T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Tuesday, February 5, 2008, Vol. 9, No. 25 Headlines A U S T R I A MAYRHOFER & PARTNER: Linz Court Orders Business Shutdown RINTAL TREPPEN: Claims Registration Period Ends February 12 S.V. ROHR-MONTAGE: Vienna Court Orders Business Shutdown SSD TRADING: Claims Registration Period Ends March 13 WEINACHT LLC: Claims Registration Period Ends February 10 B E L G I U M CHIQUITA BRANDS: Inks New Banana Pact with C.I. Banacol CHIQUITA BRANDS: Posts US$28.2 Mln Net Loss in 2007 3rd Quarter F I N L A N D SANMINA-SCI: Elects John P. Goldsberry to Board of Directors SANMINA-SCI: Fitch Holds Issuer Default Rating at B+ F R A N C E ALCATEL-LUCENT SA: Extended Restructuring Sees 400 Job Cuts CINRAM INT'L: S&P Cuts Corp. Rating to B+ on Weak Performance DELPHI CORP: Anticipates Chapter 11 Emergence by March 31 HARMAN INT'L: Appoints Robert Lardon as Investor Relations VP G E R M A N Y AUTO FAMOS: Claims Registration Period Ends February 27 BARTZ SANITAR: Claims Registration Period Ends February 22 BAVARIA-BAU GMBH: Claims Registration Period Ends February 19 BEST-MEDIA-SERVICE-GMBH: Claims Period Ends March 9 DUERR AG: Indian Unit Posts 50% Increase in Sales FACTORY HOLDING: Claims Registration Ends February 26 FACTORY TEXTILVERTRIEB: Claims Registration Ends February 26 FHS FERTIGHAUS: Claims Registration Period Ends February 27 GAMEFORGE AG: Ryzom Servers Faces Likely Shutdown KLEIN, JOHN & FRIENDS: Claims Registration Ends February 26 KOTIMA KOMPETENZ: Claims Registration Ends February 26 NW NATURWARME: Claims Registration Period Ends February 27 RUNB GMBH: Claims Registration Ends February 26 STIFT MICHAEL: Claims Registration Period Ends February 15 SYSTEMENTWICKLUNG UND: Claims Registration Period Ends Feb. 27 VHB VERWALTUNGS: Claims Registration Period Ends February 26 WIDMANN & BAEUERLE: Claims Period Ends February 20 I R E L A N D AFFILIATED COMPUTER: Earns US$81.6MM in 2nd Qtr. Ended Dec. 31 COMMSCOPE INC: Unit Closes Satellite Biz Sale to Resilience LUNAR FUNDING: Moody's Cuts Rating on US$11 Million Notes to C I T A L Y ALITALIA SPA: Sale Talks Continue Unless New Gov't Takes Over ALITALIA SPA: AirOne Asks Court to Cancel Air France Talks ANDREW CORP: Completes Satellite Comm Biz Sale to Resilience TRIMAS CORP: Cequent Acquires Parkside Towbars of West Australia K A Z A K H S T A N ALGABAS LLP: Proof of Claim Deadline Slated for March 4 BOLASHAK 2007 LLP: Creditors Must File Claims by March 4 BRIGANTINA-2005 LLP: Claims Filing Period Ends February 26 FILE-TRANSIT LLP: Creditors' Claims Due on February 26 FSK STROY: Claims Registration Ends February 26 MONOLIT LLP: Proof of Claim Deadline Slated for March 4 OAZIS+ORAL LLP: Creditors Must File Claims by March 4 SHYMBAI LLP: Claims Filing Period Ends March 4 SPORT-CITY LLP: Creditors' Claims Due on March 4 TSEMINDUSTRIYA LLP: Claims Registration Ends March 4 K Y R G Y Z S T A N JYLYSHNY PORYADOK: Creditors Must File Claims by February 20 L A T V I A AFFILIATED COMPUTER: To Provide Ticketing System in Latvian City L U X E M B O U R G AGILENT TECH: Files Lawsuit to Protect Liquid Chormatography IP CA INC: Earns US$163 Million in Third Quarter Ended Dec. 31 N E T H E R L A N D S BLACKBOARD INC: Completes US$182 Mln Acquisition of NTI Group FLOWSERVE CORP: Discloses Full Year EPS Range of US$5.10-US5.40 HERBALIFE LTD: Paying US$0.20 Per Share Dividend on March 24 P O L A N D NETIA SA: Executes Annex to P4 Shareholders Agreement P O R T U G A L INTERTAPE POLYMER: Ups Supply Chain Efficiency with Logility R U S S I A GOODYEAR TIRE: Will Redeem US$650 Mln of Senior Secured Notes HOUSING FINANCE: Fitch Upgrades IDR to B- with Stable Outlook S P A I N IM CAJAMAR 6: Moody's Junks EUR50.7 Million Series E Notes S W I T Z E R L A N D ALPHA MAIMA: Creditors' Liquidation Claims Due by Feb. 13 EXAMINO! : Creditors' Liquidation Claims Due by Feb. 13 HEDINGER LLC: Claims Registration Period Ends Feb. 11 HERCULES INC: Earnings Drop to US$28MM in Qtr. Ended December 31 IMPA CONSULTING: Creditors' Liquidation Claims Due by Feb. 13 KATZENSTEIN ARCHITEKTUR: Aargau Court Starts Bankruptcy Process SAS GROUP: Solothurn Court Starts Bankruptcy Proceedings SMARTCRANKS LLC: Creditors' Liquidation Claims Due by Feb. 13 TOWNFIRST INVESTMENT: Creditors Must File Claims by Feb. 13 WTN WORLD: Claims Registration Period Ends Feb. 11 ZUBER GETRANKE JSC: Creditors' Liquidation Claims Due by Feb. 13 T U R K E Y OYAK BANK: Fitch Affirms IDR at BB on Parent Support TIMKEN CO: Full Year 2007 Net Income Drops to US$220 Million U K R A I N E EUROMET LLC: Creditors Must File Claims by February 13 FOOD INDUSTRY: Creditors Must File Claims by February 13 KERMIKOND PLANT: Creditors Must File Claims by February 13 KT TELECOM: Creditors Must File Claims by February 13 PLANETA LLC: Creditors Must File Claims by February 13 TN MET: Creditors Must File Claims by February 13 UKRTRANS-DNIEPROPETROVSK CJSC: Creditors' Claim Due February 13 U N I T E D K I N G D O M AXIUM INTERNATIONAL: Sells Remaining Assets for US$7.05 Million BLUE DIAMOND: Andrew Appleyard Leads Liquidation Procedure BRITISH AIRWAYS: Fuel Costs Up GBP72 Mln in Third Quarter 2007 CELESTICA INC: Fourth Quarter 2007 GAAP Net Loss is US$11.7-Mln DEALPAGE LTD: Appoints Andrew Appleyard as Liquidator ENVIROSPHERE CONSULTANCY: Taps Liquidators from Tenon Recovery GENERAL MOTORS: January U.S. Deliveries Up 2.1% to 252,565 GETTY IMAGES: Reports US$125.9-Mln Net Income in Full Year 2007 HARLEQUIN FRAMES: Names Andrew Appleyard Liquidator LEAR CORP: Earns US$27 Million in Fourth Quarter 2007 MCBRIEN CIVILS: Calls In Liquidators from Moore Stephens MIDLAND LITHO: Joint Liquidators Take Over Operations PLATINUM FUND: Capital Tax Change Prompts Shutdown QOS COMMUNICATIONS: Hires Liquidator from Tenon Recovery RANK GROUP: Ruach Ministries Buys Mecca Bingo Club for GBP9 Mln SCOTTISH RE: Eroding Capitalization Cues S&P to Cut Rating to B * Brown Rudnick Elects Two UK Attorneys to Partner * Liquidations in Northern Ireland Up 14.3% in 4th Qtr. 2007 * Large Companies with Insolvent Balance Sheet ********* ============= A U S T R I A ============= MAYRHOFER & PARTNER: Linz Court Orders Business Shutdown -------------------------------------------------------- The Land Court of Linz entered Dec. 27, 2007 an order shutting down the business of LLC Mayrhofer & Partner Drucktechnik (FN 264623b). Court-appointed estate administrator Gerhard Rothner 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. Gerhard Rothner Hopfengasse 23 4020 Linz Austria Tel: 66 73 26 0 Fax: 66 73 20 29 E-mail: g.rothner@wildmoser-koch.com Headquartered in Linz, Austria, the Debtor declared bankruptcy on Dec. 21, 2007 (Bankr. Case No 12 S 102/07y). RINTAL TREPPEN: Claims Registration Period Ends February 12 ----------------------------------------------------------- Creditors owed money by LLC Rintal Treppen Handel (FN 123715i) have until Feb. 12, 2008 to file written proofs of claim to court-appointed estate administrator Ute Toifl at: Dr. Ute Toifl Tuchlauben 12/20 1010 Vienna Austria Tel: 535 46 11 0 Fax: 535 46 11 11 E-mail: office@thr.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 a.m. on Feb. 26, 2008 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. 21, 2007 (Bankr. Case No. 28 S 157/07b). S.V. ROHR-MONTAGE: Vienna Court Orders Business Shutdown -------------------------------------------------------- The Trade Court of Vienna entered Dec. 17, 2007 an order shutting down the business of LLC S.V. Rohr-Montage(FN 247990t). Court-appointed estate administrator Andrea Simma 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. Andrea Simma c/o Dr. Guenther Hoedl Schulerstrasse 18 1010 Vienna Austria Tel: 513 67 03 Fax: 513 67 03 33 E-mail: RA_Simma@aon.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Dec. 10, 2007 (Bankr. Case No 6 S 159/07k). Guenther Hoedl represents Dr. Simma in the bankruptcy proceedings. SSD TRADING: Claims Registration Period Ends March 13 ----------------------------------------------------- Creditors owed money by LLC SSD Trading (FN 63144i) have until March 13, 2008 to file written proofs of claim to court- appointed estate administrator Matthias Klissenbauer at: Dr. Matthias Klissenbauer c/o Mag. Beate Holper Gonzagagasse 15 1010 Vienna Austria Tel: 533 28 55 Fax: 533 28 55 28 E-mail: office@klissenbauer.com Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on Feb. 27, 2008 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. 19, 2007 (Bankr. Case No. 6 S 166/07i). Beate Holper represents Dr. Klissenbauer in the bankruptcy proceedings. WEINACHT LLC: Claims Registration Period Ends February 10 --------------------------------------------------------- Creditors owed money by LLC Weinacht (FN 75292z) have until Feb. 10, 2008 to file written proofs of claim to court-appointed estate administrator Erwin Bajc at: Dr. Erwin Bajc Mittergasse 28 8600 Bruck an der Mur Austria Tel: 03862-51462 Fax: 03862-51462-10 E-mail: rechtsanwaelte@bzt.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:45 a.m. on Feb. 27, 2008 for the examination of claims. The meeting of creditors will be held at: The Land Court of Leoben Hall IV First Floor Leoben Austria Headquartered in Liezen, Austria, the Debtor declared bankruptcy on Dec. 21, 2007 (Bankr. Case No. 17 S 104/07y). ============= B E L G I U M ============= CHIQUITA BRANDS: Inks New Banana Pact with C.I. Banacol ------------------------------------------------------- Chiquita Brands International Inc. disclosed in a regulatory filing with the Securities and Exchange Commission on Jan. 30, 2007, that its subsidiary International Chiquita International Limited, entered into an agreement with an affiliate of C.I. Banacol S.A., a Colombia-based producer and exporter of bananas and other fruit products, relating to the purchase of bananas produced in Colombia. In 2004, Chiquita had sold its banana-producing and port operations in Colombia to Banacol, and at that time had entered into an 8-year banana purchase agreement. Pursuant to the New Banana Agreement, which is effective as of Jan. 1, 2008, Chiquita will purchase approximately 11 million boxes per year of bananas produced by Banacol in Colombia through June 2012 on terms comparable to the 2004 Banana Agreement, but subject to a price increase of up to US$.25 per 40 lb. box if certain volume conditions are met and Banacol continues to remain current in certain of its obligations to Chiquita. In connection with entering into the New Banana Agreement, Chiquita and Banacol (i) terminated the 2004 Banana Agreement, effective as of Jan. 1, 2008, (ii) terminated, effective as of Dec. 31, 2007, an agreement which had been entered into in 2004 for Chiquita to purchase pineapples from affiliates of Banacol and (iii) entered into other commercial arrangements. The other commercial arrangements entered into by Chiquita and Banacol in connection with the New Banana Agreement and the termination of the 2004 Agreements include, among other things, arrangements providing for: (i) Banacol to make payments to Chiquita, or otherwise provide Chiquita with credits, of up to approximately US$10.0 million in the aggregate between now and 2012, (ii) Chiquita to contract, subject to certain subcontract rights and at prices approximating current fair market value, for certain shipping space that otherwise would have been used to ship pineapples to Chiquita under the 2004 Pineapple Agreement, (iii) Banacol to increase its available supply to Chiquita of bananas it produces in Costa Rica by approximately two million boxes per year at prices approximating fair market value for a minimum of two years. About Chiquita Brands International Inc. Cincinnati, Ohio-based Chiquita Brands International, Inc. (NYSE: CQB) -- http://www.chiquita.com/-- markets and distributes fresh food products including bananas and nutritious blends of green salads. The company markets its products under the Chiquita(R) and Fresh Express(R) premium brands and other related trademarks. Chiquita employs approximately 25,000 people operating in more than 70 countries worldwide, including Belgium, Columbia, Germany, Panama, Philippines, among others. * * * To date, Chiquita Brands International Inc. carries Moody's Investors Service's B3 long term corporate family and Caa2 senior unsecured debt ratings which were last placed on Nov. 6, 2006. Outlook is Negative. CHIQUITA BRANDS: Posts US$28.2 Mln Net Loss in 2007 3rd Quarter --------------------------------------------------------------- Chiquita Brands International Inc. reported a net loss of US$28.2 million, including US$4.0 million of charges relating to an earlier disclosed plan to exit owned operations in Chile. The company reported a net loss of US$96.4 million, including a US$43.0 million goodwill impairment charge related to Atlanta AG, the company's German distributor, in the year-ago period. Third quarter net sales increased 2.8% to US$1.06 billion, versus net sales of US$1.03 billion in the comparable period of 2006. Quarterly sales rose primarily due to higher banana pricing in core European and North American markets and favorable foreign exchange rates, partially offset by lower volumes in trading markets. "As we had anticipated, our third quarter, excluding charges, showed a modest improvement in year-over-year operating results," said Fernando Aguirre, chairman and chief executive officer. "While we continue to face rising industry costs and other market challenges, we expect to deliver further year-over- year progress in operating results in the fourth quarter and in the year ahead. "The banana pricing environment in Europe stabilized earlier in the year and improved in the third quarter, particularly in the aftermath of industry supply disruptions caused by Hurricane Dean. In addition, our value-added salads business showed significant year-on-year recovery in the third quarter, which we expect to continue in the fourth quarter and in 2008." The operating loss for the third quarter of 2007 was US$9.7 million compared to an operating loss of US$78.5 million in the third quarter of 2006. Operating results improved year-over- year due to higher banana pricing in core European markets, attributable to soft pricing in the year-ago period and to lower industry supply in 2007 due to Hurricane Dean, which impacted supply from the Caribbean beginning in late August 2007. Operating results also benefited from the absence of direct costs, such as lost raw product inventory and non-cancelable purchase commitments, incurred in the third quarter 2006 related to consumer concerns of the safety of fresh spinach products. The third quarter 2006 also was affected by the Atlanta AG goodwill impairment charge, which impacted both the Banana and Other Produce segments. Liquidity/Total Debt The company's cash balance was US$124.0 million at Sept. 30, 2007, compared to US$64.9 million at Dec. 31, 2006, and US$101.6 million at Sept. 30, 2006. Operating cash flow was US$14.7 million for the three months ended Sept. 30, 2007, compared to US$22.8 million for the same period in 2006. The company repaid more than US$40.0 million of debt during the quarter, from the proceeds of the ship sale transaction completed in June. As a result, the company's total debt at Sept. 30, 2007, was US$815.0 million, compared to US$857.0 million at June 30, 2007. Balance Sheet At Sept. 30, 2007, the company's consolidated balance sheet showed US$2.64 billion in total assets, US$1.76 billion in total liabilities, and US$880.2 milllion in total stockholders' equity. Full-text copies of the company's consolidated financial statements for the quarter ended Sept. 30, 2007, are available for free at http://researcharchives.com/t/s?27a3 About Chiquita Brands International Inc. Cincinnati, Ohio-based Chiquita Brands International, Inc. (NYSE: CQB) -- http://www.chiquita.com/-- markets and distributes fresh food products including bananas and nutritious blends of green salads. The company markets its products under the Chiquita(R) and Fresh Express(R) premium brands and other related trademarks. Chiquita employs approximately 25,000 people operating in more than 70 countries worldwide, including Belgium, Columbia, Germany, Panama, Philippines, among others. * * * To date, Chiquita Brands International Inc. carries Moody's Investors Service's B3 long term corporate family and Caa2 senior unsecured debt ratings which were last placed on Nov. 6, 2006. Outlook is Negative. ============= F I N L A N D ============= SANMINA-SCI: Elects John P. Goldsberry to Board of Directors ------------------------------------------------------------ Sanmina-SCI Corporation has appointed John P. Goldsberry to the company's board of directors effective Jan. 28, 2008. Mr. Goldsberry will serve as chairman of the audit committee. Mr. Goldsberry meets the requirements as defined by NASDAQ and Institutional Shareholder Services as a financial expert and an independent director. Mr. Goldsberry is a seasoned financial executive with broad industry experience in investment banking, corporate finance and computer and semiconductor manufacturing. He has over 14 years of chief financial officer experience with both public and private companies and is chief financial officer and SVP-IT of Gateway Inc. Mr. Goldsberry also held CFO positions with TrueSpectra, Calibre, Quality Semiconductor, DSP Group and the Good Guys and served in a variety of corporate finance positions at Salomon Brothers and Morgan Stanley. Goldsberry earned a bachelor's degree in Applied Mathematics and a Ph.D. in Business Economics from Harvard University. "We are fortunate to have someone of John's caliber join our board of directors," Jure Sola, chairman and chief executive officer of Sanmina-SCI Corporation, stated. "His financial expertise and insight will bring an additional perspective and significant value to the board and the audit committee." About Sanmina-SCI Headquartered in San Jose, California, Sanmina-SCI Corporation (NasdaqGS: SANM) -- http://www.sanmina-sci.com/-- is an Electronics Manufacturing Services (EMS) provider focused on delivering complete end-to-end manufacturing solutions to technology companies around the world. Service offerings include product design and engineering, test solutions, manufacturing, logistics and post-manufacturing repair/warranty services. The company has locations in Brazil, China, Ireland, Finland, Malaysia, Mexico and Singapore, among others. SANMINA-SCI: Fitch Holds Issuer Default Rating at B+ ---------------------------------------------------- Fitch has affirmed these ratings for Sanmina-SCI Corporation: -- Issuer Default Rating at 'B+'; -- Senior secured credit facility at 'BB+/RR1'. -- Senior unsecured notes at 'BB+/RR1'; -- Senior subordinated debt at 'B/RR5'. The Outlook is Negative. Fitch's action affects approximately US$1.5 billion in debt securities. The Negative Outlook reflects continued uncertainty surrounding Sanmina's ability to satisfactorily exit the Personal Computer business via a sale or, conversely, potential restructuring costs associated with exiting this business. In addition, revenue for Sanmina's core EMS business continues to decline, down 7.7% in fiscal 1Q08 (end December 2007) versus the prior year period due to weakness in communications equipment and Enterprise PC segments which together represent approximately 60% of total core EMS revenue. The affirmation reflects these considerations: -- Sanmina has significantly improved its working capital efficiency, lowering cash conversion cycle days to 25 from a recent high of 45 in fiscal 1Q07 (end December 2007); -- Sanmina's improved CCC days, in conjunction with lower working capital requirements due to a 5% decline in revenue, positively impacted free cash flow in fiscal 2007 by approximately US$470 million, enabling the company to reduce long term debt by US$200 million to US$1.5 billion as of calendar 2007. Fitch estimates Sanmina's leverage at 5.5 times as of Dec 2007 compared to 4.5x at FYE 2006. Fitch estimates adjusted leverage at 6.7x as of Dec 2007; -- Fitch believes Sanmina's planned exit from the Personal Computer business should enable the company to focus on more profitable segments of its core EMS business and potentially lead to more consistent positive free cash flow; -- Fitch believes that the long-term opportunity for revenue growth in non-traditional markets for Sanmina including industrial, defense and medical supplies, should partially mitigate potential further revenue declines in the Enterprise PC and Communications markets; -- Fitch believes that Sanmina should achieve greater stabilization in profitability going forward as its reorganization actions have reduced excess manufacturing capacity and shifted an increased percentage of operations to low cost regions making the company more competitive with its peers. Ratings concerns include Fitch's expectation that the EMS market will remain highly competitive with continued pressure on profitability across all North American tier one competitors in addition to concerns over Sanmina's ability to stabilize its revenue base following several quarters of negative growth in its core EMS business. While recent and on-going restructuring initiatives have reduced excess capacity and transferred manufacturing assets to lower cost regions, the above factors could drive the need for additional restructuring initiatives beyond the approximately US$70 million in restructuring costs currently anticipated for the remainder of fiscal 2008. Changes to the rating could occur under these scenarios: -- A resolution to Sanmina's effort to divest its Personal Computer business and clarification of the financial impact, if any, on the company of exiting this business; -- Continued improvement in profitability and use of free cash flow to further reduce debt could positively impact the ratings. As of Dec. 31, 2007, liquidity was solid and consisted of US$941 million in cash plus a US$500 million senior secured credit facility, expiring December 2008, which was fully available to the company. In addition, Sanmina utilizes various off-balance sheet accounts receivable sales facilities, totaling approximately US$400 million, for additional liquidity purposes. Fitch expects free cash flow in fiscal 2008 to be break-even to slightly positive, positively impacted by reduced working capital requirements. Total debt as of Dec. 31, 2007 was US$1.5 billion and consisted of: i) US$180 million in senior unsecured floating rate notes due June 2010; ii) US$300 million in senior unsecured floating rate notes due June 2014; iii) US$400 million in senior subordinated 6.75% notes due Feb 2013; and iv) US$600 million in senior subordinated 8.125% notes due March 2016. The Recovery Ratings and notching reflect Fitch's recovery expectations under a distressed scenario, as well as Fitch's expectation that the enterprise value of Sanmina, and hence recovery rates for its creditors, will be maximized in liquidation rather than in a going concern enterprise value scenario. In estimating Sanmina's liquidation value under a distressed scenario, Fitch applied advanced rates of 80%, 20%, and 10% to Sanmina's current balance of accounts receivable, inventory, and property, plant and equipment, respectively. That leads to a distressed enterprise value estimate of approximately US$1.3 billion, providing the basis for a waterfall analysis to determine recovery ratings. The current 'RR1' recovery rating for Sanmina's secured credit facility and unsecured notes reflects Fitch's belief that 100% recovery is realistic. As is standard with Fitch's recovery analysis, the revolver is fully drawn and cash balances fully depleted to reflect a stress event. The current 'RR5' Recovery Rating for the senior subordinated debt reflects Fitch's estimate that a recovery of only 10%-30% would be achievable. =========== F R A N C E =========== ALCATEL-LUCENT SA: Extended Restructuring Sees 400 Job Cuts ----------------------------------------------------------- Alcatel-Lucent S.A. presented to its social partners an extension of the voluntary-based restructuring program, which was initiated in 2007. The extension is part of the global cost reduction program announced on Oct. 31, 2007 designed to align the company's resources to the realities of the telecom industry's difficult environment. This extension could result in the loss of some 400 positions, all of which will be done on a voluntary basis. The plan does not call for the closing of any Alcatel-Lucent locations in France. France remains one of the major research locations for Alcatel- Lucent for next-generation advanced technologies, with notably a strengthening of teams for the development of 4G mobile networks and WiMAX. Alcatel-Lucent has research activities in the Paris metropolitan area, as well as in Brittany and Alsace, and is a leading player of the French competitiveness clusters initiative. France also hosts one of the main Bell Labs research centers in Villarceaux, located in the Paris metropolitan area. About Alcatel-Lucent Headquartered in Paris, France, Alcatel-Lucent S.A. -- http://www.alcatel-lucent.com/-- provides solutions that enable service providers, enterprises and governments worldwide to deliver voice, data and video communication services to end users. Alcatel-Lucent maintains operations in 130 countries, including, Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada, United States, Costa Rica, Dominican Republic, El Salvador, Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and Cambodia. * * * As reported in the TCR-Europe Nov. 9, 2007, Moody's Investors Service downgraded to Ba3 from Ba2 the Corporate Family Rating of Alcatel-Lucent. The ratings for senior debt of the group were equally lowered to Ba3 from Ba2 and the trust preferred notes of Lucent Technologies Capital Trust I have been downgraded to B2 from B1. At the same time, Moody's affirmed its Not-Prime rating for short-term debt of Alcatel-Lucent. Moody's said the outlook for the ratings is stable. Alcatel-Lucent's Long-Term Corporate Credit rating and Senior Unsecured Debt carry Standard & Poor's Ratings Services' BB rating. Its Short-Term Corporate Credit rating stands at B. CINRAM INT'L: S&P Cuts Corp. Rating to B+ on Weak Performance ------------------------------------------------------------- Standard & Poor's Ratings Services said it lowered its corporate credit and bank loan ratings on prerecorded multimedia manufacturer Cinram International Inc., a wholly owned indirect subsidiary of Cinram International Income Fund, to 'B+' from 'BB-'. The '4' bank loan recovery rating remains unchanged. At the same time, S&P removed the ratings from CreditWatch with negative implications where they were placed Nov. 6, 2007. The outlook is stable. "The downgrade reflects Cinram's weakened financial performance for the nine months ended Sept. 30, 2007, which included a 25% drop in reported EBITDA on largely flat revenues compared with the same period the previous year," said Standard & Poor's credit analyst Lori Harris. As a result, the company's reported EBITDA margin declined to 13.1% for the nine months ended Sept. 30, 2007, from 17.1% for the same period the previous year, and 18.6% for the same period in 2005, because of lower prices and volume. At the same time, S&P expects digital distribution to become a larger source of studio revenues, which will contribute to a decline in DVD sales volume in the medium term. Because of these challenges, management has suspended monthly distributions to unitholders starting this month to improve Cinram's liquidity position. The ratings on Cinram reflect the company's limited financial flexibility and vulnerable business risk profile, which is based on customer and product concentration, seasonality, and the commodity-like nature of the media replication industry. Furthermore, the ratings reflect Standard & Poor's concerns about long-term industry fundamentals as S&P expects digital distribution to become a larger source of studio revenues. Partially offsetting these factors are Cinram's strong market position as the world's largest manufacturer of prerecorded multimedia products, solid credit protection measures, and management's track record of adapting to changing technologies. The stable outlook reflects Standard & Poor's expectation that Cinram will maintain its strong key market positions and solid credit measures in the medium term. Downward pressure on the ratings could come from debt-financed acquisitions, poor execution in the Motorola business, or deterioration in the company's operations stemming from the loss of a significant contract or the increased consumer acceptance of a competitive product or service. In the medium term, S&P sees limited potential for revising the ratings upward given the challenges associated with the media replication industry and Cinram's growth strategy. DELPHI CORP: Anticipates Chapter 11 Emergence by March 31 --------------------------------------------------------- Delphi Corp. and its debtor-affiliates expect to consummate their First Amended Joint Plan of Reorganization on or before March 31, 2008, Delphi Corp. Vice President and Chief Restructuring Officer John D. Sheehan said in a regulatory filing with the U.S. Securities and Exchange Commission. As reported in the Troubled Company Reporter on Jan. 28, 2008, the Court entered an order confirming the Debtors' Plan, as modified, on Jan. 25, 2008. The Plan contemplates the reorganization of the Debtors and the resolution of certain outstanding claims against and interests in the Debtors. On the Effective Date of the Plan, Delphi's existing Common Stock, as well as all rights or claims arising in connection therewith, will be cancelled. On or after the Effective Date, Reorganized Delphi will have outstanding up to 181,831,951 shares of New Common Stock. As of Jan. 17, 2008, there were 565,025,907 shares of Existing Delphi Common Stock issued and outstanding, Mr. Sheehan noted. The Plan provides for the adoption of four of Delhi Corp.'s incentive plans for its employees: (1) the Delphi 2007 Short-Term Incentive Plan, (2) the Delphi 2007 Long-Term Incentive Plan, (3) the Delphi Supplemental Executive Retirement Program, and (4) the Delphi Salaried Retirement Equalization Savings Program. The Delphi Incentive Plans will become effective on the Effective Date of the Plan. Eligible participants of the Delphi Incentive Plans will include Delphi's approximately 560 global executives, including Delphi's principal executive officer, principal financial officer, other executive officers and controller and chief accounting officer, Mr. Sheehan reported. The purpose of the STIP is to motivate and reward performance and provide cash incentive awards, limited to an annual individual maximum of US$7,500,000, to eligible employees who contribute to the company's success, according to Mr. Sheehan. The STIP is available for incentive programs not to exceed a period of one year for eligible employees. The purpose of the LTIP, Mr. Sheehan said, is to provide incentive award programs to attract and retain exceptional employees, to align those employees with the company's long-term strategies and to best align the employee interests with those of Delphi's stockholders. The LTIP is designed to permit the payment of compensation that qualifies as performance-based compensation under Section 162(m) of the Internal Revenue Code of 1986 and provides for the grant of various stock-based and cash-based awards, including stock options, stock appreciation rights, restricted stock, and restricted stock units, Mr. Sheehan elaborated. The maximum number of shares of Delphi Common Stock available for issuance under the LTIP is equal to 8% of the number of fully diluted shares of Common Stock outstanding immediately after consummation of the Plan. Awards of stock options and stock appreciation rights are limited to an annual individual maximum of 1,000,000 shares. Awards of restricted stock and restricted stock units are limited to an annual individual maximum of 500,000 shares. Cash awards are limited to an annual individual maximum of US$10,000,000. The STIP and LTIP are administered by the Compensation and Executive Development Committee of the Delphi Corp. Board of Directors. Awards may be made under the STIP and LTIP until the tenth anniversary of the Effective Date. The SERP is an unfunded, nonqualified defined benefit plan that provides a benefit in conjunction with the Delphi Retirement Program for Salaried Employees, a tax-qualified defined benefit pension plan. The purpose of the DB SERP, according to Mr. Sheehan, is to assure that the company's eligible retiring salaried executive employees will receive an overall level of retirement benefits that are competitive with the peer group of companies selected by the Delphi Compensation Committee. Delphi administers the SERP separately and distinctly from the Retirement Program for Salaried Employees. The SRESP is a funded, nonqualified defined contribution plan that will replace the company's pre-existing supplemental retirement programs. The SRESP will be maintained primarily for the purpose of providing deferred compensation to certain Delphi executives, managers and other highly-compensated employees, Mr. Sheehan said. The purpose of the program, Mr. Sheehan explained, is to supplement the company's tax-qualified defined contribution savings plan and allow company nonelective contributions and matching contributions to be made into a nonqualified defined contribution savings plan in situations where legal limitations under the tax-qualified defined contribution savings plan have been reached. "A participant is always 100% vested in the amounts credited to his or her account that are attributable to his or her deferrals. A participant will also be 100% vested in his or her employer and matching contributions," Mr. Sheehan clarified. A full-text copy of the Delphi 2007 Short-Term Incentive Plan is available for free at the SEC's Web site: http://ResearchArchives.com/t/s?27b1 A full-text copy of the Delphi 2007 Long-Term Incentive Plan for U.S. employees is available for free at the SEC's Web site: http://ResearchArchives.com/t/s?27b2 A full-text copy of the Delphi Supplemental Executive Retirement Program is available for free at the SEC's Web site: http://ResearchArchives.com/t/s?27b3 A full-text copy of the Delphi Salaried Retirement Equalization Savings Program is available for free at the SEC's Web site: About Delphi Corp. 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 confirmed the Debtors' First Amended Plan on Jan. 25, 2008. (Delphi Bankruptcy News, Issue No. 110; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) * * * As previously reported in the Troubled Company Reporter-Europe, Moody's Investors Service assigned ratings to Delphi Corporation for the company's financing for emergence from Chapter 11 bankruptcy protection: Corporate Family Rating of (P)B2; US$3.7 billion of first lien term loans, (P)Ba3; and US$0.825 billion of 2nd lien term debt, (P)B3. In addition, a Speculative Grade Liquidity rating of SGL-2 representing good liquidity was assigned. The outlook is stable. Standard & Poor's Ratings Services in the meantime said it expects to assign its 'B' corporate credit rating to Delphi upon the company's emergence from Chapter 11 bankruptcy protection, which may occur by the end of the first quarter of 2008. S&P expects the outlook to be negative. In addition, Standard & Poor's expects to assign these issue-level ratings: a 'B+' issue rating (one notch above the corporate credit rating), and '2' recovery rating to the company's proposed US$3.7 billion senior secured first-lien term loan; and a 'B-' issue rating (one notch below the corporate creditrating), and '5' recovery rating to the company's proposed US$825 million senior secured second-lien term loan. HARMAN INT'L: Appoints Robert Lardon as Investor Relations VP ------------------------------------------------------------- Harman International Industries, Incorporated has named Robert V. Lardon as its Vice President, Strategy and Investor Relations, effective immediately. He will report to the Chief Financial Officer and serve as the company�s Chief Investor Relations official. Mr. Lardon is a veteran of more than 20 years in the finance, consulting, communications, and consumer products industries. He served most recently as a strategic consultant in the consumer electronics field after serving as Senior Partner & Chief Strategy Officer at global communications agency Porter Novelli, Inc. Earlier, he was Managing Director of PricewaterhouseCoopers� Shareholder Value Strategies Practice, following positions at Accenture Strategic Services and Booz Allen Hamilton. Mr. Lardon holds a Bachelors Degree in English Literature from Middlebury College and a Masters Degree in Business Policy from Columbia University Graduate School of Business. "This appointment reinforces our commitment to strengthening our strategic bench and communicating the company�s strategy with maximum clarity and transparency," said Dinesh C. Paliwal, Harman Chief Executive Officer. "Robert Lardon enjoys a distinguished record as a strategy consultant and is adept at managing key stakeholder relationships. I look forward to working with him as we better define both the challenges and opportunities that characterize our company." Harman Vice President, Treasurer Robert C. Ryan, who currently handles Investor Relations at the company, will focus full time on his responsibilities in the areas of treasury, real estate and insurance. "Rob Ryan�s deep skills in analysis and risk management have taken on new significance as we shape a stronger Harman," said Mr. Paliwal. "Rob�s focus on real estate, insurance and treasury operations will be instrumental in supporting the evolution of our global footprint and cost structure." Headquartered in Washington, D.C., Harman International Industries Inc. (NYSE: HAR) -- http://www.harman.com/-- makes audio systems through auto manufacturers, including DaimlerChrysler, Toyota/Lexus, and General Motors. Also the company makes audio equipment, like studio monitors, amplifiers, microphones, and mixing consoles for recording studios, cinemas, touring performers, and others. Harman Int'l has operations in Japan, Mexico and France. * * * Standard & Poor's Ratings Services, in October 2007, revised its CreditWatch implications for the 'BB-' corporate credit rating on Harman International Industries Inc. to positive from developing. ============= G E R M A N Y ============= AUTO FAMOS: Claims Registration Period Ends February 27 ------------------------------------------------------- Creditors of Auto FaMos GmbH have until Feb. 27, 2008, to register their claims with court-appointed insolvency manager Jutta Ruedlin. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 9, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: District Court of Fritzlar Room 17 Building A Schladenweg 1 34560 Fritzlar 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: Jutta Ruedlin Am Markt 4 34212 Melsungen Germany Tel: 05661/926280 Fax: 05661/9262820 The District Court of Fritzlar opened bankruptcy proceedings against Auto FaMos GmbH on Jan. 14, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Auto FaMos GmbH Buerstoss 1 34212 Melsungen Germany BARTZ SANITAR: Claims Registration Period Ends February 22 ---------------------------------------------------------- Creditors of Bartz Sanitar- und Heizungsinstallations GmbH have until Feb. 22, 2008 to register their claims with court- appointed insolvency manager Jens Dohse. Creditors and other interested parties are encouraged to attend the meeting at 11:30 a.m. on March 19, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Stralsund Hall A 421 House A Frankendamm 17 Stralsund 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: Jens Dohse Hermannstrasse 5 18055 Rostock Germany The District Court of Stralsund opened bankruptcy proceedings against Bartz Sanitar- und Heizungsinstallations GmbH on Jan. 22, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bartz Sanitar- und Heizungsinstallations GmbH Attn: Siegmar Bartz, Manager Hauptstrasse 8 18465 Rekentin Germany BAVARIA-BAU GMBH: Claims Registration Period Ends February 19 ------------------------------------------------------------- Creditors of BAVARIA-Bau GmbH have until Feb. 19, 2008 to register their claims with court-appointed insolvency manager Dr. Hans Ulrich Ruenger. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on March 20, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Nuernberg Meeting Hall 152/I Flaschenhofstr. 35 Nuernberg 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. Hans Ulrich Ruenger Prinzregentenufer 9 90489 Nuernberg Germany Tel: 0911/95518-8 Fax: 0911/95518-66 The District Court of Nuernberg opened bankruptcy proceedings against BAVARIA-Bau GmbH on Jan. 23, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BAVARIA-Bau GmbH Attn: Josef Schoen, Manager Hauptstrasse 1 c 92361 Berngau-Roeckersbuehl Germany BEST-MEDIA-SERVICE-GMBH: Claims Period Ends March 9 --------------------------------------------------- Creditors of Best-Media-Service-GmbH have until March 9 to register their claims with court-appointed insolvency manager Dr. Achim Ahrendt. Creditors and other interested parties are encouraged to attend the meeting at 3:10 p.m. on April 8, 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 Husum Hall 220 Theodor-Storm-Strasse 5 Husum 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. Achim Ahrendt Albert-Einstein-Ring 11 22761 Hamburg Germany The District Court of Husum opened bankruptcy proceedings against Best-Media-Service-GmbH on Jan. 18, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Best-Media-Service-GmbH Osterleye 11 25826 St. Peter-Ording Germany DUERR AG: Indian Unit Posts 50% Increase in Sales ------------------------------------------------- The Duerr mechanical and plant engineering group is benefiting from the automotive industry�s strong expansion in India. In 2007, new orders from business in India rose by 20% to over EUR130 million, and sales revenue increased by 50%. The company is currently building the paint shop for the widely publicized Nano subcompact from Tata. Duerr's new LeanLine painting concept is being used there, which allows good paint quality to be achieved despite low capital investment costs. Duerr is also supplying LeanLine equipment for other paint shop projects in India, for example, at the VW plant in Pune and for Tata in Lucknow. In January 2008, Duerr has already received two orders from Ford and the Mahindra Group in India. Other interesting projects are coming up during the year and will contribute to Duerr�s growth in India. Because of the growth, Duerr is greatly expanding its capacities in India. In the past year, the number of employees there increased by 90% to over 300. At its Chennai site, the company furthermore plans to set up an engineering center where about 60 engineers will design paint shops and assembly lines in proximity to customers. "India is one of the fastest-growing markets for us. We are benefiting there from our good contacts with both domestic and foreign automakers," Ralf Dieter, CEO of Duerr AG. "Experts expect that production of passenger cars and light trucks on the subcontinent will double in the next five years to about 3.7 million units. The automotive industry�s buildup of additional production capacities makes profitable growth in India possible for us." About Duerr Headquartered in Stuttgard, Germany, The Duerr Group -- http://www.durr.com/en/-- supplies products, systems, and services for automobile manufacturing. Duerr designs and builds paint shops and final assembly plants. The Duerr Group also operates in Czech Republic, France, U.K., Italy, Netherlands, Poland, Russia, Slovakia, Spain, Turkey, Australia, Brazil, China, India, Japan, Mexico, South Africa, South Korea and the U.S.A. * * * As of Nov. 19, 2007, Duerr AG carries B2 Corporate Family, B2 Probability of Default and Caa1 Senior Subordinate ratings from Moody's Investor Service. Moody's said the outlook is stable. The company also carries B Long-Term Foreign Issuer Credit and Local Issuer Credit ratings from Standard & Poor's. S&P said the Outlook is Stable. FACTORY HOLDING: Claims Registration Ends February 26 ----------------------------------------------------- Creditors of Factory Holding GmbH have until Feb. 26, 2008 to register their claims with court-appointed insolvency manager Steffen Beck. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 4, 2008, 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 Esslingen Hall 1 First Floor Ritterstr.5 Esslingen 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: Steffen Beck Breitscheidstr. 10 70174 Stuttgart Germany Tel: 0711/252566-0 Fax: 0711/252566-66 The District Court of Esslingen opened bankruptcy proceedings against Factory Holding GmbH on Jan. 15, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Factory Holding GmbH Attn: Marinko Vinkesevic, Manager Einsteinstr. 44 73230 Kirchheim/Teck Germany FACTORY TEXTILVERTRIEB: Claims Registration Ends February 26 ------------------------------------------------------------ Creditors of Factory Textilvertrieb GmbH have until Feb. 26, 2008 to register their claims with court-appointed insolvency manager Steffen Beck. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on April 4, 2008, 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 Esslingen Hall 1 First Floor Ritterstr.5 Esslingen 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: Steffen Beck Breitscheidstr. 10 70174 Stuttgart Germany Tel: 0711/252566-0 Fax: 0711/252566-66 The District Court of Esslingen opened bankruptcy proceedings against Factory Textilvertrieb GmbH on Jan. 15, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Factory Textilvertrieb GmbH Attn: Marinko Vinkesevic, Manager Einsteinstr. 44 73230 Kirchheim/Teck Germany FHS FERTIGHAUS: Claims Registration Period Ends February 27 ----------------------------------------------------------- Creditors of FHS Fertighaus GmbH have until Feb. 27, 2008, to register their claims with court-appointed insolvency manager Dr. Ulrich Wenzel. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 9, 2008, 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 Potsdam Hall 301 Third Floor Nebenstelle Lindenstrasse 6 14467 Potsdam 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. Ulrich Wenzel Grossbeerenstrasse 231 14480 Potsdam Germany The District Court of Potsdam opened bankruptcy proceedings against FHS Fertighaus GmbH on Jan. 15, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: FHS Fertighaus GmbH Klaistower Strasse 64/65 14542 Werder Germany GAMEFORGE AG: Ryzom Servers Faces Likely Shutdown ------------------------------------------------- The servers being used by �The Saga of Ryzom� will likely be shutdown unless GameForge can raise cash to pay the bills, Earnest Cavalli writes for the Blog Wired Network. GameForge is currently undergoing liquidation. The Gameforge AG is the world-wide largest independent supplier of browser- and client-based Massively Multiplayer Online Games. More than 40 million players in 30 countries have already registered world-wide for Gameforge games, and 6 million people actively play the MMOGs of the company. OGame must be among the best known browser based MMOGs of the Karlsruhe gaming specialist. Next to that, Gameforge offers more top games with DarkPirates, Gladiatus, BiteFight and BattleKnight to a rapidly growing market of online games, and that is not the least in making it one of the leading developers and publishers of browser games in the European market. The second strategic core area of the company is the publishing of client-based online games such as the Korean martial arts game Metin2 or the fantasy game NosTale. KLEIN, JOHN & FRIENDS: Claims Registration Ends February 26 ----------------------------------------------------------- Creditors of Klein, John & Friends GmbH have until Feb. 26, 2008 to register their claims with court-appointed insolvency manager Dr. Joerg Nerlich. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on March 18, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duesseldorf Meeting Hall A 341 Third Floor Muehlenstrasse 34 40213 Duesseldorf Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Joerg Nerlich Louise-Dumont-Str. 25 40211 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against Klein, John & Friends GmbH on Jan. 17, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Klein, John & Friends GmbH Ritterstrasse 9 40213 Duesseldorf Germany Attn: Norbert John and Ulrike Klein, Managers Neurather Strasse 2 41515 Grevenbroich Germany KOTIMA KOMPETENZ: Claims Registration Ends February 26 ------------------------------------------------------ Creditors of Kotima Kompetenz & Time Management GmbH have until Feb. 26, 2008 to register their claims with court-appointed insolvency manager Dr. Holger Lessing. Creditors and other interested parties are encouraged to attend the meeting at 8:45 a.m. on March 18, 2008, 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 Offenbach am Main Hall 162N First Floor Kaiserstrasse 16-18 63065 Offenbach am 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: Dr. Holger Lessing Hanauer Landstr. 287-289, D 60314 Frankfurt am Main Germany Tel: 069/15051-300 Fax: 069/15051-400. The District Court of Offenbach am Main opened bankruptcy proceedings against Kotima Kompetenz & Time Management GmbH on Jan. 16, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kotima Kompetenz & Time Management GmbH Attn: Stefan Otto, Manager Lichtbuehl 14 63110 Rodgau Germany NW NATURWARME: Claims Registration Period Ends February 27 ---------------------------------------------------------- Creditors of NW Naturwarme GmbH have until Feb. 27, 2008, to register their claims with court-appointed insolvency manager Dr. Peter Naarmann. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on April 9, 2008, 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. Peter Naarmann Dresdner Strasse 86 09130 Chemnitz Germany Tel: (0371) 4443 90 Fax: (0371) 4443 911 E-mail: info-ch@mne-insolvenzbuero.de The District Court of Chemnitz opened bankruptcy proceedings against NW Naturwarme GmbH on Jan. 17, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: NW Naturwarme GmbH Kjell Soeren Mickelsson, Manager Chemnitzer Str. 71 09212 Limbach Oberfrohna Germany RUNB GMBH: Claims Registration Ends February 26 ----------------------------------------------- Creditors of RUNB GmbH have until Feb. 26, 2008 to register their claims with court-appointed insolvency manager Markus M. Merbecks. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on April 8, 2008, 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 Dresden Hall D131 Olbrichtplatz 1 01099 Dresden 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: Markus M. Merbecks Koenigstrasse 9 01097 Dresden Germany Web site: http://www.handschumacher.de/ The District Court of Dresden opened bankruptcy proceedings against RUNB GmbH on Jan. 15, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: RUNB GmbH Schlueter Str. 29 01277 Dresden Germany Attn: Lutz Scholze, Manager Dohnaer Str. 69 01219 Dresden Germany STIFT MICHAEL: Claims Registration Period Ends February 15 ---------------------------------------------------------- Creditors of Stift Michael Moll Verwaltungs-GmbH have until Feb. 15, 2008 to register their claims with court-appointed insolvency manager Michael Wahl. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on Feb. 26, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Goeppingen Hall 0.24 Ground Floor Pfarrstrasse 25 73033 Goeppingen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Michael Wahl Karlstrasse 33 89073 Ulm Germany Tel.0731/96880-0 Fax: 0731/96880-52 The District Court of Goeppingen opened bankruptcy proceedings against Stift Michael Moll Verwaltungs-GmbH on Jan. 22, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Stift Michael Moll Verwaltungs-GmbH Scheffelstr. 4 78073 Bad Duerrheim Germany Attn: Otto G. Moll, Manager Lammhof 4 73344 Gruibingen Germany SYSTEMENTWICKLUNG UND: Claims Registration Period Ends Feb. 27 -------------------------------------------------------------- Creditors of Systementwicklung und Informa-tionstechnolgie mbH have until Feb. 27, 2008, to register their claims with court- appointed insolvency manager Florian Fuechsl. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on April 3, 2008, 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 Ingolstadt Zi.28/I Schrannenstr.3 85049 Ingolstadt 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: Florian Fuechsl Leopoldstrasse 139 80804 Muenchen Germany Tel: 089/361930-0 Fax: 089/361930-199 The District Court of Ingolstadt opened bankruptcy proceedings against Systementwicklung und Informa-tionstechnolgie mbH on Jan. 8, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Systementwicklung und Informa-tionstechnolgie mbH Lisztstrasse 7 85080 Gaimerheim Germany VHB VERWALTUNGS: Claims Registration Period Ends February 26 ------------------------------------------------------------ Creditors of VHB Verwaltungs GmbH have until Feb. 26, 2008, to register their claims with court-appointed insolvency manager Ralph Schmid. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on March 18, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court Muenster Meeting Hall 13 B Gerichtsstr. 2-6 48149 Muenster Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ralph Schmid Duelmener Str. 92 48653 Coesfeld Germany Tel: 02541/915-01 Fax: 02541-915600 The District Court of Muenster opened bankruptcy proceedings against VHB Verwaltungs GmbH on Dec. 28, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: VHB Verwaltungs GmbH Oldenkottplatz 1 48683 Ahaus Germany WIDMANN & BAEUERLE: Claims Period Ends February 20 -------------------------------------------------- Creditors of Widmann & Baeuerle GmbH have until Feb. 20, 2008 to register their claims with court-appointed insolvency manager Dietrich Hauser. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on March 17, 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 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: Dietrich Hauser Edisonstrasse 19 74076 Heilbronn Germany Tel: 07131/64281-0 Fax: 07131/64281-28 The District Court of Heilbronn opened bankruptcy proceedings against Widmann & Baeuerle GmbH on Jan. 23, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Widmann & Baeuerle GmbH Attn: Wolfgang Baeuerle, Manager Am Teerhaus 10 71720 Oberstenfeld Germany ============= I R E L A N D ============= AFFILIATED COMPUTER: Earns US$81.6MM in 2nd Qtr. Ended Dec. 31 -------------------------------------------------------------- Affiliated Computer Services Inc. reported net income of US$81.6 million for second quarter ended Dec. 31, 2007, compared to net income of US$72.1 million for the same period in the previous year. "I am very pleased with our second quarter results," said Lynn Blodgett, ACS president and chief executive officer. "With the uncertainty of ownership behind us we were able to focus on selling more business, collecting our cash and growing earnings per share. Our financial goal is to deliver consistent, good growth in revenue, signings and earnings." "I feel we made very positive progress toward those goals this quarter. We need to continue improving our revenue growth rates and I am confident that our improved signings this quarter and in the future will be the main catalyst for accelerating our growth. We also demonstrated we can manage our collections and capital expenditures. I'm proud of the results our great team delivered this quarter." For six months ended Dec. 31, 2007, the company reported net income of US$147.7 million, compared to net income of US$133.5 million for the same period in the previous year. Key highlights from ACS' fiscal year 2008 second quarter: -- Cash flow from operations during the second quarter was approximately US$323 million. Free cash flow during the quarter was US$248 million. This quarter's cash flow results benefited from improved collections on accounts receivable. Capital expenditures and additions to intangible assets were approximately US$74 million. -- During the quarter, the company's board of directors endorsed a US$1 billion share repurchase program and authorized a US$200 million share repurchase program. The company used free cash flow to complete the US$200 million share repurchase program during the second quarter, purchasing approximately 4.5 million shares at an average price of US$44 per share. Key year-to-date highlights for fiscal 2008: -- Cash flow from operations for year-to-date fiscal 2008 was approximately US$331 million and free cash flow was US$181 million. Capital expenditures and additions to intangibles were approximately US$150 million. At Dec. 31, 2007, the company's balance sheets showed total assets of US$6.03 billion, total liabilities of US$3.98 billion and total stockholder's equity of US$2.05 billion. About Affiliated Computer Services Inc. Headquartered in Dallas, Texas, Affiliated Computer Services Inc. (NYSE:ACS) -- http://www.acs-inc.com/-- provides business process outsourcing and information technology services to commercial and government clients. The company has two segments based on the clients it serves: commercial and government. The company provides services to a variety of clients including healthcare providers and payers, manufacturers, retailers, wholesale distributors, utilities, entertainment companies, higher education institutions, financial institutions, insurance and transportation companies. The company has global operations in Brazil, China, Dominican Republic, India, Guatemala, Ireland, Philippines, Poland, and Singapore. * * * As reported in the Troubled Company Reporter-Europe on Jan. 31, 2008, Moody's Investors Service confirmed these ratings: Corporate family rating at Ba2; US$500 million Senior Secured Notes due 2010 and 2015 at Ba2, LGD 4, 53%; US$1800 million Senior Secured Term Loan facility due 2013 at Ba2, LGD 3, 43%, and US$1000 million Senior Secured Revolving Credit Facility at Ba2, LGD 3, 43%. Moody's also revised the company's Probability of default rating to Ba2 from Ba3 and assigned a Speculative grade liquidity rating of SGL-1. Moody's said the outlook is stable. Approximately US$3.3 billion of rated debt affected. COMMSCOPE INC: Unit Closes Satellite Biz Sale to Resilience ----------------------------------------------------------- CommScope Inc.'s subsidiary, Andrew Corporation, has completed the sale of its Satellite Communications business to Resilience Capital Partners, a Cleveland, Ohio-based private equity firm. The former Andrew Satellite Communications business will be operated as a newly-formed, independent company called ASC Signal Corporation. The new company will continue operations from its current major facilities in the United States, Canada, the United Kingdom, Germany and select regional locations around the globe. Its headquarters will be in Garner, North Carolina. In addition, Andrew will own a minority 17.9 percent share of ASC Signal and provide certain transition support services to the new company. "We are excited and optimistic about the future of ASC Signal under the new Resilience ownership," said Bassem Mansour, managing partner, Resilience Capital Partners. "From the onset, the transition will appear seamless and should minimize any risk of disruption to customers, suppliers and our employees." At closing, Andrew received US$8.5 million in cash and a US$2.5 million note from ASC Signal that will mature in 39 months. In addition, Andrew expected to receive an additional US$2.5 million note upon completion of certain manufacturing asset transfers to an ASC Signal facility. The company also may receive up to an additional US$25 million in cash after three years, based upon ASC Signal�s achievement of certain financial targets. ASC Signal Corporation is a leading global manufacturer of antennas and radio frequency electronics for enterprise and consumer satellite communication applications. ASC Signal designs and builds products that cover C, Ku, K, X, and the emerging Ka band frequency platforms. The extensive range of products include: -- type-approved earth station antenna hubs and gateways for broadband and broadcast; -- complete VSAT outdoor units (antennas, transceiver electronics and installation mounts) for consumer broadband and enterprise networks providing the "last mile" connectivity to customers for virtual private networks, internet access and rural telecommunications; -- vehicle mounted communications-on-the-pause antenna solutions for disaster management and oil/gas exploration; -- tactical MilSatCom, air traffic control and weather radar, high frequency and troposcatter antenna systems for government and defense applications; -- direct-to-home antennas and electronics for home satellite television entertainment systems; and -- complete installation, testing, and value-added services. About Resilience Capital Resilience Capital Partners is a private equity firm, with offices in Cleveland, Ohio and Detroit, Michigan, focused on investing in underperforming, turnaround situations and non-core divisions of larger corporations. Resilience�s investment strategy is to acquire middle-market companies that have solid fundamental business prospects, but have suffered from a cyclical industry downturn, are under-capitalized, or have less than adequate management resources. Resilience typically acquires companies with revenues of US$25 million to US$250 million. Since its inception in 2001, Resilience has acquired 15 companies with combined revenues in excess of US$1 billion. About Andrew Corp. Headquartered in Westchester, Illinois, Andrew Corporation (NASDAQ: ANDW) -- http://www.andrew.com/-- designs, manufactures and delivers and essential equipment and solutions for the global communications infrastructure market. The company serves operators and original equipment manufacturers from facilities in 35 countries including China, India, Italy, Czech Republic, Argentina, Bahamas, Belize, Barbados, Bermuda and Brazil. About CommScope Based in Hickory, North Carolina, CommScope Inc. (NYSE: CTV) -- http://www.commscope.com/-- is a world leader in infrastructure solutions for communication networks. Through its SYSTIMAX(R) Solutions(TM) and Uniprise(R) Solutions brands, CommScope is the global leader in structured cabling systems for business enterprise applications. It is also the world's largest manufacturer of coaxial cable for Hybrid Fiber Coaxial applications. CommScope has facilities in Brazil, Australia, China and Ireland. * * * As reported in the Troubled Company Reporter-Europe on Oct. 22, 2007, Standard & Poor's Ratings Services affirmed its ratings on CommScope Inc. and removed them from CreditWatch, where they were placed on June 27, 2007, with negative implications. S&P also affirmed the company's 'BB-' corporate credit and 'B' subordinated debt ratings. LUNAR FUNDING: Moody's Cuts Rating on US$11 Million Notes to C -------------------------------------------------------------- Moody's Investors Service downgraded to C from Aaa the rating of these notes issued by Lunar Funding V PLC: -- Series 50 US$11,000,000 Asset Backed Notes due 2040. This rating action follows the downgrade to C from Aaa of the underlying collateral asset - Class A2 Notes issued by Visage CDO II Ltd. This downgrade follows the complete liquidation of the collateral at the direction of the controlling class following the occurrence on Dec. 24, 2007 of an event of default linked to the Class A2 Par Value Ratio falling below 100%. The rating of this collateral bond is passed-through to the overlying Repack notes as the main risk to Noteholders is that of the collateral. Lunar Funding V PLC is a special purpose company incorporated under the laws of Ireland. ========= I T A L Y ========= ALITALIA SPA: Sale Talks Continue Unless New Gov't Takes Over ------------------------------------------------------------- (rw|july) Negotiations to sell Italy's 49.9% stake in Alitalia S.p.A. to Air France-KLM S.A. cannot be stopped unless a new government is installed, Thomson Financial reports citing transport minister Alessandro Bianchi. As previously reported in the TCR-Europe, Prime Minister Romano Prodi, tendered his resignation on Jan. 24, 2008, after losing a confidence vote in the Senate. Mr. Prodi earlier lost a majority in the Italian Senate after the Udeur party left the coalition government. President Giorgio Napolitano said he will defer a decision to accept the resignation pending consultations with all the political parties in the Parliament. According to Thomson Financial, Mr. Napolitano may either install an interim government to make electoral reforms or snap elections. "If the Prodi government goes to elections nothing stop," Mr. Prodi told Thomson Financial. "The procedure [for Alitalia] is fixed and it would be unreasonable to stop it. Mr. Bianchi added that if an election is called, Mr. Prodi's government would continue administration of the country, which would include concluding the Alitalia sale. "If, instead, there is another government then there is the need to rediscuss everything," Mr. Bianchi told Thomson Financial. Alitalia and Air France have until mid-March to present a final contract. 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. ALITALIA SPA: AirOne Asks Court to Cancel Air France Talks ---------------------------------------------------------- AP Holding S.p.A., investment arm of AirOne S.p.A., has filed an appeal with the Italian Regional Administration Court of Lazio to declare null and void a Dec. 28, 2007, decision of Italy's Ministry of Economy and Finance to commence exclusive talks to sell the Italian government's 49.9% stake to Air France-KLM SA, Alitalia S.p.A. confirms. "The appeal ... is the only instrument we have to know the reasons why there weren't more transparent and non- discriminatory criteria," AP Holding said. AirOne chairman Carlo Toto insisted in mid-January that it presented more economical offer for Alitalia, noting that its business plan for the national carrier is supported by "four among the world's most important banks that are ready to formalize their commitment immediately should a private negotiation be initiated." "We don't want to halt the talks," a source privy to AP Holding told Reuters. "We also want to be able to present a binding offer." "There are still many questions open so we don't think the game is over," Corrado Passera, who leads AirOne financial backer Intesa Sanpaolo S.p.A., told Corriere della Sera. "Everything still has to be sorted out." Alitalia and Italy have selected Air France-KLM's non-binding offer over AirOne's. As reported in the TCR-Europe on Jan. 17, 2007, Alitalia and Italy have commenced exclusive sale talks with Air France-KLM. The carriers have until mid-March to reach an agreement, which would be approved by the government. 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. About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/-- provides air travel services for passengers and air transport of cargo on national, international and inter-continental routes. The Italian government owns 49.9% of Alitalia. The company has operations in Argentina. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia posted EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked annual net losses of EUR520 million in 2003, EUR813 million in 2004, EUR168 million in 2005, and EUR625.6 million in 2006. Italian Transport Minister Alessandro Bianchi has warned that Alitalia may file for bankruptcy if the current attempt to sell the government's 49.9% stake fails. ANDREW CORP: Completes Satellite Comm Biz Sale to Resilience ------------------------------------------------------------ Andrew Corporation, a CommScope Inc. subsidiary, has completed the sale of its Satellite Communications business to Resilience Capital Partners, a Cleveland, Ohio-based private equity firm. The former Andrew Satellite Communications business will be operated as a newly-formed, independent company called ASC Signal Corporation. The new company will continue operations from its current major facilities in the United States, Canada, the United Kingdom, Germany and select regional locations around the globe. Its headquarters will be in Garner, North Carolina. In addition, Andrew will own a minority 17.9 percent share of ASC Signal and provide certain transition support services to the new company. "We are excited and optimistic about the future of ASC Signal under the new Resilience ownership," said Bassem Mansour, managing partner, Resilience Capital Partners. "From the onset, the transition will appear seamless and should minimize any risk of disruption to customers, suppliers and our employees." At closing, Andrew received US$8.5 million in cash and a US$2.5 million note from ASC Signal that will mature in 39 months. In addition, Andrew expected to receive an additional US$2.5 million note upon completion of certain manufacturing asset transfers to an ASC Signal facility. The company also may receive up to an additional US$25 million in cash after three years, based upon ASC Signal�s achievement of certain financial targets. ASC Signal Corporation is a leading global manufacturer of antennas and radio frequency electronics for enterprise and consumer satellite communication applications. ASC Signal designs and builds products that cover C, Ku, K, X, and the emerging Ka band frequency platforms. The extensive range of products include: -- type-approved earth station antenna hubs and gateways for broadband and broadcast; -- complete VSAT outdoor units (antennas, transceiver electronics and installation mounts) for consumer broadband and enterprise networks providing the "last mile" connectivity to customers for virtual private networks, internet access and rural telecommunications; -- vehicle mounted communications-on-the-pause antenna solutions for disaster management and oil/gas exploration; -- tactical MilSatCom, air traffic control and weather radar, high frequency and troposcatter antenna systems for government and defense applications; -- direct-to-home antennas and electronics for home satellite television entertainment systems; and -- complete installation, testing, and value-added services. About Resilience Capital Resilience Capital Partners is a private equity firm, with offices in Cleveland, Ohio and Detroit, Michigan, focused on investing in underperforming, turnaround situations and non-core divisions of larger corporations. Resilience�s investment strategy is to acquire middle-market companies that have solid fundamental business prospects, but have suffered from a cyclical industry downturn, are under-capitalized, or have less than adequate management resources. Resilience typically acquires companies with revenues of US$25 million to US$250 million. Since its inception in 2001, Resilience has acquired 15 companies with combined revenues in excess of US$1 billion. About CommScope Based in Hickory, North Carolina, CommScope Inc. (NYSE: CTV) -- http://www.commscope.com/-- is a world leader in infrastructure solutions for communication networks. Through its SYSTIMAX(R) Solutions(TM) and Uniprise(R) Solutions brands, CommScope is the global leader in structured cabling systems for business enterprise applications. It is also the world's largest manufacturer of coaxial cable for Hybrid Fiber Coaxial applications. CommScope has facilities in Brazil, Australia, China and Ireland. About Andrew Corp. Headquartered in Westchester, Illinois, Andrew Corporation (NASDAQ: ANDW) -- http://www.andrew.com/-- designs, manufactures and delivers and essential equipment and solutions for the global communications infrastructure market. The company serves operators and original equipment manufacturers from facilities in 35 countries including China, India, Italy, Czech Republic, Argentina, Bahamas, Belize, Barbados, Bermuda and Brazil. * * * As reported in the Troubled Company Reporter-Europe on Oct. 22, 2007, Standard & Poor's Ratings Services affirmed its ratings on Andrew Corp. and removed them from CreditWatch, where they were placed on June 27, 2007, with negative implications. S&P also affirmed the 'BB-' corporate credit and 'B' subordinated debt ratings for the company. S&P further said that the ratings on Andrew will be withdrawn following its acquisition and debt refinancing. TRIMAS CORP: Cequent Acquires Parkside Towbars of West Australia ---------------------------------------------------------------- TriMas Corporation subsidiary, Cequent group has acquired Parkside Towbars, located in Western Australia. With annual revenues of approximately US$5 million, Parkside Towbars adds to Cequent's towing and truck accessory product offering, while strengthening its position in an attractive international market. Parkside Towbars will be integrated with Cequent's already well-established business in Australia, operating under the brand of Hayman Reese(R). "Consistent with our strategy to expand internationally, the acquisition of Parkside Towbars provides us greater access to the robust Western Australian segment of the Australian market," commented Cequent Group President, Ed Schwartz. "Parkside's recognized brand and established channel presence will generate new opportunities for Cequent products in this market. This acquisition will also allow us to expand into complimentary products, including front-end protection equipment for motor vehicles." About Parkside Towbars Located in Perth, Western Australia, Parkside Towbars is a leading manufacturer and distributor of standard towbars, Tow- Safe(R) hitches, roobars, nudge bars, front protection bars and bullbars. The company also carries a range of related vehicle accessories such as load equalizing hitches, electric brake units, transmission coolers, cargo barriers and spotlights. Established in 1972, Parkside Towbars earned certification as a Quality Endorsed Company with Quality Assurance Services (Standards Australia) in 1992. About Cequent Cequent is a leading designer, manufacturer and marketer of a broad range of accessories for light trucks, sport utility vehicles, recreational vehicles, passenger cars and trailers of all types. Products include towing and hitch systems, trailer components and accessories, and electrical, brake, cargo- carrying and rack systems. Cequent draws upon a 75-year-old heritage of superior towing and trailer brands, including: ROLA(R), Hayman Reese(R), Highland(R), Draw-Tite(R), Reese(R), Fulton(R), Wesbar(R), Bull Dog(R), Hidden Hitch(R) and Tekonsha(R). About TriMas Headquartered in Bloomfield Hills, Michigan, TriMas Corporation (NYSE:TRS) -- http://www.trimascorp.com/-- is a diversified growth company of high-end, specialty niche businesses manufacturing a variety of products for commercial, industrial and consumer markets worldwide. TriMas Corporation is organized into five strategic business groups: Packaging Systems, Energy Products, Industrial Specialties, RV & Trailer Products, and Recreational Accessories. TriMas Corporation has nearly 5,000 employees at 80 different facilities in 10 countries. The company has manufacturing facilities in Indiana, Mexico, England, Germany, Italy, and China. * * * TriMas Corp. carries Standard & Poor's Ratings Services' B+ corporate credit rating. S&P said the outlook is stable. =================== K A Z A K H S T A N =================== ALGABAS LLP: Proof of Claim Deadline Slated for March 4 ------------------------------------------------------- The Specialized Inter-Regional Economic Court of Kyzylorda has declared LLP Algabas insolvent. Creditors have until March 4 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kyzylorda Aiteke bi Str. 29 Kyzylorda Kazakhstan BOLASHAK 2007 LLP: Creditors Must File Claims by March 4 -------------------------------------------------------- LLP Bolashak 2007 has declared insolvency. Creditors have until March 4 to submit written proofs of claims to: LLP Bolashak 2007 Bojmanov Str. 2 Amangeldi Amangeldinsky District Kostanai Kazakhstan Tel: 8 (7143) 34-06-59 BRIGANTINA-2005 LLP: Claims Filing Period Ends February 26 ---------------------------------------------------------- LLP Brigantina-2005 has declared insolvency. Creditors have until Feb. 26, 2008 to submit written proofs of claims to: LLP Brigantina-2005 Skladskaya Str. 2 Karaganda Kazakhstan FILE-TRANSIT LLP: Creditors' Claims Due on February 26 ------------------------------------------------------ LLP File-Transit has declared insolvency. Creditors have until Feb. 26, 2008 to submit written proofs of claims to: LLP File-Transit Almatinskaya Str. 52-24 Ust-Kamenogorsk East Kazakhstan Kazakhstan FSK STROY: Claims Registration Ends February 26 ----------------------------------------------- LLP Construction Company FSK Stroy has declared insolvency. Creditors have until Feb. 26, 2008 to submit written proofs of claims to: LLP Construction Company FSK Stroy Al-Farabi ave. 119 Kostanai Kazakhstan MONOLIT LLP: Proof of Claim Deadline Slated for March 4 ------------------------------------------------------- The Specialized Inter-Regional Economic Court of Karaganda has declared LLP Firm Monolit insolvent. Creditors have until March 4 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Karaganda Jambyl Str. 9 Karaganda Kazakhstan OAZIS+ORAL LLP: Creditors Must File Claims by March 4 ----------------------------------------------------- LLP Oazis+Oral has declared insolvency. Creditors have until March 4 to submit written proofs of claims to: LLP Oazis+Oral Akademik Asan Taimanov Str. 221/1 Uralsk West Kazakhstan Kazakhstan SHYMBAI LLP: Claims Filing Period Ends March 4 ---------------------------------------------- The Specialized Inter-Regional Economic Court of Kyzylorda has declared LLP Shymbai insolvent. Creditors have until March 4 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kyzylorda Aiteke bi Str. 29 Kyzylorda Kazakhstan SPORT-CITY LLP: Creditors' Claims Due on March 4 ------------------------------------------------ LLP Sport-City has declared insolvency. Creditors have until March 4 to submit written proofs of claims to: LLP Sport-City Konstitutsiya Kazakhstana Str. 55-82 Petropavlovsk North Kazakhstan Kazakhstan TSEMINDUSTRIYA LLP: Claims Registration Ends March 4 ---------------------------------------------------- LLP Tsemindustriya has declared insolvency. Creditors have until March 4 to submit written proofs of claims to: LLP Tsemindustriya Seifullin ave. 23-2 Jezkazgan Karaganda Kazakhstan =================== K Y R G Y Z S T A N =================== JYLYSHNY PORYADOK: Creditors Must File Claims by February 20 ------------------------------------------------------------ LLC Community on Servicing the Accomodation Owners and Condominiums Jylyshny Poryadok has declared insolvency. Creditors have until Feb. 20, 2008 to submit written proofs of claim. Inquiries can be addressed to (+996 312) 21-36-22. =========== L A T V I A =========== AFFILIATED COMPUTER: To Provide Ticketing System in Latvian City ---------------------------------------------------------------- Affiliated Computer Services, Inc. will provide a contactless ticketing system to the city of Riga, Latvia, with the municipality's wholly owned transit operator, Rigas Satiksme. No financial details were disclosed for the 13-year contract. Affiliated Computer will design and implement a smart card-based ticketing system using contactless cards and tickets for Rigas Satiksme's fleet of 460 buses, 322 trolleys, and 252 tramway cars. Affiliated Computer and Rigas Satiksme will then operate the system under the city's oversight. "The citizens of Riga will benefit from the most advanced ticketing system in Eastern Europe," said Rigas Satiksme chairperson, Leons Bemhen