitch will continue to carefully monitor future portfolio developments. This transaction is a synthetic securitization of debt instruments of German and Austrian small- and medium-sized enterprises. The issuer of the notes, PROMISE XXS 2006-1 GmbH, is a special purpose vehicle under German law. The proceeds of the notes were used to sell protection on a portfolio of loans. The portfolio companies were selected by Bayerische Hypo- und Vereinsbank AG in compliance with the transaction documents. The portfolio is replenishing and the scheduled maturity of all Classes of notes is November 2021, while the legal maturity is May 2024. All notes pay down pro rata until a sequential trigger event occurs. RIEMA KONZEPTBAU: Claims Registration Period Ends Jan. 14 --------------------------------------------------------- Creditors of RIEMA Konzeptbau GmbH have until Jan. 14 to register their claims with court-appointed insolvency manager Dr. Dirk Wittkowski. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Feb. 25, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Dresden Hall D131 Olbrichtplatz 1 01099 Dresden Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Dirk Wittkowski Am Brauhaus 5 01099 Dresden Germany Website: http://www.henningsmeier.de/ The District Court of Dresden opened bankruptcy proceedings against RIEMA Konzeptbau GmbH on Dec. 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: RIEMA Konzeptbau GmbH Basteistrasse 5 01277 Dresden Germany Attn: Martin Riedel, Manager Geboren 1983 Suedstrasse 9 01156 Dresden Germany RONO SYSTEMTECHNIK: Claims Registration Period Ends Jan. 10 ----------------------------------------------------------- Creditors of Rono Systemtechnik GmbH have until Jan. 10 to register their claims with court-appointed insolvency manager Andre Loeffler. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on Jan. 31, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Magdeburg Hall 14 Breiter Weg 203-206 39104 Magdeburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Andre Loeffler Klewitzstr. 15 39112 Magdeburg Germany Tel: 0391/7324630 o. 39 Fax: 0391/7324633 E-mail: magdeburg@loeffler-insolvenzverwalter.de The District Court of Magdeburg opened bankruptcy proceedings against Rono Systemtechnik GmbH on Dec. 14, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Rono Systemtechnik GmbH Attn: Matthias Goebel, Manager Brockenblick 12-13 38871 Ilsenburg Germany ST. GABRIEL RESIDENZEN: Claims Registration Period Ends Jan. 10 --------------------------------------------------------------- Creditors of St. Gabriel Residenzen GmbH have until Jan. 10 to register their claims with court-appointed insolvency manager Frank Hanselmann. Creditors and other interested parties are encouraged to attend the meeting at 10:20 a.m. on Jan. 24, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Schweinfurt Boardroom 22 Eingang Friedenstr. 2 Schweinfurt Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Frank Hanselmann Berliner Platz 6 97080 Wuerzburg Germany Tel: 0931/359800 The District Court of Schweinfurt opened bankruptcy proceedings against St. Gabriel Residenzen GmbH on Dec. 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: St. Gabriel Residenzen GmbH Blutenburgstr. 87 80634 Munich Germany WFI VERTRIEBSGESELLSCHAFT: Claims Registration Ends Jan. 14 ----------------------------------------------------------- Creditors of WFI Vertriebsgesellschaft mbH have until Jan. 14 to register their claims with court-appointed insolvency manager Axel Gerbers. Creditors and other interested parties are encouraged to attend the meeting at 11:30 a.m. on Feb. 14, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Aurich Hall 018 Schlossplatz 2 26603 Aurich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Axel Gerbers Soegestrasse 70 28195 Bremen Germany Tel: 0421/178 99 80 Fax: 0421/178 99 811 The District Court of Aurich opened bankruptcy proceedings against WFI Vertriebsgesellschaft mbH on Dec. 10. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: WFI Vertriebsgesellschaft mbH Dresdner Strasse 5a 26506 Norden Germany XOXO-TRENDSTUDIO GMBH: Claims Registration Period Ends Jan. 21 -------------------------------------------------------------- Creditors of XOXO-Trendstudio GmbH have until Jan. 21 to register their claims with court-appointed insolvency manager Dr. Mark Zeuner. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Feb. 27, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Rostock Hall 330 Zochstrasse 18057 Rostock Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Mark Zeuner John-Brinckman-Strasse 9 18055 Rostock Germany The District Court of Rostock opened bankruptcy proceedings against XOXO-Trendstudio GmbH on Dec. 10, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: XOXO-Trendstudio GmbH Attn: Karsten Mett, Manager Am Kabutzenhof 24 18057 Rostock Germany ============= H U N G A R Y ============= FLEXTRONICS INT'L: Eyes Plant Closure & 7,000 Job Cuts Worldwide ---------------------------------------------------------------- Flextronics International Ltd. plans to close its Wilmington manufacturing plant next month, eliminating more than 100 jobs, Globe Newspaper Company reports citing a letter the company sent to state officials. The report recounts that Flextronics bought Solectron in October for US$3.6 billion and decided to close the Wilmington plant as part of the process of combining the companies. Director of Compliance for Flextronics Grainne Blanchette was quoted by the news agency as saying, "This was a difficult decision to make and was reached only after analyzing the options available." The decision was needed to "achieve the necessary reductions in costs" associated with the merger, he added. After completing the Solectron acquisition, the report relates, the company planned to cut 7,000 jobs worldwide, close several facilities, and record restructuring charges of US$430 million to US$500 million over the next year. The report says that according to the company's letter, dated Nov. 5, the job cuts will occur between Jan. 17 and 31. Federal law generally requires large employers to notify employees and the government of a plant closing or major layoff at least 60 days in advance, the report adds. About Flextronics International Headquartered in Singapore, Flextronics International Ltd. (NasdaqGS: FLEX) -- http://www.flextronics.com/-- is an Electronics Manufacturing Services provider focused on delivering design, engineering and manufacturing services to automotive, computing, consumer digital, industrial, infrastructure, medical and mobile OEMs. Flextronics helps customers design, build, ship, and service electronics products through a network of facilities in over 30 countries on four continents including Brazil, Mexico, Hungary, Sweden, United Kingdom, among others. * * * As reported in the Troubled Company Reporter on Oct. 4, 2007, Fitch Ratings has completed its review of Flextronics International Ltd. following the company's acquisition of Solectron Corp. and resolved Flextronics' Rating Watch Negative status by affirming these ratings: Issuer Default Rating at 'BB+'; and Senior unsecured credit facility at 'BB+'. Fitch also rated Flextronics' new senior unsecured Term B loan at 'BB+'. Additionally, Fitch has downgraded the rating on Flextronics' senior subordinated notes from 'BB' to 'BB-'. The Rating Outlook is Negative. At the same time, Moody's Investors Service confirmed the ratings of Flextronics International Ltd. with a negative outlook and assigned a Ba1 rating to the company's new US$1.75 billion delayed draw unsecured term loan in response to the closing of the Solectron acquisition. The initial draw on the term loan (US$1.1 billion) will finance the cash portion of the merger consideration. ============= I R E L A N D ============= WR GRACE: Charleston City Wants Stay Lifted to Seize Property ------------------------------------------------------------- The city of Charleston, South Carolina, asks the U.S. Bankruptcy Court for the District of Delaware to lift the automatic stay to allow it to exercise its power of eminent domain and seize 16.464 acres of real property owned by W.R. Grace & Co. and its debtor-affiliates located in the City. The Property, which was once a fertilizer manufacturing and pesticide formulation facility, will be used by the City as a relocation site of its public works and fire training facility, Christina M. Thompson, Esq., at Connolly Bove Lodge & Hutz, LLP, in Wilmington, Delaware, tells the Court. The City has passed a resolution that