T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Friday, January 11, 2008, Vol. 8, No. 8 Headlines A U S T R I A CALIMAX LLC: Creditors' Meeting Slated for Jan. 17 CMC - KACHELOFENBAU: Vienna Court Orders Business Shutdown COMPACT BUILDING: Vienna Court Orders Business Shutdown E. TRADING: Estate Administrator Declares Insufficient Assets ELECTRONIC DATA: Bags Bristol-Myers' US$715-Mln IT Services Deal ELECTRONIC DATA: Bags US$209.9-Mil. Contract from Indiana State LOGIX TECHNOLOGIE: Creditors' Meeting Slated for Jan. 21 MASTER BAU: Creditors' Meeting Slated for Jan. 21 PROHOLZ HANDEL: Vienna Court Orders Business Shutdown SCHUSTER IMMOBILIENTREUHAND: Creditors' Meeting Set for Jan. 17 B E L G I U M NUANCE COMM: Board OKs Inducement Grant Under NASDAQ Marketplace NUANCE COMMS: Hires Fumitaka Tezuka as VP & Pres. for Japan Unit SOLUTIA INC: Posts US$15,000,000 Net Loss in Nov. 1-30, 2007 F R A N C E ADEX AGRO: Sets Public Auction By February 7 F R A N C E DRESSER-RAND GROUP: To Supply Advanced Turbomachine to Pazflor EUTELSAT COMMS: To Release First Half-Year Earnings on Feb. 14 GENERAL CABLE: German Subsidiary Bags Offshore Windfarm Contract PETIT BOY: Asiatex Sells Firm to Unnamed Textile Company SMOBY-MAJORETTE: Sells Blow Moulding Unit to RPC Group G E R M A N Y ALFORN DEUTSCHLAND: Claims Registration Ends February 5 ATIS GMBH: Claims Registration Period Ends Jan. 29 AUGUST SAUER: Claims Registration Period Ends Jan. 31 AUTOHAUS LEISTNER: Claims Registration Period Ends Feb. 1 BAUGESCHAFT SCHNEIDER: Claims Registration Period Ends Feb. 1 BAUSTUDIO NORD: Claims Registration Period Ends Jan. 25 BRUNK GASTRONOMIE: Claims Registration Period Ends Jan. 30 ERNST JOLITZ: Claims Registration Period Ends Jan. 24 FREE-BOX SALES: Claims Registration Period Ends Jan. 25 FRYE SPEDITION: Claims Registration Period Ends Feb. 1 GATEC WIRTSCHAFTSBERATUNGS: Claims Registration Ends Feb. 1 HAVENROCK II: Fitch Withdraws Junk Ratings on IKB Loans HM-TEAM CONSULTING: Claims Registration Period Ends Feb. 1 INTERBAU GMBH: Claims Registration Period Ends Jan. 31 KFZ SERVICE: Claims Registration Period Ends Jan. 25 LM-TELEKOMMUNIKATIONS: Creditors' Meeting Slated for Jan. 31 MESLINA GMBH: Claims Registration Ends February 4 MH-BUEROSYSTEME: Claims Registration Period Ends Feb. 1 PANDATEL AG: Halts Operations; to Close Singapore Unit TERRES-INVEST: Claims Registration Period Ends Feb. 2 ULM EINS: Claims Registration Ends February 4 WEMA PROJEKTENTWICKLUNG: Claims Registration Ends February 4 H U N G A R Y PROPEX INC: Posts US$60.7 Mln Net Loss in Quarter Ended Sept. 30 I T A L Y ALPI EAGLES: Court to Rule on ENAC License Suspension on Jan. 17 PARMALAT SPA: Parma Prosecutors Seek Trial for 10 Citibank Execs TISCALI SPA: To Launch Mobile Phone Service in the U.K. K A Z A K H S T A N ER-SNAB-7 LLP: Proof of Claim Deadline Slated for Feb. 6 FIRM ZEREN: Creditors Must File Claims by Feb. 5 JARDEM XXI: Claims Filing Period Ends Feb. 5 JASTYK LLP: Creditors' Claims Due on Feb. 6 JETYSAISKY PIVZAVOD: Claims Registration Ends Feb. 6 KORNELI LLP: Proof of Claim Deadline Slated for Feb. 6 SEHA STROY: Creditors Must File Claims by Feb. 6 SHANS LLP: Claims Filing Period Ends Feb. 6 SMARTTECH LLP: Creditors' Claims Due on Feb. 6 ZAVOD OKTABR: Claims Registration Ends Feb. 6 K Y R G Y Z S T A N BISHKEKSKY PASSAJYRSKY: Creditors' Meeting Slated for Jan. 18 DELTA TOUR: Creditors Must File Claims by February 2 L U X E M B O U R G PMI UNO: Fitch Rates EUR4.9 Million Class D Notes at BB PMI 2 FINANCE: Fitch Rates EUR6.2 Million Class D Notes at BB N E T H E R L A N D S MARYLEBONE CBO III: Fitch Cuts Class A-3 Debt Ratings to BB N O R W A Y BRIGHTPOINT INC: Names Eric Hamburger as Latin America Biz Head R U S S I A CHEBARKUL'SKAYA PASTRY: Creditors Must File Claims by Feb. 22 CONSTRUCTION MATERIAL: Court Starts Competitive Proceedings LESOZAVODSKY CENTER: Creditors Must File Claims by Feb. 22 NIZHNEYE CHULYMSKOYE: Asset Sale Slated for Jan. 24 NOGINSKY BREWERY: Creditors Must File Claims by Jan. 22 SAKHALIN-COAL-1: Creditors Must File Claims by Feb. 22 SHOVGENOVSKY HEMP: Creditors Must File Claims by Jan. 22 URALOILTECHNOSERVICE: Court Starts Bankruptcy Supervision S P A I N CAJA MURCIA I: Fitch Rates EUR6.1 Million Class D Notes at BB- S W I T Z E R L A N D ANTAG FUR ANTENNEN: Creditors' Liquidation Claims Due by Jan. 14 ATELIER-ALTSTADT: Creditors' Liquidation Claims Due by Jan. 14 AUTORK AG: Creditors' Liquidation Claims Due by January 14 BLM TRANSPORT: Bern Court Closes Bankruptcy Proceedings BUR & PARTNER: Claims Registration Period Ends January 14 F. MANZ + PARTNER: Creditors' Liquidation Claims Due by Jan. 14 FOURMENTEC LLC: Creditors' Liquidation Claims Due by January 14 GTPI MEDIA: Creditors' Liquidation Claims Due by January 14 KRUSI BLECH: Appenzell Court Closes Bankruptcy Proceedings MELETTA UND: Creditors' Liquidation Claims Due by January 14 PROMOBILIA LLC: Creditors' Liquidation Claims Due by January 14 REDLIPS LLC: Creditors' Liquidation Claims Due by January 14 RM MANAGEMENT: Creditors' Liquidation Claims Due by January 14 SKPARTNERS JSC: Creditors' Liquidation Claims Due by January 14 WILOZ LLC: Creditors' Liquidation Claims Due by January 15 U K R A I N E DOBRA AGRICULTURAL: Proofs of Claim Deadline Set January 13 ELITINFORM LLC: Proofs of Claim Deadline Set January 13 GRIZ LLC: Proofs of Claim Deadline Set for January 13 INVEST-HOLDING CJSC: Proofs of Claim Deadline Set January 13 KERCH BUILDING: Proofs of Claim Deadline Set January 13 LIBERTY INTERNATIONAL: Proofs of Claim Deadline Set January 13 LUKOIL-KIEV CJSC: Proofs of Claim Deadline Set January 13 NADRA BANK: S&P Assigns B- Ratings on Vulnerable Liquidity NOVOPSKOVSKY AGRICULTURAL: Proofs of Claim Deadline Set Jan. 13 PROJECTING-BUILDING-DESIGN: Proofs of Claim Deadline Set Jan. 13 OSTROVSKY AGRICULTURAL: Proofs of Claim Deadline Set January 13 TANSKOYE AGRICULTURAL: Proofs of Claim Deadline Set January 13 SAVINGS BANK: Moody's Rates Long-Term Foreign Currency at Ba2 U N I T E D K I N G D O M BRITISH AIRWAYS: To Launch US-EU "OpenSkies" Airline in June BELMONT SYSTEMS: M. H. Abdulali Leads Liquidation Procedure CARD RAX: Brings In Liquidators from Tenon Recovery CONSTELLATION BRANDS: 3rd Qtr. Net Income Up 13% to US$82 Mln CONSTELLATION BRANDS: Barton Brands Gets 50% Stake in Planet JV CONSTELLATION BRANDS: US$700MM Notes Exchange Offer Expires CONSTELLATION BRANDS: Arm Buys 50% Stake in Planet 10 Project COTT CORPORATION: Amends Existing Senior Secured Credit Debt CUMMINS INC: Earns US$184 Million in 2007 Third Quarter FEDERAL-MOGUL: Moody's Holds Low-B Ratings w/ Stable Outlook GEMINI MOTOR: Calls In Liquidators from Moore Stephens GLOBAL ASSET: Taps Liquidators from Wilkins Kennedy GRADE ONE: Claims Filing Period Ends July 31 HYNIX SEMICON: Taps MunEDA to Integrate Tool Family Wicked HYNIX SEMICON: Change in Personnel Attracts Attention INT'L PAPER: Declares US$0.25 Per Share Quarterly Dividend JOHNSON SERVICE: Banks Grant Waiver of Year-end Covenant Test TATA MOTORS: December Sales Down 2% in December 2007 URSUS EPC: Fitch Rates GBP2.9 million Class E Notes at BB- US ENERGY: Files for Chap. 11 Bankruptcy Protection in New York US ENERGY: Case Summary & 40 Largest Unsecured Creditors WITHINSCOPE LTD: Names Keith Aleric Stevens Liquidator * BOOK REVIEW: Financial Planning for High Net Worth Individuals ********* ============= A U S T R I A ============= CALIMAX LLC: Creditors' Meeting Slated for Jan. 17 -------------------------------------------------- Creditors owed money by LLC calimax (FN 195573h) are encouraged to attend the creditors' meeting at 9:40 a.m. on Jan. 17. The creditors' meeting will be held at: The Land Court of Feldkirch Meeting Room 45 First Floor Feldkirch Austria Headquartered in Roethis, Austria, the Debtor declared bankruptcy on Nov. 27, 2007 (13 S 56/07a). Andreas Oberbichler serves as the court-appointed estate administrator of the bankrupt's estate. Michael Kramer represents Dr. Oberbichler in the bankruptcy proceedings. The estate administrator can be reached at: Dr. Andreas Oberbichler c/o Dr. Michael Kramer Hirschgraben 37 6800 Feldkirch Austria Tel: 05522/77501 Fax: 05522/78350 E-mail: oberbichler-kramer@cable.vol.at CMC - KACHELOFENBAU: Vienna Court Orders Business Shutdown ---------------------------------------------------------- The Trade Court of Vienna entered Nov. 29, 2007, an order shutting down the business of LLC CMC - Kachelofenbau (FN 67461h). Court-appointed estate administrator Eva-Maria Bachmann-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: Dr. Eva-Maria Bachmann-Lang c/o Dr. Christian Bachmann Opernring 8 1010 Vienna Austria Tel: 512 87 01-Serie Fax: 513 82 50 E-mail: bachmann.rae@aon.