T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, January 17, 2008, Vol. 9, No. 12 Headlines A U S T R I A BVM HANDELS: Vienna Court Orders Business Shutdown COCOON TECHNOLOGIES: Vienna Court Orders Business Shutdown EMI BAU: Vienna Court Orders Business Shutdown FAIR SPIRIT: Korneuburg Court Orders Business Shutdown JOSEF RABL: Vienna Court Orders Business Shutdown KOPI METALLBEARBEITUNG: Leoben Court Orders Business Shutdown LINU LLC: Vienna Court Orders Business Shutdown M.S. AGHA: Creditors' Meeting Slated for Jan. 30 MB TRANS: Creditors' Meeting Slated for Jan. 23 MINERALOELVERTREIB RONACHER: Creditors' Meeting Set for Jan. 21 SCHUSTER IMMOBILIENTREUHAND: Graz Court Orders Business Shutdown SICHERHEITSDIENSTE LLC: Salzburg Court Orders Business Shutdown SPANISH RIDING: Bankruptcy Looms Over High Personnel Costs VIA HANDEL: Vienna Court Orders Business Shutdown B E L G I U M INTERSTATE HOTELS: Inks Agreements to Manage Marriott Courtyards POPE & TALBOT: Panel Taps Blank Rome as Bankruptcy Co-Counsel POPE & TALBOT: Panel Taps Jefferies & Co. as Financial Advisor URS CORP: EG&G Division Bags Air Force Contract for US$267 Mln F R A N C E DELPHI CORP: Commences Exit Financing Syndication DELPHI CORP: U.S. Trustee Balks at Exit Loan Participation FRESH DEL MONTE: John Inserra to Quit as Chief Fin'l Officer TALISMAN-3 FINANCE: S&P Affirms Class F Notes at B on Review G E R M A N Y BONN & PARTNER: Claims Registration Period Ends Jan. 30 GDG DENTAL: Claims Registration Period Ends Jan. 30 GETRANKE LOGISTIK: Claims Registration Period Ends Jan. 30 GUENTHER SCHILLING: Claims Registration Period Ends Feb. 4 GZ GETRANKELAND: Claims Registration Period Ends Jan. 30 MODERN-LIVING24.DE GMBH: Claims Registration Period Ends Jan. 29 O.K. HOCHBAU: Claims Registration Period Ends Jan. 28 PETER RIXIUS: Claims Registration Period Ends Jan. 30 SAM-INNENAUSBAU GMBH: Claims Registration Period Ends Jan. 25 SCHMIDT CAR: Claims Registration Period Ends Feb. 1 UWE BRAUN: Hasso Plattner Bails Firm from Possible Insolvency I R E L A N D ELAN CORP: US FDA Approves TYSABRI Biologics License Application INTERNATIONAL SECURITIES: Court Extends Examinership to Feb. 6 WR GRACE: Court Approves U.S. Trustee's Plea to Appoint Examiner I T A L Y ALITALIA SPA: Commences Exclusive Talks with Air France-KLM FIAT SPA: Buys Back 3.86 Million Ordinary Shares FIAT SPA: Magneti Unit Forms Joint Venture with Sumi Motherson K A Z A K H S T A N ASTANA FINANCE: Fitch Rates EUR40 Million Loan Final BB+ Rating BUILD MARKET-T: Proof of Claim Deadline Slated for Feb. 7 COMPLEX KYRMAN: Creditors Must File Claims by Feb. 8 GRIVILU LLP: Claims Filing Period Ends February 8 JEZ URAL: Creditors Must File Proofs of Claim by February 8 JOLYNDY LLP: Creditors Must File Proofs of Claim by February 7 KARAGANDA-NEDRA LLP: Proof of Claim Deadline Slated for Feb. 12 KARAGANDA PHOTO: Creditors Must File Claims by February 12 PROGRESS LLP: Claims Filing Period Ends February 8 SHIN EXPORT: Creditors' Claims Due on February 12 STROY MAK: Claims Registration Ends February 7 K Y R G Y Z S T A N INDO-KYRGYZ MOTORS: Creditors Must File Claims by February 7 L A T V I A NORVIK BANKA: Fitch Affirms Long-term IDR B+ with Stable Outlook L U X E M B O U R G EVRAZ GROUP: Releases Fourth Qtr. & FY 2007 Operational Results N E T H E R L A N D S BLACKBOARD INC: To Acquire NTI Group for US$182 Million BLACKBOARD INC: S&P Ratings Unaffected by NTI Group Acquisition SYNIVERSE TECH: Appoints Jeffrey Gordon as Chief Tech Officer R U S S I A EVRAZ GROUP: Releases Fourth Qtr. & FY 2007 Operational Results ROSNEFT OIL: Wants US$2 Billion Syndicated Loan to Repay Debt SEVERSTAL OAO: Consolidates 71.1% Stake in SeverCorr S W I T Z E R L A N D ATTILA DESIGN: Creditors' Liquidation Claims Due by January 18 BIOHOF KUPPELWIESER: Creditors Must File Claims by January 21 EUROPEAN TRADING: Creditors' Liquidation Claims Due by Jan. 18 FIANSA BETEILIGUNG: Creditors Must File Claims by January 17 FREE-TRANS JSC: St. Gallen Court Closes Bankruptcy Proceedings KMC MANAGEMENT: Schwyz Court Starts Bankruptcy Proceedings METE HAN: Basel-Country Court Starts Bankruptcy Proceedings PIZZAKURIER DA VINC: Thurgau Court Closes Bankruptcy Proceedings SPANISCHE WEINHALLE: Creditors Must File Claims by January 18 SOFT4WORKS LLC: Aargau Court Starts Bankruptcy Proceedings YOU & ME: Creditors' Liquidation Claims Due by January 21 T U R K E Y PETKIM PETROKIMYA: Fitch Retains Watch on Pending Privatization U K R A I N E BANK FINANCE: Moody's Withdraws B2 Rating on Loan Notes BUILDING SERVICE: Creditors Must File Claims by January 18 INTERRESOURCES LLC: Creditors Must File Claims by January 18 MAGNESIUM CJSC: Creditors Must File Claims by January 18 MIRRA LLC: Creditors Must File Claims by January 18 MOTORCAR TRANSPORT 15113: Creditors Must File Claims by Jan. 18 STELA LLC: Creditors Must File Claims by January 18 SVITANOK LLC: Creditors Must File Claims by January 18 UKRAINIAN INDUSTRIAL: Creditors Must File Claims by January 18 UKRAINIAN METAL: Creditors Must File Claims by January 18 YUKKAB LLC: Creditors Must File Claims by January 18 U N I T E D K I N G D O M ADDISCOMBE GROUP: Taps Liquidators from PricewaterhouseCoopers AXIUM INTERNATIONAL: SulmeyerKupetz Named as Chapter 7 Trustee BLACKPOOL AUTOMOTIVE: Joint Liquidators Take Over Operations DURA AUTOMOTIVE: Wants to Move Plan-Filing Deadline to April 30 DURA AUTOMOTIVE: Pacificor Still Silent on Deal Outlook HERONFIELD LTD: J. M. Titley Leads Liquidation Procedure INTERMEC INC: Teams with Apriva to Provide Payment Processing KENDLE INT'L: Hires Philip Davies as Phase I Vice President MENTON CDO: Moody's Junks US$19.8 Mln Class E Secured Notes MILLFIELD PARTNERSHIP: Brings In Liquidators from PwC ROOTS SPORTS: Claims Filing Period Ends February 7 SHAW GROUP: Unit Gets Task Order Contract from U.S. Army Corps TEREX CORP: Inks Acquisition Deal with ASV for US$488 Million VASOMEDICAL INC: Posts US$64,000 Net Loss in Qtr. Ended Nov. 30 WESTONS LTD: Appoints C. B. Barrett as Liquidator * Tenon Group PLC Acquires Haines Watts Business Recovery * Upcoming Meetings, Conferences and Seminars ********* ============= A U S T R I A ============= BVM HANDELS: Vienna Court Orders Business Shutdown -------------------------------------------------- The Trade Court of Vienna entered Nov. 30, 2007, an order shutting down the business of LLC BVM Handels- & Transport (FN 215909p). Court-appointed estate administrator Stefan Langer 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. 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 Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 28, 2007 (Bankr. Case No 2 S 161/07z). Annemarie Kosesnik-Wehrle represents Dr. Langer in the bankruptcy proceedings. COCOON TECHNOLOGIES: Vienna Court Orders Business Shutdown ---------------------------------------------------------- The Trade Court of Vienna entered Dec. 3, 2007, an order shutting down the business of JSC Cocoon Technologies (FN 214321d). Court-appointed estate administrator Nikolaus Vogt recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Mag. 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 Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov.28, 2007 (Bankr. Case No 2 S 163/07v). Eva Riess represents Mag. Vogt in the bankruptcy proceedings. EMI BAU: Vienna Court Orders Business Shutdown ---------------------------------------------- The Trade Court of Vienna entered Nov. 30, 2007, an order shutting down the business of LLC EMI Bau (FN 275626h). Court-appointed estate administrator Edmund Roehlich 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. Edmund Roehlich c/o Dr. Richard Proksch Heumarkt 9/I/11 1030 Vienna Austria Tel: 713 46 51 Fax: 713 84 35 E-mail: proksch@eurojuris.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 16, 2007 (Bankr. Case No 2 S 156/07i). Richard Proksch represents Dr. Roelich in the bankruptcy proceedings. FAIR SPIRIT: Korneuburg Court Orders Business Shutdown ------------------------------------------------------ The Land Court of Korneuburg entered Dec. 4, 2007, an order shutting down the business of LLC fair spirit Handel (FN 292951k). Court-appointed estate administrator Elisabeth Zonsics-Kral 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. Elisabeth Zonsics-Kral c/o Dr. Ferdinand Bruckner Schubertstrasse 10/3/5/9 2100 Korneuburg Austria Tel: 02262/72 437 Fax: 02262/729 39 15 E-mail: widhalm@raedrb-drz.at Headquartered in Stockerau, Austria, the Debtor declared bankruptcy on Nov. 26, 2007 (Bankr. Case No 36 S 136/07b). Ferdinand Bruckner represents Dr. Zonsics-Kral in the bankruptcy proceedings. JOSEF RABL: Vienna Court Orders Business Shutdown ------------------------------------------------- The Trade Court of Vienna entered Dec. 3, 2007, an order shutting down the business of LLC Josef Rabl (FN 115128g). Court-appointed estate administrator Hannelore Pitzal 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. Hannelore Pitzal c/o Dr. Wolfgang Pitzal Paulanergasse 9 1040 Vienna Austria Tel: 587 31 11 Fax: 587 87 50 50 E-mail: office@pitzal-partner.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 20, 2007(Bankr. Case No 6 S 151/07h). Wolfgang Pitzal represents Dr. Pitzal in the bankruptcy proceedings. KOPI METALLBEARBEITUNG: Leoben Court Orders Business Shutdown ------------------------------------------------------------- The Land Court of Leoben entered Dec. 4, 2007, an order shutting down the business of LLC KOPI Metallbearbeitung (FN 223407s). Court-appointed estate administrator Norbert Scherbaum 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. Norbert Scherbaum Einspinnergasse 3 8010 Graz Austria Tel: 0316-832460 Fax: 0316-832460-10 E-mail: office@scherbaum-seebacher.at Headquartered in Thalheim an der Mur, Austria, the Debtor declared bankruptcy on Nov. 20, 2007 (Bankr. Case No 17 S 98/07s). LINU LLC: Vienna Court Orders Business Shutdown ----------------------------------------------- The Trade Court of Vienna entered Nov. 30, 2007, an order shutting down the business of LLC LINU (FN 274667y). Court-appointed estate administrator Wolfgang Winkler recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Mag. Wolfgang Winkler c/o Dr. Maximilian Schludermann Reisnerstrasse 32/12 1030 Vienna Austria Tel: 7155045 Fax: 715 50 474 E-mail: office@anwalt-vienna.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 20, 2007 (Bankr. Case No 3 S 149/07t). Maximilian Schludermann represents Mag. Winkler in the bankruptcy proceedings. M.S. AGHA: Creditors' Meeting Slated for Jan. 30 ------------------------------------------------ Creditors owed money by KEG M.S. AGHA Handel (FN 175660z) are encouraged to attend the creditors' meeting at 10:50 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. 30, 2007 (2 S 166/07k). Arno Maschke serves as the court-appointed estate administrator of the bankrupt's estate. Philipp Dobner represents Dr. Maschke in the bankruptcy proceedings. The estate administrator can be reached at: Dr. Arno Maschke c/o Dr. Philipp Dobner Mariahilfer Strasse 50 1070 Vienna Austria Tel: 523 62 00 Fax: 526 72 74 E-mail: maschke@sup.at MB TRANS: Creditors' Meeting Slated for Jan. 23 ----------------------------------------------- Creditors owed money by LLC MB Trans Spedition und Transport (FN 207332a) are encouraged to attend the creditors' meeting at 9:15 a.m. on Jan. 23. The creditors' meeting will be held at: The Land Court of Ried im Innkreis Hall 101 First Floor Ried im Innkreis Austria Headquartered in Hoehnhart,, Austria, the Debtor declared bankruptcy on Nov. 30, 2007 (17 S 44/07p). Franz Mitterbauer serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Dr. Franz Mitterbauer Wiesnerstrasse 2 4950 Altheim Austria Tel: 07723 /411 41 Fax: 07723 /411 41-14 E-mail: amp.altheim@utanet.at MINERALOELVERTREIB RONACHER: Creditors' Meeting Set for Jan. 21 --------------------------------------------------------------- Creditors owed money by LLC Mineraloelvertreib Ronacher (FN 47429z) are encouraged to attend the creditors' meeting at 2:45 p.m. on Jan. 21. The creditors' meeting will be held at: The Land Court of Innsbruck Meeting Room 212 Second Floor New Building Maximilianstrasse 4 6020 Innsbruck Austria Headquartered in Landeck, Austria, the Debtor declared bankruptcy on Nov. 30, 2007 (19 S 114/07y). Wilfried Leys serves as the court-appointed estate administrator of the bankrupt's estate. Walter Lenfeld represents Dr. Leys in the bankruptcy proceedings. The estate administrator can be reached at: Dr. Wilfried Leys c/o Dr. Walter Lenfeld Malserstrasse 49 a 6500 Landeck Austria Tel: 05442/63 0 29 Fax: 054452/6302914 E-mail: RA-LL@aon.at SCHUSTER IMMOBILIENTREUHAND: Graz Court Orders Business Shutdown ---------------------------------------------------------------- The Land Court of Graz entered Nov. 30, 2007, an order shutting down the business of LLC Schuster Immobilientreuhand- BauConsulting (FN 219514s). Court-appointed estate administrator Georg Muhri 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. Georg Muhri CGO Masseverwaltungsgesellschaft mbH Neutorgasse 47/I 8010 Graz Austria Tel: 0316/820620-0 Fax: 0316/820620-4 E-mail: office@cgo-masseverwaltung.at Headquartered in Graz, Austria, the Debtor declared bankruptcy on Nov. 29, 2007 (Bankr. Case No 25 S 125/07f). SICHERHEITSDIENSTE LLC: Salzburg Court Orders Business Shutdown --------------------------------------------------------------- The Land Court of Salzburg entered Dec. 4, 2007, an order shutting down the business of LLC Sicherheitsdienste (FN 160640k). Court-appointed estate administrator Harald Heinrich 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. Harald Heinrich Georg-Wagner-Gasse 5 Second Floor 5020 Salzburg Austria Tel: 0662/82 93 12 Fax: 0662/829312-2 E-mail: ra.harald.heinrich@aon.at Headquartered in Salzburg, Austria, the Debtor declared bankruptcy on Nov. 27, 2007 (Bankr. Case No 44 S 40/07t). SPANISH RIDING: Bankruptcy Looms Over High Personnel Costs ---------------------------------------------------------- Spanish Riding School is facing bankruptcy on EUR1.9 million in losses for financial year 2007, published reports say. Elisabeth Guertler, the school's new director, attributed the losses to high personnel costs, The Associated Press relates. Ms. Guertler notes that the school had paid its 17 riders bonuses, which hiked their monthly salaries to EUR10,000. Former director Armin Aigner, however, claimed that it had EUR195,000 in cash surplus in the first half of 2007, Wiener Zeitung relates. Mr. Aigner resigned in November after claims that he had successfully turned the School's financial situation around. Ms. Guertler said she she will take steps to reduce personnel costs and maximize revenue, Wiener Zeitung relates. Spanish Riding School, Wiener Zeitung says, plans to: -- increase school events in Vienna from 36 to 69; -- raise own feed for the horses; and -- operate its own gift shop itself. "It's not only a matter of savings. We must work at all levels to increase revenue. I believe that the School has great potential and is really a healthy enterprise," Erwin Klissenbauer, a co-manager, was quoted by Wiener Zeitung as saying. "I am always willing to listen and am prepared to take up constructive suggestions," Ms. Guertler said in a statement. "We aim to jointly discuss possible measures not only with the equestrian team, but also with the employees from the back office, such as the administration or the technical department. We want to hear each and everyone's wishes and concerns." Located in Vienna, Austria, Spanish Riding School -- http://www.srs.at/-- is traditional riding school for Lipizzan horses. VIA HANDEL: Vienna Court Orders Business Shutdown ------------------------------------------------- The Trade Court of Vienna entered Nov. 30, 2007, an order shutting down the business of LLC VIA Handel (FN 205113m). Court-appointed estate administrator Ute Toif 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. Ute Toifl Tuchlauben 12/20 1010 Vienna Austria Tel: 535 46 11 Fax: 535 46 11 11 E-mail: office@thr.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 23, 2007 (Bankr. Case No 28 S 141/07z). ============= B E L G I U M ============= INTERSTATE HOTELS: Inks Agreements to Manage Marriott Courtyards ---------------------------------------------------------------- Interstate Hotels & Resorts Inc. has signed agreements to manage two Courtyard by Marriott hotels, in Westborough, Massachusets and Orange, Connecticut. The hotels are owned by Pittsburgh- based FFC Capital Corporation. FFC Capital Corporation was founded in 1998 by Milton Fine, former chairperson and co- founder of Interstate Hotels Corporation, a predecessor company to Interstate Hotels & Resorts Inc. "We have a long-standing relationship with FFC and are thrilled to have this opportunity to work with them again," said Interstate Hotels chief executive officer, Thomas F. Hewitt. "We are already examining other avenues of mutual interest, and are looking forward to building on our relationship going forward." "Interstate is one of the country's premier management companies, and we are delighted to have the opportunity to renew our relationship," said FFC Capital Corp. president, Fred Branovan. "They have strong ties to the Courtyard brand and a long track record of success, with proven systems and exceptional people, and we have the utmost confidence in them." The Courtyard by Marriott Westborough is a 98-room property located in Westborough Technology Park, 20 miles west of downtown Boston. The hotel offers casual dining for breakfast in the lobby's Courtyard Cafe, a full-service business center, fitness center, indoor pool, and high-speed Internet access in the public areas and the guest rooms. The 121-room Courtyard by Marriott Orange is conveniently located off of I-95, close to Yale University and downtown New Haven. Among the hotel's amenities are nearly 4,000 square feet of meeting space, capable of accommodating groups of up to 250 people. About FFC Capital Corp. FFC Capital Corporation -- http://www.ffccapital.net/-- is a privately held company affiliated with Milton Fine, specializing in investment management across various asset classes, including marketable securities, bonds, stocks, private equities, derivatives, hedge funds, venture capital funds and direct ownership of real estate investments. About Interstate Hotels Headquartered in Arlington, Virginia, Interstate Hotels & Resorts Inc. (NYSE: IHR)-- http://www.ihrco.com/-- as of Nov. 30, 2007, Interstate Hotels & Resorts owned seven hotels and had a minority ownership interest through separate joint ventures in 22 hotels and resorts. Together with these properties, the company and its affiliates manages a total of 192 hospitality properties with more than 43,000 rooms in 36 states, the District of Columbia, Belgium, Canada, Ireland, Mexico and Russia. Interstate Hotels & Resorts also has contracts to manage 15 hospitality properties with approximately 4,400 rooms currently under construction. * * * Interstate Hotels & Resorts Inc. continues to carry Moody's Investor Services' 'B1' long-term corporate family rating, which was placed in January 2007. Moody's said the rating's outlook is negative. POPE & TALBOT: Panel Taps Blank Rome as Bankruptcy Co-Counsel ------------------------------------------------------------- The Official Committee of Unsecured Creditors in Pope & Talbot Inc. and its debtor-affiliates' bankruptcy cases, asks the United States Bankruptcy Court for the District of Delaware for permission to retain Blank Rome LLP, as its bankruptcy co- counsel, nunc pro tunc to Nov. 28, 2007. The Creditors Committee believes that attorneys at Blank Rome have broad-based experience and a national reputation in bankruptcy and reorganization proceedings, according to Committee Chairman Robert J. Hickey. The Creditors Committee will rely on Fried, Frank, Harris, Shriver & Jacobson LLP, its proposed main counsel, to play the primary role with respect to the day-to-day representation on its behalf, while Blank Rome is expected to provide a supporting role and generally assist Fried Frank where necessary, Mr. Hickey clarifies. The Debtors will pay Blank Rome's contemplated services to be rendered to the Creditors Committee based on the firm's customary hourly rates: Professional Hourly Rate ------------ ----------- Partners and Counsel US$300 - US$675 Associates US$245 - US$475 Paralegals US$105 - US$280 Three Blank Rome professionals are presently expected to have primary responsibility for providing services to the Creditors Committee: Professional Hourly Rate ------------ ----------- Bonnie Glantz Fatell US$600 Jason W. Staib US$425 Christina J. Wang US$265 Blank Rome will also be paid for reasonable expenses it incurs in connection with its representation of the Creditors Committee. Blank Rome will work with co-counsel, Fried Frank, to undertake every effort to avoid duplication of services, Mr. Hickey tells the Court. Bonnie Glantz Fatell, a partner of Blank Rome, 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 US and Canada. Markets for the company's products include the US, 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. The Official Committee of Unsecured Creditors selected Fried, Frank, Harris, Shriver & Jacobson LLP as its bankruptcy 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: Panel Taps Jefferies & Co. as Financial Advisor -------------------------------------------------------------- The Official Committee of Unsecured Creditors in Pope & Talbot Inc. and its debtor-affiliates' bankruptcy cases, seeks the authority of the U.S. Bankruptcy Court for the District of Delaware, to retain Jefferies & Company Inc. as its financial advisor, nunc pro tunc to Nov. 29, 2007. Committee Chairman David Roberts relates that Jefferies is as an investment banking firm that has extensive experience in the reorganization and restructuring of troubled companies, both out-of-court and in Chapter 11 proceedings. Jefferies will coordinate with the other bankruptcy professionals in the Debtors' bankruptcy cases, to eliminate unnecessary duplication of work, Mr. Roberts says. As the Committee's financial advisor, Jefferies is expected to: * become familiar with, to the extent the Creditors Committee or Jefferies deems appropriate, and analyze the business, operations, assets, financial condition and prospects of the Debtors; * assist and advise the Creditors Committee in examining and analyzing any potential or proposed strategy for restructuring or adjusting the Debtors' outstanding indebtedness or overall capital structure; * assist and advise the Creditors Committee in evaluating and analyzing the proposed implementation of any restructuring, including the value of the securities, if any, that may be issued under any plan; and * render other financial advisory services as may be agreed upon, from time to time, by the Creditors Committee and Jefferies, including providing expert testimony, and other expert and financial advisory support related to any threatened, expected, or initiated litigation. For the services contemplated to be rendered by Jefferies, the Debtors will pay the firm: (i) an initial monthly fee of US$200,000 from Nov. 29, 2007, until Jan. 31, 2008; and (ii) a monthly fee of US$100,000 for the period from Feb. 1, 2008, until the expiration or termination of a letter of agreement between the Creditors Committee and Jefferies. A transaction fee is also proposed to be awarded to Jefferies, consisting of the greater of: (i) US$500,000, payable in the event the Creditors Committee supports the Debtors' Plan of Reorganization; (ii) 1% of any recoveries by unsecured creditors in the Debtors' bankruptcy cases -- subject to a cap of US$1,750,000; or (iii) US$1,750,000, payable without reference to unsecured creditors' recoveries, but payable without reference to unsecured creditors' recoveries. In addition to any fees that may be paid to Jefferies, the Creditors Committee agrees to seek Court authorization to cause the Debtors to pay all Court-approved out-of-pocket expenses. Thomas C. Carlson, managing director of Jefferies, 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 US and Canada. Markets for the company's products include the US, 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. The Official Committee of Unsecured Creditors selected Fried, Frank, Harris, Shriver & Jacobson LLP as its bankruptcy 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). URS CORP: EG&G Division Bags Air Force Contract for US$267 Mln -------------------------------------------------------------- URS Corporation's EG&G Division has been selected by the U.S. Air Force's Air Education and Training Command to support its Undergraduate Flight Training program. The re-compete contract includes a one-year base period and five one-year options periods. The maximum value of the contract to URS is US$267 million over the full six years. Under the terms of the contract, URS will provide courseware development, simulator and academic instruction for the T-1, T- 6, T-37 and T-38 aircraft, as well as combat systems officer training, in support of the UFT program. Commenting on the award, Randall A. Wotring, President of the EG&G Division, said: "We are very pleased to have been selected by the Air Force for this contract, which underscores URS' position as a leader in military flight training. URS has been working with Air Force for 16 years to support the UFT program and is proud to be continuing this important work." Headquartered in San Francisco, California, URS Corporation (NYSE:URS) -- http://www.urscorp.com/-- offers a comprehensive range of professional planning and design, systems engineering and technical assistance, program and construction management, and operations and maintenance services for transportation, facilities, environmental, water/wastewater, industrial infrastructure and process, homeland security, installations and logistics, and defense systems. The company operates in more than 20 countries with approximately 29,500 employees providing engineering and technical services to federal, state and local governmental agencies as well as private clients in the chemical, pharmaceutical, oil and gas, power, manufacturing, mining and forest products industries. The company also has offices in Argentina, Australia, Belgium, China, France, Germany, and Mexico, among others. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 7, 2007, Moody's Investors Service has downgraded the Corporate Family Rating of URS Corporation to Ba2 from Ba1 following the company's acquisition of Washington Group International, Inc. Moody's said the ratings outlook is stable. =========== F R A N C E =========== DELPHI CORP: Commences Exit Financing Syndication ------------------------------------------------- The syndication of Delphi Corp.'s exit financing package to support the company's planned first quarter of 2007 emergence from Chapter 11 reorganization was set to commence as early as last week with potential lenders' meetings in New York on Jan. 9, 2008, and in London on Jan. 10, 2008, the company stated in a press release. The proposed exit facilities, which are being arranged on a best efforts basis by J.P. Morgan Securities, Inc., and Citigroup Global Markets, Inc., were approved by the Court on Nov. 16, 2007. Delphi Corp. Controller and Chief Accounting Officer Thomas S. Timko reported, in a regulatory filing with the U.S. Securities and Exchange Commission, that Delphi will provide supplemental financial information at the scheduled meetings containing an unaudited borrowing base calculation for debtor entities as of Sept. 30, 2007, and EBITDAR information covering the periods from Oct. 1, 2006, through Sept. 30, 2007, each as measured by the covenants contained in Delphi's refinanced DIP Facility and selected debt levels. An exhibit containing the borrowing base calculation, EBITDAR information, selected debt levels and a reconciliation to the nearest comparable U.S. GAAP measurements, where applicable, that Delphi intends to provide to potential lenders is available for free at the SEC's Web site at: http://ResearchArchives.com/t/s?2707 The borrowing base calculation and selected debt levels presented should not be considered in isolation or as a substitute for items on Delphi's consolidated balance sheet presented in