authorized its counsel to attempt to acquire the Property either by negotiated purchase or by eminent domain. However, discussions regarding the sale of the Property through negotiated purchase have not progressed, Ms. Thompson tells the Court. Thus, in the absence of a negotiated agreement with the Debtors to purchase the Property, the City wants to exercise its powers of eminent domain against the Property and acquire it for public use. Ms. Thompson says relocation of the city's public works and fire training facility to the Debtors' Property is part of a series of economic development plans, which aim to enhance the City residents' health, safety, and welfare. The Property is estimated to be worth US$1,185,000 in December 2005, Ms. Thompson says. Headquartered in Columbia, Maryland, W.R. Grace & Co. (NYSE:GRA) -- http://www.grace.com/-- supplies catalysts and silica products, especially construction chemicals and building materials, and container products globally including Argentina, Australia, and Ireland. The Company and its debtor-affiliates filed for chapter 11 protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139). David M. Bernick, Esq., at Kirkland & Ellis, LLP, and Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones, LLP, represent the Debtors in their restructuring efforts. The Debtors hired Blackstone Group, L.P., for financial advice. PricewaterhouseCoopers LLP is the Debtors' accountant. Stroock & Stroock & Lavan, LLP, and Duane Morris, LLP, represent the Official Committee of Unsecured Creditors. The Creditors Committee tapped Capstone Corporate Recovery LLC for financial advice. David T. Austern, the legal representative of future asbestos personal injury claimants, is represented by Orrick Herrington & Sutcliffe LLP and Phillips Goldman & Spence, Pennsylvania. Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, and Marla R. Eskin, Esq., at Campbell & Levine, LLC, represent the Official Committee of Asbestos Personal Injury Claimants. The Asbestos Committee of Property Damage Claimants tapped Martin W. Dies, III, Esq., at Dies & Hile L.L.P., and C. Alan Runyan, Esq., at Speights & Runyan,to represent it. Lexecon, LLC, provided asbestos claims consulting services to the Official Committee of Equity Security Holders. The Debtors' filed their Chapter 11 Plan and Disclosure Statement on Nov. 13, 2004. On Jan. 13, 2005, they filed an Amended Plan and Disclosure Statement. The hearing to consider the adequacy of the Debtors' Disclosure Statement began on Jan. 21, 2005. The Debtors' exclusive period to file a chapter 11 plan expired on July 23, 2007. Estimation of W.R. Grace's asbestos personal injury liabilities will commence on Jan. 14, 2008. (W.R. Grace Bankruptcy News, Issue No. 146; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). WR GRACE: Wants to Settle Environmental Claims for US$44 Million ---------------------------------------------------------------- W.R. Grace & Co., together with its debtor-affiliates, and the United States Government, on behalf of certain federal agencies including the Environmental Protection Agency and the Department of Agriculture Forest Services, have agreed to a settlement to avoid protracted claims litigation and resolve their liabilities in connection with environmentally damage sites owned by the Debtors. The Debtors agree that the Government is entitled to a US$2,294,279 allowed administrative claim and a US$34,065,813 allowed general unsecured claim. The Debtors agree that the PRPs are entitled to allowed general unsecured claims aggregating US$7,707,336. The Government, had filed Claim Nos. 9634 and 9635 against the Debtors seeking recovery of past and future environmental response costs incurred by the federal agencies in the course of responding to releases of hazardous substances in 32 Debtor- owned and operated sites around the United States. The Government also sought recovery for natural resource damages. In addition, certain potentially responsible parties had filed claims against the Debtors for environmental response contribution claims. The allowed general unsecured claims are: Allowed General Claimant Unsecured Claim -------- --------------- U.S. Government US$34,065,813 Burlington Northern and Santa Fe Railway 2,952,761 American Premier