T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Wednesday, January 9, 2008, Vol. 9, No. 6 Headlines A U S T R I A F.T.K. OBJEKTBETREUUNG: Vienna Court Orders Business Shutdown FERROCO MASCHINENHANDEL: Vienna Court Orders Business Shutdown FREIZEIT- UND ERLEBNISCENTER: Salzburg Court Orders Shutdown FSF SPENGLEREI: Vienna Court Orders Business Shutdown JOSEF RABL: Creditors' Meeting Slated for Jan. 22 KOPI METALLBEARBEITUNG: Creditors' Meeting Slated for Jan. 23 LINU LLC: Creditors' Meeting Slated for Jan. 21 LUDWIG PFEFFER: Salzburg Court Orders Business Shutdown S.D. INSTALLATION: Creditors' Meeting Slated for Jan. 22 B E L G I U M CHIQUITA BRANDS: Grape Harvest Slows Down, Michael Mitchell Says F R A N C E ALCATEL-LUCENT SA: Names Remi Thomas as Investor Relations VP BOSTON SCIENTIFIC: Completes Sale of Stake in Auditory Business DELPHI CORP: Court Approves Downer and Co. as Financial Advisor DELPHI CORP: Reaches Settlement with Ad Hoc Trade Committee DELPHI CORP: Incurs US$231 Mil. Net Loss in Month Ended Nov. 30 MTI TECHNOLOGY: Asks Court to Set April 4 as Claim Bar Date G E R M A N Y ADO BAU: Claims Registration Ends February 1 B.A.M.S. GMBH: Claims Registration Ends February 1 BAUUNTERNEHMEN RIEKSCHNIETZ: Claims Period Ends Jan. 25 BED COMPANY: Claims Registration Ends February 1 BOECKENHOLT GMBH: Claims Registration Ends February 1 CAPITAL RAISING: Fitch Downgrades EUR200 Million Notes to B- COMPLETT BLOCKHAUS: Claims Registration Period Ends Jan. 18 CWF- CHEMIE FRANKFURT: Claims Registration Ends February 1 DOEMER STAHL: Claims Registration Period Ends Jan. 25 ENTWICKLUNGS UND PRODUKTIONSZENTRUM: Claims Bar Date on Feb. 1 FUTURA GMBH: Claims Registration Period Ends Jan. 29 H & B REINIGUNGSZENTRUM: Claims Registration Period Ends Feb. 1 HANSA-FRUCHT: Claims Registration Period Ends Feb. 2 HARTMUT KROENING: Claims Registration Period Ends Feb. 2 HAUS DER BRAUT: Claims Registration Period Ends Feb. 1 HYBRID RAISING: Fitch Downgrades EUR200 Million Notes to B- IKB DEUTSCHE: Fitch Upgrades Individual Ratings to E IKB FUNDING I: Fitch Cuts EUR75 Million Trust's Ratings to B IKB FUNDING II: Fitch Cuts EUR400 Million Trust's Rating to B IKB INTERNATIONAL: Fitch Downgrades EUR170 Million Loan to B YUSUN DOENERPRODUKTION: Claims Registration Period Ends Jan. 24 I T A L Y SAGRANTINO ITALY: Fitch Rates EUR32.7 Mln. Class E Notes at BB TISCALI SPA: Management&Capitali Subscribes Bond to Shares K A Z A K H S T A N AGROFOOD LLP: Proof of Claim Deadline Slated for Feb. 5 BEISAL COMPANY: Creditors Must File Claims by Feb. 1 BERATEX LLP: Claims Filing Period Ends Feb. 1 BINDJARAI LLP: Creditors' Claims Due on Feb. 5 CENTURY 2030: Claims Registration Ends Feb. 1 OLIVER STONE: Proof of Claim Deadline Slated for Feb. 1 POWER COMPANY: Creditors Must File Claims by Feb. 1 SIB-KAZ-GAS LLP: Claims Filing Period Ends Feb. 1 SKIF LLP: Creditors' Claims Due on Feb. 5 K Y R G Y Z S T A N BUUDAN HOLOD: Creditors Must File Claims by January 30 L U X E M B O U R G EVRAZ GROUP: Claymont Steel Tender Offer Waiting Period Expires N E T H E R L A N D S ELEKTROWNIA TUROW: Amended Terms Cue Fitch's B+ Ratings Upgrade R U S S I A ASTRADAMOVSKIJ PROMKOMBINAT: Court Hearing Slated for April 21 BALTAIAGRIPROMCHEMIYA: Bankruptcy Hearing Slated for March 11 ELECTRICAL DEVICE: Creditors Must File Claims by Feb. 22 EVRAZ GROUP: Claymont Steel Tender Offer Waiting Period Expires KAVMINKURORTROZLIV LLC: Bankruptcy Hearing Slated for Feb. 7 KUSHNARENKOVSKIJ BUTTER: Creditors Must File Claims by Jan. 22 MEGAFON OAO: Fitch Affirms IDR at BB+ with Stable Outlook NOVOSANZHAROVSKIJ OJSC: Creditors Must File Claims by Jan. 22 SEVERSTAL OAO: Confirms North American Unit Furnace Accident SISTEMA-HALS: Signs Long-Term Joint Venture with Apsys SISTEMA-HALS: Partners with Saraya on Kamelia Venture TUKZ LLC: Bankruptcy Hearing Slated for Feb. 14 ZERNOGRADSKY PIG: Creditors Must File Claims by Feb. 22 S W I T Z E R L A N D 1 CONNECT: Zug Court Closes Bankruptcy Proceedings CRANDON JSC: Schaffhausen Court Closes Bankruptcy Proceedings DOLCEORO LLC: Creditors' Liquidation Claims Due by January 25 ETC SERVICES: Creditors' Liquidation Claims Due by January 10 FINNLA LLC: Creditors' Liquidation Claims Due by January 11 FLASH BARBETRIEB: Creditors' Liquidation Claims Due by Jan. 18 FONTANA LAGERTECHNIK: Thurgau Court Closes Bankruptcy Process GEON JSC: St. Gallen Court Starts Bankruptcy Proceedings KUWAIT PETROLEUM: Creditors Must File Claims by January 10 LANICA JSC: Creditors' Liquidation Claims Due by January 11 MORTEZAWI BUILDING: Zug Court Closes Bankruptcy Proceedings NOALCE LLC: Creditors' Liquidation Claims Due by January 11 RHEINTAL BACKEREI: St. Gallen Court Starts Bankruptcy Process RISTORANTE BELLA: Creditors Must File Claims by January 11 SEESTERN: Creditors' Liquidation Claims Due by January 23 STENA METALL: Creditors' Liquidation Claims Due by January 11 T U R K E Y OYAK BANK: Fitch Lifts Rating to BB on Change of Ownership U K R A I N E DEKOL LLC: Proofs of Claim Filing Deadline Set January 11 DRUGSTORE 301: Creditors Must File Claims by January 11 INTERNATIONAL CENTER: Creditors Must File Claims by January 11 KHMELNIK AGRICULTURAL: Claims Filing Deadline Set January 11 KRISPY KREME: James Morgan Replaces D. Brewster as Pres. & CEO KRIVOY ROG: Proofs of Claim Filing Deadline Set January 11 MIROLIT ACCENT: Creditors Must File Claims by January 11 MONOLIT PROFILE: Creditors Must File Claims by January 11 MULTI CJSC: Proofs of Claim Filing Deadline Set January 11 NAFTOGAZ UKRAINY: Special Committee Eyed to Prevent Bankruptcy OCTOBER DISTILLERY: Claims Filing Deadline Set January 11 PROGRESS LLC: Creditors Must File Claims by January 11 STAR-AUTO LLC: Proofs of Claim Filing Deadline Set January 11 TRADING HOUSE: Creditors Must File Claims by January 11 U N I T E D K I N G D O M BERRY PLASTICS: Inks US$500MM Merger Deal with Captive Holdings BERRY PLASTICS: S&P Retains CCC+ Rating on Senior Unsecured Debt BRITISH AIRWAYS: Traffic Figures Up 1% in December 2007 BRITISH AIRWAYS: U.K. Government Lifts One-Bag Restriction CABLE & WIRELESS: Workers Strike After Failed Wage Talks FORD MOTOR: Tata May Tap Ford Senior Exec to Head Two Brands FORD MOTOR: To Equip Vehicles w/ Fuel-Efficient EcoBoost Engine GENERAL MOTORS: Offers Incentive Financing on Selected Vehicles JACOBY & JACOBY: Brings In Liquidators form BDO Stoy Hayward NORTHERN ROCK: Treasury Scrambles for Private-Sector Sale PROPART FUNDING: Fitch Cuts EUR150 Million Loan Rating to B+ SCO GROUP: Wants Until May 11 to File Chapter 11 Plan SIMPLY CREDIT: J. M. Titley Leads Liquidation Procedure TATA MOTORS: May Tap Senior Ford Exec to Head Two Brands TATA MOTORS: Bond Risk Rises on Jaguar & Rover Bids WALKER TAXIS: Claims Filing Period Ends February 12 * Ernst & Young Appoints 17 New U.K. Partners ********* ============= A U S T R I A ============= F.T.K. OBJEKTBETREUUNG: Vienna Court Orders Business Shutdown ------------------------------------------------------------- The Trade Court of Vienna entered Nov. 21, 2007, an order shutting down the business of LLC F.T.K. Objektbetreuung (FN 257352i). Court-appointed estate administrator Erwin Senoner recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Dr. Erwin Senoner c/o Dr. Georg Freimueller Alser Strasse 21 1080 Vienna Austria Tel: 406 05 51 Fax: 406 96 01 E-mail: kanzlei@jus.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 8, 2007 (Bankr. Case No 4 S 131/07b). Georg Freimueller represents Dr. Senoner in the bankruptcy proceedings. FERROCO MASCHINENHANDEL: Vienna Court Orders Business Shutdown -------------------------------------------------------------- The Trade Court of Vienna entered Nov. 19, 2007, an order shutting down the business of LLC Ferroco Maschinenhandel Ing. Rudolf Ferro (FN 119678y). Court-appointed estate administrator Eberhard Wallentin recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Dr. Eberhard Wallentin Porzellangasse 4-6 1090 Vienna Austria Tel: 313 740 Fax: 313 74 80 E-mail: office@ksw.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 2, 2007 (Bankr. Case No 4 S 127/07i). FREIZEIT- UND ERLEBNISCENTER: Salzburg Court Orders Shutdown ------------------------------------------------------------ The Land Court of Salzburg entered Nov. 22, 2007, an order shutting down the business of LLC Freizeit- und Erlebniscenter Wolfgangsee (FN 173850m). Court-appointed estate administrator Rudolf Woeran recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Dr. Rudolf Woeran Dr. Franz-Rehrl-Platz 2 5020 Salzburg Austria Tel: 0662/64 00 83 Fax: 0662/642912-24 E-mail: office@woeran.at Headquartered in Abersee, Austria, the Debtor declared bankruptcy on Nov. 5, 2007 (Bankr. Case No 23 S 75/07k). FSF SPENGLEREI: Vienna Court Orders Business Shutdown ----------------------------------------------------- The Trade Court of Vienna entered Nov. 21, 2007, an order shutting down the business of LLC FSF Spenglerei Dachdeckerei (FN 255193i). Court-appointed estate administrator Raoul Wagner recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Dr. Raoul Wagner Rathausstrasse 15/4 1010 Vienna Austria Tel: 405 33 82 Fax: 408 84 67 E-mail: office@hopmeier.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 8, 2007 (Bankr. Case No 4 S 130/07f). JOSEF RABL: Creditors' Meeting Slated for Jan. 22 ------------------------------------------------- Creditors owed money by LLC Josef Rabl (FN 115128g) are encouraged to attend the creditors' meeting at 12:15 p.m. on Jan. 22. 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. 20, 2007 (6 S 151/07h). Hannelore Pitzal serves as the court-appointed estate administrator of the bankrupt's estate. Wolfgang Pitzal represents Dr. Pitzal in the bankruptcy proceedings. The estate administrator can be reached at: Dr. Hannelore Pitzal c/o Dr. Wolfgang Pitzal Paulanergasse 9 1040 Vienna Austria Tel: 587 31 11 Fax: 587 87 50 50 E-mail: office@pitzal-partner.at KOPI METALLBEARBEITUNG: Creditors' Meeting Slated for Jan. 23 ------------------------------------------------------------- Creditors owed money by LLC KOPI Metallbearbeitung (FN 223407s) are encouraged to attend the creditors' meeting at 10:15 a.m. on Jan. 23. The creditors' meeting will be held at: The Land Court of Leoben Hall IV First Floor Leoben Austria Headquartered in Thalheim an der Mur, Austria, the Debtor declared bankruptcy on Nov. 20, 2007 (17 S 98/07s). Norbert Scherbaum serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Dr. Norbert Scherbaum Einspinnergasse 3 8010 Graz Austria Tel: 0316-832460 Fax: 0316-832460-10 E-mail: office@scherbaum-seebacher.at LINU LLC: Creditors' Meeting Slated for Jan. 21 ----------------------------------------------- Creditors owed money by LLC LINU (FN 274667y) are encouraged to attend the creditors' meeting at 9:30 a.m. on Jan. 21. 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. 20, 2007 (3 S 149/07t). Wolfgang Winkler serves as the court-appointed estate administrator of the bankrupt's estate. Maximilian Schludermann represents Mag. Winkler in the bankruptcy proceedings. The estate administrator can be reached at: Mag. Wolfgang Winkler c/o Dr. Maximilian Schludermann Reisnerstrasse 32/12 1030 Vienna Austria Tel: 715 50 45 Fax: 715 50 474 E-mail: office@anwalt-vienna.at LUDWIG PFEFFER: Salzburg Court Orders Business Shutdown ------------------------------------------------------- The Land Court of Salzburg entered Nov. 16, 2007, an order shutting down the business of LLC Ludwig Pfeffer (FN 66260t). Court-appointed estate administrator Rainer Hessenberger 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. Rainer Hessenberger Alter Markt 7/2 5020 Salzburg Austria Tel: 0662/84 11 41 Fax: 0662/84 84 15 E-mail: hessenberger@aon.at Headquartered in Salzburg, Austria, the Debtor declared bankruptcy on Nov. 14, 2007 (Bankr. Case No 44 S 38/07y). S.D. INSTALLATION: Creditors' Meeting Slated for Jan. 22 -------------------------------------------------------- Creditors owed money by LLC S.D. Installation (FN 262895k) are encouraged to attend the creditors' meeting at noon on Jan. 22. 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. 20, 2007 (6 S 152/07f). Johanna Abel-Winkler serves as the court-appointed estate administrator of the bankrupt's estate. Norbert Abel represents Mag. Abel-Winkler in the bankruptcy proceedings. The estate administrator can be reached at: Mag. Johanna Abel-Winkler c/o Mag. Norbert Abel Franz-Josefs-Kai 49/19 1010 Vienna Austria Tel: 533 52 72 Fax: 533 52 72 15 E-mail: office@abel-abel.at ============= B E L G I U M ============= CHIQUITA BRANDS: Grape Harvest Slows Down, Michael Mitchell Says ---------------------------------------------------------------- Chiquita Brands International Inc.'s Director of Corporate Communications, Michael Mitchell, disclosed that the grape harvest has slowed down in the Chilean regions, Fresh Plaza reports. Mr. Mitchell asserted that the season started off the second and third weeks of November, adding that the quality is good. "We expect a good supply of grapes in terms of volume and quality as the harvest gets stronger. The volume will be steady and good temperature and no rains are improving the quality of the fruits. There has been some hail, but this caused no significant damage to our crops," Fresh Plaza relates, citing Michael Mitchell. Fresh Plaza adds that the company had exported products by which 20% of all of Chiquita's volume goes to Europe. Report shows that the Chilean grape season will last until April 2008. Cincinnati, Ohio-based Chiquita Brands International Inc. (NYSE: CQB) -- http://www.chiquita.com/-- markets and distributes fresh food products including bananas and nutritious blends of green salads. The company markets its products under the Chiquita(R) and Fresh Express(R) premium brands and other related trademarks. Chiquita employs approximately 25,000 people operating in more than 70 countries worldwide, including Belgium, Columbia, Germany, Panama, Philippines, among others. * * * As reported in the Troubled Company Reporter on May 16, 2007, Moody's Investors Service Ratings affirmed these ratings on Chiquita Brands International Inc.: (i) corporate family rating at B3; (ii) probability of default rating at B3; (iii) US$250 million 7.5% senior unsecured notes due 2014 at Caa2(LGD5, 89%); and (iv) US$225 million 8.875% senior unsecured notes due 2015 at Caa2 (LGD5, 89%). Moody's changed the rating outlook for Chiquita Brands to negative from stable. Troubled Company Reporter reported on May 4, 2007, that Standard & Poor's Ratings Services placed its 'B' corporate credit and other ratings on Cincinnati, Ohio-based Chiquita Brands International Inc. on CreditWatch with negative implications, meaning that the ratings could be lowered or affirmed following the completion of their review. Total debt outstanding at the company was about US$1.3 billion as of March 31, 2007. =========== F R A N C E =========== ALCATEL-LUCENT SA: Names Remi Thomas as Investor Relations VP ------------------------------------------------------------- Alcatel-Lucent S.A. disclosed that Remi Thomas will join Alcatel-Lucent as Vice President, Investor Relations, responsible for communication with the investment community, including financial analysts, institutional investors and retail shareholders. M. Thomas will report to Hubert de Pesquidoux, Alcatel-Lucent's Chief Financial Officer. This appointment becomes effective January 21. Since 2005, Mr. Thomas has served as deputy research director at CA Cheuvreux. He joined CA Cheuvreux in 1996 as a financial analyst, and has lead the firm's Technology sector (telecom equipment providers, semiconductors, consumer electronics), including Alcatel-Lucent and French telecom operators. Prior to that he focused on the capital goods sector. From 1992 to 1995, Remi Thomas was financial analyst at Cholet Dupont (Credit Lyonnais). "We are pleased to welcome Remi Thomas, one of the most respected financial analysts covering the telecom industry, to Alcatel-Lucent," said Alcatel-Lucent CFO Hubert de Pesquidoux. "Remi's comprehensive knowledge of our industry combined with his first-hand experience and understanding of the financial community and its needs will be a clear asset for our company." Remi Thomas holds a MBA from Warwick University, GB, and is a graduate from the ESC business school in Toulouse, France. He is a member of the French financial analysts society (Societe fran�aise des analystes financiers). About Alcatel-Lucent Headquartered in Paris, France, Alcatel-Lucent S.A. -- http://www.alcatel-lucent.com/-- provides solutions that enable service providers, enterprises and governments worldwide to deliver voice, data and video communication services to end users. Alcatel-Lucent maintains operations in 130 countries, including, Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada, United States, Costa Rica, Dominican Republic, El Salvador, Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and Cambodia. * * * As reported in the TCR-Europe Nov. 9, 2007, Moody's Investors Service downgraded to Ba3 from Ba2 the Corporate Family Rating of Alcatel-Lucent. The ratings for senior debt of the group were equally lowered to Ba3 from Ba2 and the trust preferred notes of Lucent Technologies Capital Trust I have been downgraded to B2 from B1. At the same time, Moody's affirmed its Not-Prime rating for short-term debt of Alcatel-Lucent. Moody's said the outlook for the ratings is stable. Alcatel-Lucent's Long-Term Corporate Credit rating and Senior Unsecured Debt carry Standard & Poor's Ratings Services' BB rating. Its Short-Term Corporate Credit rating stands at B. BOSTON SCIENTIFIC: Completes Sale of Stake in Auditory Business --------------------------------------------------------------- Boston Scientific Corporation has completed the sale of the controlling interests in its auditory business and drug pump development program to former principals and shareholders of Advanced Bionics. As part of a new schedule of consolidated, fixed earnout payments, Boston Scientific has paid former Advanced Bionics shareholders US$650 million. A final payment of US$500 million will be paid in March 2009. The former Advanced Bionics principals and shareholders have paid Boston Scientific US$150 million for the controlling interests in the auditory business and drug pump development program. Under the amended merger agreement, Boston Scientific obtains sole management control of the Pain Management business, including the emerging indications program. The Pain Management business includes spinal cord stimulation technologies, as well as emerging technologies such as a variety of applications of the bion(R) microstimulator. The Pain Management business and emerging indications program will operate as Boston Scientific Neuromodulation under the leadership of Michael Onuscheck, currently head of the Pain Management business. The business will continue to be headquartered in Valencia, California. As part of the transactions, the parties have agreed to dismiss pending litigation between Boston Scientific and former Advanced Bionics shareholders. Boston Scientific acquired Advanced Bionics in 2004. The sale coincides with the closing of the amended merger agreement with Advanced Bionics disclosed on Aug. 9, 2007. About Advanced Bionics Headquartered in Sylmar, California, Advanced Bionics -- http://www.advancedbionics.com/-- makes the HiResolution Bionic Ear System, which includes a cochlear implant, sound processor, and other equipment that together can restore hearing to the deaf. The company also makes the Precision spinal cord stimulator, which can block pain signals. About Boston Scientific Headquartered in Natick, Massachusetts, Boston Scientific Corporation (NYSE: BSX) -- http://www.bostonscientific.com/-- develops, manufactures and markets medical devices used in a broad range of interventional medical specialties. The company has offices in Argentina, Chile, France, Germany, and Japan, among others. * * * As reported in the Troubled Company Reporter on Oct. 23, 2007, Standard & Poor's Ratings Services affirmed its ratings on Boston Scientific Corp., including the 'BB+' corporate credit rating, and removed them from CreditWatch, where they were placed with negative implications Aug. 3, 2007. The rating outlook is negative. DELPHI CORP: Court Approves Downer and Co. as Financial Advisor --------------------------------------------------------------- Delphi Corp. and its debtor-affiliates obtained permission from the U.S. Bankruptcy Court for the Southern District of New York to employ independent middle market advisory firm Downer & Company LLC as their financial advisor and investment banker with regard to the divestiture or other strategic alternatives relating to their power products business. The Debtors propose to hire Downer & Company nunc pro tunc to Aug. 27, 2007. The Debtors' Power Products Business involve the engineering, manufacturing, or selling of power sliding door systems, power liftgate systems, power deck lid systems, internal cinching latches, advanced development power cinching latches, and advanced development power cinching strikers. Pursuant to the parties' Oct. 26, 2007 letter agreement, Downer & Company is expected to: -- assist in the review and analysis of the assets and the operating and financial strategies of the Power Products Business; -- assist in the definition of objectives related to the value and terms of divestiture; -- assist in the market examination for potential purchasers and identification of a universe of parties who should be contacted in relation to the proposed transaction; -- at the Debtors' direction, contact a priority list of parties agreed in common with the Debtors as part of a pre-marketing strategy; -- assist in the collection and analysis of information relevant to the market and the proposed transaction; -- prepare and review with the Debtors the valuation of the Power Products Business; -- define procedures concerning the divestiture process at its different stages, and implementing them with the potential purchasers at the Debtors' direction and on its behalf; -- assist in the organization and coordination of datarooms, management presentations, and due diligence sessions; -- review, analyze, and advise on the value and terms of the offers received and on appropriate negotiating strategies in relation to the various potential purchasers in connection with the proposed transaction or other transactions; -- assist in the negotiation of binding contractual documentation in conjunction with the Debtors' legal advisors; and -- render other financial advisory and investment banking services as may be reasonably requested by the Debtors in connection with the disposition of the Power Products Business. The services to be provided by Downer & Company will not duplicate the services of the Debtors' other professionals, Delphi Corp. vice president and chief restructuring officer John D. Sheehan assured the Court. In exchange for Downer & Company's services, the Debtors will pay the firm non-refundable work fees totaling US$100,000: * US$25,000 upon approval of the Employment Application; * US$25,000 upon completion and delivery of a pre-marketing report; * US$25,000 upon receipt of the first round offers; and * US$25,000 upon receipt of the final offers in the form of a marked-up term sheet. The Debtors will also pay Downer & Company a Transaction Fee equal to US$600,000 plus: * 2.5% of the Transaction Value, as defined in the Engagement Letter, between US$35,000,000 and US$45,000,000; and * 3.25% of the Transaction Value in excess of US$45,000,000. The Transaction Fee may be reduced by the total amount of work fees paid if certain conditions are met as defined in the Engagement Letter, Mr. Sheehan related. Further more, the Debtors will reimburse Downer & Company for all reasonable out-of-pocket expenses incurred in connection with the performance of its duties under the Engagement Letter, including transportation, telephone, lodging, meals, research, postage, courier services, and interest fees. Downer & Company's services are necessary to enable the Debtors to maximize the value of their estates, Mr. Sheehan told the Court. The Debtors aver that Downer is well-qualified and able to represent them in a cost-effective, efficient, and timely manner. Arthur G. Gottlieb, a managing director at Downer & Company, LLC, assured the Honorable Robert Drain that Downer & Company has no connection with, and holds no interests adverse to, the Debtors, their creditors, or any other party-in-interest in the matters for which it is proposed to be retained. Downer & Company, Mr. Gottlieb adds, is a "disinterested person," as that term is defined in Section 101(14) of the Bankruptcy Code. About Delphi Corp. Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of March 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in total assets and US$23,851,000,000 in total debts. The Debtors' exclusive plan-filing period expires on Dec. 31, 2007. On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan of Reorganization and a Disclosure Statement explaining that Plan. (Delphi Bankruptcy News, Issue No. 103; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) DELPHI CORP: Reaches Settlement with Ad Hoc Trade Committee ----------------------------------------------------------- The Ad Hoc Trade Committee's withdrawal of its objection to the Dec. 3, 2007 Amendment to the New Equity and Purchase Agreement between Delphi Corp., its debtor-affiliates and the Plan Investors, led by Appaloosa Management L.P., is part of a settlement reached between the Debtors and the Trade Committee. In addition to the EPCA, the parties agreed to resolve their disputes with respect to the Debtors' Joint Plan of Reorganization. "This is in full settlement of any and all objections of the ad hoc trade committee to the disclosure and plan confirmation process, including without limitation, the disclosure statement, the proposed investment agreement amendment and the plan of reorganization, including plan confirmation matters," John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, in Chicago, Illinois, said at the Dec. 6, 2007 hearing. The parties also agreed that: -- they will use commercially reasonable efforts to reconcile, if agreed, allow on or before the confirmation ] date trade claims held by members of the Ad Hoc Trade Committee; and -- the Debtors will reimburse the Trade Committee up to US$750,000 for reasonable and documented professional fees and expenses, provided, however, the Committee will file with the Court an application for the reimbursement. Mr. Butler, however, said that the Trade Committee may still object to the Plan if the Debtors propose modifications that have a material adverse affect on the treatment of general unsecured creditors. The Debtors told the Court that they resolved majority of the objections to the Amendment to the Investment Agreement. In to the Trade Committee, representatives of the Securities Lead Plaintiffs, IUE-CWA, and the Official Committee of the Equity Security Holders confirmed that their objections have been resolved. The Equity Committee agreed to withdraw its objections following clarification on, among other things, the preservation of its legal, equitable, and contractual rights in connection with the Investment Agreement. "In light of the consideration that's being offered to the Equity Committee under the Plan, we're in support of the Plan and the third-party release therein," said Debra Torres, Esq. at Fried Frank Harris Shriver & Jacobson, LLP, in New York, on behalf of the Equity Committee. About Delphi Corp. Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of March 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in total assets and US$23,851,000,000 in total debts. The Debtors' exclusive plan-filing period expires on Dec. 31, 2007. On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan of Reorganization and a Disclosure Statement explaining that Plan. (Delphi Bankruptcy News, Issue No. 104; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) DELPHI CORP: Incurs US$231 Mil. Net Loss in Month Ended Nov. 30 --------------------------------------------------------------- Delphi Corporation, et al. Unaudited Consolidated Balance Sheet As of November 30, 2007 (In Millions) ASSETS Current assets: Cash and cash equivalents $13 Restricted cash 124 Accounts receivable, net: General Motors and affiliates 1,482 Other third parties 949 Non-Debtor affiliates 232 Notes receivable from non-Debtor affiliates 286 Inventories, net: Productive material, work-in-process & supplies 794 Finished goods 215 Other current assets 357 -------- TOTAL CURRENT ASSETS 4,452 Long-term assets: Property, net 1,756 Investment in affiliates 380 Investments in non-Debtor affiliates 4,046 Goodwill 152 Other intangible assets 25 Other 534 -------- TOTAL LONG-TERM ASSETS 6,893 -------- TOTAL ASSETS US$11,345 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities not subject to compromise: Debtor-in-possession financing US$3,301 Accounts payable 1,279 Accounts payable to non-Debtor affiliates 525 Accrued liabilities 1,362 Notes payable to non-Debtor affiliates 66 -------- TOTAL CURRENT LIABILITIES 6,533 Long-term liabilities not subject to compromise: Employee benefit plan obligations and other 1,143 Liabilities subject to compromise 17,008 -------- TOTAL LIABILITIES 24,684 Stockholders' deficit: TOTAL STOCKHOLDERS' DEFICIT (13,339) -------- TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT US$11,345 Delphi Corporation, et al. Unaudited Consolidated Statement of Operations Month Ended November 30, 2007 (In Millions) Net sales: General Motors and affiliates US$660 Other customers 431 Non-Debtor affiliates 54 -------- Total net sales 1,145 -------- Operating expenses: Cost of sales 1,023 U.S. employee workforce transition program charges 41 Long-lived asset impairment charges - Depreciation and amortization 46 Selling, general and administrative 85 Securities & ERISA litigation charge - -------- Total operating expenses 1,195 -------- Operating loss (50) Interest expense (41) Loss on extinguishment of debt (4) Other (expense) income, net 12 -------- Loss before reorganization items, income tax expense, and equity income (83) Reorganization items (13) Income tax benefit (expense) (1) Equity income from non-consolidated affiliates 4 Equity income from non-Debtor affiliates (138) -------- NET LOSS (US$231) Delphi Corporation, et al. Unaudited Consolidated Statement of Cash Flows Month Ended November 30, 2007 (In Millions) Cash flows from operating activities: Net loss (US$231) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 46 Deferred income taxes (1) Pension and other postretirement benefit expenses 68 Equity income from unconsolidated affiliates (4) Equity income from non-Debtor affiliates 138 Reorganization items 13 U.S. employee workforce transition program charges 41 Loss on extinguishment of debt 4 Changes in operating assets and liabilities: Accounts receivable, net 55 Inventories, net 69 Other assets 3 Accounts payable, accrued and other long-term debt (138) Other 17 U.S. employee workforce transition program payments (37) Other postretirement benefit payments (20) Pension contributions (2) Payments for reorganization items (14) -------- Net cash used in operating activities 7 Cash flows from investing activities: Capital expenditures (37) Proceeds from divestitures 20 Increase in restricted cash 2 -------- Net cash used in investing activities (15) Cash flows from financing activities: Net proceeds from DIP facility 22 Repayments on borrowings from non-Debtor affiliates (1) -------- Net cash used in financing activities 21 -------- Decrease in cash and cash equivalents 13 Cash and cash equivalents at beginning of period - -------- Cash and cash equivalents at end of period US$13 * * * Reuters notes that Delphi's net loss of US$231,000,000 for November has pushed the company's loss through the first 11 months of 2007 to US$2,782,000,000. Reuters also notes that sales to General Motors Corp., Delphi's former parent, totaling $660,000,000, accounted for 58% of the auto-parts supplier's net revenues for November. According to Delphi's Monthly Operating Report, sales to General Motors and its affiliates accounted for US$8,298,000,000 out of the company's net sales of US$14,351,000,000 from January through November. Crain's Detroit Business says Delphi ranks second on the Automotive News list of the top 100 global suppliers with original equipment automotive parts sales of US$24,400,000,000 in 2006. About Delphi Corporation 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. On Sept. 6, 2007, the Debtors filed their chapter 11 plan of reorganization and a disclosure statement explaining that plan. They submitted an amended reorganization plan and disclosure statement on Dec. 10, 2007. The Debtors' exclusive plan-filing period expires on March 31, 2008. The Court has scheduled a confirmation hearing on Jan. 17, 2008. (Delphi Bankruptcy News, Issue No. 104; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) MTI TECHNOLOGY: Asks Court to Set April 4 as Claim Bar Date ----------------------------------------------------------- MTI Technology Corporation asks the United States Bankruptcy Court for the Central District of California to establish April 4, 2008, as deadline for creditors to file their proof of claims. The Debtor proposes that all proofs of claims be filed, by hand delivery or mail, with the Court at 411 West Fourth Street in Santa Ana, California. According to the Debtor, the April 4 deadline will provide enough time to creditors to file necessary interest and will provide more time for confirmation and implementation of a Chapter 11 plan. The Debtor has yet to set a claims filing deadline for governmental units. The Debtor proposes to fix May 30, 2008, as claims objection deadline. 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. ============= G E R M A N Y ============= ADO BAU: Claims Registration Ends February 1 -------------------------------------------- Creditors of ADO BAU GmbH have until Feb. 1 to register their claims with court-appointed insolvency manager Dr. Olaf Buechler. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on March 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 Hamburg Meeting Hall B405 Fourth Floor Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Olaf Buechler Herrengraben 3 20459 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against ADO BAU GmbH on Dec. 11, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ADO BAU GmbH Attn: Jorge Manuel Maciel Pereira, Manager Georg-Wilhelm-Strasse 305 21107 Hamburg Germany B.A.M.S. GMBH: Claims Registration Ends February 1 -------------------------------------------------- Creditors of B.A.M.S. GmbH have until Feb. 1 to register their claims with court-appointed insolvency manager Dr. Joerg Bornheimer. Creditors and other interested parties are encouraged to attend the meeting at 8:30 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 Cologne Meeting Hall 142 First Floor Luxemburger Str. 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: Dr. Joerg Bornheimer Sporergasse 7 50667 Cologne Germany Tel: 0221-2726120 Fax: +4922127261299 The District Court of Cologne opened bankruptcy proceedings against B.A.M.S. GmbH on Nov. 29, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: B.A.M.S. GmbH Attn: Adolf Oppermann, Manager Goethestr. 32 42929 Wermelskirchen Germany BAUUNTERNEHMEN RIEKSCHNIETZ: Claims Period Ends Jan. 25 ------------------------------------------------------- Creditors of Bauunternehmen Riekschnietz GmbH have until Jan. 25 to register their claims with court-appointed insolvency manager Sandra Bitter. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on Feb. 15, 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 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: Sandra Bitter Busdorfwall 22 33098 Paderborn Germany The District Court of Paderborn opened bankruptcy proceedings against Bauunternehmen Riekschnietz GmbH on Dec. 20, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bauunternehmen Riekschnietz GmbH Attn: Johannes Riekschnietz, Manager Wittmundstr. 15 33129 Delbrueck Germany BED COMPANY: Claims Registration Ends February 1 ------------------------------------------------ Creditors of The Bed Company GmbH have until Feb. 1 to register their claims with court-appointed insolvency manager Dr. Christian Gerloff. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Munich Meeting Hall 102 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Christian Gerloff Nymphenburger Str. 139 80636 Munich Germany Tel: 089/120260 Fax: 089/12026127 The District Court of Munich opened bankruptcy proceedings against The Bed Company GmbH on Dec. 1, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: The Bed Company GmbH Rumfordstrasse 34 80469 Munich Germany Attn: Michael Feldhorst, Manager Rosental 9 80331 Munich Germany BOECKENHOLT GMBH: Claims Registration Ends February 1 ----------------------------------------------------- Creditors of Boeckenholt GmbH have until Feb. 1 to register their claims with court-appointed insolvency manager Dr. Stephan Thiemann. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Feb. 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 Muenster Meeting Hall 101 B First Floor Gerichtsstr. 2-6 48149 Muenster 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 Ludgeristr. 54 48143 Muenster Germany Tel: 0251/16283-0 Fax: +492511628311 The District Court of Muenster opened bankruptcy proceedings against Boeckenholt GmbH on Dec. 3, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Boeckenholt GmbH Attn: Klaus Boeckenholt, Manager Kiebitzpohl 76 48291 Telgte Germany CAPITAL RAISING: Fitch Downgrades EUR200 Million Notes to B- ------------------------------------------------------------ Fitch Ratings has downgraded EUR200 million Capital Raising GmbH's perpetual non-cumulative notes linked to a silent participation in IKB to 'B-', moved off watch. Fitch assigned a recovery rating of RR2 as it expects the security to get 81-90% recovery during its lifetime. Potential write-downs in principal could lead to no coupon payment for more than one year. COMPLETT BLOCKHAUS: Claims Registration Period Ends Jan. 18 ----------------------------------------------------------- Creditors of Complett Blockhaus GmbH have until Jan. 18 to register their claims with court-appointed insolvency manager Dr. Thilo Streck. Creditors and other interested parties are encouraged to attend the meeting at 9:05 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 Hamburg Hall B 405 Fourth Floor Annex Civil Justice Bldg. Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Thilo Streck Neuer Wall 86 20354 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Complett Blockhaus GmbH on Dec. 27, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Complett Blockhaus GmbH Attn: Mario Rozal und Dr. Matthias Thiel, Managers Merkurring 33-35 22143 Hamburg Germany CWF- CHEMIE FRANKFURT: Claims Registration Ends February 1 ---------------------------------------------------------- Creditors of CWF- Chemie Frankfurt GmbH have until Feb. 1 to register their claims with court-appointed insolvency manager Petra Fuchs. Creditors and other interested parties are encouraged to attend the meeting at 11:40 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 Hanau Hall 111 Engelhardstrasse 21 63450 Hanau 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: Petra Fuchs Schafergasse 17, D 60313 Frankfurt Germany Tel: 069/138107-0 Fax: 069/138107-10 The District Court of Hanau opened bankruptcy proceedings against CWF- Chemie Frankfurt GmbH on Dec. 5, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: CWF- Chemie Frankfurt GmbH Eichenheege 18-20 63477 Maintal Germay Attn: Gerd Kappes, Manager Schweizer Strasse 34-36 60594 Frankfurt Germany DOEMER STAHL: Claims Registration Period Ends Jan. 25 ----------------------------------------------------- Creditors of DSM Doemer Stahl- und Metallbau GmbH have until Jan. 25 to register their claims with court-appointed insolvency manager Norbert Kruse. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Muenster Meeting Hall 119 B Gerichtsstr. 2-6 48149 Muenster 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: Norbert Kruse Bonhoefferstr. 10 48282 Emsdetten Germany Tel: 02572/875-0 Fax: +49257287533 The District Court of Muenster opened bankruptcy proceedings against DSM Doemer Stahl- und Metallbau GmbH on Dec. 21, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: DSM Doemer Stahl- und Metallbau GmbH Attn: Reinhold Doemer, Manager Kuhlmannstrasse 3 48282 Emsdetten Germany ENTWICKLUNGS UND PRODUKTIONSZENTRUM: Claims Bar Date on Feb. 1 -------------------------------------------------------------- Creditors of Entwicklungs- und Produktionszentrum GmbH have until Feb. 1 to register their claims with court-appointed insolvency manager Thomas Dithmar. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Feb. 28, 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 Erfurt Hall 12 Rudolfstr. 46 99092 Erfurt 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. Thomas Dithmar Barbarossahof 3 99092 Erfurt Germany The District Court of Erfurt opened bankruptcy proceedings against Entwicklungs- und Produktionszentrum GmbH on Dec. 1, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Entwicklungs- und Produktionszentrum GmbH Bierweg 2 99310 Arnstadt Germany FUTURA GMBH: Claims Registration Period Ends Jan. 29 ---------------------------------------------------- Creditors of Futura GmbH have until Jan. 29 to register their claims with court-appointed insolvency manager Martin Mucha. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Feb. 29, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Esslingen Hall One First Floor Ritterstr.5 (Eingang Strohstrasse) Esslingen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Martin Mucha Humboldtstr. 16 70178 Stuttgart Germany Tel: 0711/96689-0 Fax: 0711/96689-19 The District Court of Esslingen opened bankruptcy proceedings against Futura GmbH on Dec. 18, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Futura GmbH Attn: Johann Schaub, Manager Falkenweg 6 73240 Wendlingen Germany H & B REINIGUNGSZENTRUM: Claims Registration Period Ends Feb. 1 --------------------------------------------------------------- Creditors of H & B Reinigungszentrum GmbH have until Feb. 1 to register their claims with court-appointed insolvency manager Juergen Wallner. 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 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: Dr. Juergen Wallner Unterer Kreuzweg 1 01097 Dresden Germany Web site: http://www.wallnerweiss.info/ The District Court of Dresden opened bankruptcy proceedings against H & B Reinigungszentrum GmbH on Dec. 11, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: H & B Reinigungszentrum GmbH Kipsdorfer Strasse 99 01277 Dresden Germany HANSA-FRUCHT: Claims Registration Period Ends Feb. 2 ---------------------------------------------------- Creditors of Hansa-Frucht GmbH have until Feb. 2 to register their claims with court-appointed insolvency manager Goetz Lautenbach. Creditors and other interested parties are encouraged to attend the meeting at 8:35 a.m. on March 18, 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 Frankfurt (Main) Hall 2 Building F Klingerstrasse 20 60313 Frankfurt (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: Goetz Lautenbach Zeilweg 42 60439 Frankfurt (Main) Germany Tel: 069/963761-0 Fax: 069/963761145 The District Court of Frankfurt (Main) opened bankruptcy proceedings against Hansa-Frucht GmbH on Nov. 30, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hansa-Frucht GmbH Joseph-Eicher-Strasse 10 60437 Frankfurt (Main) Germany HARTMUT KROENING: Claims Registration Period Ends Feb. 2 -------------------------------------------------------- Creditors of Hartmut Kroening GmbH have until Feb. 2 to register their claims with court-appointed insolvency manager Heinrich Stellmach. 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 Bersenbrueck Meeting Hall E 11 Main Building Stiftshof 8 49593 Bersenbrueck 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: Heinrich Stellmach Kollegienwall 3 - 4 49074 Osnabrueck Germany Tel: 0541/1817-0 Fax: 0541/1817-210 The District Court of Bersenbrueck opened bankruptcy proceedings against Hartmut Kroening GmbH on Dec. 4, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hartmut Kroening GmbH Tesselweg 33 49635 Badbergen Germany HAUS DER BRAUT: Claims Registration Period Ends Feb. 1 ------------------------------------------------------ Creditors of Haus der Braut GmbH have until Feb. 1 to register their claims with court-appointed insolvency manager Fatma Kreft. Creditors and other interested parties are encouraged to attend the meeting at 9:40 a.m. on March 4, 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 Frankfurt (Main) Hall 1 Building F Klingerstrasse 20 60313 Frankfurt (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: Fatma Kreft Neue Mainzer Str. 84 60311 Frankfurt (Main) Germany Tel: 069/677 3677-0 Fax: 069/677 3677-20 The District Court of Frankfurt (Main) opened bankruptcy proceedings against Haus der Braut GmbH on Dec. 1, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Haus der Braut GmbH Berliner Strasse 4 60311 Frankfurt (Main) Germany HYBRID RAISING: Fitch Downgrades EUR200 Million Notes to B- ----------------------------------------------------------- Fitch Ratings has downgraded EUR200 million Hybrid Raising GmbH's perpetual non-cumulative capital notes linked to a silent participation in IKB to 'B-', moved off watch. Fitch assigned a recovery rating of RR2 as it expects the security to get 81-90% recovery during its lifetime due to its non-cumulative nature. Potential write-downs in principal could lead to no coupon payment for more than one year. IKB DEUTSCHE: Fitch Upgrades Individual Ratings to E ---------------------------------------------------- Fitch Ratings has upgraded IKB Deutsche Industriebank AG's Individual rating to 'E' from 'F'. IKB's Long-term Issuer Default of 'A+' and Short-term IDR of 'F1' are both placed on Rating Watch Evolving. Its Support Rating is affirmed at '1'. Its senior-unsecured issues are rated 'A+', the commercial papers F1 and its subordinated debt issues are rated 'A', all placed on RWE. "IKB is still in such a fragile financial position that the likelihood for it requiring additional support is significant", says Sabine Bauer, Associate Director in Fitch's Financial Institutions Group. The RWE reflects KfW's planned sale of its 38% stake. The Watch will be resolved upon completion of the planned sale. On balance, Fitch considers it more likely that the Rating Watch would resolve in a downgrade. For an upgrade it would most likely require a 'AA' - rated bank gaining majority ownership and strongly integrating IKB. Despite having received the rescue measures at end-July and end- November, IKB's stand-alone financial profile remains very weak. Its capital ratios are very thin, especially on an un- consolidated basis as some of IKB's hybrid securities only benefit its consolidated ratios. Funding is mainly available on a secured basis, either as repos or by issuing promissory notes. However, Fitch has been informed that the bank's liquidity is covered until end of April 2008 with a buffer under relatively conservative assumptions. IKB FUNDING I: Fitch Cuts EUR75 Million Trust's Ratings to B ------------------------------------------------------------ Fitch Ratings has downgraded EUR75 million IKB Funding Trust I's perpetual non-cumulative trust preferred securities to 'B', moved off watch. Fitch assigned a recovery rating of RR1 as it expects the security to get 91-95% recovery during its lifetime due to its non-cumulative nature. IKB FUNDING II: Fitch Cuts EUR400 Million Trust's Rating to B ------------------------------------------------------------- Fitch Ratings has downgraded EUR400 million IKB Funding Trust II's perpetual non-cumulative trust preferred securities to 'B', moved off watch. Fitch assigned a recovery rating of RR1 as it expects the security to get 91-95% recovery during its lifetime due to its non-cumulative nature. IKB INTERNATIONAL: Fitch Downgrades EUR170 Million Loan to B ------------------------------------------------------------ Fitch Ratings has downgraded EUR70 million IKB International SA's non-cumulative capital contribution certificates maturing in 2010 to 'B' and assigned a RR1. Fitch currently expects the securities to get 91-95% recovery during their lifetime due to their non-cumulative nature. Both ratings are on RWN as some uncertainty remains on the recovery. Fitch considers a principal write-down unlikely at this stage. However, if it were to occur, it could a lead to a multi notch downgrade due to the short remaining lifetime. EUR100 million IKB International SA's non-cumulative capital contribution certificates maturing in 2009 are downgraded to 'B' and assigned a RR1. Fitch currently expects the security to get 91-95% recovery during its lifetime due to its non-cumulative nature. Both ratings are on RWN as some uncertainty remains on the recovery. Fitch considers a principal write-down unlikely at this stage. However, if it were to occur, it could lead to a multi notch downgrade due to the short remaining lifetime. YUSUN DOENERPRODUKTION: Claims Registration Period Ends Jan. 24 -------------------------------------------------------------- Creditors of Yusun Doenerproduktion GmbH have until Jan. 24 to register their claims with court-appointed insolvency manager Yvo Dengs. Creditors and other interested parties are encouraged to attend the meeting at 2:45 p.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 Itzehoe Hall 2 Theodor-Heuss-Platz 3 25524 Itzehoe 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: Yvo Dengs Am Sandtorkai 62 20457 Hamburg Germany The District Court of Itzehoe opened bankruptcy proceedings against Yusun Doenerproduktion GmbH on Dec. 27, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Yusun Doenerproduktion GmbH Attn: Haydar Yusun, Manager Jahnplatz 1 25566 Lagerdorf Germany ========= I T A L Y ========= SAGRANTINO ITALY: Fitch Rates EUR32.7 Mln. Class E Notes at BB -------------------------------------------------------------- Fitch Ratings has assigned ratings to Sagrantino Italy S.r.l.'s floating- and fixed-rate notes due July 2025: -- EUR285 million Class A floating-rate notes: 'AAA'; Outlook Stable -- EUR86.5 million Class B floating-rate notes: 'AA'; Outlook Stable -- EUR48 million Class C floating-rate notes: 'A'; Outlook Stable -- EUR24.5 million Class D floating-rate notes: 'BBB'; Outlook Stable -- EUR32.7 million Class E fixed-rate notes: 'BB'; Outlook Stable The ratings reflect the credit enhancement provided by way of subordination, the recovery proceeds from the underlying collateral, the expected timing of their receipt, and the integrity of the legal and financial structures. The ratings address the repayment of principal by legal final maturity in July 2025 as well as payment of interest on the notes in accordance with legal documentation, subject to an interest subordination mechanism on Class E. Should a subordination event occur, interest on Class E may not be received for some time, but will be received by legal final maturity. The rated notes equate to an advance rate of 18.5% and 21.1% against gross book value and property market value, respectively. This transaction is a securitization of 11 portfolios of non- performing loans originated in Italy by a number of banks and financial institutions, most of which have been already securitized under public as well as private deals, with the bulk of the claims previously being the underlying collateral of some International Credit Recovery transactions. In 2006 those residual NPL portfolios were acquired by Sagrantino Italy S.r.l., which financed the purchase through the proceeds of some bridge facilities. At closing, the net issuance proceeds were used by Sagrantino to repay its bridge loans. The aggregate portfolio is made up of secured and unsecured NPLs comprising, as at June 30, 2007, 19,222 business plan credit lines for a total GBV, as of Nov. 30, 2006, of EUR2.577 billion. The collateral consists mainly of secured NPLs (72% of GBV). Recoveries from the secured pool represent almost 100% of the total expected gross proceeds under the initial business plan from second half of 2007 onwards. Pirelli RE Credit Servicing S.p.A. (rated 'RSS2+IT'/'CSS2+IT') acts as special servicer for the deal. The servicer is already acquainted with most claims in the portfolio after having serviced the ICR portfolios, representing 87% of total GBV, since inception. The issuer benefits from a EUR40 million liquidity facility (representing 9% of total investment-grade note issuance), which can be drawn to make payments of interest on the Class A, B, C and D notes as well as payment of senior costs. Interest and principal on the notes will be paid semi-annually in arrears on a sequential basis. However, an interest component may be paid on Class E and on the unrated notes before full redemption of the Class A to D notes, subject to a number of performance targets being simultaneously met. TISCALI SPA: Management&Capitali Subscribes Bond to Shares ---------------------------------------------------------- Management&Capitali S.p.A. has subscribed EUR60 million subordinated bonds convertible into Tiscali S.p.A. shares, due 2012, which carries an annual interest rate of 6.75%. The conversion price is set at EUR2.7 per share. As reported in the TCR-Europe on Nov. 21, 2007, Tiscali signed an agreement whereby Management&Capitali S.p.A. will underwrite EUR60 million of subordinated bonds convertible into Tiscali new shares. The bonds will be issued by a Luxembourg company controlled by Tiscali S.p.A., which will also guarantee the bonds. About Tiscali Headquartered in Cagliari, Italy, Tiscali S.p.A. -- http://www.tiscali.com/-- offers Internet access in the country. The group also operates in other European countries, serving more than seven million subscribers, of which over 1.5 million are broadband users. Tiscali posted consecutive net losses for the past years: EUR5.5 million in 1999, EUR101 million in 2000, EUR1.66 billion in 2001, EUR593.1 million in 2002, EUR242.4 million in 2003, EUR131.8 million in 2004, EUR12.9 million in 2005, and EUR103.6 million in 2006. It posted EUR3.88 million in net losses on EUR614.33 million in net revenues for the nine months ended Sept. 30, 2007. =================== K A Z A K H S T A N =================== AGROFOOD LLP: Proof of Claim Deadline Slated for Feb. 5 ------------------------------------------------------- LLP Trade House Agrofood has declared insolvency. Creditors have until Feb. 5 to submit written proofs of claims to: LLP Trade House Agrofood Tsetkin Str. 5 Shymkent South Kazakhstan Kazakhstan BEISAL COMPANY: Creditors Must File Claims by Feb. 1 ---------------------------------------------------- The Tax Committee of Almaty has ordered the compulsory liquidation of LLP Beisal Company (RNN 090400213875). Creditors have until Feb. 1 to submit written proofs of claims to: The Tax Committee of Almaty Room 208 Jangusurov Str. 113a Taldykorgan Almaty Kazakhstan Tel: 8 (3282) 24-19-77 BERATEX LLP: Claims Filing Period Ends Feb. 1 --------------------------------------------- LLP Beratex has declared insolvency. Creditors have until Feb. 1 to submit written proofs of claims to: LLP Beratex Abai ave. 10a Almaty Kazakhstan BINDJARAI LLP: Creditors' Claims Due on Feb. 5 ---------------------------------------------- The Specialized Inter-Regional Economic Court of Akmola has declared LLP Bindjarai insolvent. Creditors have until Feb. 5 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Akmola Room 228 Auelbekov Str. 139a Kokshetau Akmola Kazakhstan CENTURY 2030: Claims Registration Ends Feb. 1 --------------------------------------------- LLP Century 2030 has declared insolvency. Creditors have until Feb. 1 to submit written proofs of claims to: LLP Century 2030 Polejayev Str. 92a 050050, Almaty Kazakhstan Tel: 8 (3272) 23-30-01 OLIVER STONE: Proof of Claim Deadline Slated for Feb. 1 ------------------------------------------------------- The Tax Committee of Almaty has ordered the compulsory liquidation of LLP Oliver Stone (RNN 090400216924). Creditors have until Feb. 1 to submit written proofs of claims to: The Tax Committee of Almaty Room 208 Jangusurov Str. 113a Taldykorgan Almaty Kazakhstan Tel: 8 (3282) 24-19-77 POWER COMPANY: Creditors Must File Claims by Feb. 1 --------------------------------------------------- LLP Power Company has declared insolvency. Creditors have until Feb. 1 to submit written proofs of claims to: LLP Power Company Baizakov Str. 49/309 050090, Almaty Kazakhstan SIB-KAZ-GAS LLP: Claims Filing Period Ends Feb. 1 ------------------------------------------------- LLP Sib-Kaz-Gas has declared insolvency. Creditors have until Feb. 1 to submit written proofs of claims to: LLP Sib-Kaz-Gas Jabayev Str. 247 Petropavlovsk North Kazakhstan Kazakhstan SKIF LLP: Creditors' Claims Due on Feb. 5 ----------------------------------------- The Specialized Inter-Regional Economic Court of Akmola has declared LLP Skif insolvent. Creditors have until Feb. 5 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Akmola Room 228 Auelbekov Str. 139a Kokshetau Akmola Kazakhstan =================== K Y R G Y Z S T A N =================== BUUDAN HOLOD: Creditors Must File Claims by January 30 ------------------------------------------------------ LLC Buudan Holod Service has declared insolvency. Creditors have until Jan. 30 to submit written proofs of claim to: LLC Buudan Holod Service Micro District 10, 21-5 Bishkek Kyrgyzstan Tel: (+ 996 312) 69-95-98 =================== L U X E M B O U R G =================== EVRAZ GROUP: Claymont Steel Tender Offer Waiting Period Expires --------------------------------------------------------------- Evraz Group S.A. disclosed that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 relating to its tender offer, through its wholly owned subsidiary Titan Acquisition Sub Inc., to purchase all of the outstanding shares of common stock of Claymont Steel Holdings, Inc. (Nasdaq: PLTE) has expired. The tender offer will expire at 12:00 midnight, New York City time, on Jan. 16, unless extended in accordance with the merger agreement and the applicable rules and regulations of the U.S. Securities and Exchange Commission. The offer remains subject to other customary conditions, including the acquisition by Evraz of a majority of Claymont Steel's shares on a fully diluted basis. As reported in the TCR-Europe on Dec. 20, 2007, Evraz commenced a cash tender offer to purchase all outstanding shares of common stock of Claymont Steel Holdings Inc. The tender offer is being made pursuant to a previously announced definitive agreement among Evraz, Titan Acquisition Sub, Inc. and Claymont Steel dated Dec. 9, 2007. Upon the successful closing of the tender offer, Claymont Steel stockholders will receive US$23.50 in cash for each share of Claymont Steel common stock tendered in the offer, less any applicable stock transfer taxes and withholding taxes. Following the purchase of shares in the tender offer, Claymont Steel will become a subsidiary of Evraz. Headquartered in Claymont, Delaware Claymont Steel -- http://www.claymontsteel.com/-- manufactures and sells custom discrete steel plate in North America. About Evraz Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) -- http://www.evraz.com/-- manufactures and distributes steel and related products. In addition, the Company owns and operates certain mining assets. Its steel production and mining facilities are mainly located in the Russian Federation. It operates three steel mills in Russia, one mill in the Sverdlovsk region and two mills in the Kemerovo region. &nb