T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Wednesday, January 16, 2008, Vol. 9, No. 11 Headlines A U S T R I A BATTENFELD KUNSTSOFFMASCHINEN: Declares Bankruptcy After Sale BREZINA AUFZUEGE: Vienna Court Orders Business Shutdown FRANZ WLASAK: Claims Registration Period Ends Jan. 24 GUTMAYER LLC: Claims Registration Period Ends Jan. 24 KOCH LLC: Claims Registration Period Ends Jan. 21 MOEBELHAUS LUGER: Feldkirch Court Orders Business Shutdown STEFCO ENGINEERING: Linz Court Orders Business Shutdown UMFORMTECHNIK LLC: Claims Registration Period Ends Jan. 20 WIBO LLC: Claims Registration Period Ends Jan. 24 B E L G I U M SOLUTIA INC: Plans to Offer US$400 Mln Senior Unsecured Notes URS CORP: Taps Thomas H. Zarges as Washington Division President D E N M A R K ARROW ELECTRONICS: Acquiring Indian Distribution Business Assets POLYONE CORP: Completes Acquisition of Ngai Hing PlastChem F R A N C E CAP GEMINI: S&P Keeps BB+ Ratings on CreditWatch Positive DELPHI CORP: Bank of America Opposes Confirmation of Plan DELPHI CORP: Moody's Puts Corporate Family Rating at (P)B2 HARMAN INTERNATIONAL: Revises Fiscal Year 2008 Earnings Guidance INNOVATIVE COMM: Court Okays Sale of V.I. Community Bank to FBNC G E R M A N Y ADMINISTRATA IMMOBILIEN: Claims Registration Ends Feb. 13 AFH - DEUTSCHLAND: Claims Registration Period Ends Feb. 20 ALERIS INT'L: Completes US$295 Million Sale of US Zinc Business AUTO-TEILE-UNGER: S&P Puts B Rating on Watch on Weak Performance BESTPHAGO VERWALTUNGS: Claims Registration Ends February 18 E. H. HEYDER: Claims Registration Ends February 8 FFO AUTO: Claims Registration Period Ends Feb. 20 FILIS GMBH: Claims Registration Period Ends Feb. 26 FMP SICHERHEITSDIENSTE: Claims Registration Period Ends Feb. 13 GOEDERT KABELBAU: Creditors' Meeting Slated for March 11 IGH ASSEKURANZ: Claims Registration Period Ends Feb. 21 LA CUISINE: Claims Registration Period Ends February 19 LOEWWEN - AUTOMOBILE GMBH: Claims Registration Ends Feb. 15 MC KURIERDIENSTE: Claims Registration Period Ends Feb. 26 MICHAELIS WOCHE: Claims Registration Period Ends Feb. 13 PERLOPLAST-VERTRIEBS GMBH Claims Registration Ends February 15 PETER WENZEL: Claims Registration Period Ends Feb. 19 SDE SIGMA: Claims Registration Period Ends Feb. 19 TIAGRO GMBH: Claims Registration Period Ends Feb. 12 TRILUX ABSCHLEPP: Claims Registration Ends February 15 H U N G A R Y PROPEX INC: Moody's Cuts Corporate Family Rating to Caa2 I R E L A N D GAP INC: December 2007 Sales Decrease by 6% to US$2.2 Billion I T A L Y DANA CORP: Asbestos Claimants File Appeal to Dana Plan K A Z A K H S T A N ASTANA-RAU LLP: Proof of Claim Deadline Slated for February 12 BANK TURANALEM: Gains US$82 Million Loan from DEG INTERTELL.KZ LLP: Creditors Must File Claims by February 7 JALYN LLP: Claims Filing Period Ends February 8 JYBEK JOLY: Creditors' Claims Due on February 7 KAZTECHPROM LLP: Claims Registration Ends February 7 MADINA LLP: Proof of Claim Deadline Slated for February 8 NOTIS XXI: Creditors Must File Claims by February 7 OZEN CAPITAL: Claims Filing Period Ends February 8 SAB LTD: Creditors' Claims Due on February 12 SARYKONGAN LLP: Claims Registration Ends February 8 K Y R G Y Z S T A N ACA CONSULTING: Creditors Must File Claims by February 7 M A C E D O N I A PROCREDIT MACEDONIA: Fitch Holds IDR at BB+ with Stable Outlook N E T H E R L A N D S FIRST DATA: Moody's Junks Rating on Untendered Unsecured Notes P O L A N D OMNOVA SOLUTIONS: S&P Keeps B+ Rating on US$150 Mln Senior Loan R U S S I A MEGAFON SA: Moody's Lifts Corporate Family Rating to Ba2 MOSCOW BANK: Hikes East-West United Bank Stake to 66% S W I T Z E R L A N D DRAGON EYE: Creditors' Liquidation Claims Due Today FIANSA BETEILIGUNG: Creditors Must File Claims by January 17 NOBLE INVESTMENTS: Creditors' Liquidation Claims Due Today UNIVERSAL FINANCE: Creditors' Liquidation Claims Due Today T U R K E Y TURKIYE GARANTI: Fitch Affirms Foreign Currency IDR at BB U K R A I N E CHEMISTRY FOOD: Creditors Must File Claims by January 17 CHUBAR COLLECTIVE: Claims Registration Ends January 17 ETALON-1 LLC: Claims Registration Ends January 17 IVANO-FRANKOVSK HEAT: Claims Registration Ends January 17 KATERINOPOL PRODUCTION: Creditors Must File Claims by January 17 KRINKI LLC: Creditors Must File Claims by January 17 MIR-SEM AND CO: Claims Registration Ends January 17 TAMPL LLC: Creditors Must File Claims by January 17 TEMP LLC: Creditors Must File Claims by January 17 YAGUAR PLUS: Creditors Must File Claims by January 17 U N I T E D K I N G D O M BRITISH ENERGY: In Talks with EDF over New Consortium CENTROMED LTD: Brings In Administrators from Tenon Recovery CHRYSLER LLC: Wants Getrag JV Resumed for 2009 Opening CORNERSTONE TITAN 2005-2: S&P Affirms Class G Notes at BB EMI GROUP: Terra Firma Outlines Restructuring Plan ES RECRUITMENT: Appoints Begbies Traynor as Joint Administrators FORD MOTOR: Tata May Tap Ford Exec. to Head Two Luxury Brands FORD MOTOR: St. Thomas Plant in Ontario Starts Production FORD MOTOR: Creates the Verve to Ride in Small Car Popularity FUTURESTEP PERSONNEL: Claims Filing Period Ends April 8 GRAND PRIX: Duncan R. Beat Leads Liquidation Procedure K.W. BEARD: Lloyds TSB Taps Receivers from BDO Stoy NORTHERN ROCK: Shareholders Block All But One Resolution at EGM QUEBECOR WORLD: Gets US$400 Million Rescue Financing Facility RENTOKIL INITIAL: Appoints Richard Burrows as Non-Exec. Director SANYO ELECTRIC: To Pay FSA JPY8.3 Billion for Accounting Error SIER GROUP: Taps Joint Administrators from Begbies Traynor SOLUTIONS HEALTH: HSBC Bank Taps Receivers from Moore Stephens STEPHEN ROBINSON: Claims Filing Period Ends February 4 TITAN EUROPE 2006-2: S&P Puts B Ratings on Watch on Shortfalls TITAN EUROPE 2006-3: S&P Puts B Ratings on Watch on Shortfalls UNIQUE STAFFING: Appoints C. B. Barrett as Liquidator ********* ============= A U S T R I A ============= BATTENFELD KUNSTSOFFMASCHINEN: Declares Bankruptcy After Sale ------------------------------------------------------------- Battenfeld Kunstsoffmaschinen Gesellschaft mbH has filed for bankruptcy protection as a result of its sale to UK-based OOD Private Equity in December 2007, The Financial Times reports, citing Elsevier Engineering Information. According to the report, Germany-based Adcuram, Battenfeld's previous owner, decided to file for bankruptcy because the "unexpected sale" imperiled Battenfeld's operations. OOD Private is a financial investment company that was established in November 2007. Layoff notices have been sent to Battenfeld's 630 employees around the globe, 472 of whom are from its headquarters in Battenfeld Kottingbrunn, Austria, FT relates. Battenfeld hopes to recover ownership of its spare parts service unit in Kottingbrunn and Meinerzhagen, Germany, as well as its Battenfeld Service Gruppe service, Financial Times says. Headquartered in Battenfeld Kottingbrunn, Austria, Battenfeld Kunstsoffmaschinen Gesellschaft mbH -- http://www.battenfeld- imt.com/de/home.html -- is an injection press manufacturer. BREZINA AUFZUEGE: Vienna Court Orders Business Shutdown ------------------------------------------------------- The Trade Court of Vienna entered Nov. 26, 2007, an order shutting down the business of OEG BREZINA Aufzuege (FN 29494z). Court-appointed estate administrator Matthias Schmidt 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. Matthias Schmidt Dr. Karl Lueger-Ring 12 1010 Vienna Austria Tel: 533 16 95 Fax: 535 56 86 E-mail: schmidt@preslmayr.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 14, 2007 (Bankr. Case No 28 S 133/07y). FRANZ WLASAK: Claims Registration Period Ends Jan. 24 ----------------------------------------------------- Creditors owed money by LLC Franz Wlasak (FN 104019w) have until Jan. 24 to file written proofs of claim to court-appointed estate administrator Johannes Jaksch at: Dr. Johannes Jaksch c/o Dr. Stephan Riel Landstrasser Hauptstrasse 1/2 1030 Vienna Austria Tel: 713 44 33 Fax: 713 10 33 E-mail: kanzlei@jsr.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:15 a.m. on Feb. 7 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1703 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 26, 2007 (Bankr. Case No. 5 S 135/07y). Stephan Riel represents Dr. Jaksch in the bankruptcy proceedings. GUTMAYER LLC: Claims Registration Period Ends Jan. 24 ----------------------------------------------------- Creditors owed money by LLC Gutmayer (FN 63203x) have until Jan. 24 to file written proofs of claim to court-appointed estate administrator Christof Stapf at: Dr. Christof Stapf c/o Mag. Michael Neuhauser Esslinggasse 7 1010 Vienna Austria Tel: 01/90 333 Fax: 01/90 333 44 E-mail: wien@snwlaw.