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 14 (Bankr. Case No 2 S 152/07a). Christian Bachmann represents Dr. Bachmann-Lang in the bankruptcy proceedings. COMPACT BUILDING: Vienna Court Orders Business Shutdown ------------------------------------------------------- The Trade Court of Vienna entered Nov. 22, 2007, an order shutting down the business of Compact Building Limited (FN 243485t). Court-appointed estate administrator Ulla Reisch 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. Ulla Reisch Praterstrasse 62-64 1020 Vienna Austria Tel: 212 55 00 E-mail: office.wien@ulsr.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 14, 2007 (Bankr. Case No 2 S 155/07t). E. TRADING: Estate Administrator Declares Insufficient Assets ------------------------------------------------------------- Dr. Felix Stortecky, the court-appointed estate administrator for LLC E. Trading Group (FN 227879t), declared Nov. 26, 2007, that the Debtor's property is insufficient to cover creditors' claim. The Land Court of Eisenstadt is yet to rule on the estate administrator's claim. Headquartered in Neusiedl am See, Austria, the Debtor declared bankruptcy on Nov. 22, 2007 (Bankr. Case No. 26 S 156/07d). The estate administrator can be reached at: Dr. Felix Stortecky W.A. Mozartstrasse 4 7093 Jois Austria Tel: 02160/71207 Fax: 02160/71207-22 E-mail: office@stortecky.at ELECTRONIC DATA: Bags Bristol-Myers' US$715-Mln IT Services Deal ---------------------------------------------------------------- Electronic Data System Corp. has been awarded a seven-year, US$715 million information technology services contract to deliver IT infrastructure services to Bristol-Myers Squibb. "Leveraging EDS' expertise, scope and scale will allow the company to improve productivity so Bristol-Myers Squibb can remain focused on what it does best -- help patients prevail over serious disease," said Bristol-Myers Squibb vice president for Information Management Shared Services, Paul von Autenried. The company will manage Bristol-Myers Squibb's IT environment, which includes the company's critical operations data at Bristol-Myers Squibb data centers around the world. The contract initially covers IT services in the Americas and Asia Pacific regions, with the opportunity to include Europe, the Middle East and Africa. Additionally, the company will provide computer capacity to Bristol-Myers Squibb from its data center in Auburn Hills, Michigan. The company will also provide multi-language field-level and help desk support for the Bristol-Myers Squibb employees' computing environment. This includes the company's sales, scientific and SAP systems and employee workstations in a number of countries around the world. The agility, flexibility and redundancy of Electronic Data's Global Services Network offers cost savings while improving global competitiveness with the ability to operate in a leveraged and secure global environment. It also provides the ability to scale up or down based on business needs and mitigates risk by spreading out computing power to multiple locations. "This biopharmaceutical pioneer is a significant addition to EDS' healthcare customer base. Our goal is to help Bristol- Myers Squibb's global competitiveness by delivering innovative, thought-leading IT services," said EDS Americas executive vice president, Jeff Kelly. "As a leader and important partner in healthcare transformation, EDS helps healthcare organizations worldwide address critical business challenges through IT, allowing companies like Bristol-Myers Squibb to lead in the fight against disease." As part of this agreement, EDS Agility Alliance partners EMC, Microsoft, Oracle and SAP will provide products and services to Bristol-Myers Squibb, furthering efforts to increase productivity, mitigate risk and lower costs. The EDS Agility Alliance is a coalition of companies globally recognized for their quality, products and value to clients. Its mission is to innovate, develop and deliver the EDS Agile Enterprise Platform -- the company' next-generation global delivery system. Together, the company and its Agility Alliance partners collaborate to design, build and run a market-leading services platform and develop technology-based services to deliver tangible client results. EDS Agility Alliance partners include Cisco, EMC, Microsoft, Oracle, SAP, Sun Microsystems and Xerox. About Electronic Data Based in Plano, Texas, Electronic Data System Corp. (NYSE: EDS) -- http://www.eds.com/ -- is a global technology services company delivering business solutions to its clients. The company founded the information technology outsourcing industry more than 40 years ago. The company delivers a broad portfolio of information technology and business process outsourcing services to clients in the manufacturing, financial services, healthcare, communications, energy, transportation, and consumer and retail industries and to governments around the world. EDS has locations in Argentina, Australia, Austria, Brazil, China, Chile, Greece, Hong Kong, India, Japan, Malaysia, Mexico, Puerto Rico, Singapore, Taiwan, Thailand, South Korea, United Kingdom, among others. * * * As of Jan. 10, 2008, EDS Corp. carries, Ba1 Corporate Family, Senior Unsecured Debt and Probability-of-Default ratings from Moody's Investor Service. ELECTRONIC DATA: Bags US$209.9-Mil. Contract from Indiana State --------------------------------------------------------------- Electronic Data System Corp., Indiana's Medicaid partner since 1991, has been awarded a US$209.9 million, six-and-a-half-year contract to upgrade and continue to maintain the state's Medicaid Management Information System. The new contract will leverage Electronic Data's leading-edge interChange Health System, which serves as an industry model and is in operation or being implemented in more than a dozen states, including Kansas, Oklahoma, Pennsylvania and Kentucky. Among the upgrades are a Web-based tool that will enable health care providers to electronically enroll in the Medicaid program as well as a number of internal processes. The company will continue as fiscal agent to the state and its 27,000 health care providers, who care for more than 800,000 recipients and comprise the nation's 17th-largest Medicaid program. The agreement includes a seven-month phase to design, develop, test and implement the additional features followed by a six- year management term. The contract, which was signed in late December, extends a 16-year relationship between Electronic Data and Indiana state. The Electronic Data solution will provide Indiana with enhanced transparency as it implements Gov. Mitch Daniels' package of Medicaid reforms such as the Healthy Indiana Plan, which provides health coverage to previously uninsured Indiana residents, and the movement of aged, blind and disabled residents to a care management model. It also will continue claims processing coverage for other Indiana health programs. "At the conclusion of the procurement process, it was evident that EDS was able to bring great value and experience to the taxpayers of Indiana," said Family and Social Services Administration Secretary, Mitch Roob. "The technology and insight that EDS has to offer will be a tremendous asset as we continue to make great strides in new, innovative programs, such as the Healthy Indiana Plan." "As Indiana's technology partner for more than a decade and a half, EDS understands the Healthy Indiana Plan and the state's goal to cover its uninsured residents," said EDS Global Health Care vice president, Sean Kenny. "Our continued relationship will provide stability not only for the current Medicaid program, but also for future reforms." "Long relationships are reflections of earned trust and understanding of cultures and goals," said EDS United States Government Health Care vice president, Barbara Anderson. "Over the years, Indiana and EDS together have delivered program efficiencies to enable reforms and help push forward vital new programs to improve health outcomes for Hoosiers." About Electronic Data System Based in Plano, Texas, Electronic Data System Corp. (NYSE: EDS) -- http://www.eds.com/-- is a global technology services company delivering business solutions to its clients. The company founded the information technology outsourcing industry more than 40 years ago. The company delivers a broad portfolio of information technology and business process outsourcing services to clients in the manufacturing, financial services, healthcare, communications, energy, transportation, and consumer and retail industries and to governments around the world. EDS has locations in Argentina, Australia, Austria, Brazil, China, Chile, Greece, Hong Kong, India, Japan, Malaysia, Mexico, Puerto Rico, Singapore, Taiwan, Thailand, South Korea, United Kingdom, among others. * * * As of Jan. 10, 2008, EDS Corp. carries, Ba1 Corporate Family, Senior Unsecured Debt and Probability-of-Default ratings from Moody's Investor Service. LOGIX TECHNOLOGIE: Creditors' Meeting Slated for Jan. 21 -------------------------------------------------------- Creditors owed money by LLC logix Technologie und Beteiligung (FN 136455w) are encouraged to attend the creditors' meeting at 10:00 a.m. on Jan. 21. The creditors' meeting will be held at: The Trade Court of Vienna Room 1705 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 27, 2007 (3 S 151/07m). Stephan Riel serves as the court-appointed estate administrator of the bankrupt's estate. Johannes Jaksch represents Dr. Riel in the bankruptcy proceedings. The estate administrator can be reached at: Dr. Stephan Riel c/o Dr. Johannes Jaksch Landstrasser Hauptstrasse 1/2 1030 Vienna Austria Tel: 713 44 33 Fax: 713 10 33 E-mail: kanzlei@jsr.at MASTER BAU: Creditors' Meeting Slated for Jan. 21 ------------------------------------------------- Creditors owed money by LLC MASTER BAU (FN 270732k) are encouraged to attend the creditors' meeting at 9:45 a.m. on Jan. 21. The creditors' meeting will be held at: The Trade Court of Vienna Room 1705 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 26, 2007 (3 S 150/07i). Christof Stapf serves as the court-appointed estate administrator of the bankrupt's estate. Michael Neuhauser represents Dr. Stapf in the bankruptcy proceedings. The estate administrator can be reached at: Dr. Christof Stapf c/o Mag. Michael Neuhauser Esslinggasse 7 1010 Vienna Austria Tel: 90 333 Fax: 90 333-44 E-mail: wien@snwlaw.at PROHOLZ HANDEL: Vienna Court Orders Business Shutdown ----------------------------------------------------- The Trade Court of Vienna entered Nov. 28, 2007, an order shutting down the business of LLC PROHOLZ Handel (FN 277940k). Court-appointed estate administrator Leopold Riess 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. Leopold Riess c/o Dr. Eva Riess Zeltgasse 3/12 1080 Vienna Austria Tel: 402 57 01 Fax: 402 57 01 21 E-mail: law@riess.co.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 14, 2007 (Bankr. Case No 6 S 147/07w). Eva Riess represents Dr. Riess in the bankruptcy proceedings. SCHUSTER IMMOBILIENTREUHAND: Creditors' Meeting Set for Jan. 17 --------------------------------------------------------------- Creditors owed money by LLC Schuster Immobilientreuhand- BauConsulting (FN 219514s) are encouraged to attend the creditors' meeting at 2:55 p.m. on Jan. 17. The creditors' meeting will be held at: The Land Court of Graz Room 227 Second Floor Graz Austria Headquartered in Graz, Austria, the Debtor declared bankruptcy on Nov. 29, 2007 (25 S 125/07f). Georg Muhri serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Dr. Georg Muhri CGO Masseverwaltungsgesellschaft mbH v.d. Neutorgasse 47/I 8010 Graz Austria Tel: 0316/820620-0 Fax: 0316/820620-4 E-mail: office@cgo-masseverwaltung.at ============= B E L G I U M ============= NUANCE COMM: Board OKs Inducement Grant Under NASDAQ Marketplace ---------------------------------------------------------------- Nuance Communications Inc., in connection with its recent acquisition of Viecore, Inc., Tom Chisholm, formerly the Chief Executive Officer of Viecore and now Senior Vice President, Nuance Enterprise Services, was granted an inducement grant of 286,137 restricted stock units, fifty percent of which vest on the first anniversary of the acquisition, one eighth of which vest on the eighteen month anniversary of the acquisition, one eight of which vest on the second anniversary of the acquisition and twenty five percent of which vest, if at all, on the second anniversary of the acquisition upon the achievement of certain performance-based objectives. The restricted stock units were approved by the compensation committee of the company's board of directors and granted as an inducement material to Mr. Chisholm's employment with Nuance in accordance with NASDAQ Marketplace Rule 4350(i)(l)(A)(iv). About Nuance Communications Based in Burlington, Massachusetts, Nuance Communications Inc. (NASDAQ: NUAN), fka ScanSoft Inc., -- http://www.nuance.com/-- provides speech and imaging solutions for businesses and consumers around the world. Its technologies, applications and services that help users interact with information, and create, share and use documents. The company has offices in Australia, Belgium, Japan, Korea, Hong Kong, India, Mexico, and the United Kingdom, among others. * * * As of Jan. 10, 2008, Nuance Communications Inc. carries B1 Corporate Family, Bank Loan Debt and Probability-of-Default ratings from Moody's Investor Service, which said the outlook is stable. The company also carries B+ Foreign and Local Issuer Credit ratings from Standard & Poor's Ratings Services, which said the outlook is positive. NUANCE COMMS: Hires Fumitaka Tezuka as VP & Pres. for Japan Unit ---------------------------------------------------------------- Nuance Communications Inc. has appointed Fumitaka Tezuka as a vice president of Nuance Communications, Inc. and President of the Nuance Communications Japan K.K. Mr. Tezuka, formerly president of Genesys Japan K.K., will be responsible for all aspects of Nuance's commercial efforts in Japan. He will be based in the Nuance Communications Japan headquarters in Tokyo and will report to Don Hunt, Nuance's president of worldwide sales. Japan is one of the most technologically sophisticated markets in the global economy and a strong hub for innovation, particularly in the mobile, automotive and consumer electronic industries. In recent years, Nuance has seen steady growth in Japan and has established itself as the leading speech solutions company in the Japanese market. The company has built several strong partnerships and grown its Japanese customer base to include companies such as Sharp, Denso, GE Consumer Finance and Mitsubishi UFJ Securities. With the continued proliferation of speech and Nuance's expanding efforts in the mobile and enterprise markets, the company concluded a strong presence and senior leadership would accelerate its next phase of growth. "We are pleased to welcome an executive with the stature and experience of Fumitaka Tezuka, extending the strong team we've established at Nuance Communications Japan KK," said Don Hunt, president, Worldwide Sales at Nuance. "Throughout a successful career, Tezuka-san has demonstrated an ability to understand and meet customers' needs, and to grow relationships and businesses by recognizing and creating new opportunities. We look forward to Tezuka-san's contributions as he leads the Nuance's expansion in Japan and continues a heritage of providing innovative solutions for its global customers and partners." Mr. Tezuka, during the last 15 years, has served as president and CEO at a number of technology companies in Japan including Genesys Japan K.K.; TMSw Corp.; Red Brick Japan Co., Ltd.; and Bay Networks K.K. Most recently as president of Genesys Japan K.K., Mr. Tezuka was responsible for delivering Genesys solutions to three large telecommunications carriers, including NTT, KDDI and Softbank Group, and other major enterprises and SI partners in the region. "It is my pleasure to join an industry leader such as Nuance," said Fumitaka Tezuka. "Having worked in the software industry a long time, I recognize and admire Nuance's reputation for market leadership, customer excellence and technology innovation. Speech automation is a technology that has an increasingly pivotal role in mobile, as well as other industries and applications, and I look forward to helping the company reach its ambitious goals for its solutions." In connection with the hiring of Fumitaka Tezuka, the Compensation Committee approved the issuance of an inducement grant of 75,000 stand-alone restricted stock units to Mr. Tezuka, as an inducement that is material to his entering into an employment arrangement with Nuance. The restricted stock units were granted in accordance with NASDAQ Marketplace Rule 4350 and upon the approval of the Compensation Committee of Nuance's Board of Directors. 50,000 of the restricted stock units vest over a four year period and 25,000 of the restricted stock units vest upon the achievement of certain performance- based objectives. About Nuance Communications Based in Burlington, Massachusetts, Nuance Communications Inc. (NASDAQ: NUAN), fka ScanSoft Inc., -- http://www.nuance.com/-- provides speech and imaging solutions for businesses and consumers around the world. Its technologies, applications and services that help users interact with information, and create, share and use documents. The company has offices in Australia, Belgium, Japan, Korea, Hong Kong, India, Mexico, and the United Kingdom, among others. * * * As of Jan. 10, 2008, Nuance Communications Inc. carries B1 Corporate Family, Bank Loan Debt and Probability-of-Default ratings from Moody's Investor Service, which said the outlook is stable. The company also carries B+ Foreign and Local Issuer Credit ratings from Standard & Poor's Ratings Services, which said the outlook is positive. SOLUTIA INC: Posts US$15,000,000 Net Loss in Nov. 1-30, 2007 ------------------------------------------------------------ Solutia Chapter 11 Debtors Unaudited Statement of Consolidated Financial Position As of November 30, 2007 ASSETS Cash US$3,000,000 Trade Receivables, net 194,000,000 Account Receivables-Unconsolidated Subsidiaries 64,000,000 Inventories 176,000,000 Other Current Assets 81,000,000 Assets of Discontinued Operations 6,000,000 -------------- Total Current Assets 524,000,000 Property, Plant and Equipment, net 652,000,000 Investments in Subsidiaries and Affiliates 687,000,000 Intangible Assets, net 106,000,000 Other Assets 67,000,000 -------------- Total Assets US$2,036,000,000 LIABILITIES AND SHAREHOLDERS' DEFICIT Accounts Payable US$217,000,000 Short Term Debt 943,000,000 Other Current Liabilities 172,000,000 Liabilities of Discontinued Operations 2,000,000 -------------- Total Current Liabilities 1,334,000,000 Long-Term Debt 19,000,000 Other Long-Term Liabilities 175,000,000 -------------- Total Liabilities not Subject to Compromise 1,528,000,000 Liabilities Subject to Compromise 1,936,000,000 Shareholders' Deficit (1,428,000,000) -------------- Total Liabilities & Shareholders' Deficit US$2,036,000,000 Solutia Chapter 11 Debtors Unaudited Consolidated Statement of Operations For the Month Ended November 30, 2007 Total Net Sales US$199,000,000 Total Cost Of Goods Sold 185,000,000 -------------- Gross Profit 14,000,000 Total MAT Expense 17,000,000 -------------- Operating Income (Loss) (3,000,000) Equity Earnings from Affiliates 0 Interest Expense, net (9,000,000) Other Income, net 4,000,000 Reorganization Items: Professional fees (6,000,000) Employee severance and retention costs (1,000,000) Adjustment to allowed claim amounts 0 Settlements of prepetition claims 0 -------------- (7,000,000) -------------- Income from continuing operations before taxes (15,000,000) Income tax expense (benefit) 0 Income from discontinued operations 0 -------------- Net Loss (US$15,000,000) Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ) -- http://www.solutia.com/-- and its subsidiaries, engage in the manufacture and sale of chemical-based materials, which are used in consumer and industrial applications worldwide. Solutia has operations in Malaysia, China, Singapore, Belgium, and Colombia. The company and 15 debtor-affiliates filed for chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949). When the Debtors filed for protection from their creditors, they listed US$2,854,000,000 in assets and US$3,223,000,000 in debts. Solutia is represented by Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis LLP, in New York, as lead bankruptcy counsel, and David A. Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders LLP, in St. Louis Missouri, as special counsel. Trumbull Group LLC is the Debtor's claims and noticing agent. Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP represent the Official Committee of Unsecured Creditors, and Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital provides the Creditors' Committee with financial advice. The Official Committee of Retirees of Solutia, Inc., et al., is represented by Daniel D. Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq., at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in Birmingham, Alabama. On Feb. 14, 2006, the Debtors filed their Reorganization Plan & Disclosure Statement. On May 15, 2007, they filed an Amended Reorganization Plan and on July 9, 2007, filed a 2nd Amended Reorganization Plan. The Bankruptcy Court approved the Debtors' amended Disclosure Statement on Oct. 19, 2007. On Oct. 22, 2007, the Debtor re-filed a Consensual Plan & Disclosure Statement and on Nov. 29, the Court confirmed the Debtors' Consensual Plan. (Solutia Bankruptcy News, Issue No. 112; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). * * * As reported in the Troubled Company Reporter on Dec. 10, 2007, Standard & Poor's Ratings Services assigned its 'B+' loan rating to Solutia Inc.'s (D/--/--) proposed US$1.2 billion senior secured term loan and a '3' recovery rating, indicating the likelihood of a meaningful (50%-70%) recovery of principal in the event of a payment default. The ratings are based on preliminary terms and conditions. S&P also assigned its 'B-' rating to the company's proposed US$400 million unsecured notes. =========== F R A N C E =========== ADEX AGRO: Sets Public Auction By February 7 -------------------------------------------- Adex Agro S.A. will auction its assets on Feb. 7, 2008, at a starting price of CZK27 million, the Financial Times reports, citing Pozitron Information Services. The starting price is the supposed actual market value of the company. As reported in the TCR-Europe on Aug. 22, 2007, Adex Agro became bankrupt as of August 2007 due to its excessive debts. Adex Agro has about 220 creditors and its CEK 200 million worth of receivables have been acknowledge. Headquartered in Tachova, Czech Republic, Adex Agro S.A. -- http://www.adex.cz/-- is the largest Czech turkey meat processor, producing up to 8,000 tonnes of packed meat and 3,000 tonnes of meat products a year before its troubles began. The company processed 578 tonnes in January 2006, but the amount has dropped to 337 tonnes in December 2006 and to 57 tonnes in January 2007. The company has been in the hands of the Agrokrocan association of turkey breeders since July 2004. Its predecessor, Adex Tachov, went bankrupt because of debt worth CZK650 million in 1999. =========== F R A N C E =========== DRESSER-RAND GROUP: To Supply Advanced Turbomachine to Pazflor -------------------------------------------------------------- Dresser-Rand Group Inc. will supply advanced turbomachinery for a floating, production, storage and offloading vessel for the Pazflor Field offshore Angola. The award is approximately US$44 million. Dresser-Rand will supply gas compression packages. The company will provide four Datum(R) centrifugal compression trains. Two trains will be driven by gas turbines and two trains will be driven by electric motors. The company booked the order in December 2007. "We are very excited about the floating production market which is a strategically important market for Dresser-Rand", said Dresser-Rand's executive vice president, New Equipment Worldwide, Jesus Pacheco. "This award is representative of the value our technology brings to our clients. Our DATUM(R) technology adds value to Total by reducing the weight and footprint of the compression system, as fewer casings are required. It also maximizes gas throughput compared to competitor offerings as a result of the high efficiency of the compressors. We believe activity in the floating production market will continue to be significant and that our market share will remain strong." Pazflor's floating production unit will operate in Block 17 and will be designed to handle 200,000 barrels of oil per day and will be able to store about 1.9 million barrels of crude. First oil production will be in 2011. Total Group is one of the world's major oil and gas groups, with activities in more than 130 countries. Its 95,000 employees put their expertise to work in every part of the industry -- exploration and production of oil and natural gas, refining and marketing, gas trading and electricity. About Dresser-Rand Dresser-Rand Group Inc. (NYSE: DRC) is among the largest suppliers of rotating equipment solutions to the worldwide oil, gas, petrochemical, and process industries. It operates manufacturing facilities in the United States, France, Germany, Norway, India, and Brazil, and maintains a network of 24 service and support centers covering 105 countries. * * * As of Jan. 10, 2008, Dresser-Rand Group Inc. carries Ba3 Corporate Family and Probability-of-Default ratings from Moody's Investor Service, which said the outlook is stable. The company also carries Ba1 Bank Loan Debt and B1 Senior Subordinated Debt ratings. The company also carries BB- Foreign and Local Issuer Credit ratings from Standard & Poor's Ratings Services, which said the outlook is positive. EUTELSAT COMMS: To Release First Half-Year Earnings on Feb. 14 -------------------------------------------------------------- Eutelsat Communications will release its earnings for its first half-year ended Dec. 31, 2007, on Feb. 14, 2008, before the opening of Euronext Paris. An earnings presentation (in French) will be held that same day at: Eutelsat Communications 70, rue Balard - 75015 Paris Metro: Balard or Javel 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% GENERAL CABLE: German Subsidiary Bags Offshore Windfarm Contract ---------------------------------------------------------------- General Cable Corporation's subsidiary, Norddeutsche Seekablewerke GmbH, has been awarded its first submarine power contract by BARD Engineering GmbH, for more than US$30 million related to the construction of BARD Offshore 1. BARD Offshore 1 is a 400-megawatt wind farm consisting of 80 wind turbines that will be located northwest of the Isle of Borkum in the North Sea. BARD Offshore 1 is the first commercial wind farm to be located in the North Sea and is expected to be completed in 2010. NSW will produce approximately 66 miles of power cable for the infield infrastructure portion of the project, which will harness the electricity generated by the turbines for transmission back to shore. The field will be located in water 75 miles offshore with a depth of approximately 130 feet. "We believe that the North Sea will be an area of high growth for wind power generation due to its ideal conditions of high sustainability of wind and shallow waters, key factors allowing for efficient use of the turbines and for anchoring the windmill towers. With its long history and experience in submarine cabling systems, NSW is ideally positioned to take advantage of this high growth opportunity," said Valentin Jug, Chairman of NSW. General Cable acquired NSW in April 2007 and began an investment program to expand the capability of the facility to include submarine power cables and repeatered submarine telecommunications cable. NSW is located on a tributary of the North Sea, with its own deep-sea pier. The Company believes that once the expansion of NSW is completed, it will be well positioned to address all aspects of submarine cable needs for the expanding offshore wind farm market. About NSW Headquartered in Nordenham, Germany, Norddeutsche Seekablewerke GmbH -- http://www.nsw.de/-- manufactures submarine fiber optic communications and offshore power cables serving customers all over the world. About General Cable Headquartered in Highland Heights, Kentucky, General Cable Corporation (NYSE: BGC) -- http://www.generalcable.com/-- makes aluminum, copper, and fiber-optic wire and cable products. It has three operating segments: industrial and specialty (wire and cable products conduct electrical current for industrial and commercial power and control applications); energy (cables used for low-, medium- and high-voltage power distribution and power transmission products); and communications (wire for low-voltage signals for voice, data, video, and control applications). Brand names include Carol and Brand Rex. It also produces power cables, automotive wire, mining cables, and custom-designed cables for medical equipment and other products. General Cable has locations in China, Australia, France, Brazil, the Dominican Republic and Spain. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 1, 2007, Moody's Investors Service has assigned a rating of B1 to the proposed US$400 million senior unsecured convertible notes of General Cable Corporation. As reported in the Troubled Company Reporter on Sept. 19, 2007, Standard & Poor's Ratings Services affirmed its 'BB-' corporate credit rating on General Cable Corp. S&P said the outlook is stable. PETIT BOY: Asiatex Sells Firm to Unnamed Textile Company -------------------------------------------------------- Asiatex SA sold Petit Boy LLC to an unidentified textile company backed by a financial group, Financial Times Ltd. reports citing Les Echos as its source. According to Stuart Todd of just-style, Asiatex acquired Petit Boy from receivership in 2006 and its restructuring over the past 20 months has reduced its chain of stores to 68 from 90. The company reported a net profit of EUR1 million from a turnover of EUR12.6 million in 2007. Headquartered in Chemin des Coteaux, France, Petit Boy -- http://www.petitboy.com/-- designs, produces and distributes clothing for children, new born to sixteen. It has operations in France, Spain, Belgium and Holland. SMOBY-MAJORETTE: Sells Blow Moulding Unit to RPC Group ------------------------------------------------------ RPC Group Plc bought Smoby-Majorette S.A.'s blow molding unit in Moirans-en-Montagne for under US$2 million, Financial Times Ltd. Reports citing Chemical Business Newsbase as its source. According to the report, RPC bought the plant after Smoby slashed its workforce to 52. The facility was renamed to RPC Emballages Moirans SA. The unit made sales of around US$24 million until earlier in 2007, when its performance diminished under Smoby's financial status. As reported in the TCR-Europe on Jan. 8, 2008, the Court of Appeal in Besancon rejected the recovery plan presented by MGA Entertainment Inc. for Smoby-Majorette, maintaining the decision of the Commercial Court of Lons-le-Saunier to place the company under receivership on Oct. 9, 2007. The appellate court gave interested parties until at latest Jan. 20, 2007, to submit offers for Smoby. Around 30 parties have sought information on Smoby and its units. About Smoby Headquartered in Lavans les Saint-Claude, France, Smoby -- http://www.smoby.fr/-- specializes in the creation, development, production and distribution of toys for children from birth to age 10. Smoby has a presence in over 90 countries globally, with commercial and/or industrial operations in South America, Asia and throughout Europe. The Company's products are sold worldwide through a network of 18 subsidiaries, with 65% of sales generated outside of France. In France, the Company employs 1, 300 workers. Its Latin America operations are found in Argentina, Brazil and Mexico. The Commercial Court of Lons-le-Saunier opened bankruptcy proceedings against Smoby on March 19, 2007, upon the Debtor's request. Smoby was hoping to snag an investor who will inject fresh capital yet remain a minority, as the company grapples with a EUR330-million debt. The company reported a net loss of EUR15.87 million for the year ended March 31, 2006, compared with a net profit of EUR1.56 million in 2005. ============= G E R M A N Y ============= ALFORN DEUTSCHLAND: Claims Registration Ends February 5 ------------------------------------------------------- Creditors of Alforn Deutschland GmbH have until Feb. 5 to register their claims with court-appointed insolvency manager Stephanie Pidun. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on March 18, 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 Reinbek Parkallee 6 21465 Reinbek Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Stephanie Pidun Jungfernstieg 51 20354 Hamburg Germany The District Court of Reinbek opened bankruptcy proceedings against Alforn Deutschland GmbH on Dec. 14, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Alforn Deutschland GmbH Attn: Peter Olbinsky, Manager Biedenkamp 5a 21509 Glinde Germany ATIS GMBH: Claims Registration Period Ends Jan. 29 -------------------------------------------------- Creditors of ATIS GmbH Anlagen-Technik und Industrie-Service have until Jan. 29 to register their claims with court-appointed insolvency manager Wolfgang Folger. Creditors and other interested parties are encouraged to attend the meeting at 10:10 a.m. on Feb. 13, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Flensburg Hall A 220 Flensburg 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: Wolfgang Folger C/o Ehler, Ermer und Partner Wrangelstrasse 17-19 24937 Flensburg Germany The District Court of Flensburg opened bankruptcy proceedings against ATIS GmbH Anlagen-Technik und Industrie-Service on Jan. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ATIS GmbH Anlagen-Technik und Industrie-Service Attn: Thomas Bratz, Manager Vossberg 2 24855 Bollingstedt Germany AUGUST SAUER: Claims Registration Period Ends Jan. 31 ----------------------------------------------------- Creditors of August Sauer GmbH + Co. KG have until Jan. 31 to register their claims with court-appointed insolvency manager Manfred Gottschalk. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Hagen 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: Manfred Gottschalk Kirchender Dorfweg 14 58313 Herdecke Germany The District Court of Hagen opened bankruptcy proceedings against August Sauer GmbH + Co. KG on Dec. 28, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: August Sauer GmbH + Co. KG Schuetzenstr. 1-3 58553 Halver Germany AUTOHAUS LEISTNER: Claims Registration Period Ends Feb. 1 --------------------------------------------------------- Creditors of Autohaus Leistner GmbH have until Feb. 1 to register their claims with court-appointed insolvency manager Oliver Junghanel. Creditors and other interested parties are encouraged to attend the meeting at 11:10 a.m. on Feb. 26, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Oliver Junghanel Lessingstr. 25 08058 Zwickau Germany The District Court of Gera opened bankruptcy proceedings against Autohaus Leistner GmbH on Dec. 27, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Autohaus Leistner GmbH Triebeser Str. 15 07937 Zeulenroda-Triebes Germany BAUGESCHAFT SCHNEIDER: Claims Registration Period Ends Feb. 1 ------------------------------------------------------------- Creditors of Baugeschaft Schneider GmbH & Co.KG have until Feb. 1 to register their claims with court-appointed insolvency manager Dr. Bruno M. Kuebler. Creditors and other interested parties are encouraged to attend the meeting at 11:30 a.m. on March 4, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Chemnitz Hall 24 Fuerstenstrasse 21-23 09130 Chemnitz Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Bruno M. Kuebler Kassbergstrasse 24 09112 Chemnitz Tel:(0371) 3133 73 Fax: (0371) 3133 75 E-mail: chemnitz@kuebler-gbr.de. The District Court of Chemnitz opened bankruptcy proceedings against Baugeschaft Schneider GmbH & Co.KG on Dec. 17, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Baugeschaft Schneider GmbH & Co.KG Chemnitzer Strasse 15 09366 Stollberg Germany BAUSTUDIO NORD: Claims Registration Period Ends Jan. 25 ------------------------------------------------------- Creditors of BauStudio Nord GmbH have until Jan. 25 to register their claims with court-appointed insolvency manager Dr. Matthias Fischer. Creditors and other interested parties are encouraged to attend the meeting at 11:25 a.m. on Feb. 13, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Flensburg Hall A 220 Flensburg 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. Matthias Fischer c/o hww Kiel Am Germaniahafen 2 24143 Kiel Germany The District Court of Flensburg opened bankruptcy proceedings against BauStudio Nord GmbH on Jan. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BauStudio Nord GmbH Attn: Wolfgang Peters, Manager Graf-Zeppelin-Strasse 22 24941 Flensburg Germany BRUNK GASTRONOMIE: Claims Registration Period Ends Jan. 30 ---------------------------------------------------------- Creditors of Brunk Gastronomie GmbH have until Jan. 30 to register their claims with court-appointed insolvency manager Simone Gisdal. Creditors and other interested parties are encouraged to attend the meeting at 2:30 p.m. on Jan. 30, 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 Saarbruecken Meeting Hall 24 Second Floor Vopeliusstrasse 2 66280 Sulzbach 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: Simone Gisdal Kapellenstr. 18 66271 Kleinblittersdorf Germany Tel: 06805/9090 Fax: 06805/909100 The District Court of Saarbruecken opened bankruptcy proceedings against Brunk Gastronomie GmbH on Dec. 28, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Brunk Gastronomie GmbH Attn: Holger Brunk, Manager Bleichstr. 11-15 66111 Saarbruecken Germany ERNST JOLITZ: Claims Registration Period Ends Jan. 24 ----------------------------------------------------- Creditors of Ernst Jolitz und Sohne GmbH & Co. KG have until Jan. 24 to register their claims with court-appointed insolvency manager Herr Peter Knoepfel. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on Feb. 7, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Luebeck Hall E3 Am Burgfeld 7 23568 Luebeck 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: Herr Peter Knoepfel Hallerstrasse 76 20146 Hamburg Germany The District Court of Luebeck opened bankruptcy proceedings against Ernst Jolitz und Sohne GmbH & Co. KG on Jan. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Ernst Jolitz und Sohne GmbH & Co. KG Attn: Frank Jolitz, Manager Sibeliusstrasse 2 23556 Luebeck Germany FREE-BOX SALES: Claims Registration Period Ends Jan. 25 ------------------------------------------------------- Creditors of free-box Sales GmbH have until Jan. 25 to register their claims with court-appointed insolvency manager Ygglev Stintzing. Creditors and other interested parties are encouraged to attend the meeting at 8:45 a.m. on Feb. 13, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Flensburg Hall A 220 Flensburg 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: Ygglev Stintzing Rathausstrasse 1 24937 Flensburg Germany The District Court of Flensburg opened bankruptcy proceedings against free-box Sales GmbH on Jan. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: free-box Sales GmbH Attn: Holger Freiesleben und Tord Kasten, Managers Neustadt 16 24939 Flensburg Germany FRYE SPEDITION: Claims Registration Period Ends Feb. 1 ------------------------------------------------------ Creditors of Frye Spedition GmbH & Co. KG have until Feb. 1 to register their claims with court-appointed insolvency manager Stephan Michels. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Feb. 26, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Osnabrueck Hall N 301 Kollegienwall 10 49074 Osnabrueck Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Stephan Michels c/o PLUTA Rechtsanwalts GmbH Ludgeristr. 54 48143 Muester Germany Tel: 0251/162830 Fax: 0251/16283-11 E-mail: muenster@pluta.net The District Court of Osnabrueck opened bankruptcy proceedings against Frye Spedition GmbH & Co. KG on Dec. 27, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Frye Spedition GmbH & Co. KG Am Fledderbach 4 49201 Dissen Germany GATEC WIRTSCHAFTSBERATUNGS: Claims Registration Ends Feb. 1 ----------------------------------------------------------- Creditors of Gatec Wirtschaftsberatungsgesellschaft mbH have until Feb. 1 to register their claims with court-appointed insolvency manager Karl-Heinz Blaha. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Celle Hall 014 First Floor Muehlenstrasse 4 29221 Celle 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: Karl-Heinz Blaha Bahnhofstr. 30 A 29221 Celle Germany Tel: 05141/28011 Fax: 05141/24722 E-mail: Rae_valentiner_blaha_buchholz@gmx.de The District Court of Celle opened bankruptcy proceedings against Gatec Wirtschaftsberatungsgesellschaft mbH on Dec. 18, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Gatec Wirtschaftsberatungsgesellschaft mbH Wernerusstr. 33 29227 Celle Germany HAVENROCK II: Fitch Withdraws Junk Ratings on IKB Loans ------------------------------------------------------- Fitch Ratings has affirmed and simultaneously withdrawn the 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'; Rating withdrawn -- US$404.875 million facility C loan provided by IKB: affirmed at 'CC/DR2'; Rating withdrawn -- US$43.75 million facility B loan provided by IKB: affirmed at 'CC/DR6'; Rating withdrawn US$11,375,000 facility A loan provided by IKB: affirmed at 'CC/DR6'; Rating withdrawn The 364-day committed facilities could be drawn on to cover Havenrock II's obligations under a credit default swap. The withdrawal of the ratings follows notification from IKB on Jan. 7, 2008, that Fitch would no longer be receiving information on the loan facilities provided by IKB and IKB International to Havenrock II. Thus, Fitch will no longer be able to provide ratings or analytical coverage of Havenrock II. HM-TEAM CONSULTING: Claims Registration Period Ends Feb. 1 ---------------------------------------------------------- Creditors of HM-Team Consulting GmbH Autohausberatung have until Feb. 1 to register their claims with court-appointed insolvency manager Ulrich Bastian. Creditors and other interested parties are encouraged to attend the meeting at 8:50 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 Munich Meeting Hall 102 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ulrich Bastian Sendlinger Str. 46 80331 Munich Germany Tel: 089/2603966 Fax: 089/2609204 The District Court of Munich opened bankruptcy proceedings against HM-Team Consulting GmbH Autohausberatung on Dec. 17, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HM-Team Consulting GmbH Autohausberatung Wernher-von-Braun Str. 10A 85640 Putzbrunn Germany INTERBAU GMBH: Claims Registration Period Ends Jan. 31 ------------------------------------------------------ Creditors of Interbau GmbH & Co.KG have until Jan. 31 to register their claims with court-appointed insolvency manager Bettina Schmudde. Creditors and other interested parties are encouraged to attend the meeting at 1:00 p.m. on March 18, 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 Dresden Hall D131 Olbrichtplatz 1 01099 Dresden Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Bettina Schmudde Koenigstrasse 1 01097 Dresden Germany Web site: http://www.whitecaseinso.de/ The District Court of Dresden opened bankruptcy proceedings against Interbau GmbH & Co.KG on Dec. 27, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Interbau GmbH & Co.KG Attn: Danny Haufe, Manager Koenigsbruecker Str. 21 01936 Gruengrabchen Germany KFZ SERVICE: Claims Registration Period Ends Jan. 25 ---------------------------------------------------- Creditors of KFZ Service Zech GmbH have until Jan. 25 to register their claims with court-appointed insolvency manager Dr. Marcus Goebel. Creditors and other interested parties are encouraged to attend the meeting at 8:40 a.m. on Feb. 15, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Landshut Meeting Room 9/I Insolvency Court Maximilianstrasse 22-24 Landshut 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. Marcus Goebel Marschallstr. 19 84028 Landshut Germany Tel: 0871/430160 Fax: 0871/4301699 The District Court of Landshut opened bankruptcy proceedings against KFZ Service Zech GmbH on Jan. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: KFZ Service Zech GmbH Am Kletthamer Feld 16 85435 Erding Muenchen Germany LM-TELEKOMMUNIKATIONS: Creditors' Meeting Slated for Jan. 31 ------------------------------------------------------------ The court-appointed insolvency manager for LM-Telekommunikations GmbH, Frank-Michael Rhode will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:30 a.m. on Jan. 31. The meeting of creditors and other interested parties will be held at: The District Court of Bremen Hall 50 Domsheide 16 28195 Bremen Germany The Court will also verify the claims set out in the insolvency manager's report at 9:30 a.m. on Feb. 28 at the same venue. Creditors have until Feb. 5 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Frank-Michael Rhode Graf-Moltke-Str. 62 28211 Bremen Germany Tel: 0421/3485212/213 Fax: 0421/341078 E-mail: info@rhode.de Web site: http://www.rhode.de/ The District Court of Bremen opened bankruptcy proceedings against LM-Telekommunikations GmbH on Dec. 4, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: LM-Telekommunikations GmbH Hansa-Carre Pfalzburger Strasse 41 28207 Bremen Germany Attn: Martin Luebbehuesen, Manager Alter Schulweg 10 49685 Emstek Germany MESLINA GMBH: Claims Registration Ends February 4 ------------------------------------------------- Creditors of Meslina GmbH have until Feb. 4 to register their claims with court-appointed insolvency manager Christian Graf Brockdorff. Creditors and other interested parties are encouraged to attend the meeting at 11:20 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 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: Christian Graf Brockdorff Friedrich-Ebert-Strasse 36 14469 Potsdam Germany The District Court of Potsdam opened bankruptcy proceedings against Meslina GmbH on Dec. 27, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Meslina GmbH Attn: Torsten Benke and Cengiz Tuerk, Managers Hegelallee 5 14467 Potsdam Germany MH-BUEROSYSTEME: Claims Registration Period Ends Feb. 1 ------------------------------------------------------- Creditors of MH-Buerosysteme GmbH have until Feb. 1 to register their claims with court-appointed insolvency manager Dr. Peter May. Creditors and other interested parties are encouraged to attend the meeting at 8:45 a.m. on Feb. 22, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Landshut Meeting Hall 9/I Maximilianstrasse 22-24 Landshut 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. Peter May Bachstr. 6 84036 Landshut Germany Tel: 0871/94321-0 Fax: 0871/9432150 The District Court of Landshut opened bankruptcy proceedings against MH-Buerosysteme GmbH on Dec. 13, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MH-Buerosysteme GmbH Seligenthalerstr. 37 84034 Landshut Germany PANDATEL AG: Halts Operations; to Close Singapore Unit ------------------------------------------------------ Pandatel AG has decided to discontinue its operational business due to lack of personnel. Toward the turn of the year 2007/2008, all employees of Pandatel AG have gradually resigned voluntarily and they have taken job offers from other local companies. Only two employees still remain. In addition, the Singapore subsidiary, Pandatel Asia Pacific, is in the process of being closed. This measure does not affect any employees. Within the restructuring measures of 2006 and 2007 the number of employees had already been adjusted. Arising expenses have been accounted for within liquidation costs. As previously reported in the TCR-Europe, Pandatel's shareholders passed the resolution on application for the company's liquidation as well as an application for special audit with more than 90% of the respective capital stock entitled to vote at a shareholders meeting on Aug. 14, 2007. Dowslake Venture Ltd. filed its application for liquidation on March 28, 2007. Dowslake claims Pandatel can no longer operate and be sustainably profitable on its own. This way, shareholders would at least receive part of the remaining liquidity. During the meeting, minor shareholders filed an application for special audit, mainly referring to fiscal year 2006, which the shareholders meeting's chairman admitted to voting. Dowslake Microsystems and Pandatel have a joint sales and marketing agreement in place providing Dowslake Microsystems full right to continue to serve its full customer base. Headquartered in Hanover, Germany, Pandatel AG -- http://www.pandatel.com/-- specializes in Ethernet technologies. TERRES-INVEST: Claims Registration Period Ends Feb. 2 ----------------------------------------------------- Creditors of Terres-Invest Projektentwicklungs GmbH have until Feb. 2 to register their claims with court-appointed insolvency manager Hubert Ampferl. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Munich Meeting Hall 102 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Hubert Ampferl Nymphenburger Str. 20 80335 Munich Germany Tel: 089/3090586-0 Fax: 089/3090586-10 The District Court of Munich opened bankruptcy proceedings against Terres-Invest Projektentwicklungs GmbH on Dec. 10, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Terres-Invest Projektentwicklungs GmbH Oldenbourgstr. 11 81247 Munich Germany ULM EINS: Claims Registration Ends February 4 --------------------------------------------- Creditors of "Ulm Eins" Verwaltungsgesellschaft Leipzig West mbH have until Feb. 4 to register their claims with court-appointed insolvency manager Dr. Lucas F. Floether. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on March 18, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Leipzig Hall 145 First Floor Enforcement Court Bernhard Goering Strasse 64 04275 Leipzig 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. Lucas F. Floether Specks Hof Eingang C Nikolaistrasse 3-5 04109 Leipzig Germany Tel: 0341/652200 Fax: O341/65220111 The District Court of Leipzig opened bankruptcy proceedings against "Ulm Eins" Verwaltungsgesellschaft Leipzig West mbH on Dec. 28, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: "Ulm Eins" Verwaltungsgesellschaft Leipzig West mbH Antonienstrasse 20 04229 Leipzig Germany WEMA PROJEKTENTWICKLUNG: Claims Registration Ends February 4 ------------------------------------------------------------ Creditors of WeMa Projektentwicklung GmbH have until Feb. 4 to register their claims with court-appointed insolvency manager Karl-Heinz Blaha. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on March 3, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Celle Hall 014 Ground Floor Muehlenstrasse 4 29221 Celle 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: Karl-Heinz Blaha Bahnhofstr. 30 A 29221 Celle Germany Tel: 05141/28011 Fax: 05141/24722 E-mail: Rae_valentiner_blaha_buchholz@gmx.de The District Court of Celle opened bankruptcy proceedings against WeMa Projektentwicklung GmbH on Dec. 27, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: WeMa Projektentwicklung GmbH Attn: Matthias Wede, Manager Nordfeld 9 29336 Nienhagen Germany ============= H U N G A R Y ============= PROPEX INC: Posts US$60.7 Mln Net Loss in Quarter Ended Sept. 30 ---------------------------------------------------------------- Propex Inc. reported its financial results for the three months ended Sept. 30, 2007. The company disclosed a net loss of US$60.7 million in three months ended Sept. 30, 2007, compared to a net loss of US$6.5 million in the same period in 2006. For the three months ended Sept. 30, 2007, total net revenue decreased US$15.2 million, or 7.8%, to US$179.4 million from US$194.6 million in the corresponding period of 2006. The net revenue decrease is due primarily to a decrease in North America furnishings net revenue of US$24.2 million and a decrease in North America industrial products net revenue of US$4.2 million. The segment decreases were partially offset by an increase in North America geosynthetics net revenue of US$5.4 million, an increase in concrete fiber net revenue of US$2.4 million, an increase in Europe net revenue of US$0.6 million and an increase in Brazil net revenue of US$4.8 million from the corresponding period in 2006. For the nine months ended Sept. 30, 2007, total net revenue decreased US$73.5 million, or 12.4%, to US$517.8 million from US$591.3 million in the corresponding period of 2006. This net revenue decrease is due to a decrease in North America furnishings net revenue of US$90.9 million and a decrease in North America industrial products net revenue of US$11.3 million. The segment decreases were partially offset by an increase in North America geosynthetics net revenue of US$3.5 million, an increase in concrete fiber net revenue of US$9.8 million, an increase in Europe net revenue of US$3.5 million and an increase in Brazil net revenue of US$11.9 million from the corresponding period in 2006. At Sept. 30, 2007, the company's balance sheet showed total assets of US$585.7 million and total liabilities of US$527.4 million, resulting in a US$58.3 million stockholders' equity. Covenant Default At Sept. 30, 2007, the company disclosed that it was not in compliance with the two leverage ratio covenants under the Second Amendment to a Credit Agreement dated Jan. 26, 2007. The company is currently in default under the Credit Agreement and in negotiations with its lenders in order to resolve the issue of non-compliance. The company has notified the Administrative Agent of its non- compliance in accordance the Credit Agreement, and the Administrative Agent and the lenders under the Credit Agreement have indicated a willingness to work with the company to resolve the issue of non-compliance. To proactively address the issue of non-compliance and to provide strategic advice related to its indebtedness, on Oct. 23, 2007, the company engaged Houlihan Lokey Howard & Zukin Capital, Inc. as its exclusive advisor. Houlihan Lokey will assist the company as it negotiates with its current lenders and will provide strategic and tactical recommendations to successfully address the long-term financing needs of the company. No assurance of a successful resolution of these matters can be given as of the date of this report. The company has not been notified by the lenders of their intent to exercise the right to accelerate the debt under the default provisions of the Credit Agreement. As a result of its default under the Credit Agreement, the company is precluded from additional borrowings from the revolving credit facility while in default. In addition, the terms of the Credit Agreement state that after the occurrence of default, the company may not elect to have line of credit borrowings be made or maintained as a LIBOR loan after expiration of the interest period. As portions of its borrowings under LIBOR interest rate agreements expire, these borrowings will be at the base rate as defined by the Credit Agreement, plus 2%. If not for the event of default, in accordance with our monthly borrowing base calculation, Propex Inc. would have had US$22.6 million of availability, as of Sept. 30, 2007, under its US$50 million revolving line of credit. As of Sept. 30, 2007, the company had US$230.6 million of borrowings outstanding under the Credit Agreement. As a result of its default, this amount has been classified as current on the consolidated balance sheet. If the lenders exercise their right to accelerate the indebtedness or foreclose on collateral under the Credit Agreement, it would have a material adverse effect on the company. At Sept. 30, 2007, the balance of unamortized deferred financing costs that may be required to be written-off in the event that a waiver or restructuring of terms cannot be negotiated and the debt is accelerated or otherwise extinguished, was US$3.8 million. About Propex Inc. Propex Inc. -- http://www.propexinc.com/-- manufactures primary and secondary carpet backing. The company also manufactures and markets woven and non-woven polypropylene fabrics and fibers used in geosynthetic and a variety of other industrial applications. Based in Gronau, Germany and Gyor, Hungary, Propex International -- http://www.geotextile.com/europe/-- is recognized as an internationally leading manufacturer of carpet backings, geotextiles and composite sheets. Strict manufacturing specifications, quality control monitoring and laboratory testing ensure our products consistently meet or exceed European standards. Propex Inc. -- http://www.propexinc.com/-- manufactures primary and secondary carpet backing. The company also manufactures and markets woven and nonwoven polypropylene fabrics and fibers used in geosynthetic and a variety of other industrial applications. * * * As reported in yesterday's Troubled Company Reporter, Standard & Poor's Ratings Services lowered its ratings on Propex Inc. by two notches, including its corporate credit rating to 'CCC' from 'B-'. The ratings remain on CreditWatch with negative implications where they were placed on Oct. 8, 2007. ========= I T A L Y ========= ALPI EAGLES: Court to Rule on ENAC License Suspension on Jan. 17 ---------------------------------------------------------------- The Regional Administrative Court of Lazio is set to decide on Jan. 17 on whether Italian civil aviation body Ente Nazionale per l'Aviazione Civile (ENAC) was justified in revoking the operating license of Italian airline Alpi Eagles S.p.A., the Financial Times reports, citing Il Sole 24 Ore as its source. According to the report, ENAC suspended Alpi Eagles' activity after it showed record levels of delays and cancellations. Alpi Eagles, however, said in a press release that it "will appeal to the competent legal authorities against the suspensive measure of its activity by ENAC." Meanwhile, Alpi Eagles remains grounded until a verdict is reached, Claudio Pasqualetto writes for Il Sole 24 Ore. The Italian airline's license expired on Dec. 31, 2007, International Passenger Protection relates. Bankruptcy Petition The TCR-Europe cited FT on Nov. 26, 2007, that creditors of Alpi Eagles had asked the Court of Padova to declare the regional carrier insolvent. The petition was filed by airport operators SAVE of Venice and GESAC of Naples, Avionews says. Alpi Eagles owes SAVE around EUR3.8 million. Paolo Sinigaglia, Alpi Eagles's president, on the other hand, argued "Alpi Eagles is not in a state of insolvency, because it is super-capitalized." "I want stigmatize SAVE action, made by its President Enrico Marchi, who long time plots to close our airline," Mr. Sinigaglia told Avionews. The court is scheduled to examine the bankruptcy petition on Feb. 12. Alpi Eagles ran into financial difficulties after a number of local businessmen reduced their stakes in the company, Il Sole 24 Ore reveals. Headquartered in Venice, Italy, Alpi Eagles S.p.A. -- http://www.alpieagles.com/-- operates scheduled passenger services linking 15 domestic destinations, as well as international services to Albania, Czech Republic, France, Romania, Russia, Spain and Ukraine. Alpi Eagle is currently operating under a provisional license valid until Dec. 31, 2007, following an investigation by Ente Nazionale per l'Aviazione Civile, the italian Civil Aviation Authority, due to insufficient financial resources. The company's management has submitted an emergency financial recovery action plan to creditors. PARMALAT SPA: Parma Prosecutors Seek Trial for 10 Citibank Execs ---------------------------------------------------------------- Prosecutors in Parma, Italy, have asked a court to commence trial for 10 executives at Citibank, a unit of Citigroup, for abetting Parmalat S.p.A.'s financial collapse in December 2003, Dow Jones reports citing Chief Prosecutor Gerardo La Guardia. The court, however, has yet to arrange a preliminary hearing to decide whether there is enough evidence to warrant indictments and a full trial for the 10 bankers, Dow Jones said. Citigroup, meanwhile, expressed confidence "that the examination by the judge at the preliminary hearing will result in a finding that its employees are wholly innocent of the charges being brought." "It will finally be proven in court that Citi is in fact a victim of this fraud," Citigroup said. Headquartered in Milan, Italy, Parmalat S.p.A. -- http://www.parmalat.net/-- sells nameplate milk products that can be stored at room temperature for months. It also has about 40 brand product lines, which include yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The company's U.S. operations filed for chapter 11 protection on Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP, represent the Debtors. When the U.S. Debtors filed for bankruptcy protection, they reported more than US$200 million in assets an