accordance with generally accepted accounting principles in the U.S., Mr. Timko cautioned. In addition, the EBITDAR information should not be considered as an alternative to operating income, as a substitute for items in Delphi's consolidated statement of operations, or as an indicator of Delphi's operating performance. All the information, he said, should be viewed in conjunction with Delphi's financial statements, footnotes including accounting policies contained in the company's 2006 annual report and subsequent periodic reports as filed with the SEC. Exit Financing Reduced Primarily as a result of improved operating performance and lower capital expenditures for the 2007 fiscal year than forecast in the company's 2007 business plan projections included in its First Amended Disclosure Statement, Delphi estimates its year-end unaudited cash position to be approximately US$850 million favorable to its business plan. After adjusting anticipated cash flows in 2008 to reflect retiming of certain payments previously forecast for 2007 and lower projections for certain forecast emergence cash payments in 2008, Delphi is reducing its proposed exit facilities from the previously announced US$6.8 billion authorized by the Court to approximately US$6.1 billion. The reduced facilities will include: (a) US$1.6 billion in an asset-backed revolving credit facility; (b) US$3.7 billion in a first-lien term loan facility; and (c) US$825 million in a second lien term loan facility. Delphi says it intends to use the exit financing proceeds to make payments on the Effective Date of its First Amended Joint Plan of Reorganization, including repayment of the company's senior secured DIP financing, and to support the post- reorganization operations of the reorganized company. 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 Court approved Delphi's First Amended Joint Disclosure Statement and related solicitation procedures for the solicitation of votes on the First Amended Plan on Dec. 20, 2007. 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: U.S. Trustee Balks at Exit Loan Participation ---------------------------------------------------------- Diana G. Adams, the U.S. Trustee for Region 2, asserts that members of the Official Committee of Unsecured Creditors and the Official Committee of Equity Security Holders who wish to participate in Delphi Corp. and its debtor-affiliates' Exit Financing should be required to resign from their respective committees. Representing the U.S. Trustee, Alicia M. Leonhard, Esq., in New York, argues that a committee member's participation in the Exit Financing while serving on a statutory committee is inconsistent with that member's fiduciary duties to its constituents. "This dual role creates a conflict of loyalties . . . and gives rise to the appearance that the committee member is personally benefiting from its status as a committee member," Ms. Leonhard tells Judge Drain. The Debtors' allegation that "virtually" all formerly confidential information is public does not the mitigate the effect of the impermissible dual loyalties or the appearance of impropriety, Ms. Leonhard asserts. She notes that in any negotiation, the Exit Lenders and the Statutory Committees will sit on opposite sides of the bargaining table as adverse parties. The Exit Lenders will try to exact as many concessions as possible from the Debtors in light of the tight credit market, but the Statutory Committees should concentrate on obtaining the most favorable terms for the Debtors. Because the interests of the Exit Lenders and the Statutory Committees are in direct conflict, a committee member cannot engage in aggressive negotiations with the Debtors with respect to the contemplated Exit Financing and, at the same time, maintain undivided loyalty and the appearance of fairness to its constituents, Ms. Leonhard maintains. The U.S. Trustee contends that the Debtors may not preclude her from exercising her statutory duties. Section 1102(a) of the Bankruptcy Code vests the U.S. Trustee with the power to appoint and remove members of statutory committees. If the Debtors become aggrieved if the U.S. Trustee removes a committee member for any reason, then they should seek a judicial review of the U.S. Trustee's action after the action has occurred, instead of seeking to constrain a future decision by the U.S. Trustee without any facts, Ms. Leonhard says. The U.S. Trustee thus asks the Court to sustain her objection; and deny the Debtors' request. The U.S. Trustee clarifies that she has no objection to the participation of any committee member in the Exit Financing so long as that committee member resigns from the committee. "Resignation is the only way to maintain the transparency, appearance of fairness and integrity of these cases and the bankruptcy system," Ms. Leonhard avers. 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 Court approved Delphi's First Amended Joint Disclosure Statement and related solicitation procedures for the solicitation of votes on the First Amended Plan on Dec. 20, 2007. 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) FRESH DEL MONTE: John Inserra to Quit as Chief Fin'l Officer ------------------------------------------------------------ Fresh Del Monte Produce Inc. announced that John F. Inserra, Executive Vice President and Chief Financial Officer, will retire after a distinguished career of nearly 32 years with the Company. For the past 13 years, Mr. Inserra served as Fresh Del Monte's Executive Vice President and Chief Financial Officer, and he will continue in that role until the leadership transition to a qualified successor is completed. Mohammad Abu-Ghazaleh, Fresh Del Monte's Chairman and Chief Executive Officer, said, "John has been an integral part of the success of Fresh Del Monte over these past many years due in large part to his dedication, integrity and leadership qualities in guiding the Company's financial functions. We will ensure that his successor brings the same qualities to the position after a seamless and smooth transition is complete." Based in the Cayman Islands, Fresh Del Monte Produce Inc. -- http://www.freshdelmonte.com/-- is one of the world's leading vertically integrated producers, marketers and distributors of high-quality fresh and fresh-cut fruit and vegetables, as well as a leading producer and distributor of prepared fruit and vegetables, juices, beverages, snacks and desserts in Europe, the Middle East and Africa. Fresh Del Monte markets its products worldwide under the Del Monte(R) brand, a symbol of product quality, freshness and reliability since 1892. Del Monte Fresh Produce Company has operations in Chile, Brazil, France, Philippines, and Korea. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 22, 2007, Standard & Poor's Ratings Services has affirmed its 'BB-' corporate credit rating on Fresh Del Monte Produce Inc., and removed the rating from CreditWatch, where it was placed with positive implications on Nov. 1, 2007. S&P said the outlook is stable. TALISMAN-3 FINANCE: S&P Affirms Class F Notes at B on Review ------------------------------------------------------------ Standard & Poor's Ratings Services has removed from CreditWatch with positive implications and raised its rating on the class B notes issued by Talisman-3 Finance PLC. At the same time, the class C notes were removed from CreditWatch positive and affirmed. The remaining notes were also affirmed. The class B and C notes were placed on CreditWatch positive on Dec. 17, 2007. This rating action follows a review of the transaction based on data received from the servicer, Hatfield Philips International Ltd., as of the October 2007 interest payment date. The raising of the rating on the class B notes is due to the prepayment of eight loans in the pool since closing. This includes the largest and second-largest loans (Pauli and Retiro, 36.1% and 20.3% of closing balance, respectively), which prepaid at the October 2007 IPD. The prepayments have improved the levels of credit enhancement available to the relevant classes, and improved the LTV ratios for the upgraded class B notes. All prepayment funds were allocated to the notes 50% sequentially and 50% pro rata (with the exception of the class E and F notes), and switched to 100% sequential pay when 50% of the transaction balance redeemed. Any further prepayment funds will be applied 100% sequentially. The upgrades were restricted because for two loans the most recent performance numbers are published by the servicer one quarter in arrears, as these borrowers are required to report only after the servicer report has been published. This would delay the reporting of any performance issues by more than three months. Following the large prepayments and given the modified pro rata payment structure that has changed to sequential after more than 50% of the initial note balance paid down, the spread between portfolio income and transaction liabilities has decreased to a low level. Interest shortfalls are possible from the next IPD in January 2008 onward. These shortfalls are only expected to affect the class F notes, which are subject to an available funds cap. If under the available funds cap there is insufficient interest due to the loan prepayments, the interest is not paid but will be written off. At closing in June 2006, the EUR689.9 million notes were backed by 11 commercial real estate loans originated by ABN AMRO Bank N.V. (AA-/Positive/A-1+) secured by commercial and residential properties located across Germany, and the notes issued by FCC Talisman which are secured on two loans backed by nine commercial properties in France. Ratings List Talisman-3 Finance PLC EUR689.9 Million Commercial Mortgage-Backed Floating-Rate Notes Class To From Rating Removed From CreditWatch With Positive Implications And Raised B AAA AA/Watch Pos Rating Removed From CreditWatch With Positive Implications And Affirmed C A A/Watch Pos Ratings Affirmed A AAA X AAA D BBB E BB F B ============= G E R M A N Y ============= BONN & PARTNER: Claims Registration Period Ends Jan. 30 ------------------------------------------------------- Creditors of Print & Publishing Bonn & Partner GmbH have until Jan. 30 to register their claims with court-appointed insolvency manager Marco Kuhlmann. 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 Wuppertal Meeting Room A234 Second Floor Isle 2 42103 Wuppertal 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: Marco Kuhlmann Simonsstrasse 80 42117 Wuppertal Germany Tel: 0202 7692110 Fax: 0202 7692112 The District Court of Wuppertal opened bankruptcy proceedings against Print & Publishing Bonn & Partner GmbH on Dec. 28, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Print & Publishing Bonn & Partner GmbH Attn: Claudia Bonn, Manager Leipziger Str. 35 40822 Mettmann Germany GDG DENTAL: Claims Registration Period Ends Jan. 30 --------------------------------------------------- Creditors of GDG Dental GmbH have until Jan. 30 to register their claims with court-appointed insolvency manager Hans Peter Runkel. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Feb. 22, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wuppertal Meeting Room A234 Second Floor Isle 2 42103 Wuppertal Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Hans Peter Runkel Friedrich-Ebert-Strasse 146 42117 Wuppertal Germany Tel: 0202/30 20 71 Fax: 0202/31 47 08 The District Court of Wuppertal opened bankruptcy proceedings against GDG Dental GmbH on Dec. 28, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: GDG Dental GmbH Attn: Joerg Bluhm, Manager Obergruenewalderstr. 10 42103 Wuppertal Germany GETRANKE LOGISTIK: Claims Registration Period Ends Jan. 30 ---------------------------------------------------------- Creditors of Getranke logistik Suedwest GmbH have until Jan. 30 to register their claims with court-appointed insolvency manager Karl-Heinrich Lorenz. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on Feb. 18, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Mannheim Hall 232 Second Floor Schloss 68149 Mannheim Germany The Court will also verify the claims set out in the insolvency manager's report at 9:15 a.m. on March 10, at the same venue. The insolvency manager can be reached at: Karl-Heinrich Lorenz Theodor Heuss-Anlage 12 68165 Mannheim Germany Tel: 0621/422900 The District Court of Mannheim opened bankruptcy proceedings against Getranke logistik Suedwest GmbH on Jan. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Getranke logistik Suedwest GmbH Attn: Dr. Achim Strecker, Manager Helmertstr. 4-6 68219 Mannheim Germany GUENTHER SCHILLING: Claims Registration Period Ends Feb. 4 ---------------------------------------------------------- Creditors of Guenther Schilling GmbH & Co. KG have until Feb. 4 to register their claims with court-appointed insolvency manager Gerhard Tonhauser. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on March 4, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court Heilbronn Hall 4 Ground Floor Rollwagstr. 10a 74072 Heilbronn 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: Gerhard Tonhauser Moltkestrasse 40 74072 Heilbronn Tel: 07131/60990 Fax: 07131/609961 The District Court of Heilbronn opened bankruptcy proceedings against Guenther Schilling GmbH & Co. KG on Jan. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Guenther Schilling GmbH & Co. KG Austrasse 22 74336 Brackenheim Germany GZ GETRANKELAND: Claims Registration Period Ends Jan. 30 -------------------------------------------------------- Creditors of GZ Getrankeland Handels GmbH have until Jan. 30 to register their claims with court-appointed insolvency manager Frank Weber. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Feb. 18, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Mannheim Hall 232 Second Floor Schloss 68149 Mannheim Germany The Court will also verify the claims set out in the insolvency manager's report during at 9:30 a.m. on March 10, at the same venue. The insolvency manager can be reached at: Frank Weber Theodor Heuss-Anlage 12 68165 Mannheim Germany Tel: 0621/422900 The District Court of Mannheim opened bankruptcy proceedings against GZ Getrankeland Handels GmbH on Jan. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: GZ Getrankeland Handels GmbH Attn: Dr. Achim Strecker, Manager Helmertstr. 4-6 68219 Mannheim Germany MODERN-LIVING24.DE GMBH: Claims Registration Period Ends Jan. 29 --------------------------------------------------------------- Creditors of Modern-Living24.de GmbH have until Jan. 29 to register their claims with court-appointed insolvency manager Mirko Lehnert. 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 4.307 Fourth Floor 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: Mirko Lehnert Kasinostrasse 9 64293 Darmstadt Germany Tel: 06151-3968211 Fax: 06151-3968220 The District Court of Darmstadt opened bankruptcy proceedings against Modern-Living24.de GmbH on Jan. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Modern-Living24.de GmbH Attn: Thomas Diehl, Manager An der Appelsmuehle 10a 64319 Pfungstadt Germany O.K. HOCHBAU: Claims Registration Period Ends Jan. 28 ----------------------------------------------------- Creditors of O.K. Hochbau GmbH have until Jan. 28 to register their claims with court-appointed insolvency manager Horst Piepenburg. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on Feb. 18, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duesseldorf Meeting Hall A 388 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: Horst Piepenburg Heinrich-Heine-Allee 20 40213 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against O.K. Hochbau GmbH on Jan. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: O.K. Hochbau GmbH Kronprinzstrasse 102 40764 Langenfeld Germany Attn: Sezai Karakus, Manager Knappstrasse 19 46238 Bottrop Germany PETER RIXIUS: Claims Registration Period Ends Jan. 30 ----------------------------------------------------- Creditors of Peter Rixius Getranke-Handel GmbH & Co. KG have until Jan. 30 to register their claims with court-appointed insolvency manager Georg Bernsau. Creditors and other interested parties are encouraged to attend the meeting at 10:10 a.m. on Feb. 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 Mannheim Hall 232 Second Floor Schloss 68149 Mannheim Germany The Court will also verify the claims set out in the insolvency manager's report at 9:00 a.m. on March 10, at the same venue. The insolvency manager can be reached at: Dr. Georg Bernsau Feldbergstr. 45-47 68163 Mannheim Germany Tel: 0621/810 974 0 The District Court of Mannheim opened bankruptcy proceedings against Peter Rixius Getranke-Handel GmbH & Co. KG on Jan. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Peter Rixius Getranke-Handel GmbH & Co. KG Attn: Dr. Achim Strecker, Manager Helmerstr. 4-6 68219 Mannheim Germany SAM-INNENAUSBAU GMBH: Claims Registration Period Ends Jan. 25 ------------------------------------------------------------- Creditors of SAM-Innenausbau GmbH have until Jan. 25 to register their claims with court-appointed insolvency manager Andre Loeffler. Creditors and other interested parties are encouraged to attend the meeting at 9:30 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 Magdeburg Hall 14 Breiter Weg 203 - 206 39104 Magdeburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Andre Loeffler Klewitzstr. 15 39112 Magdeburg Germany Tel: 0391/7324630 to 39 Fax: 0391/7324633 E-mail: magdeburg@loeffler-insolvenzverwalter.de The District Court of Magdeburg opened bankruptcy proceedings against SAM-Innenausbau GmbH on Jan. 28, 2007 . Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: SAM-Innenausbau GmbH Fertigung und Einbau von genormten Bauelementen Klusweg 1-3 39130 Magdeburg Germany Attn: Achim Engelmann, Manager Rapsbluete 1 39171 Suelzetal Germany SCHMIDT CAR: Claims Registration Period Ends Feb. 1 --------------------------------------------------- Creditors of Schmidt Car Service GmbH & Co. KG have until Feb. 1 to register their claims with court-appointed insolvency manager Alexander Pfadenhauer. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Feb. 26, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Nuremberg Meeting Hall 152/I Flaschenhofstr. 35 Nuremberg 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: Alexander Pfadenhauer Sperberstrasse 47 90461 Nuremberg Germany Tel: 0911/448171 Fax: 0911/441332 The District Court of Nuremberg opened bankruptcy proceedings against Schmidt Car Service GmbH & Co. KG on Jan. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Schmidt Car Service GmbH & Co. KG Heisterstrasse 1 e 90441 Nuremberg Germany UWE BRAUN: Hasso Plattner Bails Firm from Possible Insolvency -------------------------------------------------------------- Uwe Braun GmbH avoided insolvency after it was sold to IT entrepreneur Hasso Plattner, The Financial Times reports citing Suddeutsche Zeitung as its source. Mr. Plattner, one of the founders of German software company SAP, has increased his stake in Uwe Braun from 25.1% to 100%. Meanwhile, Uwe Peter Braun, founder and head of Uwe Braun, has stepped down as manager but remained as a consultant owing to his extensive technical knowledge, Financial Times relates. Headquartered in Alzenau, Germany, Uwe Braun GmbH -- http://www.uwe-braun.de/-- is a digital and optical interface manufacturer company. ============= I R E L A N D ============= ELAN CORP: US FDA Approves TYSABRI Biologics License Application ---------------------------------------------------------------- The U.S. Food and Drug Administration has approved the supplemental Biologics License Application of Elan Corporation plc and Biogen Idec for TYSABRI(R) (natalizumab). TYSABRI is approved for inducing and maintaining clinical response and remission in adult patients with moderately to severely active Crohn's disease with evidence of inflammation who have had an inadequate response to, or are unable to tolerate, conventional CD therapies and inhibitors of TNF-alpha. TYSABRI will be available for the treatment of CD upon the completion of key implementation activities related to the approved risk management plan. The companies anticipate TYSABRI will be available to Crohn's patients by the end of February 2008. "The FDA's approval of TYSABRI is an important step forward in the treatment of Crohn's disease," Dr. Stephen Hanauer, professor of Medicine & Clinical Pharmacology & chief of the Section of Gastroenterology at the University of Chicago Pritzker School of Medicine, said. "A significant number of patients either fail or cannot tolerate current therapies. The unique mechanism of action of TYSABRI affords us a new class of therapy in our fight against this debilitating disease." The FDA granted approval based on its review of TYSABRI CD clinical trial data and overall safety data. The approval is accompanied by robust labeling with safety warnings; and a CD- specific risk management plan (including the mandatory TOUCH(TM) Prescribing Program) designed to inform prescribers, patients and infusion centers about the use of TYSABRI and to minimize potential risk of progressive multifocal leukoencephalopathy and other opportunistic infections. "We are delighted that TYSABRI will be available for Crohn's patients and their physicians, who continue to need new therapeutic options with novel mechanisms of action," Gordon Francis, MD, senior vice president, Global Clinical Development, Elan, said. "We are committed to providing therapeutic choice to those patients who can benefit from TYSABRI, and will continue to work with the FDA and the medical community to implement the TOUCH(TM) Prescribing Program for Crohn's patients." "We are pleased with the FDA's decision to make TYSABRI available to Crohn's patients suffering from this chronic, debilitating disease," Evan Beckman, MD, senior vice president, Immunology Research and Development, Biogen Idec, said. "Despite the therapeutic advances of the TNF-alpha inhibitors in CD, there remains a significant unmet need for Crohn's patients who have inadequate responses to, or are unable to tolerate, current CD therapies." TOUCH(TM) Prescribing Program The TOUCH(TM) (TYSABRI Outreach: Unified Commitment to Health) Prescribing Program was developed in conjunction with the FDA to facilitate appropriate use of TYSABRI and to assess, on an ongoing basis, the incidence and risk factors for PML and other serious opportunistic infections associated with TYSABRI treatment. This program represents Elan and Biogen Idec's commitment to making the unique benefits of TYSABRI available in a responsible manner. The program already has been implemented for patients receiving TYSABRI therapy for MS. About TYSABRI Data from the ENCORE trial showed that TYSABRI induced response and remission among patients with moderately to severely active Crohn's disease, and objective evidence of inflammation, as measured by elevated C-reactive protein. After 12 weeks of therapy, 60% of TYSABRI-treated patients attained response, compared to 44% of placebo treated patients, and 48% of patients had sustained response at both weeks 8 and 12, compared to 32% of placebo treated patients (p less than 0.005 for both). Among the patients who had inadequate response to prior treatment with inhibitors of TNF-alpha, 38% achieved sustained response at weeks 8 and 12. Data from the ENACT-2 showed that an additional year of TYSABRI therapy sustained response and remission among patients with an initial response to TYSABRI after 3 months in ENACT-1. Of patients with response in ENACT-1, sustained response during ENACT-2 was seen in 61% of patients treated with TYSABRI at every visit through an additional 6 months of therapy, compared to 29% for placebo. This treatment difference was also sustained through 12 months of additional therapy (54% vs. 20%). Remission was sustained at every visit with an additional 6 months or 12 months of TYSABRI in 45% and 40% of patients, respectively, compared to 26% and 15% of placebo treated patients (p less than 0.005 for all comparisons). Among the patients that had previously failed TNF-inhibitors, response and remission was sustained at every visit through an additional 6 months of TYSABRI in 52% and 30% of patients, respectively. Among patients on steroids and in whom a clinical response was achieved, approximately two-thirds were able to discontinue steroids within 10 weeks of beginning to taper steroids. TYSABRI increases the risk of PML, an opportunistic viral infection of the brain that usually leads to death or severe disability. Other serious adverse events that have occurred in TYSABRI-treated patients included hypersensitivity reactions (e.g., anaphylaxis) and infections. Serious opportunistic and other atypical infections have been observed in TYSABRI-treated patients, some of whom were receiving concurrent immunosuppressants. Herpes infections were slightly more common in patients treated with TYSABRI. In MS and CD clinical trials, the incidence and rate of other serious adverse events, including serious infections, were similar in patients receiving TYSABRI and those receiving placebo. Common adverse events reported in TYSABRI-treated MS patients include headache, fatigue, infusion reactions, urinary tract infections, joint and limb pain, and rash. Other common adverse events reported in TYSABRI-treated CD patients include respiratory tract infections and nausea. Clinically significant liver injury has been reported in patients treated with TYSABRI in the post-marketing setting. TYSABRI has previously been approved for relapsing forms of MS in the United States and relapsing-remitting MS in the European Union. According to data that have been published in the New England Journal of Medicine, after two years, TYSABRI treatment led to a 68% relative reduction (p less than 0.001) in the annualized relapse rate compared to placebo and reduced the relative risk of disability progression by 42-54% (p less than 0.001). In addition to the United States and European Union, TYSABRI is also approved for MS in Switzerland, Canada, Australia, New Zealand and Israel. TYSABRI was discovered by Elan and is co-developed with Biogen Idec. About the Company Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) -- http://www.elan.com/-- is a neuroscience-based biotechnology company. Elan shares trade on the New York, London and Dublin Stock Exchanges. * * * As reported in the TCR-Europe on Oct. 15, 2007, Standard & Poor's Ratings Services revised its outlook on Elan Corp. PLC to positive from stable and affirmed the ratings on the company and its subsidiaries, including the 'B' corporate credit rating. In April 2007, in connection with the implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Gaming, Lodging and Leisure, Manufacturing, and Energy sectors, Moody's Investors Service confirmed its B3 Corporate Family Rating for Elan Corporation plc and assigned a B2 probability-of-default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability of Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. * Issuer: Elan Finance plc Projected Debt LGD Loss-Given Debt Issue Rating Rating Default ---------- ------- ------- -------- US$300M Senior Unsecured Regular Bond/Debenture Due 2011 B3 LGD4 65% US$300M Senior Unsecured Regular Bond/Debenture Due 2011 B3 LGD4 65% US$150M Senior Unsecured Regular Bond/Debenture Due 2013 B3 LGD4 65% US$850M 7.75% Senior Unsecured Regular Bond/Debenture Due 2011 B3 LGD4 65% US$465M 8.875% Senior Unsecured Regular Bond/Debenture Due 2013 B3 LGD4 65 INTERNATIONAL SECURITIES: Court Extends Examinership to Feb. 6 -------------------------------------------------------------- The Hon. Peter Kelly of The High Court of Ireland has given John McStay, examiner to International Securities Trading Corporation Plc, until Feb. 6, 2008, to prepare his report on the company's financial condition, The Irish Times reports. Justice Kelly also extended the company's examinership to the same day. As reported in the TCR-Europe on Dec. 26, 2007, Mr. McStay had to present his report to the High Court by Jan. 11, 2008. In his interim report, Mr. McStay applied for the extension of the company's examinership, and confirmed the opinion of an independent accountant that ISTC had a reasonable prospect of survival, The Irish Times relates. Justice Kelly noted that ISTC's creditor banks have supported the examinership. Headquartered in Dublin, Ireland, International Securities Trading Corporation Plc -- http://www.istcorporation.com/-- provides investment grade Tier 1 and Tier II hybrid bank capital via private placement issues and primary market participation. Acting as principal in private placement transactions, ISTC is uniquely positioned to offer bespoke solutions and certainty of execution to issuers. The company disclosed on Nov. 12, 2007, that given the uncertainty to ISTC's funding position, the company will enter into discussions with its providers of finance with the objective of making appropriate amendments to their respective financing terms. Pending the outcome of these negotiations, ISTC has decided to defer certain payments under financing obligations. WR GRACE: Court Approves U.S. Trustee's Plea to Appoint Examiner ---------------------------------------------------------------- The Honorable Alan Shiff of the U.S. Bankruptcy Court for the District of Connecticut, who is overseeing the bankruptcy case of L. Tersigni Consulting CPA, P.C., has permitted Diana G. Adams, U.S. Trustee for Region 2, to appoint an examiner to investigate the billing practices and alleged misconduct of the accounting firm. Aside from its investigative function, the Examiner will identify any claims the Tersigni firm may have against third parties. The Examiner, according to Judge Shiff, will be paid and reimbursed by the Tersigni estate, provided that its fees and expenses will be capped at US$100,000. Judge Judith Fitzgerald of the U.S. Bankruptcy Court for the District of Delaware has previously authorized Kelly Stapleton, U.S. Trustee for Region 3, to appoint an examiner to investigate the same allegations against the Tersigni firm. In June 2007, Ms. Stapleton asked Judge Fitzgerald to appoint an examiner after several former employees of the Tersigni firm accused its former owner, Loreto Tersigni, of overpadding bills invoiced to the firm's clients. The Tersigni firm has represented asbestos creditors in bankrupt asbestos companies like W.R. Grace & Co., Federal-Mogul Corporation, and Owens Corning. Judge Fitzgerald oversees most of the bankruptcy cases of the Asbestos Debtors. In December 2007, Judge Fitzgerald stayed all proceedings related to the appointment request pending Judge Shiff's action on the appointment request. Other bankrupt asbestos companies like G-I Holdings and the bankrupt asbestos subsidiaries of ASARCO LLC have asked the Connecticut Court to appoint a Chapter 11 examiner to oversee the Tersigni case. The Tersigni firm, represented by Marc Stuart Goldberg, Esq., at M. Stuart Goldberg, LLC, in New York, vehemently opposed the appointment of a Chapter 11 examiner noting that there has been no finding that the Tersigni firm engaged in misconduct or fraud. The Tersigni firm, however, did not oppose appointment of an examiner to investigate the alleged bill overpadding. Headquartered in Columbia, Maryland, W.R. Grace & Co. (NYSE:GRA) -- http://www.grace.com/-- supplies catalysts and silica products, especially construction chemicals and building materials, and container products globally including Argentina, Australia, and Ireland. The Company and its debtor-affiliates filed for chapter 11 protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139). David M. Bernick, Esq., at Kirkland & Ellis, LLP, and Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones, LLP, represent the Debtors in their restructuring efforts. The Debtors hired Blackstone Group, L.P., for financial advice. PricewaterhouseCoopers LLP is the Debtors' accountant. Stroock & Stroock & Lavan, LLP, and Duane Morris, LLP, represent the Official Committee of Unsecured Creditors. The Creditors Committee tapped Capstone Corporate Recovery LLC for financial advice. David T. Austern, the legal representative of future asbestos personal injury claimants, is represented by Orrick Herrington & Sutcliffe LLP and Phillips Goldman & Spence, Pennsylvania. Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, and Marla R. Eskin, Esq., at Campbell & Levine, LLC, represent the Official Committee of Asbestos Personal Injury Claimants. The Asbestos Committee of Property Damage Claimants tapped Martin W. Dies, III, Esq., at Dies & Hile L.L.P., and C. Alan Runyan, Esq., at Speights & Runyan,to represent it. Lexecon, LLC, provided asbestos claims consulting services to the Official Committee of Equity Security Holders. The Debtors' filed their Chapter 11 Plan and Disclosure Statement on Nov. 13, 2004. On Jan. 13, 2005, they filed an Amended Plan and Disclosure Statement. The hearing to consider the adequacy of the Debtors' Disclosure Statement began on Jan. 21, 2005. The Debtors' exclusive period to file a chapter 11 plan expired on July 23, 2007. Estimation of W.R. Grace's asbestos personal injury liabilities has commenced on Jan. 14, 2008. (W.R. Grace Bankruptcy News, Issue No. 147; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). ========= I T A L Y ========= ALITALIA SPA: Commences Exclusive Talks with Air France-KLM ----------------------------------------------------------- Alitalia S.p.A. has commenced exclusive talks with Air France- KLM S.A. over the sale of the Italian government's 49.9% stake in the national carrier, Reuters reports citing a spokeswoman for the French airline. The carriers have two months to reach an agreement, which would be approved by the government. As reported in the TCR-Europe on Jan. 15, 2007, 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. In its non-binding offer, Air France 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. Air France CEO Jean-Cyril Spinetta confirmed plans to cut 1,700 jobs and defended plans to downsize Alitalia's operations in Milan's Malpensa airport. 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. FIAT SPA: Buys Back 3.86 Million Ordinary Shares ------------------------------------------------ Fiat S.p.A. purchased 38,609 Fiat ordinary shares at the average price of EUR16.4254 including fees on Jan. 11, 2008, within the frame of the buy back program announced on April 5, 2007. On Jan. 10, 2008, the company bought 3.851 million Fiat ordinary shares at the average price of EUR16.1705 including fees. From the start of the buy back program on April 24, 2007, the total number of shares purchased by Fiat amounts to 31.54 million for a total invested amount of EUR603.4 million. Share Repurchase Program At a stockholders meeting on April 5, 2007, Fiat authorized the purchase of treasury shares from the aggregate three classes of stock, which shall not exceed in the aggregate 10% of the capital stock and maximum amount of EUR1.4 billion. The authorization will last 18 months from April 5, 2007, and will therefore expire on Oct. 5, 2008. The buy back will be carried out on the regulated markets as: -- it will end on April 30, 2008, or once the maximum amount of EUR1.4 billion or a number of shares equal to 10% of the capital stock is reached; -- the maximum purchase price will not exceed 10% of the reference price reported on the stock exchange on the day before the purchase is made; and -- the maximum number of shares purchased daily will not exceed 20% of the total daily trading volume for each class of shares. About Fiat S.p.A. Headquartered in Turin, Italy, Fiat S.p.A. -- http://www.fiatgroup.com/-- manufactures and sells automobiles, commercial vehicles, and agricultural and construction equipment. It also manufactures, for use by the company's automotive sectors and for sale to third parties, other automotive-related products and systems, principally power trains (engines and transmissions), components, metallurgical products and production systems. Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano. Fiat operates in Argentina, Australia, Austria, Belgium, Brazil, Bulgaria, China, Czech Republic, Denmark, France, Germany, Greece, Hungary, India, Ireland, Italy, Japan, Lituania, Netherlands, Poland, Portugal, Romania, Russia, Singapore, Spain, among others. * * * As of Dec. 10, 2007, Fiat S.p.A. Carries Moody's long-term corporate family rating of Ba1 and probability of default rating of Ba1 with positive outlook. The company also carries Standard & Poor's BB+ on long-term foreign issuer credit rating, BB+ on long-term local issuer credit rating, B on short-term foreign issuer and local issuer credit ratings. FIAT SPA: Magneti Unit Forms Joint Venture with Sumi Motherson -------------------------------------------------------------- Fiat S.p.A.'s Magneti Marelli S.p.A. and Sumi Motherson Group have signed an agreement for the creation of a joint venture in India aimed at the production of automotive components in the area of lighting and engine control systems. According to the provisions of the agreement, Magneti Marelli Holding and Sumi Motherson Group, through its holding company Samvardhana Motherson Finance Limited, will each own a 50% interest in the joint venture. The industrial facilities will be located in the areas of New Delhi and Pune and will concentrate on the production and assembly of intake manifolds for engines and headlamps and rear lamps for automobiles. The joint venture's activities will target the Indian market and the local and international carmakers operating in the territory. "The joint venture with Sumi Motherson Group represents our second important agreement signed in India within a few months, and it confirms our strategy to be directly present on the automotive markets featuring a high growth rate, at the service of our global automotive clients and of local companies," Eugenio Razelli Magneti Marelli CEO disclosed. "Thanks to a solid partner like Sumi Motherson, in addition to further expanding our offer in the powertrain sector, we will also be able to play an important role in India in the area of lighting systems for motor vehicle. Shared investments with local partnerships facilitate rapid growth in fast developing markets. In those markets, that are becoming more and more global, the need for technology is growing rapidly," Mr. Razelli added. "The joint venture with Magneti Marelli will further strengthen our existing relations in the Automotive Industry. We are continuously exploring new areas and niches where we can add value by acquiring new technologies. We firmly believe that we will be able to provide the latest and world class products to our customers in the areas of lighting and engine control systems. This joint venture will further enhance our philosophy of creating more value per car," V.C. Sehgal Sumi Motherson chairman disclosed. Magneti Marelli, a company belonging to the Fiat Group, designs, produces and markets advanced systems and components for motor vehicles. It has 45 production facilities and 25,000 employees and a turnover of EUR4.5 billion in 2006. About Fiat S.p.A. Headquartered in Turin, Italy, Fiat S.p.A. -- http://www.fiatgroup.com/-- manufactures and sells automobiles, commercial vehicles, and agricultural and construction equipment. It also manufactures, for use by the company's automotive sectors and for sale to third parties, other automotive-related products and systems, principally power trains (engines and transmissions), components, metallurgical products and production systems. Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano. Fiat operates in Argentina, Australia, Austria, Belgium, Brazil, Bulgaria, China, Czech Republic, Denmark, France, Germany, Greece, Hungary, India, Ireland, Italy, Japan, Lituania, Netherlands, Poland, Portugal, Romania, Russia, Singapore, Spain, among others. * * * As of Dec. 10, 2007, Fiat S.p.A. Carries Moody's long-term corporate family rating of Ba1 and probability of default rating of Ba1 with positive outlook. The company also carries Standard & Poor's BB+ on long-term foreign issuer credit rating, BB+ on long-term local issuer credit rating, B on short-term foreign issuer and local issuer credit ratings. =================== K A Z A K H S T A N =================== ASTANA FINANCE: Fitch Rates EUR40 Million Loan Final BB+ Rating --------------------------------------------------------------- Fitch Ratings has assigned Kazakhstan-based JSC Astana Finance's EUR40 million tap issue a final Long-term rating of 'BB+'. The notes were issued on Dec. 21, 2007 and will be consolidated to form a single series with the EUR300 million 7.875% notes due 2010 raised off the company's US$2 billion EMTN program in June 2007. AF was created in 1997 by the Municipality of Astana to facilitate development finance (loans, leasing and equity) for Astana, the capital of Kazakhstan, and for the surrounding Akmola region. It has since diversified geographically and into certain aspects of investment banking. BUILD MARKET-T: Proof of Claim Deadline Slated for Feb. 7 --------------------------------------------------------- LLP Build Market-T declares about its insolvency. Creditors have until Feb. 7 to submit written proofs of claims to: LLP Build Market-T Bytovaya Str. 20 Karaganda Kazakhstan COMPLEX KYRMAN: Creditors Must File Claims by Feb. 8 ---------------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Complex Kyrman 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 GRIVILU LLP: Claims Filing Period Ends February 8 ------------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Grivilu 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 JEZ URAL: Creditors Must File Proofs of Claim by February 8 ----------------------------------------------------------- LLP Jez Ural Snab has declared insolvency. Creditors have until Feb. 8 to submit written proofs of claims to: LLP Jez Ural Snab Pushkin Str. 8-32 Jezkazgan Karaganda Kazakhstan JOLYNDY LLP: Creditors Must File Proofs of Claim by February 7 -------------------------------------------------------------- The Specialized Inter-Regional Economic Court of Akmola has declared LLP Jolyndy 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 KARAGANDA-NEDRA LLP: Proof of Claim Deadline Slated for Feb. 12 --------------------------------------------------------------- The Specialized Inter-Regional Economic Court of Karaganda has declared LLP Karaganda-Nedra 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 KARAGANDA PHOTO: Creditors Must File Claims by February 12 ---------------------------------------------------------- LLP Karaganda Photo Express has declared insolvency. Creditors have until Feb. 12 to submit written proofs of claims to: LLP Karaganda Photo Express Ermekov Str. 73/2-31 Karaganda Kazakhstan PROGRESS LLP: Claims Filing Period Ends February 8 -------------------------------------------------- LLP Financial Company Progress has declared insolvency. Creditors have until Feb. 8 to submit written proofs of claims to: LLP Financial Company Progress Tole bi Str. 156-121 Almaty Kazakhstan SHIN EXPORT: Creditors' Claims Due on February 12 ------------------------------------------------ LLP Shin Export has declared insolvency. Creditors have until Feb. 12 to submit written proofs of claims to: LLP Shin Export Micro District 17, 21-11 Shymkent South Kazakhstan Kazakhstan STROY MAK: Claims Registration Ends February 7 ---------------------------------------------- The Specialized Inter-Regional Economic Court of Karaganda has declared LLP Stroy Mak insolvent. Creditors have until Feb. 7 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Karaganda Jambyl Str. 9 Karaganda Kazakhstan =================== K Y R G Y Z S T A N =================== INDO-KYRGYZ MOTORS: Creditors Must File Claims by February 7 ------------------------------------------------------------ LLC Indo-Kyrgyz Motors has declared insolvency. Creditors have until Feb. 7 to submit written proofs of claim to: LLC Indo-Kyrgyz Motors Micro District 6, 9/2 Bishkek Kyrgyzstan =========== L A T V I A =========== NORVIK BANKA: Fitch Affirms Long-term IDR B+ with Stable Outlook ---------------------------------------------------------------- Fitch Ratings has changed Latvia-based Norvik Banka's Outlook to Stable from Positive. The ratings are affirmed at Long-term Issuer Default 'B+', Short-term IDR 'B', Individual 'D' and Support '5'. The Support Floor is affirmed as 'No Floor'. The change in Outlook reflects the challenges the bank faces to grow, while maintaining healthy performance in Latvia where the economy is going through a soft landing, without increasing its risk profile. It also reflects lower liquidity and increasing funding costs. The ratings also consider the significant operational risk arising from its non-resident business, although this risk has declined moderately because of highly strengthened anti-money laundering procedures and a decision to reduce the amount of non-resident business it has undertaken since 2004. The ratings are positively affected by the bank's healthier profitability, improved risk management systems and efforts to increase its domestic business aimed at creating a stronger and more sustainable franchise. After Straumborg, a family-owned Icelandic investment company, bought a majority stake in January 2006, Norvik Banka's strategy has become increasingly focused on domestic business than on serving non-resident clients, although progress in achieving this transformation has been relatively slow. Profitability is healthier with higher interest income. However, funding costs have been increasing as the bank diversifies away from non-interest-bearing non-resident deposits to resident deposits and international bank funding. Future funding is likely to be more expensive and non-interest expenses are increasing with growth, raising pressure to achieve a high yield on assets. The bank is an active proprietary trader, mainly on the Russian bond market, and a meaningful portion of bank placements are with Russian banks, resulting in reduced balance sheet liquidity. Although deposits have been fairly stable to date, a more aggressive approach to liquidity management has reduced flexibility to deal with funding problems should they arise. Non-resident customer deposits continue to decline, with funding increasingly coming from the domestic market, and Norvik Banka has completed four syndicated loans. Norvik Banka's equity base has grown through share issuance, retained profits and subordinated debt, but capital ratios are only satisfactory due to rapid loan growth. Norvik Banka was the 10th-largest bank by assets in Latvia at end of first half of 2007. =================== L U X E M B O U R G =================== EVRAZ GROUP: Releases Fourth Qtr. & FY 2007 Operational Results --------------------------------------------------------------- Evraz Group S.A. released its fourth quarter and fiscal year 2007 operational results as: Production Volumes* Product, '000 toes FY 2007 FY 2006 FY 2007/ 4Q 2007 4Q 2007/ unless otherwise FY 2006 3Q 2007 Stated change** change** Steel division Pig iron 12,575 12,754 (1.4)% 3,332 20.7% Crude steel 16,333 16,115 1.4% 4,232 15.1%