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 Monday, January 7, 2008, Vol. 9, No. 4 Headlines A U S T R I A ACTION AGENCY: Administrator Declares Insufficient Assets B.N. HANDEL: Estate Administrator Declares Insufficient Assets BERGMANN LLC: Creditors' Meeting Slated for Jan. 11 CHRISTIAN MOSER: Creditors' Meeting Slated for January 22 DOX.AT SOFTWAREMARKETING: Administrator Says Insufficient Assets KOMARO BAU: Creditors' Meeting Slated for Jan. 14 KRAINER-HAUS: Creditors' Meeting Slated for Jan. 10 TAG – BAU: Creditors' Meeting Slated for Jan. 10 TEFIX LLC: Korneuburg Court Orders Business Shutdown W.MRAS PROJEKTABWICKLUNG: Creditors' Meeting Set for Jan. 14 B E L G I U M URS CORP: Bags US$60-Mil. Contract for Unmanned Aircraft Program D E N M A R K POLYONE CORP: Completes Acquisition of GLS Corporation F R A N C E DELPHI CORP: Completes US$40 Mil. Sale of North American Brake DELPHI CORP: Court Approves Unit's Sale to Inteva for US$106 Mln DELPHI CORP: IUE-CWA Objects to Employee Compensation Programs GOODYEAR TIRE: Jamaican Unit Won't Make Dividend Payments GROUPE RENCAST: Undergoes Compulsory Administration MTI TECHNOLOGY: Wants to Hire CMA Business as Auctioneer POLYMER GROUP: Brings-In Robert Kocourek as Vice President SMOBY-MAJORETTE: French Court Rejects MGA's Recovery Plan G E R M A N Y 3D GENERALBAU: Claims Registration Ends January 22 ALPHA DIENSTLEISTUNGS: Claims Registration Ends January 25 ARNOLD KOLODZIK: Claims Registration Ends January 24 B & M ART: Claims Registration Period Ends January 25 BACKEREI AM SOLLING: Creditors' Meeting Slated for Jan. 10 BESTPHAGO GMBH: Claims Registration Period Ends Jan. 18 BLEYER GARTEN: Claims Registration Ends January 23 BUCH- & OFFSETDRUCKEREI: Claims Registration Ends Jan. 21 CASTELL CONTAINERDIENST: Claims Registration Period Ends Jan. 18 DELTA WOHNBAU: Claims Registration Period Ends Jan. 18 GOLFTECH SERVICES: Claims Registration Period Ends Jan. 21 HAUSTECHNIK GOLLNOW: Claims Registration Period Ends Jan. 25 HAUTMANN + BINNER: Claims Registration Period Ends Jan. 17 HEM GMBH: Claims Registration Period Ends January 24 HOEFA WOHNUNGSBAU: Claims Registration Period Ends January 17 HUETTINGER INTERNATIONALE: Claims Registration Ends January 18 HWT HAUSTECHNIK: Claims Registration Period Ends Jan. 25 KOEHN WINTERGARTENSYSTEME: Claims Period Ends January 23 KSS 2000: Claims Registration Ends January 24 PIN GROUP: Three Units File for Insolvency R-ESTATE GERMANY-6: Fitch Rates EUR90 Mln. Class G Notes at BB RED HAT: Says LatAm Ops Account for Up to 5% of Global Revenues WKT TRANSPORTE: Claims Registration Period Ends Jan. 21 H U N G A R Y SUN MICROSYSTEMS: Unit Wants To Launch Services in Provinces I R E L A N D EUROCONNECT 2007: Fitch Rates EUR37.1 Mln class C Notes at BB SUN MICROSYSTEMS: Unit Wants To Launch Services in Provinces I T A L Y ALITALIA SPA: Italian Politicians Hit Air France Selection DANA CORP: Plaza Tire Wins Bid for Cape Girardeau Property IMAX CORP: U.S. Bank Denies Catalyst Fund's Default Claims TRW AUTOMOTIVE: Arm Completes Buyout of Delphi Corp.'s NA Brake XEROX CORPORATION: Eyes Boost in Mexican IT Investments K A Z A K H S T A N ARMAN-XXI LLP: Proof of Claim Deadline Slated for February 5 EMP-1 LLP: Creditors Must File Claims by February 5 GRADSTROYPROJECT LLP: Claims Filing Period Ends February 1 INTA-A JSC: Creditors' Claims Due on February 1 QUARTSEVY ZAVOD: Claims Registration Ends February 1 SAU LLP: Proof of Claim Deadline Slated for February 5 TSESNABANK: Fitch Affirms B- IDR on Worsening Profitability ZAVOD IMENI: Creditors Must File Claims by February 1 K Y R G Y Z S T A N TECHNO TRADE: Creditors Must File Claims by January 26 N O R W A Y CLEAR CHANNEL: Donald Perry to Quit as President & CEO CLEAR CHANNEL: Gets Consents in Tender Offers for Senior Notes P O L A N D PRIMA CHARTER: Claims May Cue Court to Declare Firm Bankrupt R U S S I A BMK-ELECTROSTEEL: Court Starts Bankruptcy Supervision Procedure CENTROCREDIT BANK: Fitch Affirms B- on Niche Franchise ELECTRODE PLANT: Bankruptcy Hearing Slated for March 5 GAZPROM NEFT: Creates Joint Venture with OAO Lukoil LIVNYSTROY OJSC: Asset Sale Slated for January 31 MOSTRANSAVTO: S&P Junks Ratings on Weak Liquidity MOSTRANSAVTO-FINANCE: S&P Junks RUR7.5 Billion Debut Bond MORTGAGE CORPORATION: S&P Assigns B- Ratings on Debt Policies PERVOMAISKY LOGGING: Asset Sale Slated for January 15 PMK BIRSKAYA-1: Creditors Must File Claims by February 15 PROBUSINESSBANK: Fitch Affirms IDR at B- on Flexible Capital PUSHKINOGORSKY FOOD: Asset Sale Slated for January 18 SOSNOVOBORSKY CORRUGATED: Bankruptcy Hearing Slated for March 17 TATNEFT OAO: Mulls Joint Bitumen Oil Production with Chevron TUIMAZINSKY BREEDING: Creditors Must File Claims by Feb. 15 YUKOS OIL: Dutch Appeal Court Says Receiver May Ignore Ruling ZAPADNODVINSKOE MILK: Creditors Must File Claims by Feb. 15 S P A I N SANTANDER FINANCIACION 2: Fitch Junks EUR21.8 Mln. Class F Notes S W E D E N AVNET INC: Acquires YEL Electronics S W I T Z E R L A N D ANDRES & FREY: Creditors' Liquidation Claims Due by January 9 BOSCOMBE COMMERCIAL: Creditors Must File Claims by January 9 DANI REINIGUNGS: Creditors' Liquidation Claims Due by January 9 FRARI LLC: Basel-Country Court Starts Bankruptcy Proceedings GERBER JSC: Creditors' Liquidation Claims Due by January 9 HANF-CENTER: Basel-Country Court Starts Bankruptcy Proceedings INTERNATIONAL COMMODITY: Creditors Must File Claims by January 9 MISCHOL BAUINGENIEURE: Creditors Must File Claims by January 9 MOBEL THEMA: Creditors' Liquidation Claims Due by January 9 OPABAU JSC: Zurich Court Starts Bankruptcy Proceedings REDLAND COMMERCIAL: Creditors Must File Claims by January 9 SPARTACUS JSC: Zurich Court Starts Bankruptcy Proceedings SWISS-ENTRY CONSULTING: Creditors Must File Claims by January 9 U K R A I N E AIR CLIMATE: Creditors Must File Claims January 8 ALAN LLC: Creditors Must File Claims January 8 BON-GI LTD: Creditors Must File Claims January 8 CAPITAL CENTER: Creditors Must File Claims January 9 CAPITAL SOUTH: Creditors Must File Claims January 9 D. I.-TRADE: Creditors Must File Claims January 8 IKVA LLC: Creditors Must File Claims January 8 SELTEKS LLC: Creditors Must File Claims January 8 SERVICE-K LLC: Creditors Must File Claims January 8 SINKLIT LLC: Creditors Must File Claims January 8 SUMY LIFT: Creditors Must File Claims January 8 UNIVERSAL TRADING: Creditors Must File Claims January 8 VINBOS LLC: Creditors Must File Claims January 8 U N I T E D K I N G D O M ALTURA EXTRUSIONS: A. Clifton Leads Liquidation Procedure BAYAGENT GLOBAL: Claims Filing Period Ends January 26 EUROPEAN BAKERIES: Joint Liquidators Take Over Operations FORNAX PLC: Fitch Affirms GBP8 Million Class G Notes GENERAL MOTORS: Reports 3.87 Million Vehicle Sale in 2007 GENERAL MOTORS: Canada 2007 Sales Down 4.2% to 403,410 Units LEIGH CONCRETE: Taps Liquidators from BDO Stoy Hayward MIDLAND POTATO: Brings In Liquidators from PKF NOVA FINANCE 4: S&P Rates EUR17.5 Million Class E Notes at BB- OSA LTD: Appoints P. D. Masters as Liquidator PURPLE PATCH: Calls In Liquidators from Tenon Recovery REMY WORLDWIDE: Court Issues Final Decree Closing 27 Cases SEEN IT ON TV: Taps Liquidators from Grant Thornton SHAW GROUP: Gets SEC Letter Over Informal Inquiry Completion * BOND PRICING: For the Week Dec. 31, 2007 to Jan. 4, 2008 ********* ============= A U S T R I A ============= ACTION AGENCY: Administrator Declares Insufficient Assets --------------------------------------------------------- Dr. Wolfgang Gerhard Zorn, the court-appointed estate administrator for LLC Action Agency (FN 230253h), declared Nov. 19, 2007, 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 Nov. 5, 2007 (Bankr. Case No. 4 S 128/07m). Dominik Baurecht represents Dr. Zorn in the bankruptcy proceedings. The estate administrator can be reached at: Dr. Wolfgang Gerhard Zorn c/o Mag. Dominik Baurecht Weihburggasse 4/22 1010 Vienna Austria Tel: 533 66 61 Fax: 533 66 61-92 E-mail: office@gnbz.at B.N. HANDEL: Estate Administrator Declares Insufficient Assets -------------------------------------------------------------- Dr. Klemens Dallinger, the court-appointed estate administrator for LLC B.N. Handel (FN 279725k), declared Nov. 16, 2007, 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 144/07z). Guenther Hoedl represents Dr. Dallinger in the bankruptcy proceedings. The estate administrator can be reached at: Dr. Klemens Dallinger c/o Dr. Guenther Hoedl Schulerstrasse 18 1010 Vienna Austria Tel: 513 28 33 E-mail: dallinger@anwaltsteam.at BERGMANN LLC: Creditors' Meeting Slated for Jan. 11 --------------------------------------------------- Creditors owed money by LLC Bergmann (FN 87678p) are encouraged to attend the creditors' meeting at 10:30 a.m. on Jan. 11. 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. 