T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Monday, January 14, 2008, Vol. 9, No. 9 Headlines A U S T R I A AMB BAU: Graz Court Orders Business Shutdown BETAS BAU: Creditors' Meeting Slated for Jan. 25 BIO LOGISCH: Leoben Court Orders Business Shutdown ELECTRONIC DATA: Flemish Government Renews Pact w/ EDS-Telindus FAIR SPIRIT: Creditors' Meeting Slated for Jan. 23 GHS VERSICHERUNGS: Klagenfurt Court Orders Business Shutdown HUBERT PLANKER: Creditors' Meeting Slated for Jan. 27 LM-LAST MINUTE: Creditors' Meeting Slated for Jan. 25 MARIUS VELAN: Vienna Court Orders Business Shutdown MARTE FEUERWEHRFAHRZEUGE: Creditors' Meeting Slated for Jan. 24 MOEBELHAUS LUGER: Creditors' Meeting Slated for Jan. 24 S.D. INSTALLATION: Vienna Court Orders Business Shutdown SICHERHEITSDIENSTE LLC: Creditors' Meeting Slated for Jan. 25 T.V.I. TREUHANDGESELLSCHAFT: Creditors' Meeting Set for Jan. 25 VIA HANDEL: Creditors' Meeting Slated for Jan. 25 WOLF MICHAEL: Creditors' Meeting Slated for Jan. 24 B E L G I U M NUANCE COMM: Ex-CEO Gets Inducement Grant of 286,137 Stock Units SOLUTIA INC: Mulls Offering US$400 Mln of Senior Unsecured Notes D E N M A R K POLYONE CORP: Splits Polymer Coating Systems Into Two Units F R A N C E BOSTON SCIENTIFIC: S&P Ratings Unmoved by Affirmed Court Ruling DELPHI CORP: S&P Expects to Put B Rating After Chapter 11 Exit MTI TECHNOLOGY: Taps Singer Lewak as Certified Public Accountant G E R M A N Y ALVERMANN GMBH: Claims Registration Period Ends Feb. 5 AUTOHAUS DIEDRICH: Claims Registration Period Ends Feb. 11 BAUGESCHAFT THOMAS: Claims Registration Period Ends Feb. 5 BENQ MOBILE: Around 1,700 Employees Find Alternative Work BUERO WIEDEMANN: Claims Registration Period Ends Feb. 4 DINEVENT GASTRONOMIESERVICE: Claims Registration Ends Feb. 11 EINRICHTUNGSHAUS MAAG: Claims Registration Ends February 11 FELDMANN-KOENECKE: Claims Registration Period Ends Feb. 4 FREESTYLE GASTRONOMIEBETRIEBS: Claims Registration Ends Feb. 6 HILDEBRAND MALER: Claims Registration Period Ends Feb. 4 HKV HOLZ: Claims Registration Period Ends Feb. 5 K&K HAUSTECHNIK: Claims Registration Period Ends Feb. 5 LANG EUROPE: Claims Registration Ends February 21 MASCHINENBAU & BAUELEMENTE: Claims Registration Ends Feb. 4 PAPILLON GMBH: Claims Registration Period Ends Feb. 7 PETZOLD & PARTNER: Claims Registration Ends February 11 SPINOLA PETROL: Claims Registration Ends February 12 TISCHLEREI ERNST: Claims Registration Period Ends Feb. 8 VERTRIEBSGESELLSCHAFT FUER: Claims Registration Ends Feb. 5 WEMA WERKZEUG: Claims Registration Period Ends Feb. 7 WIBUSCH SERVICE: Claims Registration Period Ends Feb. 1 G R E E C E EASTMAN KODAK: Sets Annual Strategy Meeting for Feb. 7 H U N G A R Y GUESS? INC: Discloses Strong Same-Store Sales in Retail Business I R E L A N D SCOTTISH RE: Names David Carrick as Sr. VP for Group Controller I T A L Y ALITALIA SPA: Air France-KLM Chief Holds Preliminary Talks IMAX CORP: Sept. 30 Balance Sheet Upside-Down by US$76.8 Million IMAX CORP: Moody's Changes Outlook; Affirms Junk Ratings IMAX CORP: Sept. 30 Balance Sheet Upside-Down by US$76.8 Million PARMALAT SPA: Deloitte Wants to Settle with Bondholder Group TISCALI SPA: CONSOB Okays Rights Offering Circular Publication X-RITE INC: Issues Employment Inducement Restricted Stock Awards K A Z A K H S T A N GARANT OJSC: Creditors Must File Claims by Feb. 12 INTERNATIONAL PROCUREMENT: Claims Filing Period Ends Feb. 8 KAZ TECHNOLOGATION: Creditors' Claims Due on Feb. 8 KLAIN BYSTRUHA: Claims Registration Ends Feb. 8 MDK-COMPANY LLP: Creditors Must File Claims by Feb. 12 MEB MARKET: Claims Filing Period Ends Feb. 8 NIKOS INVESTMENTS: Creditors' Claims Due on Feb. 8 K Y R G Y Z S T A N OPTIMAX LLC: Proof of Claim Deadline Slated for February 2 STROY GRAD: Creditors Must File Claims by February 2 R U S S I A BELOZERSKOYE OJSC: Court Starts Bankruptcy Supervision Procedure FURNITURE FACTORY: Creditors Must File Claims by Jan. 22 KIMRSKY MECHANICAL: Creditors Must File Claims by Jan. 22 MEDYAKOVO OJSC: Asset Sale Slated for Jan. 23 PTK PILE-DRIVING: Creditors Must File Claims by Feb. 22 ROSGASPROM LLC: Creditors Must File Claims by Feb. 22 SHUMIKHINSKY MEAT-PACKING: Creditors Must File Claims by Feb. 22 S W I T Z E R L A N D DI GRAZIO: Basel-Stadt Court Closes Bankruptcy Proceedings HOBLA CATERING: Basel-Country Court Closes Bankruptcy Process INTERCALL TELECOM: Aargau Court Starts Bankruptcy Proceedings KAESLIN MOSTEREI: Nidwalden Court Closes Bankruptcy Proceedings KLICK - PLATTEN LLC: Aargau Court Starts Bankruptcy Proceedings SPORTGARAGE - ALAJ: Aargau Court Starts Bankruptcy Proceedings U K R A I N E ATMA-PLUS LLC: Proofs of Claim Deadline Set January 16 BERET LLC: Proofs of Claim Deadline Set January 16 COMPLEX-TRADE LLC: Proofs of Claim Deadline Set January 16 COSMOR LLC: Proofs of Claim Deadline Set January 16 EXPOTRADE LLC: Proofs of Claim Deadline Set January 16 FERGUS LLC: Proofs of Claim Deadline Set January 16 GREEN LLC: Proofs of Claim Deadline Set January 16 INVESTMENT-INDUSTRIAL GROUP: Claims Filing Deadline Set Jan. 16 SALMIT LLC: Proofs of Claim Deadline Set January 16 TH LORA-NOVA: Proofs of Claim Deadline Set January 16 YUZHBOR LLC: Proofs of Claim Deadline Set January 16 ZOLOTAYA CHASHA: Proofs of Claim Deadline Set January 16 U N I T E D K I N G D O M AFFILIATED COMPUTER: Purchases Syan Holdings for US$60 Million BRANTHAM LAND: Brings In Liquidators from Baker Tilly BRITISH ENERGY: Supports UK's Decision on Nuclear Power CABLE & WIRELESS: Resolves Conflict with Union Workers in LatAm CHRYSLER LLC: Certified Pre-Owned Vehicle Sales Up 5% in 2007 COTT CORP: Amends Credit Covenant, Inks ABL Credit Facility D.H. WESTROPE: Brings In Administrators from Grant Thornton ECI SARTEK: Appoints Joint Administrators from BDO Stoy EQUITABLE LIFE: Transfers GBP1.7 Billion Policies to Prudential FOCUS ON SUCCESS: Taps Begbies Traynor as Joint Administrators MAKWELA LTD: Brings In PwC as Joint Administrators NORTHERN ROCK: Selling GBP2.2 Bln Lifetime Portfolio to JPMorgan NORTHERN ROCK: Darling Admits Private Sale May Not Be Possible NORTHERN ROCK: Ron Sandler to Lead Bank If Nationalized OAS HOMES: Appoints Administrators from Tenon Recovery SHAW GROUP: Earns US$2.2 Million in Quarter Ended Nov. 30 SUREBASIC LTD: Names David Hill as Administrator TATA MOTORS: Unveils People's Car Tata NANO at Auto Expo VONAGE HOLDINGS: CEO Says Debt Refinancing is "Top Priority" VONAGE HOLDINGS: Expects Revenue in Excess of US$800 Mln in 2007 XYZ DEUTSCHLAND: Joint Liquidators Take Over Operations * AlixPartners Names 11 New Managing Directors * Bank of England Publishes Q4 Credit Conditions Survey Results * Number of Business Failures in Scotland Down 4.4% in 2007 * BOND PRICING: For the Week Jan. 7 to Jan. 11, 2008 ********* ============= A U S T R I A ============= AMB BAU: Graz Court Orders Business Shutdown -------------------------------------------- The Land Court of Graz entered Nov. 29, 2007, an order shutting down the business of LLC AMB Bau (FN 69561x). Court-appointed estate administrator Arno Lerchbaumer 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. Arno Lerchbaumer Marburgerkai 47 8010 Graz Austria Tel: 0316/822244-0 Fax: 0316/822244-22 E-mail: office@lerchbaumer.co.at Headquartered in Graz, Austria, the Debtor declared bankruptcy on Nov. 22, 2007 (Bankr. Case No 40 S 34/07h). BETAS BAU: Creditors' Meeting Slated for Jan. 25 ------------------------------------------------ Creditors owed money by KEG Betas Bau (FN 260376g) are encouraged to attend the creditors' meeting at 10:00 a.m. on Jan. 25. The creditors' meeting will be held at: The Trade Court of Vienna Room 1607 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 23, 2007 (28 S 140/07b). Andrea Eisner serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Mag. Andrea Eisner Weyrgasse 8/7 1030 Vienna Austria Tel: 712 04 77 Fax: 712 04 7712 E-mail: office@ra-eisner.at BIO LOGISCH: Leoben Court Orders Business Shutdown -------------------------------------------------- The Land Court of Leoben entered Nov. 23, 2007 an order shutting down the business of LLC Bio Logisch Handel (FN 271868g). Court-appointed estate administrator Reinhard Teubl 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. Reinhard Teubl Mittergasse 28 8600 Bruck an der Mur Austria Tel: 03862-51462 Fax: 03862-51462-10 E-mail: rechtsanwaelte@bzt.at Headquartered in Kapfenberg, Austria, the Debtor declared bankruptcy on Nov. 19, 2007 (Bankr. Case No 17 S 91/07m). ELECTRONIC DATA: Flemish Government Renews Pact w/ EDS-Telindus --------------------------------------------------------------- Flemish Government has awarded the Electronic Data System Corp.'s EDS-Telindus Consortium a renewal of its information communications technology contract. The contract has a seven- year term and is worth approximately EUR582 million (US$831 million), the largest outsourcing contract ever awarded in Belgium. The new agreement includes a broad package of information technology services including end-user support and management of end-user infrastructure to ensure the availability of the ICT environment for the Flemish Government. Electronic Data and Telindus have been in partnership at the Flemish Government since 2003. "Luc Chauvin, the ICT manager of the Flemish Government, and his team have introduced a very open and very flexible outsourcing model that stimulates multi-vendor integration, continuous innovation and price competitiveness," said Electronic Data Belgium managing director, Eric Van Bael. "We have put the best minds of EDS and Telindus together to live up to these very high standards of execution and are extremely proud that we are once again selected as the preferred partner of the Flemish Government." "Winning this contract is very important for Telindus Belgacom ICT and EDS, and it proves that our partnership is able to deliver convincing solutions for complex IT landscapes," added director Corporate Market for Telindus Belgacom ICT, Jan De Schepper. "Thanks to our experience and business knowledge, the EDS- Telindus Consortium has been able to respond promptly and with flexibility to the extremely high expectations and quality standards of the Flemish Government and its end-users," said EDS-Telindus Consortium managing director, Patrick Urkens. Under this agreement, Electronic Data is responsible for system and application management, application development and support, service desk, and server, storage and mainframe infrastructure. Telindus is responsible for the network, PC support and security of the Flemish Government's ICT systems. Work on the new contract begins Feb. 1, 2008, with all new and renewed services and supporting tools scheduled to be fully implemented in accordance with the new contract by Sept. 1, 2008. About Telindus Telindus is a Belgian company offering ICT solutions and services. Telindus serves business and public market needs as a solution and sourcing partner, delivering secured converged networking, and secured systems & applications underpinned by management and support services. With over 37 years experience in ICT, Telindus is investing considerably in expertise to service modern IT and telecommunications infrastructures throughout their life cycle. Telindus' enviable track record and longstanding partnerships with leading equipment suppliers offers a safe route for enterprises, telecom operators and government bodies looking to deploy long-lasting ICT solutions. In January 2006, Telindus joined the Belgacom Group to become the IT Services Branch of a new business leader in the market. 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. * * * Moody's placed EDS Corp.'s senior unsecured debt rating at 'Ba1' in July 2004, and its probability of default rating at 'Ba1' in September 2006. Moody's said the outlook is positive. The ratings still hold to date. FAIR SPIRIT: Creditors' Meeting Slated for Jan. 23 -------------------------------------------------- Creditors owed money by LLC fair spirit Handel (FN 292951k) are encouraged to attend the creditors' meeting at 10:30 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 Stockerau, Austria, the Debtor declared bankruptcy on Nov. 26, 2007 (36 S 136/07b). Elisabeth Zonsics-Kral serves as the court-appointed estate administrator of the bankrupt's estate. Ferdinand Bruckner represents Dr. Zonsics-Kral in the bankruptcy proceedings. The estate administrator can be reached at: Dr. Elisabeth Zonsics-Kral c/o Dr. Ferdinand Bruckner Schubertstrasse 10/3/5/9 2100 Korneuburg Austria Tel: 02262/72 437 Fax: 02262/729 39 15 E-mail: widhalm@raedrb-drz.at GHS VERSICHERUNGS: Klagenfurt Court Orders Business Shutdown ------------------------------------------------------------ The Land Court of Klagenfurt entered Nov. 27, 2007, an order shutting down the business of LLC GHS Versicherungs- und Finanzdienstleistung (FN 144254p). Court-appointed estate administrator Helmut Binder 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. Helmut Binder Postgasse 8/1 9500 Villach Austria Tel: 04242/22127 Fax: 04242/22127 E-mail: ra@kanzlei-binder.at Headquartered in Villach, Austria, the Debtor declared bankruptcy on Nov. 20, 2007 (Bankr. Case No 41 S 114/07y). HUBERT PLANKER: Creditors' Meeting Slated for Jan. 27 ----------------------------------------------------- Creditors owed money by LLC Hubert Planker (FN 182408y) are encouraged to attend the creditors' meeting at 9:00 a.m. on Jan. 27. The creditors' meeting will be held at: The Land Court of Wiener Neustadt Room 15 Wiener Neustadt Austria Headquartered in Bad Schoenau, Austria, the Debtor declared bankruptcy on Nov. 23, 2007 (10 S 114/07d). Michael Lentsch serves as the court-appointed estate administrator of the bankrupt's estate. Joerg Beirer represents Dr. Lentsch in the bankruptcy proceedings. The estate administrator can be reached at: Dr. Michael Lentsch c/o Dr. Joerg Beirer Hauptplatz 32 2700 Wiener Neustadt Austria Tel: 02622/27 0 41 Fax: 02622/29 2 46 E-mail: lentsch@kosch-partner.at LM-LAST MINUTE: Creditors' Meeting Slated for Jan. 25 ----------------------------------------------------- Creditors owed money by LLC LM-last minute Warenlogistik (FN 179056v) are encouraged to attend the creditors' meeting at 10:00 a.m. on Jan. 25. The creditors' meeting will be held at: The Land Court of Innsbruck Room 214 Second Floor Maximilianstrasse 4 6020 Innsbruck Austria Headquartered in Kufstein, Austria, the Debtor declared bankruptcy on Nov. 28, 2007 (7 S 68/07w). Peter Planer serves as the court-appointed estate administrator of the bankrupt's estate. Barbara Planer-Beranek represents Dr. Planer in the bankruptcy proceedings. The estate administrator can be reached at: Dr. Peter Planer c/o Dr. Barbara Planer-Beranek Klostergasse 1 Villa Margit 6370 Kitzbuehel Austria Tel: 05356/66883 Fax: 05356/668844 E-mail: p.planer@aon.at MARIUS VELAN: Vienna Court Orders Business Shutdown --------------------------------------------------- The Trade Court of Vienna entered Nov. 29, 2007, an order shutting down the business of LLC Marius Velan (FN 36354m). Court-appointed estate administrator Norbert Abel 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. Norbert Abel Franz-Josefs-Kai 49/19 1010 Vienna Austria Tel: 533 52 72 Fax: 533 52 72 15 E-mail: office@abel-abel.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 12, 2007 (Bankr. Case No 28 S 131/07d). MARTE FEUERWEHRFAHRZEUGE: Creditors' Meeting Slated for Jan. 24 --------------------------------------------------------------- Creditors owed money by LLC Marte Feuerwehrfahrzeuge Feuerwehrtechnologie (FN 225937k) are encouraged to attend the creditors' meeting at 10:30 a.m. on Jan. 24. The creditors' meeting will be held at: The Land Court of Feldkirch Meeting Room 45 First Floor Feldkirch Austria Headquartered in Klaus-Weiler, Austria, the Debtor declared bankruptcy on Nov. 29, 2007 (14 S 47/07k). Andreas Brandtner serves as the court-appointed estate administrator of the bankrupt's estate. Sanjay Doshi represents Dr. Brandtner in the bankruptcy proceedings. The estate administrator can be reached at: Dr. Andreas Brandtner c/o Mag. Sanjay Doshi Drevesstrasse 6 6800 Feldkirch Austria Tel: 05522/81999 Fax: 05522/81988 E-mail: kanzlei@brandtner.at MOEBELHAUS LUGER: Creditors' Meeting Slated for Jan. 24 ------------------------------------------------------- Creditors owed money by LLC Moebelhaus Luger & Co (FN 268375w) are encouraged to attend the creditors' meeting at 11:00 a.m. on Jan. 24. The creditors' meeting will be held at: The Land Court of Feldkirch Meeting Room 45 First Floor Feldkirch Austria Headquartered in Dornbirn, Austria, the Debtor declared bankruptcy on Nov. 23, 2007 (14 S 46/07p). Klaus Grubhofer serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Dr. Klaus Grubhofer Riedgasse 20/I Second Floor 6850 Dornbirn Austria Tel: 05572/28171 Fax: 05572/28171-6 E-mail: ra.grubhofer@aon.at S.D. INSTALLATION: Vienna Court Orders Business Shutdown -------------------------------------------------------- The Trade Court of Vienna entered Nov. 28, 2007, an order shutting down the business of LLC S.D. Installation (FN 262895k). Court-appointed estate administrator Johanna Abel-Winkler 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. Johanna Abel-Winkler c/o Mag. Norbert Abel Franz-Josefs-Kai 49/19 1010 Vienna Austria Tel: 533 52 72 Fax: 533 52 72 15 E-mail: office@abel-abel.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 20, 2007 (Bankr. Case No 6 S 152/07f). Norbert Abel represents Mag. Abel-Winkler in the bankruptcy proceedings. SICHERHEITSDIENSTE LLC: Creditors' Meeting Slated for Jan. 25 ------------------------------------------------------------- Creditors owed money by LLC Sicherheitsdienste (FN 160640k) are encouraged to attend the creditors' meeting at 9:00 a.m. on Jan. 25. The creditors' meeting will be held at: The Land Court of Salzburg Hall 256 Second Floor Salzburg Austria Headquartered in Salzburg, Austria, the Debtor declared bankruptcy on Nov. 27, 2007 (44 S 40/07t). Harald Heinrich serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Dr. Harald Heinrich Georg-Wagner-Gasse 5 Second Floor 5020 Salzburg Austria Tel: 0662/82 93 12 Fax: 0662/829312-2 E-mail: ra.harald.heinrich@aon.at T.V.I. TREUHANDGESELLSCHAFT: Creditors' Meeting Set for Jan. 25 --------------------------------------------------------------- Creditors owed money by LLC T.V.I. Treuhandgesellschaft fuer Vermoegen u.Immobilien (FN 222245g) are encouraged to attend the creditors' meeting at 8:45 a.m. on Jan. 25. The creditors' meeting will be held at: The Land Court of Salzburg Hall 256 Second Floor Salzburg Austria Headquartered in Salzburg, Austria, the Debtor declared bankruptcy on Nov. 23, 2007 (44 S 43/07h). Gernot Franz Herzog serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Dr. Gernot Franz Herzog Haunspergstrasse 33 5020 Salzburg Austria Tel: 0662/8700460 Fax: 0662/878462 E-mail: office@hauserherzog.com VIA HANDEL: Creditors' Meeting Slated for Jan. 25 ------------------------------------------------- Creditors owed money by LLC VIA Handel (FN 205113m) are encouraged to attend the creditors' meeting at 10:30 a.m. on Jan. 25. The creditors' meeting will be held at: The Trade Court of Vienna Room 1607 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 23, 2007 (28 S 141/07z). Ute Toifl serves as the court- appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Dr. Ute Toifl Tuchlauben 12/20 1010 Vienna Austria Tel: 535 46 11 Fax: 535 46 11 11 E-mail: office@thr.at WOLF MICHAEL: Creditors' Meeting Slated for Jan. 24 --------------------------------------------------- Creditors owed money by WOLF Michael Ges.m.b.H. Wellnesshotel Heubad auf der Wiese (FN 150233g) are encouraged to attend the creditors' meeting at 9:30 a.m. on Jan. 24. The creditors' meeting will be held at: The Land Court of Wiener Neustadt Room 15 Wiener Neustadt Austria Headquartered in Prigglitz, Austria, the Debtor declared bankruptcy on Nov. 28, 2007 (10 S 115/07a). Klaus Haberler serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Mag. Klaus Haberler Triester Strasse 34 2620 Neunkirchen Austria Tel: 02635/69555 Fax: 02635/69555-5 E-mail: info@dr-lechner.at ============= B E L G I U M ============= NUANCE COMM: Ex-CEO Gets Inducement Grant of 286,137 Stock Units ---------------------------------------------------------------- Nuance Communications Inc. disclosed that in connection with its 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: -- 50% of which vest on the first anniversary of the acquisition, one eighth of which vest on the eighteen month anniversary of the acquisition; -- 1/8% of which vest on the second anniversary of the acquisition; and -- 25% 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). Based in Burlington, Massachusetts, Nuance Communications Inc. (NASDAQ: NUAN) -- http://www.nuance.com/-- provides speech and imaging solutions for businesses and consumers around the world. The company has offices in Australia, Belgium, Japan, Korea, Hong Kong, India, Mexico, and the United Kingdom, among others. * * * Nuance Communications still carries Standard & Poor's Ratings Services 'B+' long term foreign issuer credit and 'B+' long term local issuer credit ratings, which were placed on March 22, 2007. Outlook is positive. SOLUTIA INC: Mulls Offering US$400 Mln of Senior Unsecured Notes ---------------------------------------------------------------- Solutia Inc. is planning to offer US$400 million aggregate principal amount of senior unsecured notes, which are expected to mature in 2016. On Oct. 31, 2007, the company disclosed that the notes offering is part of a US$2 billion exit financing package that would be used to pay certain creditors upon Solutia's emergence from Chapter 11 pursuant to its confirmed plan of reorganization, and for the ongoing operations of the company after emergence. As part of this exit financing package, Solutia also intends to enter into a senior secured asset-based revolving credit facility in the aggregate principal amount of US$400 million and a senior secured term loan facility in an aggregate principal amount of US$1.2 billion. The notes will be governed by an indenture that is expected to contain covenants restricting Solutia's ability to, among other things, incur indebtedness, pay dividends, incur liens, and sell assets. About Solutia Inc. 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 November 29, the Court confirmed the Debtors' Consensual Plan. * * * 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. ============= D E N M A R K ============= POLYONE CORP: Splits Polymer Coating Systems Into Two Units ----------------------------------------------------------- PolyOne Corporation has reorganized its Polymer Coating Systems into two business units. The Wilflex inks and specialty colorants businesses and the BayOne equity investment will be combined into a new operating segment named Specialty Inks and Polymer Systems. Scott Craig, who joined PolyOne from Cookson Electronics' Semiconductor Packaging Materials business, will be the general manager of this new operating segment. The remaining PCS businesses, plastisols and coated fabrics, will be integrated with the Vinyl Business segment and combined with the Specialty Resins business to form Specialty Resins and Coatings. Dan Kickel, who had served as vice president and general manager of PCS, will become vice president and general manager of this new business unit. "This realignment gives us the ability to better serve our customers," Stephen D. Newlin, chairman, president and chief executive officer, said. "We will more effectively and efficiently focus our resources with the needs of our customers and the marketplace." The number of PolyOne's reportable segments remains at four: Vinyl Business, International Color and Engineered Materials, PolyOne Distribution, and Resin and Intermediates. All Other will now include North American Engineered Materials, North American Color and Additives, Producer Services, and Specialty Inks and Polymer Systems. About PolyOne Corp. Headquartered in northeast Ohio, PolyOne Corporation (NYSE: POL) -- http://www.polyone.com/-- is a provider of specialized polymer materials, services and solutions. The company maintains operations in China, Colombia, Thailand, Singapore, Belgium, Denmark, France, the United Kingdom, among others. * * * Moody's Investor Services placed PolyOne Corporation's senior unsecured debt, long term corporate family and probability of default ratings at 'B1' in July 2007. The ratings still hold to date with a stable outlook. =========== F R A N C E =========== BOSTON SCIENTIFIC: S&P Ratings Unmoved by Affirmed Court Ruling --------------------------------------------------------------- Boston Scientific Corp. announced that the Court of Appeals for the Federal Circuit affirmed a District Court ruling that found the NIR stent infringed one claim of a patent owned by Johnson & Johnson. Standard & Poor's Ratings Services' says that this does not affect its ratings or outlook for Boston Scientific. Boston Scientific's corporate credit rating is rated 'BB+' by S&P with a negative outlook. The District Court must now rule on Johnson & Johnson's request for the reinstatement of damages of US$324 million. Also, the company has not indicated that it will appeal this decision, but noted that the District court may need to revisit the issue of validity in light of a revised claim construction. As a result, the amount and timing of a potential payment by Boston Scientific are unknown. To some degree, the financial uncertainty of litigation is factored into the rating. Boston Scientific, like many of its peers, is involved in several patent and product liability lawsuits. The company has both initiated litigation and been subject to challenges by other companies, and such proceedings can be protracted. Boston Scientific continues to make progress in reducing its debt burden; adjusted debt to EBITDA declined to 3.8x for the 12 months ended Sept. 30, 2007, from 4.1x at the end of the second quarter of 2007. Cash was US$1.2 billion at the end of the second quarter, and proceeds from recently announced asset divestitures should provide the means for further debt reduction. 