/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/080910.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Wednesday, September 10, 2008, Vol. 9, No. 180 Headlines A U S T R I A EDV BERATUNGHAVE: Claims Registration Period Ends September 22 FLUCHER LLC: Claims Registration Period Ends September 24 ING. JOHANN REITER: Claims Registration Period Ends September 24 LAPATSCHKA OEG: Claims Registration Period Ends September 22 MICHAEL FELZMANN: Claims Registration Period Ends September 23 B E L G I U M PORTOLA PACKAGING: Plan Confirmation Hearing Slated for October 6 F R A N C E BALLY TECHNOLOGIES: S&P Confirms 'BB' Corporate Credit Rating G E R M A N Y BEWA GMBH: Claims Registration Period Ends September 18 DEUTSCHLAND UKRAINE: Claims Registration Period Ends Sept. 17 DYNOMEDIA GMBH: Claims Registration Period Ends Sept. 17 ENVICON VERWALTUNGS: Claims Registration Period Ends Sept. 17 GP AUTOMATEN: Claims Registration Period Ends September 17 IMEXCOP 663: Creditors' Meeting Slated for September 18 LENGEDER UMWELTSANIERUNGS: Claims Filing Period Ends Sept. 18 MAQBOOL & SONS: Claims Registration Period Ends September 17 MAXDATA AG: Talks With Potential Investor Collapsed ORA CONSULT: Claims Registration Period Ends September 17 PFAFF: Possible Insolvency to Hit ACP Capital and ACP Mezzanine POINT FOTOGRAFIE: Claims Registration Period Ends September 17 THEMA IMMOBILIEN-VERMIETUNGS: Claims Registration Ends Sept. 17 H U N G A R Y CADENCE INNOVATION: Court Bars Exxon from Halting Delivery CADENCE INNOVATION: Files Amended List of 20 Largest Creditors CADENCE INNOVATION: Wants to Hire Cole Schotz at Lead Counsel CADENCE INNOVATION: Wants Katten Muchin as Special Counsel PROPEX INC: Creditors Panel Challenges DIP Lenders' Liens PROPEX INC: Wants Court Nod on US$1.7 Million Pension Plan Payment PROPEX INC: Wants to Amend Medical Program to Cease Coverage Offer I R E L A N D LANSDOWNE MORTGAGES: Fitch Hikes Securities No. 2 Class B2 to BB+ I T A L Y ALITALIA SPA: Unions Reject Proposed Benefit Cuts ALITALIA SPA: Gov't. Picks Banca Leonardo to Value Assets for Sale ALITALIA SPA: Commissioner to Manage Cargo & Service Operations K A Z A K H S T A N AUTO LUX: Creditors Must File Claims by October 7 BTA BANK: Inks Cooperation Pact with Bank of China Kazakhstan CASPIAN INVESTMENT: Claims Deadline Slated for October 12 K Y R G Y Z S T A N IGROVYE SISTEMY: Creditors Must File Claims by September 26 R O M A N I A CFR SA: S&P Withdraws BB Issuer Credit Rating at Company's Request R U S S I A ALYANS LLC: Creditors Must File Claims by October 1 ILANTRANS LLC: Moscow Bankruptcy Hearing Set December 16 GOLEGO CONSTRUCTION: Kemerovo Bankruptcy Hearing Set Jan. 15, 2009 GAZ-PROM-STORY-MONTAZH: Creditors Must File Claims by October 1 GERMES-TRADING-YUG: Creditors Must File Claims by October 1 S W I T Z E R L A N D IBU LLC: Deadline to File Proofs of Claim Set Sept. 26 SKILSTAF EUROPE: Proofs of Claim Filing Deadline is Sept. 27 SUIMEX JSC: Creditors' Proofs of Claim Due by Sept. 20 U K R A I N E AVROS-EXPO LLC: Creditors Must File Claims by Sept. 18 BUSHEL LLC: Creditors Must File Claims by September 19 CANON-INVEST SOUTH: Creditors Must File Claims by Sept. 18 DNIPROINVESTGROUP LLC: Creditors Must File Claims by Sept. 18 ECO LLC: Creditors Must File Claims by September 18 KOMISHUVAKHA REPAIR-TRANSPORT: Creditors' Claims Due Sept. 18 KREZ LLC: Creditors Must File Claims by September 18 LLC-SOUTH LTD: Creditors Must File Claims by Sept. 18 MAKO LLC: Proofs of Claim Filing Deadline Set September 19 RUDPOL-INVEST: Creditors Must File Claims by Sept. 19 VITARINA LLC: Creditors Must File Claims by September 18 YASEN LLC: Creditors Must File Claims by September 19 ZHYDACHEV CELLULOSE-PAPER: Creditors' Claims by Sept. 18 U N I T E D K I N G D O M AADAMS LTD: Brings in Joint Administrators from Vantis AMC ENTERTAINMENT: Earns US$10.8 Mil. in 1st Quarter Ended July 3 CABLE & WIRELESS: Pension Fund Inks GBP1BB Prudential Buy-In Deal CITECH ENERGY: Calls in Joint Administrators from KPMG DOWNS COURT: Appoints Joint Administrators from PwC DSG INTERNATIONAL: Moody's Changes Outlook on Ba1 CFR Rating ELVA FUNDING: Fitch Cuts Rating on Class C Notes to 'BB+' FEDERAL-MOGUL: Court Defers Claims Objection Deadline to Dec. 27 FORSYTH COMMUNICATIONS: Taps Joint Administrators from PwC ITRAXX CROSSOVER: Fitch Keeps Series 3's B+ Weighted Ave. Rating ITRAXX CROSSOVER: Fitch Holds Series 4 Credit-Linked Notes at B+ ITRAXX CROSSOVER: Fitch Holds Series 5 Credit-Linked Notes at B+ MYHOME INT'L: Appoints Joint Administrators from Ernst & Young NIGHTINGALE CARE: Brings in Joint Administrators from Vantis OLED-T LTD: Calls in Joint Administrators from Vantis PARKLAKE HOTELS: Taps Tenon Recovery to Administer Assets RANGER TRANSPORT: Appoints Joint Administrators from KPMG SIGMUM CASTING: Taps Joint Administrators from Tenon Recovery VIRGIN MEDIA: SRM Global Master Fund Cuts Stake to 4.04% WELWYN LIGHTING: Appoints Joint Administrators from BDO Stoy * Leonard Curtis Brings in Three New Members to Insolvency Team * Number of UK Contractors Seeking NFB Redundancy Advice Up in '08 ********* ============= A U S T R I A ============= EDV BERATUNGHAVE: Claims Registration Period Ends September 22 -------------------------------------------------------------- Creditors owed money by LLC Net Consulting Edv Beratunghave until Sept. 22, 2008, to file written proofs of claim to the court- appointed estate administrator: Dr. Ulla Reisch Praterstrasse 62-64 1020 Vienna Austria Tel: 212 55 00 Fax: 212 55 00 5 E-Mail: office.wien@ulsr.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:10 a.m. on Oct. 6, 2008, for the examination of claims at: The Trade Court of Vienna Room 2101 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Aug. 6, 2008, (Bankr. Case No. 38 S 37/08f). FLUCHER LLC: Claims Registration Period Ends September 24 --------------------------------------------------------- Creditors owed money by KEG Flucher have until Sept. 24, 2008, to file written proofs of claim to the court-appointed estate administrator: Dr. Reinhard Teubl Mittergasse 28 8600 Bruck an der Mur Austria Tel: 0386251462 Fax: 03862-51462-10 E-mail: rechtsanwaelte@bzt.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:30 a.m. on Oct. 8, 2008, for the examination of claims at: The Land Court of Leoben Hall IV First Floor Leoben Austria Headquartered in Krieglach, Austria, the Debtor declared bankruptcy on Aug. 6, 2008, (Bankr. Case No. 17 S 39/08s). ING. JOHANN REITER: Claims Registration Period Ends September 24 ---------------------------------------------------------------- Creditors owed money by LLC Ing. Johann Reiter have until Sept. 24, 2008, to file written proofs of claim to the court- appointed estate administrator: Peter Haslinger Krottendorfer Gasse 4 8700 Leoben Austria Tel: 03842-48117 Fax: 03842-48117-11 E-mail: office@ra-ahb.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 1:30 p.m. on Oct. 8, 2008, for the examination of claims at: The Land Court of Leoben Hall IV First Floor Leoben Austria Headquartered in Obdach, Austria, the Debtor declared bankruptcy on Aug. 6, 2008, (Bankr. Case No. 18 S 43/08m). LAPATSCHKA OEG: Claims Registration Period Ends September 22 ------------------------------------------------------------ Creditors owed money by OEG Lapatschka have until Sept. 22, 2008, to file written proofs of claim to the court-appointed estate administrator: Teufer-Peyrl Sigrun Pfarrgasse 20 4240 Freistadt Austria Tel: 0794275151 Fax: 07942751519 E-mail: ra.peyrl@epnet.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on Oct. 6, 2008, for the examination of claims at: The Land Court of Linz Room 522 5th Floor Linz Austria Headquartered in Windhaag bei Perg, Austria, the Debtor declared bankruptcy on Aug. 6, 2008, (Bankr. Case No. 12 S 68/08z). MICHAEL FELZMANN: Claims Registration Period Ends September 23 -------------------------------------------------------------- Creditors owed money by LLC Michael Felzmann have until Sept. 23, 2008, to file written proofs of claim to the court-appointed estate administrator: Dr. Stephan Riel Schiesstattring 35/13 3100 St. Poelten Austria Tel: 02742/74731 Fax: 02742/74731/22 E-mail: kanzlei@jsr.at Creditors and other interested parties are encouraged to attend the creditors' meeting at noon on Oct. 14, 2008, for the examination of claims at: The Land Court of St. Poelten Room 216 Second Floor Old Building St. Poelten Austria Headquartered in Mauerbach, Austria, the Debtor declared bankruptcy on Aug. 14, 2008, (Bankr. Case No. 14 S 125/08k). ============= B E L G I U M ============= PORTOLA PACKAGING: Plan Confirmation Hearing Slated for October 6 ----------------------------------------------------------------- Portola Packaging Inc. and its debtor-affiliates will appear before the U.S. Bankruptcy Court in Delaware on Oct. 6, 2008, for a confirmation hearing of the Debtors' reorganization plan, Mr. Rochelle of Bloomberg News relates. The Troubled Company Reporter said on Sept. 1, 2008, that in connection with the Debtors' bankruptcy filing, the Debtors confirmed that all of its secured lenders and holders of approximately 90% in aggregate principal amount of its 8-1/4% Senior Notes due 2012 agreed to a voluntary and consensual restructuring of the company pursuant to the restructuring support agreement dated July 24, 2008. Pursuant to the proposed plan of reorganization, holders of the Senior Notes will receive 100% of the common stock of reorganized Portola in exchange for their claims. The company reached agreement with its existing secured lenders to provide the Company with debtor-in-possession financing of US$79 million to pay off the outstanding indebtedness under the company's existing secured facilities and to finance its ongoing operations. Mr. Rochelle notes that Wayzata Investment Partners LLC, a private-equity investor in Wayzata, Minnesota, will hold a controlling interest in the reorganized company. Portola, according to Mr. Rochelle, defaulted on a US$60 million revolving credit loan from General Electric Capital Corp. following Portola's announcement of a probe on accounting irregularities at its subsidiaries in China. About Portola Packaging Portola Packaging Inc. -- http://www.portpack.com/-- designs, manufactures, and markets a full line of tamper-evident plastic closures, bottles, and equipment for the beverage and food industries, as well as plastic closures and containers for the cosmetics industry. The company and 6 of its debtor-affiliates filed for Chapter 11 reorganization on Aug. 27, 2008 (Bankr. D. Del. Lead Case No. 08- 12001). Edmon L. Morton, Esq., Robert S. Brady, Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt & Taylor, represent the Debtors as counsel. When the Debtors filed for protection from their creditors, they listed assets of between US$50 million and US$100 million, and debts of between US$100 million and US$500 million. The company has locations in China, Mexico and Belgium. =========== F R A N C E =========== BALLY TECHNOLOGIES: S&P Confirms 'BB' Corporate Credit Rating ------------------------------------------------------------- Standard & Poor's Ratings Services assigned its issue-level and recovery ratings to Bally Technologies Inc.'s proposed US$300 million senior secured credit facilities. The loans are rated 'BBB-' -- two notches higher than the 'BB' corporate credit rating on the company -- with a recovery rating of '1', indicating that lenders can expect very high (90% to 100%) recovery in the event of a payment default. At the same time, Standard & Poor's affirmed its 'BB' corporate credit rating on Bally. The rating outlook is stable. Proceeds from the credit facilities, which will consist of a draw of approximately US$50 million on a US$75 million revolving credit facility and a US$225 million term loan, will be used to refinance the existing credit facilities. The proposed bank facility is due four years from the close of the transaction. "The 'BB' rating reflects Bally's exposure to product sales volatility, the importance of sustained research and development spending in order to maintain the quality of its products, the existence of a much larger and well-established competitor (International Game Technology), and the expectation for a moderation in the operating environment during the next few quarters as a result of slower replacement sales and economic weakness," said Standard & Poor's credit analyst Melissa Long. "These factors are tempered by the company's No. 2 position in the North American gaming equipment market, its expanding base of gaming devices and systems, and strong credit measures for the rating, which we expect provide ample cushion in a slowdown." "For the 12 months ended June 30, 2008, Bally reported EBITDA of US$272 million--up about 96% year over year," S&P said. "Pro forma for this transaction, we expect leverage to be in the 1x area, which represents a significant improvement over fiscal 2007, when leverage was about 2.3x. The credit measures are currently strong for the rating and afford some flexibility for share repurchases, acquisitions, or a weakening operating environment," S&P related. Headquartered in Las Vegas, Nevada, Bally Technologies, Inc. (NYSE: BYI) -- http://www.BallyTech.com/-- designs, manufactures, operates, and distributes advanced gaming devices, systems, and technology solutions worldwide. Bally's product line includes reel-spinning slot machines, video slots, wide- area progressives and Class II lottery and central determination games and platforms. Bally Technologies also offers an array of casino management, slot accounting, bonus, cashless, and table management solutions. The company also owns and operates Rainbow Casino in Vicksburg, Mississippi. The company's South American operations are located in Argentina. The company also has operations in France, Germany, Macau, China, India, and the United Kingdom. ============= G E R M A N Y ============= BEWA GMBH: Claims Registration Period Ends September 18 ------------------------------------------------------- Creditors of Bewa GmbH i.L. have until Sept. 18, 2008, to register their claims with court-appointed insolvency manager Rudolf Rossmann. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Oct. 16, 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 Augsburg Meeting Hall 162 Alten Einlass 1 86150 Augsburg 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: Rudolf Rossmann Weisskopfstr. 13 c/o Kanzlei Gabrielli Kaufer u. Koll 86343 Koenigsbrun Germany The District Court of Augsburg opened bankruptcy proceedings against Bewa GmbH i.L. on July 31, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bewa GmbH i.L. Schwalbenstr. 9 86391 Stadtbergen Germany DEUTSCHLAND UKRAINE: Claims Registration Period Ends Sept. 17 ------------------------------------------------------------- Creditors of DUP Deutschland-Ukraine-Projekt GmbH have until Sept. 17, 2008, to register their claims with court-appointed insolvency manager Dr. Olaf Buechler. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on Oct. 15, 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 Hamburg Meeting Hall B 405 Fourth Floor Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Olaf Buechler Herrengraben 3 20459 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against DUP Deutschland-Ukraine-Projekt GmbH on July 23, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: DUP Deutschland-Ukraine-Projekt GmbH St. Benedictstrasse 19 20149 Hamburg Germany Attn: Hermann Henniger, Manager Op'n Hainholt 109 c 22589 Hamburg Germany DYNOMEDIA GMBH: Claims Registration Period Ends Sept. 17 -------------------------------------------------------- Creditors of DYNOMEDIA GmbH have until Sept. 17, 2008, to register their claims with court-appointed insolvency manager Arndt Geiwitz. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Oct. 6, 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 Augsburg Meeting Hall 162 Alten Einlass 1 86150 Augsburg 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: Arndt Geiwitz Eserwallstr. 1-3 86150 Augsburg Germany The District Court of Augsburg opened bankruptcy proceedings against DYNOMEDIA GmbH on Aug. 18, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: DYNOMEDIA GmbH Attn: Andreas Weckwert and Bjoern Hein, Managers Schiessgrabenstr. 16 86150 Augsburg Germany ENVICON VERWALTUNGS: Claims Registration Period Ends Sept. 17 ------------------------------------------------------------- Creditors of Envicon Verwaltungs GmbH have until Sept. 17, 2008, to register their claims with court-appointed insolvency manager Dirk Hammes. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Oct. 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 Duisburg Meeting Hall C315 Third Floor Kardinal-Galen-Strasse 124-132 47058 Duisburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dirk Hammes Wilhelmshofallee 75 47800 Krefeld Germany The District Court of Duisburg opened bankruptcy proceedings against Envicon Verwaltungs GmbH on Aug. 13, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Envicon Verwaltungs GmbH Bassfeldshof 2-4 46537 Dinslaken Germany Attn: Eugen Salomon, Manager Hoehenweg 5a 88145 Hergatz Germany GP AUTOMATEN: Claims Registration Period Ends September 17 ---------------------------------------------------------- Creditors of GP Automaten GmbH & Co. KG have until Sept. 17, 2008, to register their claims with court-appointed insolvency manager Bardo M. Sigwart. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Oct. 29, 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 Darmstadt Hall 14 First Floor Building D Mathildenplatz 15 64283 Darmstadt Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Bardo M. Sigwart Ostend 14 64347 Griesheim Germany Tel: 06155-60930 Fax: 06155-66297 The District Court of Darmstadt opened bankruptcy proceedings against GP Automaten GmbH & Co. KG on Aug. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: GP Automaten GmbH & Co. KG Attn: Dominique Versapuech, Manager Paul Joseph Strasse 12-14 64658 Fuerth Germany IMEXCOP 663: Creditors' Meeting Slated for September 18 ------------------------------------------------------- The court-appointed insolvency manager for Imexcop 663 GmbH, Dr. Christian Strauss will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:15 a.m. on Sept. 18, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Bremen Hall 115 Ostertorstr. 25-31 28195 Bremen Germany The Court will also verify the claims set out in the insolvency manager's report at 9:30 a.m. on Dec. 18, 2008, at the same venue. Creditors have until Nov. 4, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Christian Strauss Friedrich-Missler-Str. 42 28211 Bremen Germany Tel: 0421/7926260 Fax: 0421/7926285 E-mail: info@kanzlei-dr-strauss.de Web site: www.kanzlei-dr-strauss.de The District Court of Bremen opened bankruptcy proceedings against Imexcop 663 GmbH on July 30, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Imexcop 663 GmbH Attn: Detlev Willi Leidig, Manager Froebelstrasse 58 28755 Bremen Germany LENGEDER UMWELTSANIERUNGS: Claims Filing Period Ends Sept. 18 ------------------------------------------------------------- Creditors of Lengeder Umweltsanierungsgesellschaft mbH have until Sept. 18, 2008, to register their claims with court-appointed insolvency manager Dr. Steffen Koch. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Oct. 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 Gifhorn Hall 118 Schlossgarten 4 38518 Gifhorn 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. Steffen Koch c/o RAe. hww wienberg wilhelm Sophienstr. 1 30159 Hannover Germany Tel: 0511/353991-0 Fax: 0511/353991-10 The District Court of Gifhorn opened bankruptcy proceedings against Lengeder Umweltsanierungsgesellschaft mbH on July 18, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Lengeder Umweltsanierungsgesellschaft mbH Attn: Karsten Hanusa, Manager Hubertusstr. 19 06502 Thale Germany MAQBOOL & SONS: Claims Registration Period Ends September 17 ------------------------------------------------------------ Creditors of Maqbool & Sons International Trading GmbH have until Sept. 17, 2008, to register their claims with court-appointed insolvency manager Bardo M. Sigwart. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Oct. 29, 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 Darmstadt Hall 4.312 Fourth Floor Building D Mathildenplatz 15 64283 Darmstadt Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Bardo M. Sigwart Ostend 14 64347 Griesheim Germany Tel: 06155-60930 Fax: 06155-66297 The District Court of Darmstadt opened bankruptcy proceedings against Maqbool & Sons International Trading GmbH on July 30, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Maqbool & Sons International Trading GmbH Frankfurter Strasse 3 64521 Gross-Gerau Germany Attn: Aqeel Khokhar, Manager Europaring 2 64521 Gross-Gerau Germany MAXDATA AG: Talks With Potential Investor Collapsed --------------------------------------------------- evertiq.com reports that talks between Maxdata AG and potential investor Quanmax collapsed last week. Quanmax is a subsidiary of Taiwan-based Quanta, the report relates. As reported in the TCR-Europe on June 30, 2008, Maxdata filed for insolvency proceedings at the District Court in Essen due to illiquidity. About Maxdata AG Headquartered in Marl, Germany, Maxdata AG -- http://www.maxdata.com/-- manufactures of computer hardware and provides built-to-order PC, notebook and server solutions. The Company offers servers, personal computers, laptops and notebooks under the Maxdata brand name, as well as a range of monitors and displays under the Belinea brand. The Company operates in Austria, Switzerland, France, Spain, Poland, Italy, the Netherlands and the United Kingdom. * * * Maxdata has been posting net losses since 2003: EUR20.7 million in 2003, EUR1.5 million in 2004, EUR39.6 million in 2005, EUR465 million in 2006 and EUR33.8 million in 2007. ORA CONSULT: Claims Registration Period Ends September 17 --------------------------------------------------------- Creditors of ORA Consult GmbH have until Sept. 17, 2008, to register their claims with court-appointed insolvency manager Dr. Mark Zeuner. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Nov. 5, 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 Rostock Hall 330 Zochstrasse 18057 Rostock 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. Mark Zeuner John-Brinckman-Str. 9 18055 Rostock Germany The District Court of Rostock opened bankruptcy proceedings against ORA Consult GmbH on Aug. 6, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ORA Consult GmbH Attn: Hans Werner Guderjahn, Manager Industriestrasse 10 18069 Rostock Germany PFAFF: Possible Insolvency to Hit ACP Capital and ACP Mezzanine --------------------------------------------------------------- Pfaff Industrie Maschinen AG's possible insolvency is expected to affect the net asset values of ACP Capital Ltd. and ACP Mezzanine Ltd., Thomson Financial News reports. According to the report, Pfaff may become insolvent if it fails to obtain additional funding and reach a deal with its creditors. The insolvency, the report relates, is likely to hit ACP Capital as it has a shareholding in ACP Mezzanine, which extended a EUR9 million loan facility to Pfaff. It also has a direct investment in Pfaff's parent company GCI Management AG. The report relates ACP Mezzanine expressed concerns about the ability of Pfaff to meet its obligations. Headquartered in Kaiserslautern, Germany, Pfaff Industrie Maschinen AG -- http://www.pfaff-industrial.com/-- is engaged in the development, manufacture and sale of industrial sewing machines. In addition, the company offers spare parts and accessories for its machines, as well as training services. The company is operative through a network of nine daughter companies and approximately 200 dealers in Europe, North, Central and South America, Africa, the Middle East, Asia and Australia. POINT FOTOGRAFIE: Claims Registration Period Ends September 17 -------------------------------------------------------------- Creditors of Point Fotografie Kunst & Design GmbH have until Sept. 17, 2008, to register their claims with court-appointed insolvency manager Dr. Oliver Kirschnek. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on Nov. 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 Heilbronn Hall 4 Ground Floor Rollwagstr. 10a 74072 Heilbronn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Oliver Kirschnek Kriegerstrasse 3 70191 Stuttgart Germany Tel: 0711/225583-0 Fax: 0711/225583-20 The District Court of Heilbronn opened bankruptcy proceedings against Point Fotografie Kunst & Design GmbH on Aug. 7, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Point Fotografie Kunst & Design GmbH Bahnhofstrasse 30 71732 Tamm Germany THEMA IMMOBILIEN-VERMIETUNGS: Claims Registration Ends Sept. 17 --------------------------------------------------------------- Creditors of Thema Immobilien-Vermietungs- und Verwaltungsgesellschaft mbH have until Sept. 17, 2008, to register their claims with court-appointed insolvency manager Klaus A. Maier. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Oct. 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 Ludwigsburg Hall 2008 Palace Schuetz Schorndorfer Str. 28 Ludwigsburg 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: Klaus A. Maier Wilhelmstr. 12 70182 Stuttgart Germany The District Court of Ludwigsburg opened bankruptcy proceedings against Thema Immobilien-Vermietungs- und Verwaltungsgesellschaft mbH on July 28, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Thema Immobilien-Vermietungs- und Verwaltungsgesellschaft mbH Attn: Matthias Heissner und Erik Richter, Managers Steinbeisstr. 2 71229 Leonberg Germany ============= H U N G A R Y ============= CADENCE INNOVATION: Court Bars Exxon from Halting Delivery ---------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware issued a temporary restraining order directing Exxon Mobil Chemical Company to continue supplying Cadence Innovation LLC upon pre-payment by the company pending the hearing on the preliminary injunction. Cadence Innovation LLC filed a lawsuit against Exxon Mobil for planning to stop supplying goods to the company. In a complaint dated Sept. 2, 2008, Cadence Innovation alleged that Exxon Mobil violated their contract when it said it will stop supplying goods to the company by Sept. 3, 2008. Exxon Mobil is Cadence Innovation's principal supplier of resin pellets, which the Debtor uses as raw materials for manufacturing the plastic parts it supplies to auto manufacturers. Cadence Innovation seeks a ruling from the Bankruptcy Court, enjoining Exxon Mobil from refusing to supply the company as well as payment for damages that may result. Proposed counsel for Cadence Innovation, Norman Pernick, Esq., at Cole, Schotz, Meisel, Forman & Leonard P.A., in Wilmington, Delaware, said that under the contract, Exxon Mobil is obligated to continue to supply the company even if the contract has expired or has been terminated. According to Mr. Pernick, Exxon Mobil's decision would affect Cadence Innovation's business operations as well as its customers. "If Cadence Innovation stops manufacturing, the assembly lines at the auto manufacturers that use its products will also be forced to shut down," Mr. Pernick said, pointing out that Cadence Innovation is the exclusive manufacturer and supplier of those plastic parts. He further said that Cadence Innovation has no other supplier of resin pellets. Cadence Innovation reached a temporary settlement with Exxon Mobil, permitting it to continue receiving supplies from Exxon, according to a report by Bloomberg News. Exxon, at the Sept. 3 hearing, agreed to continue supplying resin pellets until the next hearing on Sept. 22, provided Cadence pays in advance, Bloomberg News reported. At the Sept. 22 hearing, the Court will rule on Cadence Innovation's request for a preliminary injunction compelling Exxon to continue supplying the company. The parties are required to submit legal memoranda in connection with the Injunction Motion on or before Sept. 19, at 4:00 p.m. About Cadence Innovation Headquartered in Troy, Michigan, Cadence Innovation LLC -- http://www.cadenceinnovation.com/-- manufactures and sells auto parts to its customers GM and Chrysler. The company has at least 4,200 employees in the United States and Europe, including Hungary and Czech Republic. The company and its debtor-affiliate, New Venture Real Estate Holdings, LLC, filed for Chapter 11 reorganization on Aug. 26, 2008 (Bankr. D. Del. Lead Case No. 08- 11973). Norman L. Pernick, Esq. and Patrick J. Reilley, Esq., at Cole, Schotz, Meisel, Forman & Leonard, represent the Debtors as counsel. When the Debtor filed for protection from its creditors, it listed assets of between US$10 million and US$50 million, and debts of between US$100 million to US$500 million. CADENCE INNOVATION: Files Amended List of 20 Largest Creditors -------------------------------------------------------------- Cadence Innovation LLC, and its affiliate, New Venture Real Estate Holdings LLC, filed with the U.S. Bankruptcy Court for the District of Delaware, an amended list of their 20 largest creditors: Creditors Nature of Claim Claim Amount --------- --------------- ------------ Chrysler LLC Attention: Doug Doran Money Lent US$9,932,698 CIMS 48401 10 Auburn Hills, MI Ventra c/o CoAmerica Bark Trade US$2,616,013 Attn: Kim Boyer Mail Code 411 West Lafayette Detroit, MI 48275-3328 Recticel Interiors North Trade US$1,637,527 America, LLC 5600 Bow Pointe Drive Clarkston, MI 48346 Bayer Material Science Trade US$1,622,906 P.O. BOX 223 105 Pittsburgh, PA 15251-2105 Blackhawk Automotive Plastics Trade US$1,034,574 Salem Division 1159 Paysphere Circle Chicago, IL 60674 Exxon Mobil Chemical Trade US$954,105 P.O. Box 371127M Pittsburgh, PA 15251 Michigan Staffing LLC Trade US$895,147 29400 Van Dyke Suite 222 Warren, MI 48093 O'Sullivan Films, Inc. Trade US$744,102 1310 Paysphere Circle Chicago, IL 60674 Summit Polymers Trade US$679,075 67 I5 South Sprinkle Road Portage, MI 49002 Let's Unique Fabricating 800 Standard Parkway Trade US$650,598 Auburn Hills, MI 48326 ADAC Plastics Trade US$551,113 P.O. Box 888375 Grand Rapids, MI 49588-8375 Michigan Department of Treasury Tax US$533,217 Department 78172 P.O. Box 78000 Detroit, MI48278-0172 Advanced Composites, Inc. Trade US$528,651 3066 Sidco Drive Nashville, TN 37204 Coastal Container Trade US$517,797 c/o Vericorr Packaging 1201 Industrial Ave. Holland, MI 49423 Emhart Teknologies Inc Trade US$430,012 12337 Collections Center Dr. Chicago, IL 60693 City of Fraser Tax US$408,908 P.O. Box 26032 Fraser, MI 48026 Anchor Bay Trade US$382,554 3090523 Mile Road New Baltimore, MI 48047 Mico Industries, Inc. 1425 Burlingame Ave SW Trade US$367,858 Grand Rapids, MI 49509 Complete Prototype Trade US$367,593 44783 Morley Drive Clinton TWP, MI 48036 Charter Township of Chesterfield Tax US$353,837 Pamela R. Harris, Treasurer 47275 Sugarbush Road Chesterfieid, MI 48047 About Cadence Innovation Headquartered in Troy, Michigan, Cadence Innovation LLC -- http://www.cadenceinnovation.com/-- manufactures and sells auto parts to its customers GM and Chrysler. The company has at least 4,200 employees in the United States and Europe, including Hungary and Czech Republic. The company and its debtor-affiliate, New Venture Real Estate Holdings, LLC, filed for Chapter 11 reorganization on Aug. 26, 2008 (Bankr. D. Del. Lead Case No. 08- 11973). Norman L. Pernick, Esq. and Patrick J. Reilley, Esq., at Cole, Schotz, Meisel, Forman & Leonard, represent the Debtors as counsel. When the Debtor filed for protection from its creditors, it listed assets of between US$10 million and US$50 million, and debts of between US$100 million to US$500 million. CADENCE INNOVATION: Wants to Hire Cole Schotz at Lead Counsel ------------------------------------------------------------- Cadence Innovation LLC, and its affiliate, New Venture Real Estate Holdings LLC, seek the U.S. Bankruptcy Court for the District of Delaware's authority to employ Cole, Schotz, Meisel, Forman & Leonard, P.A., as their lead bankruptcy counsel. The Debtors selected the firm because of its extensive experience and knowledge in business reorganizations under Chapter 11, as well as its familiarity with the Debtors' business operations. As counsel, Cole Schotz is expected to: (1) advise the Debtors of their rights, powers and duties as debtors-in-possession as well as advise them regarding matters of bankruptcy law; (2) represent the Debtors in proceedings and hearings; (3) prepare legal papers on behalf of the Debtors; (4) provide assistance, advice, and representation concerning the confirmation of any proposed plan and solicitation of acceptances for that plan, or responding to objections to those plans; (5) advise the Debtors and assist them in the negotiations concerning financing agreements, debt restructuring, cash collateral arrangements, and related transactions; (6) provide assistance, advice, and representation concerning any possible sale of the Debtors' assets; (7) review the nature and validity of liens asserted against the Debtors' property, and advise them concerning the enforceability of those liens; (8) provide assistance, advice and representation concerning any further investigation of the Debtors' assets, liabilities and financial condition that may be required under local, state, or federal law; (9) prosecute and defend litigation matters; and (10) provide counseling and representation with respect to the assumption or rejection of executory contracts and leases, asset sale, among other things. In exchange for Cole Schotz' services, the firm will be paid on an hourly basis and reimbursed for the expenses incurred. The firm's professionals and their hourly rates are: Members US$320 - US$625 Associates US$195 - US$325 Paralegals US$130 - US$190 Cole Schotz received a US$626,039 retainer from the Debtors for the planning, preparation of documents and proposed employment during the Debtors' bankruptcy. Of that amount, US$230,977 was applied to pay pre-bankruptcy fees and expenses incidental to the preparation and filing of the cases, and US$2,078 for the filing fees. Norman Pernick, Esq., at Cole Schotz, assures the Court that the firm does not hold or represent any interest adverse to the Debtors. He adds that the firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. About Cadence Innovation Headquartered in Troy, Michigan, Cadence Innovation LLC -- http://www.cadenceinnovation.com/-- manufactures and sells auto parts to its customers GM and Chrysler. The company has at least 4,200 employees in the United States and Europe, including Hungary and Czech Republic. The company and its debtor-affiliate, New Venture Real Estate Holdings, LLC, filed for Chapter 11 reorganization on Aug. 26, 2008 (Bankr. D. Del. Lead Case No. 08- 11973). Norman L. Pernick, Esq. and Patrick J. Reilley, Esq., at Cole, Schotz, Meisel, Forman & Leonard, represent the Debtors as counsel. When the Debtor filed for protection from its creditors, it listed assets of between US$10 million and US$50 million, and debts of between US$100 million to US$500 million. CADENCE INNOVATION: Wants Katten Muchin as Special Counsel ---------------------------------------------------------- Cadence Innovation LLC, and its affiliate, New Venture Real Estate Holdings LLC, seek the U.S. Bankruptcy Court for the District of Delaware's approval to employ Katten Muchin Rosenman LLP, as their special counsel. The Debtors selected the firm because of its extensive experience and knowledge in business reorganizations under Chapter 11. The Debtors said Katten Muchin is also familiar with their business since it has served as counsel for them prior to their bankruptcy filing. As special counsel, Katten Muchin is expected to: (1) negotiate and prepare documents relating to the disposition of assets as requested by the Debtors; (2) advise the Debtors on finance as well as on matters related to finance and the sale of the Debtors' assets; (3) advise the Debtors concerning their rights, powers and duties as debtor-in-possession in the continued management and operation of their business; (4) counsel and prepare the Debtors' plan of reorganization or liquidation, disclosure statement, and related documents; (5) assist Cole, Schotz, Meisel, Forman & Leonard, P.A., in matters concerning the administration of the Debtors' estate; and (6) perform other legal services when necessary. In return for Katten Muchin's services, the Debtors will pay the firm its fees on an hourly basis as well as reimburse for the expenses incurred in connection with its employment. The firm's professionals expected to provide legal assistance to the Debtors and their hourly rates are: Howard Lanznar US$625 John Sieger US$565 Peter Siddiqui US$410 Andrew Wool US$365 Katten Muchin received from the Debtors a US$373,637 retainer for the planning and preparation of the documents, and for its proposed employment during the Debtors' bankruptcy. As of Aug. 26, 2008, the firm is holding about US$265,000 as retainer. Howard Lanznar, Esq., at Katten Muchin, assures the Court that the firm does not hold or represent any interest adverse to the Debtors. About Cadence Innovation Headquartered in Troy, Michigan, Cadence Innovation LLC -- http://www.cadenceinnovation.com/-- manufactures and sells auto parts to its customers GM and Chrysler. The company has at least 4,200 employees in the United States and Europe, including Hungary and Czech Republic. The company and its debtor-affiliate, New Venture Real Estate Holdings, LLC, filed for Chapter 11 reorganization on Aug. 26, 2008 (Bankr. D. Del. Lead Case No. 08- 11973). Norman L. Pernick, Esq. and Patrick J. Reilley, Esq., at Cole, Schotz, Meisel, Forman & Leonard, represent the Debtors as counsel. When the Debtor filed for protection from its creditors, it listed assets of between US$10 million and US$50 million, and debts of between US$100 million to US$500 million. PROPEX INC: Creditors Panel Challenges DIP Lenders' Liens --------------------------------------------------------- The Official Committee of Unsecured Creditors appointed in the bankruptcy cases of Propex Inc. and its debtor-affiliates notified the U.S. Bankruptcy Court for the Eastern District of Tennessee that it will take an appeal to the U.S. District Court for the Eastern District of Tennessee from the Hon. John C. Cook's Aug. 21, 2008 order confirming the granting to the DIP Lenders of liens on all of the Debtors' Foreign Subsidiaries. As disclosed in the Troubled Company Reporter on Aug. 27, 2008, the Debtors filed a Security Agreement Amendment/Foreign Stock Pledge Motion, whereby they asked the Court to (i) permit them to amend a Security Agreement related to their DIP Credit Agreement, and (ii) confirm that the liens granted to the DIP Lenders on 100% of the Debtors' foreign capital stock is in accordance with the terms of the Final DIP Order and the DIP Credit Agreement. In line with that request, the Debtors, the Official Committee of Unsecured Creditors, and BNP Paribas, on behalf of the DIP Lenders, entered into a Court-approved stipulation for the filing under seal of any pleadings or documents relating to the Security Agreement Motion that may be deemed to contain confidential information. BNP Paribas Securities Corp., as administrative agent for the DIP Lenders, expressed its support of the Debtors' request. BNP Paribas asserted that the DIP documents plainly and unequivocally include the 100% Foreign Stock Pledge as part of the collateral package granted to the DIP lenders and as part of their adequate protection package to the prepetition lenders. Counsel to BNP Paribas, Gene L. Humphreys, Esq., at Bass, Berry & Sims, PLC, in Nashville, Tennessee, maintained that even if there is any ambiguity on the amount of equity of the Debtors' foreign subsidiaries that pledged as collateral under the DIP facility, the ambiguity is completely mooted by the uncontested fact that both the Interim and the Final DIP Orders provide a superpriority administrative claim to the DIP obligations pursuant to Section 364(c)(1) of the Bankruptcy Code. "The DIP lenders have loaned the Debtors tens of millions of dollars in reliance upon the fundamental