T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Friday, January 18, 2008, Vol. 8, No. 13 Headlines A U S T R I A ACE HAUSSANIERUNG: Claims Registration Period Ends Jan. 29 ELEKTRO PONBAUER: Creditors' Meeting Slated for Feb. 5 ELFRIEDE WITZ: Claims Registration Period Ends Jan. 24 ERNST NURSCHER: Creditors' Meeting Slated for Feb. 5 EXAKT LLC: Vienna Court Orders Business Shutdown FRANZ WLASAK: Vienna Court Orders Business Shutdown H.E. BAU: Creditors' Meeting Slated for Jan. 29 LM-LAST MINUTE: Innsbruck Court Orders Business Shutdown MAKUSZOVICH TROCKENBAU: Claims Registration Period Ends Jan. 21 MEISEL-TECHNIK: Claims Registration Period Ends Jan. 22 OEZTUERK OEG: Creditors' Meeting Slated for Jan. 28 P & M BAU: Claims Registration Period Ends Jan. 29 POSTMANN & MESZAROS: Creditors' Meeting Slated for Jan. 28 SARKOEZI LLC: Claims Registration Period Ends Jan. 29 UMFORMTECHNIK LLC: Leoben Court Orders Business Shutdown B E L G I U M FEDERAL MOGUL: Board Appoints Carl Icahn as Non-Exec. Chairman FLOWSERVE CORP: 2007 Full Year Bookings Up 19% to 4.3 Billion SOLUTIA INC: Reaches Settlement with Senior Secured Noteholders D E N M A R K BIO-RAD LABORATORIES: S&P Upgrades Corporate Credit Rating F R A N C E CHARLES JOURDAN: Liquidator to Give Update by Early February DELPHI CORP: Expands Supply Contract with VaST Systems DELPHI CORP: Obtains "Broad-Based" Support on Plan G E R M A N Y AMBIENTE HOTEL: Claims Registration Period Ends Feb. 4 BREGLER DENTAL-LABOR: Claims Registration Ends Feb. 8 BUERO AKTIV-CENTER: Creditors' Meeting Slated for Jan. 23 CITY SCHUTZ: Claims Registration Ends February 12 EGNER-BAU GMBH: Claims Registration Period Ends Feb. 8 FUERST FENSTERBAU: Claims Registration Period Ends Feb. 5 GETRANKE BROSSARDT: Claims Registration Ends February 12 H HOEVEL GMBH: Claims Registration Period Ends Feb. 5 HERBERT KRAUSE: Claims Registration Period Ends Feb. 4 IMOBILA BAUTRAEGER: Claims Registration Period Ends Feb. 1 JM MARKETING: Claims Registration Ends February 13 MODEHAUS LANG: Claims Registration Period Ends Feb. 10 PHOENIX LOGISTIK: Claims Registration Ends February 11 PIN GROUP: Begins Sales Offensive Against Deutsche Post S KUSCHEL GMBH: Claims Registration Period Ends Feb. 5 SPORTANLAGE SCHEESSEL: Claims Registration Period Ends Jan. 31 STUTE WASCHEREI: Claims Registration Period Ends Jan. 31 VASOLD GETRANKE: Claims Registration Period Ends Feb. 8 WILHELM OTTO: Claims Registration Ends February 11 I R E L A N D EIRLES TWO: Moody's Cuts Rating to Caa2 on Series 129 Notes I T A L Y CARROZZERIA BERTONE: Bankruptcy Court Rules on Administration K A Z A K H S T A N AKTOBE METROLOG: Proof of Claim Deadline Slated for Feb. 8 ALMATY FINANCE: Creditors Must File Claims by Feb. 7 ARAI LLP: Claims Filing Period Ends February 12 FLAMINGO EURO: Creditors' Claims Due on February 12 LORYNBEK-KAJY ATA: Claims Registration Ends Feb. 12 RG BRANDS: Moody's Affirms B2 Corporate Family Rating ROSBELTEKS LLP: Proof of Claim Deadline Slated for Feb. 12 SIBMOST-ASTANA LLP: Creditors Must File Claims by Feb. 7 SKS CAPITAL: Claims Filing Period Ends Feb. 7 TATYANA LLP: Creditors' Claims Due on Feb. 12 TENGIZ & K: Claims Registration Ends Feb. 7 K Y R G Y Z S T A N SCIENTIFIC MANUFACTURING: Creditors Must File Claims by Feb. 7 N E T H E R L A N D S KRATON POLYMERS: Board Taps Kevin Fogarty as President & CEO NEPTUNO CLO II: Moody's Rates EUR19 Mln Class E Notes at Ba3 P O L A N D ELEKTRIM SA: Can Stay Off Warsaw Stock Exchange After Buyback ELEKTRIM SA: Gets EUR62 Million Infusion from Unit GLIMAR SA: Fails to Secure Adequate Offers for Bankrupt Assets R U S S I A HYNIX SEMICON: Creditors Want US$4 Bln Stake Sale in First Qtr. ROSNEFT OIL: Earns EUR9.91 Billion for First Nine Months 2007 ROSNEFT OIL: Citigroup Selling Stake for US$1 Billion S W I T Z E R L A N D ANUZIN JSC: Creditors' Liquidation Claims Due by January 31 ARC SOUND: Creditors' Liquidation Claims Due by January 21 C-PUBLIC LLC: Creditors' Liquidation Claims Due by January 20 DEXAMED JSC: Creditors' Liquidation Claims Due by January 21 DSX EYECARE: Creditors' Liquidation Claims Due by January 21 ECLAIR LLC: Zug Court Starts Bankruptcy Proceedings GALBIER LLC: Creditors' Liquidation Claims Due by January 20 HELVETIA AUTOMOBILE: Creditors Must File Claims by January 28 S AIR: Creditors' Liquidation Claims Due by January 31 SACHEM LLC: Thurgau Court Closes Bankruptcy Proceedings SAIRGROUP FINANCIERE: Creditors Must File Claims by January 31 SCHROERS FLORALES: Zug Court Closes Bankruptcy Proceedings SEGULAH HOLDING: Creditors' Liquidation Claims Due by January 21 SEILER PRATTELN: Creditors' Liquidation Claims Due by January 21 T GROUP: Creditors' Liquidation Claims Due by January 31 U K R A I N E AGRICULTURAL CHEMICAL: Creditors Must File Claims by January 20 LARGOVSKY BREADRECEIVING: Creditors Must File Claims by Jan. 20 MOTORCAR PARK: Creditors Must File Claims by January 20 PODSTAVKI LLC: Creditors Must File Claims by January 20 SOFIYEVKA AGRICULTURAL: Creditors Must File Claims by January 20 SOMERS LLC: Claims Registration Deadline Set January 20 SPARTAK OJSC: Claims Registration Deadline Set January 20 WOMAN'S DOCTOR: Creditors Must File Claims by January 20 ZARIA LLC: Claims Registration Deadline Set January 20 U N I T E D K I N G D O M ASHBURY CONFECTIONERY: Appoints Vantis as Administrators BLUECREST INTERNATIONAL: Taps Liquidators from Menzies COLOURSET DISPLAY: Brings In Baker Tilly as Administrators CORNERSTONE TITAN 2006-1: Fitch Affirms Class J Notes at B DECO 8: Fitch Rates GBP8.3 Million Class G Notes atat BB DURA AUTO: Gets Lenders Consent to Amend DIP Financing Terms DURA AUTO: Seeks Approval of 2008 Management Incentive Plan EVERWHITE PLASTICS: Brings In Menzies to Administer Assets FAR EAST: M. C. Bowker Leads Liquidation Procedure JOHN ANTONY: Appoints Liquidators from Chantrey Vellacott KITCHEN AND BEDROOM: Names Matthew Colin Bowker Liquidator MICOS UK: Brings In Liquidators from Tenon Recovery NORTHERN ROCK: Fitch Downgrades Individual Ratings to F OLD CLEE: Calls In Liquidators from Tenon Recovery ORION FINANCE: S&P Cuts Ratings to D Due to Technical Default PROTEC DESIGN: Appoints Vantis as Joint Administrators QUEBECOR WORLD: Fails to Get Financing on Securitization Waivers QUEBECOR WORLD: Accepts CDN$400 Mil. Rescue Financing Proposal REFCO INC: Ex-Counsel Settles Fraud Claims for US$7.6 Million SEA CONTAINERS: Sopris Capital Reports Ownership of SCL Shares SELCOURT LTD: Taps Harrisons to Administer Assets SHAW GROUP: Increases Credit Facility to US$1 Billion SIGNATECH SYSTEMS: Joint Liquidators Take Over Operations SJS FASTFIX: Taps A. Clifton to Liquidate Assets SYNIVERSE TECH: Reports 2007 Full Year Preliminary Results TATA MOTORS: Nano Will Bring Company to Top, Research Firm Says TATA MOTORS: Plans to Test Nano Model in China & Other Markets WINDERMERE VIII: Fitch Rates GBP19.7 Million Class E Notes at BB * BOOK REVIEW: Bankruptcy: A Feast for Lawyers ********* ============= A U S T R I A ============= ACE HAUSSANIERUNG: Claims Registration Period Ends Jan. 29 ---------------------------------------------------------- Creditors owed money by LLC ACE Haussanierung (FN 164141i) have until Jan. 29 to file written proofs of claim to court-appointed estate administrator Carl Knittl at: Dr. Carl Knittl c/o Mag. Horst Winkelmayr Porzellangasse 22A/7 1090 Vienna Austria Tel: 532 47 77 Fax: 532 47 77 50 E-mail: rae@kniwi.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 12:30 p.m. on Feb. 12 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1701 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Dec. 4, 2007 (Bankr. Case No. 6 S 156/07v). Horst Winkelmayr represents Dr. Knittl in the bankruptcy proceedings. ELEKTRO PONBAUER: Creditors' Meeting Slated for Feb. 5 ------------------------------------------------------ Creditors owed money by LLC Elektro Ponbauer (FN 37702w) are encouraged to attend the creditors' meeting at 11:50 a.m. on Feb. 5. The creditors' meeting will be held at: The Land Court of St. Poelten Room 216 Second Floor Old Building St. Poelten Austria Headquartered in Goesing am Wagram, Austria, the Debtor declared bankruptcy on Dec. 6, 2007 (14 S 195/07b). Ulla Reisch serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Dr. Ulla Reisch Kremser Gasse 4 3100 St. Poelten Austria Tel: 02742/35 15 50 Fax: 02742/35 15 50-5 E-mail: office.st.poelten@ulsr.at ELFRIEDE WITZ: Claims Registration Period Ends Jan. 24 ------------------------------------------------------ Creditors owed money by LLC Elfriede Witz (FN 173709f) have until Jan. 24 to file written proofs of claim to court-appointed estate administrator Guenther Hoedl at: Dr. Guenther Hoedl c/o Dr. Andrea Simma Schulerstrasse 18 1010 Vienna Austria Tel: 513 16 55 Fax: 513 16 55 33 E-mail: Hoedl@anwaltsteam.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 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. 30, 2007 (Bankr. Case No. 5 S 134/07a). Andrea Simma represents Dr. Hoedl in the bankruptcy proceedings. ERNST NURSCHER: Creditors' Meeting Slated for Feb. 5 ---------------------------------------------------- Creditors owed money by KG Ernst Nurscher (FN 53568b) are encouraged to attend the creditors' meeting at 9:50 a.m. on Feb. 5. The creditors' meeting will be held at: The Land Court of St. Poelten Room 216 Second Floor Old Building St. Poelten Austria Headquartered in Neumarkt an der Ybbs, Austria, the Debtor declared bankruptcy on Dec. 11, 2007 (14 S 198/07v). Gerhard Taufner serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Dr. Gerhard Taufner Bahnhofstrasse 5 3390 Melk Austria Tel: 02752/5 24 66 Fax: 02752/5 25 74 E-mail: rechtsanwalt.taufner@taufner.at EXAKT LLC: Vienna Court Orders Business Shutdown ------------------------------------------------ The Trade Court of Vienna entered Dec. 5, 2007, an order shutting down the business of LLC Exakt (FN 252812h). Court-appointed estate administrator Leopold Riess recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Dr. Leopold Riess c/o Mag. Nikolaus Vogt Zeltgasse 3/12 1080 Vienna Austria Tel: 402 57 01 E-mail: law@riess.co.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Vienna (Bankr. Case No 2 S 157/07m). Nikolaus Vogt represents Dr. Riess in the bankruptcy proceedings. FRANZ WLASAK: Vienna Court Orders Business Shutdown --------------------------------------------------- The Trade Court of Vienna entered Nov. 30, 2007, an order shutting down the business of LLC Franz Wlasak (FN 104019w). Court-appointed estate administrator Johannes Jaksch recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Dr. Johannes 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 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. H.E. BAU: Creditors' Meeting Slated for Jan. 29 ----------------------------------------------- Creditors owed money by LLC H.E. Bau (FN 281669w) are encouraged to attend the creditors' meeting at 9:00 a.m. on Jan. 29. The creditors' meeting will be held at: The Land Court of Linz Hall 522 Fifth Floor Linz Austria Headquartered in Linz, Austria, the Debtor declared bankruptcy on Dec. 6, 2007 (38 S 64/07a). German Storc serves as the court- appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Mag. German Storch Buergerstrasse 62 4020 Linz Austria Tel: 0732/661861 Fax: 0732/661861-19 E-mail: storch@storch-ra.at LM-LAST MINUTE: Innsbruck Court Orders Business Shutdown -------------------------------------------------------- The Land Court of Innsbruck entered Dec. 6, 2007, an order shutting down the business of LLC LM-last minute Warenlogistik (FN 179056v). Court-appointed estate administrator Peter Planer 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. Peter Planer c/o Dr. Barbara Planer-Beranek Klostergasse 1 Villa Margit 6370 Kitzbuehel Austria Tel: 05356/66883 Fax: 05356/668844 E-mail: p.planer@aon.at Headquartered in Kufstein, Austria, the Debtor declared bankruptcy on Nov. 28, 2007 (Bankr. Case No 7 S 68/07w). Barbara Planer-Beranek represents Dr. Planer in the bankruptcy proceedings. MAKUSZOVICH TROCKENBAU: Claims Registration Period Ends Jan. 21 --------------------------------------------------------------- Creditors owed money by KEG MAKUSZOVICH TROCKENBAU (FN 275482x) have until Jan. 21 to file written proofs of claim to court- appointed estate administrator Katharina Pitzal at: Mag. Katharina Pitzal c/o Dr. Hannelore Pitzal Paulanergasse 9 1040 Vienna Austria Tel: 587 31 11, 587 31 12 Fax: 587 87 50-50 E-mail: office@pitzal-partner.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on Feb. 4 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1705 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Dec. 4, 2007 (Bankr. Case No. 3 S 153/07f). Hannelore Pitzal represents Mag. Pitzal in the bankruptcy proceedings MEISEL-TECHNIK: Claims Registration Period Ends Jan. 22 ------------------------------------------------------- Creditors owed money by LLC Meisel-Technik Engineering (FN 195515y) have until Jan. 22 to file written proofs of claim to court-appointed estate administrator Johannes Jaksch at: Dr. Johannes Jaksch Landstrasser Hauptstrasse 1/2 1030 Vienna Austria Tel: 713 44 33, 713 34 05 Fax: 713 10 33 E-mail: kanzlei@jsr.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 a.m. on Feb. 5 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1607 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Dec. 4, 2007 (Bankr. Case No. 28 S 147/07g). OEZTUERK OEG: Creditors' Meeting Slated for Jan. 28 --------------------------------------------------- Creditors owed money by OEG Oeztuerk (FN 237395k) are encouraged to attend the creditors' meeting at 2:15 p.m. on Jan. 28. 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 Dec. 7, 2007 (19 S 120/07f). 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 Tel: 05442/63 0 29 Fax: 05442/63 0 29 14 E-mail: RA-LL@aon.at P & M BAU: Claims Registration Period Ends Jan. 29 -------------------------------------------------- Creditors owed money by LLC P & M Bau u. Handel (FN 242130z) have until Jan. 29 to file written proofs of claim to court- appointed estate administrator Kurt Freyler at: Dr. Kurt Freyler c/o Dr. Hans Rant Seilerstatte 5 1010 Vienna Austria Tel: 513 31 65 Fax: 512 20 01 E-mail: ra-kanzlei@rant-freyler.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 12:15 p.m. on Feb. 12 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1701 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Dec. 4, 2007 (Bankr. Case No. 6 S 155/07x). Hans Rant represents Dr. Freyler in the bankruptcy proceedings. POSTMANN & MESZAROS: Creditors' Meeting Slated for Jan. 28 ---------------------------------------------------------- Creditors owed money by OEG Postmann & Meszaros (FN 284580a) are encouraged to attend the creditors' meeting at 11:00 a.m. on Jan. 28. The creditors' meeting will be held at: The Land Court of Eisenstadt Hall F Eisenstadt Austria Headquartered in Stegersbach, Austria, the Debtor declared bankruptcy on Dec. 5, 2007 (26 S 161/07i). Andrea Eisner serves as the court-appointed estate administrator of the bankrupt's estate. The estate administrator can be reached at: Mag. Andrea Eisner Grazer Strasse 28 7551 Stegersbach Austria Tel: 03326/52761 Fax: 03326/52781 E-mail: office@ra-eisner.at SARKOEZI LLC: Claims Registration Period Ends Jan. 29 ----------------------------------------------------- Creditors owed money by LLC SARKOEZI (FN 287035k) have until Jan. 29 to file written proofs of claim to court-appointed estate administrator Philipp Dobner at: Dr. Philipp Dobner c/o Dr. Peter Schulyok Mariahilfer Strasse 50 1070 Vienna Austria Tel: 523 62 00 Fax: 526 72 74 E-mail: dobner@sup.at Creditors and other interested parties are encouraged to attend the creditors' meeting at noon on Feb. 12 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1701 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Dec. 3, 2007(Bankr. Case No. 6 S 154/07z). Peter Schulyok represents Dr. Dobner in the bankruptcy proceedings. UMFORMTECHNIK LLC: Leoben Court Orders Business Shutdown -------------------------------------------------------- The Land Court of Leoben entered Dec. 4, 2007, an order shutting down the business of LLC Umformtechnik (FN 245350i). Court-appointed estate administrator Helmut Fetz recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Dr. Helmut Fetz Hauptplatz 11 8700 Leoben Austria Tel: 03842-42751 Fax: 03842-42751-40 E-mail: offic@fetz-fetz.at Headquartered in Leoben, Austria, the Debtor declared bankruptcy on Nov. 29, 2007 (Bankr. Case No 17 S 99/07p). ============= B E L G I U M ============= FEDERAL MOGUL: Board Appoints Carl Icahn as Non-Exec. Chairman -------------------------------------------------------------- The Board of Directors of Federal-Mogul Corporation has elected Carl Icahn as its non-executive Chairman. The Federal-Mogul Board will be composed of, among others, Mr. Icahn and three of his associates, the Associated Press reports. The company's confirmed Plan of Reorganization provides an affiliate of Mr. Icahn an option to purchase certain shares of common stock of Reorganized Federal-Mogul held by the Asbestos Trust. Thornwood Associates is one of Mr. Icahn's affiliates. Mr. Icahn has a 75.24% stake in the class A common stock of Federal-Mogul, according to Reuters. "I am very pleased that a financially strong Federal-Mogul has finally emerged from the bankruptcy process. Additionally and most importantly, Federal-Mogul will no longer be hampered by asbestos litigation. I wish to thank and congratulate all those who have worked with me throughout the last six years to accomplish this. I also wish to extend my thanks to Jose Maria Alapont, our President and CEO, who has so successfully guided the operations of Federal-Mogul during the last three years," Mr. Icahn said in a press release. Federal-Mogul President and Chief Executive Officer Jose Maria Alapont said, "We have very positive relations with Carl Icahn and we welcome him as non-executive Chairman. We remain committed to our strategy for sustainable global profitable growth in all areas of our business and to create value for our customers, shareholders and employees." Federal-Mogul shares were down 10 cents in recent trading at US$19.50, AP relates. About Federal-Mogul Federal-Mogul Corporation -- http://www.federal-mogul.com/-- (OTCBB: FDMLQ) is a global supplier, serving the world's foremost original equipment manufacturers of automotive, light commercial, heavy-duty, agricultural, marine, rail, off-road and industrial vehicles, as well as the worldwide aftermarket. Founded in Detroit in 1899, the company is headquartered in Southfield, Michigan, and employs 45,000 people in 35 countries. Aside from the U.S., Federal-Mogul also has operations in other locations which includes, Mexico, Malaysia, Australia, Belgium, China, India, Japan, Korea, Poland, Thailand, United Kingdom, among others. The Company filed for chapter 11 protection on Oct. 1, 2001 (Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown & Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl & Jones, P.C., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed US$10.15 billion in assets and US$8.86 billion in liabilities. Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based at Dudley Hill, Bradford. Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq., at The Bayard Firm represent the Official Committee of Unsecured Creditors. On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan. They submitted a Disclosure Statement explaining that plan on April 21, 2003. They submitted several amendments and on June 6, 2004, the Bankruptcy Court approved the Third Amended Disclosure Statement for their Third Amended Plan. On July 28, 2004, the District Court approved the Disclosure Statement. The estimation hearing began on June 14, 2005. The Debtors submitted a Fourth Amended Plan and Disclosure Statement on Nov. 21, 2006, and the Bankruptcy Court approved that Disclosure Statement on Feb. 6, 2007. The Fourth Amended Plan was confirmed by the Bankruptcy Court on Nov. 8, 2007, and affirmed by the District Court on Nov. 14. * * * As reported in the Troubled Company Reporter on Jan. 10, 2008, Moody's Investors Service confirmed the ratings of the reorganized Federal-Mogul Corporation -- Corporate Family Rating, Ba3; Probability of Default Rating, Ba3; and senior secured bank credit facilities, Ba2. The outlook is stable. The financing for the company's emergence from Chapter 11 bankruptcy protection has been funded in line with the structure originally rated by Moody's in a press release dated Nov. 28, 2007. As reported in the Troubled Company Reporter on Jan. 7, 2008, Standard & Poor's Ratings Services assigned its 'BB-' corporate credit rating to Southfield, Michigan-based Federal-Mogul Corp. following the company's emergence from Chapter 11 on Dec. 27, 2007. The outlook is stable. FLOWSERVE CORP: 2007 Full Year Bookings Up 19% to 4.3 Billion ------------------------------------------------------------- Flowserve Corp. reported record bookings for both the fourth quarter and full year of 2007. Fourth quarter bookings were up 19 percent over the prior year quarter to approximately US$1.1 billion, while full year bookings increased 19 percent over 2006 to US$4.3 billion. Fourth quarter 2007 bookings increased approximately 19 percent, to a record of approximately US$1.1 billion, including currency benefits of approximately US$75 million. This compares to bookings of US$934 million in the same period a year ago. Full year 2007 bookings increased about 19 percent, to a record of approximately US$4.3 billion, including currency benefits of approximately US$200 million. This compares to bookings of US$3.6 billion for full year 2006. "We are very pleased with our continued strong bookings growth and are excited about the outlook for 2008 due to the robust markets we are seeing," said Lewis Kling, Flowserve's President and Chief Executive Officer. "We also believe that our strong execution abilities are enabling us to take market share from our competitors." About Flowserve Headquartered in Irving, Texas, Flowserve Corp. (NYSE: FLS) -- http://www.flowserve.com/-- provides fluid motion and control products and services. Operating in 56 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. Flowserve has operations in Dominican Republic, Guatemala, Guyana, Belize, Belgium, Netherlands, Indonesia, Singapore, Japan, among others. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 20, 2007, Moody's Investors Service affirmed Flowserve Corporation's corporate family rating at Ba3 and probability of default at B1. Moody's also affirmed the Ba2 rating to the company's senior secured term loan and assigned a Ba2 rating to Flowserve's senior secured revolving credit facility. SOLUTIA INC: Reaches Settlement with Senior Secured Noteholders --------------------------------------------------------------- Solutia Inc. has reached a settlement with the Bank of New York, as indenture trustee for Solutia's 11.25% senior secured notes due 2009, and holders of the 2009 notes representing the requisite principal amount needed to direct the trustee to enter into the settlement terms. Under the terms of the settlement, the noteholders will receive US$220.5 million in cash plus all accrued but unpaid interest through the effective date of Solutia's plan of reorganization. Solutia anticipates the effective date of its plan of reorganization will be later this month. This settlement is subject to approval by the U.S. Bankruptcy Court for the Southern District of New York. 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; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). ============= D E N M A R K ============= BIO-RAD LABORATORIES: S&P Upgrades Corporate Credit Rating ---------------------------------------------------------- Standard & Poor's Ratings Services raised its corporate credit rating on Hercules, California-based Bio-Rad Laboratories Inc. to 'BBB-' from 'BB+' following a review of the company's financial policies. "The upgrade reflects our expectation that Bio-Rad will maintain a financial risk profile appropriate for an investment-grade rating while conducting small acquisitions," said Standard & Poor's credit analyst David Lugg, "with significant acquisitions a rare event following by rapid deleveraging." Headquartered in Hercules, California, Bio-Rad Laboratories, Inc. (AMEX: BIO) (AMEX: BIOb) -- http://www.bio-rad.com/-- is a multinational manufacturer and distributor of life science research products and clinical diagnostics. It serves more than 85,000 research and industry customers worldwide through its global network of operations. The company employs over 5,000 people globally and had revenues of nearly US$1.3 billion in 2006. Aside from the United State, the company maintains operations in Bulgaria, Canada, Denmark, Greece, India, Philippines, Taiwan, and The Netherlands, Brazil, El Salvador, Mexico and Puerto Rico. =========== F R A N C E =========== CHARLES JOURDAN: Liquidator to Give Update by Early February ------------------------------------------------------------ Christophe Roumezi, the court-appointed liquidator for Charles Jourdan, will disclose an update on any acquisition offers for the company's assets by late January or early February 2008, Financial Times Ltd. reports, citing Les Echos as its source. According to the report, Mr. Roumezi assessed that the cost of safeguarding the company's assets and its cash levels means that the deadline should be brought forward to no later than the end of February 2008. Headquartered in Romans Sur Isere, France, Charles Jourdan -- http://www.charles-jourdan.fr/-- manufactures luxury footwear. As reported in the TCR-Europe, the commercial court in Romans- sur-Isere placed Charles Jourdan into liquidation on Dec. 17, 2007, after U.S. firm Omniscent withdrew its offer to acquire the company's assets. The court placed Charles Jourdan in compulsory administration on Sept. 12, 2007, after it filed for redressment judiciaire, the French equivalent of Chapter 11 bankruptcy protection, for the second time. The company first filed for bankruptcy on Aug. 22, 2005. Avendis and Finaluxe bought the company on Nov. 2, 2005. DELPHI CORP: Expands Supply Contract with VaST Systems ------------------------------------------------------ Delphi Corp. has expanded its contract with VaST Systems to supply virtualization solutions. Delphi Electronics & Safety Division uses VaST's solutions to help develop electronic control unit (ECU) software. VaST helps Delphi develop software without requiring hardware prototypes. The use of VaST virtualization solutions can bring deeper visibility and controllability to the software design process helping to net higher quality products. "Automotive electronic systems are experiencing exponential growth in software complexity with the growing expectation of improving product quality," said Frank Winters, Delphi Electronics & Safety manager of design methodology. "VaST's solutions help Delphi manage complexity." "Delphi is a leader in automotive electronics and a key customer in one of our most important market segments. Delphi's use of VaST solutions is indicative of an industry trend toward virtualized electronic system development. We are extremely pleased to provide Delphi with solutions that help them extend their leadership by delivering superior, differentiated products," said Jeff Roane, vice president of marketing at VaST. About VaST VaST Systems drives electronics virtualization. With VaST virtualization electronics companies develop software before hardware, enable early software development by ecosystem partners. About Delphi Corp. 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 will expire on Dec. 31, 2007. On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan of Reorganization and a Disclosure Statement explaining that Plan. On Dec. 10, 2007, the Court entered an order approving the Debtors' Disclosure Statement. The hearing to consider confirmation of the Plan is set for Jan. 17, 2008. DELPHI CORP: Obtains "Broad-Based" Support on Plan -------------------------------------------------- Delphi Corp. reported the voting results for its First Amended Joint Plan of Reorganization to the U.S. Bankruptcy Court for the Southern District of New York. Voting by classes of creditors and holders of interests, including shareholders, entitled to vote on the Plan illustrates broad-based support for the Plan, the company said in a news release. Of the more than 4,000 ballots cast by general unsecured creditors voting on the Plan, 3,329 or 81% of all voting creditors aggregated across classes voted to accept the Plan -- excluding ballots cast by GM, plaintiffs in the multi-district litigation and holders of interests. Of the total amount voted by all general unsecured creditor classes, 78% or US$2,083,647,859.13 voted to accept the Plan. 100% of the ballots cast in the GM and MDL classes voted to accept the Plan in the respective amounts of US$2.57 billion and US$57.2 million. Of the approximately 217,000,000 shares voted by shareholders, 78% or 170,297,851 shares voted to accept the Plan. The broad-based support expressed by creditors and shareholders of Delphi Corporation and its principal subsidiaries holding its US and global businesses was reflected in the votes of each of the principal segments of the general unsecured creditor class of the Delphi-DAS Debtors (Class 1C). More than 70% of the ballots cast and 70% of the total dollar amount voted by Delphi's senior note claims, TOPrS claims, and all other claims, including trade claims, segments each voted separately to accept the Plan. The company noted that one of the classes in one of the subsidiary debtors (Delphi Diesel Systems Corp. - Class 6C) rejected the Plan because less than two-thirds in amount of the ballots cast supported the Plan. In addition, depending on whether the Bankruptcy Court allows certain other contested ballots to be counted, one additional class in each of two additional subsidiary debtors (Connection System Debtors - Class 3C and Delco Electronics Overseas Corporation - Class 5C) will have rejected the Plan based on a reduction in the percentage of dollar amounts voted in favor of the Plan below the statutory threshold. Although no assurances can be made, Delphi believes that the Plan satisfies the requirements of the Bankruptcy Code and is confirmable notwithstanding the rejection of the Plan by certain classes. A confirmation hearing on the Plan is scheduled to begin on Jan. 17, 2008. Headquartered in Troy, Michigan, Delphi Corporation (PINKSHEETS: 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. 107; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) ============= G E R M A N Y ============= AMBIENTE HOTEL: Claims Registration Period Ends Feb. 4 ------------------------------------------------------ Creditors of Ambiente Hotel Ruetli GmbH have until Feb. 4 to register their claims with court-appointed insolvency manager Cornelia Moenert. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Feb. 25, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Cornelia Moenert Lise-Meitner-Str. 13 33605 Bielefeld Germany The District Court of Bielefeld opened bankruptcy proceedings against Ambiente Hotel Ruetli GmbH on Jan. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Ambiente Hotel R�tli GmbH Osningstr. 245 33605 Bielefeld Germany Attn: Kirsten Knoop, Manager An der Egge 78 45527 Hattingen Germany BREGLER DENTAL-LABOR: Claims Registration Ends Feb. 8 ----------------------------------------------------- Creditors of Bregler Dental-Labor GmbH & Co. KG have until Feb. 8 to register their claims with court-appointed insolvency manager Ulrich Nehrig. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Feb. 15, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Offenburg Hall 108 Hindenburgstr. 5 77654 Offenburg Germany The Court will also verify the claims set out in the insolvency manager's report at 10:00 a.m. on April 8, at the same venue. The insolvency manager can be reached at: Ulrich Nehrig Schillerstr. 2 79102 Freiburg Germany The District Court of Offenburg opened bankruptcy proceedings against Bregler Dental-Labor GmbH & Co. KG on Jan. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bregler Dental-Labor GmbH & Co. KG Attn: Dr. Claus Bregler, Manager Industriestr. 25 77656 Offenburg-Elgersweier Germany BUERO AKTIV-CENTER: Creditors' Meeting Slated for Jan. 23 --------------------------------------------------------- The court-appointed insolvency manager for Buero Aktiv-Center GmbH, Jochen Hedderich will present his first report on the Company's insolvency proceedings at a creditors' meeting at 11:00 a.m. on Jan. 23. The meeting of creditors and other interested parties will be held at: The District Court of Wetzlar Meeting Hall 201 Building B Second Stock Wetherstr. 1 35578 Wetzlar Germany The Court will also verify the claims set out in the insolvency manager's report at 8:00 a.m. on March 17, at the same venue. Creditors have until Feb. 11 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Jochen Hedderich GF 54 Wertherstrasse 14 A 35578 Wetzlar Germany Tel: 06441 /948 20 Fax: 06441 /948 222 E-mail: kanzlei@wsr-net.de The District Court of Wetzlar opened bankruptcy proceedings against Buero Aktiv-Center GmbH on Jan. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Buero Aktiv-Center GmbH Attn: Reiner Flick, Manager Karl-Kellner-Ring 45 35576 Wetzlar Germany CITY SCHUTZ: Claims Registration Ends February 12 ------------------------------------------------- Creditors of City Schutz GmbH have until Feb. 12 to register their claims with court-appointed insolvency manager Dr. Nils Freudenberg. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on March 25, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Chemnitz Hall 24 Fuerstenstrasse 21-23 09130 Chemnitz Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Nils Freudenberg Ulmenstrasse 14 09112 Chemnitz Germany Tel: (0371) 38 22 60 Fax: (0371) 38 22 623 Web site: http://www.tiefenbacher.de/ The District Court of Chemnitz opened bankruptcy proceedings against City Schutz GmbH on Jan. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: City Schutz GmbH Attn: Maik Schroeder, Manager Markersdorfer Strasse 45/47 09123 Chemnitz Germany EGNER-BAU GMBH: Claims Registration Period Ends Feb. 8 ------------------------------------------------------ Creditors of Egner-Bau GmbH & Co. KG have until Feb. 8 to register their claims with court-appointed insolvency manager Harry Kressl. Creditors and other interested parties are encouraged to attend the meeting at 2:50 p.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 Mosbach Meeting Hall 12 Lohrtalweg 2 74821 Mosbach 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: Harry Kressl Uhlandstr. 57-61 74072 Heilbronn Germany Tel: 07131/965415 The District Court of Mosbach opened bankruptcy proceedings against Egner-Bau GmbH & Co. KG on Jan. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Egner-Bau GmbH & Co. KG German Egner Steige 57 74842 Billigheim-Sulzbach Germany FUERST FENSTERBAU: Claims Registration Period Ends Feb. 5 --------------------------------------------------------- Creditors of FUERST Fensterbau GmbH have until Feb. 5 to register their claims with court-appointed insolvency manager Thomas Wulsten. Creditors and other interested parties are encouraged to attend the meeting at 10:50 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 Frankfurt (Oder) Hall 401 Muellroser Chaussee 55 15236 Frankfurt (Oder) Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Thomas Wulsten Rudolf-Breitscheid-Strasse 33 14482 Potsdam Germany The District Court of Frankfurt (Oder) opened bankruptcy proceedings against FUERST Fensterbau GmbH on Jan. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: FUERST Fensterbau GmbH Gewerbeparkring 1 15517 Fuerstenwalde Germany GETRANKE BROSSARDT: Claims Registration Ends February 12 -------------------------------------------------------- Creditors of Getranke Brossardt GmbH have until Feb. 12 to register their claims with court-appointed insolvency manager Alexander Hoepfner. Creditors and other interested parties are encouraged to attend the meeting at 9:30 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 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 this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Alexander Hoepfner Feldbergstr. 45-47 68163 Mannheim Germany Tel: 0621/810 974 0 The District Court of Mannheim opened bankruptcy proceedings against Getranke Brossardt GmbH on Jan. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Getranke Brossardt GmbH Attn: Dr. Achim Strecker, Manager Grabengarten 5 76829 Landau Germany H HOEVEL GMBH: Claims Registration Period Ends Feb. 5 ----------------------------------------------------- Creditors of H. Hoevel GmbH & Co. KG have until Feb. 5 to register their claims with court-appointed insolvency manager Helge Wachsmuth. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Feb. 29, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hildesheim Hall 124 Main Building Kaiserstrasse 60 31134 Hildesheim 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: Helge Wachsmuth Alexanderstr. 2 30159 Hannover Germany Tel: 0511/325095 Fax: 0511/329934 The District Court of Hildesheim opened bankruptcy proceedings against H. Hoevel GmbH & Co. KG on Jan. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: H. Hoevel GmbH & Co. KG Junkersstr. 2 31137 Hildesheim Germany HERBERT KRAUSE: Claims Registration Period Ends Feb. 4 ------------------------------------------------------ Creditors of Herbert Krause Dental-Labors GmbH have until Feb. 4 to register their claims with court-appointed insolvency manager Dr. Axel Kulas. Creditors and other interested parties are encouraged to attend the meeting at 9:30 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 Tuebingen Hall 208 Second Floor Branch Office Schulberg 14 72074 Tuebingen 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. Axel Kulas Gansheidestr. 43 70184 Stuttgart Germany Tel: 0711/70707580 Fax: 0711/7070758-8 The District Court of Tuebingen opened bankruptcy proceedings against Herbert Krause Dental-Labors GmbH on Jan. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Herbert Krause Dental-Labors GmbH Spesshardter Weg 35 75365 Calw Germany Attn: Rolf Krause, Manager Merkurstrasse 3 24943 Flensburg Germany IMOBILA BAUTRAEGER: Claims Registration Period Ends Feb. 1 ---------------------------------------------------------- Creditors of IMOBILA Bautraeger GmbH have until Feb. 1 to register their claims with court-appointed insolvency manager Arno Wolf. Creditors and other interested parties are encouraged to attend the meeting at 9:10 a.m. on March 10, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Frankfurt/Main Hall 2 Building F Klingerstrasse 20 60313 Frankfurt/Main 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: Arno Wolf Minnholzweg 2b 61476 Kronberg Germany Tel: 06173/78340 Fax: 06173/783422 E-Mail: wolf@ra-amend.de Web: http://www.ra-amend.de/ The District Court of Frankfurt/Main opened bankruptcy proceedings against IMOBILA Bautraeger GmbH on Dec. 12, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: IMOBILA Bautraeger GmbH Hauptstrasse 332 65760 Eschborn Germany JM MARKETING: Claims Registration Ends February 13 -------------------------------------------------- Creditors of JM Marketing GmbH have until Feb. 13 to register their claims with court-appointed insolvency manager Stephan Haspel. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on March 13, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Landau in der Pfalz Hall 223 Marienring 13 76829 Landau in der Pfalz 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 Haspel Friedrich-Ebert-Str. 7 76829 Landau in der Pfalz Germany Tel: 06341-51020 Fax: 06341-510229 The District Court of Landau in der Pfalz opened bankruptcy proceedings against JM Marketing GmbH on Dec. 31, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: JM Marketing GmbH Attn: GF Joerg Mattern, Manager Taubensuhlstr. 3 76829 Landau in der Pfalz Germany MODEHAUS LANG: Claims Registration Period Ends Feb. 10 ------------------------------------------------------ Creditors of Modehaus Lang GmbH have until Feb. 10 to register their claims with court-appointed insolvency manager Wolfgang Petereit. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on March 10, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Mainz Hall 75 Building B Ernst-Ludwig Strasse 7 55116 Mainz 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. Wolfgang Petereit GF 48 Kaiserstrasse 24a D 55116 Mainz Germany Tel: 06131/626080 Fax: 06131/6260813 The District Court of Mainz opened bankruptcy proceedings against Modehaus Lang GmbH on Dec. 21, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Modehaus Lang GmbH Attn: Torsten Lang, Manager Bitzer Pfad 8 55270 Ober-Olm Germany PHOENIX LOGISTIK: Claims Registration Ends February 11 ------------------------------------------------------ Creditors of Phoenix Logistik GmbH have until Feb. 11 to register their claims with court-appointed insolvency manager Walter Broehan. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on March 3, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Luebeck Hall 256 Am Burgfeld 7 23568 Luebeck Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Walter Broehan Muehlenstrasse 56 23552 Luebeck Germany The District Court of Luebeck opened bankruptcy proceedings against Phoenix Logistik GmbH on Jan. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Phoenix Logistik GmbH Attn: Holger Kamenz, Manager Spenglerstrasse 9 23556 Luebeck Germany PIN GROUP: Begins Sales Offensive Against Deutsche Post ------------------------------------------------------- PIN Group AG has commenced a sales offensive aimed at winning business customers from rival Deutsche Post, the Financial Times reports, citing Frankfurter Allgemeine Zeitung. As previously reported in the TCR-Europe on Jan. 10, 2008, citing Handelsblatt as its source, a representative for Deutsche Post revealed that 50 PIN customers switched to the company in the past two to three months, claiming quality problems as the reason for the defection. Thomas Schulz, a spokesman for PIN, denied these claims, adding the company has won new customers during the said period. PIN, however, is expected to remain under pressure from Deutsche Post's higher discounts for business customers, FT relates. Disposal Meanwhile, Horst Piepenburg, head of the management board at PIN, is looking to sell the company as a whole as he tries to avert further insolvencies, which has totaled to 17, Thomson Financial News says. Mr. Piepenburg told Thomson Financial the company has attracted interest from financial and strategic investors from Germany and abroad. Oesterreichische Post and Swiss Post earlier dismissed a Handelsblatt report that they were interested in acquiring the company, Thomson Financial reveals. Minimum Wage Impact Mr. Piepenburg also hopes to continue operations at the group's insolvent units. As previously stated in a TCR-Europe report, the insolvencies came after publishing group Axel Springer AG, which owns a 63.7% stake in PIN, resolved to stop funding the company following the German government's decision to introduce minimum wages of EUR8- EUR9.80 for the postal industry. Springer argued the minimum wage curbs competition and gives market leader Deutsche Post AG a monopoly. Mr. Piepenburg disclosed that the minimum wage would cost PIN up to EUR45 million in 2008, although "most of the costs are expected to be covered by a form of state reimbursement," he was quoted by Die Zeit as saying. About PIN Group AG PIN Group AG -- http://www.pin-group.net/-- is the second- largest provider in the German mail services market. The group has more than 60 regional subsidiaries, and in 2006 became a national integrated provider by setting up an efficient nationwide distribution network. PIN currently covers around 96 %of Germany primarily through its own distributional networks complemented by regional co-operations. PIN was founded in September 2005 by Axel Springer AG, WAZ Media Group, Georg von Holtzbrinck Publishing Group and Luxembourg- based Rosalia AG, when the stakeholders bundled their respective mail service activities. PIN reported consolidated revenues of EUR168.3 million for the 2006 financial year. The group generated 68% of its earnings through regional mail service activities with the remaining 32% coming from national mail services. In the first quarter of 2007 the company's revenues rose to EUR71.3 million versus EUR30 million in the first quarter of 2006. The company expects revenues to more than double in the current year. On the basis of market share growth PIN Group aims at achieving revenues of EUR1.5 to EUR2 billion by 2015. S KUSCHEL GMBH: Claims Registration Period Ends Feb. 5 ------------------------------------------------------ Creditors of Bau GmbH S. Kuschel have until Feb. 5 to register their claims with court-appointed insolvency manager Katrin Bringezu. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on March 4, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Leipzig Hall 056 Ground Floor Enforcement Court Bernhard Goering Strasse 64 04275 Leipzig Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Katrin Bringezu Prager Strasse 34 04317 Leipzig Germany Tel: 0341/486930 Fax: 0341/4869393 E-mail: leipzig@hbml.de The District Court of Leipzig opened bankruptcy proceedings against Bau GmbH S. Kuschel on Dec. 27, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bau GmbH S. Kuschel Eschenweg 6 04509 Delitzsch Germany SPORTANLAGE SCHEESSEL: Claims Registration Period Ends Jan. 31 -------------------------------------------------------------- Creditors of Sportanlage Scheessel Verwaltungs GmbH have until Jan. 31 to register their claims with court-appointed insolvency manager Dr. Christian Willmer. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Feb. 25, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Walsrode Hall 130 Lange Strasse 29-33 29664 Walsrode 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. Christian Willmer Georgstrasse 5 27283 Verden/Aller Germany Tel: (042 31) 88445 Fax: (042 31) 88455 The District Court of Walsrode opened bankruptcy proceedings against Sportanlage Scheessel Verwaltungs GmbH on Jan. 3. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Sportanlage Scheessel Verwaltungs GmbH Helvesieker Weg 70 27383 Scheessel Germany Attn: Karl-Heinz Wolters, Manager Helvesieker Weg 72 27383 Scheessel Germany STUTE WASCHEREI: Claims Registration Period Ends Jan. 31 -------------------------------------------------------- Creditors of Stute Wascherei GmbH have until Jan. 31 to register their claims with court-appointed insolvency manager Dr. Anja Commandeur. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m on March 13, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bochum Hall A29 Ground Floor Main Building Viktoriastrasse 14 44787 Bochum 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. Anja Commandeur Koenigsallee 200 44799 Bochum Germany The District Court of Bochum opened bankruptcy proceedings against Stute Wascherei GmbH on Dec. 21, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Stute Wascherei GmbH Attn: Bettina Bonk- Stute An den Lothen 25 44892 Bochum Germany VASOLD GETRANKE: Claims Registration Period Ends Feb. 8 ------------------------------------------------------- Creditors of Vasold Getranke GmbH Getrankefachgrosshandel have until Feb. 8 to register their claims with court-appointed insolvency manager Werner Poehlmann. Creditors and other interested parties are encouraged to attend the meeting at 1:30 p.m. on Feb. 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 Weiden Boardroom 116/I Justice Building Ledererstrasse Nr. 9 92637 Weiden Germany The Court will also verify the claims set out in the insolvency manager's report at 1:30 p.m. on April 1, at the same venue. The insolvency manager can be reached at: Dr. Werner Poehlmann Aussere Sulzbacher Str. 118 90491 Nuremberg Germany Tel: 0911/59890-0 The District Court of Weiden opened bankruptcy proceedings against Vasold Getranke GmbH Getrankefachgrosshandel on Jan. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Vasold Getranke GmbH Getrankefachgrosshandel Attn: Joachim Vasold, Manager Philip-Karl-Str. 16 92637 Weiden Germany WILHELM OTTO: Claims Registration Ends February 11 -------------------------------------------------- Creditors of Wilhelm Otto Duesberg GmbH have until Feb. 11 to register their claims with court-appointed insolvency manager Bernd Depping. Creditors and other interested parties are encouraged to attend the meeting at 1:30 p.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 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: Bernd Depping Alfredstr. 108-112 45131 Essen Germany Tel: (0201) 879040 The District Court of Essen opened bankruptcy proceedings against Wilhelm Otto Duesberg GmbH on Jan. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Wilhelm Otto Duesberg GmbH Attn: Klaus Duesberg, Manager Hohefeldstr. 19-30 46284 Dorsten Germany ============= I R E L A N D ============= EIRLES TWO: Moody's Cuts Rating to Caa2 on Series 129 Notes ----------------------------------------------------------- Moody's Investors Service downgraded to Caa2 under review for downgrade from Ba2 under review for downgrade the Series 129 US$4,673,478 Variable Interest Limited Recourse Secured Notes due 2035 relating to the Class 2 AV-3 Asset-Backed Certificates Series 2004-10 of CWABS Asset-Backed Certificates Trust 2004-10, issued by Eirles Two Limited. Moody's said the action follows the downgrade to B2 from Baa3 of the US$4,673,478 Puttable Floating Rate Notes due Feb. 25, 2010, issued by the structured investment vehicle Stanfield Victoria Finance Ltd which collateralize these Notes. The rating action on the Victoria Notes is as a result of the occurrence of an Enforcement Event on Jan. 8, 2008 that followed a rating downgrade of Victoria Finance's senior debt. The action was also prompted by uncertainty on the course of action that will be pursued by the Collateral Agent, as guided by senior debt investors and the courts. The Notes are also credit-linked to the Aaa rated Class 2 AV-3 Asset-Backed Certificates Series 2004-10 of CWABS Asset-Backed Certificates Trust 2004-10 and incorporate a swap agreement with Deutsche Bank AG (London Branch), currently rated Aa1 ("DB"). Moody's rating is based on the credit quality of the Victoria Notes, the CWABS Certificates and the general structural integrity of the transaction. Given the occurrence of an event of default on the Victoria Notes, there is a high likelihood the repack transaction will unwind and Noteholders would then receive the liquidation proceeds from the Victoria Notes plus or minus any swap termination payment which would include the mark-to-market gain or loss on the CWABS Certificates. This additional source of risk results in the lower rating of the Series 129 Notes relative to the Victoria Notes. Eirles Two Limited is a special purpose company located in Ireland and established for the purpose of repackaging debt securities. ========= I T A L Y ========= CARROZZERIA BERTONE: Bankruptcy Court Rules on Administration ------------------------------------------------------------- A bankruptcy tribunal in Turin, Italy, initiated administration proceedings against Carrozzeria Bertone S.p.A. ruling that the company should be run by a government-appointed commissioner, the Financial Times reports, Carrozzeria citing La Stampa as its source. Bertone Chairperson Lilli Bertone expressed her satisfaction over the ruling saying the efforts made to protect workers and re-launch the business paid off, Financial Times says. Ms. Bertone disclosed on Jan. 1, 2008, that she plans to sell the company to Domenico Reviglio, the founder and President of Gruppo Prototipo, best known as owner of Nardo test track. Ms. Bertone told La Stampa that she would press ahead with the business plan. The company's 1,300 strong-workforce is currently paid under a state funded scheme, which expired on Dec. 31, 2007. By falling into administration, the staff will have their temporary layoff payments extended for another two years, Financial Times notes. Headquarterd in Turin, Italy, Carrozzeria Bertone S.p.A. -- http://www.bertone.it/-- manufactures car for the Bertone Group. The company does the product and process engineering for all of its products and handles the entire manufacturing cycle. As previously reported in the Troubled Company Reporter-Europe, Bertone filed for bankruptcy protection in November 2007 after accumulating EUR37.3 million in losses for the past three years. Bertone filed for concordato preventivo -- similar to a Chapter 11 bankruptcy petition in the U.S. -- which prevents creditors to collect payments while the company reorganizes. The filing foresees Bertone's management overseeing the reorganization. The company, however, excluded its design, engineering and glass businesses from the filing. =================== K A Z A K H S T A N =================== AKTOBE METROLOG: Proof of Claim Deadline Slated for Feb. 8 ---------------------------------------------------------- LLP Aktobe Metrolog has declared insolvency. Creditors have until Feb. 8 to submit written proofs of claims to: LLP Aktobe Metrolog Sankibai batyr Str. 173-150 Aktobe Aktube Kazakhstan ALMATY FINANCE: Creditors Must File Claims by Feb. 7 ---------------------------------------------------- Branch of LLP Microcredit Organization - Almaty Finance has declared insolvency. Creditors have until Feb. 7 to submit written proofs of claims to: LLP Microcredit Organization - Almaty Finance Office 1 Gogol Str. 31 Karaganda Kazakhstan ARAI LLP: Claims Filing Period Ends February 12 ----------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan has declared LLP Arai insolvent. Creditors have until Feb. 12 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of South Kazakhstan Loginov Str. 27 Kentau South Kazakhstan Kazakhstan FLAMINGO EURO: Creditors' Claims Due on February 12 --------------------------------------------------- LLP Flamingo Euro has declared insolvency. Creditors have until Feb. 12 to submit written proofs of claims to: LLP Flamingo Euro Tolstoy Str. 53 Kostanai Kazakhstan Tel: 8 (3142) 50-99-56 LORYNBEK-KAJY ATA: Claims Registration Ends Feb. 12 --------------------------------------------------- LLP Orynbek-Kajy Ata has declared insolvency. Creditors have until Feb. 12 to submit written proofs of claims to: LLP Orynbek-Kajy Ata Kojanov Str. Jetysai Mahtaaralsky District South Kazakhstan Kazakhstan RG BRANDS: Moody's Affirms B2 Corporate Family Rating ----------------------------------------------------- Moody's Investors Service affirmed the B2 corporate family rating of OJSC RG Brands, one of the leading food manufacturers and distributors of household products in Kazakhstan, but changed the rating outlook to negative from stable. These ratings were affected: -- B2 Corporate Family Rating and Probability of Default Rating The change in the rating outlook to negative takes account of a number of factors. "Firstly, Moody's recognizes that the 28% top line growth the company has experienced in 2006 and continued through the first nine months of 2007, has come with a considerable increase in the level of financial liabilities and limited free cash flow generation mainly resulting from high investments in fixed capital" explained Stefano del Zompo, lead analyst for RG Brands at Moody's. "Other factors affecting the company's risk profile include the worsening outlook for Kazakh banks, many of which are currently lending to the company, which increases the possibility that banks could restrict funding unilaterally and a certain degree of accounting risk", Mr. del Zompo said. More positively, RG Brands' ratings continue to reflect: (i) Kazakhstan's favorable macroeconomic environment, with average GDP growth of over 9% per annum since 2002, inflation mostly under control within the 6%-9% range, the increase in households' disposable income and ultimately the positive trend in consumption and retail sales, with double-digit growth expected going forward; (ii) the company's leading share in key segments of the market which have increased over the past few years supported by organic growth of up to 30% for all RG Brands' products except tea; and (iii) the still fragmented nature of the Kazakh retail market, coupled with the company's extensive distribution network and the attractiveness of its own and imported products categories, which constitute considerable barriers to entry for larger players. Moody's notes that negative pressure could be exerted on RG Brands' rating if financial debt, including letters of credit, continues to rise without a corresponding increase in cash flows from operations, leading to a Debt/EBITDA ratio above 5.0x on a continued basis. The rating could also come under pressure if, as a result of the instability of the Kazakh banking system, the company's liquidity position were to deteriorate. Conversely, ratings will likely experience positive pressure in the event of stronger cash generation relative to debt levels, leading to a reduction in the company's Debt/EBITDA in the region of 4.0x. Positive pressure would also be generated by an improvement in accounting diligence, increased transparency and a more comfortable liquidity position. Moody's last rating action on RG Brands was an affirmation in July 2006. Headquartered in Almaty, Kazakhstan, OJSC RG Brands is a leading food producer in Central Asia. The company, which is 100% owned by the Resmi Group, was established in 1994 and has grown rapidly through acquisitions. In 2006, the company reported sales and EBITDA of KZT18.4 billion (ca. US$149 million) and KZT2.2 billion (ca US$17.8 million), respectively. ROSBELTEKS LLP: Proof of Claim Deadline Slated for Feb. 12 ---------------------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan has declared LLP Rosbelteks insolvent. Creditors have until Feb. 12 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of South Kazakhstan Vostochnaya Str. 51 Atakent Mahtaaralsky District South Kazakhstan Kazakhstan SIBMOST-ASTANA LLP: Creditors Must File Claims by Feb. 7 -------------------------------------------------------- LLP Sibmost-Astana has declared insolvency. Creditors have until Feb. 7 to submit written proofs of claims to: LLP Sibmost-Astana Respublika ave. 9/1-68 Astana Kazakhstan SKS CAPITAL: Claims Filing Period Ends Feb. 7 --------------------------------------------- LLP Company SKS Capital has declared insolvency. Creditors have until Feb. 7 to submit written proofs of claims to: LLP Company SKS Capital Jubanova Str. 4 Aktobe Aktube Kazakhstan TATYANA LLP: Creditors' Claims Due on Feb. 12 --------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan has declared LLP Tatyana insolvent. Creditors have until Feb. 12 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of South Kazakhstan Loginov Str. 27 Kentau South Kazakhstan Kazakhstan TENGIZ & K: Claims Registration Ends Feb. 7 ------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Tengiz & K insolvent. Creditors have until Feb. 7 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kostanai Gogol Str. 177a Kostanai Kazakhstan =================== K Y R G Y Z S T A N =================== SCIENTIFIC MANUFACTURING: Creditors Must File Claims by Feb. 7 -------------------------------------------------------------- LLC Scientific-Manufacturing Technical Centre ARS has declared insolvency. Creditors have until Feb. 7 to submit written proofs of claim to: LLC Scientific-Manufacturing Technical Centre ARS Chui Ave. 44 Bishkek Kyrgyzstan Tel: (+996 312) 29-68-37 ===================== N E T H E R L A N D S ===================== KRATON POLYMERS: Board Taps Kevin Fogarty as President & CEO ------------------------------------------------------------ Kraton Polymers LLC's Board of Directors has appointed Kevin M. Fogarty as President and Chief Executive Officer, effective Jan. 14, 2008. He succeeds George B. Gregory who has decided to leave Kraton after three and a half years of transforming the company. Mr. Gregory will serve as an advisor to the company through June 30, 2008. Additionally, David A. Bradley has been appointed Chief Operating Officer, also effective Jan. 14, 2008. Mr. Fogarty has served as Kraton's Executive Vice President since June 2005, when he joined Kraton from INVISTA S.ar.l., where he served as President for Polymer and Resins since May 2004. Prior to that, Mr. Fogarty held a variety of roles with increasing responsibility in Koch Industries' companies, including KoSa, B.V. Mr. Bradley has been Vice-President of Operations since September 2004. He joined Kraton in April 2004 as Vice President of Transformation, bringing Lean Six Sigma to Kraton's operations. Prior to Kraton, Mr. Bradley worked for General Electric as a Lean Manufacturing Manager. Kelvin Davis, a Partner of TPG Capital and Kraton's Chairman of the Board, said, "Kevin has been a significant contributor to Kraton since joining us in 2005. He has excellent experience in the global polymer industry, and has proven leadership credentials that will be essential in advancing Kraton's strategic business objectives. We are very excited to have him step up into this opportunity. We also wish to thank George for his achievements over the past three and a half years, during which time he drove significant advancements in innovation, operational excellence, and expansion of the Kraton brand." Timothy Walsh, Managing Director at CCMP Capital Advisors, LLC, and a member of the Board of Directors of Kraton said, "We also want to thank George for his tremendous accomplishments in which he created a stand-alone business to grow from. We now look forward to working with Kevin and David to advance Kraton further, leveraging Kraton's leadership position, and implementing strategic restructuring to propel Kraton to the next level of performance." "I am extremely excited and proud to lead our team into the future," said Mr. Fogarty, "Kraton is a first class company, with a leading global market position, and an employee talent base second to none. Our end-use market focus, coupled with an innovation-driven growth mentality, will only assure we will continue to expand Kraton's ability to provide unique products and services that our customers both expect and truly value." Based in Houston, Texas, Kraton Polymers LLC -- http://www.kraton.com/-- produces styrenic block copolymers. SBCs are highly-engineered thermoplastic elastomers, which enhance the performance of numerous products by delivering a variety of attributes, including greater flexibility, resilience, strength, durability and processability. Kraton polymers are used in a wide range of applications including adhesives, coatings, consumer and personal care products, sealants, lubricants, medical, packaging, automotive, paving, roofing, and footwear products. Kraton has the leading position in nearly all of its core markets and is the only producer of SBCs with global manufacturing capability. Its production facilities are located in the United States, Germany, France, The Netherlands, Brazil, and Japan. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 21, 2007, Moody's Investors Service has affirmed Kraton Polymers LLC's B1 corporate family rating but revised the company's outlook to negative as Moody's expects continued margin weakness, due to delays in passing on the full extent of raw material cost increases to Kraton customers, which will diminish free cash flow from operations over the next 12 to 18 months. NEPTUNO CLO II: Moody's Rates EUR19 Mln Class E Notes at Ba3 ------------------------------------------------------------ Moody's Investors Servcie assigned these long term ratings to five classes of notes issued by Neptuno CLO II B.V., a bankruptcy remote special purpose vehicle incorporated in the Netherlands: -- Aaa to the EUR308,500,000 Class A Senior Secured Floating Rate Notes due 2023; -- Aa2 to the EUR28,000,000 Class B Senior Secured Floating Rate Notes due 2023; -- A2 to the EUR23,000,000 Class C Senior Secured Deferrable Floating Rate Notes due 2023; -- Baa3 to the EUR23,000,000 Class D Senior Secured Deferrable Floating Rate Notes due 2023; -- Ba3 to the EUR19,000,000 Class E Senior Secured Deferrable Floating Rate Notes due 2023. The ratings of the notes address the expected loss posed to investors by the legal maturity of each class in 2023. These ratings are based upon: 1. An assessment of the credit quality and of the diversification of the assets in the initial portfolio; 2. An assessment of the eligibility criteria applicable to the future additions to the portfolio; 3. The overcollateralization of the notes; 4. The protection against losses through the subordination of the Class A, B, C, D, E notes and the excess spread available in the transaction; 5. The proposed currency swap transactions, which insulate the issuer from the volatility of the foreign currency exchange rates in respect of non-Euro denominated obligations; 6. The legal and structural integrity of the issue. This transaction is a high yield collateralized loan obligation related to a collateral portfolio of approximately EUR437.75 million, comprised primarily of European senior and mezzanine loans and high yield bonds. This portfolio is dynamically managed by Caja de Ahorros y Monte de Piedad de Madrid. This portfolio will be partially acquired at closing date and partially during the 6 months ramp-up period in compliance with portfolio guidelines. Thereafter, the portfolio of loans will be actively managed and the portfolio manager will have the option to buy or sell assets in the portfolio. Any addition or removal of assets will be subject to a number of portfolio criteria. =========== P O L A N D =========== ELEKTRIM SA: Can Stay Off Warsaw Stock Exchange After Buyback ------------------------------------------------------------- Elektrim SA does not need to return to the Warsaw Stock Exchange as it only has less than 15 percent of its equity in public hands, following a share buyback, the Financial Times Ltd. reports, citing Polish News Bulletin. The trading in Elektrim's shares was suspended on Jan. 11. According to the report, Elektrim is one of the first companies to be listed on the Warsaw bourse, and among the most liquid ones. As reported in the Troubled Company Reporter - Europe on Nov. 9, 2007, WSE approved the company's second request to have its shares delisted from the market. WSE said that it was of vital interest to the company that its shares will not be traded while in bankruptcy. The company filed for bankruptcy protection in a court in Warsaw on Aug. 10, 2007, after its second debt restructuring talks with bondholders failed. According to FT, WSE also requested that the company renew efforts to be listed again if investors hold more than 15 percent of Elektrim's stake. Although PAI Media offered a bid for the shares and bought almost all publicly traded shares, Vivendi and Maciej Niebrzydowski refused to sell their stakes. About Elektrim S.A. Headquartered in Warsaw, Poland, Elektrim S.A. -- http://www.elektrim.pl/-- engages in the power and telecommunication businesses. In addition to its core business activities, Elektrim also manufactures sells cables, and provides data transmission services. ELEKTRIM SA: Gets EUR62 Million Infusion from Unit -------------------------------------------------- Elektrim SA received EUR62 million from its subsidiary, which would enable the company to pay a EUR40 million debt to its bondholders, the Financial Times Ltd. reports, citing Polish News Bulletin. As previously reported in the Troubled Company Reporter-Europe, the company filed for bankruptcy protection in a court in Warsaw on Aug. 10, 2007, after its second debt restructuring talks with bondholders failed. About Elektrim S.A. Headquartered in Warsaw, Poland, Elektrim S.A. -- http://www.elektrim.pl/-- engages in the power and telecommunication businesses. In addition to its core business activities, Elektrim also manufactures sells cables, and provides data transmission services. GLIMAR SA: Fails to Secure Adequate Offers for Bankrupt Assets -------------------------------------------------------------- Efforts to sell bankrupt Rafineria Nafty Glimar S.A.'s Hydrokompleks plant fell yet again as offers received failed to reach the minimum price of PLN180 million, The Financial Times Ltd. reports, citing Polish News Bulletin. The price for the facility, which was initially estimated at PLN326 million, was cut in half by the creditors' council due to lack of offers, the FT adds. The company, which owes creditors around PLN600 million, had spent between PLN350 million to PLN400 million for the construction of the plant, which was used to produce kerosene, diluent, and motor oils, the FT relates. Company receiver Bozena Polesek of Capricorn said that Glimar was apparently "hard to sell", the report says. According to the report, Ms. Polesek intends to start negotiating with other interested bidders, the results of which will be disclosed at a creditors' council meeting on Oct. 10, 2008. Headquartered in Gorlice, Poland, Rafineria Nafty Glimar S.A. -- http://www.glimar.pl/-- is an oil refinery. =========== R U S S I A =========== HYNIX SEMICON: Creditors Want US$4 Bln Stake Sale in First Qtr. --------------------------------------------------------------- Hynix Semiconductor Inc's creditors advised the company to begin its US$4 billion stake sale in the first quarter of this year, The Economic Times reports. Korean Exchange Bank, one of Hynix's creditors, told The Economic Times that Credit Suisse, which was picked to advise on the sale in September 2007, reported to Hynix creditors that it saw a number of potential buyers for its shares after it tested the market. Creditors own a combined 36.1% in Hynix, a stake with a market value of KRW3.9 trillion, the report relates. Korean Exchange Bank is the top single shareholder in the company with an 8.2% stake, the report notes. About Hynix Semiconductor Headquartered in Echon, South Korea, Hynix Semiconductor Inc -- http://www.hynix.com/-- is a semiconductor manufacturer. Through a merger with LG Semiconductor in 1999, Hynix Semiconductor now has the world's largest dynamic random access memory chip production capacity as well as the industry's best technical development capacity by fully exploiting synergies resulting from the historical integration of both companies. The company has operations in Russia, and the United States. * * * The Troubled Company Reporter-Asia Pacific reported on June 19, 2007, that Moody's Investors Service upgraded to Ba2 from Ba3 Hynix Semiconductor Inc's senior unsecured bond rating and corporate family rating. At the same time, Moody's assigned a Ba2 senior unsecured bond rating for Hynix's proposed US$500 million issuance. The outlook for the ratings is stable. ROSNEFT OIL: Earns EUR9.91 Billion for First Nine Months 2007 ------------------------------------------------------------- OAO Rosneft Oil Co. released its consolidated financial results for the first nine months and third quarter ended Sept. 30, 2007. Rosneft posted EUR9.91 billion in net profit on EUR32.75 billion in net revenues for the first nine months of 2007, comp