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 Tuesday, January 15, 2008, Vol. 8, No. 10 Headlines A U S T R I A BVM HANDELS: Creditors' Meeting Slated for Jan. 30 COCOON TECHNOLOGIES: Creditors' Meeting Slated for Jan. 30 DINIC KEG: Creditors' Meeting Slated for Jan. 29 EVENT SERVICE: Creditors' Meeting Slated for Jan. 30 NETWORK - TIMESYSTEMS: Creditors' Meeting Slated for Jan. 30 RIALTO LLC: Creditors' Meeting Slated for January 29 STEFCO ENGINEERING: Claims Registration Period Ends Jan. 17 WITH US: Vienna Court Orders Business Shutdown B E L G I U M POPE & TALBOT: Amends DIP Agreement to Agree to Court DIP Order POPE & TALBOT: Court Approves Sale of Wood Products Business POPE & TALBOT: To Sell 3 Pulp Mills to Sinar Mas for US$225 Mln POPE & TALBOT: Panel Selects Fried Frank as Bankruptcy Counsel SOLUTIA INC: Joins Panel in Showing Cross-Appeal Issues v. BNY B U L G A R I A FIRST INVESTMENT: Fitch Rates EUR500 Million Loan at BB- D E N M A R K EASTMAN KODAK: Earns US$37 Million in 2007 Third Quarter F R A N C E ANIXTER INTERNATIONAL: Earns US$64.8 Mln in 2007 Third Quarter G E R M A N Y H 4 BAUGESELLSCHAFT: Creditors' Meeting Slated for January 24 KLUTH CUSTOMER: Claims Registration Period Ends Jan. 31 MTP HOLDING: Claims Registration Period Ends Jan. 28 NEUKAUF JUNGJOHANN: Claims Registration Period Ends Jan. 25 PROSIEBENSAT.1 MEDIA: Lothar Lanz to Quit as Finance Chief PROTEC HYDRAULIKVERTRIEB: Claims Period Ends Jan. 29 SRLS GMBH: Creditors' Meeting Slated for February 14 STERSECK GMBH: Claims Registration Ends February 14 VOICE AND MORE: Claims Registration Ends February 13 ZVES GMBH: Claims Registration Ends February 14 I R E L A N D COMMSCOPE INC: Unit Launches Offer to Buy Back Convertible Notes I T A L Y ALITALIA SPA: Italy Endorses Exclusive Talks with Air France-KLM ANDREW CORP: Commences Tender Offer for 3-1/4% Convertible Notes TISCALI SPA: Commences EUR150 Million Capital Increase TISCALI SPA: S&P Assigns B Long-Term Corporate Credit Rating K A Z A K H S T A N ASIAN LTD PLUS LLP: Proof of Claim Deadline Slated for Feb. 12 EXPRESS-AUTO LTD: Creditors Must File Claims by Feb. 12 KASPYISKO-ARALSKAYA KOMPANIYA: Claims Filing Period Ends Feb. 12 MONOLIT LLP: Creditors' Claims Due on February 12 MULTIKASSA-KAZAKHSTAN LLP: Claims Registration Ends Feb. 12 OSK-STROY LLP: Proof of Claim Deadline Slated for February 12 PISHEKOMBINAT LLP: Creditors Must File Claims by February 12 PMK-2030 LLP: Claims Filing Period Ends February 12 SPETS STROY-8: Creditors' Claims Due on February 12 UMITKER CJSC: Claims Registration Ends February 12 K Y R G Y Z S T A N KYRGYZ CONTRACT: Creditors Must File Claims by February 7 N E T H E R L A N D S BIOMET INC: Reports US$89-Million Net Income in Second Quarter GLOBAL POWER: Elects David L. Willis as CFO and Sr. Vice Pres. R U S S I A AZOTE CJSC: Creditors Must File Claims by Feb. 22 BREAD-SERVICE CJSC: Creditors Must File Claims by Feb. 22 CHERNORECHENSKY LOGGING:Creditors Must File Claims by Feb. 22 GASAUTOREPAIR OJSC: Creditors Must File Claims by Feb. 22 MALMYZHSKY BREWERY: Creditors Must File Claims by Jan. 22 MIKHAILOVMEAT AGRICULTURAL: Claims Filing Period Ends Jan. 22 ROSNEFT OIL: Chechnya Wants to Transfer License to Unit SOLNTSE OJSC: Creditors Must File Claims by February 22 S W E D E N AVNET INC: Signs Definitive Pact Acquiring Azzurri Tech U K R A I N E CAPELLA U: Proofs of Claim Deadline Set January 16 DELA-ART LLC: Proofs of Claim Deadline Set January 16 FOODCOM-S LLC: Proofs of Claim Deadline Set January 16 INFOCON LLC: Proofs of Claim Deadline Set January 16 KIEV HIGH: Proofs of Claim Deadline Set January 16 MELANTA LLC: Proofs of Claim Deadline Set January 16 NAFTOGAZ NJSC: Fitch Upgrades Ratings to BB- on Budget Approval RIMEKO-PLUS 2006: Proofs of Claim Deadline Set January 16 S. T. CHERKASSY-TEXTILE: Creditors Must File Claims by Jan. 16 SIRIUS-2004 LLC: Proofs of Claim Deadline Set January 16 TH FOOD: Proofs of Claim Deadline Set January 16 UKRAINIAN INDUSTRIAL-ENERGETIC: Proofs of Claim Due January 16 UKRAINIAN TECHNICAL: Proofs of Claim Deadline Set January 16 U N I T E D K I N G D O M ARVINMERITOR: Fitch Cuts Issuer Default Rating to B+ from BB- BLUESTONE SECURITIES 2008-01: Fitch Rates Class D Notes at BB CHRYSLER LLC: Confirms OEM Product Agreement with Nissan Motor CK AQUATICS: Brings In Liquidators from Wilkins Kennedy FLEXTRONICS INT'L: Dr. Willy Shih Joins Board of Directors MAGNOLIA 2006-3: Fitch Withdraws Junk Rating on US$28 Mln. Notes NORTHERN ROCK: Shareholders Ready for Today's Meeting OBUS PLC: Taps Liquidators from Smith & Williamson * Large Companies with Insolvent Balance Sheet ********* ============= A U S T R I A ============= BVM HANDELS: Creditors' Meeting Slated for Jan. 30 -------------------------------------------------- Creditors owed money by LLC BVM Handels- & Transport (FN 215909p) are encouraged to attend the creditors' meeting at 9:30 a.m. on Jan. 30. The creditors' meeting will be held at: The Trade Court of Vienna Room 1707 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 28, 2007 (2 S 161/07z). Stefan Langer serves as the court-appointed estate administrator of the bankrupt's estate. Annemarie Kosesnik-Wehrle represents Dr. Langer in the bankruptcy proceedings. The estate administrator can be reached at: Dr. Stefan Langer c/o Dr. Annemarie Kosesnik-Wehrle Oelzeltgasse 4 1030 Vienna Austria Tel: 712 63 02, 713 61 92 E-mail: kanzlei@kosesnik-langer.at COCOON TECHNOLOGIES: Creditors' Meeting Slated for Jan. 30 ---------------------------------------------------------- Creditors owed money by JSC Cocoon Technologies (FN 214321d) are encouraged to attend the creditors' meeting at 10:10 a.m. on Jan. 30. The creditors' meeting will be held at: The Trade Court of Vienna Room 1707 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 28, 2007 (2 S 163/07v). Nikolaus Vogt serves as the court-appointed estate administrator of the bankrupt's estate. Eva Riess represents Mag. Vogt in the bankruptcy proceedings. The estate administrator can be reached at: Mag. Nikolaus Vogt c/o Dr. Eva Riess Zeltgasse 3/13 1080 Vienna Austria Tel: 402 57 01 33 Fax: 402 57 01 57 E-mail: nikolaus.vogt@riess.co.at DINIC KEG: Creditors' Meeting Slated for Jan. 29 ------------------------------------------------ Creditors owed money by KEG DINIC (FN 276354d) are encouraged to attend the creditors' meeting at 9:30 a.m. on Jan. 29. The creditors' meeting will be held at: The Land Court of Wiener Neustadt Room 15 Wiener Neustadt Austria Headquartered in Kaltenleutgeben, Austria, the Debtor declared bankruptcy on Nov. 26, 2007 (11 S 116/07f). Thomas Wanek serves as the court-appointed estate administrator of the bankrupt's estate. Valentin Piskernik represents Dr. Wanek in the bankruptcy proceedings. The estate administrator can be reached at: Dr. Thomas Wanek c/o Mag. Valentin Piskernik Hochstrasse 31 2380 Perchtoldsdorf Austria Tel: 01/86 93 888 Fax: 01/86916 60 33 E-mail: anwalt@aon.at EVENT SERVICE: Creditors' Meeting Slated for Jan. 30 ---------------------------------------------------- Creditors owed money by LLC event service (FN 273014t) are encouraged to attend the creditors' meeting at 10:30 a.m. on Jan. 30. The creditors' meeting will be held at: The Trade Court of Vienna Room 1707 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 28, 2007 (2 S 164/07s). Walter Kainz serves as the court-appointed estate administrator of the bankrupt's estate. Katharina Twaroch-Nowak represents Dr. Kainz in the bankruptcy proceedings. The estate administrator can be reached at: Dr. Walter Kainz c/o Mag. Katharina Twaroch-Nowak Gusshausstrasse 23 1040 Vienna Austria Tel: 505 88 31 Fax: 505 94 64 E-mail: kanzlei@kainz-wexberg.at NETWORK - TIMESYSTEMS: Creditors' Meeting Slated for Jan. 30 ------------------------------------------------------------ Creditors owed money by LLC NETWORK - TIMESYSTEMS - ARTNER-RAUCH (FN 171070z) are encouraged to attend the creditors' meeting at 9:00 a.m. on Jan. 30. The creditors' meeting will be held at: The Land Court of Korneuburg Room 204 Second Floor Korneuburg Austria Headquartered in Korneuburg, Austria, the Debtor declared bankruptcy on Nov. 29, 2007 (36 S 138/07x). Horst Winkelmayr serves as the court-appointed estate administrator of the bankrupt's estate. Carl Knittl represents Mag. Winkelmayr in the bankruptcy proceedings. The estate administrator can be reached at: Mag. Horst Winkelmayr c/o Dr. Carl Knittl Hauptplatz 15 2100 Korneuburg Austria Tel: 02262/724 35 Fax: 02262/724 35 50 E-mail: rae@kniwi.at RIALTO LLC: Creditors' Meeting Slated for January 29 ---------------------------------------------------- Creditors owed money by LLC RIALTO (FN 159118y) are encouraged to attend the creditors' meeting at 9:45 a.m. on Jan. 29. 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. 27, 2007 (28 S 143/07v). Maximilian Schludermann serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Dr. Maximilian Schludermann Reisnerstrasse 32/12 1030 Vienna Austria Tel: 715 50 45 Fax: 715 50 474 E-mail: office@anwalt-vienna.at STEFCO ENGINEERING: Claims Registration Period Ends Jan. 17 ----------------------------------------------------------- Creditors owed money by LLC STEFCO Engineering-Produktions- und Handel (FN 241854v) have until Jan. 17 to file written proofs of claim to court-appointed estate administrator Thomas Zeitler at: Dr. Thomas Zeitler Eisenhandstrasse 15 4020 Linz Austria Tel: 0732/775544-11 Fax: 0732/775544-10 E-mail: insolvenz@bzp.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on Jan. 21 for the examination of claims. The meeting of creditors will be held at: The Land Court of Linz Room 522 Fifth Floor Linz Austria Headquartered in Pasching, Austria, the Debtor declared bankruptcy on Nov. 23, 2007 (Bankr. Case No. 12 S 75/07b). WITH US: Vienna Court Orders Business Shutdown ---------------------------------------------- The Trade Court of Vienna entered Nov. 23, 2007, an order shutting down the business of LLC With us (FN 212441p). Court-appointed estate administrator Johannes Leon 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. Johannes Leon Reichsratsstrasse 5 1010 Vienna Austria Tel: 402 15 54 Fax: 402 15 54 54 E-mail: offce@leonlaw.