premise of the full collateral package, including the 100% Foreign Stock Pledge," Mr. Humphreys said. On the other hand, the Creditors Committee filed an objection to the Debtors' Security Agreement Amendment under seal. BNP Paribas countered that the Committee's attempt to renegotiate the DIP Facility has no basis in law or fact and cannot be sustained. About Propex Inc. Headquartered in Chattanooga, Tennessee, Propex Inc. -- http://www.propexinc.com/-- produces geosynthetic, concrete, furnishing, and industrial fabrics and fiber. It also produces primary and secondary carpet backing. Propex has manufacturing facilities in Brazil, Mexico, Germany, Hungary and the United Kingdom. The company and its debtor-affiliates filed for Chapter 11 protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No. 08- 10249). The Debtors have selected Edward L. Ripley, Esq., Henry J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in Houston, Texas, to represent them. The Official Committee of Unsecured Creditors have tapped Ira S. Dizengoff, Esq., at Akin Gump Strauss Hauer & Feld, LLP, in New York, to be its counsel. The Court extended the exclusive plan filing period of the Debtors through Oct. 20, 2008, and their exclusive solicitation period through Dec. 19, 2008. As of June 29, 2008, the Debtors' balance sheet showed total assets of US$562,700,000, and total debts of US$551,700,000. (Propex Bankruptcy News, Issue No. 16; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) PROPEX INC: Wants Court Nod on US$1.7 Million Pension Plan Payment ---------------------------------------------------------------- Propex Inc. and its debtor-affiliates are sponsors of two defined benefit pension plans -- the Propex Inc. Cash Value Retirement Plan and the Propex Inc. Balance Retirement Plan. The Pension Plans are funded solely through employer contributions. The benefits accruals under the Cash Value Plan was frozen effective September 1, 2005. Benefit accruals under the Balance Plan was frozen as of August 1, 2006. As a result of the decline in the equity markets, the Pension Plans are significantly underfunded and ongoing obligations to the Pension Plans will place a significant financial burden on the Debtors over the next several year, Henry J. Kaim, Esq., at King & Spalding LLP, in Houston, Texas, informs the U.S. Bankruptcy Court for the Eastern District of Tennessee. Mr. Kaim says the Debtors have considered all alternatives to alleviate the problem, including the termination of the Pension Plans. The termination of the Pension Plan though would create a large claim against the Debtors' estate in favor of the Pension Benefit Guaranty Corporation and possibly result in the imposition of large liabilities on the Debtors' overseas affiliates, he points out. According to Mr. Kaim, the Pension Plan actuary estimates that there will be a liquidity shortfall in the Cash Value Plan of approximately US$3,100,000 as of Sept. 30, 2008. This liquidity shortfall payment will have to be paid as part of the Oct. 15, 2008 quarterly minimum funding contribution, he notes. The liquidity shortfall, however, can be avoided altogether by making additional plan contribution before Sept. 15, 2008 since the contributions are counted as plan assets for purposes of Jan. 1, 2008 plan valuation, Mr. Kaim states. Thus, pursuant to Section 363 of the Bankruptcy Code, the Debtors seek the Court's authority to make additional payment of up to US$1,700,000 on or before Sept. 15, 2008, in addition to the regularly scheduled and previously authorized minimum payments of US$279,937 and US$660,840 on Oct. 15, 2008. Mr. Kaim contends that the additional payments will increase the Cash Value Plan's funded status sufficiently to avoid having a liquidity shortfall on Jan. 1, 2008 plan. About Propex Inc. Headquartered in Chattanooga, Tennessee, Propex Inc. -- http://www.propexinc.com/-- produces geosynthetic, concrete, furnishing, and industrial fabrics and fiber. It also produces primary and secondary carpet backing. Propex has manufacturing facilities in Brazil, Mexico, Germany, Hungary and the United Kingdom. The company and its debtor-affiliates filed for Chapter 11 protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No. 08- 10249). The Debtors have selected Edward L. Ripley, Esq., Henry J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in Houston, Texas, to represent them. The Official Committee of Unsecured Creditors have tapped Ira S. Dizengoff, Esq., at Akin Gump Strauss Hauer & Feld, LLP, in New York, to be its counsel. The Court extended the exclusive plan filing period of the Debtors through Oct. 20, 2008, and their exclusive solicitation period through Dec. 19, 2008. As of June 29, 2008, the Debtors' balance sheet showed total assets of US$562,700,000, and total debts of US$551,700,000. (Propex Bankruptcy News, Issue No. 16; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) PROPEX INC: Wants to Amend Medical Program to Cease Coverage Offer ------------------------------------------------------------------ Propex Inc. and its debtor-affiliates sponsor the Propex Medical Program pursuant to which they provide certain medical benefits to their employees, including health insurance. The Medical Program currently provides medical coverage for sale to certain eligible employees and their dependents upon the employee's retirement. The Debtors aver that the cost to the retiree ranges from US$470 to US$1,220 per month and is generally cost-prohibitive to the retirees. As of Aug. 12, 2008, only six retirees have purchased medical coverage, the Debtors relate. The Debtors clarify they do not seek to modify any benefits provided to these Current Participants. The Debtors, however, seek to eliminate the medical coverage for Eligible Employees and Retirees because they are required to carry on their books the actuarial cost of US$4,400,000. About 398 potentially eligible retirees have not elected to purchase medical coverage, the Debtors note. Despite the fact that the Eligible Retirees are not taking advantage of this benefit, the Debtors relate that they are required to reserve significant assets to account for the possibility that the retirees will elect to purchase medical coverage. In addition to the cost carried on their books, the Debtors forecast spending in the future an estimated US$4,765 per employee per year for each Eligible Employee and Retiree who elects to purchase medical coverage. "The cost of the medical coverage is disproportionate to the benefit it provides and should be terminated, except as to the current six participants," the Debtors contend. Pursuant to Sections 105 and 363 of the Bankruptcy Code, the Debtors seek authority from the U.S. Bankruptcy Court for the Eastern District of Tennessee to amend their Medical Program to eliminate the option to purchase Medical Coverage by employees and retirees other than the Current Participants. The Debtors say the proposed amendment will allow them to remove US$4,400,000 in liabilities from their balance sheet. The Debtors inform the Court that no employee who declined to purchase Medical Coverage, upon retiring, has ever subsequently elected to purchase Medical Coverage. The Debtors say they are unaware of any retired employee that will be adversely impacted if their request is granted. The Debtors add that on Aug. 12, 2008, the Board of Directors entered a resolution to amend the Medical Program to cease to offer Medical Coverage to employees other than the Current Participants who receive benefits under the Medical Program. About Propex Inc. Headquartered in Chattanooga, Tennessee, Propex Inc. -- http://www.propexinc.com/-- produces geosynthetic, concrete, furnishing, and industrial fabrics and fiber. It also produces primary and secondary carpet backing. Propex has manufacturing facilities in Brazil, Mexico, Germany, Hungary and the United Kingdom. The company and its debtor-affiliates filed for Chapter 11 protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No. 08- 10249). The Debtors have selected Edward L. Ripley, Esq., Henry J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in Houston, Texas, to represent them. The Official Committee of Unsecured Creditors have tapped Ira S. Dizengoff, Esq., at Akin Gump Strauss Hauer & Feld, LLP, in New York, to be its counsel. The Court extended the exclusive plan filing period of the Debtors through Oct. 20, 2008, and their exclusive solicitation period through Dec. 19, 2008. As of June 29, 2008, the Debtors' balance sheet showed total assets of US$562,700,000, and total debts of US$551,700,000. (Propex Bankruptcy News, Issue No. 16; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) ============= I R E L A N D ============= LANSDOWNE MORTGAGES: Fitch Hikes Securities No. 2 Class B2 to BB+ ----------------------------------------------------------------- Fitch has upgraded three and affirmed eight tranches of Lansdowne Mortgage Securities No. 1 and No. 2 (LMS1 and LMS2), Irish RMBS transactions originated by Start Mortgages Limited (SML). The Outlook on the mezzanine tranche of LMS2 has been revised to Positive reflecting the continued growth credit enhancement level on these notes. The rating actions are: Lansdowne Mortgages Securities No. 1 plc: -- Class A2 (ISIN XS0250832614) affirmed at 'AAA'; Outlook Stable -- Class X (ISIN XS0250833000) affirmed at 'AAA'; Outlook Stable -- Class M1 (ISIN XS0250833695) affirmed at 'AA+'; Outlook Positive -- Class M2 (ISIN XS0250834073) upgraded to 'AA-'(AA minus) from 'A+'; Outlook Positive -- Class B1 (ISIN XS0250834404) upgraded to 'BBB+' from 'BBB'; Outlook Positive -- Class B2 (ISIN XS0250835120) upgraded to 'BB+' from 'BB'; Outlook Positive Lansdowne Mortgage Securities No. 2 plc: -- Class A2 (ISIN XS0277482286) affirmed at 'AAA'; Outlook Stable -- Class X (ISIN XS0277482443) affirmed at 'AAA'; Outlook Stable -- Class M1 (ISIN XS0277482526) affirmed at 'AA'; Outlook revised to Positive from Stable -- Class M2 (ISIN XS0277482955) affirmed at 'A'; Outlook Stable -- Class B (ISIN XS0277483417) affirmed at 'BBB'; Outlook Stable Historically, the arrears levels seen in the two Lansdowne transactions have been higher than those seen in other Irish RMBS transactions, which is expected as the loans originated by SML are aimed at adverse borrowers. According to the latest investor reports received for July 2008, loans in arrears by more than three months stood at 16.91% and 16.48% of the current portfolio outstanding for LMS1 and LMS2, respectively. In LMS1, the volume of loans with three or more monthly installments in arrears has decreased from EUR25.5 million in December 2007 to EUR22.7 million in July 2008, however the high prepayment rates (29.30% as of July 2008) on the performing loans has been offsetting the effect of this decrease. Repossessions in both transactions have remained low 0.28% (LMS1) and 0.25% (LMS2) of the initial collateral balance. The reason behind the low levels is the lengthy process of litigation, as well as continued efforts made by the servicer to either cure the non-performing loans or reach a mutual agreement with the borrower. According to information provided to Fitch by SML, a significant amount of loans that enter the litigation phase end up being redeemed - either through refinancing or private sale of property. This is why, until July 2008, neither of the two transactions have seen any losses come through. The notes in these transactions are currently redeeming sequentially, as the pro rata triggers defining the level of loans in arrears by three months (set at 12.5% and 15% for LMS1 and LMS2 respectively) have been breached in both transactions. Similarly the amortization of the reserve funds in the two transactions is in Fitch's opinion highly unlikely to occur. In combination with high annualized payment rates seen to date (30.82% in LMS1 and 32.26% in LMS2 (July 2008)), this has had a positive effect on the credit enhancement levels of the notes. Fitch has conducted a full loan-by-loan and cash flow analysis of the two transactions based upon updated data received from SML. ========= I T A L Y ========= ALITALIA SPA: Unions Reject Proposed Benefit Cuts ------------------------------------------------- Alitalia S.p.A.'s unions have rejected the employment contract proposed by Compagnia Aerea Italiana s.r.l., Agenzia Giornalistica Italia reports, citing union sources. Under CAI's proposal: * pilots' vacation will be reduced from 42 to 30 days a year, with extra day off for every five years of service in the company; * attendants' fixed salary will be reduced by 43% while their variable salary will be reduced by 28%-31%; * flight hours per flight personnel will be reduced between 750 and 900 hours; * ground personnel benefits for work during holidays, Sundays and nights, will be reduced; and * work-hour per week will pass from 37.5 to 40. "It is the worst, unfeasible, and not viable, this is not material to arrive to an agreement," FILT-CGIL union secretary general Franco Nasso told AGI, referring to the reaction of all unions that attended the meeting with the Italian government, Alitalia and CAI. Mr. Nasso said the proposal needs to be "deeply modified." Unions of flight attendants said they would present a counterproposal for the employment contract. As reported in the TCR-Europe, CAI proposed to shed off around 3,250 employees at Alitalia as part of the rescue plan that aims to return the national carrier into profitability within two-to- three years. The rescue plan for Alitalia had entailed 5,000- 6,000 job cuts. Italian Labor Minister Maurizio Sacconi said that following the merger between Alitalia and AirOne S.p.A., around 14,250 would continue to work for the newco. Around 11,500 will be placed at the newco while 2,750 will be outsourced. Of the outsourced jobs, 1,600 will be in ordinary maintenance, 450 in cargo, and 700 in administration, call center, and information technology, Mr. Sacconi was quoted by AGI as saying. As reported in the Troubled Company Reporter-Europe on Sept. 3, CAI, a consortium of local investors planning to acquire Alitalia, has submitted a EUR400 million conditional offer to acquire some assets of the national carrier. The consortium includes: * AirOne S.p.A. of Carlo Toto; * IMMSI S.p.A. of Roberto Colaninno; * Atlantia S.p.A. of the Benetton family; * Intesa Sanpaolo S.p.A.; * Fondiaria SAI S.p.A.; and * 11-12 other investors. The offer, valid for a few weeks, is subject to several conditions including: * approval from Italian anti-trust agency and from the European Commission; and * acceptance by the trade union of 5,000-7,000 job cuts. Augusto Fantozzi, Alitalia S.p.A.'s extraordinary commissioner, confirmed receiving the offer. About Alitalia Based in Rome, 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, including United States, Canada, Japan and Argentina. The Italian government owns 49.9% of Alitalia. 