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on Feb. 7 for the examination of claims. The meeting of creditors will be held at: The Land Court of Korneuburg Hall 2 Room 104 First Floor Korneuburg Austria Headquartered in Poysdorf, Austria, the Debtor declared bankruptcy on Nov. 29, 2007 (Bankr. Case No. 32 S 23/07f). Michael Neuhauser represents Dr. Stapf in the bankruptcy proceedings. KOCH LLC: Claims Registration Period Ends Jan. 21 ------------------------------------------------- Creditors owed money by LLC Koch (FN 103978i) have until Jan. 21 to file written proofs of claim to court-appointed estate administrator Bernhard Birek at: Dr. Bernhard Birek Marktplatz 4 4707 Schluesslberg Austria Tel: 07248/64720 Fax: 07248/64720-20 E-mail: ra-birek@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:00 a.m. on Jan. 31 for the examination of claims. The meeting of creditors will be held at: Land Court of Wels Hall 101 First Floor Maria Theresia Strasse 12 Wels Austria Headquartered in Grieskirchen, Austria, the Debtor declared bankruptcy on Nov. 29, 2007 (Bankr. Case No. 20 S 138/07f). MOEBELHAUS LUGER: Feldkirch Court Orders Business Shutdown ---------------------------------------------------------- The Land Court of Feldkirch entered Nov. 23, 2007, an order shutting down the business of LLC Moebelhaus Luger & Co (FN 268375w). Court-appointed estate administrator Klaus Grubhofer 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. Klaus Grubhofer Riedgasse 20/I Second Floor 6850 Dornbirn Austria Tel: 05572/28171 Fax: 05572/28171-6 E-mail: ra.grubhofer@aon.at Headquartered in Dornbirn, Austria, the Debtor declared bankruptcy on Nov. 23, 2007 (Bankr. Case No 14 S 46/07p). STEFCO ENGINEERING: Linz Court Orders Business Shutdown ------------------------------------------------------- The Land Court of Linz entered Nov. 29, 2007, an order shutting down the business of LLC STEFCO Engineering-Produktions- und Handel (FN 241854v). Court-appointed estate administrator Thomas Zeitler 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. Thomas Zeitler Eisenhandstrasse 15 4020 Linz Austria Tel: 0732/775544-11 Fax: 0732/775544-10 E-mail: insolvenz@bzp.at Headquartered in Pasching, Austria, the Debtor declared bankruptcy on Nov. 23, 2007 (Bankr. Case No 12 S 75/07b). UMFORMTECHNIK LLC: Claims Registration Period Ends Jan. 20 ---------------------------------------------------------- Creditors owed money by LLC Umformtechnik (FN 245350i) have until Jan. 20 to file written proofs of claim to court-appointed estate administrator Helmut Fetz at: Dr. Helmut Fetz Hauptplatz 11 8700 Leoben Austria Tel: 03842-42751 Fax: 03842-42751-40 E-mail: offic@fetz-fetz.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on Feb. 6 for the examination of claims. The meeting of creditors will be held at: The Land Court of Leoben Hall IV First Floor Leoben Austria Headquartered in Leoben, Austria, the Debtor declared bankruptcy on Nov. 29, 2007 (Bankr. Case No. 17 S 99/07p). WIBO LLC: Claims Registration Period Ends Jan. 24 ------------------------------------------------- Creditors owed money by LLC WIBO (FN 210755i) have until Jan. 24 to file written proofs of claim to court-appointed estate administrator Felix Stortecky at: Dr. Felix Stortecky Schulerstrasse 18 1010 Vienna Austria Tel: 513 88 37 Fax: 513 88 37-22 E-mail: office@stortecky.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on Feb. 7 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1703 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 29, 2007 (Bankr. Case No. 5 S 136/07w). ============= B E L G I U M ============= SOLUTIA INC: Plans to Offer US$400 Mln 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. As previously announced by Solutia on Oct. 31, 2007, the notes offering is part of a US$2.0 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 offered in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and outside the United States pursuant to Regulation S under the Securities Act. The notes have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements. 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, 2007, the Court confirmed the Debtors' Consensual Plan. (Solutia Bankruptcy News, Issue No. 113, Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). URS CORP: Taps Thomas H. Zarges as Washington Division President ---------------------------------------------------------------- URS Corporation has appointed Thomas H. Zarges as President of the Washington Division. Mr. Zarges, who formerly served as the Division's Senior Executive Vice President for Operations, replaces Stephen G. Hanks, who is retiring from the company and resigning from the URS Board of Directors. URS' Washington Division is the former Washington Group International Inc., which URS acquired in November 2007. "Tom is an experienced executive with a comprehensive understanding of the Washington Division, gained through more than 30 years with the business," Martin M. Koffel, Chairman and Chief Executive Officer of URS, said. "He has directed Washington Group's power, engineering and construction, and industrial process businesses, and has managed all of Washington Group's operations since 2002. He is ideally suited to lead the Division as we integrate our complementary service offerings and work to capture the many new opportunities available to URS and our 55,000 employees." "I am proud to lead the Washington Division and the exceptional group of professionals that have been the key to our success," Mr. Zarges said. "Now, as part of one of the few fully integrated engineering, construction and technical services companies in our industry, our potential is greater than ever. I look forward to working with Martin and the entire URS management team and continuing to deliver results for our stockholders, customers and employees." Mr. Koffel continued, "I would like to thank Steve for helping to make the combination between URS and Washington Group a reality. The strength of the Washington Division's business and the quality and depth of its management team attest to Steve's leadership. We wish him well in the future." The appointment of Mr. Zarges as President of the Washington Division is effective immediately. Biographical Information Thomas Zarges, 59, has more than 35 years of experience in global engineering and construction. He joined Washington Group in 1991 as President of Power and Industrial/Manufacturing. He later served as President of the company's Engineering/Construction and Industrial/Process business units. He was named Senior Executive Vice President of Operations in 2002. Earlier in his career, Mr. Zarges served with United Engineers & Constructors, a predecessor firm to Washington Group, for 20 years. He is a 1970 engineering graduate of the Virginia Military Institute. About URS Corp. Headquartered in San Francisco, California, URS Corporation (NYSE:URS) -- http://www.urscorp.com/-- offers a comprehensive range of professional planning and design, systems engineering and technical assistance, program and construction management, and operations and maintenance services for transportation, facilities, environmental, water/wastewater, industrial infrastructure and process, homeland security, installations and logistics, and defense systems. The company operates in more than 20 countries with approximately 29,500 employees providing engineering and technical services to federal, state and local governmental agencies as well as private clients in the chemical, pharmaceutical, oil and gas, power, manufacturing, mining and forest products industries. The company also has offices in Argentina, Australia, Belgium, China, France, Germany, and Mexico, among others. * * * As reported in the Troubled Company Reporter on Dec. 7, 2007, Moody's Investors Service has downgraded the Corporate Family Rating of URS Corporation to Ba2 from Ba1 following the company's acquisition of Washington Group International, Inc. Moody's said the ratings outlook is stable. ============= D E N M A R K ============= ARROW ELECTRONICS: Acquiring Indian Distribution Business Assets ---------------------------------------------------------------- Arrow Electronics Inc. agreed to acquire all of the assets related to the franchise components distribution business of Hynetic Electronics and Shreyanics Electronics in India, effective Jan. 1, 2008. Privately owned, Hynetic Electronics and Shreyanics Electronics are leading electronic component distributors in India. "I am delighted to add the components distribution business of Hynetic to our expanding franchise in the Asia Pac region, further strengthening our leadership position in the fast- growing Indian marketplace. The Hynetic business is similar to Arrow's, with its demand-creation business model and strong engineering capabilities, and we anticipate meaningful synergies between our two businesses. Hynetic's complementary linecard and experienced sales professionals will allow us to expand our product portfolio and offer improved services and support to our business partners," said Michael J. Long, president of Arrow Global Components. "This acquisition will be beneficial to Arrow, with an expanded customer base focusing on the rapidly growing small- and medium- sized market and additional strategic product lines, which are critical for Arrow to further expand market share in India. At the same time, Hynetic's customers and suppliers gain instant access to Arrow's specialized expertise, technical resources, supply chain solutions and extensive logistics capabilities," said Peter Kong, president of Arrow Asia Pacific. About Arrow Electronics Headquartered in Melville, New York, Arrow Electronics Inc. -- http://www.arrow.com/-- provides products, services and solutions to industrial and commercial users of electronic components and computer products. Arrow serves as a supply channel partner for nearly 600 suppliers and more than 130,000 original equipment manufacturers, contract manufacturers and commercial customers through a global network of over 270 locations in 53 countries and territories. The company operates in France, Spain, Portugal, Denmark, Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden, Italy, Germany, Austria, Switzerland, Belgium, the