16, 2007 (28 S 135/07t). Andrea Simma serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Dr. Andrea Simma Schulerstrasse 18 1010 Vienna Austria Tel: 513 67 03 Fax: 513 67 03 33 E-mail: RA_Simma@aon.at CHRISTIAN MOSER: Creditors' Meeting Slated for January 22 --------------------------------------------------------- Creditors owed money by LLC Christian Moser (FN 244288y) are encouraged to attend the creditors' meeting at 11:50 a.m. on Jan. 22. The creditors' meeting will be held at: The Land Court of St. Poelten Room 216 Second Floor Old Building St. Poelten Austria Headquartered in Kogl/Sieghartskirchen, Austria, the Debtor declared bankruptcy on Nov. 20, 2007 (14 S 192/07m). Christian Lind serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Dr. Christian Lind Kremser Gasse 4 3100 St. Poelten Austria Tel: 02742/35 15 50 Fax: 02742/351550/5 E-mail: office.st.poelten@ulsr.at DOX.AT SOFTWAREMARKETING: Administrator Says Insufficient Assets ---------------------------------------------------------------- Dr. Peter Zens, the court-appointed estate administrator for LLC Dox.at Softwaremarketing und Vertrieb (FN 200028i), declared Nov. 16, 2007, 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 Nov. 6, 2007 (Bankr. Case No. 5 S 129/07s). Norbert Schopf represents Dr. Zens in the bankruptcy proceedings. The estate administrator can be reached at: Dr. Peter Zens c/o Dr. Norbert Schopf Esteplatz 5/5 1030 Vienna Austria Tel: 534 90 Fax: 534 90-50 E-mail: office@schopf-zens.at KOMARO BAU: Creditors' Meeting Slated for Jan. 14 ------------------------------------------------- Creditors owed money by LLC KOMARO Bau und Baustoffhandels (FN 291755b) are encouraged to attend the creditors' meeting at 9:45 a.m. on Jan. 14. The creditors' meeting will be held at: The Trade Court of Vienna Room 1705 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 16, 2007 (3 S 148/07w). Gerhard Stauder serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Mag. Gerhard Stauder c/o Dr. Georg Kahlig Siebensterngasse 42 1070 Vienna Austria Tel: 523 47 91 Fax: 523 47 91 33 E-mail: kahlig.partner@aon.at KRAINER-HAUS: Creditors' Meeting Slated for Jan. 10 --------------------------------------------------- Creditors owed money by LLC Krainer-Haus (FN 268853y) are encouraged to attend the creditors' meeting at 10:20 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 Gleisdorf, Austria, the Debtor declared bankruptcy on Nov. 16, 2007 (26 S 101/07h). Wolfgang Dlaska serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Mag. Wolfgang Dlaska Joanneumring 11/4 8010 Graz Austria Tel: 0316/825580 Fax: 0316/825580-10 E-mail: office@dlaska.at TAG – BAU: Creditors' Meeting Slated for Jan. 10 ------------------------------------------------ Creditors owed money by LLC TAG - Bau GmbH (FN 85567i) are encouraged to attend the creditors' meeting at 11:00 a.m. on Jan. 10. The creditors' meeting will be held at: The Land Court of Wiener Neustadt Room 15 Wiener Neustadt Austria Headquartered in Sollenau, Austria, the Debtor declared bankruptcy on Nov. 16 (10 S 112/07k). Martin Schober serves as the court-appointed estate administrator of the bankrupt's estate. Georg Schober represents Dr. Schober in the bankruptcy proceedings. The estate administrator can be reached at: Dr. Martin Schober c/o Dr Georg Schober Hauptplatz 11 2700 Wiener Neustadt Austria Tel: 02622/23228 Fax: 02622/23228-26 E-mail: m.schober@schober.at TEFIX LLC: Korneuburg Court Orders Business Shutdown ---------------------------------------------------- The Land Court of Korneuburg entered Nov. 19, 2007, an order shutting down the business of LLC TEFIX (FN 279311b.). Court-appointed estate administrator Nikolaus Vogt 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. Nikolaus Vogt c/o Dr. Eva Riess Zeltgasse 3/13 1080 Vienna Austria Tel: 01/402 57 01 33 Fax: 01/402 57 01 57 E-mail: nikolaus.vogt@riess.co.at Headquartered in Bruck an der Leitha, Austria, the Debtor declared bankruptcy on Nov. 7, 2007 (Bankr. Case No 36 S 131/07t). Eva Riess represents Mag. Vogt in the bankruptcy proceedings. W.MRAS PROJEKTABWICKLUNG: Creditors' Meeting Set for Jan. 14 ------------------------------------------------------------ Creditors owed money by LLC W.MRAS Projektabwicklung (FN 291238t) are encouraged to attend the creditors' meeting at 10:00 a.m. on Jan. 14. The creditors' meeting will be held at: The Trade Court of Vienna Room 1705 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 16 (FN 291238t). Erwin Senoner serves as the court-appointed estate administrator of the bankrupt's estate. Georg Freimueller represents Dr. Senoner in the bankruptcy proceedings. The estate administrator can be reached at: Dr. Erwin Senoner c/o Dr. Georg Freimueller Alser Strasse 21 1080 Vienna Austria Tel: 4060551 Fax: 406 96 01 E-mail: kanzlei@jus.at ============= B E L G I U M ============= URS CORP: Bags US$60-Mil. Contract for Unmanned Aircraft Program ---------------------------------------------------------------- URS Corporation's EG&G Division has been awarded an indefinite delivery/indefinite quantity contract to provide engineering and program management services for the Joint Unmanned Aircraft Systems Center of Excellence at Creech Air Force Base, Nevada. The three-year contract has a maximum value of US$60 million to URS. Under the terms of the contract, URS can be assigned task orders for a variety of engineering and program management services, including logistics, test and evaluation management, modeling and simulation, as well as administrative, contract, financial, data and security management. Commenting on the contract, Randall A. Wotring, President of the EG&G Division, said: "We are very pleased with this award, which underscores the Company's position as a leader in providing advanced engineering, logistics and program management services to the U.S. Department of Defense. URS has been providing Predator Maintenance Support services at the Creech Air Force Base since 2005, and we are excited to have the opportunity to expand our work at the base." Headquartered in San Francisco, California, URS Corporation (NYSE:URS) -- http://www.urscorp.com/-- offers a comprehensive range of professional planning and design, systems engineering and technical assistance, program and construction management, and operations and maintenance services for transportation, facilities, environmental, water/wastewater, industrial infrastructure and process, homeland security, installations and logistics, and defense systems. The company operates in more than 20 countries with approximately 29,500 employees providing engineering and technical services to federal, state and local governmental agencies as well as private clients in the chemical, pharmaceutical, oil and gas, power, manufacturing, mining and forest products industries. The company also has offices in Argentina, Australia, Belgium, China, France, Germany, and Mexico, among others. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 7, 2007, Moody's Investors Service has downgraded the Corporate Family Rating of URS Corporation to Ba2 from Ba1 following the company's acquisition of Washington Group International, Inc. Moody's said the ratings outlook is stable. ============= D E N M A R K ============= POLYONE CORP: Completes Acquisition of GLS Corporation ------------------------------------------------------ PolyOne Corporation has completed its acquisition of GLS Corporation, the North American provider of specialty thermoplastic elastomer compounds for consumer and medical applications. As reported in the Troubled Company Reporter on Nov. 16, 2007, PolyOne signed a definitive agreement to acquire GLS. Terms of the pending transaction were not disclosed. However, PolyOne expects that the acquisition will be slightly accretive to earnings in the first year. The company related that the acquisition will complement PolyOne's Engineered Materials business portfolio and accelerates the company's shift to specialization. The combination of GLS's specialty TPE technology, compounding expertise and brand, along with PolyOne's infrastructure and commercial presence offers customers: -- enhanced technologies; -- a broader range of products, services and solutions; and -- expanded access to specialized, high-growth markets around the globe. The GLS senior management team will remain and lead the TPE business unit, retaining the GLS name and brand. About GLS Corporation Headquartered in McHenry, Illinois, GLS Corporation -- http://www.glscorp.com/-- is a privately-held company owned by the Dehmlow family that provides specialty thermoplastic elastomer compounds for consumer and medical applications. The company serves more than 1,200 customers worldwide. With approximately 200 employees, GLS supports its customers with manufacturing facilities in Illinois and Suzhou, China. About PolyOne Corp. Headquartered in northeast Ohio, PolyOne Corporation (NYSE: POL) -- http://www.polyone.com/-- is a provider of specialized polymer materials, services and solutions. The company maintains operations in China, Colombia, Thailand, Singapore, Belgium, Denmark, France, the United Kingdom, among others. * * * Moody's Investor Services placed PolyOne Corporation's senior unsecured debt, long term corporate family and probability of default ratings at 'B1' in July 2007. The ratings still hold to date with a stable outlook. =========== F R A N C E =========== DELPHI CORP: Completes US$40 Mil. Sale of North American Brake -------------------------------------------------------------- Delphi Corporation has completed the purchase agreement entered with TRW Automotive Holdings Corp.'s subsidiary, pursuant to TRW Integrated Chassis Systems LLC acquiring Delphi Corp.'s North American brake component machining and module assembly assets, including production inventory, for approximately US$40 million. As reported in the Troubled Company Reporter on Sept. 20, 2007, Delphi Corporation and TRW Automotive's subsidiary signed an agreement in relation to the purchase of a portion of its North American brake component machining and module assembly assets. In addition to the asset purchase, the company has leased a portion of Delphi's former brake manufacturing facility in Saginaw, Michigan and commenced employment of hourly and salaried employees at the site. In conjunction with the asset purchase, TRW is supplying General Motors with a portion of the business, predominantly braking modules, formerly supplied by Delphi at the Saginaw facility. About TRW Automotive Headquartered in Livonia, Michigan, TRW Automotive Holdings Corp. (NYSE: TRW) -- http://www.trwauto.com/-- is an automotive supplier. Through its subsidiaries, it employs approximately 63,800 people in 26 countries. TRW Automotive products include integrated vehicle control and driver assist systems, braking systems, steering systems, suspension systems, occupant safety systems (seat belts and airbags), electronics, engine components, fastening systems and aftermarket replacement parts and services TRW Automotive Aftermarket provides high quality replacement parts, service, diagnostics and technical support to both the independent aftermarket and the vehicle manufacturer service channels. About Delphi Corp. Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of March 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in total assets and US$23,851,000,000 in total debts. The Debtors' exclusive plan-filing period expires on Dec. 31, 2007. On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan of Reorganization and a Disclosure Statement explaining that Plan. DELPHI CORP: Court Approves Unit's Sale to Inteva for US$106 Mln ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York has approved the sale of Delphi Corp. and its debtor-affiliates' Interiors and Closures Businesses to Inteva Products, LLC, and its affiliates for about US$106 million, pursuant to the Master Sale and Purchase Agreement, dated October 15, 2007. The Debtors told the Court at the Jan. 25, 2007, sale hearing that no higher and better offers have been made. The Court notes that the entry of the Sale Order will not modify the terms and conditions applicable to the parts designated in the agreements to be assumed and assigned to Inteva. Siemens VDO Automotive AG, Siemens VDO Automotive Corp., Siemens Electric Ltd, and Siemens VDO Automotive Inc., now known as Siemens VDO Automotive Canada Inc., each, as applicable, expressly reserve its rights and defenses in this regard. In connection with the sale, the Debtors are authorized, but not directed, to enter into and perform under the sixth amendment of lease, dated Sept. 28, 2007, by and between DAS LLC and 1401 Troy Associates Limited Partnership, covering certain premises located at 1401 Crooks Road, Troy, Michigan. 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: IUE-CWA Objects to Employee Compensation Programs -------------------------------------------------------------- The International Union of Electronic, Electrical, Salaried, Machine and Furniture Workers-Communications Workers of America does not object to the confirmation of Delphi Corp. and its debtor-affiliates' Joint Plan of Reorganization, but objects to: (i) the Management Compensation Plan, which was attached to the Plan, and (ii) the Salaried Employee Compensation Program, which was described in the Disclosure Statement with respect to the Plan. Thomas M. Kennedy, Esq., at Kennedy, Jennik & Murray, P.C., notes that through the duration of the Chapter 11 cases, the Debtors' management employees have continued to receive their salaries and benefits as well as overly generous performance awards through an annual incentive program. On the other hand, Delphi's union members have made deep and irreversible sacrifices to ensure the survival of the companies, he points out. The Debtors, on Oct. 13, 2005, sought the Court's approval of a Key Employee Compensation Program, which included enhanced income to the Debtors' management during the Chapter 11 process through the implementation of the AIP. The KECP Motion also included a forward looking proposal to grant, upon emergence from Chapter 11, an emergence bonus plan consisting of both cash and equity. The KECP had three parts: the annual incentive program, an emergence bonus plan, and a prepetition severance plan. Mr. Kennedy notes that the current proposed MCP/SECP contains similar elements, with a short-term incentive plan, long-term incentive plan, and a Chapter 11 Effective Date Executive Payment program -- formerly the Emergence Cash Plan. The AIP is the only part of the KECP, which has been approved by the Court. The Debtors, Mr. Kennedy points out, acknowledge in the Disclosure Statement that the longer term elements of the originally proposed compensation program, i.e., cash payments on the Effective Date and long-term equity grants for post- emergence periods, were deferred to the plan confirmation process. Thus, Debtors are estopped from arguing that the initial proposal established reliance interests which would justify inequitable and excessive executive compensation, Mr. Kennedy asserts. The Debtors may not establish binding plan elements before the creation and introduction of the Plan, Mr. Kennedy avers. He notes that motions made under Section 363 of the Bankruptcy Code are not available "to short circuit the requirements of a reorganization plan by establishing the terms of the plan sub rosa in connection with a proposed transaction." The Debtors' proposal for emergence cash and equity grants in the initial KECP Motion -- which was never granted by the Court -- can not now be used to dictate terms to the Court or the creditors, Mr. Kennedy argues. "It is now the appropriate moment for the Court to determine whether the Debtors' proposal regarding executive compensation is equitable." Mr. Kennedy points out that the purposes of the KECP -- to retain and incentivize employees during the restructuring period -- have been met through the implementation of the AIPs. He contends that the proposed MCP/SECP is an unreasonable transfer of wealth directly from the creditors, and at the expense of the workers, and in its current form it is manifestly inequitable. "The Court should independently weigh the equity of delivering to the executives a platinum compensation plan where the survival of the companies is due to the sacrifices of its workers." While the initial KECP proposal was overreaching and greeted with scorn, the final proposed MCP/SECP, rather than recognizing the need and equity of a shared sacrifice, includes new provisions causing it to be even more inequitable, Mr. Kennedy points out. "The proposed MCP/SECP should be rejected in its current form." 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) GOODYEAR TIRE: Jamaican Unit Won't Make Dividend Payments --------------------------------------------------------- The Goodyear Tire & Rubber Company's board of directors have decided that the firm won't pay dividends. Radio Jamaica relates that the board made the decision during a meeting on Dec. 13. Radio Jamaica says the reasons for the decision was not disclosed. Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company (NYSE: GT) -- http://www.goodyear.com/-- is the world's largest tire company. The company manufactures tires, engineered rubber products and chemicals in more than 90 facilities in 28 countries. Goodyear's operations are located in Argentina, Austria, Chile, Colombia, France, Italy, Guatemala, Jamaica, Peru, Russia, among others. Goodyear employs more than 80,000 people worldwide. * * * In June 2007, Standard & Poor's Ratings Services raised its ratings on Goodyear Tire & Rubber Co., including its corporate credit rating to 'BB-' from 'B+'. These ratings still apply as of Dec. 4, 2007. GROUPE RENCAST: Undergoes Compulsory Administration --------------------------------------------------- The commercial court in Lyon has placed cast aluminum manufacturer Groupe Rencast under compulsory administration, The Financial Times says citing a Les Echos report. Les Echos suggests Rencast might recover from bankruptcy since the French car market is expected to pick up in 2008. Headquartered in Bron, France, Groupe Rencast -- http://www.rencast.com/-- manufactures more than 18 million car parts annualy representing 35,000 tons of light alloys processed. Rencast employs 1,200 persons in several sites and has EUR166 million in annual revenues. MTI TECHNOLOGY: Wants to Hire CMA Business as Auctioneer -------------------------------------------------------- MTI Technology Corporation asks the Honorable Erithe A. Smith of the United States Bankruptcy Court for the Central District of California for permission to employ CMA Business Credit Services as its auctioneer. CMA Business is expected to auction accumulated items from the Debtor's various office location at its headquarters at 15641 Red Hill Avenue, Suite 200 in Tustin, California. In addition, the firm will provide a copy of its surety bond and increase certificate and auctioneer report defining the sales, amount and respective buyer and as required by the U.S. Trustee guidelines. The Debtor tells the Court that the auction value of the assets is approximately US$50,000 to US$60,000. The Debtor says that it agreed to pay to the firm 12.5% buyer's premium on the gross sale of the auctionl and US$4,750 for advertising costs. Charles G. Klaus, an employee of the firm, assures the Court that the firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. Headquartered in Tustin, California, M.T.I. Technology Corp. -- http://www.mti.com/-- provides professional services and data storage for mid- to large-sized organizations. In addition, the company owns all of the issued and outstanding share capital of three European subsidiaries: MTI Technology GmbH in Germany, MTI Technology Limited in Scotland and MTI France S.A.S. in France. The company filed for Chapter 11 protection on Oct. 15, 2007 (Bankr. C.D. Calif. Case No. 07-13347). Scott C. Clarkson, Esq., at Clarkson, Gore & Marsella, A.P.L., represents the Debtor. Omni Management Group LLC serves as the Debtor's claim, noticing and balloting agent. The U.S. Trustee for Region 16 appointed nine creditors to serve on an Official Committee of Unsecured Creditors in the Debtor's case. As of July 7, 2007, the Debtor had total assets of US$64,002,000 and total debts of US$58,840,000. POLYMER GROUP: Brings-In Robert Kocourek as Vice President ---------------------------------------------------------- Polymer Group, Inc. has appointed Robert (Bob) Kocourek as vice president and chief accounting officer. Mr. Kocourek assumes the responsibilities of the principal accounting officer, which were previously performed by Willis C. Moore III, the company's chief financial officer. Such responsibilities include the development of global financial accounting policies, interpretations of accounting literature and ensuring that the company's financial statements are prepared in accordance with generally accepted accounting principles on a global basis. Mr. Kocourek will continue to report to Moore, who remains chief financial officer. Mr. Kocourek previously served as vice president, corporate finance and treasurer since he joined the company in May 2006. Prior to joining the company, Mr. Kocourek assisted the company in its Sarbanes-Oxley implementation efforts and other financial accounting and reporting projects as a consultant and gained extensive financial and accounting experience working with Ernst & Young, LLC and Coopers and Lybrand earlier in his career. "I am very pleased that Bob has agreed to take this position and believe it will further our on-going efforts to achieve best in class accuracy and transparency of our global financial reporting," said Mr. Moore. Polymer Group, Inc., -- http://www.polymergroupinc.com/-- (OTC Bulletin Board: POLGA/POLGB) develops, manufactures and markets engineered materials. The company operates 22 manufacturing facilities in 10 countries throughout the world. The company has manufacturing offices in Argentina, China and France, among others. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 13, 2007, Standard & Poor's Ratings Services has affirmed its ratings on Polymer Group Inc., including its 'BB-' corporate credit rating. S&P said the outlook is negative. SMOBY-MAJORETTE: French Court Rejects MGA's Recovery Plan --------------------------------------------------------- The court of appeal in Besancon rejected the recovery plan presented by MGA Entertainment Inc. for Smoby Majorette on Dec. 28, 2008, Gregory Viscusi writes for Les Echos. The appeal court also gave interested parties until at latest Jan. 20 to submit offers for Smoby, Les Echos relates. Around 30 parties have sought information on Smoby or its units. The appeal court's ruling upheld the decision of the Commercial Court of Lons-le-Saunier to place Smoby under receivership on Oct. 9, 2007, ending the company's bankruptcy protection. According to the report, the court ruled that Smoby is still unable to make all its payments and therefore MGA must share management with court appointed administrators. As reported in the TCR-Europe on Oct. 10, 2007, MGA's debt restructuring negotiation with Smoby's creditor banks fell through and it failed to pay the EUR11 million it pledged to invest in Smoby. About Smoby Headquartered in Lavans les Saint-Claude, France, Smoby -- http://www.smoby.fr/-- specializes in the creation, development, production and distribution of toys for children from birth to age 10. Smoby has a presence in over 90 countries globally, with commercial and/or industrial operations in South America, Asia and throughout Europe. The Company's products are sold worldwide through a network of 18 subsidiaries, with 65% of sales generated outside of France. In France, the Company employs 1, 300 workers. The Commercial Court of Lons-le-Saunier opened bankruptcy proceedings against Smoby on March 19, 2007, upon the Debtor's request. Smoby was hoping to snag an investor who will inject fresh capital yet remain a minority, as the company grapples with a EUR330-million debt. The company reported a net loss of EUR15.87 million for the year ended March 31, 2006, compared with a net profit of EUR1.56 million in 2005. ============= G E R M A N Y ============= 3D GENERALBAU: Claims Registration Ends January 22 -------------------------------------------------- Creditors of 3D Generalbau GmbH have until Jan. 22 to register their claims with court-appointed insolvency manager Ulrich Nehrig. Creditors and other interested parties are encouraged to attend the meeting at 10:30 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 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: Ulrich Nehrig Koenigsbrücker Str. 33 01099 Dresden Germany Web site: www.raheumann.de The District Court of Dresden opened bankruptcy proceedings against 3D Generalbau GmbH on Dec. 30, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: 3D Generalbau GmbH Oskar-Pletsch-Str. 15 01324 Dresden Germany Christiane Oehls-Hermann geboren 1965 Lene-Glatzer-Str. 12 01309 Dresden Germany ALPHA DIENSTLEISTUNGS: Claims Registration Ends January 25 ---------------------------------------------------------- Creditors of Alpha Dienstleistungs- & Handels GmbH have until Jan. 25 to register their claims with court-appointed insolvency manager Dr. Frank Kebekus. Creditors and other interested parties are encouraged to attend the meeting at 9:05 a.m. on Feb. 15, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Paderborn Meeting Hall 230a Second Floor Bogen 2-4 33098 Paderborn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Frank Kebekus Busdorfwall 22 33098 Paderborn Germany Tel: 05251-180660 Fax: 1806666 The District Court of Paderborn opened bankruptcy proceedings against Alpha Dienstleistungs- & Handels GmbH on Dec. 13, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Alpha Dienstleistungs- & Handels GmbH Paul-Gerhardt-Str. 25 33104 Paderborn Germany Attn: Henning Heinz Wende, Manager Detmolder Str. 128 33100 Paderborn Germany ARNOLD KOLODZIK: Claims Registration Ends January 24 ---------------------------------------------------- Creditors of Arnold Kolodzik Heizungsbaugesellschaft mbH have until Jan. 24 to register their claims with court-appointed insolvency manager Knut Thomas Hofheinz. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Hameln Hall 106 Zehnthof 1 31785 Hameln Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Knut Thomas Hofheinz Markte 13 30159 Hannover Germany Tel: 0511-357721-0 Fax: 0511-357721-40 E-Mail: hannover@hofheinz-mittendorff.de Web site: www.hofheinz-mittendorff.de The District Court of Hameln opened bankruptcy proceedings against Arnold Kolodzik Heizungsbaugesellschaft mbH on Dec. 13. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Arnold Kolodzik Heizungsbaugesellschaft mbH Attn: Arnold Kolodzik, Manager Domeierstrasse 6 31785 Hameln Germany B & M ART: Claims Registration Period Ends January 25 ----------------------------------------------------- Creditors of B & M Art Dental GmbH have until Jan. 25 to register their claims with court-appointed insolvency manager Christoph Henningsmeier. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Feb. 26, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Cuxhaven Hall 112 Old Building Deichstr. 12 A 27472 Cuxhaven 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: Christoph Henningsmeier Osdorfer Landstr. 230 22549 Hamburg Germany Tel: 040 8078810 Fax: 040 807881-20 The District Court of Cuxhaven opened bankruptcy proceedings against B & M Art Dental GmbH on Dec. 11, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: B & M Art Dental GmbH Attn: Stefan Moeller, Manager Rohdestr. 5 27472 Cuxhaven Germany BACKEREI AM SOLLING: Creditors' Meeting Slated for Jan. 10 ---------------------------------------------------------- The court-appointed insolvency manager for Backerei am Solling GmbH, Andreas Mittendorff will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:00 a.m. on Jan. 10. The meeting of creditors and other interested parties will be held at: The District Court of Holzminden Hall 14 Hauptgebaude Karlstrasse 15 37601 Holzminden Germany The Court will also verify the claims set out in the insolvency manager's report at 10:00 a.m. on Feb. 12 at the same venue. Creditors have until Jan. 18 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Andreas Mittendorff Markte 13 30159 Hannover Germany Tel: 05 11/357721-0 Fax: 05 11/35 77 21 50 E-mail: hannover@hofheinz-mittendorff.de The District Court of Holzminden opened bankruptcy proceedings against Backerei am Solling GmbH on Dec. 5, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Backerei am Solling GmbH Attn: Stephan Ernst, Manager Sollingstrasse 42 37603 Holzminden Germany BESTPHAGO GMBH: Claims Registration Period Ends Jan. 18 ------------------------------------------------------- Creditors of BestPhago GmbH & Co. KG have until Jan. 18 to register their claims with court-appointed insolvency manager Reinhard Buchholz. Creditors and other interested parties are encouraged to attend the meeting at 9:40 a.m. on March 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 Ludwigshafen am Rhein Meeting Hall 13 Wittelsbachstr. 10 67061 Ludwigshafen am Rhein 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: Reinhard Buchholz Herzog-Otto-Str. 104 D 67105 Schifferstadt Germany The District Court of Ludwigshafen am Rhein opened bankruptcy proceedings against BestPhago GmbH & Co. KG on Dec. 14, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BestPhago GmbH & Co. KG Alter Postweg 1 67346 Speyer Germany BLEYER GARTEN: Claims Registration Ends January 23 -------------------------------------------------- Creditors of Bleyer Garten- und Landschaftsbau GmbH have until Jan. 23 to register their claims with court-appointed insolvency manager Carsten Morgenstern. 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 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: Carsten Morgenstern Michaelstrasse 71 09116 Chemnitz Germany Tel:(0371) 381770 Fax:(0371) 3817730 E-mail: chemnitz@hww-kanzlei.de The District Court of Chemnitz opened bankruptcy proceedings against Bleyer Garten- und Landschaftsbau GmbH on Dec. 13, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bleyer Garten- und Landschaftsbau GmbH Attn: Robert Bleyer, Manager Zwickauer Strasse 554 09117 Chemnitz Germany BUCH- & OFFSETDRUCKEREI: Claims Registration Ends Jan. 21 --------------------------------------------------------- Creditors of Buch- & Offsetdruckerei Daemisch Mohr Verwaltungs GmbH have until Jan. 21 to register their claims with court- appointed insolvency manager Dr. Biner Bahr. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Bonn Hall S 2.22 Second Stock William-Strasse 21 53111 Bonn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Biner Bahr Bundeskanzlerplatz 2-10 53113 Bonn Germany Tel: 0228-9727121 0211-540680-192 Fax: 02289727122 0211-540680199 The District Court of Bonn opened bankruptcy proceedings against Buch- & Offsetdruckerei Daemisch Mohr Verwaltungs GmbH on Dec. 3, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Buch- & Offsetdruckerei Daemisch Mohr Verwaltungs GmbH Lindenstr. 78 53721 Siegburg Germany CASTELL CONTAINERDIENST: Claims Registration Period Ends Jan. 18 ---------------------------------------------------------------- Creditors of Castell Containerdienst und Demontagearbeiten GmbH have until Jan. 18 to register their claims with court-appointed insolvency manager Christoph Wienen. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on March 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 Ludwigshafen am Rhein Meeting Hall 13 Wittelsbachstr. 10 67061 Ludwigshafen am Rhein 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: Christoph Wienen Maudacher Strasse 162 67065 Ludwigshafen Germany The District Court of Ludwigshafen am Rhein opened bankruptcy proceedings against Castell Containerdienst und Demontagearbeiten GmbH on Dec. 13, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Castell Containerdienst und Demontagearbeiten GmbH Achtmorgenstrasse 24 67065 Ludwigshafen Germany DELTA WOHNBAU: Claims Registration Period Ends Jan. 18 ------------------------------------------------------ Creditors of Delta Wohnbau GmbH have until Jan. 18 to register their claims with court-appointed insolvency manager Gerhard Walter. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Tuebingen Hall 208 Second Floor Branch Office Schulberg 14 72074 Tuebingen 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: Gerhard Walter Beim Kupferhammer 5/4 72070 Tuebingen Germany Tel: 07071/945661 Fax: 07071/945668 The District Court of Tuebingen opened bankruptcy proceedings against Delta Wohnbau GmbH on Dec. 17, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Delta Wohnbau GmbH Attn: Murat Koc, Manager Hauptstr. 39 72149 Neustetten Germany GOLFTECH SERVICES: Claims Registration Period Ends Jan. 21 ---------------------------------------------------------- Creditors of GolfTech Services FairGreen GmbH have until Jan. 21 to register their claims with court-appointed insolvency manager Ulrich Kuehn. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on Feb. 21, 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 Cologne Meeting Hall 142 First Floor Luxemburger Strasse 101 50939 Cologne 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: Ulrich Kuehn Riehler Str. 26 50668 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against GolfTech Services FairGreen GmbH on Dec. 4, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: GolfTech Services FairGreen GmbH Niederkasseler Str. 33 51147 Cologne Germany HAUSTECHNIK GOLLNOW: Claims Registration Period Ends Jan. 25 ------------------------------------------------------------ Creditors of Haustechnik Gollnow GmbH Heizung und Sanitaer have until Jan. 25 to register their claims with court-appointed insolvency manager Jana Dettmer. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Feb. 25, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bonn Hall S 2.18 William-Strasse 23 53111 Bonn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Jana Dettmer In der Suerst 3 53111 Bonn Germany Tel: 0228/85080-21 Fax: 02288508020 The District Court of Bonn opened bankruptcy proceedings against Haustechnik Gollnow GmbH Heizung und Sanitaer on Dec. 13, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Haustechnik Gollnow GmbH Heizung und Sanitaer Josef-Kitz-Str. 26b 53840 Troisdorf Germany Attn: Thomas Gollnow, Manager Kirchstr. 17 53840 Troisdorf Germany HAUTMANN + BINNER: Claims Registration Period Ends Jan. 17 ---------------------------------------------------------- Creditors of Hautmann + Binner Planungsbuero GmbH have until Jan. 17 to register their claims with court-appointed insolvency manager Henning Schorisch. Creditors and other interested parties are encouraged to attend the meeting at 9:30 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 Dresden Hall D132 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: Henning Schorisch Wasastrasse 15 01219 Dresden Germany Web site: http://www.hww-kanzlei.de/ The District Court of Dresden opened bankruptcy proceedings against Hautmann + Binner Planungsbuero GmbH on Dec. 12, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hautmann + Binner Planungsbuero GmbH Attn: Oskar Hautmann, Manager Foerstereistr. 