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, EUR625.6 million in 2006, and EUR494.64 million in 2007. Alitalia S.p.A. declared insolvency on Aug. 29, 2008, and filed for commencement of extraordinary administration procedure at the Tribunal of Rome. Italian Prime Minister Silvio Berlusconi has appointed Augusto Fantozzi as extraordinary commissioner. ALITALIA SPA: Gov't. Picks Banca Leonardo to Value Assets for Sale ------------------------------------------------------------------ The Italian government has appointed Gruppo Banca Leonardo S.p.A. to appraise Alitalia S.p.A. assets that Compagnia Aerea Italiana S.r.l. is interested in buying, Bloomberg News reports. As reported in the Troubled Company Reporter-Europe on Sept. 3, CAI submitted a EUR400 million conditional offer to acquire some of Alitalia's assets. The CAI is a consortium that includes: * AirOne S.p.A.; * IMMSI S.p.A.; * Atlantia S.p.A.; * Intesa Sanpaolo S.p.A.; * Fondiaria SAI S.p.A.; and * at least 11 other investors. The offer, valid for a few weeks, is subject to several conditions including: * approval from Italian anti-trust agency and from the European Commission; and * acceptance by the trade union of 5,000-7,000 job cuts. Augusto Fantozzi, Alitalia S.p.A.'s extraordinary commissioner, confirmed receiving the offer. About Alitalia Based in Rome, 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, including United States, Canada, Japan and Argentina. The Italian government owns 49.9% of Alitalia. 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, EUR625.6 million in 2006, and EUR494.64 million in 2007. Alitalia S.p.A. declared insolvency on Aug. 29, 2008, and filed for commencement of extraordinary administration procedure at the Tribunal of Rome. Italian Prime Minister Silvio Berlusconi has appointed Augusto Fantozzi as extraordinary commissioner. ALITALIA SPA: Commissioner to Manage Cargo & Service Operations --------------------------------------------------------------- Alitalia S.p.A's service, cargo and other operations will be placed in the hands of extraordinary commissioner Augusto Fantozzi, Agenzia Giornalistica Italia reports citing Italian Welfare Minister Maurizio Sacconi. According to the report, Mr. Sacconi said that Compagnia Aerea Italiana s.r.l., which submitted a EUR400 million conditional offer to acquire some of Alitalia's assets, plans to outsource the services provided by the units. However, the report notes, CAI will continue the units' operations "until the best outsourcing solution is approved." Agenzia Giornalistica Italia relates that according to Mr. Sacconi, the Italian government supports the outsourcing of Alitalia's non-core services. As reported in the Troubled Company Reporter-Europe on Sept. 9, 2008, CAI CEO Rocco Sabelli said reorganized Alitalia will focus on providing passenger transport services and will stop its cargo and heavy maintenance operations. Alitalia will continue focusing on its core operations while offloading unrelated units. As reported in the TCR-Europe on Sept. 3, CAI is a consortium of local investors planning to acquire Alitalia. The consortium includes: * AirOne S.p.A.; * IMMSI S.p.A.; * Atlantia S.p.A.; * Intesa Sanpaolo S.p.A.; * Fondiaria SAI S.p.A.; and * at least 11 other investors. CAI's offer, valid for a few weeks, is subject to several conditions including: * approval from Italian anti-trust agency and from the European Commission; and * acceptance by the trade union of 5,000-7,000 job cuts. Augusto Fantozzi, Alitalia S.p.A.'s extraordinary commissioner, confirmed receiving the offer. About Alitalia Based in Rome, 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, including United States, Canada, Japan and Argentina. The Italian government owns 49.9% of Alitalia. 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, EUR625.6 million in 2006, and EUR494.64 million in 2007. Alitalia S.p.A. declared insolvency on Aug. 29, 2008, and filed for commencement of extraordinary administration procedure at the Tribunal of Rome. Italian Prime Minister Silvio Berlusconi has appointed Augusto Fantozzi as extraordinary commissioner. =================== K A Z A K H S T A N =================== AUTO LUX: Creditors Must File Claims by October 7 ------------------------------------------------- The Specialized Inter-Regional Economic Court of Karaganda has declared LLP Auto Lux Karaganda insolvent. Creditors have until Oct. 7, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Karaganda Jambyl Str. 9 Karaganda Kazakhstan BTA BANK: Inks Cooperation Pact with Bank of China Kazakhstan ------------------------------------------------------------- Almaty Managing Director of BTA Bank Timur Sabyrbayev and Chief Executive Officer of Subsidiary Bank, Bank of China Kazakhstan JSC Mr. Tian Wei sealed a cooperation agreement to bolster international business and open a correspondent account on Sept. 8, 2008. This document opens up new opportunities for clients of BTA Bank. Now remittances to China from Kazakhstan via BTA Bank will take only one day instead of three. Mr. Sabyrbayev underscored, "For such dynamic and successful market participant as BTA Bank JSC, a desire to expand its international activities and thus facilitate interests and business of its clients is natural. In this case we follow a strategic plan to access the market of China. Signing this document with Bank of China is a milestone in the implementation of the chosen strategy." BTA Bank views the Chinese market as the most promising one for its long-term international cooperation given the development trends of trade and economic interaction as well as the financial sector of China. About Bank of China Bank of China has assets worth over US$700 billion and capital of US$40 billion. The bank ranks among ten top banks in the world. It runs more than 13,000 units throughout China and 550 representative offices in 25 countries. Overall Bank of China has 210,000 employees. About BTA Bank Headquartered in Almaty, Kazakhstan, JSC BTA Bank -- http://bta.kz/en/-- is among the biggest banks and leader in creation of banking network in CIS. BTA operating in the CIS and far-abroad countries is expanding into the CIS countries. Activities of its strategic bank partners cover Ukraine, 4 regions in Russia, Belarus, Georgia, Armenia, Kyrgyzstan and Turkey. BTA runs its representative offices in Russia, Ukraine, China and the United Arab Emirates. In Kazakhstan, BTA's network consists of 22 branches and 256 cash settlement units. * * * Bank TuranAlem carries a BB+ long-term foreign currency IDR from Fitch with a stable outlook. The company also carries Ba1 foreign currency subordinate debt ratings, Ba2 foreign currency junior subordinate debt rating and a D- bank financial strength rating from Moody's Investor Service. CASPIAN INVESTMENT: Claims Deadline Slated for October 12 --------------------------------------------------------- JSC Caspian Investment Holding has declared liquidation. Creditors have until Oct. 12, 2008, to submit written proofs of claims to: JSC Caspian Investment Holding Amangeldy Str. 1 Almaty Kazakhstan =================== K Y R G Y Z S T A N =================== IGROVYE SISTEMY: Creditors Must File Claims by September 26 ----------------------------------------------------------- LLC Game Systems Igrovye Sistemy has gone into liquidation. Creditors have until Sept. 26, 2008, to submit written proofs of claim to: LLC Game Systems Igrovye Sistemy Isanov Str. 42/1 Bishkek Kyrgyzstan ============= R O M A N I A ============= CFR SA: S&P Withdraws BB Issuer Credit Rating at Company's Request ------------------------------------------------------------------ Standard & Poor's Ratings Services has withdrawn its 'BB' long- term issuer credit rating on Romanian rail infrastructure operator CFR S.A. at the request of the company. At the time of the withdrawal, there were no rated bond issues outstanding. The rating on 100% state-owned CFR was constrained by the company's weak financial profile and recurrent negative free operating cash flow resulting from weak profitability and significant investment needs. Other negative factors included the continued decline in rail traffic, counterparty exposure to financially weak state-owned rail carriers, and the poor quality of CFR's annual report with numerous qualifications. These weaknesses were mitigated by strong ongoing and potential extraordinary financial support from the Republic of Romania (foreign currency BBB-/Negative/A-3; local currency BBB/Negative/A-3), low privatization risk, and the strategic importance of CFR's operations. S&P views CFR as a public policy-based government-related entity and factored government support into the rating through a top-down approach, reflecting the high level of integration with the government and the company's importance to the national economy. The Romanian government guarantees 88% of the company's debt and the rest is supported by a letter of comfort issued by the Ministry of Economy and Finance. =========== R U S S I A =========== ALYANS LLC: Creditors Must File Claims by October 1 --------------------------------------------------- Creditors of LLC Alyans(TIN 6367045624) have until Oct. 1, 2008 to submit proofs of claim to: I. Kirzhayev Insolvency Manager Office 15 Gaya Str. 23a 460000 Orenburg Russia Tel: 78-38-43 The Arbitration court of Orenburg commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A47-3569/2008-14G? . The Court is located at: The Arbitration Court of Orenburg 9th January Str. 64 460046 Orenburg Russia The Debtor can be reached at: LLC Alyans Selo Nezhinka 12 Orenburgskiy District 460520 Orenbug Russia ILANTRANS LLC: Moscow Bankruptcy Hearing Set December 16 -------------------------------------------------------- The Arbitration Court of Moscow will convene at 2:30 p.m. on Dec. 16, 2008, to hear the bankruptcy supervision procedure on LLC Ilantrans. The case is docketed under Case No. A40-26211/ 08-124-85B. The Temporary Insolvency Manager is: A. Savelyev Post User Box 27 D-481 125481 Moscow Russia The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia Debtor can be reached at: LLC Ilantrans Zlatoustinskiy Pereulok 9 101000 Moscow Russia GOLEGO CONSTRUCTION: Kemerovo Bankruptcy Hearing Set Jan. 15, 2009 ------------------------------------------------------------------ The Arbitration Court of Kemerovskaya will convene at 11:30 a.m. on Jan. 15, 2009, to hear the bankruptcy supervision procedure on LLC Golego Construction Service Center. The case is docketed under Case No. A27-7319/2008-4. Creditors must file their claims to: Yev. Lazarevich Temporary insolvency manager Rudnichnaya Str. 6 Prokopyevsk 653000 Kemerovskaya Russia The Debtor can be reached at: LLC Golego Construction Service Center Office 210B Tereshkovoy Str. 49 Kemerovo Russia GAZ-PROM-STORY-MONTAZH: Creditors Must File Claims by October 1 --------------------------------------------------------------- Creditors of LLC Gaz-Prom-Stroy-Montazh Construction Industry have until Oct. 1, 2008, to submit proofs of claim to: V. Davyudov Temporary Insolvency Manager Gaya Str. 23A 460000 Orenburg Russia The Arbitration Court of Orenburg will convene at 9:00 a.m. on Nov. 18, 2008, to hear the bankruptcy supervision procedure on the company. The case is docketed under Case No. A47�3728/ 2008�14GK. The Court is located at: The Arbitration Court of Orenburg Matrosskiy Pereulok 12 Orenburg Russia The Debtor can be reached at: LLC Gaz-Prom-Stroy-Montazh Tekhnicheskaya Str. 3 460019 Orenburg Orenburg Russia GERMES-TRADING-YUG: Creditors Must File Claims by October 1 ----------------------------------------------------------- Creditors of LLC Germes-Trading-Yug (TIN 2312113807) have until Oct. 1, 2008 to submit proofs of claim to: Ye. Romanova Temporary Insolvency Manager Office 802 Sotsialisticheskaya Str. 74 344002 Postov-na-Donu Russia The Arbitration Court of Krasnodar will convene at 9:30 a.m. on Dec. 17, 2008 to hear the bankruptcy supervision procedure on the company. The case is docketed under Case No. A32�9514/ 2008�14/282B. The Court is located at: The Arbitration Court of Krasnodar Krasnaya Str. 6 Krasnodar Russia The Debtor can be reached at: LLC Germes-Trading-Yug Novorossiyskaya Str. 236 Krasnodar Russia ===================== S W I T Z E R L A N D ===================== IBU LLC: Deadline to File Proofs of Claim Set Sept. 26 ------------------------------------------------------ Creditors owed money by LLC IBU are requested to file their proofs of claim by Sept. 26, 2008, to: Alfred Dolder Neugut 30A 3280 Murten Switzerland The company is currently undergoing liquidation in Galmiz. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on May 28, 2002. SKILSTAF EUROPE: Proofs of Claim Filing Deadline is Sept. 27 ------------------------------------------------------------ Creditors owed money by JSC SkilStaf Europe are requested to file their proofs of claim by Sept. 27, 2008, to: JSC Centrapriv Zug Alpenstrasse 15 6304 Zug Switzerland The company is currently undergoing liquidation in Zug. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on July 14, 2008. SUIMEX JSC: Creditors' Proofs of Claim Due by Sept. 20 ------------------------------------------------------ Creditors owed money by JSC Suimex are requested to file their proofs of claim by Sept. 20, 2008, to: JSC BILTAX Hohenweg 5 8302 Kloten Switzerland The company is currently undergoing liquidation in Zurich. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on June 19, 2008. ============= U K R A I N E ============= AVROS-EXPO LLC: Creditors Must File Claims by Sept. 18 ------------------------------------------------------ Creditors of LLC Avros-Expo (code EDRPOU 33747085) have until Sept. 18, 2008, to submit proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent on Aug. 6, 2008. The case is docketed as 24/231-b. The Debtor can be reached at: LLC Avros-Expo Constantinovskaya Str. 68-A 04071 Kiev Ukraine BUSHEL LLC: Creditors Must File Claims by September 19 ------------------------------------------------------ Creditors of LLC Bushel (code EDRPOU 34446092) have until Sept. 19, 2008, to submit proofs of claim to: The Economic Court of Kharkov Derzhprom 8th Entrance Svoboda Square 5 61022 Kharkov Ukraine The Economic Court of Kharkov commenced bankruptcy proceedings against the company after finding it insolvent on Aug. 12, 2008. The case is docketed as B-39/76-08. The Debtor can be reached at: LLC Bushel Oreshkovo Passage 5 Vasischevo Kharkov Ukraine CANON-INVEST SOUTH: Creditors Must File Claims by Sept. 18 ---------------------------------------------------------- Creditors of LLC Canon-Invest South (code EDRPOU 35639011) have until Sept. 18, 2008, to submit proofs of claim to: The Economic Court of Nikolaev Admiralskaya Str. 22 54009 Nikolaev Ukraine The Economic Court of Nikolaev commenced bankruptcy proceedings against the company after finding it insolvent on Aug. 14, 2008. The case is docketed as 13/161/08. The Debtor can be reached at: LLC Canon-Invest South Veselinovskaya Str. 53/1 Nikolaev Ukraine DNIPROINVESTGROUP LLC: Creditors Must File Claims by Sept. 18 ------------------------------------------------------------ Creditors of LLC Dniproinvestgroup (code EDRPOU 35447207) have until Sept. 18, 2008, to submit proofs of claim to: The Economic Court of Dnipropetrovsk Kujbishev Str. 1a 49600 Dnipropetrovsk Ukraine The Economic Court of Dnipropetrovsk commenced bankruptcy proceedings against the company after finding it insolvent on Aug. 5, 2008. The case is docketed as B 15/225-08. The Debtor can be reached at: LLC Dniproinvestgroup Newspaper Pravda Avenue 50 49000 Dnipropetrovsk Ukraine ECO LLC: Creditors Must File Claims by September 18 --------------------------------------------------- Creditors of LLC Firm Eco (code EDRPOU 32128343) have until Sept. 18, 2008, to submit proofs of claim to: The Economic Court of Dnipropetrovsk Kujbishev Str. 1a 49600 Dnipropetrovsk Ukraine The Economic Court of Dnipropetrovsk commenced bankruptcy proceedings against the company after finding it insolvent on Aug. 7, 2008. KOMISHUVAKHA REPAIR-TRANSPORT: Creditors' Claims Due Sept. 18 ------------------------------------------------------------- Creditors of OJSC Komishuvakha Repair-Transport Enterprise (code EDRPOU 05516458) have until Sept. 18, 2008, to submit proofs of claim to: The Economic Court of Zaporozhje Shaumiana Str. 4 69001 Zaporozhje Ukraine The Economic Court of Zaporozhje commenced bankruptcy proceedings against the company after finding it insolvent on August 7, 2008. The case is docketed as 16/63/08. The Debtor can be reached at: OJSC Komishuvakha Repair-Transport Enterprise Gorky Str. 1 Komishuvakha Orekhovsky District 70530 Zaporozhje Ukraine KREZ LLC: Creditors Must File Claims by September 18 ---------------------------------------------------- Creditors of LLC Krez (code EDRPOU 32513004) have until Sept. 18, 2008, to submit proofs of claim to: The Economic Court of Zaporozhje Shaumiana Str. 4 69001 Zaporozhje Ukraine The Economic Court of Zaporozhje commenced bankruptcy proceedings against the company after finding it insolvent on Aug. 5, 2008. The case is docketed as 12/77/08. The Debtor can be reached at: LLC Krez Perspectivnaya Str. 2B 69009 Zaporozhje Ukraine LLC-SOUTH LTD: Creditors Must File Claims by Sept. 18 ----------------------------------------------------- Creditors of LLC-South Ltd. (code EDRPOU 30258294) have until Sept. 18, 2008, to submit proofs of claim to: The Economic Court of Odessa Shevchenko Avenue 4 65032 Odessa Ukraine The Economic Court of Odessa commenced bankruptcy proceedings against the company after finding it insolvent on Aug. 14, 2008. The case is docketed as 21/74-08-2818. The Debtor can be reached at: LLC-South Ltd Admiralsky Avenue 33-A 65010 Odessa Ukraine MAKO LLC: Proofs of Claim Filing Deadline Set September 19 ---------------------------------------------------------- Creditors of LLC Company Mako (code EDRPOU 31756449) have until Sept. 19, 2008, to submit proofs of claim to: The Economic Court of Kharkov Derzhprom 8th Entrance Svoboda Square 5 61022 Kharkov Ukraine The Economic Court of Kharkov commenced bankruptcy supervision procedure on the company on July 25, 2008. The case is docketed as B-24/143-08. The Debtor can be reached at: LLC Company Mako Lenin Avenue 9 61166 Kharkov Ukraine RUDPOL-INVEST: Creditors Must File Claims by Sept. 19 ----------------------------------------------------- Creditors of Joint Ukrainian-Polish Enterprise Rudpol-Invest (code EDRPOU 21343402) have until Sept. 19, 2008, to submit proofs of claim to: The Economic Court of Hmelnitskij Nezalezhnosti Square 1 29000 Hmelnitskij Ukraine The Economic Court of Hmelnitskij commenced bankruptcy proceedings against the company after finding it insolvent on Aug. 5, 2008. The case is docketed as 13/79-B. The Debtor can be reached at: Joint Ukrainian-Polish Enterprise Rudpol-Invest Kamianetskaya Str. 257 29000 Hmelnitskij Ukraine VITARINA LLC: Creditors Must File Claims by September 18 -------------------------------------------------------- Creditors of LLC Vitarina (code EDRPOU 34785839) have until Sept. 18, 2008, to submit proofs of claim to: The Economic Court of Herson Gorkiy Str. 18 73000 Herson Ukraine The Economic Court of Herson commenced bankruptcy proceedings against the company after finding it insolvent on July 3, 2008. The case is docketed as 5/127-B-08. The Debtor can be reached at: LLC Vitarina Apartment 59 Chernomorskaya Str. 10 Herson Ukraine YASEN LLC: Creditors Must File Claims by September 19 ----------------------------------------------------- Creditors of LLC Yasen (code EDRPOU 31828607) have until Sept. 19, 2008, to submit proofs of claim to: The Economic Court of Dnipropetrovsk Kujbishev Str. 1a 49600 Dnipropetrovsk Ukraine The Economic Court of Dnipropetrovsk commenced bankruptcy proceedings against the company after finding it insolvent on Aug. 14, 2008. The case is docketed as B 15/277-08. The Debtor can be reached at: LLC Yasen Lazarianaya Str. 3 49010 Dnipropetrovsk Ukraine ZHYDACHEV CELLULOSE-PAPER: Creditors' Claims by Sept. 18 -------------------------------------------------------- Creditors of OJSC Zhydachev Cellulose-Paper Combine (code EDRPOU 00278801) have until Sept. 18, 2008, to submit proofs of claim to: The Economic Court of Lvov Lichakivska Str. 81 79010 Lvov Ukraine The Economic Court of Lvov commenced bankruptcy proceedings against the company after finding it insolvent on Aug. 12, 2008. The case is docketed as 1/430-19/9. The Debtor can be reached at: OJSC Zhydachev Cellulose-Paper Combine Fabrichnaya Str. 4 Zhydachev 81700 Lvov Ukraine =========================== U N I T E D K I N G D O M =========================== AADAMS LTD: Brings in Joint Administrators from Vantis ------------------------------------------------------ Beverley Jayne Marsh and Christopher David Stevens of Vantis Business Recovery Services were appointed joint administrators of Aadams Ltd. (Company Number 05634557) on Aug. 28, 2008. The company can be reached at: Aadams Ltd. c/o Vantis Business Recovery Services 104/106 Colmore Row Birmingham B3 3AG England AMC ENTERTAINMENT: Earns US$10.8 Mil. in 1st Quarter Ended July 3 ----------------------------------------------------------------- AMC Entertainment Inc. reported net earnings of US$10.8 million for the thirteen weeks ended July 3, 2008, versus net earnings of US$22.1 million in the comparable period ended June 28, 2007. Total revenues increased 4.1%, or US$25.5 million, to US$648.0 million during the thirteen weeks ended July 3, 2008, compared to the thirteen weeks ended June 28, 2007. The increase in revenues was mainly a result of the increase in Admissions revenue in the U.S. and Canada. Total costs and expenses increased 4.6%, or US$26.9 million, during the thirteen weeks ended July 3, 2008, compared to the thirteen weeks ended June 28, 2007. U.S. and Canada theatrical exhibition costs and expenses increased 8.4%, or US$39.2 million, during the thirteen weeks ended July 3, 2008, compared to the thirteen weeks ended June 28, 2007. U.S. and Canada film exhibition costs increased 7.9%, or US$16.6 million, during the thirteen weeks ended July 3, 2008, compared to the thirteen weeks ended June 28, 2007, due to the increase in admissions revenues and an increase in film exhibition costs as a percentage of admission revenues. U.S. and Canada theatrical exhibition costs and expenses during the thirteen weeks ended June 28, 2007, included US$14.8 million of theater and other closure income, which were absent in 2008. This was due primarily to lease terminations negotiated on favorable terms for two of the company's theaters that were closed during the thirteen weeks ended June 28, 2007. Merger, acquisition and transaction costs decreased to US$17,000 during the thirteen weeks ended July 3, 2008, compared to US$2.0 million during the thirteen weeks ended June 28, 2007. Prior period costs are primarily comprised of preacquisition expenses for casualty insurance losses related to the merger with Loews. Management fees of US$1.25 million were unchanged during the thirteen weeks ended July 3, 2008. Other general and administrative expense decreased 32.8%, or US$4.3 million, during the thirteen weeks ended July 3, 2008, compared to the thirteen weeks ended June 28, 2007. The decrease in other general and administrative expenses is primarily due to a decrease in postretirement expense of US$6.2 million related to an amendment to the company's Postretirement Plan which resulted in a curtailment gain of US$6.0 million during the thirteen weeks ended July 3, 2008. Depreciation and amortization decreased 8.9%, or US$5.7 million, compared to the prior period due primarily to the closing of theaters. Other income decreased US$725,000 to US$2.7 million, and includes US$2.2 million and roughly US$1.8 million of income related to the derecognition of stored value card liabilities during the thirteen weeks ended July 3, 2008, and June 28, 2007, respectively. Other income also includes insurance recoveries related to Hurricane Katrina of US$1.2 million for property losses in excess of property carrying cost and US$397,000 for business interruption during the thirteen weeks ended June 28, 2007. Other income also includes US$469,000 of income related to ineffectiveness of interest rate swaps during the thirteen weeks ended July 3, 2008. Interest expense decreased 11.7%, or US$4.4 million, to approximately US$33.3 million primarily due to decreased interest rates on the Senior Secured Credit Facility. Equity in earnings of non-consolidated entities were US$4.4 million compared to roughly US$2.3 million in the prior period. Equity in earnings related to the company's investment in National CineMedia, LLC were roughly US$4.7 million and US$1.8 million for the thirteen weeks ended July 3, 2008, and June 28, 2007, respectively. Investment income was US$705,000 for the thirteen weeks ended July 3, 2008, compared to approximately US$19.3 million for the thirteen weeks ended June 28, 2007. The thirteen weeks ended June 28, 2007, includes a gain on the sale of the company's investment in Fandango of US$15.7 million. The provision for income taxes from continuing operations was US$4.2 million for the thirteen weeks ended July 3, 2008, and US$7.0 million for the thirteen weeks ended June 28, 2007, with the reduction due primarily to the decrease in earnings before income