Netherlands, United Kingdom, Argentina, Brazil, Mexico, Australia, China, Hong Kong, Korea, Philippines and Singapore. * * * Arrow Electronics senior subordinated stock continues to carry Moody's Investors Service's Ba1 rating. The company's senior preferred stock is rated at Ba2. POLYONE CORP: Completes Acquisition of Ngai Hing PlastChem ---------------------------------------------------------- PolyOne Corporation has completed its acquisition of the assets and operations of Ngai Hing PlastChem Company Ltd., the vinyl compounding subsidiary of Ngai Hing Hong Company Limited. A subsidiary of Ngai Hing Hong will hold a 5% interest in the new company that PolyOne will establish to conduct its vinyl compound business in Asia. The company related that this acquisition expands PolyOne's geographic footprint and is further testament to the company's globalization emphasis, one of the four key components of PolyOne's overall corporate strategy. Globalization moves PolyOne into high-growth markets where its customers are migrating, and positions the company to serve them with consistency everywhere in the world. "The acquisition of Ngai Hing PlastChem Company creates further opportunities for us in Asia, in line with our globalization strategy," Robert M. Rosenau, senior vice president and general manager - Vinyl Business," said. "We look forward to accelerating our global growth and delivering the value our customers expect from PolyOne." Included in the transaction is the transfer of a manufacturing facility in Dongguan, a city in the Guangdong province of southern China. This plant will be PolyOne's fourth manufacturing site in China; the other three make a broad array of specialty products for the business equipment, electrical, packaging and textile printing markets. 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 =========== CAP GEMINI: S&P Keeps BB+ Ratings on CreditWatch Positive --------------------------------------------------------- Standard & Poor's Ratings Services said that its 'BB+' ratings on France-based IT services company Cap Gemini S.A. remain on CreditWatch with positive implications, where they were placed on Nov. 9, 2007. "We now expect the CreditWatch status to be resolved by Jan. 31, 2008," said Standard & Poor's credit analyst Patrice Cochelin. The CreditWatch status reflects the continued improvement of the company's revenues and margins. Weak margins have held back the ratings on Cap Gemini in recent quarters. Cap Gemini expects operating margins to be above 7% for full- year 2007, up from 5.8% in 2006, implying margins of at least 8% in second-half 2007, up from 6.8% in second-half 2006 and 5.8% in first-half 2007. Cap Gemini's third-quarter 2007 revenues were up 6.2% organically from third-quarter 2006. A potential upgrade to 'BBB-' would require our comfort with the company's ongoing operating improvement, particularly on margins and cash flow generation, and on the continuation of prudent financial policies. Cap Gemini's higher margins are likely to bring about continued improvement in leverage ratios by year-end 2007. Gross pension- and lease-adjusted debt was 3.4x pre-restructuring EBITDA at June 30, 2007, down from 3.8x at year-end 2006. Funds from operations covered more than 30% of gross adjusted debt at June 30, 2007. In addition, the company had cash and short-term investments of EUR1.7 billion at June 30, 2007. DELPHI CORP: Bank of America Opposes Confirmation of Plan --------------------------------------------------------- Bank of America, N.A., files an objection with the U.S. Bankruptcy Court for the Southern District of New York, opposing to confirmation of Delphi Corp. and its debtor-affiliates' First Amended Joint Plan of Reorganization. Representing Bank of America, N.A., John T. Gregg, Esq., at Barnes & Thornburg LLP, in Grand Rapids, Michigan, contends that the Plan proposes assumption and cure procedures that are contrary to Sections 1123(b)(2) and 365(b)(1) of the Bankruptcy Code. The Plan also potentially terminates the Bank of America's rights under its leases regardless of whether they are assumed or rejected, Mr. Gregg asserts. Bank of America clarifies that it does not oppose confirmation of the Plan as long as: (1) the Debtors assume the Aircraft Leases and cure any and all the potential defaults thereunder; and (2) the guaranties, liens and security agreements to which Bank of America is entitled under the Leases survive and continue in existence after confirmation of the Plan. Prior to the Petition Date, Bank of America and Delphi Automotive Systems Human Resources, LLC, were parties to two aircraft leases. In July 2006, Bank of America filed three claims against the Debtors, each for US$38,127,592 plus interest, for violations of the Aircraft Leases. Bank of America subsequently agreed to withdraw its claims without prejudice pending the Debtors' decision to assume or reject the Aircraft Leases. In a Court- approved stipulation, the Debtors agreed to provide Bank of America with 10 days' prior notice of their election to assume or reject the Aircraft Leases. As of Jan. 10, 2008, the Debtors have neither assumed nor rejected the Aircraft Leases. The Debtors have also not committed to provide Bank of America with new guaranties or reaffirm the existing guaranties on the Aircraft Leases as part of their cure obligations in the event that they assume the Leases, Mr. Gregg informs the Court. "Section 1123(b) of the Bankruptcy Code provides that a plan may, subject to Section 365, provide for the assumption, rejection, or assignment of an executory contract or unexpired lease of the debtor not previously rejected under Section 365 . . . Such assumption must occur by no later than plan confirmation," Mr. Gregg reminds the Court. The Plan, however, states that the cure, as the sole requirement for assumption, will not be determined for a period of 45 days or more after confirmation. In addition, the Plan authorizes the Debtors to reject any contract or lease for a period of five days after a final Court order establishing a cure amount in excess of that which they have provided. The Plan is therefore in direct conflict with Sections 1123(b)(2) and 365(b)(1) because the Debtors are improperly attempting to extend their time to assume, reject, and provide cure and adequate assurance of future performance under assumed contracts and leases, Mr. Gregg contends. The Debtors, according to Mr. Gregg, are seeking the approval of procedures that require the Court to render an advisory opinion. The Debtors should be required to cure any breach or default under the Aircraft Leases, he maintains. Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of March 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in total assets and US$23,851,000,000 in total debts. The Debtors' exclusive plan-filing period expires on Dec. 31, 2007. On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan of Reorganization and a Disclosure Statement explaining that Plan. The Court will convene the hearing to consider confirmation of the Plan on Jan. 17, 2008. (Delphi Bankruptcy News, Issue No. 106; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) DELPHI CORP: Moody's Puts Corporate Family Rating at (P)B2 ---------------------------------------------------------- Moody's Investors Service assigned ratings to Delphi Corporation for the company's financing for emergence from Chapter 11 bankruptcy protection: -- Corporate Family Rating of (P)B2; -- US$3.7 billion of first lien term loans, (P)Ba3; and -- US$0.825 billion of 2nd lien term debt, (P)B3. In addition, a Speculative Grade Liquidity rating of SGL-2 representing good liquidity was assigned. The outlook is stable. The (P)B2 CFR reflects the magnitude of the company's indebtedness upon emergence, weak but improving coverage over the intermediate term as the anticipated benefits of restructuring initiatives take hold, and the absence of free cash flow in its initial year after emergence. The rating recognizes substantial improvements in the company's cost structure and operational efficiencies achieved during its period of bankruptcy re-organization and ongoing benefits from its global scale and manufacturing footprint. However, the rating also considers the extent of the company's exposure to General Motors Corporation's North American operations. While GMNA exposure has significantly declined, it will continue as the largest individual component in the customer base, leaving Delphi vulnerable to any further reduction in GM's production volumes or market share in this critical region. Delphi's strengths include its geographic diversification, and large book of long term contracts to supply components for various vehicle platforms. The company significantly reduced its legacy liabilities through the bankruptcy process, shed unprofitable operations, and identified other initiatives that should improve its operating cost structure and better position the company to compete in the auto parts supply business. However, the full benefit of these initiatives will only be achieved over time, and during the near term the company's financial metrics will remain consistent with ratings at the low end of the B range. In particular, it is noted that Delphi will require incremental restructuring disbursements of roughly US$800 million over the next few years, which will likely preclude free cash flow generation during 2008. It is also noted that Delphi will be emerging from bankruptcy at a time when economic trends suggest potential for further weakness in automotive sales. While the benefits of restructuring initiatives should yield improvement in financial metrics over time, economic pressures could temper the rate of improvement. Consequently, Moody's views the company's rating profile as more consistent with the B2 rating category at this time. The stable outlook is supported by Delphi's liquidity profile, expectations that the pace of operational improvements will gain traction over the intermediate term, and the company's participation in multiple geographic regions with different growth prospects. These factors along with an expected transition to positive free cash flow in 2009 have the potential to produce stronger coverage ratios and lower leverage going forward. Ratings assigned: Delphi Corporation -- Corporate Family Rating, (P)B2; -- Probability of Default Rating, (P)B2; -- US$2,950 million first lien term loan, (P)Ba3 (LGD-2, 26%); -- US$825 million of second lien term debt, (P)B3 (LGD-4, 60%); -- Speculative Grade Liquidity rating, SGL-2; -- Outlook, stable. Delphi Holdings Luxembourg S.ar.l. -- EUR Equivalent of US$750 million first lien term loan guaranteed by Delphi Corporation, (P)Ba3 (LGD-2, 26%). The above ratings were assigned on a prospective basis and assumed a full subscription to Delphi's proposed financing as well as final confirmation by the bankruptcy court. Upon affirmation that those events have occurred, the (P) modifier will be removed and the ratings confirmed. Should any of those assumptions prove to be incorrect, the ratings may be subject to change or could be withdrawn. Delphi Corporation, headquartered in Troy, MI, is a global tier- 1 automotive supplier with products and services addressing electrical/electronic architecture, electronics & safety, powertrain systems, thermal systems, and aftermarket product and service solutions. The company expects to have revenues from continuing operations of roughly US$20 billion and employs approximately 171,000 people at 163 manufacturing sites around the world. Delphi has regional headquarters in Japan, Brazil, and France. HARMAN INTERNATIONAL: Revises Fiscal Year 2008 Earnings Guidance ---------------------------------------------------------------- Harman International Industries, Inc. revised its previously announced guidance for the current fiscal year ending June 30, 2008. The company now expects non-GAAP diluted EPS for the 2008 fiscal year to be between US$3.00 and US$3.10, before after-tax merger related costs of US$8.0 million, or US$0.13 per diluted share but including the impact of the company's ongoing accelerated share repurchase. Because the accounting impact of previously announced restructuring charges has not been determined, it is not included in the current estimate and, therefore, no GAAP diluted EPS for the fiscal 2008 year is provided. The change in guidance was prompted primarily by a major shift in the market for Portable Navigation Devices. Harman says that in recent months this sector has experienced significant pricing pressure which is affecting the entire industry. "While the growth fundamentals of our core business remain sound, the difficult PND environment presents a challenge. As we have indicated previously, we will be launching a record number of automotive infotainment platforms in 2008. Although, we are not happy with the higher than planned R&D engineering and material costs, the additional investment is necessary to deliver the new platforms to our valued customers," said Dinesh Paliwal, Vice Chairman and Chief Executive Officer. "Harman continues to have excellent business prospects, and we are confident that we will capitalize on these opportunities as we position our company to achieve its full potential." The company is implementing a series of strategic initiatives to optimize its global footprint in manufacturing, engineering and sourcing, to drive profitable growth and to enhance shareholder value. The company will provide further details on these initiatives during its quarterly earnings conference call on Feb. 5, 2008. About Harman International Based in Washington, D.C., Harman International Industries Inc. (NYSE: HAR) -- http://www.harman.com/-- manufactures, designs and markets a range of audio and infotainment products for the automotive, consumer and professional markets. The company maintains a presence in the Americas, Europe and Asia and employs more than 10,500 people worldwide. The Harman International family of brands spans some 15 leading names including AKG, Audioaccess, Becker, BSS, Crown, dbx, DigiTech, DOD, Harman Kardon, Infinity, JBL, Lexicon, Mark Levinson, Revel, QNX, Soundcraft and Studer. Harman Int'l has operations in Japan, Mexico and France. * * * As reported in the Troubled company Reporter on Oct. 24, 2007, Standard & Poor's Ratings Services revised its CreditWatch implications for the 'BB-' corporate credit rating on Harman International Industries Inc. to positive from developing. INNOVATIVE COMM: Court Okays Sale of V.I. Community Bank to FBNC ---------------------------------------------------------------- The Honorable Judith Fitzgerald of the U.S. Bankruptcy Court for the Western District of Pennsylvania permitted Innovative Communication Corp. to sell its Virgin Islands Community Bank to First BanCorp, Judi Shimel of the Associated Press reports. Sale terms were not disclosed. The island's banking commissioner, Gregory R. Francis, also co- approved the sale. Banking officials agreed to the sale in order to pay the bank's debts and to meet a deadline set by the Federal Deposit Insurance Corp., John McDonald, banking chief of the U.S. Virgin Island, told the AP. "We declared a state of emergency, meaning that we had to act rapidly to protect consumers," AP quotes McDonald as saying. Banking officials also sought for a committee to manage the bank's stock while acquisition details are being hammered out, AP relates, citing a government statement. As reported in the Troubled Company Reporter on Sept. 14, 2007, Judge Fitzgerald appointed Trustee Stan Springel to oversee the reorganization of the ICC enterprise. About First BanCorp First BanCorp (NASDAQ: FBNC) -- http://www.firstbancorp.com/-- provides a wide range of banking services through its main office located in San Juan, Puerto Rico. The Group provides commercial loans, consumer loans, mortgage loans and investment securities. Commercial loan primarily includes commercial real estate loans and construction loans. Consumer loan consists of auto loans, personal loans and credit card loans. As of December 2006, the Group had 48 full service branches. About Innovative Communication Based in Christiansted, St. Croix, U.S. Virgin Islands, Innovative Communication Corporation is telecommunications and media company with extensive holdings throughout the Caribbean basin. The company's operations are in Belize, British Virgin Islands, Guadeloupe, Martinique, Saint-Martin, Sint Maarten, U.S. Virgin Islands and France and include local, long distance and cellular telephone companies, Internet access providers, cable television companies, business systems, and The Virgin Islands Daily News, a Pulitzer Prize-winning newspaper. On Feb. 10, 2006, creditors Greenlight Capital Qualified, L.P., Greenlight Capital, L.P., and Greenlight Capital Offshore, Ltd., filed involuntary chapter 11 petition against Innovative Communication Company LLC and Emerging Communications, Inc., and Jeffrey J. Prosser, the company's principal (Bankr. D. Del. Case Nos. 06-10133 through 06-10135). The Greenlight creditors disclosed US$18,780,614 in total claims. On July 31, 2006, Innovative LLC, Emerging, and Mr. Prosser, filed voluntary chapter 11 petitions (Bankr. D. V.I. Case Nos. 06-30007 through 06-30009). Pursuant to Rule 1003-1 of the Local Bankruptcy Rules of the District Court of the Virgin Islands, Bankruptcy Division, Mr. Prosser, and Bobby Lubana, were designated as the individuals who are the principal operating officers of the alleged debtor. On Dec. 14, 2006, the Delaware Bankruptcy Court entered an order transferring the venue of the involuntary bankruptcy cases transferring to the U.S. District Court for the District of the Virgin Islands, Bankruptcy Division. On July 5, 2007, the Greenlight creditors filed an involuntary chapter 11 petition against Innovative Communication Corporation (Bankr. D. V.I. Case No. 07-30012). The creditors disclosed total aggregate claims of US$56,341,843. Matthew J. Duensing, Esq., and Richard H. Dollison, Esq., at Stryker, Duensing, Casner & Dollison, and Matthew P. Ward, Esq., at Skadden Arps Slate Meagher & Flom LLP, represent the creditors. Stan Springel of Alvarez & Marsal, the Court-appointed chapter 11 trustee, is represented by Andrew Kamensky, Esq., Hunton & Williams. ============= G E R M A N Y ============= ADMINISTRATA IMMOBILIEN: Claims Registration Ends Feb. 13 --------------------------------------------------------- Creditors of Administrata Immobilien GmbH have until Feb. 13 to register their claims with court-appointed insolvency manager Dr. Winfried Andres. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.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 Essen Meeting Hall 293 Second Floor Zweigertstr. 