40 01099 Dresden Germany HEM GMBH: Claims Registration Period Ends January 24 ---------------------------------------------------- Creditors of HEM GmbH & Co. Transport und Logistik KG have until Jan. 24 to register their claims with court-appointed insolvency manager Susanne Mueller. Creditors and other interested parties are encouraged to attend the meeting at 1:00 p.m. on Feb. 25, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Neubrandenburg Hall 1 Fr.-Engels-Ring 15-18 Neubrandenburg 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: Susanne Mueller Vietmannsdorfer Strasse 23 17268 Templin Germany The District Court of Neubrandenburg opened bankruptcy proceedings against HEM GmbH & Co. Transport und Logistik KG on Dec. 18, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HEM GmbH & Co. Transport und Logistik KG Wismarer Weg 5 17335 Strasburg Germany HOEFA WOHNUNGSBAU: Claims Registration Period Ends January 17 ------------------------------------------------------------- Creditors of HoeFa Wohnungsbau GmbH have until Jan. 17 to register their claims with court-appointed insolvency manager Georg Kreplin. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Feb. 7, 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 Duesseldorf Meeting Hall A 388 Third Floor Muehlenstrasse 34 40213 Duesseldorf Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Georg Kreplin Breite Strasse 27 40213 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against HoeFa Wohnungsbau GmbH on Dec. 14, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HoeFa Wohnungsbau GmbH Attn: Joachim Faasch, Manager Sagewerk 5 40885 Ratingen Germany HUETTINGER INTERNATIONALE: Claims Registration Ends January 18 -------------------------------------------------------------- Creditors of Huettinger Internationale Spedition GmbH have until Jan. 18 to register their claims with court-appointed insolvency manager Peter Depre. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on March 3, 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 Mannheim Hall 232 Second Floor Schloss 68149 Mannheim 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: Peter Depre O4, 13-16 68161 Mannheim Germany Tel: 0621/120780 The District Court of Mannheim opened bankruptcy proceedings against Huettinger Internationale Spedition GmbH on Dec. 14,2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Huettinger Internationale Spedition GmbH Attn: Wilhelm Heinrich Born Pfalzer Ring 6 68766 Hockenheim Germany HWT HAUSTECHNIK: Claims Registration Period Ends Jan. 25 -------------------------------------------------------- Creditors of HWT Haustechnik GmbH have until Jan. 25 to register their claims with court-appointed insolvency manager Andreas Pantlen. Creditors and other interested parties are encouraged to attend the meeting at 9:10 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 Bonn Hall S 2.18 William-Strasse 23 53111 Bonn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Andreas Pantlen Reutherstr. 1a-c 53773 Hennef Germany Tel: 02242-9019781 Fax: 0211/8606810 The District Court of Bonn opened bankruptcy proceedings against HWT Haustechnik GmbH on Dec. 13, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HWT Haustechnik GmbH Bergstr. 44a 53773 Hennef Germany Attn: Dietmar Dresbach, Manager Kurhausstr. 34a 53773 Hennef Germany KOEHN WINTERGARTENSYSTEME: Claims Period Ends January 23 -------------------------------------------------------- Creditors of Koehn Wintergartensysteme GmbH have until Jan. 23 to register their claims with court-appointed insolvency manager Michael W. Scholz. Creditors and other interested parties are encouraged to attend the meeting at 9:30 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 Hamburg Hall B 405 Fourth Floor Annex Civil Justice Bldg. Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Michael W. Scholz Deichstrasse 1 20459 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Koehn Wintergartensysteme GmbH on Dec. 17, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Koehn Wintergartensysteme GmbH Attn: Stefan Koehn, Manager Garstedter Weg 281 22455 Hamburg Germany KSS 2000: Claims Registration Ends January 24 --------------------------------------------- Creditors of KSS 2000 Komplettbau GmbH have until Jan. 24 to register their claims with court-appointed insolvency manager Dr. Christoph Junker. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on March 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 Chemnitz Hall 28 Fuerstenstr. 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. Christoph Junker Karcherallee 25 a 01277 Dresden Germany Tel:(03 51) 260 60 60 Fax:(03 51) 260 60 66 E-mail: dresden@junker-kollegen.de The District Court of Chemnitz opened bankruptcy proceedings against KSS 2000 Komplettbau GmbH on Dec. 17, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: KSS 2000 Komplettbau GmbH Attn: Susann Thiele, Manager B 101 Nr.7 09603 Grossschirma Germany PIN GROUP: Three Units File for Insolvency ---------------------------------------------- Three Pin Group AG units filed for insolvency in an attempt to boosts the group's recovery, the Financial Times reports, citing Die Welt as its source. According to FT, the three latest insolvencies will affect 340 employees. As previously reported in the TCR-Europe on Dec. 28, 2007, seven PIN Group companies have filed for insolvency at a Cologne court, saying they lack funds to pay social insurance contributions. The move came after publishing group Axel Springer AG, which owns a 63.7% stake in PIN, resolved to stop funding the company following the German government's decision to introduce minimum wages of EUR8-EUR9.80 for the postal industry. Springer argued the minimum wage curbs competition and gives market leader Deutsche Post AG a monopoly. PIN says the insolvency affected around 850 of its 9,000 employees, although group operations continue. Andreas Ringstmeier has been appointed preliminary insolvency administrator. Guenter Thiel, chief executive officer of PIN, earlier resumed talks to acquire Springer's stake in the company. Mr. Thiel previously withdrew its offer to buy the stake and quit his post with immediate effect, AFX relates. Mr. Thiel told Bloomberg talks over a buyout failed because of Springer's "unrealistic demands". About PIN Group AG PIN Group AG -- http://www.pin-group.net/-- is the second- largest provider in the German mail services market. The group has more than 60 regional subsidiaries, and in 2006 became a national integrated provider by setting up an efficient nationwide distribution network. PIN currently covers around 96 %of Germany primarily through its own distributional networks complemented by regional co-operations. PIN was founded in September 2005 by Axel Springer AG, WAZ Media Group, Georg von Holtzbrinck Publishing Group and Luxembourg- based Rosalia AG, when the stakeholders bundled their respective mail service activities. PIN reported consolidated revenues of EUR168.3 million for the 2006 financial year. The group generated 68% of its earnings through regional mail service activities with the remaining 32% coming from national mail services. In the first quarter of 2007 the company's revenues rose to EUR71.3 million versus EUR30 million in the first quarter of 2006. The company expects revenues to more than double in the current year. On the basis of market share growth PIN Group aims at achieving revenues of EUR1.5 to EUR2 billion by 2015. R-ESTATE GERMANY-6: Fitch Rates EUR90 Mln. Class G Notes at BB -------------------------------------------------------------- Fitch Ratings has assigned final ratings to R-ESTATE Germany-6 GmbH's floating-rate notes due January 2056: -- EUR500,000 Class A+ (ISIN: XS0338062135): 'AAA'; Outlook Stable -- EUR687.6 million Class A (ISIN: XS0338054629): 'AAA'; Outlook Stable -- EUR180 million Class B (ISIN: XS0338057648): 'AA'; Outlook Stable -- EUR147.7 million Class C (ISIN: XS0338058372): 'A'; Outlook Stable -- EUR152.3 million Class D (ISIN: XS0338059933): 'BBB'; Outlook Stable -- EUR90 million Class E (ISIN: XS0338060436): 'BB'; Outlook Stable -- EUR64.6 million Class F (ISIN: XS0338060949): 'B'; Outlook Stable -- EUR62.3 million Class G (ISIN: XS0338061590): not rated This transaction is a partially funded synthetic securitization of commercial mortgage loans originated by Hypo Real Estate Bank AG (HRE, rated 'A'/'F1'/Rating Watch Positive) and its predecessors, as well as Wurttembergische Hypothekenbank AG. The ratings reflect the characteristics of the reference portfolio and the integrity of the legal and financial structures. They also address the timely payment of interest on the notes and the ultimate repayment of principal by final legal maturity in January 2057. As of the cut-off date (Sept.30, 2007), the portfolio consisted of 5,727 mortgage loans to 867 borrowers with a total outstanding principal amount of EUR4.6 billion. The loans are secured by first- and/or subordinate-ranking mortgages on 4,322 properties located in Germany. Approximately 70.7% of the properties by mortgage lending value refer to multi-family houses, 10.4% to