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 15, 2007 (Bankr. Case No. 5 S 123/07h). ============= B E L G I U M ============= POPE & TALBOT: Amends DIP Agreement to Agree to Court DIP Order --------------------------------------------------------------- R. Neil Stuart, vice president and chief financial officer of Pope & Talbot Inc., has disclosed in a regulatory filing with the United States Securities and Exchange Commission, that the P&T Inc. and Pope & Talbot Ltd., entered into a first amendment and waiver to its debtor-in-possession credit and security agreement with Ableco Finance LLC, Wells Fargo Financial Corporation Canada and certain other lenders effective as of Dec. 20, 2007. According to Mr. Stuart, the Amendment was necessary to conform the DIP Agreement to the U.S. Bankruptcy Court for the District of Delaware's final DIP order, dated Dec. 7, 2007. The First Amendment modifies the DIP Agreement to provide one business day's grace period in respect of the requirements to deliver variance reports to lenders, Mr. Stuart said. Under the First Amendment, Mr. Stuart clarifies, the lenders also waive any default or event of default under the DIP Agreement, resulting from the occurrence of a material adverse deviation from the budget during certain prior periods with respect to disbursements for professional fees, chemicals, and utilities/energy set forth in the budget. A full-text copy of the First Amendment is available for free at the U.S. Securities and Exchange Commission: http://researcharchives.com/t/s?26fd As reported in the Troubled Company Reporter on Dec. 13, 2007, the Hon. Christopher S. Sontchi granted the Pope & Talbot Inc. and its debtor-affiliates authority, on a final basis, to borrow up to US$18,000,000 in term loans and up to US$71,062,301 in revolving credit from Wells Fargo Financial Corporation, as DIP administrative agent, and Ableco Financial LLC, as DIP collateral agent. About Pope & Talbot Headquartered in Portland, Oregon, Pope & Talbot Inc. (Other OTC:PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood products business. Pope & Talbot was founded in 1849 and produces market pulp and softwood lumber at mills in the U.S. and Canada. Markets for the company's products include the U.S., Europe, Canada, South America and the Pacific Rim. The company and its U.S. and Canadian subsidiaries applied for protection under the Companies' Creditors Arrangement Act of Canada on Oct. 28, 2007. The Debtors' CCAA Stay expires on Jan. 16, 2008. The company and fourteen of its debtor-affiliates filed for Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case No. 07-11738). Shearman & Sterling LLP is the Debtor's bankruptcy counsel, while Laura Davis Jones, Esq. at Pachulski, Stang, Ziehl & Jones L.L.P. represents the Debtors as bankruptcy co-counsel. When the Debtors filed for bankruptcy, they listed total assets of US$681,960,000 and total debts of US$601,090,000. The Debtors' exclusive period to file a plan expires on March 18, 2008. Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21, 2007, filed an application for relief under Belgian bankruptcy laws in the commercial court in Brussels. If the Belgian court grants Pope & Talbot Europe's application, it is expected it will be liquidated through the bankruptcy proceeding. (Pope & Talbot Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). POPE & TALBOT: Court Approves Sale of Wood Products Business ------------------------------------------------------------ The United States Bankruptcy Court for the District of Delaware has approved the sale, pursuant to an amended purchase agreement, of Pope & Talbot Inc. and its debtor-affiliates' wood products business to International Forest Products Limited for US$69,000,000. The Hon. Christopher S. Sontchi authorized and approved in all respects, the other terms and conditions of the Interfor APA, including: -- the Debtors' assumption of, and the assignment to Interfor of, certain business contracts and leases; -- Interfor's assumption of certain assumed liabilities; -- performance under a transition services agreement between the Debtors and Interfor. The Court held that the transfer of the Debtors' Wood Products Business constitutes a legal, valid and effective transfer of the Assets. The Sale will vest Interfor with all the rights, title and interest of the Debtors in and to the Wood Products Business. The liens and security interest of lenders under the DIP Loan Agreement and the Prepetition Credit Agreement will attach to the proceeds of the Sale with the same priority, validity, force and effect as the interests existed immediately prior to the closing date of the Sale. The Court also authorized and directed Interfor to pay, by the Closing Date, the cure costs with respect to each Business Contract and Lessor Lease. The Cure Cost payments will be deducted from the Purchase Price. Upon payment of the Cure Costs, all defaults and other obligations of the Debtors under the Business Contracts and Lessor Leases arising or accruing prior to Jan. 7, 2007, the Approval Date, will be deemed cured in all respects. The APA may not be assigned, the Court held, by operation of law or otherwise without the express written consent of the Debtors and Interfor, which may be granted or withheld in the sole discretion of the Debtors or Interfor. Prior to closing date of the Interfor APA, Interfor may assign its right to purchase any of the Debtors' mills to any other person. However, the assignment will not relieve Interfor of any of its obligations to the Debtors, the Court clarified. Moreover, the assignment should in no way delay the sale of the Debtors' Wood Products Business under the Interfor APA. In the event of any assignment, references to Interfor in the Interfor APA, with certain exceptions, are deemed to apply mutatis mutandis, to Interfor's assignee with respect to the rights assigned. The Debtors will be relieved from any liability for any breach of the Business Contracts or Lessor Leases, upon assignment by the Debtors to Interfor of the Business Contracts or Lessor Leases, Judge Sontchi ruled. Other Provisions Prior to the Court's approval of the Interfor APA, five creditors objected to the Debtors' then proposed assumption and assignment of certain leases to Interfor. The Lessor Creditors are Automotive Rentals Inc., Burlington Northern Santa Fe Railway Co., Winthrop Resources Corporation, Caterpillar Financial Services Corporation and Besler Inc. The Interfor Sale Approval Order addresses the objections of three of the Lessors. The Sale Order provides that the prepetition Cure Cost associated with Automotive Rental will be US$3,479. The Court directs the Debtors to make all postpetition payments due and owing to Automotive Rental prior to the Closing Date, including payments on outstanding postpetition invoices for US$6,859. Judge Sontchi has determined that the prepetition Cure Cost associated with two CAT Financial Leases will be US$15,760, the payment of which will be made by the Debtors to CAT Financial prior to the Closing Date, in the ordinary course of business. At Winthrop's behest, the Court prohibits the Debtors from assigning to Interfor a Winthrop lease dated Jan. 1, 2005. The Debtors are also not permitted to sell or transfer certain equipment identified in the Winthrop Lease. The Court held that an alleged lien of Besler will attach to the proceeds of the Sale with the same priority, validity, force and effect, if any, it now has against the property charged with the Besler Lien, and subject to any claims and defenses the Debtors and any party-in-interest may possess. Additional Leases & Contracts The Court allows the Debtors to add four leases that were not included in the original schedule of leases to be assumed and assigned to Interfor. The four Leases are: -- a sublease between Pope & Talbot Lumber Sales Inc., as sublessor, and Inland Empire Distribution Systems Inc., as sublessee, dated Sept. 13, 2005, located at 3808 N. Sullivan Road, in Spokane Valley, Washington 99216; -- a lease between Pope & Talbot Inc., as lessor, and the city of Spearfish, as lessee, dated March 18, 1991, located at College Lane, in Spearfish, South Dakota 57783; -- a lease agreement between P&T Inc., as lessor, and Warren Golliher, as lessee, dated April 1, 2007, located at West Oliver Street, in Spearfish, South Dakota 57783; and -- a lease agreement between P&T Inc., as lessor, and Roger Tellinghuisen, as lessee, dated March 1, 2006, located at West Oliver Street, in Spearfish, South Dakota 57783. Shared Contracts The Court allows the inclusion of nine shared contracts into the Debtors' schedules, under which the Debtors reserve their right to seek to assume and assign, under U.S. or Canadian law, only those parts of the Shared Contracts that relate to the Wood Products Business, and take no action to assume or reject the remaining parts of the Shared Contracts. A full-text copy of the Debtors' Shared Contracts is available for free at http://researcharchives.com/t/s?26fb A full-text copy of the Interfor APA Approval Order is available for free at http://researcharchives.com/t/s?26fc Wells Fargo Consents to Sale Wells Fargo Financial Corporation, as administrative agent for the revolving lenders party to the Debtors' DIP Loan Agreement, consents to the proposed sale of the Debtors' Wood Products Business to Interfor. Wells Fargo, however, seeks that deductions from the purchase price set forth in the Interfor APA, and any payments of forestry services amounts, interim or otherwise, owed by the Debtors, do not exceed US$21,000,000. To the extend that the Deductions exceed the Deduction Cap, Wells Fargo does not consent to the proposed sale. Exhibits to be Sealed As reported in the Troubled Company Reporter on Dec. 28, 2007, the Debtors sought the Court's permission to file under seal eight exhibits attached to the Interfor APA. Kelly Beaudin Stapleton, United States Trustee for Region 3, objected to the Debtors' sealing request because it was unclear as to the U.S. Trustee why the information contained on the Exhibits falls within the enumerated exceptions contained in Section 107 of the Bankruptcy Code. The U.S. Trustee also asserted that the Debtors have to prove that the disclosure of the information contained in the exhibits would create an "unfair advantage" to the Debtors' competitors. Furthermore, the U.S. Trustee told the Court that she had not been provided with copies of the exhibits. Upon consideration, Judge Sontchi authorized the Debtors to file under seal three exhibits to the Interfor APA: (a) Exhibit 1.01(f) -- Principles and Procedures for Inventory Valuation (b) Exhibit 1.01(g) -- Formula for Determining Target Inventory Adjustment (c) Exhibit 6.01 -- Salaried Employees Canadian Court Approves Interfor APA Interfor obtained on Jan. 7, 2008, the British Columbia Supreme Court's approval to purchase three sawmills from Pope & Talbot, Allan Dowd at Reuters reports. Interfor subsequently disclosed its plan to sell one of the sawmills, Reuters adds. Mr. Dowd relates that in a statement released by Interfor, the firm revealed that it has closed a deal to sell the Spearfish mill to Neiman Enterprises Inc., a family owned company in Hulett, Wyoming, for US$14,000,000 plus working capital. According to Reuters, the mill purchase is still awaiting some regulatory approval, but Interfor expects the transaction to close by the end of March 2008. Monitor's Comments PricewaterhouseCoopers Inc., as monitor of the proceedings commenced by Pope & Talbot Ltd. and its subsidiaries under the Companies' Creditors Arrangement Act, notes that differences in U.S. and Canadian law in relation to contracts to be assigned suggest different treatment of them in insolvency proceedings. Under Canadian law, the Monitor explains, a CCAA court has greater power to compel the assignment of contracts and subsequently enjoin any ability of a counterparty to terminate the contracts by reason of the prior uncured defaults compromised under the CCAA or by reason of the financial condition of the assignee purchaser. According to the Monitor, the ultimate effect of the Interfor APA may see some creditors' pre-filing debt paid, by reason of the selection by Interfor to continue their contract. The Monitor states that the effect of the cure payments may be inconsistent with Canadian insolvency law, and may affect the requirement for harmonization of the joint proceedings. As reported in the Troubled Company Reporter on Dec. 28, 2007, Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones LLP, in Wilmington, Delaware, told the Court that since no other bid was received by the Bid Deadline, "Interfor is deemed the successful bidder pursuant to the Bidding Procedures and the Purchase Price, as set forth in the Asset Purchase Agreement." About Pope & Talbot Headquartered in Portland, Oregon, Pope & Talbot Inc. (Other OTC:PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood products business. Pope & Talbot was founded in 1849 and produces market pulp and softwood lumber at mills in the U.S. and Canada. Markets for the company's products include the U.S., Europe, Canada, South America and the Pacific Rim. The company and its U.S. and Canadian subsidiaries applied for protection under the Companies' Creditors Arrangement Act of Canada on Oct. 28, 2007. The Debtors' CCAA Stay expires on Jan. 16, 2008. The company and fourteen of its debtor-affiliates filed for Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case No. 07-11738). Shearman & Sterling LLP is the Debtor's bankruptcy counsel, while Laura Davis Jones, Esq. at Pachulski, Stang, Ziehl & Jones L.L.P. represents the Debtors as bankruptcy co-counsel. When the Debtors filed for bankruptcy, they listed total assets of US$681,960,000 and total debts of US$601,090,000. The Debtors' exclusive period to file a plan expires on March 18, 2008. Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21, 2007, filed an application for relief under Belgian bankruptcy laws in the commercial court in Brussels. If the Belgian court grants Pope & Talbot Europe's application, it is expected it will be liquidated through the bankruptcy proceeding. (Pope & Talbot Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). POPE & TALBOT: To Sell 3 Pulp Mills to Sinar Mas for US$225 Mln --------------------------------------------------------------- Pope & Talbot, Inc. has agreed to sell three pulp mills to one or more affiliates within the Sinar Mas Group. The value of the transaction to Pope & Talbot is approximately US$225 million, including the assumption of certain liabilities and US$100 million of working capital proceeds that is not subject to the sale, to be realized after closing. The three pulp mills, located in Nanaimo, British Columbia, Mackenzie, British Columbia and Halsey, Oregon are producers of high-quality softwood pulp. "We are delighted with this development, as this is an important milestone in maximizing value for our stakeholders," Harold Stanton, Pope & Talbot President and CEO, said. "The past 6 months have been very trying on our folks and it is exciting that they will have the opportunity to join a world class pulp and paper producer like Sinar Mas Group." A spokesperson for Sinar Mas Group stated that "Sinar Mas is pleased to have entered into this agreement since it represents an important step in our global strategy for pulp and paper. We look forward to working closely with management, labor unions and employees to ensure that the pulp business of Pope & Talbot is stabilized, strengthened and enhanced through the obvious synergies and growth potential presented by our existing pulp and paper business." The sale is subject to approval by the U.S. Bankruptcy Court and the Canadian Court, and will be effected under procedures that provide for opportunity for other parties to submit competing proposals subject to court approved bidding procedures and protections for the purchaser(s). The transaction is also subject to customary regulatory approvals in Canada and the United States, and Pope & Talbot expects to receive such approvals and close the transaction in the first quarter of 2008. About Sinar Mas Sinar Mas Group is a global enterprise with significant interests in pulp and paper in Indonesia, China and elsewhere. Sinar Mas is the largest producer of pulp and paper in Asia and is one of the top five in the world. About Pope & Talbot Headquartered in Portland, Oregon, Pope & Talbot Inc. (Other OTC:PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood products business. Pope & Talbot was founded in 1849 and produces market pulp and softwood lumber at mills in the U.S. and Canada. Markets for the company's products include the U.S., Europe, Canada, South America and the Pacific Rim. The company and its U.S. and Canadian subsidiaries applied for protection under the Companies' Creditors Arrangement Act of Canada on Oct. 28, 2007. The Debtors' CCAA Stay expires on Jan. 16, 2008. The company and fourteen of its debtor-affiliates filed for Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case No. 07-11738). Shearman & Sterling LLP is the Debtor's bankruptcy counsel, while Laura Davis Jones, Esq. at Pachulski, Stang, Ziehl & Jones L.L.P. represents the Debtors as bankruptcy co-counsel. When the Debtors filed for bankruptcy, they listed total assets of US$681,960,000 and total debts of US$601,090,000. The Debtors' exclusive period to file a plan expires on March 18, 2008. Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21, 2007, filed an application for relief under Belgian bankruptcy laws in the commercial court in Brussels. If the Belgian court grants Pope & Talbot Europe's application, it is expected it will be liquidated through the bankruptcy proceeding. (Pope & Talbot Bankruptcy News; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). POPE & TALBOT: Panel Selects Fried Frank as Bankruptcy Counsel -------------------------------------------------------------- The Official Committee of Unsecured Creditors in Pope & Talbot Inc. and its debtor-affiliates' bankruptcy cases seeks the U.S. Bankruptcy Court for the District of Delaware's authority to retain Fried, Frank, Harris, Shriver & Jacobson LLP as its bankruptcy counsel, nunc pro tunc to Nov. 28, 2007. Committee Chairman Robert J. Hickey says the Committee wants to retain Fried Frank because the firm has extensive experience and knowledge in the field of debtors' and creditors' rights. Moreover, he adds, Fried Frank's bankruptcy and restructuring attorneys have developed familiarity with the Debtors' assets, affairs and businesses through their representation in August 2007, of an ad hoc committee of the Debtors' outstanding 8 2/3 senior notes due 2013 and 8 3/8 debentures due 2013. As the Committee's counsel, Fried Frank will: * provide legal advice with respect to the Creditors Committees' rights, powers and duties in the Debtors' cases; * assist the Creditors Committee in its analysis and negotiation of any plan of reorganization and related corporate documents; * review, analyze, and advise the Creditors Committee with respect to documents filed with the Court and respond on behalf of the Creditors Committee to any and all applications, motions, answers, orders, reports, and other pleadings in connection with the administration of the Debtors' estates in these bankruptcy cases; and * perform any other legal services requested by the Creditors Committee in connection with the Debtors' bankruptcy cases and the confirmation and implementation of a plan of reorganization in these cases. Mr. Hickey tells the Court that Fried Frank will be paid its customary hourly rates for services it will render to the Creditors Committee: Professional Hourly Rate ------------ ----------- Partners US$685 to US$995 Of Counsel US$580 to US$895 Special Counsel US$625 to US$745 Associates US$340 to US$650 Legal Assistants US$170 to US$250 Six Fried Frank professionals are presently expected to have primary responsibility for providing services to the Creditors Committee: Professional Hourly Rate ------------ ----------- Brad Eric Scheler US$995 Gary L. Kaplan US$685 Brian Pfeiffer US$685 Craig M. Price US$565 Peter Siroka US$395 Michael Bimbaum US$195 Fried Frank also customarily charges its clients for all the disbursements of reasonable expenses incurred. Gary Kaplan, a partner of Fried Frank, assures the Court that his firm is a "disinterested person" as that phrase is defined in Section 101(14) of the Bankruptcy Code and as modified by Section 1107(b). About Pope & Talbot Headquartered in Portland, Oregon, Pope & Talbot Inc. (Other OTC:PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood products business. Pope & Talbot was founded in 1849 and produces market pulp and softwood lumber at mills in the U.S. and Canada. Markets for the company's products include the U.S., Europe, Canada, South America and the Pacific Rim. The company and its U.S. and Canadian subsidiaries applied for protection under the Companies' Creditors Arrangement Act of Canada on Oct. 28, 2007. The Debtors' CCAA Stay expires on Jan. 16, 2008. The company and fourteen of its debtor-affiliates filed for Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case No. 07-11738). Shearman & Sterling LLP is the Debtor's bankruptcy counsel, while Laura Davis Jones, Esq. at Pachulski, Stang, Ziehl & Jones L.L.P. represents the Debtors as bankruptcy co-counsel. When the Debtors filed for bankruptcy, they listed total assets of US$681,960,000 and total debts of US$601,090,000. The Debtors' exclusive period to file a plan expires on March 18, 2008. Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21, 2007, filed an application for relief under Belgian bankruptcy laws in the commercial court in Brussels. If the Belgian court grants Pope & Talbot Europe's application, it is expected it will be liquidated through the bankruptcy proceeding. (Pope & Talbot Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). SOLUTIA INC: Joins Panel in Showing Cross-Appeal Issues v. BNY -------------------------------------------------------------- (Belgium) Solutia Inc. and certain of its subsidiaries and affiliates and the Official Committee of Unsecured Creditors present issues in their cross-appeal from the U.S. Bankruptcy Court for the Southern District of New York's final order granting partial summary judgment in favor of the Debtors and the Committee. The judgment is related to the Debtors' objection to the Bank of New York's Claim No. 6210. The Bank of New York is the indenture trustee for the holders of the 11.25% senior secured notes due 2009. The cross-appeal encompasses all other orders rendered appealable, including the memorandum decision on joint motion for partial summary judgment with respect to Claim No. 6210, as modified by the errata order entered on Nov. 21, 2007. The Committee has filed before the Court a motion for the application of certain postpetition payments made to Bank of New York on behalf of the 2009 Noteholders in reduction of the principal amount of the 2009 Noteholders' Claim. The Postpetition Interest Motion sought a determination by the Court as to whether the 2009 Noteholders are receiving and will continue to receive more than the amount of postpetition cash interest payments than the 2009 Noteholders are entitled under Section 506(b) of the Bankruptcy Code. At a Dec. 10, 2007 hearing on the Postpetition Interest Motion, the Court opined that the parties had stipulated on the record to the amount of postpetition cash interest payments due to the 2009 Noteholders, and that the stipulation was reflected in the Court's Order and Memorandum Decision. The Court denied, without prejudice, the Committee's request for application of around US$12,100,000 in postpetition payments made to Bank of New York, as indenture trustee for the 11.25% senior secured notes due 2009 issued by Solutia, or its predecessor, in reduction of the principal amount of the 2009 Noteholders' Claim No. 6210. The Debtors and the Committee do not agree that the parties made that stipulation or that the Order or Memorandum Decision reflect the stipulation or address the issue of postpetition cash interest. The Cross-Appellants filed their protective cross-appeal to resolve these issues: (a) Whether the Court, in the Memorandum Decision or Order, determined the proper amount of postpetition cash interest payments to which the 2009 Noteholders are entitled under Section 506(b), as the Court indicated on the record at the Dec. 10, 2007, hearing on Cross- Appellants' Motion; and (b) If so, whether the Court erred in finding that the 2009 Noteholders are entitled to receive an amount of postpetition interest that exceeds the amount due under Section 506(b). As reported in the Troubled Company Reporter on Dec. 5, 2007, The Bank of New York, as Indenture Trustee for the 2009 Notes, issued by Solutia and its predecessor, takes an appeal to the Court under 28 U.S.C. Section 158(a) from each and every part of: (a) the order of the Court denying BNY's request for relief from the automatic stay, entered Nov. 26, 2007; (b) the Court's November 9 memorandum decision on joint motion partial summary judgment with respect to Claim No. 6210, and the November 26 final order granting partial summary judgment in favor of the Debtors and the Official Committee of Unsecured Creditors regarding the Debtors' objection to BNY's Claim No. 6210; and (c) the Court's ruling on BNY's emergency motion for reconsideration of the Memorandum Decision on Joint Motion for Partial Summary Judgment, issued on November 26. 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. =============== B U L G A R I A =============== FIRST INVESTMENT: Fitch Rates EUR500 Million Loan at BB- -------------------------------------------------------- Fitch Ratings has assigned Bulgaria-based First Investment Bank's EUR500 million medium-term note program Long-term ratings of 'BB-' for senior unsecured notes, 'B+' for dated subordinated notes, and 'B' for undated subordinated notes. The notes will be issued by FIB's subsidiary, First Investment Finance BV, a private company with limited liability based in The Netherlands, and backed by the unconditional and irrevocable guarantee of FIB. FIB is rated Long-term Issuer Default 'BB-' with Positive Outlook, Short-term IDR 'B', Individual 'D' and Support '5'. FIB's Support Rating Floor is 'No Floor'. Fitch emphasises that the above ratings are for the general program; it cannot be assumed that each individual issue under the program carries the applicable program rating. For example, in the case of indexed notes, it is possible that the rating might deviate from the program rating. The rating for the senior notes is on a par with FIB's Long-term IDR, and the ratings for the subordinated notes follow Fitch's notching policy for subordinated issues. Should the rating of the bank change, then those ratings assigned to the securities will also be liable to change. Founded in 1993, FIB is currently the fifth-largest bank in Bulgaria by assets. At end of firs half of 2007, FIB had market shares of 8% in terms of both loans and deposits. The bank remains orientated to corporate clients but continues to actively expand retail lending. The bank operated through a network of 123 branches and 548 ATMs and had 2,002 employees as at end-September 2007. Ultimate control of the bank lies in the hands of two individuals, its founding shareholders, who have significant interests in the tourism and real estate sectors. FIB was listed on the Sofia Stock Exchange in May 2007. It recently set up a subsidiary bank in Albania. ============= D E N M A R K ============= EASTMAN KODAK: Earns US$37 Million in 2007 Third Quarter -------------------------------------------------------- Eastman Kodak Company reported net income of US$37.0 million for the third quarter ended Sept. 30, 2007, compared with a net loss of US$37.0 million in the same period last year. Sales totaled US$2.58 billion, a decrease of 1% from US$2.60 billion in the third quarter of 2006. Digital revenue totaled US$1.59 billion, a 12% increase from US$1.42 billion. Traditional revenue totaled US$986.0 million, a 16% decline from US$1.17 billion in the year-ago quarter. The company reported third-quarter earnings from continuing operations of US$29.0 million pre-tax, US$34.0 million after tax, compared with a loss of US$53.0 million pre-tax, US$83.0 million after tax in the year-ago period. This represents an improvement of US$82.0 million pre-tax and US$117.0 million after-tax. Items of net expense impacting comparability in the third quarter of 2007 totaled US$94.0 million after tax. The most significant item was restructuring costs of US$127.0 million before tax and US$96.0 million after tax. In the third quarter of 2006, items of net expense impacting comparability totaled US$137.0 million after tax, primarily reflecting restructuring costs. "I am very pleased with our third-quarter performance, which represents a milestone in the emergence of the new Kodak," said Antonio M. Perez, chairman and chief executive officer, Eastman Kodak Company. "We delivered solid, value-creating digital growth, powered by a 12% increase in digital revenue, as well as expanded gross margins and positive net earnings. This increases my confidence in achieving our full-year goals and positions us well as we enter 2008." The company's third-quarter earnings from continuing operations, before interest, other income, net, and income taxes were US$20.0 million, compared with a loss of US$11.0 million in the year-ago quarter. Gross Profit margin was 26.4% for the quarter, up from 25.1% in the prior year, primarily attributable to lower costs from manufacturing footprint reductions, offset by adverse silver and aluminum costs. Net Cash Generation for the third quarter represented a use of US$95.0 million, compared with positive cash flow of US$151.0 million in the year-ago quarter. This corresponds to net cash provided by operating activities from continuing operations of US$1.0 million for the third quarter, compared with US$237.0 million in the year-ago quarter. The company's debt level stood at US$1.63 billion as of Sept. 30, 2007. This is a US$1.15 billion reduction from the 2006 year-end debt level of US$2.78 billion. Kodak held US$1.85 billion in cash and cash equivalents as of Sept. 30, 2007, an increase of US$745.0 million from the year- ago period. This was primarily the result of proceeds from the company's sale of its Health Group, which was completed in the second quarter of 2007. Balance Sheet At Sept. 30, 2007, the company's consolidated balance sheet showed US$12.93 billion in total assets, US$10.27 billion in total liabilities and US$2.66 billion in total shareholders' equity. 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?26f7 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 on Sept. 14, 2007, Standard & Poor's Ratings Services 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. The outlook is negative. =========== F R A N C E =========== ANIXTER INTERNATIONAL: Earns US$64.8 Mln in 2007 Third Quarter -------------------------------------------------------------- Anixter International Inc. reported net income of US$64.8 million for the third quarter ended Sept. 28, 2007, compared to net income of US$76.2 million for the same period ended Sept. 29, 2006. In last year's third quarter the company reported a gain of US$22.8 million arising primarily from a settlement with the Internal Revenue Service. Excluding the settlement from the prior year third quarter, net income increased 21%. For the three-month period ended Sept. 28, 2007, sales were US$1.52 billion, compared to sales of US$1.33 billion in the same period last year. Sales in the current quarter included US$31.7 million from a series of acquisitions completed in the past year. Operating income in the third quarter increased 23% to US$118.2 million as compared to US$96.1 million in the year ago quarter. For the latest quarter, operating margins were 7.8% compared to 7.2% in the third quarter of 2006. Robert Grubbs, president and chief executive officer, stated, "The 14% sales growth generated in the current quarter was particularly encouraging in light of the significant economic uncertainty that existed during the quarter, especially relating to the difficult credit environment in the U.S., our largest market. Our growth reflects the fact that we continued to see strong growth in most major geographies and end markets that we serve on a global basis. Based on our results through the first nine months we are in a good position to have another record setting year of sales and earnings." First Nine Month Results For the nine-month period ended Sept. 28, 2007, sales of US$4.36 billion produced net income of US$183.0 million. Included in the 2007 nine-month results were sales of US$105.0 million from a series of acquisitions completed in the past year. Net income in the first nine months of 2007 also includes a US$2.1 million gain primarily from the settlement of certain income tax audits occurring during the first six months of this year. In the prior year period, sales of US$3.64 billion produced net income of US$156.9 million. These results are inclusive of the third quarter 2006 income tax settlement that added US$22.8 million to the year ago results. Operating income in the first nine months of fiscal 2007 increased by 32% to US$324.7 million as compared to US$246.7 million in the year ago period. Operating margins in the first nine months of 2007 were 7.4% as compared to 6.8% in the prior year period. Cash flow generated from operations was US$10.0 million as compared to US$17.4 million used in operations in the year ago quarter. "Increased working capital requirements associated with our year-on-year sales growth, combined with two acquisitions completed in the first nine months for total consideration of US$41.7 million and the repurchase of US$162.7 million of our outstanding shares during the first quarter of 2007, have increased our debt-to-total capital ratio," said said Dennis Letham, executive vice president-finance. "At the end of the third quarter that ratio was 49.6% as compared to 45.7%. For the third quarter our weighted-average cost of borrowed capital was 4.3% as compared to 5.5% in the year ago quarter. At the end of the third quarter, approximately 78% percent of our total borrowings of US$1.03 billion had fixed interest rates, either by the terms of the borrowing agreements or through hedging contracts. We also had US$246.9 million of available, unused credit facilities at Sept. 28, 2007, which provide us with the resources to support continued strong organic growth and to pursue other strategic alternatives, such as acquisitions, in the coming quarters." Balance Sheet At Sept. 28, 2007, the company's consolidated balance sheet showed US$3.03 billion in total assets, US$1.99 billion in total liabilities, and US$1.04 billion in total stockholders' equity. Full-text copies of the company's consolidated financial statements for the quarter ended Sept. 28, 2007, are available for free at http://researcharchives.com/t/s?26f4 About Anixter Headquartered in Glenview, Illinois, Anixter International Inc. (NYSE: AXE) -- http://www.anixter.com/-- is a distributor of communication products, electrical and electronic wire & cable and a distributor of fasteners and other small parts to Original Equipment Manufacturers. The company has nearly US$725 million in inventory of more than 325,000 products, logistics network of 197 warehouses with more than 5.0 million square feet of space, and has presence in 220 cities in 45 countries, including Indonesia, Australia, China, France, Hong Kong, India, Malaysia, New Zealand, the Philippines, Singapore, Spain, Taiwan, Thailand, and the United Kingdom. * * * To date, Anixter International Inc. carries Fitch Ratings' BB+ Issuer Default Rating and BB- Senior Unsecured Debt Rating. ============= G E R M A N Y ============= H 4 BAUGESELLSCHAFT: Creditors' Meeting Slated for January 24 ------------------------------------------------------------- The court-appointed insolvency manager for H 4 Baugesellschaft mbH, Hans-A. Brauer will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:55 a.m. on Jan. 24. The meeting of creditors and other interested parties will be held at: The District Court of Cochem Hall 100 First Floor Ravenestrasse 39 56812 Cochem Germany The Court will also verify the claims set out in the insolvency manager's report at 9:20 a.m. on March 13 at the same venue. Creditors have until Feb. 15 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Hans-A. Brauer Jahnstrasse 1 54550 Daun Germany Tel: 06592-7061 Fax: 06592-7344 The District Court of Cochem opened bankruptcy proceedings against H 4 Baugesellschaft mbH on Dec. 28. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: H 4 Baugesellschaft mbH TALO-Haus 56865 Panzweiler Germany Attn: Hans Joachim Hein, Manager Oberstr. 4 56865 Moritzheim Germany KLUTH CUSTOMER: Claims Registration Period Ends Jan. 31 ------------------------------------------------------- Creditors of Kluth Customer Care GmbH have until Jan. 31 to register their claims with court-appointed insolvency manager Dr. Joerg Nerlich. Creditors and other interested parties are encouraged to attend the meeting at 10:05 a.m. on Feb. 25, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duesseldorf Meeting Hall A 341 Fourth 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. Joerg Nerlich Louise-Dumont-Str. 25 40211 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against Kluth Customer Care GmbH on Jan. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kluth Customer Care GmbH Rigaer Strasse 9 17493 Greifswald Germany Attn: Herwig Kluth, Manager Kittelbachstr. 52 40489 D�sseldorf Germany MTP HOLDING: Claims Registration Period Ends Jan. 28 ---------------------------------------------------- Creditors of MTP Holding GmbH have until Jan. 28 to register their claims with court-appointed insolvency manager Martin Manstein. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on Feb. 27, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Weilheim i.OB Meeting Hall E 007 Waisenhausstr. 5 Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Martin Manstein Prannerstr. 11 80333 Muenchen Germany Tel: 089/21111500 Fax: 089/21111555 The District Court of Weilheim i.OB opened bankruptcy proceedings against MTP Holding GmbH on Jan. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MTP Holding GmbH Hochreuther Str. 4 82380 Peissenberg Germany NEUKAUF JUNGJOHANN: Claims Registration Period Ends Jan. 25 ----------------------------------------------------------- Creditors of Neukauf Jungjohann Eckernfoerde GmbH have until Jan. 25 to register their claims with court-appointed insolvency manager Wolfgang Folger. Creditors and other interested parties are encouraged to attend the meeting at 10:08 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 Neukauf Jungjohann Eckernfoerde GmbH on Jan. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Neukauf Jungjohann Eckernfoerde GmbH Attn: Dieter Jungjohann, Manager Norderholm 2 24395 Gelting Germany PROSIEBENSAT.1 MEDIA: Lothar Lanz to Quit as Finance Chief ---------------------------------------------------------- Lothar Lanz, 59, the Executive Board member of ProSiebenSat.1 Media AG for Finance, Legal Affairs & Human Resources, will be leaving the company soon. This was agreed upon in mutual consent by the competent committee of the Supervisory Board and the CFO. Lothar Lanz has been a highly successful CFO and valued member of the leadership team at ProSiebenSat.1 for more than 11 years. His contract ends in June 2009 at a time when he will already have turned 60. The search for his successor has commenced and Lothar Lanz will remain with the company until his successor has been appointed, presumably in summer. "For more than a decade Lothar Lanz has left his marks during one of the most dynamic periods of Germany's television history," Goetz Mauser, Chairman of the Supervisory Board of ProSiebenSat.1 Media AG and a Partner at Permira, said. "Being a reliable partner to the financial community, he managed both an IPO and two of the biggest mergers within the German media sector. In his own calm way, Lanz thereby greatly contributed to the integration and development of ProSiebenSat.1 Media AG over the years." "Lothar Lanz has been an outstanding CFO, a great colleague and has played a key role in the creation of ProSiebenSat.1 as a leading integrated broadcaster in Europe," Clive Hollick, Vice- Chairman of the Supervisory Board of ProSiebenSat.1 Media AG, and a Partner at Kohlberg Kravis Roberts & Co., said. Lothar Lanz was a member of the managing board at HSB HYPO Service-Bank AG in Munich and at Nassauische Sparkasse in Wiesbaden before joining ProSieben in 1996 as CFO. He shepherded ProSieben Media AG through its IPO in 1997 -- the first IPO of a TV corporation in Germany. Further highlights of his career were the merger of ProSieben Media AG with Sat.1 in 2000 and the takeover of SBS Broadcasting Group by ProSiebenSat.1 in mid-2007." About ProsiebenSat.1 Headquartered in Munich, Germany, ProsiebenSat.1 Media AG -- http://en.prosiebensat1.com/-- broadcasts and produces TV programs through 24 commercial TV stations, 24 premium Pay TV channels and 22 radio network. In June 2007, the ProSiebenSat.1 Group acquired SBS Broadcasting Group. The company employs around 6,000 Europe-wide. * * * As of Dec. 4, 2007, ProsiebenSat.1 Media AG carries Moody's Investors Service Ba1 senior unsecured and corporate family ratings. PROTEC HYDRAULIKVERTRIEB: Claims Period Ends Jan. 29 ---------------------------------------------------- Creditors of PROTEC Hydraulikvertrieb C. Adam GmbH have until Jan. 29 to register their claims with court-appointed insolvency manager Dr. Stephan Schlegel. Creditors and other interested parties are encouraged to attend the meeting at 9:30 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 Darmstadt Hall 14 Building D Mathildenplatz 15 64283 Darmstadt Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Stephan Schlegel Hauptstrasse 336 65760 Eschborn Germany Tel: 06173/9394-0 Fax: 06173/9394-20. The District Court of Darmstadt opened bankruptcy proceedings against PROTEC Hydraulikvertrieb C. Adam GmbH on Jan. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PROTEC Hydraulikvertrieb C. Adam GmbH Attn: Carsten Adam, Manager Auf dem Ruppels 11 64859 Eppertshausen Germany SRLS GMBH: Creditors' Meeting Slated for February 14 ---------------------------------------------------- The court-appointed insolvency manager for SRLS GmbH & Co. KG, Udo Groener will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:00 a.m. on Feb. 14. The meeting of creditors and other interested parties 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 at 9:30 a.m. on March 13 at the same venue. Creditors have until Feb. 14 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Udo Groener Faktoreistrasse 4 66111 Saarbruecken Tel: 0681/41010 Fax: 0681/4101 276 The District Court of Saarbruecken opened bankruptcy proceedings against SRLS GmbH & Co. KG on Dec. 27, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: SRLS GmbH & Co. KG Attn: Udo Prinz and Leander Schoen, Managers Lise-Meitner-Weg 1 66271 Rilchingen-Hanweiler Germany STERSECK GMBH: Claims Registration Ends February 14 --------------------------------------------------- Creditors of Sterseck GmbH & Co. KG have until Feb. 14 to register their claims with court-appointed insolvency manager Ingmar Jarchow. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on March 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 Hamburg Meeting Hall B405 Fourth Floor Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ingmar Jarchow Heuberg 1 20354 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Sterseck GmbH & Co. KG on Dec. 21, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Sterseck GmbH & Co. KG Attn: Martin Felix Sterseck, Manager Hallerstrasse 75 20146 Hamburg Germany VOICE AND MORE: Claims Registration Ends February 13 ---------------------------------------------------- Creditors of voice and more GmbH have until Feb. 13 to register their claims with court-appointed insolvency manager Peter Steuerwald. Creditors and other interested parties are encouraged to attend the meeting at 1:00 p.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 Braunschweig Hall E 01 Martinikirche 8 38100 Braunschweig 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 Steuerwald Bruchtorwall 6, D 38100 Braunschweig Germany Tel: (05 31) 2 44 80 30 Fax: (05 31) 2 44 80 80 E-mail: psteuerwald@hausherr-steuerwald.de The District Court of Braunschweig opened bankruptcy proceedings against voice and more GmbH on Dec. 27, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: voice and more GmbH Attn: Gerlinde Putze, Manager Spechtweg 1 38108 Braunschweig Germany ZVES GMBH: Claims Registration Ends February 14 ----------------------------------------------- Creditors of ZVES GmbH have until Feb. 14 to register their claims with court-appointed insolvency manager Dirk Hammes. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on March 6, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duisburg Meeting Hall C315 Third 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: Dirk Hammes Wilhelmshofallee 75 47800 Krefeld Germany The District Court of Duisburg opened bankruptcy proceedings against ZVES GmbH on Dec. 13, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ZVES GmbH Attn: Joerg Franz Riebe, Manager Konrad-Adenauer-Ring 9-13 47167 Duisburg Germany ============= I R E L A N D ============= COMMSCOPE INC: Unit Launches Offer to Buy Back Convertible Notes ---------------------------------------------------------------- CommScope Inc.'s indirect subsidiary, Andrew Corporation, has commenced an offer to repurchase any and all of Andrew's 3-1/4% Convertible Subordinated Notes due 2013. The indenture governing the Notes requires Andrew to make the offer as a result of CommScope's acquisition of Andrew, by way of merger, effective Dec. 27, 2007. Andrew is offering to purchase the Notes for cash at a purchase price of 100% of their principal amount. If all of the outstanding Notes are tendered in the tender offer, the aggregate purchase price required to purchase the tendered Notes, and pay accrued interest, is estimated to be approximately US$167 million. The tender offer for the Notes will expire at 5:00 p.m., New York City time, on Feb. 15, 2008, unless extended or earlier terminated. Holders may withdraw their tendered Notes at any time prior to the expiration time. On Feb. 15, 2008, Andrew will make a semi-annual interest payment on the Notes to holders of record on Feb. 1, 2008. Andrew expects to fund the tender offer from cash advanced by CommScope, which will utilize its available cash on hand, and through borrowings under CommScope's existing credit agreement. As a result of the merger, each US$1,000 principal amount of the Notes is now convertible at the option of the holder, on the terms and subject to the conditions of the indenture governing the Notes, into US$986.15 in cash and 2.304159 shares of CommScope common stock, subject to adjustment from time to time and payments for fractional shares, as provided in the indenture; this represents a conversion price equal to the consideration payable to Andrew stockholders in the merger of: (i) US$13.50 in cash per share of Andrew common stock, multiplied by 73.0482; and (ii) 0.031543 shares of CommScope common stock, multiplied by 73.0482. On Jan. 9, 2008, the closing price of CommScope common stock on the New York Stock Exchange was US$42.37 per share. Holders of Notes may obtain the Notice of Designated Event and Offer to Purchase from the Information Agent for the offer: Georgeson 26th Floor, 199 Water Street New York, NY 10038-3560 Tel (212) 440-9800 (Banks and brokers) (877) 386-8141 (toll free) About Andrew Corporation Headquartered in Westchester, Illinois, Andrew Corporation (NASDAQ:ANDW) -- http://www.andrew.com/-- designs, manufactures and delivers innovative and essential equipment and solutions for the communications infrastructure market. Founded in 1937, the company serves operators and original equipment manufacturers from facilities in 35 countries. About CommScope Inc. Based in Hickory, North Carolina, CommScope Inc. (NYSE:CTV) -- http://www.commscope.com/-- is into infrastructure solutions for communication networks. CommScope's structured cabling systems for business enterprise applications includes SYSTIMAX(R) Solutions(TM) and Uniprise(R) Solutions brands. It is also the manufacturer of coaxial cable for hybrid fiber coaxial applications. CommScope has facilities in Brazil, Australia, China and Ireland. * * * As reported in the Troubled Company Reporter on Oct. 19, 2007, Standard & Poor's Ratings Services affirmed its ratings on CommScope Inc. and Andrew Corp. and removed them from CreditWatch, where they were placed on June 27, 2007, with negative implications. S&P also affirmed the 'BB-' corporate credit and 'B' subordinated debt ratings for both companies. The outlook is stable. ========= I T A L Y ========= ALITALIA SPA: Italy Endorses Exclusive Talks with Air France-KLM ---------------------------------------------------------------- Tommaso Padoa Schioppa, Italy's finance minister, has delivered a letter to Alitalia S.p.A. approving the commencement exclusive talks with Air France-KLM S.A. over the sale of the government's 49.9% stake in the national carrier, Agenzia Giornalistica Italia reports. As reported in the TCR-Europe on Jan. 14, 2008, Air France CEO Jean-Cyril Spinetta has held preliminary meetings with Alitalia executives, government officials and trade unions over its planned acquisition. 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. He, however, 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. Mr. Spinetta also revealed that should the French carrier acquire 100% of Alitalia shares, Air France would list itself in the Milan bourse. Mr. Schioppa will represent the Italian government during sale talks and will evaluate whether to sell to the state's majority stake in Alitalia, Agenzia Giornalistica Italia 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. ANDREW CORP: Commences Tender Offer for 3-1/4% Convertible Notes ---------------------------------------------------------------- Andrew Corporation, CommScope, Inc.'s indirect wholly owned subsidiary, has commenced an offer to repurchase any and all of its 3-1/4% Convertible Subordinated Notes due 2013. The indenture governing the Notes requires Andrew to make the offer as a result of CommScope's acquisition of Andrew Corp., by way of merger, effective Dec. 27, 2007. Andrew Corp. is offering to purchase the Notes for cash at a purchase price of 100% of their principal amount. If all of the outstanding Notes are tendered in the tender offer, the aggregate purchase price required to purchase the tendered Notes is estimated to be approximately US$167 million. The tender offer for the Notes will expire at 5:00 p.m., New York City time, on Feb. 15, 2008, unless extended or earlier terminated. Holders may withdraw their tendered Notes at any time prior to the expiration time. On Feb. 15, 2008, Andrew will make a semi- annual interest payment on the Notes to holders of record on Feb. 1, 2008. Andrew expects to fund the tender offer from cash advanced by CommScope, which will utilize its available cash on hand, and through borrowings under CommScope's existing credit agreement. As a result of the merger, each US$1,000 principal amount of the Notes is now convertible at the option of the holder, on the terms and subject to the conditions of the indenture governing the Notes, into US$986.15 in cash and 2.304159 shares of CommScope common stock, subject to adjustment from time to time and payments for fractional shares, as provided in the indenture; this represents a conversion price equal to the consideration payable to Andrew stockholders in the merger of (i) US$13.50 in cash per share of Andrew common stock, multiplied by 73.0482, and (ii) 0.031543 shares of CommScope common stock, multiplied by 73.0482. On Jan. 9, 2008, the closing price of CommScope common stock on the New York Stock Exchange was US$42.37 per share. Neither CommScope nor Andrew Corp.'s Board of Directors, nor any other person makes any recommendation as to whether holders of Notes should choose to tender their Notes in the offer, and no one has been authorized to make such a recommendation. About CommScope Based in Hickory, North Carolina, CommScope Inc. (NYSE: CTV) -- http://www.commscope.com/-- is a world leader in infrastructure solutions for communication networks. Through its SYSTIMAX(R) Solutions(TM) and Uniprise(R) Solutions brands, CommScope is the global leader in structured cabling systems for business enterprise applications. It is also the world's largest manufacturer of coaxial cable for Hybrid Fiber Coaxial applications. CommScope has facilities in Brazil, Australia, China and Ireland. About Andrew Corp. Headquartered in Westchester, Illinois, Andrew Corporation (NASDAQ: ANDW) -- http://www.andrew.com/-- designs, manufactures and delivers and essential equipment and solutions for the global communications infrastructure market. The company serves operators and original equipment manufacturers from facilities in 35 countries including China, India, Italy, Czech Republic, Argentina, Bahamas, Belize, Barbados, Bermuda and Brazil. * * * As reported in the Troubled Company Reporter-Latin America Oct. 23, 2007, Standard & Poor's Ratings Services affirmed its ratings on Andrew Corp. and removed them from CreditWatch, where they were placed on June 27, 2007, with negative implications. S&P also affirmed the 'BB-' corporate credit and 'B' subordinated debt ratings for the company. TISCALI SPA: Commences EUR150 Million Capital Increase ------------------------------------------------------ The Board of Directors of Tiscali S.p.A. has set the final conditions of the share capital increase with pre-emption rights for existing shareholders. The rights issue, approved by the Board of Directors pursuant to the delegation by the shareholders' meeting of Aug. 31, 2007, pursuant to Article 2443 of the Italian Civil Code will involve the issuance of 149,792,880 ordinary shares nominal value of EUR0.50, to be offered by way of pre-emption rights to existing shareholders at the price of EUR1.00 per share and with a ratio of six new shares each 17 existing shares for a total issue value of EUR149,792,880. The pre-emption rights are required to be exercised between Jan. 14, 2008, and Feb. 1, 2008, and rights will trade on market between Jan. 14, 2008, and Jan. 25, 2008. By the end of the month following the pre-emption period, Tiscali will offer on the stock exchange the unsubscribed rights, if any pursuant to Article 2441 of the Italian Civil Code. Banca IMI S.p.A. and J.P. Morgan Securities Ltd have today signed an agreement pursuant to which they have underwritten the rights issue, save for the portion which Renato Soru has committed to underwrite pro rata to his stake in Tiscali, corresponding to around 25% of Tiscali's current share capital. The Italian prospectus, which has been approved by Consob on Jan. 9, 2008, was published on Jan. 11, 2008, and it will be made available in Tiscali's headquarters in Cagliari and at the Italian Stock Exchange's premises in Milan. "The rights issue approved is another step in the implementation of our strategic plan's objectives," Tommaso Pompei, CEO of Tiscali, said. "Furthermore, the first corporate rating of Tiscali, issued by S&P, is evidence Tiscali's attention to reliability and transparency standards towards the market." About Tiscali Headquartered in Cagliari, Italy, Tiscali S.p.A. -- http://www.tiscali.com/-- offers Internet access in the country. The group also operates in other European countries, serving more than seven million subscribers, of which over 1.5 million are broadband users. Tiscali posted consecutive net losses for the past years: EUR5.5 million in 1999, EUR101 million in 2000, EUR1.66 billion in 2001, EUR593.1 million in 2002, EUR242.4 million in 2003, EUR131.8 million in 2004, EUR12.9 million in 2005, and EUR103.6 million in 2006. It posted EUR3.88 million in net losses on EUR614.33 million in net revenues for the nine months ended Sept. 30, 2007. TISCALI SPA: S&P Assigns B Long-Term Corporate Credit Rating ------------------------------------------------------------ Standard & Poor's Ratings Services assigned its 'B' long-term corporate credit rating to Tiscali S.p.A., an alternative provider of Internet, telephony, and TV services in Italy and the U.K. At the same time, S&P assigned 'B' long-term debt rating--the same as Tiscali's corporate credit rating--and '3' recovery rating to the EUR50 million senior secured term loan taken on by financing vehicle Tiscali U.K. Holdings Ltd., indicating the expectation of meaningful (50%-70%) recovery for lenders in the event of a payment default. S&P also assigned our 'B+' long-term debt rating (one notch above the corporate credit rating, reflecting the loan's superpriority status on the distribution of proceeds) and '2' recovery rating to Tiscali U.K. Holdings Ltd.'s EUR50 million senior secured revolving credit facility, indicating the expectation of substantial (70%-90%) recovery for lenders in the event of a payment default. The recovery ratings are meaningfully influenced by the Italian insolvency regime's impact on lenders' recovery prospects. Both loans are guaranteed by Tiscali S.p.A. The corporate credit rating was placed on CreditWatch with positive implications, reflecting the fact that Standard & Poor's expects to raise it to 'B+' upon satisfactory completion of Tiscali's announced EUR150 million rights issue in February 2008. The one-notch upgrade would equally apply to Tiscali's debt ratings, which were also placed on CreditWatch. "The ratings are constrained by the group's negative free cash flow generation--EUR126 million in the first nine months of 2007 -- and high financial leverage primarily from the acquisition in September 2007 of U.K.-based Internet service provider Pipex Communications PLC for GBP210 million (EUR273 million)," said Standard & Poor's credit analyst Leandro de Torres Zabala. "The ratings are also limited by Tiscali's fairly modest business scale and its continuing investment phase in its two markets, which is weighing on operating margins and cash flow generation." In the U.K., Tiscali must manage fierce competition in the broadband market from different players and technology platforms while successfully integrating Pipex and extracting the planned synergies. The Italian business is constrained by its still small business scale and market share and high capital- expenditure plans. The ratings are supported by the group's favorable strategic positioning in the high-growth broadband markets of the U.K. (where Tiscali is the fourth-largest broadband provider, with 15% market share) and Italy (fifth-largest broadband provider; 6% market share). Tiscali offers an attractive triple-play product (telephony, Internet, and--recently--TV services) in these markets, which it delivers through its own Internet protocol-ready core network infrastructure. The ratings also acknowledge our expectation of continuous organic earnings growth, based on Tiscali's strategy of developing its direct customer base through the deployment of full local loop unbundling, despite material price pressure. =================== K A Z A K H S T A N =================== ASIAN LTD PLUS LLP: Proof of Claim Deadline Slated for Feb. 12 -------------------------------------------------------------- LLP Asian Ltd Plus has declared insolvency. Creditors have until Feb. 12 to submit written proofs of claims to: LLP Asian Ltd Plus Office 18-111 Micro District Samal 12 Almaty Kazakhstan EXPRESS-AUTO LTD: Creditors Must File Claims by Feb. 12 ------------------------------------------------------- LLP Express-Auto Ltd has declared insolvency. Creditors have until Feb. 12 to submit written proofs of claims to: LLP Express-Auto Ltd Room 203 Auezov Str. 84 Almaty Kazakhstan KASPYISKO-ARALSKAYA KOMPANIYA: Claims Filing Period Ends Feb. 12 ---------------------------------------------------------------- LLP Kaspyisko-Aralskaya Kompaniya has declared insolvency. Creditors have until Feb. 12 to submit written proofs of claims to: LLP Kaspyisko-Aralskaya Kompaniya Beishishek Str. 39 Almaty Kazakhstan MONOLIT LLP: Creditors' Claims Due on February 12 ------------------------------------------------- The Specialized Inter-Regional Economic Court of Karaganda has declared LLP Firm Monolit insolvent. Creditors have until Feb. 12 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Karaganda Jambyl Str. 9 Karaganda Kazakhstan MULTIKASSA-KAZAKHSTAN LLP: Claims Registration Ends Feb. 12 ----------------------------------------------------------- LLP Multikassa-Kazakhstan has declared insolvency. Creditors have until Feb. 12 to submit written proofs of claims to: LLP Multikassa-Kazakhstan Mir Str. 50 Pavlodar 140000 Pavlodar Kazakhstan OSK-STROY LLP: Proof of Claim Deadline Slated for February 12 ------------------------------------------------------------- LLP OSK-Stroy has declared insolvency. Creditors have until Feb. 12 to submit written proofs of claims to: LLP OSK-Stroy Office 18-111 Micro District Samal 12 Almaty Kazakhstan PISHEKOMBINAT LLP: Creditors Must File Claims by February 12 ------------------------------------------------------------ The Specialized Inter-Regional Economic Court of Akmola has declared LLP Pishekombinat insolvent. Creditors have until Feb. 12 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Akmola Lesnaya Str. 13 Micro District Koktal Astana Kazakhstan Tel: 8 (7172) 30-00-15 PMK-2030 LLP: Claims Filing Period Ends February 12 --------------------------------------------------- The Specialized Inter-Regional Economic Court of Karaganda has declared LLP PMK-2030 insolvent. Creditors have until Feb. 12 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Karaganda Jambyl Str. 9 Karaganda SPETS STROY-8: Creditors' Claims Due on February 12 --------------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Munai Gas Spets Stroy-8 insolvent. Creditors have until Feb. 8 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kostanai Gogol Str. 177a Kostanai Kazakhstan UMITKER CJSC: Claims Registration Ends February 12 -------------------------------------------------- The Specialized Inter-Regional Economic Court of Kyzylorda has declared CJSC Umitker insolvent. Creditors have until Feb. 12 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kyzylorda Kyzylorda, Abai ave. 48 Kyzylorda Kazakhstan Tel: 8 (32422) 23-56-11 =================== K Y R G Y Z S T A N =================== KYRGYZ CONTRACT: Creditors Must File Claims by February 7 --------------------------------------------------------- LLC Kyrgyz Contract has declared insolvency. Creditors have until Feb. 7 to submit written proofs of claim. Inquiries can be addressed to (0-555) 36-14-14. ===================== N E T H E R L A N D S ===================== BIOMET INC: Reports US$89-Million Net Income in Second Quarter -------------------------------------------------------------- Biomet Inc. reported financial results for its second fiscal quarter ended Nov. 30, 2007. The company earned US$89 million for the three months ended Nov. 30, 2007, compared to net income of US$104.8 million for the same period in 2006. During the second quarter of fiscal year 2008, net sales increased 11% to US$578.1 million. Excluding the impact of foreign currency, net sales increased 8% worldwide. Excluding both the impact of foreign currency and instruments, which the Company discontinued selling to distributors in the United States in the third quarter of fiscal 2007, worldwide sales increased 9% during the quarter. As previously announced, on Sept. 25, 2007, Biomet Inc. merged with LVB Acquisition Merger Sub, Inc., a wholly owned subsidiary of LVB Acquisition, Inc. LVB Acquisition, Inc. is indirectly owned by investment partnerships directly or indirectly advised or managed by The Blackstone Group L.P., Goldman Sachs & Co., Kohlberg Kravis Roberts & Co. L.P. and TPG Capital. These financial results have been prepared in a manner that complies, in all material respects, with generally accepted accounting principles in the U.S. with the exception of certain purchase accounting adjustments related to the Merger, including the effects of the merger-related debt and associated interest expense. The company will reflect the purchase accounting adjustments related to the Merger by the end of fiscal year 2008. During the second quarter of fiscal year 2008, the company incurred special charges (pre-tax) of 16.6 million, approximately half of which related to the previously announced operational improvement program. Reported operating income for the second quarter of fiscal year 2008 was US$145.7 million compared to operating income of US$155.1 million for the second quarter of fiscal year 2007. Adjusted operating income was US$162.3 million for the second quarter of fiscal year 2008 compared to US$159.1 million for the second quarter of fiscal year 2007. Adjusted net income for the second quarter of fiscal year 2008 was US$99.1 million compared to adjusted net income for the second quarter of fiscal year 2007 of US$107.5 million. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the second quarter of fiscal year 2008 was US$194.4 million as compared to US$182.5 million in the second quarter of fiscal year 2007. Biomet's President and Chief Executive Officer Jeffrey R. Binder stated, "The Company's reconstructive sales category performed very well again this quarter with accelerated growth continuing across various product groups within this category, particularly for knees. In addition, sales of craniomaxillofacial fixation and arthroscopy products were also strong during the second quarter." Mr. Binder added, "We continue to work to strengthen our trauma and spine business. We've built a strong foundation for change and continue to believe we can reach our goal of producing positive revenue growth within the Biomet Trauma and Biomet Spine business during the first half of fiscal year 2009." About Biomet Based in Warsaw, Indiana, Biomet Inc. (NASDAQ: BMET) and its subsidiaries design, manufacture, and market products used primarily by musculoskeletal medical specialists in both surgical and non-surgical therapy. Biomet and its subsidiaries currently distribute products in more than 100 countries, including the Netherlands, Argentina and Korea. Biomet Inc. and its subsidiaries design, manufacture, and market products used primarily by musculoskeletal medical specialists in both surgical and non-surgical therapy. Biomet's product portfolio encompasses reconstructive products, fixation products, spinal products, and other products. * * * As reported in the Troubled Company Reporter-Latin America on Sept. 27, 2007, Moody's Investors Service has assigned final debt ratings to Biomet, Inc. (B2 Corporate Family Rating) in conjunction with the close of the leveraged buy-out transaction by a consortium of equity sponsors. Moody's said the rating outlook is negative. GLOBAL POWER: Elects David L. Willis as CFO and Sr. Vice Pres. -------------------------------------------------------------- Global Power Equipment Group Inc. appointed David L. Willis to the position of senior vice president and chief financial officer, effective Jan. 28, 2008. Mr. Willis will take the place of Mike Hanson who will be leaving the company to pursue other opportunities. Mr. Hanson will remain with the company until the end of February 2008, allowing for an orderly transition of responsibilities. "With David's wealth of financial and operations experience, he is an exceptional addition to our senior management team," said John Matheson, president and chief executive officer of Global Power. "With our executive group now complete, we look forward to achieving our goals coming out of our successful reorganization while continuing our focus on running the business and servicing our customers. We also thank Mike for all of his contributions to the company and wish him well with his future plans." Mr. Willis has a broad range of leadership experience including restructuring advisory services, telecommunications and energy companies and public accounting. Most recently he was with the restructuring practice of Alvarez and Marsal, a global professional services firm, where he served clients in advisory and interim management capacities overseeing the development and implementation of initiatives to improve operational and financial performance. Prior to his restructuring practice, Mr. Willis held positions with The Williams Companies, an energy and telecommunications company, and with Ernst & Young. Mr. Willis received his Bachelor of Business Administration degree from the Price College of Business at the University of Oklahoma and holds a Master of Business Administration from the University of Tulsa. He is a Certified Public Accountant and a Certified Insolvency Restructuring Advisor. About Global Power Equipment Group Based in Oklahoma, Global Power Equipment Group Inc. (Pink Sheets: GEGQQ) -- http://www.globalpower.com/-- is a design, engineering and manufacturing firm providing an array of equipment and services to the energy, power infrastructure and process industries. The company designs, engineers and manufactures a comprehensive portfolio of equipment for gas turbine power plants and power-related equipment for industrial operations, and has over 40 years of power generation industry experience. The company's equipment is installed in power plants and in industrial operations in more than 40 countries on six continents. In addition, the company provides routine and specialty maintenance services to nuclear, coal-fired, fossil, and hydroelectric power plants and other industrial operations. The company has facilities in Plymouth, Minnesota; Tulsa, Oklahoma; Auburn, Massachusetts; Atlanta, Georgia; Monterrey, Mexico; Shanghai, China; Nanjing, China; and Heerleen, The Netherlands. The company filed for chapter 11 protection on Sept. 28, 2006 (Bankr. D. Del. Case No. 06-11045). Thomas E. Lauria, Esq., Matthew C. Brown, Esq., Gerard Uzzi, Esq., John Cunningham, Esq., and Frank Eaton, Esq., at White & Case LLP; and Jeffrey M. Schlerf, Esq., Eric M. Sutty, Esq., and Mary E. Augustine, Esq., at The Bayard Firm, represent the Debtors. Kurtzman Carson Consultants LLC acts as the Debtors' noticing and claims agent. At Oct. 31, 2006, Global Power's balance sheet showed total assetsof US$177,758,000 and total debts of US$99,017,000 Jeffrey S. Sabin, Esq., and David M. Hillman, Esq., at Schulte Roth & Zabel LLP; and Adam G. Landis, Esq., and Kerri K. Mumford, Esq., at Landis Rath & Cobb LLP, represent the Official Committee of Unsecured Creditors. The Official Committee of Equity Security Holders is represented by Howard L. Siegel, Esq., and Steven D. Pohl, Esq., at Brown Rudnick Berlack Israels LLP. =========== R U S S I A =========== AZOTE CJSC: Creditors Must File Claims by Feb. 22 ------------------------------------------------- Creditors of CJSC Agricultural Chemical Corporation Azote have until Feb. 22 to submit proofs of claim to: V. A. Maksimov Competitive Proceedings Manager Office 16 Business Center Olympic Olympijsky Pr. 16