52 45130 Essen 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. Winfried Andres Heinrich-Held-Str. 16 45133 Essen Germany The District Court of Essen opened bankruptcy proceedings against Administrata Immobilien GmbH on Dec. 27, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Administrata Immobilien GmbH Holtwiesche 6 45894 Gelsenkirchen Germany AFH - DEUTSCHLAND: Claims Registration Period Ends Feb. 20 ---------------------------------------------------------- Creditors of AfH - Deutschland GmbH have until Feb. 20 to register their claims with court-appointed insolvency manager Andreas Roepke. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on March 14, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duisburg Hall C207 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: Dr. Andreas Roepke Muelheimer Strasse 100 47057 Duisburg Germany The District Court of Duisburg opened bankruptcy proceedings against AfH - Deutschland GmbH on Dec. 18, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: AfH - Deutschland GmbH Daimlerstr. 4 a 47167 Duisburg Germany Attn: Udo Meurer, Manager Schoenebeckstr. 14 47167 Duisburg Germany ALERIS INT'L: Completes US$295 Million Sale of US Zinc Business --------------------------------------------------------------- Aleris International Inc. has completed the sale of its Zinc business, which operates under the name U.S. Zinc, to affiliates of Votorantim Metais Ltda. for US$295 million with certain adjustments for working capital and other items. As reported in the Troubled Company Reporter on Nov. 26, 2007, Aleris International has entered into a definitive agreement to sell its Zinc business to affiliates of Votorantim Metais Ltda. US Zinc recycles zinc metal for use in the manufacture of galvanized steel and produces value-added zinc products, zinc oxide and zinc dust, which are used in the vulcanization of rubber products, the production of corrosion-resistant paint and in other specialty chemical applications. U.S. Zinc operates six zinc facilities in the United States and a newly built zinc oxide facility located outside of Shanghai, China. The company will use net proceeds from the divestiture to reduce outstanding debt. Headquartered in Beachwood, Ohio, Aleris International Inc. (NYSE: ARS) -- http://www.aleris.com/-- manufactures rolled aluminum products and offers aluminum recycling and the production of specification alloys. The company also manufactures value-added zinc products that include zinc oxide, zinc dust and zinc metal. The company operates 42 production facilities in the United States, Brazil, Germany, Mexico and Wales, and employs approximately 4,200 employees. * * * As reported in the Troubled Company Reporter on Sept. 21, 2007, Standard & Poor's Ratings Services revised its outlook on Aleris International Inc. to negative from stable. At the same time S&P affirmed its 'B+' corporate credit rating and the other ratings on the company. Concurrently, S&P assigned a 'B-' rating to the company's US$105 million 9% senior notes due 2014, which are an add-on to the company's existing US$600 million 9% senior notes due 2014. AUTO-TEILE-UNGER: S&P Puts B Rating on Watch on Weak Performance --------------------------------------------------------------- Standard & Poor's Ratings Services placed its 'B' long-term corporate credit rating on Germany-based auto parts retailer and integrated workshop operator A.T.U Auto-Teile-Unger on CreditWatch with negative implications, owing to its continuously weak operating performance in the increasingly challenging German automotive after market. "The CreditWatch placement also reflects our concern that ATU will not be able to comply with financial covenants under its senior secured facilities in the near term, even though it already revised the covenants in September 2007 on the expectation of weaker earnings for the full year," said Standard & Poor's credit analyst Anna Stegert. The company's already weak operating performance for the first three quarters of 2007 continued in the traditionally strong fourth quarter. ATU is currently revising its strategy in response to the adverse operating trends and its high dependency on weather-related winter-tire sales. ATU's credit protection measures for the 12 months ended Sept. 30, 2007, were down significantly on 2006, with net debt to earnings before interest, taxes, depreciation, amortization, and rents up to 6.9x from 6.1x, and funds from operations to debt down to 7% from 9%. Leverage could increase further as a result of the reduced earnings guidance. Nevertheless, S&P so far do not expect liquidity to be an area of concern for the company. S&P still expect free operating cash flow generation for 2007 to be positive overall. To resolve the CreditWatch placement, S&P will seek detailed information on the company's revised business plan and the consequent implications for the capital structure. "The outlook could be revised to negative or the ratings lowered should the company's credit protection measures further deteriorate, or should free operating cash flow generation remain negative," said Ms. Stegert. "The outlook could be revised to stable should ATU be able to sustain its current credit protection measures, either through a strengthening its capital base or improving profitability, leading to compliance with financial covenants." BESTPHAGO VERWALTUNGS: Claims Registration Ends February 18 ----------------------------------------------------------- Creditors of BestPhago Verwaltungs GmbH have until Feb. 18 to register their claims with court-appointed insolvency manager Juergen Stopka. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 2, 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 Ludwigshafen/Rhein Meeting Hall 13 Wittelsbachstr. 10 67061 Ludwigshafen/Rhein 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: Juergen Stopka Ludwigstrasse 45, D 67346 Speyer Germany The District Court of Ludwigshafen/Rhein opened bankruptcy proceedings against BestPhago Verwaltungs GmbH on Dec. 21, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BestPhago Verwaltungs GmbH Alter Postweg 1 67346 Speyer Germany E. H. HEYDER: Claims Registration Ends February 8 ------------------------------------------------- Creditors of E. H. Heyder GmbH & Co have until Feb. 8 to register their claims with court-appointed insolvency manager Michael Wahl. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Feb. 26, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Goeppingen Hall 0.24 Ground Floor Pfarrstrasse 25 73033 Goeppingen 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 Karlstrasse 33 89073 Ulm Germany Tel: 0731/96880-0 Fax: 0731/96880-52 The District Court of Goeppingen opened bankruptcy proceedings against E. H. Heyder GmbH & Co on Dec. 27, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: E. H. Heyder GmbH & Co Attn: Lutz Rossow, Manager Ulrichstr. 28 73033 Goeppingen Germany FFO AUTO: Claims Registration Period Ends Feb. 20 ------------------------------------------------- Creditors of FFO Auto Zentrum GmbH have until Feb. 20 to register their claims with court-appointed insolvency manager Dr. Stephan Laubereau. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on March 12, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wiesbaden Hall E 36 A Third Floor Building E Moritzstrasse 5 65185 Wiesbaden 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 Laubereau c/o Pluta Rechtsanwalts GmbH Trakehner Strasse 7-9 Eingang A 60487 Frankfurt (Main) Germany Tel: 069/850 9693 0 Fax: 069/850 9693 29 E-mail: frankfurt@pluta.net Web site: http://www.pluta.net/ The District Court of Wiesbaden opened bankruptcy proceedings against FFO Auto Zentrum GmbH on Dec. 1, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: FFO Auto Zentrum GmbH Wiesbadener Str. 74 - 80 65197 Wiesbaden Germany FILIS GMBH: Claims Registration Period Ends Feb. 26 --------------------------------------------------- Creditors of FILIS GmbH have until Feb. 26 to register their claims with court-appointed insolvency manager Dr. J. Blersch. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on March 18, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wiesbaden Hall E 36 A Third Floor Building E Moritzstrasse 5 65185 Wiesbaden 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. J. Blersch c/o Blersch/Goetsch/Partner Insolvenzverwaltungen Taunusstrasse 7a 65183 Wiesbaden Germany Tel: 0611/180 89-100 Fax: 0611/180 89 -189 E-mail: mail@bgp-insol.de The District Court of Wiesbaden opened bankruptcy proceedings against FILIS GmbH on Dec. 7, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: FILIS GmbH Wickerer Str. 50 65439 Floersheim Germany FMP SICHERHEITSDIENSTE: Claims Registration Period Ends Feb. 13 --------------------------------------------------------------- Creditors of FMP Sicherheitsdienste GmbH have until Feb. 13 to register their claims with court-appointed insolvency manager Dr. Biner Bahr. Creditors and other interested parties are encouraged to attend the meeting at 1:30 p.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 Essen Meeting Hall 293 Second Floor Zweigertstr. 