office, 8.3% to retail, and 10.6% to other use types (including clinics (3.2%), nursing homes (2.7%) and hotels (1%). At cut-off, 88.3% of the aggregate balance were annuity loans; 6.1% were fixed installment loans; and 5.4%% were bullet loans. The WA seasoning of the portfolio is 9.7 years and the WA remaining loan term is 23.5 years. The transaction structure is similar to the well-established residential mortgage-backed PROVIDE program of Kreditanstalt fuer Wiederaufbau (rated 'AAA'/'F1+'/Outlook Stable). HRE buys credit protection on the reference portfolio from KfW under a bank swap. KfW will, in turn, hedge its exposure by entering into a senior credit default swap and by issuing certificates of indebtedness that will be purchased by R-ESTATE Germany-6 GmbH at closing. R-ESTATE Germany-6 GmbH will, in turn, place its assumed risk by issuing the Class A+ to G credit linked notes. RED HAT: Says LatAm Ops Account for Up to 5% of Global Revenues --------------------------------------------------------------- Red Hat Inc.'s executive vice president and chief financial officer Charles Peters said in a conference call that the company's Latin American operations would represent up to 5% of the firm's global revenues in the third quarter of fiscal year 2008, ended Nov. 30. As reported in the Troubled Company Reporter on Dec. 28, 2007, Red Hat Inc. reported US$20.3 million of net income for the third fiscal quarter ended Nov. 30, 2007, compared with US$18.2 million for the prior quarter and US$14.6 million for the same period in 2006. Red Hat's current fiscal year will end Feb. 29, 2008. Business News Americas relates that Red Hat's third quarter 2008 global revenues were US$135 million. Mr. Peters told BNamericas that Latin America had very strong sales in the third quarter 2008 and in the previous year, especially considering Red Hat launched direct operations in the region almost a year ago. BNamericas notes that "Latin America saw Red Hat's first US$1- million deal in the Americas as a whole, helping a large energy company move from a free Linux environment" without any help to a platform where the firm pays for and gets support from Red Hat for "its mission-critical infrastructure." Mr. Peters commented to BNamericas, "We are pleased with the traction we are seeing in Latin America, which grew 52% sequentially [in terms of new contracts]. We have a solid management team there recruiting seasoned talent for the organization, beginning penetration in large enterprise accounts and the public sector with a full range of our solutions, setting the foundation for this to be 3 to 5% of our overall business." Headquartered in Raleigh, North Carolina Red Hat, Inc. -- http://www.redhat.com/-- is an open source and Linux provider. Red Hat provides operating system software along with middleware, applications and management solutions. Red Hat also offers support, training, and consulting services to its customers worldwide and through top-tier partnerships. The company has offices in Singapore, Germany, and Argentina, among others. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 19, 2007, Standard & Poor's Ratings Services has revised its outlook on Red Hat Inc. to positive from stable and affirmed the ratings, including the 'B+' corporate credit rating. WKT TRANSPORTE: Claims Registration Period Ends Jan. 21 ------------------------------------------------------- Creditors of WKT Transporte GmbH have until Jan. 21 to register their claims with court-appointed insolvency manager Thomas Lissner. Creditors and other interested parties are encouraged to attend the meeting at 9:20 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 Osnabrueck Hall N 301 Kollegienwall 10 49074 Osnabrueck Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Thomas Lissner Schillerstr. 20 49074 Osnabrueck Germany Tel: (0541) 33 8500 Fax: (0541) 33 850-50 The District Court of Osnabrueck opened bankruptcy proceedings against WKT Transporte GmbH on Dec. 13, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: WKT Transporte GmbH Grosse Str. 27 49134 Wallenhorst Germany ============= H U N G A R Y ============= SUN MICROSYSTEMS: Unit Wants To Launch Services in Provinces ------------------------------------------------------------ Sun Microsystems' Argentine general manager Alejandro Raffaele told news daily La Nacion that it wants to expand into the provinces through new distribution channels. Sun Microsystems believes that there is potential for sales in the agribusiness sector so it must expand the scope of its channels, Business News Americas relates, citing Mr. Raffaele. Mr. Raffaele thinks there are opportunities in the public sector this year. The public sector didn't invest as much in information technology last year as expected due to presidential elections. Other industries with potential are the banking and telecoms sectors, BNamericas states. Headquartered in Santa Clara, California, Sun Microsystems Inc. (NASDAQ: SUNW) -- http://www.sun.com/-- provides network computing infrastructure solutions that include computer systems, data management, support services and client solutions and educational services. It sells networking solutions, including products and services, in most major markets worldwide through a combination of direct and indirect channels. Sun Microsystems conducts business in 100 countries around the globe, including Brazil, Argentina, India, Hungary, United Kingdom, among others. * * * Sun Microsystems Inc. carries Moody's "Ba1" probability of default and long-term corporate family ratings with a stable outlook. The ratings were placed on Sept. 22, 2006, and Sept. 22, 2005, respectively. Sun Microsystems also carries Standard & Poor's "BB+" long-term foreign and local issuer credit ratings, which were placed on March 5, 2004, with a stable outlook. ============= I R E L A N D ============= EUROCONNECT 2007: Fitch Rates EUR37.1 Mln class C Notes at BB ------------------------------------------------------------- Fitch Ratings has assigned final ratings to EUR80.35 million of EuroConnect Issuer SME 2007 Limited's issue of EUR216.30 million floating-rate notes due 2030: -- EUR43.25 million Class B secured floating-rate notes: 'BBB' -- EUR37.1 million Class C secured floating-rate notes: 'BB' The transaction is a partially funded synthetic collateralized debt obligation referencing a mainly German and Austrian portfolio totaling EUR3.09 billion of senior payment obligations of small, middle and large corporate entities arising from loans, guarantees and letters of credit. The ratings of the notes are based on the available credit enhancement, the credit quality of the combined reference portfolio and available collateral, the strength of the guarantee counterparties and the sound financial and legal structure of the transaction. Credit enhancement of the Class B notes totaling 4.45% is provided by the Class C notes (1.2%), the unrated Class D notes (3.25%) and synthetic excess spread. SXS is available in an amount of 0.24% per annum based on the performing balance of the combined reference pool and can be trapped up to an amount of EUR5.56 million. The reference portfolio comprises two sub-portfolios originated or acquired by Bayerische Hypo- und Vereinsbank AG (rated 'A'/'F1'/Outlook Positive) and Bank Austria Creditanstalt AG (BA CA, rated 'A'/'F1'/Outlook Positive). At closing, HVB and BA-CA has each entered into a junior loss guarantee with the issuer for the reimbursement of realized losses on the respective originator's reference portfolio, each a sub portfolio. The issuer, in turn, will seek credit protection against realized losses from the EUR3.09 billion combined reference portfolio for up to EUR216.3 million by issuing the notes. The transaction features a 6.5-year replenishment period, subject to the eligibility and replenishment criteria. Replenishment is limited by a master amortization schedule providing for an amortization amount of 1% per quarter until and including May 2012 and thereafter 3.5% until and including the payment date in May 2014 of the combined reference portfolio's initial notional balance during the replenishment period. Replenishments will be subject to the Fitch VECTOR test and certain replenishment conditions. Upon a downgrade of any classes of the rated notes, no further replenishments will be allowed. For its analysis, the agency applied enhanced correlation stresses as well as obligor concentration stresses. Recovery rates were derived from historical data, based on collateral percentage and quality. EuroConnect Issuer SME 2007 Limited is a bankruptcy-remote special purpose vehicle incorporated in Ireland and domiciled in Dublin. The ratings address the ultimate repayment of principal at maturity and timely payment of interest according to the terms and conditions of the notes. SUN MICROSYSTEMS: Unit Wants To Launch Services in Provinces ------------------------------------------------------------ Sun Microsystems' Argentine general manager Alejandro Raffaele told news daily La Nacion that it wants to expand into the provinces through new distribution channels. Sun Microsystems believes that there is potential for sales in the agribusiness sector so it must expand the scope of its channels, Business News Americas relates, citing Mr. Raffaele. Mr. Raffaele thinks there are opportunities in the public sector this year. The public sector didn't invest as much in information technology last year as expected due to presidential elections. Other industries with potential are the banking and telecoms sectors, BNamericas states. Headquartered in Santa Clara, California, Sun Microsystems Inc. (NASDAQ: SUNW) -- http://www.sun.com/-- provides network computing infrastructure solutions that include computer systems, data management, support services and client solutions and educational services. It sells networking solutions, including products and services, in most major markets worldwide through a combination of direct and indirect channels. Sun Microsystems conducts business in 100 countries around the globe, including Brazil, Argentina, India, Hungary, United Kingdom, among others. * * * Sun Microsystems Inc. carries Moody's "Ba1" probability of default and long-term corporate family ratings with a stable outlook. The ratings were placed on Sept. 22, 2006, and Sept. 22, 2005, respectively. Sun Microsystems also carries Standard & Poor's "BB+" long-term foreign and local issuer credit ratings, which were placed on March 5, 2004, with a stable outlook. ========= I T A L Y ========= ALITALIA SPA: Italian Politicians Hit Air France Selection ---------------------------------------------------------- Italian politicians and unions have criticized the government's decision to commence exclusive talks with Air-France KLM Group on the sale of its 49.9% stake in Alitalia S.p.A., Andrew Davis writes for Bloomberg News. The Northern League party said the government's decision will start "the mother of all battles," adding that "the governor has chosen Air France and has decided to sell out the country and the north of Italy." "Well, if they want a war they will get a war," senior Northern League official Roberto Calderoli was quoted by Bloomberg News as saying. Roberto Formigoni, head of the Lombardia regional government, called the government's decision "shameful." "We will not shy away from a political and civil battle to defend the economic and social interests of our people," Mr. Formigoni said. Alitalia's pilots unions, while supporting Air France, criticized the government for exluding them in the decision- making process. The unions threatened strikes if the government cannot get job guarantees in the talks with Air France. Meanwhile, AirOne S.p.A., the losing bidder for Alitalia, denounced Italy's decision to select Air France as "surrender." "Italy and the air transport industry, a strategic national sector, can't surrender in this way to a large international group that is making off with rich pieces of our market," AirOne chairman Carlo Toto said in an e-mailed statement to Bloomberg News. The Italian government commenced exclusive talks with Air France-KLM Group on Jan. 2, 2008. 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 and Japan. 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. DANA CORP: Plaza Tire Wins Bid for Cape Girardeau Property ---------------------------------------------------------- Plaza Tire Service Inc. won the bidding for the industrial building that formerly housed Dana Corp.'s production facility in Cape Girardeau, the Southeast Missourian reports, citing Plaza Tire Service's vice president Scott Rhodes. As reported in the Troubled Company Reporter on Dec. 18, 2007, Rhodes Development Company, LLC, had expressed interest in purchasing the Cape Girardeau property at a purchase price higher than that of Schaefer's Power Panels, Inc., hence, it had asked the Debtors to consider its offer. As previously reported, the Debtors had asked authority from the U.S. Bankruptcy Court for the Southern District of New York the to sell a 15-acre parcel of real estate and a 150,000 square- foot building located at 2075 Corporate Circle in Cape Girardeau, Missouri, to Schaefer's Power Panels, Inc., for US$2,841,750. According to the Southeast Missourian, Plaza Tire edged out an offer from Schaefer's Electrical Enclosures, which had strong support from city and economic development leaders. Bidders submitted their best price to the U.S. Bankruptcy Court for the Southern District of New York, and the Dana court deemed Plaza's bid the best offer, Southeast Missourian's Rudi Keller reports. The facility will house corporate offices and a distribution center for Plaza Tire's 49 stores in Missouri and Illinois, according to Southeast Missourian. Details of the transaction were not immediately available, Southeast Missourian notes. Plaza Tire Service consists of 49 tire stores and is listed as the 28th largest independently owned tire retailer in North American by Tire Business' magazine, according to information posted on the company's Web site. About Dana Based in Toledo, Ohio, Dana Corporation -- http://www.dana.com/ -- designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. Dana has facilities in China in the Asia-Pacific, Argentina in the Latin-American regions and Italy in Europe. The company and its affiliates filed for chapter 11 protection on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Aug. 31, 2007, the Debtors listed US$6,878,000,000 in total assets and US$7,551,000,000 in total debts resulting in a total shareholders' deficit of US$673,000,000. Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represent the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners serves as Dana's Chief Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents the Official Committee of Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the Official Committee of Equity Security Holders. Stahl Cowen Crowley, LLC serves as counsel to the Official Committee of Non-Union Retirees. The Debtors filed their Joint Plan of Reorganization on Aug. 31, 2007. On Oct. 23, 2007, the Court approved the adequacy of the Disclosure Statement explaining their Plan. The Court has set Dec. 10, 2007, to consider confirmation of the Plan. (Dana Corporation Bankruptcy News, Issue No. 67; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). IMAX CORP: U.S. Bank Denies Catalyst Fund's Default Claims ---------------------------------------------------------- IMAX Corporation said it received on Dec. 21, 2007, summons and complaint from the trustee under the indenture governing the company's senior notes. The indenture trustee sought a declaratory judgment confirming IMAX's position that The Catalyst Fund Limited Partnership II has no basis for its legal claims against IMAX under the indenture. The trustee, U.S. Bank National Association said that despite Catalyst's repeated claims to the contrary, absent a finding of bad faith: (1) no event of default existed under the indenture as of Nov. 6, 2007; (2) the maturity of the company's US$160 million of 9-5/8% senior notes due Dec. 1, 2010, was not accelerated as of Nov. 6, 2007; and (3) Catalyst has no basis for legal action under the indenture. On Oct. 29, 2007, IMAX received a letter from Catalyst, advising the company that it had instructed the Depository Trust Company, through its nominee Cede & Co., to issue immediately a notice of acceleration to the company, pursuant to the indenture, to accelerate the maturity of the principal amount of the Senior Notes and any accrued interest. The company had previously received seven purported notices of default from Catalyst, who unsuccessfully opposed the company's consent solicitation in April 2007. The seven notices allege that IMAX breached the financial reporting covenant and related provisions under the indenture and that breaches constitute defaults under the terms of the indenture. On Sept. 7, 2007, Catalyst brought an action in the Ontario Superior Court of Justice, seeking, among other things, a ruling that IMAX is in default under the indenture. According to the trustee, it is the company's position that no default or event of default has occurred or is continuing under the indenture, and accordingly no bondholder has the right to deliver an acceleration notice and the purported acceleration notice delivered by Catalyst is of no force or effect. The Trustee's complaint seeks a declaration confirming this position. About IMAX Corporation Based in New York City and Toronto, Canada, IMAX Corporation (NASDAQ:IMAX) -- http://www.imax.com/-- is an entertainment technology company, with emphasis on film and digital imaging technologies including 3D, post-production and digital projection. IMAX is a fully-integrated, out-of-home