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-Latin America on Oct. 24, 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. S&P said the rating outlook is negative. DELPHI CORP: S&P Expects to Put B Rating After Chapter 11 Exit -------------------------------------------------------------- Standard & Poor's Ratings Services expects to assign its 'B' corporate credit rating to Troy, Michigan-based automotive supplier Delphi Corp. upon the company's emergence from Chapter 11 bankruptcy protection, which may occur by the end of the first quarter of 2008. S&P expects the outlook to be negative. In addition, Standard & Poor's expects to assign these issue-level ratings: -- A 'B+' issue rating (one notch above the corporate credit rating), and '2' recovery rating to the company's proposed US$3.7 billion senior secured first-lien term loan; and -- A 'B-' issue rating (one notch below the corporate credit rating), and '5' recovery rating to the company's proposed US$825 million senior secured second-lien term loan. The expected ratings are based upon preliminary terms and conditions and assume successful placement of the loans as represented to S&P. Any changes to the terms of the loans prior to placement may result in different ratings. In addition, the expected ratings are subject to confirmation and substantial consummation of Delphi's plan of reorganization, and to S&P's receipt and satisfactory review of final documentation. The expected ratings reflect Delphi's highly leveraged financial risk profile, based on poor profitability and near-term negative cash flow in North America despite substantial cost improvements obtained in the company's reorganization. The ratings also reflect Delphi's vulnerable business risk profile as an automotive supplier that still depends highly on the very difficult North American market in general, and on former parent General Motors Corp. (GM; B/Stable/B-3) for sales as well as ongoing operational support. Pro forma for the proposed exit financings and emergence from bankruptcy, Delphi would have total debt of US$5.35 billion, or a little more than US$8 billion, including Standard & Poor's adjustments for underfunded postretirement benefits and the present value of operating leases. In S&P's debt ratio calculations, S&P also treated as debt Delphi's proposed US$1.1 billion of junior convertible preferred equity. This preferred equity, which GM will hold after emergence, has no dividend and minimal voting rights-- characteristics that leads S&P to view it as a temporary piece of Delphi's capital structure. Although this equity has no maturity and could be replaced without an increase in Delphi's debt (for example, if GM converts it into common equity or if a third party purchases it), S&P believes it is also possible that Delphi could raise debt in the future and use proceeds to repurchase the junior preferred--in effect, reproducing the capital structure under an earlier version of Delphi's plan of reorganization, before weakness in the credit markets forced a reduction in planned emergence debt levels. S&P has not treated as debt the proposed US$800 million in Series A and Series B convertible preferred equity, to be held by Appaloosa Management L.P. and other plan investors after emergence, because S&P consider these tranches to be more permanent in nature. Delphi's leverage will remain high after emergence, with adjusted debt to expected 2008 EBITDA of about 6.5x. This calculation excludes restructuring costs, but incorporates various transactions that lower adjusted leverage and that will take place soon after emergence. These transactions include Delphi's payment of a US$1.2 billion "catch-up" contribution to its worldwide pension plans, and the transfer of US$1.5 billion in net pension liabilities to GM in exchange for a US$1.5 billion cash payment to the same. Excluding the junior preferred equity in S&P's ratio calculations, pro forma 2008 leverage would be a little less than 6x. "Following emergence, we would characterize Delphi's business risk profile as vulnerable," said Standard & Poor's credit analyst Gregg Lemos Stein. "Delphi has made significant strides in shedding burdensome legacy costs in North America and in transforming the company's mix of businesses during bankruptcy. Nevertheless, customer pricing pressure and competition are severe, and production volumes are likely to remain volatile-- especially in North America, where vehicle demand has been sluggish and the outlook remains clouded amid increasing signs of macroeconomic weakness." Other steps Delphi has taken, or is in the process of taking, to address its cost structure include: -- Dramatically reducing its U.S. hourly work force to about 17,000 as of the end of 2007 from nearly 35,000 prior to bankruptcy via asset sales and attrition programs that GM partly subsidizes. Additional planned asset sales will result in further U.S. headcount reductions over the next few years. -- Significantly reducing labor costs for remaining U.S. hourly workers (about US$27 per hour plus benefits to start, but increasing over time) in exchange for lump-sum payments, also subsidized by GM. -- Selling or closing 31 of the 39 U.S. manufacturing sites in operation as of the bankruptcy filing, plus additional non-U.S. plants mainly in higher-cost European locations. -- Transferring virtually all of its U.S. hourly other postemployment benefit liabilities to GM soon after emergence, reducing liabilities by more than US$8 billion. -- Freezing its U.S. defined-benefit pension plans as of emergence and replacing them with a defined-contribution plan. In addition to these items, Delphi will also receive from GM ongoing cash payments that will reduce Delphi's cost for remaining United Auto Workers (UAW) employees to about US$26 per hour, including benefits. The UAW accounts for a majority of Delphi's U.S. work force. GM also has agreed to support noncore manufacturing sites so that they are cash flow neutral to Delphi prior to their sale or closure. Despite the magnitude of these cost-cutting initiatives and the exit from weaker product segments, S&P expects profitability to return to only acceptable levels by the end of the 2008 at the earliest. S&P expects EBITDA margin, excluding restructuring expense, to improve to about 8% of sales in 2008, compared with less than 2% in 2007. Margins should be higher in Europe and Asia-Pacific, which account for a growing minority share of Delphi's sales (about 37% and 15%, respectively, based on expected 2008 revenues and excluding noncontinuing businesses). However, this won't be enough to offset weak margins in North America, which represents about 44% of projected 2008 revenues. South America accounts for the remaining 4%. Customer diversity has improved, but GM exposure remains a risk factor. Delphi expects GM to account for about 30% of sales in 2008, excluding noncontinuing businesses. Prior to Delphi's bankruptcy in 2005, this figure was about 50%. S&P expects Delphi to continue to gradually diversify its customer base. However, further market share losses or sudden production cuts by GM would still pressure Delphi's results, potentially negating the future cost savings Delphi aims to achieve in areas such as administrative overhead and materials purchasing. After emergence, continued cash usage in North America will challenge Delphi's liquidity. Standard & Poor's expects free cash flow from global operations to be negative in 2008, excluding a series of transactions with GM following emergence and the US$1.2 billion catch-up pension contribution. However, S&P expects borrowing availability will be sufficient to fund expected cash usage and ongoing restructurings. An unrated US$1.6 billion asset-based lending (ABL) revolving credit facility will have about US$1.4 billion of borrowing availability after anticipated borrowings and outstanding-but- undrawn LOCs are taken into account. Governing the ABL is a borrowing base calculation, under which GM accounts receivable can account for no more than 25% of eligible accounts receivable and inventory, or 20% beginning in 2010. Therefore, a GM production decline would not severely reduce ABL borrowing availability. Cash balances after the post-emergence transactions will be about US$800 million, but only about US$100 million will be in the U.S., where cash usage is greatest. The cash costs of Delphi's ongoing restructuring efforts could total nearly US$500 million in 2008. Delphi plans to make additional pension contributions for the next several years, on top of the US$1.2 billion catch-up contribution, in an effort to bring its U.S. plans to fully funded status. However, these should be manageable, averaging about US$150 million per year, with some latitude as to timing. Delphi's proposed exit financings include minimal maturities through the end of the decade. As with most automotive original equipment suppliers, working capital needs are highest in the middle of the calendar year because of typical seasonal production patterns, and this results in weaker cash flow in the first and second quarters. S&P expects Delphi's cash flow to benefit from improved terms, with its suppliers following emergence from bankruptcy, potentially offsetting its cash usage in early 2008. However, S&P remains concerned about cash flow prospects in the U.S. over the longer term. Standard & Poor's expects to rate Delphi's proposed US$3.7 billion first-lien senior secured term loan 'B+', one notch higher than the corporate credit rating. This and the expected recovery rating of '2' indicate that lenders can expect substantial (70%-90%) recovery in the event of a payment default or bankruptcy. Delphi's proposed US$825 million second-lien secured term loan is expected to be rated 'B-', one notch lower than the company's corporate credit rating. This and the expected recovery rating of '5' indicates that lenders can expect modest (10%-30%) recovery. S&P expects the outlook to be negative, reflecting Delphi's cash use in North America, ongoing restructuring needs, and the uncertain outlook for vehicle demand in the U.S. in 2008. S&P's expected ratings assume that Delphi will continue to make some progress on its cost structure and profitability, enabling it to reduce leverage, including Standard & Poor's adjustments, to 6x or less over time. S&P could lower the ratings if overall leverage or negative cash flow in North America failed to improve, or if liquidity were to diminish. On the other hand, S&P could revise the outlook to stable, perhaps by the end of 2008, if Delphi demonstrates positive and sustainable cash flow for debt reduction, enabling it to reduce leverage to significantly less than 6x, including S&P's adjustments. S&P is unlikely to upgrade the company or revise the outlook to positive, given the current challenges facing the North American auto supplier industry and sluggish vehicle demand. MTI TECHNOLOGY: Taps Singer Lewak as Certified Public Accountant ---------------------------------------------------------------- MTI Technology Corporation asks the United States Bankruptcy Court for the Central District of California for permission to employ Singer Lewak Greenbaum & Goldstein LLP as its certified public accountant. Singer Lewak is expected to prepare the Debtor's federal income tax returns for the year ending March 31, 2007. The Debtor tells the Court that it will provide US$25,000 retainer fee for the firm. The Debtor also says that the firm's services will cost US$44,000 plus expenses. The firm's professionals and their compensation rates are: Professionals Hourly Rates ------------- ------------ Mark Cook US$400 Thomas Wendler US$400 Michael Cohen US$400 Jennifer Myers US$268 Anne Chang US$204 Mai Nguyen US$140 Mark Brown US$140 David Yu US$120 Andrea Ramos US$100 To the best of the Debtor's knowledge the firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Court. Headquartered in Tustin, California, M.T.I. Technology Corp. -- http://www.mti.com/-- provides professional services and data storage for mid- to large-sized organizations. In addition, the company owns all of the issued and outstanding share capital of three European subsidiaries: MTI Technology GmbH in Germany, MTI Technology Limited in Scotland and MTI France S.A.S. in France. The company filed for Chapter 11 protection on Oct. 15, 2007 (Bankr. C.D. Calif. Case No. 07-13347). Scott C. Clarkson, Esq., at Clarkson, Gore & Marsella, A.P.L., represents the Debtor. Omni Management Group LLC serves as the Debtor's claim, noticing and balloting agent. The U.S. Trustee for Region 16 appointed nine creditors to serve on an Official Committee of Unsecured Creditors in the Debtor's case. As of July 7, 2007, the Debtor had total assets of US$64,002,000 and total debts of US$58,840,000. ============= G E R M A N Y ============= ALVERMANN GMBH: Claims Registration Period Ends Feb. 5 ------------------------------------------------------ Creditors of Alvermann GmbH Bauunternehmen have until Feb. 5 to register their claims with court-appointed insolvency manager Wilfried Koller. Creditors and other interested parties are encouraged to attend the meeting at 2:45 p.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 Hannover Hall 226 Second Upper Floor Service Bldg. Hamburger Allee 26 30161 Hannover 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 Koller Schiffgraben 59 30175 Hannover Germany Tel: 0511 342129 Fax: 0511 3480645 The District Court of Hannover opened bankruptcy proceedings against Alvermann GmbH Bauunternehmen on Dec. 7, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Alvermann GmbH Bauunternehmen Alte Dorfstr. 12 31515 Wunstorf Germany AUTOHAUS DIEDRICH: Claims Registration Period Ends Feb. 11 ---------------------------------------------------------- Creditors of Autohaus Diedrich Sagehorn GmbH & Co KG have until Feb. 11 to register their claims with court-appointed insolvency manager Berend Boehme. Creditors and other interested parties are encouraged to attend the meeting at 2:30 p.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 Delmenhorst Hall 2 Branch 1 Cramerstrasse 183 27749 Delmenhorst 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: Berend Boehme Ostertorsteinweg 74/75 28203 Bremen Germany Tel: 0421/79257-0 Fax: 0421/79257-57 E-mail: boehme@oelb.de The District Court of Delmenhorst opened bankruptcy proceedings against Autohaus Diedrich Sagehorn GmbH & Co KG on Dec. 31, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Autohaus Diedrich Sagehorn GmbH & Co KG Bremer Strasse 41/43 27749 Delmenhorst Germany BAUGESCHAFT THOMAS: Claims Registration Period Ends Feb. 5 ---------------------------------------------------------- Creditors of Baugeschaft Thomas Borchard GmbH have until Feb. 5 to register their claims with court-appointed insolvency manager Susanne Mueller. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on March 6, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Neuruppin Hall 325 Karl-Marx-Strasse 18a 16816 Neuruppin Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Susanne Mueller Vietmannsdorfer Strasse 23 17268 Templin Germany The District Court of Neuruppin opened bankruptcy proceedings against Baugeschaft Thomas Borchard GmbH on Dec. 14, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Baugeschaft Thomas Borchard GmbH Attn: Herrn Thomas Borchard, Manager Lychener Chaussee 8 16798 Fuerstenberg Germany BENQ MOBILE: Around 1,700 Employees Find Alternative Work --------------------------------------------------------- Siemens said that about 1,700 former employees of insolvent BenQ Mobile GmbH & Co. have found alternative employment, Financial Times Ltd. reports citing Suddeutsche Zeitung as its source. In a separate report by Suddeutsche Zeitung, the European Commission paid EUR12.8 million to the company's redundant staff. The fund from the EU globalization aimed to help the 3,300 BenQ employees affected to find new jobs. Suddeutsche Zeitung relates that in the company's manufacturing site in North Rhine-Westphalia, almost 1,000 out of 1,750 employees were reported to have found work, while. 650 of the 772 workers at its Munich site have found employment or became self-employed. BenQ Mobile GmbH & Co., BenQ Corp.'s German-based wholly owned subsidiary, filed for insolvency in Munich on Sept. 29, 2006, after BenQ Corp.'s board decided to discontinue capital injection into the mobile unit in order to stem unsustainable losses. The collapse follows a year after Siemens sold the company to Taiwanese technology group BenQ. BenQ Mobile has lost market share against giant competitors. Headquartered in Taiwan, Republic of China, BenQ Corp., Inc. -- http://www.benq.com/-- is principally engaged in manufacturing, developing and selling of computer peripherals and telecommunication products. It is also a major provider of 3G handset, 3G handset, Camera phones, and other products. The company's global operations are in Brazil, Mexico, Canada, United States, Australia, China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan, Turkey, Thailand, Vietnam, Austria, Belgium, among others. BUERO WIEDEMANN: Claims Registration Period Ends Feb. 4 ------------------------------------------------------- Creditors of Buero Wiedemann GmbH have until Feb. 4 to register their claims with court-appointed insolvency manager Andree Wernicke. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on March 4, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Augsburg Meeting Hall 162 Alten Einlass 1 86150 Augsburg 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: Andree Wernicke Grottenau 6 86150 Augsburg Germany The District Court of Augsburg opened bankruptcy proceedings against Buero Wiedemann GmbH on Nov. 29, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Buero Wiedemann GmbH Statzlinger Str. 2 86165 Augsburg Germany DINEVENT GASTRONOMIESERVICE: Claims Registration Ends Feb. 11 ------------------------------------------------------------- Creditors of DinEvent Gastronomieservice GmbH have until Feb. 11 to register their claims with court-appointed insolvency manager Axel Schwentker. Creditors and other interested parties are encouraged to attend the meeting at 9:05 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 Duisburg Hall C205 Second Floor 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: Axel Schwentker Lindnerstrasse 165 46149 Oberhausen Germany The District Court of Duisburg opened bankruptcy proceedings against DinEvent Gastronomieservice GmbH on Dec. 7, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: DinEvent Gastronomieservice GmbH Alleestr. 64 46535 Dinslaken Germany Attn: Ulrike Kaya, Manager Heisterbusch 6 46539 Dinslaken Germany EINRICHTUNGSHAUS MAAG: Claims Registration Ends February 11 ----------------------------------------------------------- Creditors of Einrichtungshaus Maag GmbH & Co. KG have until Feb. 11 to register their claims with court-appointed insolvency manager Hans Raab. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.m. on March 20, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Fuerth Hall 3 Ground Floor Baumenstrasse 32 Fuerth 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: Hans Raab Marktstr. 1 91448 Emskirchen Germany Tel: 09104/829418 Fax: 09104/829441 The District Court of Fuerth opened bankruptcy proceedings against Einrichtungshaus Maag GmbH & Co. KG on Dec. 28, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Einrichtungshaus Maag GmbH & Co. KG Untere Str. 10 90768 Fuerth Germany FELDMANN-KOENECKE: Claims Registration Period Ends Feb. 4 --------------------------------------------------------- Creditors of Feldmann-Koenecke Immobilien GmbH have until Feb. 4 to register their claims with court-appointed insolvency manager Christian Scholz. 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 Tostedt Meeting Hall I Linden 23 21255 Tostedt 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 Scholz Heuberg 1 20354 Hamburg Germany Tel: 040/350 1690 Fax: 040/350 16915 The District Court of Tostedt opened bankruptcy proceedings against Feldmann-Koenecke Immobilien GmbH on Dec. 12, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Feldmann-Koenecke Immobilien GmbH Theodor-Storm-Weg 43a 21244 Buchholz Germany FREESTYLE GASTRONOMIEBETRIEBS: Claims Registration Ends Feb. 6 -------------------------------------------------------------- Creditors of Freestyle Gastronomiebetriebs- und Verwaltungsgesellschaft mbH have until Feb. 6 to register their claims with court-appointed insolvency manager Michael Pluta. Creditors and other interested parties are encouraged to attend the meeting at 8:45 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 Aalen Hall 0.11 Ground Floor Stuttgarter Strasse 7 73430 Aalen 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 Pluta Karlstr. 33 89073 Ulm Germany Tel: 0731/96880-0 Fax: 0731/96880-50 E-mail: ulm@pluta.net The District Court of Aalen opened bankruptcy proceedings against Freestyle Gastronomiebetriebs- und Verwaltungsgesellschaft mbH on Dec. 28, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Freestyle Gastronomiebetriebs- und Verwaltungsgesellschaft mbH Attn: Matthias Grimm, Manager Ludwig-Lutz-Str. 29 73479 Ellwangen Germany HILDEBRAND MALER: Claims Registration Period Ends Feb. 4 -------------------------------------------------------- Creditors of Hildebrand Maler GmbH have until Feb. 4 to register their claims with court-appointed insolvency manager Michael Wahl. Creditors and other interested parties are encouraged to attend the meeting at 8:50 a.m. on Feb. 14, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Ulm Hall 103 Olgastr. 107 89073 Ulm 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 Wahl c/o PLUTA Rechtsanwalts GmbH Karlstr. 33 89073 Ulm Germany Tel: 0731-96880-0 Fax: 0731-96880-50 E-mail: ulm@pluta.net The District Court of Ulm opened bankruptcy proceedings against Hildebrand Maler GmbH on Dec. 27, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hildebrand Maler GmbH Bachstr. 23 89610 Oberdischingen Germany Attn: Jan Hildebrand, Manager Bachstr. 23 89610 Oberdischingen Germany HKV HOLZ: Claims Registration Period Ends Feb. 5 ------------------------------------------------ Creditors of HKV Holz-und Kunststoff-Vertrieb GmbH have until Feb. 5 to register their claims with court-appointed insolvency manager Peter Lameyer. Creditors and other interested parties are encouraged to attend the meeting at 10:40 a.m. on Feb. 29, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Leer Hall 101 Woerde 5 26789 Leer Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Peter Lameyer Bremer Strasse 76 26789 Leer Germany Tel: 0491/15255 Fax: 0491/15222 The District Court of Leer opened bankruptcy proceedings against HKV Holz-und Kunststoff-Vertrieb GmbH on Dec. 20, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HKV Holz-und Kunststoff-Vertrieb GmbH Blinkstrasse 7 26810 Westoverledingen Germany K&K HAUSTECHNIK: Claims Registration Period Ends Feb. 5 ------------------------------------------------------- Creditors of K&K Haustechnik GmbH have until Feb. 5 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 11:45 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 Germany Tel: (0371) 3133 73 Fax: (0371) 3133 75 E-mail: chemnitz@kuebler-gbr.de The District Court of Chemnitz opened bankruptcy proceedings against K&K Haustechnik GmbH on Dec. 20, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: K&K Haustechnik GmbH Attn: Mario Koehler Feldstr. 16 09337 Callenberg OT Langenberg Germnay LANG EUROPE: Claims Registration Ends February 21 ------------------------------------------------- Creditors of Lang Europe GmbH have until Feb. 21 to register their claims with court-appointed insolvency manager Dr. Alexander Naraschewski. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on March 4, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wilhelmshaven Hall 109 Old Building Marktstrasse 15-17 26382 Wilhelmshaven 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. Alexander Naraschewski Adalbertstr. 2 26382 Wilhelmshaven Germany Tel: 04421/507090 Fax: 04421/507099 E-mail: info@naraschewski.de The District Court of Wilhelmshaven opened bankruptcy proceedings against Lang Europe GmbH on Dec. 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Lang Europe GmbH Attn: Lang Zongman, Manager Olympiastr. 1 26419 Schortens Germany MASCHINENBAU & BAUELEMENTE: Claims Registration Ends Feb. 4 ----------------------------------------------------------- Creditors of Maschinenbau & Bauelemente Biesendahlshof GmbH have until Feb. 4 to register their claims with court-appointed insolvency manager Ruediger Wienberg. Creditors and other interested parties are encouraged to attend the meeting at 11:00 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 Frankfurt (Oder) Hall 401 Muellroser Chaussee 55 15236 Frankfurt (Oder) 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: Ruediger Wienberg Giesebrechtstr. 1 10629 Berlin Germany The District Court of Frankfurt (Oder) opened bankruptcy proceedings against Maschinenbau & Bauelemente Biesendahlshof GmbH on Dec. 17, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Maschinenbau & Bauelemente Biesendahlshof GmbH Attn: Herrn Uwe Davids, Manager Am Plan 30 15831 Grossbeeren Germany PAPILLON GMBH: Claims Registration Period Ends Feb. 7 ----------------------------------------------------- Creditors of Papillon GmbH have until Feb. 7 to register their claims with court-appointed insolvency manager Winfrid Andres. Creditors and other interested parties are encouraged to attend the meeting at 10:05 a.m. on Feb. 28, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duesseldorf Meeting Hall A 341 Third Floor Muehlenstrasse 34 40213 Duesseldorf Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Winfrid Andres Neuer Zollhof 3 40221 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against Papillon GmbH on Dec. 27, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Papillon GmbH Attn: Adem Povataj, Manager Oststrasse 107 40210 Duesseldorf Germany PETZOLD & PARTNER: Claims Registration Ends February 11 ------------------------------------------------------- Creditors of Petzold & Partner Tiefbau GmbH have until Feb. 11 to register their claims with court-appointed insolvency manager Dr. H. Hess. 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 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: Dr. H. Hess Barbarrossahof 4-5 99092 Erfurt Germany The District Court of Gera opened bankruptcy proceedings against Petzold & Partner Tiefbau GmbH on Dec. 14, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Petzold & Partner Tiefbau GmbH Thomas-Muentzer-Str. 7-9 07973 Greiz Germany SPINOLA PETROL: Claims Registration Ends February 12 ---------------------------------------------------- Creditors of Spinola Petrol GmbH & Co.KG have until Feb. 12 to register their claims with court-appointed insolvency manager Thomas Bandl. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on March 4, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bielefeld Meeting Hall 4065 Fourth Floor Gerichtstr. 6 33602 Bielefeld Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Thomas Bandl Wasserstr. 14 D 33378 Rheda-Wiedenbrueck Germany The District Court of Bielefeld opened bankruptcy proceedings against Spinola Petrol GmbH & Co.KG on Dec. 13, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Spinola Petrol GmbH & Co.KG Attn: Thorsten Kampf, Manager Neuen Werk 24 33378 Rheda-Wiedenbrueck Germany TISCHLEREI ERNST: Claims Registration Period Ends Feb. 8 -------------------------------------------------------- Creditors of Tischlerei Ernst Lau GmbH & Co. KG have until Feb. 8 to register their claims with court-appointed insolvency manager Thomas Boeker. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Feb. 29, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Gifhorn Hall 118 Schlossgarten 4 38518 Gifhorn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Thomas Boeker Braunschweiger Str. 62 38518 Gifhorn Germany Tel: 05371/950105 Fax: 05371/950299 The District Court of Gifhorn opened bankruptcy proceedings against Tischlerei Ernst Lau GmbH & Co. KG on Dec. 7, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Tischlerei Ernst Lau GmbH & Co. KG Goethestr. 47 29378 Wittingen Germany VERTRIEBSGESELLSCHAFT FUER: Claims Registration Ends Feb. 5 ----------------------------------------------------------- Creditors of Vertriebsgesellschaft fuer Alternative Energie Technik mbH have until Feb. 5 to register their claims with court-appointed insolvency manager Andreas Schenk. Creditors and other interested parties are encouraged to attend the meeting 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 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: Andreas Schenk Schumannstrasse 9 08056 Zwickau Germany Tel: (0375) 211 8570 Fax: (0375) 211 8572 8 E-mail: zwickau@scharl-schenk-scheuffler.de The District Court of Chemnitz opened bankruptcy proceedings against Vertriebsgesellschaft fuer Alternative Energie Technik mbH on Dec. 13, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Vertriebsgesellschaft fuer Alternative Energie Technik mbH Attn: Christian Stahl, Manager Pausaer Str. 16 08525 Plauen Germany WEMA WERKZEUG: Claims Registration Period Ends Feb. 7 ----------------------------------------------------- Creditors of WEMA Werkzeug- und Maschinenbau Gesellschaft mbH have until Feb. 7 to register their claims with court-appointed insolvency manager Arndt Geiwitz. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Feb. 28, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Kempten Room No. 144/I Residenzplatz 4-6 87435 Kempten 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: Arndt Geiwitz Bahnhofstrasse 39 89231 Neu-Ulm Germany Tel: 0731/970180 Fax: 0731/97018650 The District Court of Kempten opened bankruptcy proceedings against WEMA Werkzeug- und Maschinenbau Gesellschaft mbH on Dec. 1, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: WEMA Werkzeug- und Maschinenbau Gesellschaft mbH Lehmgrubenweg 17 88131 Lindau Germany WIBUSCH SERVICE: Claims Registration Period Ends Feb. 1 ------------------------------------------------------- Creditors of Wibusch Service GmbH have until Feb. 1 to register their claims with court-appointed insolvency manager Andre Mueller. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on March 19, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Andre Mueller Dresdner Strasse 86 09130 Chemnitz Germany Tel: (0371) 4443 90 Fax: (0371) 4443 911 E-mail: info-ch@mne-insolvenzbuero.de The District Court of Chemnitz opened bankruptcy proceedings against Wibusch Service GmbH on Dec. 21, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Wibusch Service GmbH Attn: Juergen Winkler Siedlungsstrasse 5-7 09509 Pockau Germany =========== G R E E C E =========== EASTMAN KODAK: Sets Annual Strategy Meeting for Feb. 7 ------------------------------------------------------ Eastman Kodak Company will hold its annual strategy meeting with the institutional investment community on Feb. 7, in New York City. The meeting will be held at the Digital Sandbox Event Center, located at 55 Broad Street (between Beaver St & Exchange Place). The doors will open at 8:00 AM Eastern time, and investors are welcome to view and participate in demonstrations of some of the products that will help define Kodak's future. The formal program will begin promptly at 9:00 AM and is expected to conclude by noon. Following the presentations, the product demonstrations will reopen until 1:00 PM. The program will include presentations by: * Antonio Perez, Chairman and Chief Executive Officer, * Phil Faraci, President & Chief Operating Officer, * Frank Sklarsky, Chief Financial Officer, and * Mary Jane Hellyar, President, Film, Photofinishing and Entertainment Group, and will conclude with a question-and-answer session. 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. ============= H U N G A R Y ============= GUESS? INC: Discloses Strong Same-Store Sales in Retail Business ---------------------------------------------------------------- Guess? Inc.'s North American retail business continued to perform ahead of expectations for December 2007, delivering a double digit same store sales increase for the five week period ended Jan. 5, 2008. This performance followed a double digit same store sales increase for the November 2007 period. As a result of the improved sales performance, the company is increasing revenue guidance for its retail segment for the current fiscal year to grow about 16.5% versus its previous expectations for an increase of 16%. The company also reaffirmed its outlook for its other business segments for the year ending Feb. 2, 2008. The company plans to release its actual fiscal 2008 fourth quarter and year end financial results on March 19, 2008. Guess? Inc. (NYSE: GES) -- http://www.guessinc.com/-- designs, markets, distributes and licenses a lifestyle collection of contemporary apparel, accessories and related consumer products. At May 5, 2007, the company operated 336 retail stores in the United States and Canada. The company also distributes its products through better department and specialty stores around the world, including the Philippines, Hungary and the Dominican Republic. * * * Guess? Inc. still carries Standard & Poor's "BB" long-term foreign and local issuer credit ratings, which were assigned in December 2006. ============= I R E L A N D ============= SCOTTISH RE: Names David Carrick as Sr. VP for Group Controller --------------------------------------------------------------- Scottish Re Group Limited has appointed David Carrick as Senior Vice President, Group Controller, effective Jan. 1, 2008. Mr. Carrick is based at the company's Hamilton, Bermuda, headquarters, reporting to Terry Eleftheriou, Scottish Re Group Limited Executive Vice President and Chief Financial Officer. Mr. Carrick's career extends over eighteen years of senior finance and controllership roles with international corporations. Most recently, Mr. Carrick was the Director of Finance for Tyco International, Ltd, where he was responsible for all of the finance functions of Tyco's Dublin, Luxembourg, and Bermuda offices, including treasury and operations support. Prior to Tyco, Mr. Carrick spent over six years with the Bank of Bermuda/HSBC where he held the position of Head of Global Financial Reporting with responsibility for maintaining all aspects of financial and regulatory reporting for the bank. Mr. Carrick's career also included strategic roles at Bacardi Capital Limited and KPMG. Mr. Carrick received a BA from Heriot Watt University, in Edinburgh, Scotland with a specialization in Accounting and Finance. Additionally, Mr. Carrick is a member of the Institute of Charter Accountants of Scotland. In his role as Group Controller, Mr. Carrick will be responsible for oversight of the corporate financial reporting and controllership activities based in Bermuda and other key locations. He will also oversee internal financial controls important to the integrity of internal and external communications, safeguarding of assets and mitigation of risk, including compliance activities related to annual and quarterly certifications in accordance with Sarbanes-Oxley. Mr. Carrick will be an integral part of the corporate finance team and will liaise closely with the segment finance, tax, investments, treasury, investor relations and audit functions of Scottish Re. "We are very pleased to have David join Scottish Re in this new role of Group Controller," stated Terry Eleftheriou. "David's experience in global control practices and financial reporting will be an asset to the organization as we continue to upgrade and streamline our financial processes and enhance our internal financial controls." 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 ========= ALITALIA SPA: Air France-KLM Chief Holds Preliminary Talks ---------------------------------------------------------- Air France-KLM Group S.A. CEO Jean-Cyril Spinetta has held preliminary meetings with Alitalia S.p.A. executives, government officials and trade unions over its planned acquisition of Italy's 49.9% stake in the national carrier, various reports say. "[I had] very useful meetings," Mr. Spinetta was quoted by Bloomberg News as saying. "We're carrying on the dossier." During the meetings, Mr. Spinetta confirmed plans to: -- acquire 100% of the shares of Alitalia through an exchange offer; -- acquire 100% of Alitalia convertible bonds; and -- immediately inject at least EUR750 million into Alitalia through a capital increase, that will be open to all shareholders and be fully underwritten by Air France. Mr. Spinetta also confirmed plans to cut 1,700 jobs, Reuters relates. The Air France CEO, however, downplayed reports that Italy would hold a 3% stake in the merged Air France-Alitalia after a share- swap deal is completed, Reuters reports. Mr. Spinetta added that acquiring AZ Servizi, Alitalia's ground services and maintenance unit, would be based on "economic and social" considerations, Reuters added. Milan Plans Mr. Spinetta, on a press conference, defended plans to downsize Alitalia's operations in Milan's Malpensa airport, and assured that the national carrier will not abandon its slots in the northern hub, Agenzia Giornalistica Italia reports. "The big majority of Alitalia's losses come from Malpensa," Mr. Spinetta was quoted by Reuters as saying. "Continuing to ignore this fact would bring about the end of Alitalia." Mr. Spinetta revealed that should the French carrier acquire 100% of Alitalia shares, Air France would list itself in the Milan bourse. Renata Polverini, head of the UGL labor union, said Mr. Spinetta showed "flexibility" on the issue of downscaling Milan operations and AZ Servizi plans, the airline's ground services and maintenance unit, Bloomberg News says. About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/-- provides air travel services for passengers and air transport of cargo on national, international and inter-continental routes. The Italian government owns 49.9% of Alitalia. The company has operations in Argentina. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia posted EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked annual net losses of EUR520 million in 2003, EUR813 million in 2004, EUR168 million in 2005, and EUR625.6 million in 2006. Italian Transport Minister Alessandro Bianchi has warned that Alitalia may file for bankruptcy if the current attempt to sell the government's 49.9% stake fails. IMAX CORP: Sept. 30 Balance Sheet Upside-Down by US$76.8 Million ---------------------------------------------------------------- IMAX Corp.'s consolidated balance sheet at Sept. 30, 2007, showed US$212.7 million in total assets and US$289.5 million in total liabilities, resulting in a US$76.8 million total stockholders' deficit. IMAX Corporation reported a net loss of US$7.5 million on revenues of US$29.8 million for the third quarter of fiscal 2007, compared to a restated net loss of US$5.6 million on revenues of US$31.0 million for the third quarter of fiscal 2006. IMAX co-chief executive officers Richard L. Gelfond and Bradley J. Wechsler stated, "We are excited to be on the threshold of launching our digital projection system late in the second quarter of 2008, ahead of schedule. Although we have experienced both disappointments and successes over the course of the past decade in bringing IMAX digital to the cusp of reality, the company is now poised to benefit from the transition from a film-based system to a digital format. We believe our system will embody the IMAX(R) brand and experience and that this transition will have a very positive impact on the company's growth and on our financial performance over the long term." "We are extremely happy with film performance in the third quarter, and indeed throughout 2007," stated Messrs. Gelfond and Wechsler. "The strength of the slate is clearly reflected in our DMR revenues, which increased 84% in the third quarter of fiscal 2007 compared to the fiscal third quarter of last year, and 71% in the first nine months of 2007 compared to the same period last year." Full-text copies of the company's consolidated financial statements for the quarter ended Sept. 30, 2007, are available for free at http://researcharchives.com/t/s?26ec About IMAX Corporation Based in New York City and Toronto, Canada, IMAX Corporation (NASDAQ: IMAX) -- http://www.imax.com/-- designs, manufactures, sells or leases theater systems for large-format theaters including commercial theaters, museums and science centers, and destination entertainment sites. In addition, the company specializes in digital and film based motion picture technologies, designs and manufactures high-end sound systems and produces, remasters and distributes large-format films. At Sept. 30, 2007, there were 296 IMAX theaters operating in 40 countries. * * * As reported in the Troubled Company Reporter on Dec. 27, 2007, Standard & Poor's Ratings Services revised its outlook on IMAX Corp. to stable from positive. S&P also affirmed the ratings on the company, including the 'CCC+' corporate credit rating. IMAX CORP: Moody's Changes Outlook; Affirms Junk Ratings -------------------------------------------------------- Moody's Investors Service changed the outlook for IMAX Corporation to stable from positive indicating that an upgrade over the near term is less likely. IMAX recently announced a joint-venture agreement to install 100 digital projection systems at AMC Entertainment, Inc., locations across the United States. Moody's believes that while this agreement should contribute to an increase in enterprise value and improve cash flow visibility over the long term, it will require substantial upfront cash investments, straining the company's limited liquidity over the next couple of years. Furthermore, the widescale rollout of the digital systems poses execution risk. IMAX has not installed any digital theaters to date and expects to nearly double its United States theater base over the next several years with the AMC deal, as well as expanding its presence through other sales and joint ventures involving digital systems in the U.S. and internationally. Moody's also affirmed the Caa1 corporate family and the Caa1 probability of default ratings for IMAX as well as the Caa2 rating on its senior unsecured bonds. IMAX Corporation -- Outlook, Changed To Stable From Positive -- Corporate Family Rating, Affirmed at Caa1 -- Probability of Default Rating, Affirmed at Caa1 -- Senior Unsecured Bonds, Affirmed at Caa2, LGD 4, 60% The Caa1 corporate family rating reflects high financial risk and the lack of visibility regarding IMAX's long term cash flow prospects, as well as execution risk related to the strategic transition to increased use of joint ventures and the rollout of the new digital system. A highly enforceable backlog of signed contracts, recent positive business indicators (including increased system signings and film slate announcements), and the value of the IMAX brand support the ratings. IMAX Corporation specializes in large-format and three- dimensional film presentation; the company typically leases or sells its projection and sound systems, and licenses the use of its trademarks. With annual revenue of approximately US$120 million, IMAX maintains headquarters in Mississauga, Ontario, Canada. IMAX CORP: Sept. 30 Balance Sheet Upside-Down by US$76.8 Million ---------------------------------------------------------------- IMAX Corp.'s consolidated balance sheet at Sept. 30, 2007, showed US$212.7 million in total assets and US$289.5 million in total liabilities, resulting in a US$76.8 million total stockholders' deficit. IMAX Corporation reported a net loss of US$7.5 million on revenues of US$29.8 million for the third quarter of fiscal 2007, compare