52 45130 Essen 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. Biner Bahr Graf-Adolf-Platz 15 40213 Duesseldorf Germany The District Court of Essen opened bankruptcy proceedings against FMP Sicherheitsdienste GmbH on Dec. 27, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: FMP Sicherheitsdienste GmbH Laubenhof 12 45326 Essen Germany GOEDERT KABELBAU: Creditors' Meeting Slated for March 11 -------------------------------------------------------- The court-appointed insolvency manager for Goedert Kabelbau GmbH, Karl Niessler, will present his first report on the Company's insolvency proceedings at a creditors' meeting at noon on March 11. The meeting of creditors and other interested parties will be held at: The District Court of Koblenz Hall 111 Main Court Karmeliterstrasse 14 56068 Koblenz Germany The Court will also verify the claims set out in the insolvency manager's report at noon on April 1 at the same venue. Creditors have until Feb. 25 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Karl Niessler Grabenstrasse 16-18 65549 Limburg a.d. Lahn Germany Tel: 06431-59069-0 Fax: 06431-59069-20 E-mail: Limburg@Hermann-Law.com Web site: http://www.Hermann-Law.com/ The District Court of Koblenz opened bankruptcy proceedings against Goedert Kabelbau GmbH on Dec. 6, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Goedert Kabelbau GmbH Attn: Manfred Heine Gruendelbach 24 56329 St. Goar Germany IGH ASSEKURANZ: Claims Registration Period Ends Feb. 21 ------------------------------------------------------- Creditors of IGH Assekuranz Makler GmbH have until Feb. 21 to register their claims with court-appointed insolvency manager Matthias Lehmann. Creditors and other interested parties are encouraged to attend the meeting at 10:30 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 Hameln Hall 106 Zehnthof 1 31785 Hameln 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: Matthias Lehmann Mindener Strasse 6 31675 Bueckeburg Germany Tel: 05722-1016 Fax: 05722-9667410 E-mail: info@RaeHandschuh.de Web site: http://www.RAeHandschuh.de/ The District Court of Hameln opened bankruptcy proceedings against IGH Assekuranz Makler GmbH on Dec. 21, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: IGH Assekuranz Makler GmbH Sachsenweg 5 31840 Hess. Oldendorf Germany LA CUISINE: Claims Registration Period Ends February 19 ------------------------------------------------------- Creditors of La Cuisine Kuechen GmbH have until Feb. 19 to register their claims with court-appointed insolvency manager Jochen Lang. Creditors and other interested parties are encouraged to attend the meeting at 10:45 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 Aschaffenburg Meeting Hall 5.103 Schlossplatz 5 63739 Aschaffenburg 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: Jochen Lang Fruehlingstr. 11 63743 Aschaffenburg Germany Tel: 06021/909100 Fax: 06021/4497831 The District Court of Aschaffenburg opened bankruptcy proceedings against La Cuisine Kuechen GmbH on Dec. 20, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: La Cuisine Kuechen GmbH Saalackersr. 2 a 63801 Kleinostheim Germany LOEWWEN - AUTOMOBILE GMBH: Claims Registration Ends Feb. 15 ----------------------------------------------------------- Creditors of Loewwen - Automobile GmbH have until Feb. 15 to register their claims with court-appointed insolvency manager Dr. Tjark Thies. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on March 14, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hamburg Meeting Hall B405 Fourth Floor Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Tjark Thies Domstrasse 15 20095 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Loewen - Automobile GmbH on Dec. 11, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Loewen - Automobile GmbH Attn: Axel Nehls, Manager Blankeneser Landstrasse 27 22587 Hamburg Germany MC KURIERDIENSTE: Claims Registration Period Ends Feb. 26 --------------------------------------------------------- Creditors of MC Kurierdienste GmbH have until Feb. 26 to register their claims with court-appointed insolvency manager Anna Kuleba. Creditors and other interested parties are encouraged to attend the meeting at 10:15 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 Bersenbrueck Meeting Hall 11 Main Building Stiftshof 8 49593 Bersenbrueck Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Anna Kuleba Niedersachsenstr. 14 49074 Osnabrueck Germany Tel: 0541-3245499 Fax: 0541-3245496 E-mail: a.kuleba@kuhmann.eu. The District Court of Bersenbrueck opened bankruptcy proceedings against MC Kurierdienste GmbH on Dec. 19, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MC Kurierdienste GmbH Westerholter Strasse 35 49586 Merzen Germany MICHAELIS WOCHE: Claims Registration Period Ends Feb. 13 -------------------------------------------------------- Creditors of Michaelis Woche-Veranstaltungs GmbH have until Feb. 13 to register their claims with court-appointed insolvency manager Stephan Heinrichsmeyer. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on March 5, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bielefeld Hall 4065 Fourth Floor Gerichtstrasse 66 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: Stephan Heinrichsmeyer Spiekergasse 6-8 33330 Guetersloh Germany The District Court of Bielefeld opened bankruptcy proceedings against Michaelis Woche-Veranstaltungs GmbH on Dec. 19, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Michaelis Woche-Veranstaltungs GmbH Friedrichstr. 1 33330 Guetersloh Germany PERLOPLAST-VERTRIEBS GMBH Claims Registration Ends February 15 -------------------------------------------------------------- Creditors of PERLOPLAST-Vertriebs GmbH have until Feb. 15 to register their claims with court-appointed insolvency manager Edgar Groenda. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on March 3, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bremerhaven Hall 2 Nordstr. 10 27580 Bremerhaven 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: Edgar Groenda Domshof 18-20 28195 Bremen Germany Tel: 0421/36860 Fax: 0421/3686100 The District Court of Bremerhaven opened bankruptcy proceedings against PERLOPLAST-Vertriebs GmbH on Dec. 5, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PERLOPLAST-Vertriebs GmbH Attn: Sven Lundehn, Manager c/o Alldatax Steuerberatungsgesellschaft mbH Domshof 18-20 28195 Bremen Germany PETER WENZEL: Claims Registration Period Ends Feb. 19 ----------------------------------------------------- Creditors of Peter Wenzel GmbH have until Feb. 19 to register their claims with court-appointed insolvency manager Gerhard Koerner. Creditors and other interested parties are encouraged to attend the meeting at 2:15 p.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 Aschaffenburg Meeting Hall 5.103 Schlossplatz 5 63739 Aschaffenburg 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. Gerhard Koerner Theresienstr. 3 63741 Aschaffenburg Germany Tel: 06021/428220 Fax: 06021/428210 The District Court of Aschaffenburg opened bankruptcy proceedings against Peter Wenzel GmbH on Dec. 21, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Peter Wenzel GmbH Gewerbegebiet 8 63871 Heinrichsthal Germany SDE SIGMA: Claims Registration Period Ends Feb. 19 -------------------------------------------------- Creditors of sde sigma dynamics engineering GmbH have until Feb. 19 to register their claims with court-appointed insolvency manager Sebastian Henneke. 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 Muenster Meeting Hall 101 B First Floor Gerichtsstr. 2-6 48149 Muenster Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Sebastian Henneke Adenauerallee 36 46399 Bocholt Germany Tel: 028 71/235 48 77 Fax: +4928712354879 The District Court of Muenster opened bankruptcy proceedings against sde sigma dynamics engineering GmbH on Dec. 20, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: sde sigma dynamics engineering GmbH Attn: Helmut Kreierhoff, Manager Larchenweg 1 46325 Borken Germany TIAGRO GMBH: Claims Registration Period Ends Feb. 12 ---------------------------------------------------- Creditors of TIAGRO GmbH have until Feb. 12 to register their claims with court-appointed insolvency manager Marc Schmidt- Thieme. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on March 5, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Stuttgart Hall 13 Ground Floor Hauffstr. 5 (Am Neckartor) 70190 Stuttgart 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: Marc Schmidt-Thieme Soldnerstr. 2 68219 Mannheim Germany Tel: 0621/8770 80 Fax: 0621/8770 820 The District Court of Stuttgart opened bankruptcy proceedings against TIAGRO GmbH on Dec. 13, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: TIAGRO GmbH Attn: Ali Cil, Manager Fruchtbahnhofstr. 15 68159 Mannheim Germany TRILUX ABSCHLEPP: Claims Registration Ends February 15 ------------------------------------------------------ Creditors of TRILUX Abschlepp- und Bergedienstgesellschaft mbH have until Feb. 15 to register their claims with court-appointed insolvency manager Christine Frosch. Creditors and other interested parties are encouraged to attend the meeting at 11:30 a.m. on April 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 Trier Hall 56 Justizstrasse 2,4,6 54290 Trier 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: Christine Frosch Simeonstrasse 5, D 54290 Trier Germany Tel: 0651/9941499 Fax: 0651/9941061 E-mail: Kanzlei.Frosch@t-online.de The District Court of Trier opened bankruptcy proceedings against TRILUX Abschlepp- und Bergedienstgesellschaft mbH on Dec. 27, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: TRILUX Abschlepp- und Bergedienstgesellschaft mbH Porta-Nigra-Platz 1 54292 Trier Germany Attn: Christian Schantz, Manager In den Sarken 79 54294 Trier Germany ============= H U N G A R Y ============= PROPEX INC: Moody's Cuts Corporate Family Rating to Caa2 -------------------------------------------------------- Moody's Investors Service downgraded its debt ratings of Propex, Inc. -- corporate family and probability of default, each to Caa2 from Caa1, senior secured first lien to B3 from B2 and senior unsecured to Caa3 from Caa2. Moody's also placed these ratings on review for further downgrade because of the continuing non-compliance with the leverage covenants of the senior secured bank credit facility and the uncertainty of how Propex will resolve this Event of Default under the Credit Agreement. The speculative grade liquidity rating is unchanged at SGL-4. The downgrades were prompted by Propex' inability to timely secure relief from the covenant breach, first disclosed on Oct. 26, 2007. Moody's believes that the enterprise value of Propex may be pressured lower, mainly because of continuing weak demand for the company's products, which could stress already weak earnings and operating cash flow. This could complicate the company's efforts to resolve the default condition and to regain access to the revolving credit. The Caa2 corporate family rating reflects Moody's belief that the probability of default has increased as more than 75 days have passed with no resolution of the Event of Default. The Caa3 senior unsecured rating reflects Moody's expectation that noteholders could receive less than a full recovery in a negotiated debt restructuring. The current weak fundamentals of the company's core North American product markets are likely to limit improvements in earnings and operating cash flows to levels that would ensure adequate coverage of debt service obligations beyond the near term. All ratings remain on review for further downgrade because of the uncertain resolution of the ongoing Event of Default. The review will focus on Propex' plans for stabilizing its capital structure, including its ability to regain access to a revolving line of credit. Issuer: Propex Inc. Downgrades: -- Corporate Family Rating, Downgraded to Caa2 from Caa1; -- Probability of Default Rating, Downgraded to Caa2 from Caa1; -- Senior Secured Bank Credit Facility, Downgraded to B3 from B2; -- Senior Unsecured Regular Bond/Debenture, Downgraded to Caa3 from Caa2. Loss Given Default Assessments: -- Senior Secured Bank Credit Facility, Changed to 28 - LGD2 from 29 - LGD2. Outlook Actions: -- Outlook, Changed To Rating Under Review From Stable. Propex Inc., based in Chattanooga, Tennessee is the world's largest independent producer of primary and secondary carpet backing and a leading manufacturer and marketer of woven and non-woven polypropylene. Based in Gronau, Germany and Gyor, Hungary, Propex International -- http://www.geotextile.com/europe/-- is recognized as an internationally leading manufacturer of carpet backings, geotextiles and composite sheets. Strict manufacturing specifications, quality control monitoring and laboratory testing ensure our products consistently meet or exceed European standards. ============= I R E L A N D ============= GAP INC: December 2007 Sales Decrease by 6% to US$2.2 Billion ------------------------------------------------------------- Gap Inc. reported net sales of US$2.2 billion for the five-week period ended Jan. 5, 2008, which represents a 6% decrease compared with net sales of US$2.3 billion for the five-week period ended Dec. 30, 2006. Due to the 53rd week in fiscal year 2006, December 2007 comparable store sales are compared with the five-week period ended Jan. 6, 2007. On this basis, the company's comparable store sales for December 2007 decreased 6% compared with an 8% decrease in December 2006. Comparable store sales by division for December 2007 were: * Gap North America: negative 9% versus negative 9% last year; * Banana Republic North America: negative 1% versus positive 2% last year; * Old Navy North America: negative 8% versus negative 10% last year; and * International: negative 1% versus negative 8% last year. "We were pleased that merchandise margins in December were significantly above last year, which is consistent with our strategy of delivering earnings with healthy margins," Sabrina Simmons, executive vice president of finance and acting chief financial officer of Gap Inc., said. "However, we did not sell through as much inventory as we anticipated, and we'll focus on clearing through remaining holiday product in January." Year-to-date net sales of US$14.8 billion for the 48 weeks ended Jan. 5, 2008, increased 1% compared with net sales of US$14.7 billion for the 48 weeks ended Dec. 30, 2006. Due to the 53rd week in fiscal year 2006, fiscal year 2007 year-to-date comparable store sales are compared with the 48 week period ended Jan. 6, 2007. On this basis, the company's year-to-date comparable store sales decreased 5%, compared with a 7% decrease in the prior year. The company will report January sales on Feb. 7, 2008. About Gap Inc. Headquartered in San Francisco, California, Gap Inc. (NYSE: GPS) -- http://www.gapinc.com/-- is an international specialty retailer offering clothing, accessories and personal care products for men, women, children and babies under the Gap, Banana Republic, Old Navy, Forth & Towne and Piperlime brand names. Gap Inc. operates more than 3,100 stores in the United States, the United Kingdom, Canada, France, Ireland and Japan. In addition, Gap Inc. is expanding its international presence with franchise agreements for Gap and Banana Republic in Southeast Asia and the Middle East. * * * Moody's Investor Service placed Gap Inc.'s corporate family, senior unsecured debt and probability of default ratings at 'Ba1' in February 2007. The ratings still hold to date with a stable outlook. ========= I T A L Y ========= DANA CORP: Asbestos Claimants File Appeal to Dana Plan ------------------------------------------------------ A group, known as the ad hoc committee of asbestos claimants, on Jan. 3, 2008, filed an appeal with the U.S. Bankruptcy Court in Manhattan on the confirmation of Dana Corp.'s Plan of Reorganization, Associated Press reports. This group represents "tens of thousands" of people who claim they were injured by asbestos in Dana's products. The committee has argued that Dana's bankruptcy plan did not set aside enough money to settle all the asbestos personal-injury claims against the Company. In December 2007, the Company said it had US$240 million in cash and other assets to cover future asbestos and environmental contamination liabilities. The Company said it has enough money to satisfy all the claims based on the number of active cases pending against it and the number of dismissed cases. Dana spokesman David Lilly said the appeal "was not unexpected." He said the appeal will not affect Dana's plans to emerge from Chapter 11 protection by the end of January 2008. Dana reached settlements with some asbestos personal-injury claimants as it worked its way through the bankruptcy process. The Company agreed to pay a total of US$2 million to a group of about 7,500 who claim they were injured by asbestos in Dana products. Dana's plan allows other asbestos claimants to retain their right to sue Dana once the company emerges from bankruptcy. The Company filed for bankruptcy in March 2006 amid a downturn in the vehicle manufacturing industry. Its plan was confirmed by Judge Burton Lifland in December 2007. The plan calls for unsecured creditors to be repaid between 72 percent and 86 percent on their claims. Based in Toledo, Ohio, Dana Corporation -- http://www.dana.com/ -- designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. Dana has facilities in China in the Asia-Pacific, Argentina in the Latin American region and Italy in Europe. The company and its affiliates filed for chapter 11 protection on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Aug. 31, 2007, the Debtors listed US$6,878,000,000 in total assets and US$7,551,000,000 in total debts resulting in a total shareholders' deficit of US$673,000,000. Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represent the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners serves as Dana's Chief Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents the Official Committee of Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the Official Committee of Equity Security Holders. Stahl Cowen Crowley, LLC serves as counsel to the Official Committee of Non-Union Retirees. The Debtors filed their Joint Plan of Reorganization on Aug. 31, 2007. On Oct. 23, 2007, the Court approved the adequacy of the Disclosure Statement explaining their Plan. The Court confirmed the Debtor's Plan on Dec. 26, 2007. =================== K A Z A K H S T A N =================== ASTANA-RAU LLP: Proof of Claim Deadline Slated for February 12 -------------------------------------------------------------- LLP Astana-Rau has declared insolvency. Creditors have until Feb. 12 to submit written proofs of claims to: LLP Astana-Rau Office 18-111 Micro District Samal, 12 Almaty Kazakhstan BANK TURANALEM: Gains US$82 Million Loan from DEG ------------------------------------------------- Bank TuranAlem JSC has entered into loan agreement with international organization Deutsche Investitions Und Entwicklungsgesellschaft mbH to attract loan for US$82 million. The Bank is intended to apply attracted funds for financing SMB projects as well as retail loans, student's and mortgage loans issue. The loan shall be applied in two sub-loans. Sub-loan ? for the purposes of SMB financing, retail business and student loan expansion shall comprise US$41 million for five years period. Equivalent amount will be provided within sub-loan B for 10 years period. These funds shall be applied for the purpose of mortgages financing. The Bank has succeeded in attracting this loan in terms of its strategy to expand SMB projects financing as well as retail banking business. These sectors together with corporate sector are of high priority for BTA. As at Oct. 1, 2007, SMB share in the bank's loan portfolio amounted to 11%, and retail business - 23.5%. BTA is the leader among other commercial Kazakh banks on realizing student loan program. Bank's share in this market segment at November 2007 amounted to 54.9%. "DEG/KfW Transaction once again demonstrates interest and trust of international investors to Kazakhstan, in particular to BTA, despite recent adjustment in the financial markets", said Timur Sabyrbayev, Head of International Relations and Trade Finance Division of Bank TuranAlem JSC. About Bank TuranAlem Headquartered in Almaty, Kazakhstan, JSC Bank TuranAlem -- http://bta.kz/en/-- is among biggest banks and leader in creation of banking network in CIS. BTA operating in the CIS and far-abroad countries is expanding into the CIS countries. Activities of its strategic bank partners cover Ukraine, 4 regions in Russia, Belarus, Georgia, Armenia, Kyrgyzstan and Turkey. BTA runs its representative offices in Russia, Ukraine, China and the United Arab Emirates. In Kazakhstan, BTA's network consists of 22 branches and 256 cash settlement units. * * * As reported in the TCR-Europe on Dec. 19, 2007, Standard & Poor's Ratings Services revised its outlook on Bank TuranAlem (BB/B) to negative from stable. Bank TuranAlem carries Long-term foreign currency IDR at BB+ from Fitch Ratings, which said the Outlook was Stable. The company also carries Ba1 Foreign Currency Subordinate Debt Ratings, Ba2 Foreign Currency Junior Subordinate Debt Rating and D- Bank Financial Strength Rating from Moody's Investor Service. INTERTELL.KZ LLP: Creditors Must File Claims by February 7 ---------------------------------------------------------- LLP Intertell.kz has declared insolvency. Creditors have until Feb. 7 to submit written proofs of claims to: LLP Intertell.kz Micro District 5, 16-15 Almaty Kazakhstan Tel: 8 (3272) 37-26-76 JALYN LLP: Claims Filing Period Ends February 8 ----------------------------------------------- The Specialized Inter-Regional Economic Court of North Kazakhstan has declared LLP Jalyn insolvent. Creditors have until Feb. 8 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of North Kazakhstan Department of Agriculture Konstitutsiya Kazakhstana Str. 38 Petropavlovsk North Kazakhstan Kazakhstan JYBEK JOLY: Creditors' Claims Due on February 7 ----------------------------------------------- LLP Jybek Joly Kurylys Service has declared insolvency. Creditors have until Feb. 7 to submit written proofs of claims to: LLP Jybek Joly Kurylys Service Polejayev Str. 30a Almaty Kazakhstan KAZTECHPROM LLP: Claims Registration Ends February 7 ---------------------------------------------------- LLP Kaztechprom has declared insolvency. Creditors have until Feb. 7 to submit written proofs of claims to: LLP Kaztechprom Mechet Str. 25 Karagaily Karasaisky District Almaty Kazakhstan MADINA LLP: Proof of Claim Deadline Slated for February 8 --------------------------------------------------------- The Specialized Inter-Regional Economic Court of Pavlodar has declared LLP Madina insolvent. Creditors have until Feb. 8 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Pavlodar Djambulskaya Str. 6 Pavlodar Kazakhstan Tel: 8 (3182) 57-16-66 NOTIS XXI: Creditors Must File Claims by February 7 --------------------------------------------------- The Specialized Inter-Regional Economic Court of Akmola has declared LLP Notis XXI AO insolvent. Creditors have until Feb. 7 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Akmola Room 228 Auelbekov Str. 139a Kokshetau Akmola Kazakhstan OZEN CAPITAL: Claims Filing Period Ends February 8 -------------------------------------------------- The Specialized Inter-Regional Economic Court of Mangistau has declared LLP Ozen Capital insolvent. Creditors have until Feb. 8 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Mangistau Micro District 28, 35-25 Aktau Mangistau Kazakhstan Tel: 8 (3292) 40-21-53 7 701 522 81-61 SAB LTD: Creditors' Claims Due on February 12 --------------------------------------------- LLP Sab Ltd has declared insolvency. Creditors have until Feb. 12 to submit written proofs of claims to: LLP Sab Ltd Kotovskogo Str. 32a Shymkent South Kazakhstan Kazakhstan SARYKONGAN LLP: Claims Registration Ends February 8 --------------------------------------------------- The Specialized Inter-Regional Economic Court of North Kazakhstan has declared LLP Sarykongan insolvent. Creditors have until Feb. 8 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of North Kazakhstan Department of Agriculture Konstitutsiya Kazakhstana Str. 38 Petropavlovsk North Kazakhstan Kazakhstan =================== K Y R G Y Z S T A N =================== ACA CONSULTING: Creditors Must File Claims by February 7 -------------------------------------------------------- LLC Aca Consulting has declared insolvency. Creditors have until Feb. 7 to submit written proofs of claim. Inquiries can be addressed to (+996 312) 65-48-84. ================= M A C E D O N I A ================= PROCREDIT MACEDONIA: Fitch Holds IDR at BB+ with Stable Outlook --------------------------------------------------------------- Fitch Ratings has affirmed ProCredit Bank Macedonia's Long- term foreign and local currency/Short-term foreign and local currency Issuer Default ratings at 'BB+/B', Individual 'D/E', and Support '3'. The Outlooks on both the IDRs are Stable. The IDRs and Support ratings reflect the moderate potential support available from its owners, in particular, ProCredit Holding AG (rated 'BBB-'/Outlook Stable) in case of need. The Stable Outlook on ProCredit Macedonia's IDR's reflects that of PCH. The Individual rating reflects PCM's modest size and tight capitalization, given the credit and operational risks associated with its rapid growth and scale. The bank continues to expand rapidly, but so far growth appears to have been prudently managed. Core capital levels have fallen and the ongoing expansion plans mean this will continue to be tight and new capital will be required. While moderate, profitability is growing, supported by benign conditions, with wide margins and rapid growth offset by high costs and a lack of critical mass, reflecting ProCredit's labor-intensive model and large ongoing investments. Profitability will depend on the bank's ability to manage expansion-related credit and operational costs. Lending is well diversified by customer and arrears have been low. While loan impairment cover of current arrears is good, this needs to be seen in the context of the credit and operational risks relating to rapid growth and the operating environment. PCM's domestic funding franchise is developing. PCM started operations in 2003 and received a full banking license in 2004. It is part of a global network of 21 banks set up to finance micro-businesses and SME customers in developing markets. It is the fifth-largest bank in Macedonia, with around a 4% share of sector assets. PCH became a 87.5% owner of PCM in August 2007. ===================== N E T H E R L A N D S ===================== FIRST DATA: Moody's Junks Rating on Untendered Unsecured Notes -------------------------------------------------------------- Moody's Investors Service lowered First Data Corporation's untendered senior unsecured stub notes rating to Caa1 from A2. Upon completion of the tender process, First Data had approximately US$200 million of the pre-LBO senior unsecured notes outstanding at the end of December 2007, of which US$68 million will be due in August 2008. The downgrade of the existing notes positions the rating at a level consistent with the company's subordinated notes based on their junior position within the capital structure. The company's corporate family rating of B2 and stable rating outlook remain unchanged. First Data Corp. (NYSE: FDC) -- http://www.firstdata.com/-- provides electronic commerce and payment solutions for businesses worldwide, including those in New Zealand, the Netherlands and Mexico. The company's portfolio of services and solutions includes merchant transaction processing services; credit, debit, private-label, gift, payroll and other prepaid card offerings; fraud protection and authentication solutions; receivables management solutions; electronic check acceptance services through TeleCheck; as well as Internet commerce and mobile payment solutions. The company's STAR Network offers PIN-secured debit acceptance at 2 million ATM and retail locations. =========== P O L A N D =========== OMNOVA SOLUTIONS: S&P Keeps B+ Rating on US$150 Mln Senior Loan --------------------------------------------------------------- Standard & Poor's Ratings Services said that its bank loan and recovery ratings on OMNOVA Solutions Inc. are unchanged following a recent amendment. The bank loan rating on OMNOVA's US$150 million senior secured term loan facility is 'B+', the same as the corporate credit rating, with a recovery