Underwriters, Inc. 1,763,492 National Railroad Passenger Corporation 1,528,550 Los Angeles County Metropolitan Authority 893,781 Green River Site PRP Group Claimants 419,452 Harrington Tools, Inc. 112,547 Central Chemical Site Participation Group 36,750 In addition, the Government will have a US$622,860 allowed general unsecured claim in settlement for the costs incurred by the Agency for Toxic Substances and Disease Registry in investigating the asbestos contamination at the Debtors' facilities that processed vermiculite. The BNSF will also a US$1,918,355 allowed general unsecured claim in settlement of its claim relating to the Debtors' Libby, Montana, vermiculite mine. The settlement provides that the Debtors will pay US$672,574 of the Administrative Claims immediately after the Court's approval of the settlement. The remaining Allowed Administrative Claims and all of the Allowed General Unsecured Claims will be paid pursuant to a confirmed plan of reorganization. Allowed General Unsecured Claims will be entitled to interest only if permitted under a confirmed reorganization plan. The settlement also provides that the settling federal agencies will not file a civil action or take any administrative action against the Debtors pursuant to the Comprehensive Environmental Response, Compensation, and Liability Act with respect to each of the sites covered by the settlement agreement. The Sites covered by the settlement are: * Acton Plant Site, Massachusetts, * Amber Oil (Eco-Tech) Site, Wisconsin, * Aqua Tech Site, South Carolina, * Cambridge Plant Site, Massachusetts, * Casmalia Resources Site, California, * Central Chemical Site, Maryland, * Galaxy/Spectron Site, Maryland, * Green River Site, Kentucky, * Harrington Tools Site, California, * Intermountain Insulation Site, Utah, * IWI Site, Illinois, * Li Tungsten Site, New York, * Malone Services Co. Site, Texas, * N-Forcer Site, Michigan, * Operating Industries Site, California, * R&H Oil/Tropicana Site, Texas, * RAMP Industries Site, Colorado, * Reclamation Oil Site, Michigan, * Robinson Insulation Site, North Dakota, * Solvents Recovery Service Site, Connecticut, * Salt Lake Vermiculite Intermountain Site, Utah, * Spokane Vermiculite Northwest Site, Washington, * Wauconda Sand and Gravel Superfund Site, Illinois, * Watson Johnson Landfill Site, Pennsylvania, * Wells G&H Site, Massachusetts, * Western Minerals Processing Site, Colorado, * Western Minerals Products Site, Minnesota, * Ellwood Zonolite Site, Pennsylvania, * New Castle Zonolite Site, Pennsylvania, * Hamilton Zonolite Site, New Jersey, * Prince George Zonolite Site, Maryland, and * Wilder Zonolite Site, Kentucky. A full-text copy of the Settlement is available for free at: http://bankrupt.com/misc/grace_EPASettlement.pdf The Debtors' counsel, David M. Bernick, P.C., Esq. at Kirkland & Ellis, LLP, in Chicago, Illinois, says the Government's claim relating to the Debtors' site in Curtis Bay, Baltimore, Maryland, will be resolved in accordance with a separate settlement agreement still to be filed with the Court. Government's Statement "This settlement will make money available to substantially help the cleanup of many Superfund sites around the country," Ronald J. Tenpas, Assistant Attorney General for the DOJ's Environment and Natural Resources Division, said in a public statement. "This settlement is a good outcome for both the taxpayers and the environment." "Bankruptcy is not a safe haven to avoid environmental responsibilities," Catherine McCabe, principal deputy assistant administrator for EPA's Office of Enforcement and Compliance Assurance, further said in a press release. "EPA will keep pursuing companies who pollute the environment." The Government said it will use the settlement to reimburse EPA for past costs and to pay for future costs associated with cleaning up at hazardous waste sites in 18 states. Superfund is the federal program that investigates and cleans up the most complex uncontrolled or abandoned hazardous waste sites in the country. The settlement agreement will be subject to court approval after a 30-day public comment period. About W.R. Grace Headquartered in Columbia, Maryland, W.R. Grace & Co. (NYSE:GRA) -- http://www.grace.com/-- supplies catalysts and silica products, especially