taxes, foreign rate differential and a release of previously reserved foreign tax due to updated interpretation by authorities. Liquidity and Capital Resources The company's consolidated revenues are primarily collected in cash, principally through box office admissions and theater concessions sales. Exhibition costs are ordinarily paid to distributors from 20 to 45 days following receipt of box office admissions revenues. This operating "float" allows the company to operate with a limited amount of working capital. Cash flows provided by operating activities were US$116.7 million and roughly US$72.8 million during the thirteen weeks ended July 3, 2008, and June 28, 2007, respectively. The company had total corporate borrowings of US$1.60 billion at July 3, 2008. As of July 3, 2008, the company was in compliance with all financial covenants relating to the Senior Secured Credit Facility, the Cinemex Credit Facility, the Notes due 2016, the Notes due 2014, and the Fixed Notes due 2012. The company's Senior Secured Credit Facility is with a syndicate of banks and other financial institutions and provides financing of up to US$850.0 million, consisting of a US$650.0 million term loan facility with a maturity of seven years and a US$200.0 million revolving credit facility with a maturity of six years. As of July 3, 2008, the company had no borrowings under the revolving credit facility and roughly US$633.7 million was outstanding under the term loan facility at an interest rate of 4.23%. The company believes that cash generated from operations and existing cash and equivalents will be sufficient to fund operations and planned capital expenditures and potential acquisitions for at least the next twelve months. Balance Sheet At July 3, 2008, the company's consolidated balance sheet showed US$3.90 billion in total assets, US$2.75 billion in total liabilities, and US$1.15 billion in total stockholders' equity. The company's consolidated balance sheet at July 3, 2008, also showed strained liquidity with US$319.8 million in total current assets available to pay US$502.6 million in total current liabilities. Full-text copies of the company's consolidated financial statements for the quarter ended July 3, 2008, are available for free at http://researcharchives.com/t/s?31be About AMC Entertainment Based in Kansas City, Missouri, AMC Entertainment Inc. -- http://www.amctheaters.com/-- is one of the world's largest theatrical exhibition companies. As of July 3, 2008, the company owned, operated or had interests in 353 theaters and 5,117 screens, with 89% or 4,569 of its screens in the U.S. and Canada and 11%, or 548 of its screens in Mexico, China (Hong Kong), France and the United Kingdom. The company's principal direct and indirect owned subsidiaries are American Multi-Cinema Inc., Grupo Cinemex, S.A. de C.V. and AMC Entertainment International Inc. * * * To date, AMC Entertainment Inc. still carries Fitch Ratings' 'CCC+' senior subordinate rating assigned on Jan. 12, 2006. CABLE & WIRELESS: Pension Fund Inks GBP1BB Prudential Buy-In Deal ----------------------------------------------------------------- The Pension Trustee of Cable and Wireless plc's main U.K. defined benefit scheme has agreed with Prudential U.K., a 'buy-in' of the pensioner element of the Fund. "Cable & Wireless is committed to meeting our pension commitments to existing and former colleagues," Tony Rice, Cable & Wireless Group Finance Director, said. "We are delighted the Pension Fund Trustee has secured this agreement with such a high quality, long- standing pensions provider as Prudential. The transaction materially reduces the Fund's exposure to liabilities by over GBP1 billion. It also materially reduces the Fund's and shareholders' exposure to the future risk of adverse changes in actuarial assumptions and investment returns." The buy-in involves the purchase of a bulk annuity policy by the Fund under which Prudential will assume responsibility for the benefits payable to the Fund's about 5,000 pensioners with effect from Aug. 1, 2008. This annuity policy effectively matches the pensioner liabilities, removing all risks relating to the pensioner element of the Fund. The annuity policy reduces the Fund's exposure to liabilities by 50%, or approximately GBP1 billion, based on the latest actuarial valuation as of March 31, 2007. The pensioner liabilities and the matching annuity policy will remain within the Fund. The premium for the annuity policy is just over GBP1 billion which the Fund will settle with a combination of assets and cash. Cable & Wireless will contribute GBP10 million in cash to the Fund. There is no material accounting change arising from this transaction. The benefits of the Fund's members, including active employees and deferred pensioners, are unaffected by this transaction. In current market conditions, the cost of a buy-in of the Fund's remaining liabilities is unattractive. Headquartered in London, Cable & Wireless Plc -- http://www.cw.com/new/-- operates through two standalone business units -- International and Europe, Asia & US. The International business unit operates integrated telecommunications companies in 33 countries, with principal operations in the Caribbean, Panama, Macau, Monaco and the Channel Islands. The Europe, Asia & U.S. business unit provides enterprise and carrier solutions to the largest users of telecoms services across the U.K., U.S., continental Europe and Asia -- and wholesale broadband services in the U.K. The company also has operations in India, China, the Cayman Islands and the Middle East. * * * Cable & Wireless plc continues to carry 'BB-' long-term and 'B' short-term corporate credit ratings from Standard & Poor's with a developing outlook. CITECH ENERGY: Calls in Joint Administrators from KPMG ------------------------------------------------------ Brian Green and Richard Dixon Fleming of KPMG LLP were appointed joint administrators of Citech Energy Systems Ltd. (Company Number 00344247) and Citech Ltd. (Company Number 05605189) on Aug. 21, 2008. The companies can be reached at: KPMG LLP St. James Square Manchester M2 6DS England DOWNS COURT: Appoints Joint Administrators from PwC --------------------------------------------------- Nicholas Edward Reed, Ian David Green and Russell Stewart Cash of PricewaterhouseCoopers LLP were appointed joint administrators of Downs Court Properties Ltd. (Company Number 01558662) and Manderwell Ltd. (Company Number 05477096) on Aug. 28, 2008. DSG INTERNATIONAL: Moody's Changes Outlook on Ba1 CFR Rating ------------------------------------------------------------ Moody's Investors Service has changed the outlook on the Ba1 corporate family rating of DSG International plc to negative from stable following the company's weak trading performance for the 16 weeks ended Aug. 23, 2008. "The significant decline in like-for-like sales and the decrease in gross margins of 75 bps reported by DSGi reflect the increasingly difficult environment it is facing in all its markets in Europe, as household consumption has tightened and consumers are trading down or cutting discretionary spending," says Yasmina Serghini, a Moody's Analyst and lead analyst for the company. The analyst also noted that management does not expect any near-term recovery and is forecasting a loss for the interim period, placing DSGi's credit metrics under mounting pressure. More positively, Moody's acknowledges that the strategic plan laid out by DSGi's new Chief Executive in May 2008 is on track, with several stores being refitted in advance of the key Christmas and New Year season. The company also announced a further GBP25 million in cost savings for the current fiscal year, complementing the GBP50 million in cost reductions already delivered so far. It is expected that these will mitigate the decrease in gross margins reported by the company for the 16 weeks ended Aug. 23, 2008. The negative outlook reflects Moody's expectation that the continued deterioration in the consumer environment in DSGi's markets will weigh on its operational performance, raising concerns with regard to trading during the critical Christmas season when the company generates the bulk of its annual profit. Further negative pressure on the rating would occur if there were evidence of a greater-than-anticipated weakening in earnings, with a profit before tax trending below GBP130 million for the full year ending April 2009. Moody's recognizes that DSGi's liquidity profile remains underpinned by satisfactory cash balances, although it expects negative free cash flow generation in the coming 12 to 18 months given the additional investments required by the renewal program. The company nonetheless has very limited refinancing in the coming 12 months and, more importantly, has access to a GBP400 million syndicated facility maturing in 2011, currently undrawn, which has financial covenants. Moody's latest rating action on DSGi was on May 28, 2008, when it downgraded its long-term issuer and senior unsecured ratings to Ba1 from Baa3. Headquartered in Hemel Hempstead, England, DSG international plc is one of Europe's leading specialist consumer electrical retailers. It posted revenues of GBP8.5 billion for the fiscal year ended April 2008. ELVA FUNDING: Fitch Cuts Rating on Class C Notes to 'BB+' --------------------------------------------------------- Fitch Ratings has downgraded eight classes of notes from two Elva Funding Plc transactions (part of Euclid CDO) and removed them from Rating Watch Negative (RWN). The rating actions reflect Fitch's view on the credit risk of the rated tranches following the release of its new Corporate CDO rating criteria. Elva Funding Plc Series 2007-2: -- EUR73 million Class A (ISIN: XS0294844906): Downgraded to 'BBB' from 'AAA'; removed from RWN -- US$5 million Class A2 (ISIN: XS0298421677): Downgraded to 'BBB' from 'AAA'; removed from RWN -- US$10 million Class A3 (ISIN: XS0298421834): Downgraded to 'BBB' from 'AAA'; removed from RWN -- EUR82 million Class B (ISIN: XS0294845549): Downgraded to 'BBB-' (BBB minus) from 'AA'; removed from RWN -- EUR10 million Class B2 (ISIN: XS0294943476): Downgraded to 'BBB-' (BBB minus) from 'AA'; removed from RWN -- US$5 million Class B4 (ISIN: XS0298423293): Downgraded to 'BBB-' (BBB minus) from 'AA'; removed from RWN -- US$20 million Class C (ISIN: XS0294846513): Downgraded to 'BB+' from 'A'; removed from RWN Elva Funding Plc Series 2007-11: -- EUR110,000 secured credit-linked floating-rate notes with a maximum issuance of EUR110 million (ISIN: XS0309231974 for notes with note funding percentage of 100%; XS0309286101 for with note funding percentage of 0.01%): Downgraded to 'BBB-' (BBB minus) from 'AA'; removed from RWN Since the transaction was placed on RWN on May 20, 2008, the credit quality of the portfolio has slightly improved due to recent substitutions. The weighted average rating factor is now 2.67 ('A-' (A minus)/'BBB+') compared to 3.33 ('BBB+') in May 2008. However, the improvement in credit quality has been offset by a decrease in credit enhancement. Key drivers of this transaction's credit risk include the portfolio's credit risk, with 3.2% of the portfolio now rated sub- investment grade. In addition, portfolio migration risk is present, with 8% of the portfolio on RWN and 23% on Negative Outlook. Fitch also notes the industry concentration of 54% in the two largest sectors, made up of 44% in banking and finance, and 10% in telecommunications. Given Fitch's view of concentration and the current credit quality of the portfolio, the credit enhancement levels below are not sufficient to justify the current ratings. -- Series 2007-2 Classes A, A2 and A3: 3.91% -- Series 2007-2 Classes B, B2 and B4: 3.36% -- Series 2007-2 Class C: 2.99% -- Series 2007-11: 3.89% ELVA Funding Plc Series 2007-2 is a funded synthetic CDO referencing a portfolio of primarily investment grade corporate obligations, maturing in June 2014. At closing, the issuer entered into a credit default swap (CDS) agreement with Morgan Stanley Capital Services, Inc. (the swap counterparty) under which the latter purchased protection on a managed reference portfolio of 125 non-equally weighted reference entities. Deutsche Asset Management International GmbH (DeAM, rated 'CAM1-(1 minus)') acts as a portfolio advisor for the term of the notes. Changes in the reference portfolio can only be made subject to eligibility criteria that define guidelines and restrictions on replacements and substitutions. ELVA Funding Plc Series 2007-11 is a flexible funding synthetic CDO referencing the same portfolio as Series 2007-2 but with a maturity of September 2014. Currently, the funding percentage of the Series 2007-11 notes is 0.1%, the same percentage as at closing. The issuer will have the option to increase the funding percentage up to 100% through a flex-up provision, or decrease it to 0.1% through a flex-down provision, subject to investors' consent. Fitch released its updated criteria on April 30, 2008 for Corporate CDOs and, at that time, noted it would be reviewing its ratings accordingly to establish consistency for existing and new transactions. As part of this review, Fitch makes standard adjustments for any names on RWN or Negative Outlook, reducing such ratings for default analysis purposes by two and one notch, respectively. Fitch has previously noted that its review will be focused first on ratings most exposed to risks it has highlighted in its updated criteria. As such, the transaction was placed on RWN on May 20, 2008. As previously indicated, resolution of the Rating Watch status depends on any plans managers/arrangers may choose to modify either the structure or the portfolio. In this case, the manager has made substitutions and the rating actions were based on the portfolio as at August 27, 2008. FEDERAL-MOGUL: Court Defers Claims Objection Deadline to Dec. 27 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware extended until Dec. 27, 2008, the deadline by which Federal-Mogul Corp. and its debtor-affiliates may filed objections to administrative expense claims. James E. O'Neill, Esq., at Pachulski Stang Ziehl & Jones LLP, in Wilmington, Delaware, on behalf of the Reorganized Debtors filed a certificate of no objection to the extension request. 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, among others, Belgium, Russia, Mexico, Malaysia, Australia, China, India, Japan, Korea, and Thailand. 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 November 14. Federal-Mogul emerged from chapter 11 on Dec. 27, 2007. (Federal-Mogul Bankruptcy News, Issue No. 171; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) FORSYTH COMMUNICATIONS: Taps Joint Administrators from PwC ---------------------------------------------------------- Ian David Green and Ian David Stokoe of PricewaterhouseCoopers LLP were appointed joint administrators of Forsyth Communications Ltd. (Company Number 01380691) on Aug. 27, 2008. The company can be reached at: Forsyth Communications Ltd. Bulman House Regent Centre Gosforth Newcastle Upon Tyne NE3 3LS England ITRAXX CROSSOVER: Fitch Keeps Series 3's B+ Weighted Ave. Rating ---------------------------------------------------------------- Fitch Ratings has downgraded iTraxx Europe Series 3 credit-linked notes' weighted average rating to 'BBB' from 'BBB+' and the iTraxx HiVol Series 3 CLN's weighted average rating to 'BBB-' (BBB minus) from 'BBB'. The agency has also Affirmed the iTraxx Crossover Series 3 CLN's weighted average ratings at 'B+'. The ratings indicate the average credit rating in the reference pool of the notes. They do not address other risks, such as collateral risk and counterparty risk, which would be addressed in a Long-term credit rating. iTraxx Europe consists of 125 most liquid European credit-default swaps as judged by a dealer poll. iTraxx HiVol comprises 30 of those entities with the highest spreads and the iTraxx Crossover is 35 European crossover credits with ratings no higher than 'BBB-' (BBB minus) with Negative Outlook. ITRAXX CROSSOVER: Fitch Holds Series 4 Credit-Linked Notes at B+ ---------------------------------------------------------------- Fitch Ratings has affirmed the iTraxx Crossover Series 4 credit- linked notes' Weighted Average rating at 'B+'. The rating only indicates the average credit rating in the reference pool of the notes. It does not address other risks, such as collateral risk and counterparty risk, which would be addressed in a Long-term credit rating. The iTraxx Crossover index references 40 European speculative- grade entities. ITRAXX CROSSOVER: Fitch Holds Series 5 Credit-Linked Notes at B+ ---------------------------------------------------------------- Fitch Ratings has affirmed the iTraxx Crossover Series 5 credit- linked notes' Weighted Average rating at 'B+'. The rating only indicates the average credit rating in the reference pool of the notes. It does not address other risks, such as collateral risk and counterparty risk, which would be addressed in a Long-term credit rating. The iTraxx Crossover index references 40 European speculative- grade entities. MYHOME INT'L: Appoints Joint Administrators from Ernst & Young -------------------------------------------------------------- Myhome International, on Sept. 3, 2008, appointed Roy Bailey and Angela Swarbrick of Ernst & Young LLP as joint-administrators of the company. The underlying businesses that the franchisees contract with are not subject to insolvency proceedings and shall continue to operate whilst the joint-administrators explore the strategic options for the group. On Sept. 5, 2008, the TCR-Europe reported that The London Stock Exchange has granted the company's request to suspend trading its shares on AIM effective Sept. 3, 2008. The company was unable to repay the monies owed to Lloyds TSB. Myhome International plc -- http://www.myhome.com/-- has over 400 franchisees, and has established their position in the home services market in the United Kingdom. NIGHTINGALE CARE: Brings in Joint Administrators from Vantis ------------------------------------------------------------ Christopher David Stevens and Julie Anne Kinnison of Vantis Business Recovery Services were appointed joint administrators of Nightingale Care Lodge Ltd. (Company Number 05574760) on Aug. 28, 2008. The company can be reached at: Nightingale Care Lodge Ltd. c/o Vantis Business Recovery Services Fourth Floor Southfield House 11 Liverpool Gardens Worthing BN11 1RY England OLED-T LTD: Calls in Joint Administrators from Vantis ----------------------------------------------------- Simon Elliott Glyn and Geoffrey Paul Rowley of Vantis Business Recovery Services were appointed joint administrators of Oled-T Ltd. (Company Number 05489271) on Aug. 27, 2008. The company can be reached at: Oled-T Ltd. Workzone Unit 2 8 Kinetic Crescent Innova Park Enfield Middlesex England PARKLAKE HOTELS: Taps Tenon Recovery to Administer Assets --------------------------------------------------------- Paul William Ellison and Gareth Wyn Roberts of Tenon Recovery were appointed joint administrators of Parklake Hotels Ltd. (Company Number 04456552) on Aug. 28, 2008. The company can be reached at: Parklake Hotels Ltd. c/o Tenon Recovery Aquarium 1-7 King Street Reading Berkshire RG1 2AN England RANGER TRANSPORT: Appoints Joint Administrators from KPMG --------------------------------------------------------- Richard Dixon Fleming and Mark Granville Firmin of KPMG LLP were appointed joint administrators of Ranger Transport Services Ltd.(Company Number 01348374) on Aug. 27, 2008. The company can be reached at: Ranger Transport Services Ltd. c/o KPMG LLP Quayside House 110 Quayside Newcastle upon Tyne England SIGMUM CASTING: Taps Joint Administrators from Tenon Recovery ------------------------------------------------------------- S. J. Parker and T. J. Binyon of Tenon Recovery were appointed joint administrators of Sigmum Casting Co. Ltd. (Company Number 6007377) on Aug. 27, 2008. The company can be reached at: Sigmum Casting Co. Ltd. c/o Tenon Recovery Sherlock House 73 Baker Street London W1U 6RD England VIRGIN MEDIA: SRM Global Master Fund Cuts Stake to 4.04% -------------------------------------------------------- SRM Global Master Fund cut its stake in Virgin Media Inc. to 4.04% from 7.88%, Reuters reports, citing a regulatory filing. As of Sept. 3, 2008, the fund owns about 13.2 million Virgin Media shares, the report relates. About Virgin Media Headquartered in London, England, Virgin Media Inc. (fka NTL Inc.) (NASDAQ: VMED) -- http://virginmedia.com/-- provides broadband, digital television, telephony, content and communications services, reaching over 50% of the U.K. homes and 85% of the U.K. businesses. * * * As reported in the TCR-Europe on June 2, 2008, Fitch Ratings upgraded Virgin Media Inc.'s Long-term Issuer Default Rating to 'BB-' from 'B+' and affirmed the Short-term IDR at 'B'. Following the upgrade, the Outlook is now Stable. Virgin Media continues to carry a Ba3 corporate family rating from Moody's Investors Service with a negative outlook. The company still carries a 'B+' long-term corporate credit rating from Standard & Poor's with a positive outlook. WELWYN LIGHTING: Appoints Joint Administrators from BDO Stoy ------------------------------------------------------------ Malcolm Cohen and William John Turner of BDO Stoy Hayward LLP were appointed joint administrators of Welwyn Lighting Designs Ltd. (Company Number 01190454) on Aug. 22, 2008. * Leonard Curtis Brings in Three New Members to Insolvency Team --------------------------------------------------------------- Leonard Curtis, the business rescue and recovery specialist, has strengthened its team with new appointments across two offices. Paul Warry has been appointed as senior manager at Leonard Curtis' Birmingham office, joining the Insolvency and Recovery Services team. Chris Brooks and Rachael Warner have both been appointed as administrators within the insolvency and recovery division, at the Birmingham and Bury offices respectively. Mr. Warry is joining Leonard Curtis after 20 years in the insolvency field. Previously at Numerica and Ernst and Young, Mr. Warry has advised on numerous high profile cases across the U.K. He has specific sector expertise in engineering and construction as well as unregistered companies and offshore investment. "Leonard Curtis has a great reputation as a top five firm with an impressive track record," Mr. Warry said of joining the firm. The company works on a high volume of cases across an array of sectors and has a very comprehensive service offer." Mr. Brooks joins from Baker Tilly, where he spent six months as senior administrator. Previously, he spent over three years with RSM Robson Rhodes. Rachael Warner joins the Bury office from Tomlinsons, where she was an insolvency administrator for more than two years. CPI qualified, Ms. Warner has specialized in Individual Voluntary Arrangements for the last four years and will now join Leonard Curtis' Insolvency and Recovery Services team, dealing specifically with closures. "We are dedicated to growing our team to ensure we can consistently provide the level of expertise and support our clients and partners expect, John Titley," managing director at Leonard Curtis, says of the appointments. These appointments help to strengthen our national team so that we can deliver on that promise." Leonard Curtis is a top 10 U.K. independent corporate recovery, insolvency and restructuring specialist. The firm provides directors of struggling businesses with positive strategic advice, enabling them to retain control of their business, as well as creditors and professionals involved with those dealing with debt and financial problems. * Number of UK Contractors Seeking NFB Redundancy Advice Up in '08 ------------------------------------------------------------------ Hundreds of small and medium sized contractors have sought professional advice over redundancies in 2008, according to figures released by the National Federation of Builders. Nearly 1,200 calls have been made to the NFB employment helpline so far this year, compared to a total of 997 calls for the whole of 2007 as the economic downturn continues to bite. As well as a crisis affecting the housing industry, contractors have reported order books falling across most other sectors as the U.K. economy continues to slide towards an expected recession. The NFB's helplines, which advise membership on a range of issues including taxation, health & safety and legal issues, have seen an 134 per cent increase in calls in the first half of 2008 compared to the same period last year. It says the increase demonstrates how many SMEs are being forced to restructure in order to survive the downturn. "These latest figures provide the clearest evidence yet that the tightening market is taking its toll on the industry's SMEs," Julia Evans, chief executive of the NFB said. Rising material costs, late or non-payment and falling order books are among the multiplying barriers to running a profitable, stable construction company." Figures published by the Construction Confederation and Construction Products Association in August reported a 53% fall in inquiries for new work. Meanwhile, PricewaterhouseCoopers announced that 449 contractors fell into insolvency in the second quarter of 2008. "But that doesn't mean smaller firms are destined for failure," Ms. Evans added. Changing conditions create winners as well as losers. "Not everybody who calls our helplines will necessarily need help with restructuring and we are often able to talk them through other options. "The important thing is not to bury your head in the sand but face up to the challenges. Now is the time to focus on the basic principle involved in running a watertight business. For example, companies should be keeping on top of late payments and perform due diligence on all new customers. "While cost control is key, it's important not to cut back on areas that will help you survive a downturn, such as training and business improvement initiatives. This can help you capitalize when the market picks up. "Membership of a good trade body can also offer genuine value for money. For example our members save thousands of pounds on legal fees by accessing our free helplines." National Federation of Builders provides inspired business solutions to builders, contractors and house builders across England and Wales. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than US$3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/booksto order any title today. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Zora Jayda Zerrudo Sala, Pius Xerxes Tovilla, Joy Agravante, Julybien Atadero, Marie Therese V. Profetana and Peter A. Chapman, Editors. Copyright 2008. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$625 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *