/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/080109.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E 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. * * * As reported in the TCR-Europe on Nov. 30, 2007, Moody's Investor's Service upgraded the corporate family rating for Evraz Group from Ba3 to Ba2. Moody's also has upgraded the ratings for the Senior Unsecured global bonds at Evraz Group S.A. totaling US$750 million due in 2015 from B2 to Ba3 and the Senior guaranteed Eurobonds at Evraz Securities S.A. totaling US$300 million due in 2009 from Ba3 to Ba2. Moody's said the outlook on all ratings is stable. As of Nov. 20, 2007, Evraz Group carries BB- Local and Foreign Issuer Credit ratings from Standard & Poor's. S&P said the Outlook is Positive. The company carries BB Issuer Default and Senior Unsecured ratings and B Short-Term IDR. Fitch said the Outlook is Stable. ===================== N E T H E R L A N D S ===================== ELEKTROWNIA TUROW: Amended Terms Cue Fitch's B+ Ratings Upgrade --------------------------------------------------------------- Fitch Ratings has upgraded Elektrownia Turow BV's EUR270 million guaranteed bonds maturing in 2011 to 'B+' from 'B'. The bonds are guaranteed by Poland-based BOT Elektrownia Turow S.A. At the same time, Fitch has upgraded ET's senior secured debt rating to 'B+' from 'B'. The Outlook for ET's senior secured debt rating has been removed in line with the agency's Issuer Default Ratings and Recovery Ratings methodology. The rating upgrade reflects recent amendments to Elektrownia Turow BV bonds' terms and conditions, which will enable ET to terminate its power purchase agreement early and receive cash compensation for stranded costs. It also reflects the continued reduction of ET's debt and the company's debt restructuring thanks to inter-company loans obtained from ET's parent, state- owned PGE Polska Grupa Energetyczna S.A. On Dec. 27, 2007, bondholders amended Elektrownia Turow BV bonds' terms and conditions by removing all references to the PPA between ET and PGE (previously Polskie Sieci Elektroenergetyczne S.A.), which was the security for the bonds. Under the previous version of the bonds' terms and conditions, PPA cancellation would trigger an event of default. As a result of these amendments, ET is now able to terminate its PPA with PGE and receive cash compensation in line with the enacted law on termination of the long-term PPAs. The consent of the company's creditors secured on revenues from the PPA was required to terminate ET's PPA. Following PPA termination (expected by end-2007), ET will receive cash compensation of up to PLN2.6 billion (EUR710 million) in quarterly installments by 2016 to cover its stranded costs. The rating upgrade also reflects a reduction of ET's debt in 2007, as the company had no major capital expenditure having completed the power plant's modernization in 2005. Nevertheless, Fitch views ET's financial leverage as high and its debt service coverage ratio as low for the business profile. In addition, the company, which until end-2007 was selling virtually all its power under the PPA, will now be now exposed to market risk. This risk will be partly mitigated by the company's operations in the vertically-integrated PGE group, as well as by an expected increase in electricity prices in Poland in the medium-term on the back of a tighter electricity supply- demand balance. ET is restructuring its debt secured by receivables under the PPA, which at end-September 2007 accounted for almost 80% of total debt. The company has repaid early the majority of its PPA-secured bank debt ahead of the PPA cancellation. Debt repayment was funded by the proceeds obtained from intra-group unsecured bonds of PLN2.54 billion issued by ET to its parent PGE. The company also plans to redeem all outstanding Elektrownia Turow BV's bonds by end-2007. Once ET completes its debt restructuring, the company's debt will be comprised of primarily unsecured bonds to PGE, which will effectively replace most of the PPA-secured debt. Debt restructuring will reduce ET's interest expenses, as the bonds issued to PGE have a lower interest rate than the PPA-secured debt. At end-September 2007, ET's debt stood at PLN3 billion, down from PLN3.3 billion at end of 2006. At end of September 2007, ET had cash of PLN379 million. =========== R U S S I A =========== ASTRADAMOVSKIJ PROMKOMBINAT: Court Hearing Slated for April 21 -------------------------------------------------------------- The Arbitration Court of Ulyanovsk will convene at 11:00 a.m. on April 21 to hear the bankruptcy supervision procedure against OJSC Astradamovskij Promkombinat after finding it insolvent on Oct. 29, 2007. The case is docketed under Case No. A72-6857/ 07-29/50-B. Creditors of the company must submit their proofs of claim to: T. A. Nazarova Interim Manager Moscow Shosse Str. 36A 432042 Ulyanovsk Russia The Debtor can be reached at: OJSC Astradamovskij Promkombinat Red Square 22-24 Astradamovka Settlement Surskij Raion Ulyanovsk Russia BALTAIAGRIPROMCHEMIYA: Bankruptcy Hearing Slated for March 11 ------------------------------------------------------------- The Arbitration Court of Saratov will convene at 2:40 p.m. on March 11 to hear the bankruptcy supervision procedure against OJSC Baltaiagripromchemiya after finding it insolvent on Oct. 25, 2007. The case is docketed under Case No. A-9243/ 07-23. The Interim Manager is: A. Yu. Alexandrov Sovetskaya Str. 57/1 410600 Saratov Russia The Court is located at: The Arbitration Court of Saratov Babushkin Vvoz 1 Saratov Russia The Debtor can be reached at: OJSC Baltaiagripromchemiya Rabochaya Str. 15 Baltai Settlement Baltaiskij raion 412630 Saratov Russia ELECTRICAL DEVICE: Creditors Must File Claims by Feb. 22 --------------------------------------------------- Creditors of Electrical Device LLC have until Feb. 22 to submit proofs of claim to: A. G. Nikitin Competitive Proceedings Manager Gor'kogo Str. 57 Kudymkar 619000 Perm' krai Russia Tel/fax: (34260) 4-58-91 The Arbitration Court of Perm' krai commenced competitive proceedings against the company after finding it insolvent on Dec. 5, 2007. The case is docketed under Case No. A50P- 488/2007. The Court is located at: The Arbitration Court of Perm Lunacharskogo Str. 3 Perm Russia The Debtor can be reached at: Electrical Device LLC Kuznetsova str., 42? Kudymkar 619000 Perm' krai Russia 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 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. * * * As reported in the TCR-Europe on Nov. 30, 2007, Moody's Investor's Service upgraded the corporate family rating for Evraz Group from Ba3 to Ba2. Moody's also has upgraded the ratings for the Senior Unsecured global bonds at Evraz Group S.A. totaling US$750 million due in 2015 from B2 to Ba3 and the Senior guaranteed Eurobonds at Evraz Securities S.A. totaling US$300 million due in 2009 from Ba3 to Ba2. Moody's said the outlook on all ratings is stable. As of Nov. 20, 2007, Evraz Group carries BB- Local and Foreign Issuer Credit ratings from Standard & Poor's. S&P said the Outlook is Positive. The company carries BB Issuer Default and Senior Unsecured ratings and B Short-Term IDR. Fitch said the Outlook is Stable. KAVMINKURORTROZLIV LLC: Bankruptcy Hearing Slated for Feb. 7 --------------------------------------------------- The Arbitration Court of Stavropol' Krai will convene at 10:30 a.m. on Feb. 7 to hear the bankruptcy supervision procedure against Plant Kavminkurortrozliv LLC after finding it insolvent on Nov. 8, 2007. The case is docketed under Case No. A63-11804/2007-C5-23. The Interim Manager is : V. N. Kasimov Sportivnaya Str. 26 357201 Mineral'nye Vody Russia KUSHNARENKOVSKIJ BUTTER: Creditors Must File Claims by Jan. 22 --------------------------------------------------------------- Creditors of Kushnarenkovskij Butter Plant Subsidiary LLC (affiliated with CJSC Meleuzovskij Canned Milk Integrated Plant) have until Jan. 22 to submit proofs of claim to: R. M. Latypo Interim Manager Kutueva Str. 40 Kushnarenkovo Settle Bashkortostan Russia The Arbitration Court of Bashkortostan will convene on April 2 to hear the company's bankruptcy supervision procedure after finding it insolvent on Oct. 8, 2007. The case is docketed under Case No. A07-12110/07-G-HLB. The Court is located at: The Arbitration Court of Bashkortostan Oktyabrskoy Revolyutsii Str. 63a Ufa Bashkortostan Russia The Debtor can be reached at: Kushnarenkovskij Butter Plant Subsidiary LLC (affiliated with CJSC Meleuzovskij Canned Milk Integrated Plant) Zarechnaya Str. 1 Kushnarenkovo settlement 452230 Bashkortostan Russia MEGAFON OAO: Fitch Affirms IDR at BB+ with Stable Outlook --------------------------------------------------------- Fitch Ratings has affirmed OAO MegaFon's Long-term Issuer Default rating and senior unsecured rating at 'BB+'. The other ratings are affirmed at Short-term IDR 'B' and National Long- term 'AA(rus)'. The Outlooks for the Long-term IDR and the National rating remain Stable. MegaFon S.A.'s US$375 million eurobond maturing in December 2009, which is guaranteed by Megafon, is affirmed at 'BB+'. The ratings take into account Megafon's position as an established mobile operator in Russia. As the company's subscriber market share further improved to 20.5% at third quarter of 2007 from 19% in third quarter of 2006, its revenue market share of the 'Big Three' domestic operators strengthened to approximately 31.5% at third quarter of 2007 from 29.4% in third quarter of 2006. Revenue growth was strong, at 42.3% for September 2007 on ruble basis (55.8% in US dollars) and 56.3% for 2006 (in US dollars) due to Russia's rapidly increasing mobile penetration. Consequently, Megafon's EBITDA margin is at to 51.6% in September 2007. With the country's mobile penetration at 114%, Fitch expects long-term greenfield growth opportunities to be healthy, but more limited. However, Fitch believes that as the third-largest operator by subscribers, Megafon is best positioned to grow its market share at the expense of its competitors. Average Revenue Per User is at US$15 at third quarter of 2007, up significantly from US$11.8 at year ending 2006 due to a number of factors, such as increased usage in MoU terms, APPM stabilization, the interconnect impact and ruble appreciation. Megafon reports the highest ARPU of the 'Big Three' Russian operators, a result of its focus on a value-for-money marketing concept and conservative definition of active subscribers. Fitch believes that the company is likely to find it difficult to maintain a strong ARPU premium against its peers given the keen competition and the fact that its competitors are also starting to adopt the same conservative churn policy. Despite the end of litigation between IPOC and Altimo (formerly Alfa Telecom, a company affiliated with the Alfa Group), Fitch notes that corporate governance concerns remain a credit constraint due to the complex shareholding structure of the company. However, Fitch maintains its stance that shareholders fighting for management control are unlikely to take actions that could destroy their value in the company. Fitch also notes that excessive shareholder distributions or a weak controlling shareholder that may emerge out of the shareholder conflict would be negative for the rating. On the other hand, clarification to the shareholder structure that would enhance the transparency of the company and, consequently, improvements in corporate governance would be positive for the rating. The company is now in a free cash generative stage in its business cycle since 2006. Thus, Fitch views it highly likely that shareholders will seek dividend payments in the short- to mid-term. The company has more than ample liquidity in the form of US$1.34 billion in cash on hand, as well as total untapped lines of credit from various banks that total US$394. Megafon's leverage significantly eased in 2006-07 due to the company's impressive FCF generation capability even in the face of higher than expected capex. At end of third quarter of 2007, Megafon's net debt to EBITDA ratio declined to 0.3x on a last-12-months basis, from 0.8x at end of third quarter of 2006, that is strong for its rating category. NOVOSANZHAROVSKIJ OJSC: Creditors Must File Claims by Jan. 22 ------------------------------------------------------------- Creditors of OJSC Agricomplex Novosanzharovskij have until Jan. 22 to submit proofs of claim to: S. S. Sibichenko Interim Manager Office 1 5th Army 4 644122 Omsk Russia The Arbitration Court of Omsk will convene on March 4 to hear the company's bankruptcy supervision procedure after finding it insolvent on Nov. 20, 2007. The case is docketed under Case No. A46-8136/2007. The Debtor can be reached at: OJSC Agricomplex Novosanzharovskij Lenina Str. 12 Novosanzharovskij Settlement Russko-Polyanskij Raion 646780 Omsk Russia SEVERSTAL OAO: Confirms North American Unit Furnace Accident ------------------------------------------------------------ Severstal North America Inc., a unit of OAO Sevestal, confirms accident at its Blast Furnace B on Jan. 5, 2008. As a result of an accident, Blast Furnace B, SNA has halted production at this facility pending a comprehensive damage assessment a company investigation into the cause. Blast Furnace B was in regular operation when eruption breached the furnace and, regrettably, injured a passing on-site contractor. Blast Furnace B is the smaller of SNA's two furnaces and is used to produce pig iron for subsequent conversion into steel. B Furnace's daily production is 1 800 tons. SNA's primary C Blast Furnace, a newly rebuilt state-of-the-art facility, was completely unaffected by the accident at Blast Furnace B, but is likely to be temporarily suspended as part of the overall investigation. About Severstal Headquartered in Cherepovets, Russia, OAO Severstal -- http://www.severstal.com/-- is the country's largest steel producer, with steel production of 17.1 million tons in 2005. The Company owns Severstal North America, the fifth largest integrated steel maker in the U.S. with 2005 production of 2.7 million tons, and Lucchini, Italy's second largest steel group with 2005 production of 3.5 million tons. Severstal is one of the world's lowest cost and most profitable steel producers, with 2005 EBITDA per ton of around EUR150 per ton. * * * As of Dec. 10, 2007, OAO Severstal carries Ba2 Corporate Family, Sneior Unsecured Debt and Probability-of-Default ratings from Moody's Investor Service, which said the the outlook on all ratings is stable. The company also carries BB long-term Foreign and Local Issuer Credit ratings from Standard & Poor's, which said the outlook is stable. Severstal carries BB- Issuer Default and Senior Unsecured ratings from Fitch, which said the outlook is positive. SISTEMA-HALS: Signs Long-Term Joint Venture with Apsys ------------------------------------------------------ Sistema-Hals OJSC and Apsys, a leading European developer and asset manager specialized in the real estate retail industry, announced Jan. 2, the signing of a long term strategic partnership agreement to co-develop and manage retail projects in Russia. Pursuant to the agreement, Apsys and Sistema-Hals will each control 50% of a joint venture, which will carry out retail development projects jointly selected by the parties. The joint venture's first investment is the acquisition from Sistema-Hals of 100% of the shares of the company holding Leto City, in St. Petersburg. "This partnership will contribute to the high-grade growth of the retail activity, through a combination of Apsys' recognized expertise in the development, leasing and management of retail properties, and the strong track record of Sistema-Hals as a leader in the Russian real estate development market," Felix Evtushenkov, Sistema-Hals president disclosed. "This partnership is our first investment in Russia, and we are happy that this important step is made with Sistema-Hals. We believe that the complementary nature of the strengths of our two companies will ensure the success of this joint venture and will enable it to build a leading retail portfolio in Russia," Maurice Bansay, president of Apsys added. Headquartered in Moscow, Russia, Sistema-Hals JSC -- http://www.sistema.com/-- is a 71.1% subsidiary of Sistema JSFC. It is one of the leading property developers in Moscow and the Moscow region, with operations in the six regions in Russia, as well as Yalta and Kyiv in the Ukraine. In addition to its real estate development business activities, the company is involved in a number of large-scale governmental infrastructural projects in the capacity of project manager. During fiscal year of 2006, Sistema-Hals reported revenue of US$282.9 million and EBITDA of US$94.9 million. * * * Moody's Investors Services assigned long-term corporate family rating of B1 to Sistema-Hals. The probability of default is at B1. Moody's said the outlook on the ratings are stable. Fitch Ratings has assigned JSC Sistema-Hals Long-term Issuer Default Rating 'B+', Short- term IDR 'B' and National Long-term rating 'A-(rus)'. The Outlooks for the Long-term IDR and National Long-term rating are Stable. Ratings still apply to date. SISTEMA-HALS: Partners with Saraya on Kamelia Venture ----------------------------------------------------- Sistema-Hals OJSC announced on Jan. 2, 2008, its strategic partnership with Saraya, a real estate development and asset management company investing in travel and tourism, to invest in Kamelia Investment Company to develop a Saraya branded project at the Black Sea in Sochi. Sistema-Hals sold Saraya a 50% stake in Kamelia Investment, a project company that owns the Kamelia Health Spa. Headquartered in Moscow, Russia, Sistema-Hals JSC -- http://www.sistema.com/-- is a 71.1% subsidiary of Sistema JSFC. It is one of the leading property developers in Moscow and the Moscow region, with operations in the six regions in Russia, as well as Yalta and Kyiv in the Ukraine. In addition to its real estate development business activities, the company is involved in a number of large-scale governmental infrastructural projects in the capacity of project manager. During fiscal year of 2006, Sistema-Hals reported revenue of US$282.9 million and EBITDA of US$94.9 million. * * * Moody's Investors Services assigned long-term corporate family rating of B1 to Sistema-Hals. The probability of default is at B1. Moody's said the outlook on the ratings is stable. Fitch Ratings has assigned JSC Sistema-Hals Long-term Issuer Default Rating 'B+', Short- term IDR 'B' and National Long-term rating 'A-(rus)'. The Outlooks for the Long-term IDR and National Long-term rating are Stable. These ratings still apply to date. TUKZ LLC: Bankruptcy Hearing Slated for Feb. 14 ----------------------------------------------- The Arbitration Court of Tula will convene on Feb. 14 to hear the bankruptcy supervision procedure against Metal Product Plant TuKZ LLC after finding it insolvent on Oct. 15, 2007. The case is docketed under Case No. A68-6561/07-329/B. The Interim Manager is: O. I. Brakorenko Apartment 72 9th May Str. 1 300028 Tula Russia The Court is located at: The Arbitration Court of Tula Hall 35 Sovetskaya Str. 112 Tula Russia The Debtor can be reached at: Metal Product Plant TuKZ LLC Schvelovskaya Zaseka Str. 31 300004 Tula Russia ZERNOGRADSKY PIG: Creditors Must File Claims by Feb. 22 ------------------------------------------------------- Creditors of OJSC Zernogradsky Pig Farm have until Feb. 22 to submit proofs of claim to: A. A. Nazarenko Competitive Proceedings Manager P.O. Box 3825 344022 Rostov-on-Don Russia The Arbitration Court of Rostov will convene at 11:30 a.m. on March 18 to hear the company's competitive proceedings after finding it insovlent on Dec. 4, 2007. The case is docketed under Case No. A53-1645/07-C1-33. The Court is located at: The Arbitration Court of Rostov Stanislavskogo Str. 8a 344008 Rostov-na-Donu Russia The Debtor can be reached at: OJSC Zernogradsky Pig Farm Stepnaya Str. 56 Sorgovy Settlement Zernogradsky Raion Rostov Russia ===================== S W I T Z E R L A N D ===================== 1 CONNECT: Zug Court Closes Bankruptcy Proceedings -------------------------------------------------- The Bankruptcy Service of Zug entered Nov. 30, 2007, an order closing the bankruptcy proceedings of 1 Connect Ltd. The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6300 Zug Switzerland The Debtor can be reached at: 1 Connect Ltd Bahnhofstrasse 14 6340 Baar Switzerland CRANDON JSC: Schaffhausen Court Closes Bankruptcy Proceedings ------------------------------------------------------------- The Bankruptcy Service of Schaffhausen entered Nov. 29, 2007, an order closing the bankruptcy proceedings of JSC Crandon. The Bankruptcy Service of Schaffhausen can be reached at: Bankruptcy Service of Schaffhausen 8201 Schaffhausen Switzerland The Debtor can be reached at: JSC Crandon Fronhof 16 8260 Stein am Rhein SH Switzerland DOLCEORO LLC: Creditors' Liquidation Claims Due by January 25 ------------------------------------------------------------- Creditors of LLC Dolceoro have until Jan. 25 to submit their claims to: Willi Saladin Hofweg 7a 2540 Grenchen Lebern SO Switzerland The Debtor can be reached at: LLC Dolceoro Grenchen Lebern SO Switzerland ETC SERVICES: Creditors' Liquidation Claims Due by January 10 ------------------------------------------------------------- Creditors of LLC ETC Services F&B have until Jan. 10 to submit their claims to: LLC ETC Services F&B Grafenauweg 7 6300 Zug Switzerland FINNLA LLC: Creditors' Liquidation Claims Due by January 11 ----------------------------------------------------------- Creditors of LLC Finnla have until Jan. 11 to submit their claims to: Thomas Saxer Sagenbachstrasse 1 6280 Hochdorf LU Switzerland The Debtor can be reached at: LLC Finnla Steinhausen ZG Switzerland FLASH BARBETRIEB: Creditors' Liquidation Claims Due by Jan. 18 -------------------------------------------------------------- Creditors of LLC Flash Barbetrieb have until Jan. 18 to submit their claims to: Jurg Akeret JSC A-Z Treuhand Reitweg 2 8400 Winterthur ZH Switzerland The Debtor can be reached at: LLC Flash Barbetrieb Winterthur ZH Switzerland FONTANA LAGERTECHNIK: Thurgau Court Closes Bankruptcy Process ------------------------------------------------------------- The Bankruptcy Service of Thurgau entered Nov. 27, 2007, an order closing the bankruptcy proceedings of JSC Fontana Lagertechnik. The Bankruptcy Service of Thurgau can be reached at: Bankruptcy Service of Thurgau 8510 Frauenfeld TG Switzerland The Debtor can be reached at: JSC Fontana Lagertechnik Wangistrasse 32 8355 Aadorf Frauenfeld TG Switzerland GEON JSC: St. Gallen Court Starts Bankruptcy Proceedings -------------------------------------------------------- The Bankruptcy Service of St. Gallen commenced bankruptcy proceedings against JSC Geon on Nov. 22, 2007. The Bankruptcy Service of St. Gallen can be reached at: Bankruptcy Service of St. Gallen Branch Kaltbrunn, Heiner Scheuble 8722 Kaltbrunn See-Gaster SG Switzerland The Debtor can be reached at: JSC Geon Obergasse 4 8730 Uznach See-Gaster SG Switzerland KUWAIT PETROLEUM: Creditors Must File Claims by January 10 ---------------------------------------------------------- Creditors of JSC Kuwait Petroleum Aviation (Switzerland) have until Jan. 10 to submit their claims to: Dr. Peter M. Belser Liquidator Dufourstrasse 56 Mail box: 1285 8034 Zurich Switzerland The Debtor can be reached at: JSC Kuwait Petroleum Aviation (Switzerland) Zurich Switzerland LANICA JSC: Creditors' Liquidation Claims Due by January 11 ----------------------------------------------------------- Creditors of JSC Lanica have until Jan. 11 to submit their claims to: Charlotte Frieden-Lanz Oertli 29 3654 Gunten BE Switzerland The Debtor can be reached at: JSC Lanica Oberhofen am Thunersee Thun BE Switzerland MORTEZAWI BUILDING: Zug Court Closes Bankruptcy Proceedings ----------------------------------------------------------- The Bankruptcy Service of Zug entered Nov. 27, 2007, an order closing the bankruptcy proceedings of Mortezawi Building Systems Ltd. The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6300 Zug Switzerland The Debtor can be reached at: Mortezawi Building Systems Ltd Baarerstrasse 75 6300 Zug Switzerland NOALCE LLC: Creditors' Liquidation Claims Due by January 11 ----------------------------------------------------------- Creditors of LLC Noalce have until Jan. 11 to submit their claims to: Alfonso Cedro Holeestrasse 43 4054 Basel Switzerland The Debtor can be reached at: LLC Noalce Basel Switzerland RHEINTAL BACKEREI: St. Gallen Court Starts Bankruptcy Process ------------------------------------------------------------- The Bankruptcy Service of St. Gallen commenced bankruptcy proceedings against LLC Rheintal Backerei on Nov. 29, 2007. The Bankruptcy Service of St. Gallen can be reached at: Bankruptcy Service of St. Gallen Branch Buchs, Urs Hartmann 9471 Buchs SG Switzerland The Debtor can be reached at: LLC Rheintal Backerei Spengelgasse 1 9467 Frumsen SG Switzerland RISTORANTE BELLA: Creditors Must File Claims by January 11 ---------------------------------------------------------- Creditors of LLC Ristorante Bella Vista zur Fahre have until Jan. 11 to submit their claims to: Forte Angela Liquidator Holzmattstr. 9 5200 Brugg AG Switzerland The Debtor can be reached at: LLC Ristorante Bella Vista zur Fahre Trimbach Gosgen SO Switzerland SEESTERN: Creditors' Liquidation Claims Due by January 23 --------------------------------------------------------- Creditors of JSC Seestern Versicherungs-Service have until Jan. 23 to submit their claims to: JSC Refidar Moore Stephens Europastrasse 13 Mail box: 962 8152 Glattbrugg ZH Switzerland The Debtor can be reached at: JSC Seestern Versicherungs-Service Stansstad NW Switzerland STENA METALL: Creditors' Liquidation Claims Due by January 11 ------------------------------------------------------------- Creditors of JSC Stena Metall have until Jan. 11 to submit their claims to: Dr. Patrick Umbach Liquidator Wiederkehr Forster Rechtsanwalte Bahnhofstrasse 46 Mail box: 1130 8021 Zurich Switzerland The Debtor can be reached at: JSC Stena Metall Zurich Switzerland =========== T U R K E Y =========== OYAK BANK: Fitch Lifts Rating to BB on Change of Ownership ---------------------------------------------------------- Fitch Ratings has upgraded Turkey-based Oyak Bank's Long-term foreign currency Issuer Default to 'BB' from 'BB-', Long-term local currency IDR to 'BBB-' from 'BB' and National Long-term rating to 'AAA(tur)' from 'AA+(tur)'. These ratings are removed from Rating Watch Positive and have been assigned a Stable Outlook. The agency has also upgraded the Short-term LC IDR to 'F3' from 'B'. Oyak Bank's other ratings are affirmed at Short-term FC IDR 'B', Individual 'C/D' and Support '3'. These rating actions follow the acquisition of a 100% stake in the bank by the Netherlands-based ING Bank NV (rated 'AA'/'F1+'/Stable Outlook) on Dec. 24, 2007. The Long-term IDRs, Short-term local currency IDR and National rating reflect the high probability of support that Oyak Bank could expect from its new shareholder ING Bank NV. Oyak Bank, is a mid-sized bank focusing on retail and small business banking. At end of September 2007 the bank was the tenth-largest Turkish bank with a 2.31% share of total banking assets, and had 365 domestic branches. ============= U K R A I N E ============= DEKOL LLC: Proofs of Claim Filing Deadline Set January 11 --------------------------------------------------------- Creditors of LLC Dekol (code EDRPOU 32851731) have until Jan. 11 to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced the bankruptcy supervision procedure on the company on Nov. 5, 2007. The case is docketed under Case No. 15/811-b. The Debtor can be reached at: LLC Dekol Mechnikov Str. 16 01023 Kiev Ukraine DRUGSTORE 301: Creditors Must File Claims by January 11 ------------------------------------------------------- Creditors of LLC Drugstore 301 (code EDRPOU 22655919) have until Jan. 11 to submit written proofs of claims to: The Economic Court of Kharkov Derzhprom 8th Entrance Svoboda Square 5 61022 Kharkov Ukraine The Economic Court of Kharkov commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. B-39/203-07. The Debtor can be reached at: LLC Drugstore 301 Sumskaya Str. 23/24 61057 Kharkov Ukraine INTERNATIONAL CENTER: Creditors Must File Claims by January 11 -------------------------------------------------------------- Creditors of LLC International Center of Assistance to Reformation of Health Safety (code EDRPOU 32850832) have until Jan. 11 to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 24/475-b. The Debtor can be reached at: LLC International Center of Assistance to Reformation of Health Safety Chigirin Str. 18 01042 Kiev Ukraine KHMELNIK AGRICULTURAL: Claims Filing Deadline Set January 11 ------------------------------------------------------------ Creditors of OJSC Khmelnik Agricultural Machine (code EDRPOU 30067876) have until Jan. 11 to submit written proofs of claim to: The Economic Court of Vinnica Hmelnickiy Str. 7 21036 Vinnica Ukraine The Economic Court of Vinnica commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. 5/587-07. The Debtor can be reached at: OJSC Khmelnik Agricultural Machine Lenin Str. 56 Khmelnik 22000 Vinnica Ukraine KRISPY KREME: James Morgan Replaces D. Brewster as Pres. & CEO -------------------------------------------------------------- Krispy Kreme Doughnuts Inc., Krispy Kreme Doughnut Corporation and Daryl G. Brewster mutually determined to terminate their employment relationship. Mr. Brewster resigned, effective Jan. 6, 2008, the positions of president, chief executive officer and director of the company as well as all other director and officer positions with the company's subsidiaries and affiliates. He will cease to be an employee on Jan. 31, 2008. James H. Morgan, chairman of the board of directors, has been elected to replace Mr. Brewster as president and chief executive officer. Mr. Morgan, 60, has been a director of the company since July 2000 and was elected chairman of the board in January 2005. Since 2001, Mr. Morgan has served as chairman and chief investment officer of Covenant Capital LLC, an investment management firm which he founded. Agreement with Mr. Brewster The company and Mr. Brewster have entered into an agreement and release, dated as of Jan. 6, 2008. The agreement, except as otherwise provided, supersedes the employment agreement, dated as of March 6, 2006, between the company and Mr. Brewster. The agreement provides that Mr. Brewster will receive an amount equal to one year's base salary under the employment agreement or US$700,000 in cash over the year following the separation date and that the company will grant to Mr. Brewster restricted share units under the company's 2000 stock incentive plan with respect to a number of shares of common stock of the company having an aggregate fair market value (based on the closing share price on Jan. 4, 2008) equal to US$1,190,000 (equivalent to one year's base salary and target bonus under the employment agreement), and the shares subject to the RSUs will be distributed to Mr. Brewster on the third trading day after fiscal year 2008 earnings are released, but no later than April 15, 2008. Accordingly, Mr. Brewster will receive an aggregate of 420,495 shares of common stock. The employment agreement had provided for two years of base salary payable in cash over the two years following a not-for-cause termination of employment and for two years of target bonus payable in cash over the two years following such a termination. Further, in the event of a not-for-cause termination of employment, the employment agreement had provided for an amount equal to a pro rated target bonus for the year of termination. Mr. Brewster also will be entitled to an additional pension make-whole in the amount of US$319,552, payable Aug. 1, 2008, which represents 24 months of additional vesting under the pension make-whole, which is equivalent to what is provided for in the employment agreement in the event of a not-for-cause termination. As of the agreement date, Mr. Brewster had 241,145 shares of unvested restricted common stock which, under the terms of the employment agreement, would have vested upon a not-for-cause termination of employment. Under the agreement, it is provided that 120,573 of these shares will vest, and Mr. Brewster has agreed that 120,572 of these shares will be forfeited. In addition, as of the agreement date, Mr. Brewster held unvested options to purchase 333,333 shares of common stock of KKDI at an exercise price of US$6.39 per share and unvested options to purchase 201,399 shares at an exercise price of US$3.41 per share, all of which would have vested upon a not-for-cause termination of employment under the employment agreement. He also held vested options to purchase 166,667 shares of common stock at an exercise price of US$6.39 per share. In the agreement, it is provided that the US$3.41 options will vest, and Mr. Brewster has agreed that the US$6.39 options, both unvested and vested, will be forfeited. Under the terms of the agreement, Mr. Brewster releases the company and its affiliates from all claims, including claims relating to his employment with the company and the termination of such employment. Certain provisions of the employment agreement, including the confidentiality provisions, the noncompetition provisions, the nonsolicitation provisions and the indemnification provisions, survive the termination of the employment agreement. The company has similarly released Mr. Brewster from all claims, including claims relating to his employment with the company. About Krispy Kreme Headquartered in Winston-Salem, North Carolina, Krispy Kreme Doughnuts Inc. (NYSE: KKD) -- http://www.krispykreme.com/-- retails doughnuts. There are about 411 Krispy Kreme stores including satellites operating system-wide in 41 U.S. states, Australia, Canada, Hong Kong, Indonesia, Japan, Kuwait, Mexico, the Philippines, the Republic of South Korea, the United Arab Emirates, and the United Kingdom. * * * As reported in the Troubled Company Reporter on Sept. 17, 2007, Moody's Investors Service lowered Krispy Kreme Doughnut Corporation's Speculative Grade Liquidity rating to SGL-4 from SGL-3, indicating weak liquidity. Concurrently Moody's revised the rating outlook to negative while affirming Krispy Kreme's Caa1 corporate family rating and B3 rating of its US$160 million senior secured credit facilities. KRIVOY ROG: Proofs of Claim Filing Deadline Set January 11 ---------------------------------------------------------- Creditors of OJSC Krivoy Rog Building Transport (code EDRPOU 01236354) have until Jan. 11 to submit written proofs of claim to: The Economic Court of Dnipropetrovsk Kujbishev Str. 1a 49600 Dnipropetrovsk Ukraine The Economic Court of Dnipropetrovsk commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. B 28/128-07. The Debtor can be reached at: OJSC Krivoy Rog Building Transport Borodich Str. 7 Krivoy Rog Dnipropetrovsk Ukraine MIROLIT ACCENT: Creditors Must File Claims by January 11 -------------------------------------------------------- Creditors of LLC Science-Production Enterprise Mirolit Accent (code EDRPOU 34492919) have until Jan. 11 to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 23/471-b. The Debtor can be reached at: LLC Science-Production Enterprise Mirolit Accent Pavel Pestel Str. 11 01135 Kiev Ukraine MONOLIT PROFILE: Creditors Must File Claims by January 11 --------------------------------------------------------- The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 23/470-b. Creditors of LLC Trading-Building Company Monolit Profile (code EDRPOU 33946181) have until Jan. 11 to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC Trading-Building Company Monolit Profile Pavel Pestel Str. 11 01135 Kiev Ukraine MULTI CJSC: Proofs of Claim Filing Deadline Set January 11 ---------------------------------------------------------- Creditors of CJSC Company Multi (code EDRPOU 32620207) have until Jan. 11 to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced the bankruptcy supervision procedure on the company on Nov. 20, 2007. The case is docketed under Case No. 23/480-b. The Debtor can be reached at: CJSC Company Multi Chumak Str. 5 03065 Kiev Ukraine NAFTOGAZ UKRAINY: Special Committee Eyed to Prevent Bankruptcy -------------------------------------------------------------- The Ukrainian government will create a special committee to prevent NAK Naftogaz Ukrainy from succumbing to bankruptcy, Interfax News reports citing Prime Minister Yulia Tymoshenko. "It is difficult to imagine that the country's key energy company has been brought to such a situation that it is necessary to form a government commission with emergency powers. . . to try and put its finances in order," Ms. Tymoshenko was quoted by Interfax as saying. "We will prevent any irregularity and will be doing everything to prevent any instability being felt either in Europe or Ukraine," Ms. Tymoshenko added. Ms. Tymoshenko met with Naftogaz chairman Oleg Dubina to discuss the company's falling finances, Interfax News relates. Naftogaz is expected to report US$1 billion in losses for 2007. Ms. Tymoshenko said her cabinet has included several financial measures in the draft state budget to boost the Naftogaz's finances, BBC News reports. As previously report in the TCR-Europe, Nafotgaz announced a delay in the publication of its 2006 IFRS financial report, pending amendments to the Ukrainian state budget law. "The publication of Naftogaz Ukrainy's IFRS financial report for 2006 is being delayed because the auditors are expecting amendments to be made to the 2007 state budget to provide the company with 2.4 billion hryvni in subsidies that are envisioned in the government-approved financial plan of Naftogaz Ukrainy and the main indicators of the consolidated movement of the company's funds as confirmation of the government ensuring the company's uninterrupted activities," a Naftogaz spokesman said. About Naftogaz Ukrainy Headquartered in Kiev, Ukraine, NAK Naftogaz Ukrainy -- http://www.naftogaz.com/-- processes gas, oil and condensate at the Company's five gas processing plants, which produce LPG, motor fuels and other types of petroleum products. Over 97% of the oil and gas in Ukraine is produced by the enterprises of the Company. * * * As reported in the TCR-Europe on Oct. 17, 2007, Fitch has placed the ratings of Naftogaz on Rating Watch Negative. The ratings include the company's Long-term foreign and local currency Issuer Default Ratings of 'B+', senior unsecured rating of 'B+' and Recovery Rating of 'RR4'. Naftogaz Ukraine also carries a Ba3 Corporate Family Rating, a Ba2 Senior Unsecured Debt rating, and a Ba3 Probability-of- Default rating from Moody's with a stable outlook. OCTOBER DISTILLERY: Claims Filing Deadline Set January 11 --------------------------------------------------------- Creditors of State Enterprise October Distillery (code EDRPOU 00374829) have until Jan. 11 to submit written proofs of claim to: The Economic Court of Poltava Zigin Str. 1 36000 Poltava Ukraine The Economic Court of Poltava commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. 18/175. The Debtor can be reached at: State Enterprise October Distillery Poltavskaya Str. 3 Karlovka 39503 Poltava Ukraine PROGRESS LLC: Creditors Must File Claims by January 11 ------------------------------------------------------ Creditors of Agricultural Llc Progress (code EDRPOU 30808679) have until Jan. 11 to submit written proofs of claim to: The Economic Court of Vinnica Hmelnickiy Str. 7 21036 Vinnica Ukraine The Economic Court of Vinnica commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 5/581-07. The Debtor can be reached at: Agricultural LLC Progress Lenin Str. 1 Tchetchelnik 24800 Vinnica Ukraine STAR-AUTO LLC: Proofs of Claim Filing Deadline Set January 11 ------------------------------------------------------------- Creditors of LLC Star-Auto (code EDRPOU 31085220) have until Jan. 11 to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced the bankruptcy supervision procedure on the company. The case is docketed under Case No. 28/469-b. The Debtor can be reached at: LLC Star-Auto 1st May Str. 1-a 02088 Kiev Ukraine TRADING HOUSE: Creditors Must File Claims by January 11 ------------------------------------------------------- Creditors of LLC Trading House City (code EDRPOU 34830205) have until Jan. 11 to submit written proofs of claim to: The Economic Court of Zaporozhje Shaumiana Str. 4 69001 Zaporozhje Ukraine The Economic Court of Zaporozhje commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 21/275/07. The Debtor can be reached at: LLC Trading House City 40 years of Soviet Ukraine Str. 45 69037 Zaporozhje Ukraine =========================== 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 Corporation, an Apollo Management LP and Graham Partners portfolio company, entered into an agreement to acquire 100% of the outstanding common stock of Captive Holdings Inc., the parent company of Captive Plastics Inc., a First Atlantic Capital Ltd. portfolio company. Pursuant to the acquisition agreement, Berry will pay US$500 million for Captive, subject to certain customary adjustments. Berry has obtained financing commitments to finance the transaction. The transaction will close in the first quarter of 2008 and is subject to customary closing conditions. "The acquisition of Captive is another step in our quest to be a total solution provider of plastic packaging with the Captive product line significantly enhancing our abilities to better serve our customers," Ira Boots, chairman and CEO of Berry Plastics Corporation, stated. "We are excited about the skill sets that the Captive employees bring to Berry for the benefit of all of our customers, employees and investors. Captive has a history of strong growth and fits in perfectly with our existing product lines," Mr. Boots added. "We are very pleased with the success of Captive over the past three years and believe the business is well positioned for future growth as part of Berry Plastics," Roberto Buaron, chairman of First Atlantic Capital, said. "Our strategy of expanding Captive through internal investment and add-on acquisitions has built a very strong company and generated an excellent outcome for our investors." "Captive is an excellent fit with Berry Plastics and, together, we will offer a more integrated product line with the ability and scale to serve the growing plastic packaging needs of our customers," Peter Martin, president and CEO of Captive, said. "We look forward to joining the Berry family." The Captive disclosure is the second acquisition declared by Berry in the last few days. On Dec. 19, 2007, Berry divulged the acquisition of MAC Closures Inc. About Berry Plastics Corporation Headquartered in Evansville, Nebraska, Berry Plastics Corporation -- http://www.berryplastics.com/ -- is a manufacturer and supplier of a diverse mix of rigid plastics packaging products focusing on the open top container, closure, aerosol overcap, drink cup and housewares markets. The company sells a broad product line to over 12,000 customers. Berry Plastics concentrates on manufacturing high quality, value-added products sold to marketers of institutional and consumer products. In 2004, the company created its international division as a separate operating and reporting division to increase sales and improve service to international customers utilizing existing resources. The international segment includes the company's foreign facilities and business from domestic facilities that is shipped or billed to foreign locations. The company has manufacturing facilities in the United States, Mexico, Canada, Italy, United Kingdom, and China. BERRY PLASTICS: S&P Retains CCC+ Rating on Senior Unsecured Debt ---------------------------------------------------------------- Standard & Poor's Ratings Services placed its first- and second- lien senior secured debt ratings on Berry Plastics Holding Corp. on CreditWatch with negative implications. At the same time, S&P affirmed its 'B' corporate credit ratings on Berry Plastics Holding Corp. and its parent Berry Plastics Group Inc. as well as its 'CCC+' senior unsecured and subordinated debt ratings. The outlooks remain negative. These rating actions follow Berry's announcement that it has agreed to acquire privately held Captive Holdings Inc., parent of Captive Plastics Inc., for about US$500 million in cash. Captive manufactures blow-molded bottles and injection-molded closures for the food, health care, spirits, and personal care markets at 13 plants across the U.S. Although Berry has not released details regarding financing for the transaction, it has announced that it has obtained financing commitments and expects the transaction to close in the first quarter of 2008, subject to customary closing conditions. "The CreditWatch placement indicates that we could lower or affirm the ratings on the first- and second-lien debt, depending on financing for the acquisition and the implications for recovery prospects for these instruments in the post-acquisition capital structure," said Standard & Poor's credit analyst Cynthia Werneth. "Recovery prospects could deteriorate if Berry finances the acquisition with additional secured debt." The affirmation of the corporate credit rating reflects S&P's view that even if the transaction is all debt-financed, it's unlikely to materially worsen Berry's already very aggressive debt leverage. As of Sept. 29, 2007, total debt (adjusted to capitalize operating leases) was about US$3.4 billion, and total adjusted debt to EBITDA pro forma for recent acquisitions and expected synergies was close to 7x. S&P expects liquidity to remain sufficient to meet all near-term operating and financing needs. The affirmation of the ratings on the senior unsecured and subordinated debt, which are both rated 'CCC+', two notches below the corporate credit rating, indicates S&P's expectation that these ratings will remain unchanged following completion of the Captive transaction. The negative outlook associated with the corporate credit rating points to the risk of a downgrade if operating problems, difficulty integrating recent acquisitions, or market factors such as rapidly rising resin costs or demand weakness forestall strengthening of Berry's financial profile or cause it to weaken further. S&P could also lower the ratings if liquidity unexpectedly deteriorates. BRITISH AIRWAYS: Traffic Figures Up 1% in December 2007 ------------------------------------------------------- British Airways plc reported traffic and capacity statistics for December 2007. In December 2007, passenger capacity, measured in Available- Seat-Kilometers, was 2% above December 2006. Traffic, measured in Revenue-Passenger-Kilometers, rose 1%. This resulted in a passenger load factor down 0.7 points versus last year, to 73.5%. The increase in traffic comprised a 6.5 %increase in premium traffic and a 0.1 %rise in non-premium traffic. Cargo, measured in Cargo-Ton-Kilometers, rose by 9.1 %. For the first nine months of the financial year, ASKs rose 0.9%, with RPKs rising by 0.1%. This resulted in a passenger load factor down 0.6 points to 77%. The change in RPKs comprised a 4.2% rise in premium traffic and 0.6 %fall in non- premium traffic. CTKs for the period were rose 1.3%. Market Conditions Longhaul premium markets remain strong, while shorthaul premium traffic is weak. The airline's guidance on revenue of a 3-3.5% increase for the year remains unchanged. Strategic Developments The Department for Transport announced the lifting of the one bag restriction on hand baggage for passengers flying in and out of the U.K. from Jan. 7, subject to airports meeting security criteria. BA was awarded "World's Leading Airline, 2007" at the World Traveller Awards which recognise outstanding achievement within the global travel industry. The airline announced a New Year sale with up to 25 %off flights, accommodation and car hire. There are 64 routes on offer including Australia, Bermuda, the Caribbean, Far East, Mauritius, Middle East, North and South Africa, North America and South America and selected European destinations. The sale runs from Dec. 27, 2007 until midnight on Jan. 22 for selected travel dates during 2008. A GBP5 million new extension to BA' interiors plant in South Wales was formally opened by Welsh First Minister Rhodri Morgan. BA featured Terminal 5 for the first time in the airline's Christmas advertising in outdoor, press and online sites with the tagline "Come together this Christmas". The terminal opens in 82 days' time. Headquartered in West Drayton, United Kingdom, British Airways plc -- http://www.ba.com/-- operates of international and domestic scheduled and charter air services for the carriage of passengers, freight and mail, and provides of ancillary services. The British Airways group consists of British Airways plc and a number of subsidiary companies including in particular British Airways Holidays Ltd. and British Airways Travel Shops Ltd. BA has offices in India and Guatemala. * * * As of Jan. 2, 2008, British Airways plc carries a senior unsecured debt rating of Ba1 from Moody's Investors' Service with a stable outlook. BRITISH AIRWAYS: U.K. Government Lifts One-Bag Restriction ---------------------------------------------------------- British Airways plc's customers flying through and out of Heathrow will be able to take two pieces of free hand baggage on board from Jan. 7 following the U.K. government's decision to lift the restrictions. But the one bag limit is still in place at Gatwick. "This is great news for our customers at Heathrow and it's something we've been lobbying for over the last year, Robert Boyle, British Airways' commercial director, said. "It was a serious inconvenience for passengers and didn't make sense because the U.K. was the only country to impose the restrictions." "Now we want to see the restrictions lifted at Gatwick in line with other major U.K. airports as quickly as possible. We are working closely with the BAA and the DfT towards lifting the one-bag restriction as soon as possibly," Mr. Boyle added. Headquartered in West Drayton, United Kingdom, British Airways plc -- http://www.ba.com/-- operates of international and domestic scheduled and charter air services for the carriage of passengers, freight and mail, and provides of ancillary services. The British Airways group consists of British Airways plc and a number of subsidiary companies including in particular British Airways Holidays Ltd. and British Airways Travel Shops Ltd. BA has offices in India and Guatemala. * * * As of Jan. 2, 2008, British Airways plc carries a senior unsecured debt rating of Ba1 from Moody's Investors' Service with a stable outlook. CABLE & WIRELESS: Workers Strike After Failed Wage Talks -------------------------------------------------------- Cable & Wireless' workers in Barbados have launched demonstrations against the firm after negotiations over wages, retroactive payments and other "protracted issues" failed, Radio Jamaica reports. "The company's offer of 10.5% over two years was made up of 6% in year one and 4.5% in year two across all categories of staff. For some workers, the offer would eventually equate to as high as a 30% wage hike," The Nation Newspaper notes, citing Cable & Wireless's head Donald Austin. These employees would benefit from "movement in scales of 4% and a proposed retro payment of around 4% -- translating to an increase of about 15% over two years on an ongoing basis." Mr. Austin commented to The Nation Newspaper, "No company and certainly not government has paid out in excess of 20% over two years and even the company's offer on the table will put extreme cost pressure on the business which will not be sustainable." The Nation reports that the union wants nine and a half in the first year and two and a half in the second. The Nation Newspaper relates that most of Cable & Wireless' employees joined the Barbados Workers' Union in the protest. According to Radio Jamaica, the protest closed down Cable & Wireless retail outlets in Barbados. Only the company's bmobile store at Carlisle House in Bridgetown continued doing business during the strike. Sir Roy Trotman -- general secretary of the Barbados Workers Union, which represents 750 of Cable & Wireless' 825 workers -- told Radio Jamaica that the employees planned the picket at the headquarters on a 24-hour basis until a resolution to the issues is reached. The union would continue the protest outside Cable & Wireless' Windsor Lodge complex and its offices at Carlisle House, Bridgetown, where the firm transacts most of its customer services, The Nation Newspaper says, citing the union's senior assistant general secretary Orlando "Gabby" Scott. The Nation Newspaper says the protest would affect Cable & Wireless' operations due to delays and disruptions of the business. The labor ministry has advised the two parties to reconsider their positions and return to the negotiating table, Radio Jamaica says, citing Mr. Roy. Mr. Austin said in a press statement that the company is ready to continue negotiations over wages for its employees at any time. Cable & Wireless told The Nation Newspaper that it never stopped negotiating with the union over the new wages contract. It believed an accord would be reached. Headquartered in London, Cable & Wireless Plc -- http://www.cw.com/new/-- provides voice, data and IP (Internet Protocol) services to business and residential customers, as well as services to other telecoms carriers, mobile operators and providers of content, applications and Internet services. The company has operations are in the United Kingdom, India, China, the Cayman Islands and the Middle East. * * * In April 2007, in connection with the implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Telecommunications, Media and technology sector, Moody's Investors Service confirmed its Ba3 Corporate Family Rating for Cable & Wireless Plc. Moody's also assigned a Ba3 Probability-of-Default rating to the company. * Issuer: Cable & Wireless Plc Projected Debt LGD Loss-Given Debt Issue Rating Rating Default ---------- ------- ------- -------- 4% Senior Unsecured Conv./Exch. Bond/Debenture Due 2010 B1 LGD4 60% GBP200 million 8.75% Senior Unsecured Regular Bond/Debenture Due 2012 B1 LGD4 60% FORD MOTOR: Tata May Tap Ford Senior Exec to Head Two Brands ------------------------------------------------------------ After being chosen as preferred bidder for Ford Motor Co.'s Jaguar and Land Rover brands, Tata Motors Ltd, according to media reports, is expected to name a Ford senior executive to head the two brands. Last week, Ford disclosed that it has entered into "focused negotiations at a more detailed level" with Tata Motors, signaling that the Indian carmaker has become the preferred bidder. Even if there is no deal yet and nothing is final, the Press Trust of India quoted The Sunday Times, citing unnamed senior industry sources, as reporting that Tata was likely to name a top Ford executive in Europe as chief executive of the Jaguar- Land Rover group. Presently, the group's chief executive is Geoff Polities, an Australian, PTI notes. About Tata India's largest automobile company, Tata Motors Limited -- http://www.tatamotors.com/-- is mainly engaged in the business of automobile products consisting of all types of commercial and passenger vehicles, including financing of the vehicles sold by the Company. The Company's operating segments consists of Automotive and Others. In addition to its automotive products, it offers construction equipment, engineering solutions and software operations. Tata Motors has operations in Russia and the United Kingdom. About Ford Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) -- http://www.ford.com/-- manufactures or distributes automobiles in 200 markets across six continents. With about 260,000 employees and about 100 plants worldwide, the company's core and affiliated automotive brands include Ford, Jaguar, Land Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company provides financial services through Ford Motor Credit Company. The company has operations in Japan in the Asia Pacific region. In Europe, the company maintains a presence in Sweden, and the United Kingdom. The company also distributes its brands in various Latin American regions, including Argentina and Brazil. * * * As reported in the Troubled Company Reporter on Nov. 19, 2007, Moody's Investors Service affirmed the long-term ratings of Ford Motor Company (B3 Corporate Family Rating, Ba3 senior secured, Caa1 senior unsecured, and B3 probability of default), but changed the rating outlook to Stable from Negative and raised the company's Speculative Grade Liquidity rating to SGL-1 from SGL-3. Moody's also affirmed Ford Motor Credit Company's B1 senior unsecured rating, and changed the outlook to Stable from Negative. These rating actions follow Ford's announcement of the details of the newly ratified four-year labor agreement with the UAW. FORD MOTOR: To Equip Vehicles w/ Fuel-Efficient EcoBoost Engine --------------------------------------------------------------- Ford Motor Company is introducing a new engine technology called EcoBoost that will deliver up to 20% better fuel economy on half a million Ford, Lincoln and Mercury vehicles annually in North America during the next five years. The EcoBoost family of 4-cylinder and 6-cylinder engines feature turbocharging and direct injection technology. Compared with more expensive hybrids and diesel engines, EcoBoost builds upon today's affordable gasoline engine and improves it, providing more customers with a way to improve fuel economy and emissions without compromising driving performance. "EcoBoost is meaningful because it can be applied across a wide variety of engine types in a range of vehicles, from small cars to large trucks -- and it's affordable," Derrick Kuzak, Ford's group vice president of Global Product Development, said. "Compared with the current cost of diesel and hybrid technologies, customers in North America can expect to recoup their initial investment in a 4-cylinder EcoBoost engine through fuel savings in approximately 30 months. A diesel in North America will take an average of seven and one-half years, while the cost of a hybrid will take nearly 12 years to recoup -- given equivalent miles driven per year and fuel costs." Ford will introduce EcoBoost on the new Lincoln MKS flagship in 2009, followed by the Ford Flex and other vehicles. By 2013, Ford will have more than half a million EcoBoost-powered vehicles on the road annually in North America. In 2009, Ford first will introduce EcoBoost on the Lincoln MKS featuring a 3.5-liter twin-turbocharged V-6. It will produce the power and torque of a V-8 engine with the fuel efficiency of a V-6. In fact, with an estimated 340-horsepower and more than 340 lb.-ft. of torque, the Lincoln MKS will be the most powerful and fuel-efficient all-wheel-drive luxury sedan in the market. More With Less EcoBoost's combination of direct injection and turbocharging mitigates the traditional disadvantages of downsizing and boosting 4- and 6-cylinder engines, giving customers both superior performance as well as fuel economy. With direct injection, fuel is injected into each cylinder of an engine in small, precise amounts. Compared to conventional port injection, direct injection produces a cooler, denser charge, delivering higher fuel economy and performance. Explorer America To help explain its vehicle sustainability strategy, Ford has created the Explorer America concept for the 2008 North American International Auto Show. The Explorer America concept delivers an approximately 20% to 30% fuel-economy improvement -- depending on engine selection -- while providing room for six and their gear, along with moderate towing and off-roading capabilities. The concept aims to highlight for customers and auto show attendees a number of innovations tied to Ford's systems approach, including: * A powertrain lineup that includes a 4-cylinder 2-liter engine with EcoBoost technology delivering 275 hp and 280 lb.-ft. of torque or, as a premium engine, a 3.5-liter V-6 delivering about 340 hp. Depending on engine selection, fuel-efficiency will improve by 20 to 30 percent versus today's V-6 Explorer; * Migration from current body-on-frame to unibody construction, reducing weight and delivering superior driving dynamics; * A fuel-efficient 6-speed transmission with auto shift control, allowing the driver to select and hold a lower gear with just the turn of a dial when conditions warrant it; * A weight reduction of 150 pounds for the V-6 version thanks to its downsized -- yet superior performing -- engine, as well as more lightweight materials, suspension and chassis components; * Fuel-saving electric power assisted steering and other engine actions that deliver a fuel savings benefit of about 5%. Between 80% to 90% of Ford, Lincoln and Mercury vehicles will have EPAS by 2012; * Aerodynamic and other parasitic improvements that add up to a 5% fuel economy gain. The production model of the Explorer changed the landscape when it arrived on the scene in 1990 as a 1991 model, delivering an experience as unique as the owners who would eventually shape the design of the Explorer America concept. Today's Explorer leads the mid-size SUV segment in sales. Since its introduction 18 years ago, Explorer has sold more than 6.5 million vehicles. For 2008, Explorer adds several new features, including Ford's award-winning SYNC system that it developed with Microsoft. SYNC connects people and their favorite portable devices while in the vehicle, including media players and Bluetooth-enabled mobile phones. In addition, Explorer receives Ford's EasyFuel capless refueling system, which is fitted as standard and new available 20-inch polished aluminum wheels. Ford Explorer received 5-star ratings in the National Highway Traffic Safety Administration's frontal and side-impact crash tests for the second year in a row. Explorer comes standard with six air bags, including front seat and side-curtain air bags and AdvanceTrac with class-exclusive Roll Stability Control, an electronic stability enhancement system that actually measures what other manufacturers' systems ignore or can only estimate. About Ford Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) -- http://www.ford.com/-- manufactures or distributes automobiles in 200 markets across six continents. With about 260,000 employees and about 100 plants worldwide, the company's core and affiliated automotive brands include Ford, Jaguar, Land Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company provides financial services through Ford Motor Credit Company. The company has operations in Japan in the Asia Pacific region. In Europe, the company maintains a presence in Sweden, and the United Kingdom. The company also distributes its brands in various Latin American regions, including Argentina and Brazil. * * * As reported in the Troubled Company Reporter on Nov. 19, 2007, Moody's Investors Service affirmed the long-term ratings of Ford Motor Company (B3 Corporate Family Rating, Ba3 senior secured, Caa1 senior unsecured, and B3 probability of default), but changed the rating outlook to Stable from Negative and raised the company's Speculative Grade Liquidity rating to SGL-1 from SGL-3. Moody's also affirmed Ford Motor Credit Company's B1 senior unsecured rating, and changed the outlook to Stable from Negative. These rating actions follow Ford's announcement of the details of the newly ratified four-year labor agreement with the UAW. GENERAL MOTORS: Offers Incentive Financing on Selected Vehicles --------------------------------------------------------------- General Motors Corp. Certified Used Vehicles disclosed a new nationwide GMAC rate incentive program on select GM Certified Used Vehicles, including GMC Envoy, Chevrolet Malibu, Impala and Trailblazer models. The new rate incentive offer, effective Jan. 3, 2008, through March 31, 2008, provides well-qualified GM Certified Used Vehicles buyers with 2.9% APR financing for terms up to 48 months or 3.9% APR financing for terms up to 60 months from GMAC Financial Services on 2003-2008 models of Chevrolet Malibu, Impala and Trailblazer and GMC Envoy purchased from participating GM Certified Used Vehicles dealers. Or well-qualified customers can receive GMAC 4.9% APR financing for terms up to 60 months on 2003-2008 models of Chevrolet Tahoe and Suburban, GMC Yukon, Pontiac Grand Prix and Buick LaCrosse vehicles at participating GM Certified dealers. A monthly payment at 2.9% APR financing for 48 months is US$22.09 for every US$1,000 financed. Average example down payment is 10%. A monthly payment at 3.9% APR financing for 60 months is US$18.37 for every US$1,000 financed. Average example down payment is 10%. A monthly payment at 4.9% APR financing for 60 months is US$18.83 for every US$1,000 financed. Some customers will not qualify. Not available with other offers. Customers must take delivery from a participating GM Certified Used Vehicles dealer by March 31, 2008. "These incentives on some of our most popular models offer great value for customers, who have the opportunity to purchase a high-quality, low-mileage, like-new vehicle at affordable finance rates," Paul Pejza, manager, GM Certified Used Vehicles, said. About GM Certified Used Vehicles GM Certified Used Vehicles -- http://www.gmcertified.com/-- are high-quality, reconditioned vehicles, available at participating Buick, Chevrolet, Pontiac and GMC dealers. All models are six years old or newer, have 60,000 miles or less, are reconditioned to stringent GM Certified Used Vehicles quality standards and must undergo a rigorous 117-point inspection and reconditioning process. About GM Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- was founded in 1908. GM employs about 280,000 people around the world and manufactures cars and trucks in 33 countries, including the United Kingdom, Germany, France, Russia, Brazil and India. In 2006, nearly 9.1 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. * * * As reported in the Troubled Company Reporter on Nov. 9, 2007, Moody's Investors Service affirmed its rating for General Motors Corporation (B3 Corporate Family Rating, Ba3 senior secured, Caa1 senior unsecured and SGL-1 Speculative Grade Liquidity rating) but changed the outlook to Stable from Positive. In an environment of weakening prospects for US auto sales GM has announced that it will take a non-cash charge of US$39 billion for the third quarter of 2007 related to establishing a valuation allowance against its deferred tax assets (DTAs) in the US, Canada and Germany. As reported in the Troubled Company Reporter on Oct. 23, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating and other ratings on General Motors Corp. and removed them from CreditWatch with positive implications, where they were placed Sept. 26, 2007, following agreement on the new labor contract. The outlook is stable. JACOBY & JACOBY: Brings In Liquidators form BDO Stoy Hayward ------------------------------------------------------------ Antony David Nygate and David Harry Gilbert of BDO Stoy Hayward LLP were appointed joint liquidators of Jacoby & Jacoby Ltd. on Dec. 20, 2007 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: BDO Stoy Hayward LLP 8 Baker Street London W1U 3LL England NORTHERN ROCK: Treasury Scrambles for Private-Sector Sale --------------------------------------------------------- The British government and its advisers are working double time to secure a private-sector solution for Northern Rock Plc ahead of an extraordinary shareholders' meeting on Tuesday, so as to avoid nationalizing the bank, Katherine Griffiths writes for Telegraph.co.uk. Goldman Sachs, which is advising the Treasury, will reportedly meet with the Government and the bank's board later this week to unveil a proposal for the troubled mortgage lender, Ms. Griffiths says. Speculations suggest that Goldman is looking into another financing group to the consortium of banks that could provide up to GBP15 billion in loans to one of the bank's bidders, the Telegraph continues. As reported in the Troubled Company Reporter-Europe on Jan. 3, 2008, Rab Capital and fellow hedge fund SRM Global, Northern Rock's largest shareholders, have forced a special shareholder meeting for Jan. 15 to decide on the bank's future. Reuters says the two hedge funds have tabled resolutions, which if passed, would give shareholders the right to block attempts to: -- sell more than 5 percent of the bank's assets; -- issue 5 percent of new shares; or -- buy any assets. RAB increased its stake in Northern Bank to 7.59%, while SRM hiked its stake in the troubled mortgage lender to 10 percent in December 2007. The British Treasury has instructed parliamentary draftsmen last month to write a nationalization bill as a fallback option should attempts to sell Northern Rock fail, the TCR-Europe reports citing the Telegraph as its source. Northern Rock became Britain's most public casualty of the global credit crisis when it was forced to seek emergency funding from the Bank of England in September 2007 after other banks in the wholesale markets refused to extend borrowings, Miles Costello writes for Times Online. Estimated borrowings by the bank to date totals not less than GBP26 billion, the paper adds. About Northern Rock plc Headquartered in Newcastle upon Tyne, England, Northern Rock plc -- http://www.northernrock.co.uk/mortgages/-- is currently the 5th largest UK mortgage lender, the largest financial institution based in the North East of England and one of the most cost efficient UK mortgage lenders based on key performance ratios. The company had more than US$200 billion in assets at the end of June 2007. * * * As reported in the TCR-Europe on Dec. 20, 2007, Moody's Investors Service downgraded to E+ from D+ Northern Rock's Bank Financial Strength Rating. The E+ maps into a Baseline Credit Assessment of B1. The bank's dated subordinated debt was downgraded to B1 from Baa1 and the undated subordinated debt and Tier-1 securities were downgraded to B3 from Baa1 and Baa3 respectively. All of these ratings have negative outlooks. Northern Rock's short- term rating was affirmed at Prime-1. As reported in the TCR-Europe on Sept. 28, 2007, Standard & Poor's Ratings Services placed its 'A-/A-1' counterparty credit ratings on U.K. bank Northern Rock PLC on CreditWatch with developing implications. At the same time, the 'BBB' subordinated, 'BB' junior subordinated, and 'A-' senior unsecured debt ratings were placed on CreditWatch with developing implications. PROPART FUNDING: Fitch Cuts EUR150 Million Loan Rating to B+ ------------------------------------------------------------ Fitch Ratings has downgraded EUR150 million Propart Funding Ltd's cumulative profit participation certificates, maturing Aug. 3, 2015 to Long-term 'B+', moved off watch. Fitch assigned a recovery rating of RR1 as it is likely that creditors will get 100% recovery during the security's lifetime due to its cumulative nature. Fitch expects potential losses in interest and principal to be temporary only. SCO GROUP: Wants Until May 11 to File Chapter 11 Plan ----------------------------------------------------- The SCO Group Inc. and its debtor-affiliates ask the United States Bankruptcy Court for the District of Delaware to futher extend their exclusive periods to: a) file a Chapter 11 plan until May 11, 2008; and b) solicit acceptances of that plan until July 11, 2008. The Debtors' exclusive period to file a plan expires on Saturday, Jan. 12, 2008. The Debtors tell the Court that they need more time to resolve an issue regarding Novell Inc.'s rights in connection with the sale of the Unix business. The Debtor said that Novell objected to the sale of that business and that the asset was a threshold issue that must be determined before any sale. Accordingly, the Debtors say that they have decided to allow the dispute to narrow before they file a Chapter 11 plan. The Debtors remind the Court that Novell obtained permission to prosecute its counterclaim against the Debtor in the United States Bankruptcy Court for the District of Utah. A hearing on Feb. 5, 2008, at 10:00 a.m., has been set to consider approval on the Debtors' request. Objections to the approval are due Jan. 29, 2008. Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX) fka Caldera International Inc. -- http://www.sco.com/-- provides software technology for distributed, embedded and network-based systems, offering SCO OpenServer for small to medium business and UnixWare for enterprise applications and digital network services. The company and its affiliate, SCO Operations Inc., filed for Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead Case No. 07-11337). Epiq Bankruptcy Solutions, LLC, acts as the Debtors' claims and noticing agent. The United States Trustee failed to form an Official Committee of Unsecured Creditors in these cases due to insufficient response from creditors. The Debtors' exclusive period to file a chapter 11 plan expires on March 12, 2008. The Debtors' schedules of assets and liabilities showed total assets of US$9,549,519 and total liabilities of US$3,018,489. SIMPLY CREDIT: J. M. Titley Leads Liquidation Procedure ------------------------------------------------------- J. M. Titley of DTE Leonard Curtis was appointed liquidator of Simply Credit Ltd. on Dec. 13, 2007 for the creditors' voluntary winding-up procedure. The liquidator can be reached at: DTE Leonard Curtis 24 Wellington Street St Johns Blackburn BB1 8AF England TATA MOTORS: May Tap Senior Ford Exec to Head Two Brands -------------------------------------------------------- After being chosen as preferred bidder for Ford Motor Co.'s Jaguar and Land Rover brands, Tata Motors Ltd, according to media reports, is expected to name a Ford senior executive to head the two brands. Last week, Ford disclosed that it has entered into "focused negotiations at a more detailed level" with Tata Motors, signaling that the Indian carmaker has become the preferred bidder. Even if there is no deal yet and nothing is final, the Press Trust of India quoted The Sunday Times, citing unnamed senior industry sources, as reporting that Tata was likely to name a top Ford executive in Europe as chief executive of the Jaguar- Land Rover group. Presently, the group's chief executive is Geoff Polities, an Australian, PTI notes. About Ford Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) -- http://www.ford.com/-- manufactures or distributes automobiles in 200 markets across six continents. With about 260,000 employees and about 100 plants worldwide, the company's core and affiliated automotive brands include Ford, Jaguar, Land Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company provides financial services through Ford Motor Credit Company. The company has operations in Japan in the Asia Pacific region. In Europe, the company maintains a presence in Sweden, and the United Kingdom. The company also distributes its brands in various Latin American regions, including Argentina and Brazil. About Tata India's largest automobile company, Tata Motors Limited -- http://www.tatamotors.com/-- is mainly engaged in the business of automobile products consisting of all types of commercial and passenger vehicles, including financing of the vehicles sold by the Company. The Company's operating segments consists of Automotive and Others. In addition to its automotive products, it offers construction equipment, engineering solutions and software operations. Tata Motors has operations in Russia and the United Kingdom. * * * Standard & Poor's Ratings Services, on July 13, 2007, assigned its 'BB+' issue rating to the proposed US$490 million zero- coupon convertible bonds of India's Tata Motors Ltd. (BB+/Stable/--). The bonds represent a direct, unsecured and unsubordinated obligation of the company. Proceeds from the bonds will be used for capital expenditure, overseas investments, acquisitions, and other general corporate purposes. Moody's Investors Service, on July 26, 2005, gave Tata Motors 'Ba1' long-term corporate family and senior unsecured debt ratings. TATA MOTORS: Bond Risk Rises on Jaguar & Rover Bids --------------------------------------------------- Tata Motors Ltd bond risk rose to a record with credit-default swaps on the company reaching 325 basis points on Tuesday morning from 300 basis points last week, The Economic Times reports. According to the report, the increase of the risk of Tata Motors defaulting on its bonds was brought about by the concern that it will borrow to fund its acquisition of Ford Motor Co's Jaguar and Land Rover brands. Last week, Ford disclosed that it has entered into "focused negotiations at a more detailed level" with Tata Motors, signaling that the Indian carmaker has become the preferred bidder for the two brands. "It may not be a good time for Tata to enter into such a deal given the state of the credit market," ET quotes Aaron Low, a principal in Singapore at hedge fund Lumen Advisers, as saying. The Ford negotiations cued rating agencies to place Tata Motors credit ratings on negative watch. Moody's Investors Service has placed the Ba1 Corporate Family Rating of the company on review for possible downgrade. Should Tata proceed with the transaction and acquire the two businesses, it will face considerable execution and integration challenges, Moody's Vice President/Senior Analyst Elizabeth Allen said. Standard & Poor's Ratings Services, on Jan. 7, 2008, placed on CreditWatch with negative implications its: -- 'BB+' long-term corporate credit ratings on Tata Motors; and -- 'BB+' foreign currency rating on all of Tata Motor's rated debt issues. Standard & Poor's Credit Analyst Anshukant Taneja said Tata's acquisition of the brands could potentially have a negative impact on the corporate credit ratings on the company, especially if it is heavily funded by debt. India's rating agencies, ICRA and CRISIL also placed the carmaker's ratings on rating watch with negative implications. According to CRISIL, if the acquisition involves a high level of debt, the transaction would have an adverse impact on Tata Motors' financial risk profile over the short to medium term. It would also pose challenges to Tata Motors' business risk profile, since a significant proportion of the consolidated revenues will be driven by the acquired businesses where Tata Motors has yet to build and demonstrate its capabilities, CRISIL adds. India's largest automobile company, Tata Motors Limited -- http://www.tatamotors.com/-- is mainly engaged in the business of automobile products consisting of all types of commercial and passenger vehicles, including financing of the vehicles sold by the Company. The Company's operating segments consists of Automotive and Others. In addition to its automotive products, it offers construction equipment, engineering solutions and software operations. Tata Motors has operations in Russia and the United Kingdom. * * * Standard & Poor's Ratings Services, on July 13, 2007, assigned its 'BB+' issue rating to the proposed US$490 million zero- coupon convertible bonds of India's Tata Motors Ltd. (BB+/Stable/--). The bonds represent a direct, unsecured and unsubordinated obligation of the company. Proceeds from the bonds will be used for capital expenditure, overseas investments, acquisitions, and other general corporate purposes. Moody's Investors Service, on July 26, 2005, gave Tata Motors 'Ba1' long-term corporate family and senior unsecured debt ratings. WALKER TAXIS: Claims Filing Period Ends February 12 --------------------------------------------------- Creditors of Walker Taxis Ltd. have until Feb. 12 to send in their full names, their addresses and descriptions, full particulars of their debts and claims, and names and addresses of their solicitors (if any) to: Ian W. Kings Joint Liquidator Tenon Recovery Tenon House Ferryboat Lane Sunderland Tyne and Wear SR5 3JN England Ian William Kings and Steven Philip Ross of Tenon Recovery were appointed joint liquidators of the company on Dec. 18, 2007 by resolutions of members and creditors. * Ernst & Young Appoints 17 New U.K. Partners --------------------------------------------- Ernst & Young has appointed 17 new partners to the U.K. firm with immediate effect taking the total number of partners we have admitted over the last six months to 29. The appointments are across the firm in all service lines and industry sectors as well as up and down the U.K. "We are very confident in the future growth prospects of our firm: Ernst & Young in the U.K. has grown by nearly 50% in the last three years and across the NEMIA area growth has been exceptional with India, South Africa and the Middle East increasing revenues by more than 40% in 2007 alone," Mark Otty, chairman of Ernst & Young in the U.K./ and managing partner Northern Europe Middle East, India and Africa (NEMIA), said. "Our global strategy of twinning more mature markets with emerging ones and our unique NEMIA operating model are widely acknowledged as a powerful approach and have cemented our reputation for providing exceptional services to clients. "Ernst & Young in the U.K. is differentiating itself in the market place through our distinctive values campaign which has received a favorable response from our people, our clients and other stakeholders. We have recruited record numbers of staff at all levels and are committed to continued investment in new partners to drive our business forward. "Not only do we have the most international and diverse leadership of any major professional services firm in the U.K. but we have the highest number of female partners amongst the top six firms. "As well as promoting from within we have also made a major investment in direct entry partners. The firm has built itself a deserved reputation for not only promoting quality candidates internally but attracting the brightest and the best from the external market place. We expect to make plenty more of these appointments throughout 2008." The new appointees include: * Adrian Nicholls * Alex Gaunt * Andy Bates * Annie Graham * Clive Martin * David Scourfield * Graham Farquhar * Giles Capon * Ian Scott * Kevin McAuley * Mark Wesley * Matt Maltz * Matthew Evans * Pamela Spence * Stuart Gregory * Taylor Dewar * Tom Lukic About E&Y Ernst & Young -- http://www.ey.com/-- provides broad array of services relating to audit and risk-related services, tax, and transactions across all industries-from emerging growth companies to global powerhouses-deal with a broad range of business issues. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than US$3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/booksto order any title today. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Jazel P. Laureno, Julybien Atadero, Carmel Zamesa Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Pius Xerxes Tovilla, Kristina Godinez, Patrick Abing and Marites Claro, Editors. Copyright 2008. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$625 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *