T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, January 10, 2008, Vol. 9, No. 7 Headlines A U S T R I A AMB BAU: Creditors' Meeting Slated for Jan. 22 ARIFOSKI KEG: Linz Court Orders Business Shutdown BESSER SAUBER: Salzburg Court Orders Business Shutdown DSH INTERNATIONAL: Leoben Court Orders Business Shutdown GEOSPACE BECKEL: Salzburg Court Orders Business Shutdown KOMARO BAU: Vienna Court Orders Business Shutdown LINZER TANZZENTRUM: Creditors' Meeting Slated for Jan. 21 RE-HA REHABILITATIONS: Vienna Court Orders Business Shutdown TAG-BAU LLC: Wiener Neustadt Court Orders Business Shutdown TRELLIS AUTOMATISIERUNGS: Wiener Neustadt Court Orders Shutdown WK-BAU LLC: Creditors' Meeting Slated for Jan. 23 B E L G I U M AVNET INC: Selects Four New Corporate Vice Presidents B U L G A R I A FIRST INVESTMENT: Fitch Affirms BB- IDR with Stable Outlook D E N M A R K EASTMAN KODAK: Signs Tech License Pacts with Matsushita Electric F R A N C E BOSTON SCIENTIFIC: Completes US$750 Mln Sale of Surgery Business DELPHI CORP: Court Rejects Intermet's Demand for Claims Payment DELPHI CORP: Plans to Reduce US$6.8 Billion Exit Financing DELPHI CORP: Committees Wants Participation in Exit Loan Process DELPHI CORP: Expands Supply Contract with VaST Systems EUTELSAT COMMS: Picks EADS Astium to Launch KA-Band Satellite LAZARD LTD: Appoints John Rutherford as Managing Director URS CORPORATION: Washington Unit Bags US$67-Million Task Order G E R M A N Y A. MERKELBACH: Claims Registration Period Ends Jan. 24 ASAT HOLDINGS: Has Until July 1 to Comply With Nasdaq Rules BAUGESCHAFT KLAUS: Claims Registration Period Ends Jan. 22 DRUCKEREI SIEBOLD: Claims Registration Period Ends Jan. 29 GASTRO ITALIA: Claims Registration Period Ends Jan. 31 HAVENROCK II: Fitch Junks Ratings on Junior Loans from IKB HELMUT KOEHLER: Claims Registration Period Ends Jan. 28 IMMO BAU: Claims Registration Period Ends Jan. 28 KOSLOWSKI BEDACHUNGEN: Claims Registration Period Ends Jan. 31 LA LEITUNGSBAU: Claims Registration Period Ends Jan. 25 MINDQUARRY GMBH: Claims Registration Period Ends Jan. 30 NETWORX CONSULTING: Claims Registration Ends February 1 NTG GASTRO: Claims Registration Ends February 1 PIN GROUP: Horst Piepenburg Anticipates Financial Recovery REGENERATIVE ENERGIE: Claims Registration Ends February 1 ROHRBERG MALERTEAM: Creditors' Meeting Slated for Feb. 1 SHV HAUS: Claims Registration Ends February 1 SPAN-TECH GMBH: Claims Registration Ends February 1 G R E E C E ARMSTRONG WORLD: Nitram & Desseaux's Joint Plan Set Dec. 28 I R E L A N D AFFILIATED COMPUTER: Inks Strategic Alliance Pact with Ingenix EIRLES TWO: Moody's Cuts Rating to Ba2 on Series 129 Notes SCOTTISH RE: Receives Non-Compliance Notice from NYSE I T A L Y DANA CORP: Posts US$29,000,000 Net Loss in Month Ended Nov. 30 DANA HOLDING: Moody's Assigns (P)B1 Corporate Family Rating EUROHOME MORTGAGES: Moody's Rates EUR10.3MM Class E Notes at B3 K A Z A K H S T A N AKBAZJAN LLP: Proof of Claim Deadline Slated for Feb. 1 ASTANA BEL: Creditors Must File Claims by Feb. 1 BEGGON LLP: Claims Filing Period Ends Feb. 1 CEFIRA LLP: Creditors' Claims Due on Feb. 1 DALA TAU: Claims Registration Ends Feb. 1 FIRM ADS: Proof of Claim Deadline Slated for Feb. 1 NORD MASTER: Creditors Must File Claims by Feb. 1 PLAZMA LLP: Claims Filing Period Ends Feb. 5 UNDER GROUND: Creditors' Claims Due on Feb. 1 K Y R G Y Z S T A N INTER TRADE: Creditors Must File Claims by January 30 N O R W A Y BRIGHTPOINT INC: To Market Garmin Mobile Phone Products in US P O L A N D NETIA SA: Outlines 2008-2009 Growth Strategy Financing Options ZLOMREX S.A.: S&P Cuts Ratings to B- on Liquidity Risk R U S S I A CHAIBUKHA MUNICIPAL: Creditors Must File Claims by Jan. 22 KAUCHUK* CJSC: Asset Sale Slated for Jan. 21 KRIULINSKIJ AGRICULTURAL: Asset Sale Slated for Jan. 17 KURGANINSKIJ MILLING: Competitive Proceedings Slated for Nov. 25 KUZHENERSKOYE AGROPROMENERGO: Claims Filing Period Ends Feb. 22 LENINGRADSKIJ SHIPBUILDING: Claims Filing Period Ends Feb. 22 MAGCHERMET CJSC: Creditors Must File Claims by Jan. 22 PIK GROUP: Fitch Rates IDR BB- on Market Position RA-KUBAN'OILMASH CJSC: Creditors Must File Claims by Jan. 22 SOS'VINSKY WOOD-WORKING: Asset Sale Slated for Jan. 25 TD KASLINSKIJ: Creditors Must File Claims by Jan. 22 UST'-ILIMSKIJ MILK: Asset Sale Slated for Jan. 30 S P A I N FTA MADRID I: Fitch Rates Class E at BB+ with Stable Outlook S W I T Z E R L A N D F. SCHNEIDER TRANSPORTE: Claims Registration Period Ends Jan. 14 FREY CONCEPTS: Zug Court Closes Bankruptcy Proceedings GISE LLC: Thurgau Court Closes Bankruptcy Proceedings INTERCOM TRUST: Creditors' Liquidation Claims Due by January 14 LIFESTYLE&MORE LLC: Lucerne Court Starts Bankruptcy Proceedings MMB METALLBAU: Claims Registration Period Ends January 14 PETERWEBER LLC: Creditors' Liquidation Claims Due by January 25 PFAFFLI PROJEKTLEITUNGEN: Creditors Must File Claims by Jan. 14 ROTTMANN: Basel-Country Court Starts Bankruptcy Proceedings THOMA BACKEREI: Creditors' Liquidation Claims Due by January 14 VETSCH & PARTNER: Creditors' Liquidation Claims Due by Jan. 14 U K R A I N E ADAPTER LLC: Proofs of Claim Deadline Set January 12 DRUZHBA LLC: Proofs of Claim Deadline Set January 12 CITY BUILDING: Creditors Must File Claims by January 12 ITEK LLC: Proofs of Claim Deadline Set January 12 METALINDUSTRY LLC: Proofs of Claim Deadline Set January 12 MYRONIVSKY HILBOPRODUCT: Fitch Affirms IDR at B ODESSA-INDUSTRIAL COLD: Proofs of Claim Deadline Set January 12 PROJECT SERVICE: Proofs of Claim Deadline Set January 12 PROVINCE-SVIT LLC: Proofs of Claim Deadline Set January 12 SHYLOVKA CJSC: Proofs of Claim Deadline Set January 12 VIVAT LLC: Proofs of Claim Deadline Set January 12 WHOLESALE TRADE: Proofs of Claim Deadline Set January 12 U N I T E D K I N G D O M BALLY TOTAL: Court Okays Latham & Watkins' US$1.8 Million Fees BOGACKI PROJECT: Brings In Begbies Traynor as Administrators BRITISH AIRWAYS: Offers Alternative Travel to MAXjet Customers CAMPIGOTTO RESTAURANTS: Taps Liquidators from Chantrey Vellacot CARD WORLD: Taps KPMG LLP to Administer Assets FORD MOTOR: Investing US$500 Million to Expand India Operations ING RE UK LTD: Chapter 15 Petition Summary ITRON INC: Posts US$3.4 Million Net Loss in 2007 Third Quarter MALACHITE 1: Appoints Joint Administrators from Ernst & Young MAZDA MOTOR: Sees Further Growth in 2008 MONITOR OIL: Court Approves Dorsey & Whitney as Attorney MONITOR OIL: Hires Akin Gump as Special Counsel PROTON HOLDINGS: May Get Strategic Partner in 3 to 5 Years * Chadbourne & Parke Adds 5 Partners in NY, Moscow & UK Offices * Upcoming Meetings, Conferences and Seminars ********* ============= A U S T R I A ============= AMB BAU: Creditors' Meeting Slated for Jan. 22 ---------------------------------------------- Creditors owed money by LLC AMB Bau (FN 69561x) are encouraged to attend the creditors' meeting at 9:00 a.m. on Jan. 22. The creditors' meeting will be held at: The Land Court of Graz Room 205 Hall K Second Floor Graz Austria Headquartered in Graz, Austria, the Debtor declared bankruptcy on Nov. 22, 2007 (40 S 34/07h). Arno Lerchbaumer serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Dr. Arno Lerchbaumer Marburgerkai 47 8010 Graz Austria Tel: 0316/822244-0 Fax: 0316/822244-22 E-mail: office@lerchbaumer.co.at ARIFOSKI KEG: Linz Court Orders Business Shutdown ------------------------------------------------- The Land Court of Linz entered Nov. 22, 2007, an order shutting down the business of KEG ARIFOSKI (FN 279074d). Court-appointed estate administrator Alexander Burkowski 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. Alexander Burkowski Graben 32 4020 Linz Austria Tel: 0732/654556 Fax: 0732/65455657 E-mail: burkowski.keul@aon.at Headquartered in Hoersching, Austria, the Debtor declared bankruptcy on Nov. 19, 2007 (Bankr. Case No 38 S 61/07k). BESSER SAUBER: Salzburg Court Orders Business Shutdown ------------------------------------------------------ The Land Court of Salzburg entered Nov. 21, 2007, an order shutting down the business of LLC besser sauber.at Vertrieb (FN 284037b). Court-appointed estate administrator Tobias Mitterauer 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. Tobias Mitterauer Kasernenstrasse 4 5073 Wals Austria Tel: 0662/85 42 27 Fax: 0662/854227-40 E-mail: kanzlei@steger-partner.at Headquartered in Salzburg, Austria, the Debtor declared bankruptcy on Nov. 13, 2007 (Bankr. Case No 23 S 78/07a). DSH INTERNATIONAL: Leoben Court Orders Business Shutdown -------------------------------------------------------- The Land Court of Leoben entered Nov. 28, 2007, an order shutting down the business of DSH International Limited (FN 276449v). Court-appointed estate administrator Erwin Bajc 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 Bajc Mittergasse 28 8600 Bruck an der Mur Austria Tel: 03862-51462 Fax: 03862-51462-10 E-mail: rechtsanwaelte@bzt.at Headquartered in Zeltweg, Austria, the Debtor declared bankruptcy on Nov. 15, 2007 (Bankr. Case No 17 S 97/07v). GEOSPACE BECKEL: Salzburg Court Orders Business Shutdown -------------------------------------------------------- The Land Court of Salzburg entered Nov. 23, 2007, an order shutting down the business of LLC GEOSPACE Beckel Satellitenbilddaten (FN 107457a). Court-appointed estate administrator Christoph Brandweiner 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. Christoph Brandweiner Reichenhaller Strasse 9 5020 Salzburg Austria Tel: 0662/844450 Fax: 0662-844450-31 E-mail: kanzlei@dr-brandweiner.at Headquartered in Salzburg, Austria, the Debtor declared bankruptcy on Oct. 31, 2007 (Bankr. Case No 23 S 74/07p). KOMARO BAU: Vienna Court Orders Business Shutdown ------------------------------------------------- The Trade Court of Vienna entered Nov. 27, 2007, an order shutting down the business of LLC KOMARO Bau und Baustoffhandels (FN 291755b). Court-appointed estate administrator Gerhard Stauder 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. Gerhard Stauder c/o Dr. Georg Kahlig Siebensterngasse 42 1070 Vienna Austria Tel: 523 47 91 Fax: 523 47 91 33 E-mail: kahlig.partner@aon.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 16, 2007 (Bankr. Case No 3 S 148/07w). Georg Kahlig represents Mag. Stauder in the bankruptcy proceedings. LINZER TANZZENTRUM: Creditors' Meeting Slated for Jan. 21 --------------------------------------------------------- Creditors owed money by LLC Linzer Tanzzentrum Jakob (FN 198132x) are encouraged to attend the creditors' meeting at 9:00 a.m. on Jan. 21. The creditors' meeting will be held at: The Land Court of Linz Room 522 Fifth Floor Linz Austria Headquartered in Linz, Austria, the Debtor declared bankruptcy on Nov. 21, 2007 (12 S 88/07i). Peter Shamiyeh serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Dr. Peter Shamiyeh Hopfengasse 23 4020 Linz Austria Tel: 0732/66 73 26 Fax: 0732/66 73 20-942 E-mail: p.shamiyeh@wildmoser-koch.com RE-HA REHABILITATIONS: Vienna Court Orders Business Shutdown ------------------------------------------------------------ The Trade Court of Vienna entered Nov. 21, 2007, an order shutting down the business of LLC re-ha Rehabilitations- und medi- zinische Produkte (FN 69230i). Court-appointed estate administrator Michael Ludwig Lang 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. Michael Ludwig Lang Maria-Theresien-Strasse 9/4 1090 Vienna Austria Tel: 319 32 60 Fax: 319 32 60-9 E-mail: lang@brandlang.com Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 19, 2007 (Bankr. Case No 28 S 136/07i). TAG-BAU LLC: Wiener Neustadt Court Orders Business Shutdown ----------------------------------------------------------- The Land Court of Wiener Neustadt entered Nov. 26, 2007, an order shutting down the business of LLC Tag - Bau (FN 85567i). Court-appointed estate administrator Martin Schober 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. Martin Schober c/o Dr. Georg Schober Hauptplatz 11 2700 Wiener Neustadt Austria Tel: 02622/23228 Fax: 02622/23228-26 E-mail: m.schober@schober.at Headquartered in Sollenau, Austria, the Debtor declared bankruptcy on Nov. 16, 2007 (Bankr. Case No 10 S 112/07k). Georg Schober represents Dr. Schober in the bankruptcy proceedings. TRELLIS AUTOMATISIERUNGS: Wiener Neustadt Court Orders Shutdown --------------------------------------------------------------- The Land Court of Wiener Neustadt entered Nov. 28, 2007, an order shutting down the business of LLC TRELLIS Automatisierungs- & Event-Technik (FN 272780y). Court-appointed estate administrator Petra Klingenschmid 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. Petra Klingenschmid Wassergasse 20 2500 Baden bei Wien Austria Tel: 02252/252991 Fax: 02252/252991-25 E-mail: office@aurednik.at Headquartered in Leobersdorf, Austria, the Debtor declared bankruptcy on Nov. 14, 2007 (Bankr. Case No 10 S 111/07p). WK-BAU LLC: Creditors' Meeting Slated for Jan. 23 ------------------------------------------------- Creditors owed money by LLC WK-Bau (FN 30476v) are encouraged to attend the creditors' meeting at 10:00 a.m. on Jan. 23. The creditors' meeting will be held at: The Land Court of Korneuburg Room 204 Second Floor Korneuburg Austria Headquartered in Maria Lanzendorf, Austria, the Debtor declared bankruptcy on Nov. 21, 2007 (36 S 135/07f). Ilse Korenjak serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Dr. Ilse Korenjak Gusshausstrasse 6 1040 Vienna Austria Tel: 01/512 21 02 Fax: 01/512 21 02 20 E-mail: office@buresch-korenjak.at ============= B E L G I U M ============= AVNET INC: Selects Four New Corporate Vice Presidents ----------------------------------------------------- Avnet Inc. has elected four new corporate officers and the promoted two others. John Paget, president, Avnet Technology Solutions Global; Jim Smith, president, Avnet Logistics; and K.P. Tang, president, Avnet Technology Solutions Asia Pacific, have all been elected as new corporate vice presidents for Avnet, Inc. In addition, Jill Wysolmierski was elected chief tax officer. Phil Gallagher, president, Avnet Electronics Marketing Americas, was promoted to corporate senior vice president for Avnet, Inc., and Jun Li, assistant general counsel, was promoted to secretary from assistant secretary. "These promotions reflect the substantial contributions each of these executives has made to the success of Avnet," said Roy Vallee, chairman and CEO, Avnet, Inc. "By demonstrating exceptional performance in their respective areas of responsibility, they have earned the respect of their peers, both as leaders and colleagues, with a commitment to excellence." John Paget, president, Avnet Technology Solutions Global, joined Avnet in 2007 and is responsible for leading Avnet's growing US$6 billion computing business worldwide. He came to Avnet from Synnex Corporation, where he was president of the Technology Solutions Division and had also served as president of Synnex North America and chief operating officer. Prior to that position, he had worldwide responsibility for GE Technology Financial Services as senior vice president and general manager. He reports to Rick Hamada, chief operating officer for Avnet, and is a member of the Avnet Executive Board. Jim Smith was promoted to president of Avnet Logistics in 2006 after serving as senior vice president of Warehousing & Distribution Worldwide for Avnet. Mr. Smith oversees logistics services globally and is a member of the Avnet Executive Board. He joined Avnet in 2000 and was responsible for logistics operations for Avnet Electronics Marketing in the Americas. Prior to joining Avnet, he served in leadership positions with Marshall Industries, Kierulff Electronics, Wyle Electronics Marketing Group and Atlas Services North America. He also reports to Rick Hamada and is a member of the Avnet Executive Board. K.P. Tang, president, Avnet Technology Solutions Asia Pacific, is responsible for the strategic direction and growth of Avnet Technology Solutions' Asia Pacific region. Mr. Tang joined Avnet in 2005 and has had a distinguished career, most recently serving as vice president of Asia Business and Development and Sales for Celestica, Inc., a global provider of electronics manufacturing services with operations in Asia, Europe and the Americas. His career also includes more than 30 years with IBM. He reports to Mr. Paget. Jill Wysolmierski, CPA, is vice president of Corporate Tax for Avnet, Inc. She has responsibility for managing all aspects of global income tax matters. Ms. Wysolmierski joined Avnet in 1998 and previously served in tax management positions with AT&T, Hoke Incorporated and KPMG. She reports to Ray Sadowski, Avnet chief financial officer. Phil Gallagher, president, Avnet Electronics Marketing Americas, is responsible for leading Avnet Electronics Marketing in the Americas, a position he has held since 2004. He previously served as senior vice president, global business development, Avnet Electronics Marketing, where he was responsible for the group's global supplier relationships. He has been with Avnet for more than 25 years, holding a series of progressively more responsible positions. He was first named a corporate officer in November 1997 and reports to Harley Feldberg, president of Avnet Electronics Marketing Global. Jun Li, vice president and assistant general counsel, joined Avnet in April 2005. Mr. Li's responsibilities include managing core entity information for the company's 200 plus subsidiaries globally and counseling the Board of Directors and senior management on corporate governance. He joined Avnet in April 2005 as associate general counsel with primary responsibility for providing legal support in the areas of securities law, capital market transactions and corporate governance. He first became a corporate officer in 2006 and reports to David Birk, Avnet general counsel. About Avnet Inc. Headquartered in Phoenix, Arizona, Avnet, Inc. -- http://www.avnet.com/-- distributes electronic components and computer products, primarily for industrial customers. It has operations in the following countries: Australia, Belgium, China, Germany, Hong Kong, India, Indonesia, Italy, Japan, Malaysia, New Zealand, Philippines, Singapore, and Sweden, Brazil, Mexico and Puerto Rico. * * * Moody's Investors Service affirmed Avnet's Ba1 corporate family long-term debt ratings in March 2007. Moody's said the outlook is positive. =============== B U L G A R I A =============== FIRST INVESTMENT: Fitch Affirms BB- IDR with Stable Outlook ----------------------------------------------------------- Fitch Ratings has affirmed Bulgaria-based First Investment Bank's Long-term Issuer Default rating at 'BB-' with a Positive Outlook, Short-term IDR at 'B', Individual rating at 'D', Support rating at '5' and Support Rating Floor at 'No Floor'. FIB's ratings reflect the bank's growing franchise, improvements in business diversification, capitalization and risk management framework. However, FIB's ratings still consider borrower concentration, lower profitability than peers' and a small capital base in absolute terms, which, despite the recent increase which followed the floating of the bank, remains only acceptable in relation to its risks. An upgrade could result from a longer record in managing growth while maintaining the current relatively low percentage of impaired loans and adequate capitalization in a context of increasing profitability and cost efficiency. In addition, improvements in liquidity and the funding franchise would also benefit the bank's ratings. Downgrade pressure could arise from deterioration of capitalization or failure to manage credit and operational risks that follow growth. Profitability has been improving, with growing business volumes, particularly in the higher-yielding, but higher-risk, retail and SME sectors. This has led to better net interest margin despite intense competition in the Bulgarian banking sector. Margins, however, remain on the low side when compared with local peers' that have a more extensive physical presence and benefit from lower costs of funding from their international parents. Asset quality ratios are sound, with NPLs constituting 1.6% of gross loans at end of first half of 2007. Loan impairment allowances stood at a comfortable 160% of NPLs. The recent significant lending growth might be a cause for concern, particularly in the retail sector as loan books season; however, the proportion of retail lending to FIB's total lending is still lower than at most Bulgarian banks rated by Fitch. Borrower concentration has been declining but remains high. Market risks appear to be well controlled and the current turmoil in the international financial markets has not had any significant adverse impact on the bank. While the majority of its funding derives from customer deposits, the bank has successfully diversified its funding sources through access to international markets and is continuing to do so. Liquidity is tightening following growth. Operational risk, although limited to date, might be a cause of concern, given the bank's rapid growth, particularly in the retail sector where it has less experience. Founded in 1993, FIB is currently the fifth-largest bank in Bulgaria by assets. At end of first half of 2007, FIB had markets shares of 8% in terms of both loans and deposits. The bank remains orientated to corporate clients but continues to actively expand retail lending. The bank operated through a network of 123 branches and 548 ATMs and had 2,002 employees as at end-September 2007. Ultimate control of the bank lies in the hands of two individuals, its founding shareholders, who have significant interests in the tourism and real estate sectors. FIB was listed on the Sofia Stock Exchange in May 2007. It recently set up a subsidiary bank in Albania. ============= D E N M A R K ============= EASTMAN KODAK: Signs Tech License Pacts with Matsushita Electric ---------------------------------------------------------------- Eastman Kodak Company has entered into technology license agreements with Matsushita Electric Industrial Company and with Victor Company of Japan, Limited that will allow each company access to the other's patent portfolio. The license agreements, which provide significant benefits to all companies, is royalty bearing to Kodak. Additional financial terms were not disclosed. "We are pleased to have reached a mutually beneficial arrangement that advances the interests of Kodak and of MEI and JVC," said Laura G. Quatela, Chief Intellectual Property Officer, and Vice President, Eastman Kodak. "Each cross-license agreement provides the companies with access to each other's technology, and validates the strength of Kodak's intellectual property portfolio." About Eastman Kodak Headquartered in Rochester, New York, Eastman Kodak Co. (NYSE: EK)-- http://www.kodak.com/-- develops, manufactures, and markets digital and traditional imaging products, services, and solutions to consumers, businesses, the graphic communications market, the entertainment industry, professionals, healthcare providers, and other customers. The company has operations in Argentina, Chile, Denmark, Greece, Jordan, Yemen, Australia, China among others. As reported in the Troubled Company Reporter-Latin America on Sept. 14, 2007, Standard & Poor's Ratings Services has affirmed its 'B+' corporate credit rating on Eastman Kodak Co. and removed the ratings from CreditWatch, where they had been placed with negative implications on Aug. 2, 2006. S&P said the outlook is negative. =========== F R A N C E =========== BOSTON SCIENTIFIC: Completes US$750 Mln Sale of Surgery Business ---------------------------------------------------------------- Boston Scientific Corporation has completed the sale of its Cardiac Surgery and Vascular Surgery businesses to the Getinge Group of Sweden for US$750 million in cash. As reported in the Troubled Company Reporter on Nov. 7, 2007, Boston Scientific Corporation signed a definitive agreement for the sale of its Cardiac Surgery and Vascular Surgery businesses to the Getinge Group. The company disclosed its intent to sell the Cardiac Surgery and Vascular Surgery businesses on Aug. 16, as part of its plan to divest non-strategic assets and increase shareholder value. Boston Scientific acquired the Cardiac Surgery business in April 2006 as part of the Guidant transaction. The Cardiac Surgery business is a developer of medical technologies designed for use in surgical cardiac procedures, including beating-heart bypass surgery systems and endoscopic vessel harvesting for coronary bypass surgery. The business employs approximately 450 people. The company expects to record after-tax charges of approximately US$240 million in connection with the transaction. These charges will be recorded during the fourth quarter of 2007 and the first quarter of 2008. "We have now sold three of our five previously identified non- strategic businesses, and we expect to close on the remaining two -- Fluid Management and Venous Access -- this quarter," Jim Tobin, president and chief executive officer of Boston Scientific, said. "These divestitures -- along with our ongoing efforts to reduce expenses and simplify our operating model -- should help us achieve our overall goals of restoring profitable growth, increasing shareholder value and strengthening Boston Scientific for the future." 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 Rejects Intermet's Demand for Claims Payment --------------------------------------------------------------- The Honorable Robert Drain of the U.S. Bankruptcy Court for the Southern District of New York denies Intermet Corp.'s request for US$417,200 administrative claim payment. The Court finds that pursuant to a 2007 settlement agreement between Intermet Corp. and the Debtors, Intermet released all claims and rights related to the parties' Dec. 12, 2003 prepetition rebate agreement, and thereby released its right to recover its US$417,200 Administrative Claim. "Intermet has failed, in any event, to establish that it is entitled to administrative expense priority under the Bankruptcy Code," Judge Drain relates. John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, in Chicago, Illinois, emphasizes that Intermet's purported administrative claim arose at the time: (1) the parties entered into the Prepetition Agreement; and (2) Intermet gave the Debtors consideration in the form of advanced rebate. The Debtors' failure to meet minimum purchase obligations was clearly contemplated under the Prepetition Agreement, Mr. Butler points out. Intermet's request for a refund, therefore, cannot form the basis of an administrative expense claim. 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: Plans to Reduce US$6.8 Billion Exit Financing ---------------------------------------------------------- Delphi Corp. and its debtor-affiliates relayed, in a regulatory filing with the U.S. Securities and Exchange Commission, their intent to reduce the amount of the US$6.8 billion exit financing. Delphi Corp. Vice President and Chief Restructuring Officer John D. Sheehan notes that during the second half of 2007, Delphi generated cash flow in excess of the amount projected in its revised business plan, ending the year with more cash available than set forth in its First Amended Joint Plan of Reorganization. "As a result of a permanent improvement in liquidity, Delphi will be reducing the amount of requested exit financing," Mr. Sheehan relates. Delphi did not disclose the amount of reduction. As reported in the Troubled Company Reporter on Nov. 19, 2007, the contemplated exit financing comprised of: * a US$1.6 billion senior secured first lien asset-based revolving credit facility; * a US$3.7 billion senior secured first-lien term facility; and * a US$1.5 billion senior secured second-lien term facility, of which up to US$750 million will be in the form of a note issued to General Motors Corp. in connection with the distributions contemplated under the First Amended Joint Plan of Reorganization. Delphi was expected to launch for syndication its proposed exit financing on January 8, market sources told Reuters Loan Pricing Corp. 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. 105; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) DELPHI CORP: Committees Wants Participation in Exit Loan Process ---------------------------------------------------------------- Delphi Corp. and its debtor-affiliates ask the U.S. Bankruptcy Court for the Southern District of New York to permit members of the Official Committee of Unsecured Creditors and the Official Committee of Equity Security Holders to participate in the syndication of the Debtors' Exit Financing. As reported in the Troubled Company Reporter on Nov. 19, 2007, the Debtors disclosed that they are in the process of arranging for exit financing, comprised of: * a US$1.6 billion senior secured first lien asset-based revolving credit facility; * a US$3.7 billion senior secured first-lien term facility; and * a US$1.5 billion senior secured second-lien term facility, of which up to US$750 million will be in the form of a note issued to General Motors Corp. in connection with the distributions contemplated under the First Amended Joint Plan of Reorganization. The Court has authorized JPMorgan Securities Inc., JPMorgan Chase Bank, N.A., and Citigroup Global Markets Inc., to assemble a syndicate of lenders to provide the exit financing arrangements. At this stage of their bankruptcy cases, other than achieving the necessary votes on their proposed Plan, the chief remaining step that the Debtors must take before emerging from Chapter 11 is to obtain exit financing in what is a very turbulent financing marketplace, according to John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, in Chicago, Illinois. The Debtors believe that they and the Exit Lenders should continue their aggressive pursuit of exit financing from a number of sources, including certain members of the Statutory Committees. Mr. Butler points out that the Court-approved Disclosure Statement, which contains approximately 3,000 pages of financial and other information about the Debtors, is in the hands of all parties-in-interest and is readily available in the public domain. "The amount and nature of current financial and other information available to Statutory Committee members and to those who have not previously been privy to material nonpublic information during the cases is now largely the same as a result of the distribution of this disclosure to the public," he says. With the Disclosure Statement now in the public domain, the Debtors aver that there will not be any conflict if Statutory Committee members were to participate in the syndication of the Exit Financing. "Nor is there any reason why a Statutory Committee member should required to resign from either of the Statutory Committees on account of participation in the Exit Financing Syndication," Mr. Butler asserts. The Debtors propose that the Court require any Statutory Committee member who intends to participate in the Exit Financing Syndication to, in advance of its participation, make written disclosure of its intention to the Debtors, counsel to each of the Statutory Committees, and the U.S. Trustee. 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. 105; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) DELPHI CORP: Expands Supply Contract with VaST Systems ------------------------------------------------------ Delphi Corp. has expanded its contract with VaST Systems to supply virtualization solutions. Delphi Electronics & Safety Division uses VaST's solutions to help develop electronic control unit (ECU) software. VaST helps Delphi develop software without requiring hardware prototypes. The use of VaST virtualization solutions can bring deeper visibility and controllability to the software design process helping to net higher quality products. "Automotive electronic systems are experiencing exponential growth in software complexity with the growing expectation of improving product quality," said Frank Winters, Delphi Electronics & Safety manager of design methodology. "VaST's solutions help Delphi manage complexity." "Delphi is a leader in automotive electronics and a key customer in one of our most important market segments. Delphi's use of VaST solutions is indicative of an industry trend toward virtualized electronic system development. We are extremely pleased to provide Delphi with solutions that help them extend their leadership by delivering superior, differentiated products," said Jeff Roane, vice president of marketing at VaST. About VaST VaST Systems drives electronics virtualization. With VaST virtualization electronics companies develop software before hardware, enable early software development by ecosystem partners. 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 will expire on Dec. 31, 2007. On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan of Reorganization and a Disclosure Statement explaining that Plan. On Dec. 10, 2007, the Court entered an order approving the Debtors' Disclosure Statement. The hearing to consider confirmation of the Plan is set for Jan. 17, 2008. EUTELSAT COMMS: Picks EADS Astium to Launch KA-Band Satellite ------------------------------------------------------------- Eutelsat Communications has selected EADS Astrium to deliver its first satellite operating exclusively in KA-band frequencies. The satellite will form the cornerstone of a major new satellite infrastructure programme that will significantly expand capacity for consumer broadband services across Europe and the Mediterranean Basin, while providing new opportunities for local and regional television markets. Currently called KA-SAT and scheduled for launch in third quarter 2010, the satellite will be configured with over 80 spotbeams, making it the most advanced multi-spot satellite designed in the world to date. A network of eight gateways managed by Eutelsat, and which will provide access to KA-SAT and deliver the full range of services to end users, will form an integral part of the new infrastructure. New Capacity to Join Eutelsat's Hot Bird(TM) Satellites Eutelsat will locate KA-SAT at 13 degrees East where it will join three large HOT BIRD(TM) Ku-band broadcasting satellites that form the world's leading video neighbourhood. This collocation will enrich the range of consumer entertainment services offered from the Group's prime neighbourhood by enabling satellite homes to receive television in the Ku-band and new rich media services in the Ka-band through a single dual-frequency antenna. In advance and in preparation of KA-SAT, Eutelsat is using Ka-band capacity on its Hot Bird(TM) 6 satellite for a new consumer broadband service, launched in Europe at the end of 2007, and called Tooway(TM). The service is operated by the Group's broadband subsidiary Skylogic, in cooperation with ViaSat, a world-leader in powering innovative satellite platforms. Tooway(TM) uses ViaSat's well established SurfBeam(R) Docsis(R) system. Uniting Technology Expertise and New Collaboration with ViaSat KA-SAT is the European equivalent to ViaSat-1, a high-capacity Ka-band broadband satellite ordered by ViaSat to serve the North American market and planned to launch in 2011. ViaSat and Eutelsat are cooperating closely around ViaSat's Ka-band SurfBeam(R) networking system and a similar wholesale business model that works through ISPs, telecommunications companies and pay-TV platforms to serve subscribers. This collaboration builds on a long-standing relationship that has enabled the development and provision of groundbreaking broadband services for enterprise, in-flight, maritime and high-speed rail markets across Europe, the Middle East and Africa. KA-SAT marks a material step forward in multi-spot satellites, which are already demonstrating their efficiency for consumer Internet access, HDTV and local television broadcasting in hard- to-serve areas in North America. In particular, first- generation multi-spot satellites using ViaSat SurfBeam(R) Docsis(R) technology and operated by WildBlue and Telesat have already reached over 300,000 Internet subscribers since their launch in 2005. As a standard used by several tens of millions of cable customers worldwide, Docsis, together with powerful new Ka-band multi-spot satellites can facilitate important economies of scale to enable satellite-based consumer Internet services to achieve costs and bandwidth comparable to ADSL. Breaking New Barriers in Capacity The amount of bandwidth provided by KA-SAT, coupled with ViaSat's next generation SurfBeam(R) ground networking system, will take satellite operations to new levels of efficiency and capacity, delivering a total throughput of over 70 Gigabits per second. A watershed in satellite-based IP access, the new satellite and associated gateways will dramatically increase the number of addressable households to well beyond one million, with end-user speeds comparable to ADSL. This compares to several tens of thousands of professional users served by existing Ku-band satellites serving Europe. On signing the contract for KA-SAT with EADS Astrium, Eutelsat Chairperson and Chief Executive Officer, Giuliano Berretta said: "With their high power and broad coverage, today's Ku-band satellites are highly optimised for video broadcasting and professional data networks and are the core component of Eutelsat's satellite system. Today, with the announcement of our first full KA-band programme, we are crossing a new frontier to a specifically designed infrastructure for interactive consumer services. And by combining this satellite infrastructure at our Hot Bird(TM) neighbourhood with our Ku- band satellites optimised for broadcasting, we are in a unique position to expand the range of digital entertainment services available from a single neighbourhood to homes across Europe." Mr. Berretta added, "We will also leverage the substantial capacity available in the Ka-band for new opportunities for local and regional content. KA-SAT is also uniquely designed for transmitting new video applications requiring ultra high bit rates such as HD digital cinema and 3D television." "Through the satellite infrastructure programmes announced by Eutelsat and ViaSat, and the collaboration between our two companies, consumer satellite broadband is making exciting progress in terms of efficiency and competitiveness and can have a substantial impact in resolving the digital divide. More than 15 million homes in Europe and as many in North America will still be beyond range of terrestrial broadband networks in 2010," Mr. Berretta concludes. Procurement of the infrastructure Based on the Eurostar E3000 platform, KA-SAT is the 17th satellite commissioned by Eutelsat from EADS Astrium. Designed to operate for 15 years, it will have a launch mass of 5.8 tonnes and a payload consuming more than 11 kW of power. Its solar arrays will generate 15 kW of power. The procurement of this satellite and associated ground system forms part of the investment objective of Eutelsat Communications announced in October 2007 on the occasion of the Group's first quarter revenues for the 2007-2008 financial year. About Eutelsat Headquartered in Paris, France, Eutelsat Communications (Euronext Paris: ETL) -- http://www.eutelsat.com/-- is the holding company of Eutelsat S.A. The Group is a leading satellite operator with capacity commercialized on 23 satellites providing coverage over the entire European continent, as well as the Middle East, Africa, India and significant parts of Asia and the Americas. One of its worldwide operations is located in Brazil. The Group is one of the world's three leading satellite operators in terms of revenues. Its satellites are used for broadcasting nearly 1,800 TV and 900 radio stations to more than 120 million cable and satellite homes. The Group also provides TV contribution services, corporate networks, mobile positioning and communications, Internet backbone connectivity and broadband access for terrestrial, maritime and in-flight applications. * * * 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 sectors, Moody's Investors Service confirmed its Ba2 Corporate Family Rating for Eutelsat Communications S.A. Moody's also assigned a Ba3 probability of default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability of Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. Projected Debt LGD Loss-Given Debt Issue Rating Rating Default ---------- ------- ------ ---------- Senior Unsecured Bank Credit Facility Ba3 LGD4 55% LAZARD LTD: Appoints John Rutherford as Managing Director --------------------------------------------------------- Lazard Ltd. disclosed that John R. Rutherford has joined the firm as a Managing Director and Head of North American Energy Investment Banking. Based in Houston, Mr. Rutherford was most recently a Managing Director and Partner at Simmons & Company International, an independent investment bank serving the energy industry. Mr. Rutherford will be a senior member of Lazard's energy effort working closely with Bruce Bilger, who was recently hired as Chairman and Head of Global Energy, based in Houston. He also will work with George Bilicic, who heads the firm's Global Power & Energy group, and with Lazard investment bankers in North America, South America, Europe, Australia and Asia. "I have known John for twenty years," said Bruce Wasserstein, Chairman and CEO of Lazard. "As we continue to add industry depth to our financial advisory business, he will bring tremendous expertise to our global energy effort and to our Southwest regional business." Lazard's global Power & Energy sector has broadened and deepened its expertise over the past five years. The firm has most recently advised on such announced and completed transactions as the acquisition of TXU by KKR and an investor group, Sempra Energy in its joint venture with the Royal Bank of Scotland, ASM Brescia in its merger with AEM Milano, TransCanada in its acquisition of ANR Pipeline and Storage, Duke Energy in the separation of its gas and power businesses, KeySpan in its sale to National Grid and Gaz de France on its proposed merger with Suez. The firm has continued to bolster its teams in its Power & Energy effort, with the addition of Skip Grow in alternative energy, and now with Mr. Bilger and Mr. Rutherford. "John is one of the most respected investment bankers in energy," said Mr. Bilger. "He will play a key role in providing specialist skills and industry knowledge, which will be a great complement to our teams in Houston and North America." "Lazard has taken the concept of premium, financial advice to a global platform, while still bringing sector focus to the table," said Mr. Rutherford. "This is the perfect next step for me, and I look forward to working with the Lazard teams in Houston, North America and worldwide." Mr. Rutherford joins Lazard after ten years at Simmons, where he played a leadership role in building its financial advisory businesses in the mid-stream, downstream, and exploration and production sectors. He also expanded Simmons' efforts in public oil-field services industry transactions. During his tenure there he advised clients on such transactions as mergers and acquisitions, corporate restructurings and other strategic advisory assignments. Prior to Simmons, Mr. Rutherford was a senior M&A banker at Lehman Brothers in Houston in its Natural Resources Group and Mergers and Acquisitions Group, where he was primarily responsible for originating and executing M&A assignments and strategic advisory assignments. In his earlier years, Mr. Rutherford opened the Houston office for Wasserstein Perella & Co. and was a banker at First Boston. He also spent two years as CFO and partner of Sandefer Offshore. Mr. Rutherford earned a BBA in Petroleum Land Management and Accounting from the University of Texas at Austin, and an MBA with Distinction from the Wharton School of Business. About Lazard Ltd. Lazard Ltd. (NYSE:LAZ) -- http://www.lazard.com/-- is a preeminent financial advisory and asset management firms, that operates from 32 cities across 16 countries in North America, Europe, Asia, Australia and South America. With origins dating back to 1848, the firm provides advice on mergers and acquisitions, restructuring and capital raising, well as asset management services to corporations, partnerships, institutions, governments, and individuals. The company has locations in Australia, Brazil, China, France, Germany, India, Japan, Korea and Singapore. The company's consolidated balance sheet at Sept. 30, 2007, showed US$3.51 billion in total assets, US$3.54 billion in total liabilities, and US$49.0 million minority interest, resulting in a US$74.5 million total shareholders' deficiency. URS CORPORATION: Washington Unit Bags US$67-Million Task Order -------------------------------------------------------------- URS Corporation's Washington Division has been awarded a US$67 million task order by the U.S. Department of Energy to deactivate and demolish the Separations Process Research Unit, a former nuclear research facility in Niskayuna, New York. SPRU, which is located at the Knolls Atomic Power Laboratory, was operated from 1950 to 1953 as a pilot plant to research chemical processes to extract uranium and plutonium from irradiated uranium. URS was selected for the four-year task order from a pool of pre-qualified contractors under an existing indefinite delivery/indefinite quantity contract for a wide range of environmental tasks for the DOE. Under the terms of the task order, URS will deactivate, demolish and remove process facilities and nearby contaminated soil associated with the SPRU operations. "This award underscores the Washington Division's leadership position in safely managing complex, high-hazard projects and operations," said Stephen G. Hanks, President of URS' Washington Division. "For more than a half century, the Washington Division has successfully performed similar work for the DOE, its predecessor agencies and commercial nuclear companies." Headquartered in San Francisco, California, URS Corporation (NYSE:URS) -- http://www.urscorp.com/-- offers a comprehensive range of professional planning and design, systems engineering and technical assistance, program and construction management, and operations and maintenance services for transportation, facilities, environmental, water/wastewater, industrial infrastructure and process, homeland security, installations and logistics, and defense systems. The company operates in more than 20 countries with approximately 29,500 employees providing engineering and technical services to federal, state and local governmental agencies as well as private clients in the chemical, pharmaceutical, oil and gas, power, manufacturing, mining and forest products industries. The company also has offices in Argentina, Australia, Belgium, China, France, Germany, and Mexico, among others. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 7, 2007, Moody's Investors Service has downgraded the Corporate Family Rating of URS Corporation to Ba2 from Ba1 following the company's acquisition of Washington Group International, Inc. Moody's said the ratings outlook is stable. ============= G E R M A N Y ============= A. MERKELBACH: Claims Registration Period Ends Jan. 24 ------------------------------------------------------ Creditors of A. Merkelbach Winterberg GmbH have until Jan. 24 to register their claims with court-appointed insolvency manager Wilfried Pohle. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on Feb. 21, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Arnsberg Meeting Hall 328 Eichholzstr. 4 59821 Arnsberg 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: Wilfried Pohle Bahnstrasse 1 34431 Marsberg Germany The District Court of Arnsberg opened bankruptcy proceedings against A. Merkelbach Winterberg GmbH on Dec. 17, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: A. Merkelbach Winterberg GmbH Attn: Antonius Merkelbach, Manager Renau 1 59955 Winterberg Germany ASAT HOLDINGS: Has Until July 1 to Comply With Nasdaq Rules ----------------------------------------------------------- ASAT Holdings Limited received a letter from the Nasdaq Staff stating that for the prior 30 consecutive business days, the bid price of the company's American Depositary Shares had closed below the minimum US$1 per ADS requirement for continued inclusion on the Nasdaq Capital Market as set forth in Nasdaq Marketplace Rule 4320(e)(2)(E)(ii). Therefore, in accordance with the Rule, the company was provided with 180 calendar days, until July 1, 2008, to regain compliance with the Rule. If at any time before July 1, 2008, the bid price of the company's ADSs closes at US$1 per ADS or more for a minimum of 10 consecutive business days, the Nasdaq Staff will provide written notification that the company complies with the Rule. If compliance with the Rule cannot be demonstrated by July 1, 2008, the Nasdaq Staff will determine whether the company meets the initial listing criteria for the Nasdaq Capital Market, other than the bid price requirement. If the company meets the initial listing criteria, the Nasdaq Staff will notify the company that it has been granted an additional 180 calendar day period to regain compliance with the Rule. If the company is not eligible for an additional compliance period, the Nasdaq Staff will provide written notification that the company's ADSs will be delisted, and, at that time, the company may appeal the Nasdaq Staff's determination to delist to a Listing Qualifications Panel. In addition, on Jan. 3, 2008, the company received a letter from the Nasdaq Staff stating that the value of its listed securities has been below US$35,000,000 as required for inclusion by Marketplace Rule 4320(e)(2)(B). Therefore, in accordance with Marketplace Rule 4320(e)(2)(D), the company will be provided 30 calendar days, or until Feb. 4, 2008, to regain compliance. If, at any time before Feb. 4, 2008, the market value of listed securities of the company's ADSs is US$35,000,000 or more for a minimum of 10 consecutive business days, the Nasdaq Staff will determine if the company regains compliance. If compliance cannot be demonstrated by Feb. 4, 2008, the Nasdaq Staff will provide written notification that the company's securities will be delisted. At that time, the company may appeal the Nasdaq Staff's determination to delist to a Listing Qualification Panel. The company was also notified by Nasdaq on Jan. 3, 2008 that it does not comply with the minimum stockholders' equity of US$2,500,000 or net income from continuing operations of US$500,000 in the completed fiscal year or in two of the last three completed fiscal years, which are requirements for continued listing on the Nasdaq Capital Market. About ASAT Holdings Limited Headquartered in Pleasanton, California, ASAT Holdings Limited (Nasdaq: ASTT) -- http://www.asat.com/-- is a provider of semiconductor package design, assembly and test services. With 18 years of experience, the company offers a definitive selection of semiconductor packages and world-class manufacturing lines. ASAT's advanced package portfolio includes standard and high thermal performance ball grid arrays, leadless plastic chip carriers, thin array plastic packages, system-in- package and flip chip. ASAT was the first company to develop moisture sensitive level one capability on standard leaded products. The company has operations in the United States, Hong Kong, China and Germany. * * * Standard & Poor's placed ASAT Holdings Limited's long term foreign and local issuer credit ratings at 'CCC-' in September 2007. The outlook is negative. BAUGESCHAFT KLAUS: Claims Registration Period Ends Jan. 22 ---------------------------------------------------------- Creditors of Baugeschaft Klaus Pospischil GmbH have until Jan. 22 to register their claims with court-appointed insolvency manager Volkhard Frenzel. Creditors and other interested parties are encouraged to attend the meeting at 1:50 p.m. on Feb. 12, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Dessau Hall 123 Willy-Lohmann-Str. 33 Dessau Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Volkhard Frenzel Magdeburger Strasse 23 06112 Halle Germany Tel: 0345/2311111 Fax: 0345/2311199 The District Court of Dessau opened bankruptcy proceedings against Baugeschaft Klaus Pospischil GmbH on Dec. 19, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Baugeschaft Klaus Pospischil GmbH Attn: Klaus Pospischil, Manager Zoerbiger Strasse 18 06794 Beyersdorf Germany DRUCKEREI SIEBOLD: Claims Registration Period Ends Jan. 29 ---------------------------------------------------------- Creditors of Druckerei Siebold GmbH & Co. Kommanditgesellschaft have until Jan. 29 to register their claims with court-appointed insolvency manager Ulrich Zerrath. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on March 11, 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 Bochum Hall A29 Ground Floor Main Building Viktoriastrasse 14 44787 Bochum Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ulrich Zerrath Lange Wanne 57 45665 Recklinghausen Germany The District Court of Bochum opened bankruptcy proceedings against Druckerei Siebold GmbH & Co. Kommanditgesellschaft on Dec. 28, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Druckerei Siebold GmbH & Co. Kommanditgesellschaft Dorstener Str. 469 a 44653 Herne Germany Attn: Harry Petereit, Manager Gabelsberger Str. 6 42853 Remscheid Germany and Wolfram Siebold, Manager Holthoffstr. 25 45659 Recklinghausen Germany GASTRO ITALIA: Claims Registration Period Ends Jan. 31 ------------------------------------------------------ Creditors of Gastro Italia Verwaltungs GmbH have until Jan. 31 to register their claims with court-appointed insolvency manager Friedrich Neumann. Creditors and other interested parties are encouraged to attend the meeting at 10:20 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 Regensburg Hall 105 Augustenstr. 5 Regensburg 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. Friedrich Neumann Ludwig-Eckert-Str. 5-7 93049 Regensburg Germany Tel: 0941/25085/86 Fax: 0941/28123 The District Court of Regensburg opened bankruptcy proceedings against Gastro Italia Verwaltungs GmbH on Dec. 21, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Gastro Italia Verwaltungs GmbH Komotauer Str. 12 93073 Neutraubling Germany HAVENROCK II: Fitch Junks Ratings on Junior Loans from IKB ---------------------------------------------------------- Fitch Ratings has taken rating action on the Distress Recovery Ratings of the loan facilities provided by IKB Deutsche Industriebank AG and IKB International S.A. to Havenrock II Limited: -- US$165 million loan provided by IKB International: affirmed at 'CC/DR2'; Outlook Negative -- US$404.875 million facility C loan provided by IKB: affirmed at 'CC/DR2'; Outlook Negative -- US$43.75 million facility B loan provided by IKB: downgraded to 'CC/DR6' from 'CC/DR2'; Outlook Negative -- US$11.375 million facility A loan provided by IKB: downgraded to 'CC/DR6' from 'CC/DR2'; Outlook Negative The 364-day committed facilities can be drawn on to cover Havenrock II's obligations under a credit default swap. The rating actions are the result of rating migrations in the underlying portfolio referenced by the credit default swaps. The DRs reflect Fitch's opinion on the recovery prospects should defaults occur. To date there have been no defaults in the underlying portfolio. The above ratings have been assigned using the Vector 3.2 model and current criteria for collateralized debt obligations. HELMUT KOEHLER: Claims Registration Period Ends Jan. 28 ------------------------------------------------------- Creditors of Helmut Koehler GmbH & Co. Kommanditgesellschaft have until Jan. 28 to register their claims with court-appointed insolvency manager Andreas Schoss. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Feb. 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 Hagen Meeting Hall 259 Second Floor Heinitzstrasse 42/44 58097 Hagen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Andreas Schoss Alter Markt 9 - 13 42275 Wuppertal Germany The District Court of Hagen opened bankruptcy proceedings against Helmut Koehler GmbH & Co. Kommanditgesellschaft on Dec. 28, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Helmut Koehler GmbH & Co. Kommanditgesellschaft Zum Engelsknapp 5 58642 Iserlohn Germany Attn: Wolfgang Koehler, Manager Am Liethbach 26 58644 Iserlohn Germany IMMO BAU: Claims Registration Period Ends Jan. 28 ------------------------------------------------- Creditors of Immo Bau GmbH have until Jan. 28 to register their claims with court-appointed insolvency manager Dr. Sebastian Henneke. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Feb. 27, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duisburg Hall C315 Kardinal-Galen-Strasse 124-132 47058 Duisburg 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. Sebastian Henneke Muelheimer Str. 100 47057 Duisburg Germany The District Court of Duisburg opened bankruptcy proceedings against Immo Bau GmbH on Dec. 20, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Immo Bau GmbH In der Beckuhl 28 46569 Huenxe Germany Attn: Christian Spaete, Manager Maiblumenstr. 50 47229 Duisburg Germany KOSLOWSKI BEDACHUNGEN: Claims Registration Period Ends Jan. 31 -------------------------------------------------------------- Creditors of Koslowski Bedachungen GmbH have until Jan. 31 to register their claims with court-appointed insolvency manager Carsten Lange. Creditors and other interested parties are encouraged to attend the meeting at 8:45 a.m. on March 10, 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 Aachen Meeting Hall T 111/112 First Floor Adalbertsteinweg 90 52070 Aachen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Carsten Lange Laurentiusstrasse 16-20 52072 Aachen Germany Tel: 024141344550 Fax: 0241413445511 The District Court of Aachen opened bankruptcy proceedings against Koslowski Bedachungen GmbH on Dec. 14, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Koslowski Bedachungen GmbH Attn: Dennis Koslowski, Manager Adolf Kolping Strasse 46 52477 Alsdorf Germany LA LEITUNGSBAU: Claims Registration Period Ends Jan. 25 ------------------------------------------------------- Creditors of LA Leitungsbau Franken GmbH have until Jan. 25 to register their claims with court-appointed insolvency manager Ralf-M. Doerr. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on March 14, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Ansbach Meeting Room 1 Promenade 8 91522 Ansbach 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: Ralf M. Doerr Merckstr. 5 91522 Ansbach Germany Tel: 0981/9531960 Fax: 0981/9531969 The District Court of Ansbach opened bankruptcy proceedings against LA Leitungsbau Franken GmbH on Dec. 28, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: LA Leitungsbau Franken GmbH Ringstr. 18a 91732 Merkendorf Germany MINDQUARRY GMBH: Claims Registration Period Ends Jan. 30 -------------------------------------------------------- Creditors of Mindquarry GmbH have until Jan. 30 to register their claims with court-appointed insolvency manager Alexandra Hermanns. Creditors and other interested parties are encouraged to attend the meeting at 1:10 p.m. on March 12, 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 Potsdam Hall 301 Third Floor Nebenstelle Lindenstrasse 6 14467 Potsdam 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: Alexandra Hermanns Kurfuerstendamm 26 a 10179 Berlin Germany The District Court of Potsdam opened bankruptcy proceedings against Mindquarry GmbH on Dec. 27, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Mindquarry GmbH Attn: Stephan Voigt, Manager August-Bebel-Strasse 88 14482 Potsdam Germany NETWORX CONSULTING: Claims Registration Ends February 1 ------------------------------------------------------- Creditors of networx consulting GmbH have until Feb. 1 to register their claims with court-appointed insolvency manager Michael W. Scholz. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on March 3, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Michael W. Scholz Deichstrasse 1 20459 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against networx consulting GmbH on Dec. 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: networx consulting GmbH Attn: Mark Bose and Tjalf Nienaber, Managers Gilcherweg 74c 22393 Hamburg Germany NTG GASTRO: Claims Registration Ends February 1 ----------------------------------------------- Creditors of NTG Gastro GmbH have until Feb. 1 to register their claims with court-appointed insolvency manager Justus Schneidewind. Creditors and other interested parties are encouraged to attend the meeting at 9:35 a.m. on March 3, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Justus Schneidewind Behlertstr. 28a 14469 Postdam AZ: D4/8224 Germany The District Court of Hamburg opened bankruptcy proceedings against NTG Gastro GmbH on Dec. 14, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: NTG Gastro GmbH Attn: Norbert Thams, Manager Milchstrasse 7 20148 Hamburg Germany PIN GROUP: Horst Piepenburg Anticipates Financial Recovery ---------------------------------------------------------- Horst Piepenburg, head of the management board at PIN Group, is optimistic the company will bounce back from financial difficulties, saying current restructuring looks promising, the Financial Times reports, citing Borsen-Zeitung as its source. Mr. Piepenburg is set to disclose more details on PIN's current situation at the end of next week. He is also expected to announce a sales offensive, which according to Handelsblatt is aimed at determining whether true competition with fair prices can exist in the German postal sector. As previously reported in the TCR-Europe on Dec. 28 2007, seven PIN companies filed for insolvency at a Cologne court for lack of funds to pay social insurance contributions. Three more companies belonging to PIN followed suit in an attempt to boost the group's recovery. The insolvencies came after publishing group Axel Springer AG, which owns a 63.7% stake in PIN, resolved to stop funding the company following the German government's decision to introduce minimum wages of EUR8-EUR9.80 for the postal industry. Springer argued the minimum wage curbs competition and gives market leader Deutsche Post AG a monopoly. Meanwhile, a representative for rival Deutsche Post revealed 50 customers of PIN switched to the company in the past two to three months, claiming quality problems as the reason for the defection, Handelsblatt relates. However, Thomas Schulz, a spokesman for PIN, denied reports on the defection, adding the company has won new customers during the said period. About PIN Group AG PIN Group AG -- http://www.pin-group.net/-- is the second- largest provider in the German mail services market. The group has more than 60 regional subsidiaries, and in 2006 became a national integrated provider by setting up an efficient nationwide distribution network. PIN currently covers around 96 %of Germany primarily through its own distributional networks complemented by regional co-operations. PIN was founded in September 2005 by Axel Springer AG, WAZ Media Group, Georg von Holtzbrinck Publishing Group and Luxembourg- based Rosalia AG, when the stakeholders bundled their respective mail service activities. PIN reported consolidated revenues of EUR168.3 million for the 2006 financial year. The group generated 68% of its earnings through regional mail service activities with the remaining 32% coming from national mail services. In the first quarter of 2007 the company's revenues rose to EUR71.3 million versus EUR30 million in the first quarter of 2006. The company expects revenues to more than double in the current year. On the basis of market share growth PIN Group aims at achieving revenues of EUR1.5 to EUR2 billion by 2015. REGENERATIVE ENERGIE: Claims Registration Ends February 1 --------------------------------------------------------- Creditors of Regenerative Energie Systeme GmbH have until Feb. 1 to register their claims with court-appointed insolvency manager Hanns Poellmann. Creditors and other interested parties are encouraged to attend the meeting at 1:15 p.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 Gera Hall 317 Rudolf-Diener-Str. 1 Gera 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: Hanns Poellmann Blankenburger Str. 3 07318 Saalfeld Germany The District Court of Gera opened bankruptcy proceedings against Regenerative Energie Systeme GmbH on Dec. 21, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Regenerative Energie Systeme GmbH Attn: Hendrik Kolm, Manager Industriestrasse 10 07318 Saalfeld Germany ROHRBERG MALERTEAM: Creditors' Meeting Slated for Feb. 1 -------------------------------------------------------- The court-appointed insolvency manager for Rohrberg Malerteam GmbH, Christian Willmer will present his first report on the Company's insolvency proceedings at a creditors' meeting at 8:45 a.m. on Feb. 1. The meeting of creditors and other interested parties will be held at: The District Court of Verden (Aller) Hall 214 Main Building Johanniswall 8 27283 Verden (Aller) Germany The Court will also verify the claims set out in the insolvency manager's report at 9:00 a.m. on April 4, at the same venue. Creditors have until Feb. 18 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Christian Willmer Georgstr. 5 27283 Verden (Aller) Germany Tel: 04231/884-45 Fax: 04231/884-55 The District Court of Verden (Aller) opened bankruptcy proceedings against Rohrberg Malerteam GmbH on Dec. 21, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Rohrberg Malerteam GmbH Attn: Jochen Rohrberg, Manager Hauptstr. 10 27299 Langwedel Germany SHV HAUS: Claims Registration Ends February 1 --------------------------------------------- Creditors of SHV Haus GmbH & Co. KG have until Feb. 1 to register their claims with court-appointed insolvency manager Axel Raap. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on March 12, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Rostock Hall 330 Zochstrasse 18507 Rostock Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Axel Raap Herrengraben 5 20459 Hamburg Germany The District Court of Rostock opened bankruptcy proceedings against SHV Haus GmbH & Co. KG on Dec. 24, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: SHV Haus GmbH & Co. KG Attn: Jan-Heinrich Gloee, Manager Ahornallee 10 18236 Klein-Nienhagen Germany SPAN-TECH GMBH: Claims Registration Ends February 1 --------------------------------------------------- Creditors of Span-TECH GmbH have until Feb. 1 to register their claims with court-appointed insolvency manager Dr. Axel Kulas. Creditors and other interested parties are encouraged to attend the meeting at 2:15 p.m. on Feb. 14, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hechingen Room 055 Heiligkreuzstrasse 9 Hechingen 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. Axel Kulas Gansheidestr. 43 70184 Stuttgart Germany Fax: 0711/70707588 The District Court of Hechingen opened bankruptcy proceedings against Span-TECH GmbH on Dec. 20, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Span-TECH GmbH Antonstrasse 10 72466 Sigmaringen Germany =========== G R E E C E =========== ARMSTRONG WORLD: Nitram & Desseaux's Joint Plan Set Dec. 28 ----------------------------------------------------------- Nitram Liquidators, Inc., and Desseaux Corporation of North America relate that their First Amended Joint Plan of Liquidation became effective on Dec. 28, 2007. The First Amended Joint Plan of Liquidation was confirmed by Judge Judith K. Fitzgerald of the U.S. Bankruptcy Court for the District of Delaware on Dec. 17, 2007. As a result of the occurrence of the Effective Date, all assets and liabilities of Nitram and Desseaux are deemed merged solely for purposes of the Plan. Each claim filed or to be filed against either Nitram and Desseaux in their Chapter 11 cases will be treated as one claim filed against the consolidated Debtors. Furthermore, on the Effective Date, Armstrong World Industries, Inc., the parent corporation of Nitram and Desseaux, transferred US$200,000 in cash to the consolidated Debtors for the benefit of holders of Allowed Claims. The US$200,000 cash will become property of Nitram and Desseaux's consolidated estates and will be distributed pursuant to the Plan. All requests for payment of an Administrative Claim against Nitram and Desseaux must be filed with the Bankruptcy Court, so as to be received on or before Jan. 28, 2008, at 4:00 p.m., Wilmington, Delaware time. Pursuant to the confirmed Plan, the Initial Distribution Date is set to occur on or before March 13, 2008, unless an unliquidated Administrative Expense is filed with the Bankruptcy Court by the Administrative Bar Date, Mark D. Collins, Esq., at Richards, Layton & Finger, P.A., in Wilmington, Delaware, relates. Nitram and Desseaux will not be obliged to make further distributions on account of Allowed Claims, if: (a) a distribution is returned to the consolidated Debtors as undeliverable, and after reasonable inquiry the consolidated Debtors are unable to locate a new address for the holder of the Allowed Claim; or (b) a check for Distribution under the confirmed Plan is not cashed within 10 days prior to the Distribution Date. In the event of undeliverable or unclaimed distributions on account of an Allowed Claim, the Claim will be treated as a Disallowed Claim for all further distributions. The funds set aside for Distributions will be part of the Available Cash, pursuant to the confirmed Plan. As previously reported, all claims arising from the rejection or termination of Nitram's and Desseaux's executory contracts or unexpired leases prior to Dec. 17, 2007, must be filed with the Bankruptcy Court and served on Nitram and Desseaux by Jan. 16, 2008. Furthermore, all final requests for compensation or reimbursement of the fees of any professional employed in Nitram and Desseaux's Chapter 11 cases must be filed no later than January 27, 2008, or 30 days after the Effective Date. Based in Lancaster, Pennsylvania, Armstrong World Industries, Inc. (NYSE: AWI) -- http://www.armstrong.com/-- designs and manufactures floors, ceilings and cabinets. AWI operates 42 plants in 12 countries and employs approximately 14,200 people worldwide. The company has Asia-Pacific locations in Australia, China, Hong Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam. It also has locations in Colombia, Costa Rica, Greece and Iceland, among others. The company and its affiliates filed for chapter 11 protection on Dec. 6, 2000 (Bankr. Del. Case No. 00-04469). Stephen Karotkin, Esq., at Weil, Gotshal & Manges LLP, and Russell C.Silberglied, Esq., at Richards, Layton & Finger, P.A., represent the Debtors in their restructuring efforts. The company and its affiliates tapped the Feinberg Group for analysis, evaluation, and treatment of personal injury asbestos claims. Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton & Garrison, represent the Official Committee of Unsecured Creditors. The Creditors Committee tapped Houlihan Lokey for financial and investment advice. The Official Committee of Asbestos Personal Injury Claimant hired Ashby & Geddes as counsel. The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003. The District Court Judge Robreno confirmed AWI's Modified Plan on Aug. 14, 2006. The Clerk entered the formal written confirmation order on Aug. 18, 2006. The company's "Fourth Amended Plan of Reorganization, as Modified," has become effective and AWI has emerged from Chapter 11. Nitram Liquidators Inc. and Desseaux Corporation of North America delivered to the Court a Joint Chapter 11 Plan of Liquidation and an accompanying Disclosure Statement on Sept. 20, 2007. (Armstrong Bankruptcy News, Issue No. 120; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) ============= I R E L A N D ============= AFFILIATED COMPUTER: Inks Strategic Alliance Pact with Ingenix -------------------------------------------------------------- Affiliated Computer Services Inc. and Ingenix, a UnitedHealth Group Inc. subsidiary, have disclosed a strategic alliance to provide Medicaid Management Information Systems decision support solutions to state governments. Under the terms of the alliance agreement, the two companies will work with each other to supply decision support solutions for Affiliated Computer's state Medicaid Systems initiatives. Affiliated Computer will license its portfolio of federally certified decision support technologies to Ingenix, which will provide its Medicaid Systems clients with a broad array of decision support methodologies, software applications, and related consulting services. Decision support systems analyze data to help health administrators assess Medicaid program status, analyze healthcare policy, monitor budget trends and measure program performance. "This partnership allows us to enhance our current systems and deliver better service to our Medicaid clients," said Affiliated Computer senior vice president and managing director, Government Healthcare Solutions, Christopher T. Deelsnyder. "Combining Ingenix' innovative decision support capabilities with ACS' technologies strengthens our ability to streamline and improve the delivery of healthcare in Medicaid programs." Impact Pro for Care Management is Ingenix' innovative platform for helping state Medicaid programs better identify and manage both chronic and acute health conditions. This predictive modeling and care management tool is currently being used by the ACS-Ingenix alliance to support the State of Mississippi's Division of Medicaid. "This relationship brings together an unparalleled set of data, technology and experience that will increase efficiency, reduce costs and improve care outcomes for Medicaid recipients and the state governments that manage their health services," said Ingenix chief executive officer, Andy Slavitt. "Together, we will offer a unique set of solutions that will help us grow our respective businesses by giving our clients a suite of services that meet their expectations." About Ingenix Ingenix -- http://www.ingenix.com/-- a wholly owned subsidiary of UnitedHealth Group Inc. (NYSE: UNH), transforms organizations and improves health care through information and technology. Organizations rely on its innovative products, services and consulting to improve the delivery and operations of their business. About Affiliated Computer Services Headquartered in Dallas, Affiliated Computer Services Inc. (NYSE: ACS) -- http://www.AffiliatedComputer-inc.com/-- provides business process outsourcing and information technology solutions to world-class commercial and government clients. The company has more than 58,000 employees supporting client operations in nearly 100 countries. The company has global operations in Brazil, China, Dominican Republic, India, Guatemala, Ireland, Philippines, Poland, and Singapore. * * * As reported in the Troubled Company Reporter on Jan. 7, 2008, Standard & Poor's Ratings Services affirmed its 'BB' corporate credit rating on Dallas, Texas-based Affiliated Computer Services Inc., and removed it from CreditWatch, where it had been placed with negative implications on March 20, 2007. The outlook is negative. EIRLES TWO: Moody's Cuts Rating to Ba2 on Series 129 Notes ---------------------------------------------------------- Moody's Investors Service downgraded to Ba2 under review for downgrade from Aaa the Series 129 US$4,673,478 Variable Interest Limited Recourse Secured Notes due 2035 relating to the Class 2 AV-3 Asset-Backed Certificates Series 2004-10 of CWABS Asset- Backed Certificates Trust 2004-10, issued by Eirles Two Limited. Moody's said the action follows the downgrade to Baa3 from Aaa of the US$4,673,478 Puttable Floating Rate Notes due Feb. 25, 2010 issued by the structured investment vehicle Stanfield Victoria Finance Ltd which collateralize these Notes. The rating action on the Stanfield Notes is as a result of the steep decline in the market value of the vehicle's asset portfolio. The Notes are also credit-linked to the Aaa rated Class 2 AV-3 Asset-Backed Certificates Series 2004-10 of CWABS Asset-Backed Certificates Trust 2004-10 and incorporate a swap agreement with Deutsche Bank AG (London Branch), currently rated Aa1. Moody's rating is based on the credit quality of the Stanfield Notes, the CWABS Certificates and the general structural integrity of the transaction. If the Stanfield Notes were accelerated, the transaction may unwind and Noteholders would then receive the liquidation proceeds from the Stanfield Notes plus or minus any swap termination payment which would include the mark-to-market gain or loss on the CWABS Certificates. This additional source of risk results in the lower rating of the Series 129 Notes relative to the Stanfield Notes. Eirles Two Limited is a special purpose company located in Ireland and established for the purpose of repackaging debt securities. SCOTTISH RE: Receives Non-Compliance Notice from NYSE ----------------------------------------------------- Scottish Re Group Limited has been notified, Jan. 2, 2008, by the NYSE Regulation, Inc. that the company had fallen below one of the quantitative criteria of the New York Stock Exchange's continued listing standards related to maintaining a consecutive thirty trading-day average closing stock price of over US$1.00 per ordinary share, as required by paragraph 802.01C of the NYSE Listed Company Manual. On Dec. 31, 2007, the company's thirty trading-day average closing stock price was US$0.95 per ordinary share and its absolute closing price was US$0.73 per ordinary share. The company has notified the NYSE that it intends to submit plans to address the price deficiency within the required ten business day period following the receipt of the notification. Subject to ongoing reassessment by NYSE Regulation, the notification has no effect on the listing of the company's ordinary shares and 7.25% non-cumulative perpetual preferred shares, and the ordinary and preferred shares will continue to trade on the NYSE under the symbols "SCT" and "SCT-PB," respectively. Under NYSE rules, at the end of the six month period following receipt of the original notification, the company must have brought its ordinary shares price and average share price for a consecutive thirty trading-day period back above US$1.00, or be subject to suspension and delisting procedures. In the interim, the NYSE will add the indicator ".BC" to the ticker symbol for the company's ordinary and perpetual preferred shares to signify that the company remains "below criteria" required by the NYSE for continued listings. Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a global life reinsurance specialist. Scottish Re has operating businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the United Kingdom, United States, and Singapore. Its flagship operating subsidiaries include Scottish Annuity & Life Insurance Company (Cayman) Ltd. and Scottish Re (US), Inc. Scottish Re Capital Markets, Inc., a member of Scottish Re Group Ltd., is a registered broker dealer that specializes in securitization of life insurance assets and liabilities. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 15, 2007, Moody's Investors Service has affirmed the ratings of Scottish Re Group Limited's senior unsecured shelf of (P)Ba3 and changed the outlook to negative from stable. ========= I T A L Y ========= DANA CORP: Posts US$29,000,000 Net Loss in Month Ended Nov. 30 -------------------------------------------------------------- Dana Corp. and its debtor-affiliates submitted to the U.S. Bankruptcy Court for the Southern District of New York their monthly operating report for November 2007, disclosing: Dana Corporation