construction chemicals and building materials, and container products globally including Argentina, Australia, and Ireland. The Company and its debtor-affiliates filed for chapter 11 protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139). David M. Bernick, Esq., at Kirkland & Ellis, LLP, and Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones, LLP, represent the Debtors in their restructuring efforts. The Debtors hired Blackstone Group, L.P., for financial advice. PricewaterhouseCoopers LLP is the Debtors' accountant. Stroock & Stroock & Lavan, LLP, and Duane Morris, LLP, represent the Official Committee of Unsecured Creditors. The Creditors Committee tapped Capstone Corporate Recovery LLC for financial advice. David T. Austern, the legal representative of future asbestos personal injury claimants, is represented by Orrick Herrington & Sutcliffe LLP and Phillips Goldman & Spence, Pennsylvania. Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, and Marla R. Eskin, Esq., at Campbell & Levine, LLC, represent the Official Committee of Asbestos Personal Injury Claimants. The Asbestos Committee of Property Damage Claimants tapped Martin W. Dies, III, Esq., at Dies & Hile L.L.P., and C. Alan Runyan, Esq., at Speights & Runyan,to represent it. Lexecon, LLC, provided asbestos claims consulting services to the Official Committee of Equity Security Holders. The Debtors' filed their Chapter 11 Plan and Disclosure Statement on Nov. 13, 2004. On Jan. 13, 2005, they filed an Amended Plan and Disclosure Statement. The hearing to consider the adequacy of the Debtors' Disclosure Statement began on Jan. 21, 2005. The Debtors' exclusive period to file a chapter 11 plan expired on July 23, 2007. Estimation of W.R. Grace's asbestos personal injury liabilities will commence on Jan. 14, 2008. (W.R. Grace Bankruptcy News, Issue No. 146; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). ========= I T A L Y ========= DANA CORP: 24 Investor Groups to Buy US$540 Mln New Dana Shares --------------------------------------------------------------- Dana Corp. and its debtor-affiliates sought and obtained permission from the U.S. Bankruptcy Court for the Southern District of New York to file an Allocation Report, indicating Participating Claims totaling more than US$1.5 billion that were allocated 5.4 million shares of New Series B Preferred Stock on a pro rata basis, under seal. Dana entered into an Investment Agreement dated July 26, 2007, with Centerbridge Capital Partners, L.P.; Centerbridge Capital Partners Strategic, L.P., as successor by assignment from CBP Parts Acquisition Co. LLC; Centerbridge Capital Partners SBS, L.P., as successor by assignment from CBP Parts. The Investment Agreement allows for US$790 million cash infusion in the Reorganized Debtors. Centerbridge will purchase US$250 million in aggregate liquidation preference of New Series A Preferred Stock and qualified creditors of the Debtors who are Qualified Investors will have an opportunity to purchase an additional US$540 million in aggregate liquidation preference of New Series B Preferred Stock on a pro rata basis. To be permitted to invest to purchase a pro rata share of the Series B Shares, the Investment Agreement required parties, among other things, be a "Qualified Investor" under the Investment Agreement and to deliver a duly executed Subscription Agreement prior to 5:00 p.m. EST on Dec. 5, 2007. To be a "Qualified Investor," a party was required, among other things, to (a) beneficially own "Qualified Bond Claims," "Acquired Bond Claims" or "Qualified Trade Claims" in excess of US$25 million by certain dates and (b) timely execute and deliver a signature page to the Plan Support Agreement dated July 26, 2007, among Dana, United Steelworkers, International Union, UAW, Centerbridge Capital Partners, L.P. and certain Dana creditors. The BMC Group, Inc., as Subscription Agent for the Debtors, mailed subscription agreements and instructions for subscription on Nov. 2, 2007, to all parties that the Debtors reasonably believed might be entitled to participate in the subscription based upon information available at that time. Corinne Ball, Esq., at Jones Day in New York, reports that as of Dec. 26, 2007, BMC has received, excluding duplicates, 106 Subscription Agreem