/raid1/www/Hosts/bankrupt/TCRLA_Public/070419.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Thursday, April 19, 2007, Vol. 8, Issue 77
Headlines
A R G E N T I N A
AGILENT TECH: Awards Microarray Service Contract to Cogenics
BALL CORP: Fitch Affirms Low B Ratings with Stable Outlook
BANCO SANTANDER: Moody's Puts Ba2 Debt Rating on ARS$450MM Notes
CONSTRUCCIONES LATINA: Claims Verification Deadline Is June 18
COOPERATIVA TAMBERA: Creditors Will Vote on Settlement Plan Tom
COSTA HELADA: Proofs of Claim Verification Ends on June 18
EL ORO: Proofs of Claim Verification Is Until June 15
EMPRESA DISTRIBUIDORA: Shareholders Okay 10% Capital Increase
JOYITA SA: Proofs of Claim Verification Deadline Is June 6
NOSWAR SA: Proofs of Claim Verification Deadline Moved to May 16
RESPONSABILIDAD PATRONAL: Claims Verification Is Until June 26
SANATORIO SAN JOSE: Proofs of Claim Verification Is Until May 21
SEPIA BEAUTY: Proofs of Claim Verification Ends on May 12
SHERLOCK SA: Trustee To File Individual Reports in Court Tom
SUCESION DE BRANDO: Creditors Will Vote on Settlement Plan Tom
SUCESORES DE ANTONIO: Creditors to Vote on Settlement Plan Tom
TARAI SA: Creditors Will Vote on Settlement Plan Tomorrow
TELECOM ARGENTINA: Amadeo Vazquez to Resign as Chairperson
TELEFONICA DE ARGENTINA: Launches New Broadband Services
TGS: Moody's Puts (P)B1 Global Rating to Proposed US$500MM Notes
TYSON FOODS: Appoints Scott McNair to Lead Consumer Products Biz
B E R M U D A
ENERGIA FINANCE: Final General Meeting Is Set for May 22
ENERGIA FINANCE: Proofs of Claim Filing Deadline Is May 2
INTELSAT LTD: Inks Deal with Arqiva to Provide Satellite Service
SCOTTISH RE: Provides Update on MassMutual & Cerberus Deal
SEA CONTAINERS: Brings-In AlixPartners for Corp. Restructuring
SEA CONTAINERS: Services' Panel Hires Kroll as Financial Advisor
SEA CONTAINERS: Services Committee Hires Willkie Farr as Counsel
B O L I V I A
* BOLIVIA: Lower House Slams 44 Hydrocarbons Bills
B R A Z I L
BANCO NACIONAL: Board Okays BRL1.4-Million Financing to Padetec
BANCO NACIONAL: Talking with Steel Mill on Project Financing
BRASKEM SA: S&P Says BB Rating Unaffected by Pequiven Projects
ECOPETROL: Will Participate in Brazil's Hydrocarbons Auction
GERDAU SA: Says Sparrows Point Acquisition Not Its Priority
PETROLEUM GEO-SERVICES: Buys 25 Mil. Shares in Genesis Petroleum
REMY INT'L: Interest Non-Payment Cues S&P to Cut Rating to D
* BRAZIL: To Build Petrochemical Plants with Venezuela
C A Y M A N I S L A N D S
ALBA CAPITAL: Proofs of Claim Must be Filed by May 16
ARF ABSOLUTE: Proofs of Claim Filing Deadline Is May 16
CLASSIC TERMS: Proofs of Claim Must be Filed by May 9
EOS SECTOR: Proofs of Claim Filing Deadline Is May 10
ESS MASTER: Proofs of Claim Must be Filed by May 10
GROVE POINTE: Proofs of Claim Filing Ends on May 16
HDH SPECIAL: Proofs of Claim Filing Deadline Is May 9
HUNTSMAN INT'L: Proofs of Claim Filing Is Until May 16
JLOC 2001-II: Proofs of Claim Filing Ends on May 16
MILTON INTERNATIONAL: Proofs of Claim Filing Deadline Is May 10
SCP OMNI: Sets Final Shareholders Meeting for May 15
SEAGATE TECH: Reports US$274MM Net Income in Qtr. Ended March 30
SPECIALIST LOW: Proofs of Claim Filing Ends on May 16
UNIQUE OPPORTUNITIES: Proofs of Claim Filing Ends on May 10
UNIQUE OPPORTUNITIES FUND: Proofs of Claim Filing Ends May 10
VICTORIA & EAGLE: Proofs of Claim Filing Deadline Is May 16
VITA CAPITAL: Proofs of Claim Filing Is Until May 16
C H I L E
CONSTELLATION BRANDS: Joins Punch Taverns in Matthew Clark Deal
CONSTELLATION BRANDS: Hires Patty Yahn-Urlaub as Vice President
C O L O M B I A
BBVA COLOMBIA: Earns COP72.7 Billion in First Quarter 2007
ECOPETROL: Banks to Assess Firm's Value for Upcoming IPO
D O M I N I C A N R E P U B L I C
FALCONBRIDGE LTD: Mulls Technical Studies for Dominican Project
FLOWSERVE CORP: Opens Manufacturing Facility in Suzhou, China
E C U A D O R
IMAX CORP: Inks Theatre Systems Installation Pact with Muvico
G R E N A D A
PETROLEOS DE VENEZUELA: Inks Diesel Supply Deal with Grenlec
G U A T E M A L A
BRITISH AIRWAYS: Cabin Crew Union Accepts Airline's Proposal
J A M A I C A
* JAMAICA: Audley Shaw Criticizes Government's Handling of Debt
* JAMAICA: Counterfeit Notes Total US$3.3 Million in 2006
M E X I C O
AMERICAN GREETINGS: Net Sales Down to US$472.8MM in Fourth Qtr.
BALLY TOTAL: Moody's Cuts Ratings After Non-Payment of Interest
CLEAR CHANNEL: Subsidiary Inks Advertising Pact with Google
DOMINO'S PIZZA: Board Declares US13.50 Per Share Dividend
GENTEK INC: Moody's Ups Rating on US$269-Million Loan to Ba3
GRUPO TMM: To Report First Quarter Financial Results on May 2
HIPOTECARIA CREDITO: Metrofinanciera Gets Okay to Acquire Firm
METROFINANCIERA: Will Acquire Credito y Casa for US$185 Million
SMITHFIELD FOODS: Davenport & Co. Holds "Buy" Rating on Shares
P A N A M A
CHIQUITA BRANDS: Amends Fernando Aguirre's Employment Contract
NCO GROUP: Incurs US17.5 Million Net Loss in Fourth Quarter 2006
P U E R T O R I C O
BROOKSTONE INC: S&P Revises Outlook; Affirms B Corporate Rating
CENTENNIAL COMMS: Feb. 28 Balance Sheet Upside-Down by US$1 Bil.
NEWCOMM WIRELESS: Excl. Plan-Filing Period Extended to Aug. 27
U R U G U A Y
BANCO ITAU: Parent Acquires ABN Amro's LatAm Banking Business
* URUGUAY: Spain Mediates Talks with Argentina on Mill Dispute
V E N E Z U E L A
PETROLEOS DE VENEZUELA: May Pay PetroChina for Orimulsion Pact
PETROLEOS DE VENEZUELA: Mulls Possible Sale of Two US Refineries
* VENEZUELA: Reaches Consensus on Ethanol Production
* VENEZUELA: To Build Petrochemical Plants with Brazil
* Upcoming Meetings, Conferences and Seminars
- - - - -
=================
A R G E N T I N A
=================
AGILENT TECH: Awards Microarray Service Contract to Cogenics
------------------------------------------------------------
Agilent Technologies, Inc., awarded Cogenics with its first
Certified Microarray Service Provider for Agilent's microRNA or
miRNA microarrays. With this certification, Cogenics becomes
the initial service provider to offer expression profiling of
miRNA on the Agilent platform, giving scientists in research
institutions and drug discovery programs immediate access to
this important tool for understanding gene regulation.
Cogenics received the certification after its laboratory
completed training and passed a rigorous set of assessments that
included proficiency in analyzing Agilent 60 mer oligo
microarrays using the complete Agilent system: sample quality
control using the Agilent 2100 Bioanalyzer; sample labeling
using Agilent reagents and protocols; hybridization using
SureHyb chambers; microarray analysis using the Agilent scanner
and feature extraction software; and final data analysis using
the GeneSpring bioinformatics platform. This certification
ensures customers will receive superior microarray processing
and data with regards to quality, reproducibility, and
reliability.
"We're pleased to be the first Agilent Certified Service
Provider for this platform as miRNA is generating a great deal
of interest within the academic and drug discovery research
communities. There were significant scientific and quality
hurdles to overcome and area expertise required for Cogenics to
receive this certification from Agilent. Our achievement
continues to demonstrate Cogenics' leadership capabilities in
this and related areas. The addition of this service to the
comprehensive Cogenics product and services portfolio furthers
our commitment to provide scientists with the most cutting edge
and advanced range of services in the industry," said Robert
Bondaryk, Ph.D., Senior Vice President and General Manager of
Cogenics.
"We've enjoyed a long, productive relationship with Cogenics as
an Agilent Certified Microarray Service Provider for gene
expression and CGH, and we congratulate Cogenics on expanding
their portfolio of emerging applications offered to
researchers," said Yvonne Linney, Agilent Vice President and
General Manager - Genomics.
About miRNA
miRNAs, a class of small non-coding RNAs that are only 19-30
nucleotides long, are estimated to regulate approximately 30
percent of all human genes. They were little understood five
years ago, but now there are approximately 500 known miRNAs in
humans, with ongoing discovery directed toward an estimated
10,000. Agilent recently introduced a microarray-based miRNA
expression profiling platform containing technology
breakthroughs in labeling and probe design.
About Cogenics
Cogenics, a division of Clinical Data, Inc., offers more than 17
years of experience as a trusted provider of the broadest range
of pharmacogenomics and molecular biology services available
globally. Cogenics provides integrated services for nucleic
acid extraction, genotyping, sequencing, QPCR, and gene
expression, as well as serving as a biorepository, for both
research and regulated environments: GLP, cGMP and CLIA.
About Clinical Data, Inc.
Clinical Data, Inc. (NASDAQ: CLDA) is a global biotechnology
company unlocking the potential of molecular discovery, from
targeted science to better healthcare.
About Agilent Technologies, Inc.
Agilent Technologies, Inc. -- http://www.agilent.com/-- is a
measurement company providing core bio-analytical and electronic
measurement solutions to the communications, electronics, life
sciences and chemical analysis industries. The company has
operations in India, Argentina and Luxembourg.
* * *
Agilent Technologies Inc. carries Moody's Investors Service
'Ba1' corporate family rating.
BALL CORP: Fitch Affirms Low B Ratings with Stable Outlook
----------------------------------------------------------
Fitch Ratings has affirmed Ball Corp.'s Issuer Default Rating at
'BB'. In addition, Fitch has affirmed these ratings for the
company:
-- Senior secured revolving credit facility 'BB+';
-- Senior secured term bank debt 'BB+'; and
-- Senior unsecured notes 'BB'.
The Rating Outlook is Stable. Approximately US$2.3 billion of
debt is covered by the ratings.
The ratings are supported by a diversified product offering,
diverse packaging substrates, leading market positions, good
cash flow, focus on Research & Development, stable end markets,
and a favorable defense spending environment. Concerns relate
to higher leverage driven by recent acquisitions, share
repurchases, customer concentration and total revenue derived
predominantly from one product, domestic sales bias, some
pressure from raw materials and other cost inflation, and the
company's acquisition strategy.
Ball's 2006 revenues were helped by two acquisitions, higher
industry volumes in the U.S., and robust growth in certain
foreign markets. Higher energy and freight costs continue to be
a challenge, but have moderated somewhat. Gross profit margin
has declined nearly 270 basis points since 2004. However,
margins stabilized in 2006 with gross margin up 18 basis points
to 16.33% and operating EBITDA margin of 12.0% for the year,
versus 12.1% in 2005. In the Aerospace and Technologies
segment, operating margin fell 50 basis points to 7.4% for the
full year due to program delays and unfavorable contract mix.
However the fourth quarter finished strong with operating margin
of 10%. Several key contracts were won during the fourth
quarter and contract backlog rose to a record US$886 million.
Total debt was US$2.45 billion at Dec. 31, 2006, compared to
US$1.58 billion at Dec. 31, 2005.
In March 2006, Ball acquired U.S. Can Corp. and certain plastic
packaging assets from Alcan, Inc. The debt-financed
acquisitions increased leverage to 3.1x at fiscal-year-end or
FYE2006 versus 2.3x at FYE2005. However, the company maintains
adequate financial flexibility and the broader product mix
acquired through the acquisitions lends further stability to
Ball's business. The integration of these businesses seems to
be going according to plan.
To finance the acquisitions, Ball raised US$950 million through
the addition of US$500 million of Term Loan D under the senior
secured credit facility and the issuance of US$450 million of
senior unsecured notes (6.625%, due 2018). The 'BB+' senior
credit facility ratings continue to be supported by about US$1
billion of debt in a junior position to the facility, and equity
market capitalization of about US$5 billion. The senior credit
facilities are secured by a pledge of 100% of the stock owned by
the company in its direct and indirect majority-owned domestic
subsidiaries and a pledge of 65% of the company's stock of
certain foreign subsidiaries.
The notes and senior credit facilities are guaranteed on a full
and unconditional basis by certain of the company's domestic
wholly owned subsidiaries. Certain foreign denominated tranches
of the senior credit facilities are similarly guaranteed by
certain of the company's wholly owned foreign subsidiaries.
Financial covenants for the senior credit facility include
minimum interest coverage of 3.5x and maximum leverage ratio of
3.75x.
Ball maintains ample liquidity of US$826.5 million with US$151.5
million in cash and US$675 million in available multi-currency
revolving credit facilities at FYE2006. Fitch projects free
cash flow generation in 2007 will be around US$300 million after
capital expenditures of about US$250 million and dividends of
about US$40 million. Cash deployment for 2007 will likely be
directed towards internal reinvestment, share repurchases,
dividends, pension contributions, and debt reduction. Term
loans under the credit facility will begin amortizing by the end
of the fourth quarter of 2007. Scheduled debt maturities are
US$41.2 million in 2007 and US$126.8 million in 2008.
Fitch's Stable Outlook incorporates the company's solid cash
flow generation, relatively stable trends in packaging end-
markets, favorable defense spending environment, and the
company's leading market positions in its product categories.
Key risks going forward are potentially higher raw materials and
energy costs, higher share repurchases, and general economic and
consumer activity -- particularly in the crucial summer months
which are Ball's seasonally strong cash flow months. Additional
acquisition activity is also a possibility given the trends
toward consolidation within the packaging industry.
Headquartered in Broomfield, Colorado, Ball Corp. --
http://www.ball.com/-- is a supplier of high-quality metal and
plastic packaging products. It owns Ball Aerospace &
Technologies Corp. -- a developer of sensors, spacecraft,
systems and components for government and commercial customers.
Ball Corp. reported sales of US$5.7 billion in 2005 and the
company employs about 13,100 people worldwide, including
Argentina.
BANCO SANTANDER: Moody's Puts Ba2 Debt Rating on ARS$450MM Notes
----------------------------------------------------------------
Moody's Investors Service assigned a Ba2 local currency debt
rating to Banco Santander Rio S.A.'s ARS$450 million notes that
are due in 2010 issued under the program of US$250 million.
Moody's also assigned Aaa.ar national scale local currency debt
rating to the notes.
These ratings were assigned to Banco Santander's ARS$450 million
Senior Unsecured Notes:
-- Long-term local currency debt rating: Ba2, stable outlook
-- National scale local currency debt rating: Aaa.ar
Banco Santander Rio S.A. is headquartered in Buenos Aires,
Argentina. The bank had ARS$16.2 billion (US$5.3 billion) in
total assets and ARS$12.6 billion (US$4.1 billion) in deposits
as of December 2006.
CONSTRUCCIONES LATINA: Claims Verification Deadline Is June 18
--------------------------------------------------------------
Lidia Roxana Martin, the court-appointed trustee for
Construcciones Latina S.R.L.'s bankruptcy proceeding, verifies
creditors' proofs of claim until June 18, 2007.
Ms. Martin will present the validated claims in court as
individual reports on Aug. 14, 2007. The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Construcciones Latina and its creditors.
Inadmissible claims may be subject for appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of Construcciones
Latina's accounting and banking records will be submitted in
court on Sept. 25, 2007.
Mr. Martin is also in charge of administering Construcciones
Latina's assets under court supervision and will take part in
their disposal to the extent established by law.
The trustee can be reached at:
Lidia Roxana Martin
Avenida Cordoba 1352
Buenos Aires, Argentina
COOPERATIVA TAMBERA: Creditors Will Vote on Settlement Plan Tom
---------------------------------------------------------------
Cooperativa Tambera Parana Ltda., a company under
reorganization, will present a settlement plan to its creditors
on April 20, 2007.
Estudio Jorge Mencia y Asociados, the court-appointed trustee
for Cooperativa Tambera's reorganization proceeding, submitted
individual reports in court on March 22, 2007. The individual
reports were based on creditors' claims that Mr. Cueva verified
until Feb. 7, 2007. The National Commercial Court of First
Instance No. 11 in Buenos Aires, with the assistance of Clerk
No. 21, determined the verified claims' admissibility, taking
into account the trustee's opinion and the objections and
challenges raised by Cooperativa Tambera and its creditors.
Estudio Jorge also presented a general report containing an
audit of Cooperativa Tambera's accounting and banking records in
court on March 22, 2007.
The trustee can be reached at:
Estudio Jorge Mencia y Asociados
San Martin 918
Parana, Argentina
COSTA HELADA: Proofs of Claim Verification Ends on June 18
----------------------------------------------------------
Raul Alberto Sena, the court-appointed trustee for Costa Helada
S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of
claim until June 18, 2007.
Mr. Sena will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance in Buenos Aires will determine if the verified claims
are admissible, taking into account the trustee's opinion, and
the objections and challenges that will be raised by Costa
Helada and its creditors.
Inadmissible claims may be subject for appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of Costa Helada's
accounting and banking records will be submitted in court.
Infobae did not state the reports submission date.
Mr. Sena is also in charge of administering Costa Helada's
assets under court supervision and will take part in their
disposal to the extent established by law.
The trustee can be reached at:
Raul Alberto Sena
Bartolome Mitre 734
Buenos Aires, Argentina
EL ORO: Proofs of Claim Verification Is Until June 15
-----------------------------------------------------
Jorge David Jalfin, the court-appointed trustee for El Oro de
Italia S.A.'s bankruptcy proceeding, verifies creditors' proofs
of claim until June 15, 2007.
Mr. Jalfin will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance in Buenos Aires will determine if the verified claims
are admissible, taking into account the trustee's opinion, and
the objections and challenges that will be raised by El Oro and
its creditors.
Inadmissible claims may be subject for appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of El Oro's accounting
and banking records will be submitted in court.
Infobae did not state the reports submission date.
Mr. Jalfin is also in charge of administering El Oro's assets
under court supervision and will take part in their disposal to
the extent established by law.
The trustee can be reached at:
Jorge David Jalfin
Sarmiento 1452
Buenos Aires, Argentina
EMPRESA DISTRIBUIDORA: Shareholders Okay 10% Capital Increase
-------------------------------------------------------------
Empresa Distribuidora y Comercializadora Norte said in a filing
with the Buenos Aires stock exchange that its shareholders have
ratified plans to boost its capital 10%, or 83.2 million class B
shares.
Business News Americas underscores that Empresa Distribuidora
shareholders, U.S. investment company New Equity Ventures and
the international unit of France's state power company EDF will
offer 228 million class B shares. About 81.2 million class B
shares will also be offered in the worker stock participation
program.
Empresa Distribuidora said in a statement that the signing
period will be from April 26 to May 7.
According to BNamericas, local stock brokerage Raymond James
Argentina will offer the shares on the Buenos Aires stock
exchange, while Citigroup and JP Morgan will offer them on the
New York Stock Exchange as ADSs representing 20 shares. The
price per share will be up to ARS4.42 including the one-peso
nominal value plus the issue premium.
Empresa Distribuidora's board also authorized the conversion of
up to 42.4 million of the firm's class B shares to be held by
Argentine holding firm Easa to class A shares so that the latter
can maintain a 51% stake in Empresa Distribuidora after the
issue, BNamericas states.
EDENOR is Argentina's largest electricity distribution company
in terms of customers served (2.45 million as of December 2006)
and power sales (15,677 gigawatt-hours in 2005 and 12,395
gigawatt-hours in the first nine months of 2006). EDENOR has a
95-year concession contract (which started in 1992) to
distribute electricity in a densely populated area of about
seven million inhabitants in the northwest of greater Buenos
Aires and the north of the city of Buenos Aires. EDENOR is 65%
directly and indirectly owned by the Dolphin Group.
* * *
As reported in the Troubled Company Reporter-Latin America on
Feb. 22, 2007, Standard & Poor's Ratings Services raised its
corporate credit and senior unsecured debt ratings on
Argentina's largest electric distribution company Empresa
Distribuidora y Comercializadora Norte S.A. aka EDENOR by one
notch to 'B' from 'B-'. The ratings were removed from
CreditWatch, where they were placed with positive implications
on Jan. 11, 2007. s&P says the outlook is stable.
JOYITA SA: Proofs of Claim Verification Deadline Is June 6
----------------------------------------------------------
Leandro Jose Villari, the court-appointed trustee for Joyita
S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until June 6, 2007.
As reported in the Troubled Company Reporter-Latin America on
Feb. 16, 2005, Joyita concluded its reorganization process. The
conclusion came after the National Commercial Court of First
Instance No. 12 in Buenos Aires, with assistance from Clerk
No. 23, homologated the debt plan signed between the company and
its creditors.
Mr. Villari will present the validated claims in court as
individual reports on Aug. 2, 2007. The court will determine if
the verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Joyita and its creditors.
Inadmissible claims may be subject for appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of Joyita's accounting
and banking records will be submitted in court on
Sept. 13, 2007.
Mr. Villari is also in charge of administering Joyita's assets
under court supervision and will take part in their disposal to
the extent established by law.
The trustee can be reached at:
Leandro Jose Villari
Parana 426
Buenos Aires, Argentina
NOSWAR SA: Proofs of Claim Verification Deadline Moved to May 16
----------------------------------------------------------------
Roberto Di Martino, the court-appointed trustee for Noswar
S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until May 16, 2007.
As reported in the Troubled Company Reporter-Latin America on
Feb. 21, 2007, the claims verification deadline was initially
set for May 3, 2007.
Mr. Di Martino will present the validated claims in court as
individual reports on June 29, 2007. The National Commercial
Court of First Instance No. 3 in Buenos Aires, with the
assistance of Clerk No. 5, will determine if the verified claims
are admissible, taking into account the trustee's opinion, and
the objections and challenges that will be raised by Noswar and
its creditors.
Inadmissible claims may be subject for appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of Noswar's accounting
and banking records will be submitted in court on Aug. 28, 2007.
Mr. Di Martino is also in charge of administering Noswar's
assets under court supervision and will take part in their
disposal to the extent established by law.
The debtor can be reached at:
Noswar SA
Florida 833/35
Buenos Aires, Argentina
The trustee can be reached at:
Roberto Di Martino
Avenida Callao 449
Buenos Aires, Argentina
RESPONSABILIDAD PATRONAL: Claims Verification Is Until June 26
--------------------------------------------------------------
Superintendencia de Seguros de la Nacion, the court-appointed
trustee for Responsabilidad Patronal ART S.A.'s bankruptcy
proceeding, verifies creditors' proofs of claim until
June 26, 2007.
Superintendencia de Seguros will present the validated claims in
court as individual reports on Aug. 28, 2007. The National
Commercial Court of First Instance in La Matanza, Buenos Aires,
will determine if the verified claims are admissible, taking
into account the trustee's opinion, and the objections and
challenges that will be raised by Responsabilidad Patronal and
its creditors.
Inadmissible claims may be subject for appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of Responsabilidad
Patronal's accounting and banking records will be submitted in
court on Oct. 10, 2007.
Superintendencia de Seguros is also in charge of administering
Responsabilidad Patronal's assets under court supervision and
will take part in their disposal to the extent established by
law.
The debtor can be reached at:
Responsabilidad Patronal ART S.A.
Avenida de Mayo 743
Ramos Mejia, Partido de La Matanza
Buenos Aires, Argentina
The trustee can be reached at:
Superintendencia de Seguros de la Nacion
Balcarce 298/300
Buenos Aires, Argentina
SANATORIO SAN JOSE: Proofs of Claim Verification Is Until May 21
----------------------------------------------------------------
Estudio Rodriguez, Celano, Stupnik, the court-appointed trustee
for Sanatorio San Jose S.A.'s bankruptcy proceeding, verifies
creditors' proofs of claim until May 21, 2007.
Estudio Rodriguez will present the validated claims in court as
individual reports on July 4, 2007. The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Sanatorio San Jose and its creditors.
Inadmissible claims may be subject for appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of Sanatorio San Jose's
accounting and banking records will be submitted in court on
Aug. 30, 2007.
Estudio Rodriguez is also in charge of administering Sanatorio
San Jose's assets under court supervision and will take part in
their disposal to the extent established by law.
The trustee can be reached at:
Estudio Rodriguez, Celano, Stupnik
Tucuman 811
Buenos Aires, Argentina
SEPIA BEAUTY: Proofs of Claim Verification Ends on May 12
---------------------------------------------------------
Hector Julio Grisolia, the court-appointed trustee for Sepia
Beauty S.A.'s bankruptcy proceeding, verifies creditors' proofs
of claim until May 12, 2007.
Mr. Grisolia will present the validated claims in court as
individual reports on Aug. 9, 2007. The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Sepia Beauty and its creditors.
Inadmissible claims may be subject for appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of Sepia Beauty's
accounting and banking records will be submitted in court on
Sept. 21, 2007.
Mr. Grisolia is also in charge of administering Sepia Beauty's
assets under court supervision and will take part in their
disposal to the extent established by law.
The debtor can be reached at:
Sepia Beauty S.A.
Coronel Diaz 1466
Buenos Aires, Argentina
The trustee can be reached at:
Hector Julio Grisolia
Jeronimo Salguero 2533
Buenos Aires, Argentina
SHERLOCK SA: Trustee To File Individual Reports in Court Tom
------------------------------------------------------------
Norberto Abel Mosca, the court-appointed trustee for Sherlock
SA's reorganization proceeding, will present creditors'
validated claims as individual reports in the National
Commercial Court of First Instance in Buenos Aires on
April 20, 2007.
The court will determine if the verified claims are admissible,
taking into account the trustee's opinion and the objections and
challenges raised by Sherlock and its creditors.
Inadmissible claims may be subject for appeal in a separate
proceeding known as an appeal for reversal.
Mr. Mosca verified creditors' proofs of claim until
March 5, 2007.
Mr. Mosca will also submit to court a general report containing
an audit of Sherlock's accounting and banking records on
June 4, 2007.
The trustee can be reached at:
Norberto Abel Mosca
Calle 22 Nro. 922 Mercedes
Buenos Aires, Argentina
SUCESION DE BRANDO: Creditors Will Vote on Settlement Plan Tom
--------------------------------------------------------------
Sucesion de Brando Luis Jose, a company under reorganization,
will present a settlement plan to its creditors on
April 20, 2007.
Mirta Ana Calfun de Bendersky, the court-appointed trustee for
Sucesion de Brando's reorganization proceeding, submitted
individual reports in court on Oct. 20, 2006. The individual
reports were based on creditors' claims that Ms. Calfun de
Bendersky verified until Sept. 8, 2006. The National
Commercial Court of First Instance in Buenos Aires determined
the verified claims' admissibility, taking into account the
trustee's opinion and the objections and challenges raised by
Sucesion de Brando and its creditors.
Ms. Calfun de Bendersky also presented a general report
containing an audit of Sucesion de Brando's accounting and
banking records in court on Nov. 30, 2006.
The trustee can be reached at:
Mirta Ana Calfun de Bendersky
Humahuaca 4165
Buenos Aires, Argentina
SUCESORES DE ANTONIO: Creditors to Vote on Settlement Plan Tom
--------------------------------------------------------------
Sucesores de Antonio Barberio S.A., a company under
reorganization, will present a settlement plan to its creditors
on April 20, 2007.
Gonzalo Daniel Cueva, the court-appointed trustee for Sucesores
de Antonio's reorganization proceeding, submitted individual
reports in court on Sept. 5, 2006. The individual reports were
based on creditors' claims that Mr. Cueva verified until
July 10, 2006. The National Commercial Court of First Instance
No. 11 in Buenos Aires, with the assistance of Clerk No. 21,
determined the verified claims' admissibility, taking into
account the trustee's opinion and the objections and challenges
raised by Sucesores de Antonio and its creditors.
Mr. Cueva also presented a general report containing an audit of
Sucesores de Antonio's accounting and banking records in court
on Oct. 17, 2006.
As reported in the Troubled Company Reporter on May 8, 2006, the
company reorganization petition in Buenos Aires' Court No. 1
after it stopped paying its debts on Nov. 3, 2001.
The debtor can be reached at:
Sucesores de Antonio Barberio S.A.
Mendoza 4834
Buenos Aires, Argentina
The trustee can be reached at:
Gonzalo Daniel Cueva
Terrero 1752
Buenos Aires, Argentina
TARAI SA: Creditors Will Vote on Settlement Plan Tomorrow
---------------------------------------------------------
Tarai S.A., a company under reorganization, will present a
settlement plan to its creditors on April 20, 2007.
Miriam Colmegna, the court-appointed trustee for Tarai's
reorganization proceeding, submitted individual reports in
court. The individual reports were based on creditors' claims
that Ms. Colmegna verified until Aug. 22, 2006. The National
Commercial Court of First Instance No. 22 in Buenos Aires, with
the assistance of Clerk No. 43, determined the verified claims'
admissibility, taking into account the trustee's opinion and the
objections and challenges raised by Tarai and its creditors.
Ms. Colmegna also presented a general report containing an audit
of Tarai's accounting and banking records in court.
The debtor can be reached at:
Tarai S.A.
Rivadavia 3265
Buenos Aires, Argentina
The trustee can be reached at:
Miriam Colmegna
Sarmiento 1179
Buenos Aires, Argentina
TELECOM ARGENTINA: Amadeo Vazquez to Resign as Chairperson
----------------------------------------------------------
Telecom Argentina said in a filing with the Buenos Aires stock
exchange that its chairperson Amadeo Vazquez has decided to
leave his position to pursue other career goals.
Telecom Argentina told Business News Americas that Mr. Vazquez's
activities with Telecom Argentina will officially stop during
the next board meeting on April 27.
BNamericas relates that Mr. Vazquez became Telecom Argentina's
chairperson in November 2002, after a career in banking and
company management.
"During his four years as chairman, Telecom Argentina
successfully resolved problems that derived from the 2001
[financial] crisis and reshaped its future; he restructured its
financial debt, implemented corporate governance best practices
and social corporate responsibility and developed new investment
and business models incorporating innovative technology that
consolidated the company's leadership in the telecommunications
and multimedia services sectors," Telecom Argentina said in a
statement.
Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- is the fixed-line
operator for local and long-distance services in northern and
southern Argentina. It also provides cellular and PCS phone
services in Argentina, as well as in Paraguay through a 68%
stake in Nocleo. France Telecom formerly controlled the company
through its Nortel Inversora venture with Telecom Italia.
France Telecom sold most of its stake in 2003 to the Werthein
Group, an Argentine agricultural concern owned in part by vice
chairman Gerardo Werthein. Nortel continues to be Telecom
Argentina's largest shareholder with a 55% stake. Nortel is
owned by Sofora, a consortium owned by Telecom Italia (50%), the
Werthein Group (48%), and France Telecom (2%).
* * *
As reported on Oct 11, 2006, Standard & Poor's Ratings Services
raised Telecom Argentina S.A.'s counterparty credit rating to
B+/Stable/ from B/Stable following the upgrade of the Republic
of Argentina to 'B+' from 'B', announced on Oct. 2, 2006.
TELEFONICA DE ARGENTINA: Launches New Broadband Services
--------------------------------------------------------
Telefonica de Argentina said in a statement that it has launched
Duo, a double play package of broadband services and unlimited
local fixed line calls for a single rate.
Business News Americas relates that the service offers the
subscriber the option to choose between:
-- a 1Mb broadband connection, and
-- a 2.5Mb broadband connection.
According to Telefonica de Argentina's statement, the package is
part of the firm's move to intensify the penetration of Internet
in Argentina.
Telefonica de Argentina will invest ARS1.6 billion this year,
mainly for continued expansion of its mobile and broadband
infrastructure, BNamericas states.
Headquartered in Buenos Aires, Argentina, Telefonica de
Argentina SA -- http://www.telefonica.com.ar/-- provides
telecommunication services, which include telephony business
both in Spain and Latin America, mobile communications
businesses, directories and guides businesses, Internet, data
and corporate services, audiovisual production and broadcasting,
broadband and Business-to-Business e-commerce activities.
* * *
As reported in the Troubled Company Reporter on Jan. 22, 2007,
Moody's Latin America changed the rating outlook to positive
from stable for Telefonica de Argentina's foreign currency
rating of B2 and for the Aa3.ar (national scale rating). The
rating action was taken in conjunction with Moody's outlook
change to positive from stable for Argentina's B2 foreign
currency ceiling for bonds and notes on Jan. 16, 2007.
Telefonica de Argentina's foreign currency rating continues to
be constrained by Argentina's B2 ceiling.
TGS: Moody's Puts (P)B1 Global Rating to Proposed US$500MM Notes
----------------------------------------------------------------
Moody's Latin America assigned a (P)B1 global foreign currency
rating and a Aa2.ar national scale rating to Transportadora de
Gas del Sur S.A. aka TGS proposed US$500 million notes, due
2017, which will be issued to redeem outstanding debt. The
rating outlook is stable.
The proceeds from the proposed US$ 500 million notes plus TGS
cash balances will be used to redeem most of TGS's outstanding
debt, amounting approximately to US$630 million.
The ratings are based on TGS's very solid position and long
established operations in the gas transportation and gas
processing business in Argentina. The rating also takes into
account TGS's credit and debt protection metrics, which Moody's
believes are consistent with more highly rated diversified
natural gas transportation companies. TGS has significantly
reduced debt, from more than U$S900 million at the end of
(fiscal year) FY2004 to the US$500 million total debt it will
have after the planned notes issuance. This debt reduction is a
result of strong internally generated cash in the context of
very favorable international prices for NGL in the unregulated
segment, despite frozen tariffs in the regulated segment.
However, the ratings are hindered by TGS's continued exposure to
dollar denominated debt, regulatory uncertainty and volatility
in international Natural Gas Liquids prices.
Profitability over the last couple of years was mainly driven by
TGS's unregulated business, which has been exposed to volatile
commodity prices. Additionally, while processed volumes have
been sustained with no restrictions, future gas availability for
processing is a concern over the medium term (due to lack of
investments in gas exploration and production).
On the other hand, tariffs in the regulated segment have
remained frozen since 2002.
The license renegotiation with the government has taken longer
than expected and the proposal for a 10% provisional tariff
increase submitted by the government was not accepted by the
company. The timeframe and outcome of the renegotiation is
uncertain.
Rating Outlook
The stable outlook reflects Moody's expectation that TGS will
continue to generate adequate levels of cash in relation to debt
and balanced operations even in the absence of tariffs relief,
although Moody's acknowledges that an increase in rates would
improve the company's financial situation and position the
company more comfortably in its rating categories.
Upward Rating Factor
A successful renegotiation of the license that would result in a
tariff increase for TGS that allows it to improve returns and
profitability and that would provide a more predictable
regulatory framework could also have a positive rating impact.
A reduction in TGS' foreign currency debt exposure could also
have a favorable impact on the ratings.
Downward Rating Factor
Any adverse change in the regulatory environment or indications
of adverse government interference in the gas processing
segment, such us the introduction of additional taxes, prices
controls, or limitations on TGS's ability to sustain its
historical gas processing volumes could lead to a rating
downgrade.
In addition, an aggressive dividend policy leading to lower than
historical RCF to debt ratios could have a negative rating
impact.
Headquartered in Buenos Aires, Argentina, Transportadora de Gas
del Sur SA -- http://www.tgs.com.ar-- is a transporter of
natural gas; having a 7,419-kilometer (4,610 miles) pipeline
system with a firm contracted capacity of 62.5 million cubic
meters per day (MMm3/d) with an installed power of 538.220
horsepower. Substantially all of Transportadora de Gas'
capacity is subscribed for under firm long-term transportation
contracts. Transportadora de Gas is also a processor of natural
gas and marketer of natural gas liquids in Argentina. The
company operates the General Cerri gas processing complex and
the associated Galvan loading and storage facility in Bahia
Blanca in the Buenos Aires Province (the Cerri Complex) where
natural gas liquids are separated from gas transported through
the Company's pipeline system and stored for delivery.
Transportadora de Gas is engaged in midstream activities and the
provision of telecommunication services in Argentina. The
company operates the largest pipeline transmission system in
Argentina, which accounts for roughly 60% of the country's total
natural gas consumption.
TYSON FOODS: Appoints Scott McNair to Lead Consumer Products Biz
----------------------------------------------------------------
Tyson Foods, Inc. has named Scott McNair as its Group Vice
President of Consumer Products. He will oversee marketing and
sales for all divisions within Tyson's Consumer Products
business, including Deli, Processed Meats, Wholesale Clubs and
Retail.
Mr. McNair has 20 years of experience in the food industry. He
has been part of Tyson Foods for almost seven years, most
recently serving as Senior Vice President of Case Ready Meats.
He has also previously held various management positions with
other food companies, including ConAgra Frozen Foods, Acosta,
Morrison Lamothe and Stouffer Foods.
Mr. McNair replaces Rob DeMartini, who joined Tyson in 2006 but
is leaving to become chief executive officer of New Balance
Athletic Shoe, Inc. of Boston, Massachusetts.
"Scott is a proven leader, with an extensive background in the
food business," said Bill Lovette, senior group vice president
of Poultry and Prepared Foods for Tyson. "We believe he has the
skills to capitalize on the organizational progress made during
Rob's tenure, which has included renewed focus on creating
demand and growing our business."
Recent strategic changes in Tyson Consumer Products group have
included increasing the company's analytical capacity and
understanding of existing and emerging consumer needs. More
specifically, the company has become more focused on helping
consumers become "mealtime heroes" by providing fresh and
healthy mealtime solutions that are either homemade with help,
fast and flexible or ready now.
Mr. McNair, 44, is a native of Cinnaminson, New Jersey. He
holds a masters degree in business from Fontbonne College of St.
Louis and a bachelor's degree in marketing from Messiah College
of Grantham, Pennsylvania.
Based in Springdale, Arkansas, Tyson Foods, Inc. (NYSE:TSN) --
http://www.tysonfoods.com/-- is a processor and marketer of
chicken, beef, and pork. The company produces a wide variety of
protein-based and prepared food products, which are marketed
under the "Powered by Tyson(TM)" strategy. It has operations in
Argentina.
* * *
On Sept. 25, 2006, Moody's Investors Service took a number of
rating actions in relation to Tyson, including the assignment of
a Ba1 rating to the company's:
-- US$1 billion senior unsecured bank credit facility; and
-- US$345 million senior unsecured bank term loan for its
Lakeside Farms Industries Ltd. subsidiary, under a full
Tyson Foods, Inc. guarantee.
=============
B E R M U D A
=============
ENERGIA FINANCE: Final General Meeting Is Set for May 22
--------------------------------------------------------
Energia Finance Ltd.'s final general meeting will be at
9:00 a.m. on May 22, 2007, or as soon as possible, at:
Canon's Court
22 Victoria Street
Hamilton, Bermuda
These agendas will be taken during the meeting:
-- the approval of and adoption of an account laid
before the shareholders showing the manner in which
the winding-up of the company has been conducted
and its property disposed of;
-- hearing any explanation that may be given by the
liquidator;
-- the manner in which the books, accounts and
documents of the company and of the liquidator
shall be disposed; and
-- to dissolve the company.
The liquidator can be reached at:
Jennifer Y. Fraser
Canon's Court, 22 Victoria Street
Hamilton, Bermuda
ENERGIA FINANCE: Proofs of Claim Filing Deadline Is May 2
---------------------------------------------------------
Energia Finance Ltd.'s creditors are given until
May 2, 2007, to prove their claims to Jennifer Y. Fraser, the
company's liquidator, or be excluded from receiving any
distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
Energia Finance's shareholders agreed on April 12, 2007, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.
The liquidator can be reached at:
Jennifer Y. Fraser
Canon's Court, 22 Victoria Street
Hamilton, Bermuda
INTELSAT LTD: Inks Deal with Arqiva to Provide Satellite Service
----------------------------------------------------------------
Intelsat signed a multi-year, multi-million-dollar contract with
Arqiva for satellite capacity to carry digital programming for
the British Broadcasting Corporation or BBC following its
digital switch over. Intelsat is providing space segment
capacity on its IS-907 satellite at 332.5 Degrees East, which
Arqiva will use as part of its distribution solution to around
90 main terrestrial transmitter sites in the United Kingdom.
"We are happy to entrust Intelsat with this important task which
provides us with cost-effective coverage of the UK as part of
the distribution system for the BBC's digital channels," said
Steve Holebrook, Managing Director, Arqiva Terrestrial Media
Solutions. "The capacity on IS-907 provides us with an
excellent technical solution, based on its high-power UK
coverage. Intelsat was also flexible in its approach, helping
us meet the commercial and technical needs of the BBC."
"Intelsat has played a key role for many years in the
distribution of terrestrial television signals with Arqiva,"
said Jean-Philippe Gillet, Intelsat's Regional Vice President,
Europe & Middle East. "The addition of the BBC's digital
switchover program reinforces the high-performance, high-
reliability solution we are able to provide to our video
customers."
About Arqiva
Arqiva operates at the heart of the broadcast and mobile
communications industry and is at the forefront of network
solutions and services in an increasingly digital world. The
company provides much of the infrastructure behind television,
radio and wireless communications in the UK and has a growing
presence in Ireland, mainland Europe and the USA.
Arqiva has its headquarters in Hampshire, with other major UK
offices in London, Buckinghamshire and Yorkshire. It now has
seven international satellite teleports, 60 manned bases, and
over 2300 shared radio sites throughout the UK and Ireland
including masts, towers and rooftops from under 30 to over 300
meters tall.
About Intelsat Ltd.
Headquartered in Bermuda, Intelsat, Ltd. --
http://www.intelsat.com/-- offers telephony, corporate network,
video and Internet solutions around the globe via capacity on 25
geosynchronous satellites in prime orbital locations.
Customers in about 200 countries rely on Intelsat's global
satellite, teleport and fiber network for high-quality
connections, global reach and reliability.
At Dec. 31, 2006, Intelsat Ltd.'s balance sheet reflected total
assets of US$12.4 billion and total liabilities of US$12.9
billion, resulting to a stockholders' deficit of US$541.3
million. Accumulated deficit as of Dec. 31, 2006, stood at
US$571.2 million.
* * *
As reported in the Troubled Company Reporter-Latin America on
Jan. 18, 2007, Fitch Ratings affirmed Intelsat, Ltd.'s Issuer
Default Rating at 'B'. Fitch said the rating outlook was
stable.
Fitch assigned these new ratings on Intelsat, Ltd. (Bermuda):
-- US$600 million senior unsecured floating-rate notes due
2015 'CCC+/RR6'; and
-- Proposed US$1 billion guaranteed senior unsecured term
loan due 2014 'BB-/RR2'.
Fitch affirmed these ratings:
Intelsat (Bermuda), Ltd.:
-- Issuer Default Rating 'B';
-- Senior unsecured guaranteed notes 'BB-/RR2'; and
-- Senior unsecured non-guaranteed notes 'CCC+/RR6'.
Intelsat Intermediate Holding Company, Ltd:
-- Issuer Default Rating 'B'; and
-- Senior unsecured discount notes 'B-/'RR5'.
Intelsat Subsidiary Holding Company, Ltd.:
-- Issuer Default Rating 'B';
-- Senior secured credit facilities 'BB/RR1'; and
-- Senior unsecured notes 'BB-/RR2'.
Intelsat Corp:
-- Issuer Default Rating 'B';
-- Senior secured credit facilities 'BB/RR1';
-- Senior secured notes 'BB/RR1'; and
-- Senior unsecured notes 'B/RR4'.
In addition, Fitch withdrew these ratings due to its
refinancing:
Intelsat (Bermuda), Ltd:
-- US$600 million senior unsecured credit facility CCC+/RR6'.
Intelsat Holding Corporation (PanAmSat Holding Corporation):
-- Issuer Default Rating 'B.
SCOTTISH RE: Provides Update on MassMutual & Cerberus Deal
----------------------------------------------------------
Scottish Re Group Limited has provided an update with respect to
the closing of its proposed transaction with MassMutual Capital
Partners LLC and affiliates of Cerberus Capital Management,
L.P., whereby each will invest US$300 million into the company,
resulting in a total new equity investment of US$600 million.
MassMutual Capital and Cerberus will have a controlling voting
equity interest in the company after the closing.
Scottish Re has received notice that the Delaware Department of
Insurance approval hearing for the transaction is scheduled for
April 26, 2007. Upon receiving final regulatory approval from
the Delaware Department of Insurance, as well as the NASD and
South Carolina Department of Insurance, all regulatory approvals
needed to close the transaction will have been received.
Paul Goldean, Scottish Re's chief executive officer, noted, "The
regulatory approval process is proceeding as planned and we look
forward to closing the transaction during the first part of May
2007."
Scottish Re Group Ltd. (NYSE: SCT) -- http://www.scottishre.com/
-- is a global life reinsurance company. Scottish Re has
operating businesses in Bermuda, Grand Cayman, Guernsey,
Ireland, Singapore, the United Kingdom and the United States.
Its flagship operating subsidiaries include Scottish Annuity &
Life Insurance Company (Cayman) Ltd., Scottish Re (U.S.) Inc.
and Scottish Re Limited.
* * *
As reported in the Troubled Company Reporter-Latin America on
March 6, 2007, Standard & Poor's Ratings Services said that its
ratings on Scottish Re Group Ltd. (B/Watch Dev/--) and
affiliated operating companies remain on CreditWatch with
developing implications following the announcement by the
company that the shareholders have approved the transaction by
which MassMutual Capital Partners LLC and affiliates of Cerberus
Capital Management L.P. would provide an equity infusion of
US$600 million in a transaction to close in the second quarter
of 2007.
SEA CONTAINERS: Brings-In AlixPartners for Corp. Restructuring
--------------------------------------------------------------
Sea Containers Ltd. has reported a number of organizational and
management changes, which are subject to the U.S. Bankruptcy
Court for the District of Delaware's approval.
As Sea Containers Ltd. and Sea Containers Services Ltd. enter a
new phase of the Chapter 11 process, preparatory to achieving an
inter-creditor settlement, and further progress non-core asset
sales, there is a growing emphasis on simplifying the corporate
structure. These activities require more technical restructuring
skills and for this reason Sea Containers proposes to engage
AlixPartners, a prominent financial advisory firm specializing
in corporate restructuring. This engagement will result in a
number of senior management changes at Sea Containers.
Laura Barlow, a Managing Director in AlixPartners' London
Office, will be appointed Senior Vice-President, Chief
Restructuring Officer effective from 2 April 2007 and Chief
Financial Officer effective from 1 May 2007. Ms. Barlow, who
will be assisted by Craig Cavin, a Vice President of
AlixPartners, will oversee the disposal program and company
simplification initiative. She has more than 15 years
experience working with companies that face significant
operational and financial challenges and has held interim
restructuring and advisory positions including Dana
Corporation's European operations, Stolt Offshore SA, Boxclever,
Marconi plc and Hyder Consulting. She will report to Robert
Mackenzie, Chief Executive Officer of Sea Containers Ltd.
Ms. Barlow will succeed Ian Durant, who has been Chief Financial
Officer of Sea Containers Ltd since 1 January 2005. Mr Durant
will be elected as a Director of Sea Containers Ltd and will
continue to serve as a Sea Containers' appointed Director of GE
SeaCo. Mr. Durant will also be available to advise the Sea
Containers' management team on an on-going basis, including with
respect to matters relating to GNER. During his time at Sea
Containers, Mr. Durant oversaw the final sale of Sea Containers'
interest in Orient-Express Hotels Ltd. in November 2005, the
sale of its Silja ferry subsidiary, the transition of GNER into
a management contract and the sale of other container and ferry
assets in 2006. He also acted as interim Chief Executive
Officer during autumn 2005.
Commenting on the proposed changes, Mr. Mackenzie said: "We
thank Ian Durant for his sterling efforts, particularly during
difficult times. The proposed appointment of AlixPartners
reflects the nature of the US Chapter 11 process in terms of an
increasing requirement for technical restructuring skills,
specialist legal tax needs and a diminishing emphasis on
operational business management and transactional support."
Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing. Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore. The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974. On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and
NYSEArca after the company's failure to file its 2005 annual
report on Form 10-K and its quarterly reports on Form 10-Q
during 2006 with the U.S. Securities and Exchange Commission.
Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland. It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.
Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.
SEA CONTAINERS: Services' Panel Hires Kroll as Financial Advisor
----------------------------------------------------------------
The Official Committee of Unsecured Creditors of Sea Containers
Services Ltd. cases obtained authority from the U.S. Bankruptcy
Court for the District of Delaware to retain Kroll Ltd. as its
financial advisor, nunc pro tunc to Oct. 26, 2006.
Kroll has acted to protect and advance the interests of the
Official Services Committee in the Debtors' bankruptcy cases
since its formation on Oct. 26, 2006. Kroll's services have
materially benefited the unsecured creditors of Sea Containers
Services, and have served to protect their rights until Kroll's
formal retention. As a result of its services, Kroll has become
directly familiar with the facts and circumstances surrounding
Sea Containers Services and the issues that the Official
Services Committee will face during the bankruptcy cases. Kroll
and its professionals are uniquely qualified to advise the
Official Services Committee.
Kroll is expected to:
a. evaluate the assets and liabilities of the Debtors and
their affiliates;
b. analyze and review the financial and operating statements
of the Debtors and their affiliates;
c. analyze the business plans and forecasts of the Debtors
and their affiliates;
d. provide specific valuation or other financial analysis as
the Official Services Committee may require;
e. help with the claim resolution process and related
distributions;
f. provide consideration of and advice on financial and
commercial aspects of any plan of reorganization proposed
as part of the Debtors' bankruptcy cases, including
preparation, analysis and explanation of the plan to the
Official Services Committee;
g. attend meetings of the Official Services Committee and
their advisors;
h. assist as required with negotiations among the various
creditors and stakeholders in the bankruptcy cases;
i. coordinate Kroll's work with that of other professional
advisors and assist the Official Services Committee in
the understanding and interpretation of the work;
j. coordinate regular communications among the Official
Services Committee, its professionals, and other parties
as required, to discuss ongoing matters;
k. provide accounting advice and expertise to the Official
Services Committee as required; and
1. any other matters for which the Official Services
Committee seeks the financial advisory services of Kroll
and for which Kroll agrees to provide.
Kroll will be paid for its services based on its standard hourly
rates:
Designation Hourly Rate
----------- -----------
Partner US$550
Director US$425
Senior Associate US$400
Other Senior Professional US$200 - US$295
Other Staff US$75 - US$150
Gary Squires, Esq., a partner in the corporate advisory and
restructuring group at Kroll, assures the Court that his firm is
a "disinterested person" as that term is defined in Section
101(14) of the Bankruptcy Code.
About Sea Containers
Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing. Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore. The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974. On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.
Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland. It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.
Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.
The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.
In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of US$62,400,718 and total liabilities of
US$1,545,384,083. The Debtors' exclusive period to file a
chapter 11 plan of reorganization expires on June 12, 2007.
(Sea Containers Bankruptcy News, Issue No. 13; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
SEA CONTAINERS: Services Committee Hires Willkie Farr as Counsel
----------------------------------------------------------------
The Official Services Committee in Sea Containers Services, Ltd.
and its debtor-affiliates' Chapter 11 case obtained authority
from the Honorable Kevin J. Carey of the U.S. Bankruptcy Court
for the District of Delaware to employ Willkie Farr & Gallagher
LLP as its counsel, nunc pro tunc to Jan. 22, 2007.
The Official Services Committee represents the interests of Sea
Containers 1983 Pension Scheme and Sea Containers 1990 Pension
Scheme in the Debtors' bankruptcy cases.
The Official Services Committee engaged WF&G as its counsel on
Jan. 22, 2007, and has since acted to protect and advance the
interests of the Committee. The firm's attorneys have
conducted, and continue to conduct, due diligence in conjunction
with its engagement. WF&G's services have materially benefited
the Official Services Committee and have served to protect its
rights.
WF&G is expected to:
a. provide legal advice with respect to the Official Services
Committee's rights, powers, claims, and duties in the
bankruptcy cases;
b. represent the Services Committee at all negotiations,
hearings, and other proceedings;
c. advise and assist the Services Committee in discussions
with the Debtors and other parties-in-interest, as well as
professionals retained by any of the parties, regarding
the overall administration of the Chapter 11 cases;
d. assist with the Services Committee's investigation of the
assets, liabilities, and financial condition of the
Debtor, and of the operations of the Debtors' businesses;
e. assist and advise the Services Committee with respect to
its communications with other creditors;
f. review and analyze on behalf of the Services Committee all
pleadings, orders, statements of operations, schedules,
and other legal documents;
g. prepare on behalf of the Services Committee all pleadings,
motions, orders, reports, and other papers in furtherance
of its interests and objectives; and
h. perform all other legal services for the Services
Committee that may be necessary and proper.
The firm will be paid for its services based on its standard
hourly rates, plus reimbursement of actual and necessary
expenses incurred by WF&G.
Designation Hourly Rate
----------- -----------
Attorneys US$265 - US$885
Paralegals US$150 - US$235
The current hourly rates of the professionals that are likely to
be engaged in the Debtors' Chapter 11 cases are:
Professionals Designation Hourly Rate
------------- ----------- -----------
Marc Abrams, Esq. Partner US$885
Michael J. Kelly, Esq. Partner US$725
Casey Boyle, Esq. Associate US$460
Seth Kleinman, Esq. Law Clerk US$260
Marc Abrams, Esq., a member of WF&G, assures the Court that his
firm is a "disinterested person" as that term is defined in
Section 101(14) of the Bankruptcy Code. The members and
associates of WF&G do not represent or hold an interest adverse
to the Debtors, their creditors, or any other party-in-interest
in the matters regarding WF&G's engagement, Mr. Abrams adds.
Mr. Abrams can be contacted at:
Marc Abrams, Esq.
Willkie Farr & Gallagher LLP
787 Seventh Avenue
New York, NY 10019-6099
Tel: (212) 728-8000
Fax: (212) 728-8111
Email: http://www.willkie.com/
Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing. Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore. The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974. On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.
Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland. It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.
Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.
The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.
In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of US$62,400,718 and total liabilities of
US$1,545,384,083. The Debtors' exclusive period to file a
chapter 11 plan of reorganization expires on June 12, 2007.
(Sea Containers Bankruptcy News, Issue No. 13; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
=============
B O L I V I A
=============
* BOLIVIA: Lower House Slams 44 Hydrocarbons Bills
--------------------------------------------------
Bolivian government news agency Agencia Boliviana de Informacion
reports that the nation's lower house has rejected the 44 bills
that the senate ratified to correct flaws in various contracts
signed with foreign hydrocarbons firms under the nationalization
plan.
Business News Americas relates that the lower house passed in
March a "short law" or amendments to correct errors in 15 of the
44 contracts negotiated with hydrocarbons firms.
According to Reuters, the senate analyzed them for weeks,
questioning government officials and energy company executives.
However, the senate then decided to ignore the short law and
ratified 44 new energy deals.
As reported in the Troubled Company Reporter-Latin America on
April 16, 2007, the government released the three remaining
bills, which were delayed because the Podemos party wanted to
reassess 37 of the senate-approved bills following the passage
of the first 41 bills at the end of March. The 37 bills relate
to production agreements and the seven is for exploration
contracts. The senate also approved a complementary bill to
reduce the surtax to be paid by oil companies on unexpected
profits and launch policies that strengthens the internal
market.
Lawmaker Jose Pimentel explained to BNamericas that the bills
were rejected because they weren't legal and have no relation to
the "short law."
According to BNamericas, the rejection of the bills meant
another delay in implementing the new contracts negotiated with
foreign oil firms.
Meanwhile, Bolivian President Evo Morales is asking lawmakers to
end months of political dispute and start voting to authorize
the new contracts, Reuters notes.
Reuters underscores that the ruling party has accused the
opposition-controlled senate of trying to hinder the
nationalization.
Vice President Alvaro Garcia Linera commented to the press, "The
Senate is doing great damage to the country. Because of the
delay in the ratification of the contracts, the country is
losing US$600,000 every day."
Opposition Senator Luis Vasquez explained to Reuters that the
senate's new versions were for:
-- improvement of Bolivia's benefits,
-- prevention of corruption, and
-- providing legal security to Bolivia.
However, the ruling party described the senate's move as legal
nonsense, Reuters says.
The new contracts were the same as the ones signed between the
government and energy firms in 2006. The contracts were accords
between two parties, and therefore could not be modified,
Reuters states, citing Senator Vasquez.
* * *
Fitch Ratings assigned these ratings on Bolivia:
Rating Rating Date
Country Ceiling B- Jun. 17, 2004
Long Term IDR B- Dec. 14, 2005
Local Currency
Long Term Issuer
Default Rating B- Dec. 14, 2005
===========
B R A Z I L
===========
BANCO NACIONAL: Board Okays BRL1.4-Million Financing to Padetec
---------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social's board of
directors has approved financing of BRL1.4 million to the
Technological Development Center -- Parque de Desenvolvimento
Tecnologico, or Padetec. Padetec is a scientific institution
installed in the campus of the Federal University of Ceara, in
the city of Fortaleza. The operation is destined to support the
development of a new technology that would increase the
efficiency of the current alcohol (ethanol) production process
extracted from sugar cane.
The industrial process will likely be initially used by Polymar
Ciencia e Nutricao S/A, a technological based company, created
and incubated in Padetec in 1997 and that today works out of its
own quarters in the proximities of the Industrial District of
Fortaleza, where it produces the chitin and chitosan
biopolymers, obtained from shrimp, lobster and crab shells,
through an innovator technology already registered and patented.
Biopolymers
The project supported by BNDES aims at increasing the efficiency
of ethanol fermentation through the so-called leaven
immobilization. The material used is the chitosan biopolymer, a
chitin derivative, which is one of the compounds of crustaceous
shells.
In organic chemistry, the biopolymer is composed by successive
agglomerations of molecules (polyethylene, for example, results
from the agglomeration of hundreds of thousands of ethylene
molecules). In the specific case of Padetec's research, the new
ethanol technological process uses the chitosan biopolymer to
have the leaven affixed in it - microscopic fungi used in the
fermentation of sugar, phase in which the ethanol is produced
that later will be distilled, in the final manufacturing stage
of this type of alcohol.
Productivity
The immobilization enables it to retain the leaven activity for
longer periods of time, which reduces the fermentation time with
expressive increase in productivity. Padetec technicians affirm
that the fermentation efficiency will probably increase
approximately 5%. Besides that, the new technology may be used
in the fermentation of any type of ethanol, including the
manufacturing of alcoholic beverages.
The technology developed in the project will be Padetec's
property, which will hold 90% of the patent rights, and
Polymar's property, which will have the remaining 10% and may be
able to sell the technology to sugar cane producers, observing
the intellectual property rights.
Padetec specialists also highlight that the use of chitosan
fiber in the ethanol production will bring positive effects to
the environmental side of things, because the production and
consumption of crustaceous in Brazil generate great quantity of
waste, which will now be converted into chitosan, eliminating
that source of environmental pollution.
About BNDES
Banco Nacional de Desenvolvimento Economico e Social is Brazil's
national development bank. It provides financing for projects
within Brazil and plays a major role in the privatization
programs undertaken by the federal government.
* * *
As reported on Nov. 27, 2006, Standard & Poor's Ratings Services
changed the ratings outlook to Positive from Stable on Banco
Nacional de Desenvolvimento Economico e Social SA's BB Foreign
currency counterparty credit rating and BB+ Local currency
counterparty credit rating.
BANCO NACIONAL: Talking with Steel Mill on Project Financing
------------------------------------------------------------
News agency AE-Setorial reports that CSA is negotiating with
Banco Nacional de Desenvolvimento Economico e Social for funding
of the under-construction 5-million tons per year steel mill in
Rio de Janeiro. CSA is a joint venture between German
industrial conglomerate ThyssenKrupp and Brazilian mining and
metals group Companhia Vale do Rio Doce. The steel mill is
expected to become operational in 2009, Business News Americas
relates.
CSA Chief Financial Officer Ricardo Carpineti explained to AE-
Setorial, "We are in talks regarding a value of about US$300
million to US$500 million. But nothing is defined yet."
All aspects of the project are fully known by Rio de Janeiro
authorities as well as Banco Nacional, Mr. Carpineti told AE-
Setorial.
Banco Nacional de Desenvolvimento Economico e Social is Brazil's
national development bank. It provides financing for projects
within Brazil and plays a major role in the privatization
programs undertaken by the federal government.
* * *
As reported on Nov. 27, 2006, Standard & Poor's Ratings Services
changed the ratings outlook to Positive from Stable on Banco
Nacional de Desenvolvimento Economico e Social SA's BB Foreign
currency counterparty credit rating and BB+ Local currency
counterparty credit rating.
BRASKEM SA: S&P Says BB Rating Unaffected by Pequiven Projects
--------------------------------------------------------------
Standard & Poor's Ratings Services' credit ratings on Braskem
S.A. (BB/Stable/--) are not immediately affected by the
announcement of two joint ventures with Pequiven S.A., to be
based at the Petrochemical Complex of Jose, in Venezuela. The
two enterprises will produce ethylene, polyethylene,
polypropylene, and other petrochemical products. Despite the
significant budget of the enterprises, at roughly US$2.9
billion, Standard & Poor's expect Braskem's direct exposure to
the projects to be limited. The company's contribution to the
joint ventures' capital will total approximately US$430 million,
disbursed from 2007-2011. The two enterprises will have project
financing structures, with their own assets pledged as
collateral and no additional guarantee from the two partners.
Braskem (BOVESPA: BRKM5; NYSE: BAK; LATIBEX: XBRK) --
http://www.braskem.com.br/-- is a thermoplastic resins producer
in Latin American, and is among the three largest Brazilian-
owned private industrial companies. The company operates 13
manufacturing plants located throughout Brazil, and has an
annual production capacity of 5.8 million tons of resins and
other petrochemical products.
ECOPETROL: Will Participate in Brazil's Hydrocarbons Auction
------------------------------------------------------------
Miguel Angel Silva, Colombian state-owned oil firm Ecopetrol's
exploration geologist, told Business News Americas that the firm
will take part in Brazil's round nine hydrocarbons bidding.
BNamericas relates that Ecopetrol, in partnership with Brazilian
counterpart Petroleo Brasileiro SA, won the license during round
eight in 2006 for the Tucano 156 block in the Tucano Sul basin.
However, court injunctions suspended the eighth round.
Mr. Silva explained to BNamericas, "Ecopetrol will only enter
into joint ventures in round nine if it is able to operate the
blocks. We are not interested in merely having participation in
blocks in Brazil."
According to BNamericas, Ecopetrol could seek partners in
bidding for oil exploration blocks in round nine.
"We created Ecopetrol's subsidiary in Brasil and now are
searching out production or exploration assets in shallow and
deep waters and onshore," Mr. Silva commented to BNamericas.
Ecopetrol is an integrated-oil company that is wholly owned by
the Colombian government. The company's activities include
exploration for and production of crude oil and natural gas, as
well as refining, transportation, and marketing of crude oil,
natural gas and refined products. Ecopetrol is Latin America's
fourth-largest integrated-oil concern. Operations are organized
into Exploration & Production, Refining & Marketing,
Transportation, and International Commerce & Gas.
On June 27, 2006, Fitch Ratings revised the rating outlook of
the long-term foreign currency issuer default rating of
Ecopetrol SA to Positive from Stable. This rating action
follows the recent revision in the Rating Outlook to Positive
from Stable of the 'BB' foreign currency IDR of the Republic of
Colombia. Ecopetrol's IDR remain strongly linked with the
credit profile of the Republic of Colombia.
GERDAU SA: Says Sparrows Point Acquisition Not Its Priority
-----------------------------------------------------------
Gerdau SA Chairperson Jorge Gerdau Johannpeter told Business
News Americas that the acquisition of Arcelor Mittal's Sparrows
point steel mill is not among its priorities.
"We are in a preliminary studies stage," Mr. Johannpeter
commented to BNamericas.
Arcelor Mittal needs to sell Sparrows Point, which concentrates
on flat steel, to comply with antitrust requirements resulting
from the 2006 acquisition of Arcelor by Mittal Steel.
Headquartered in Porto Alegre, Brazil, Gerdau SA --
http://www.gerdau.com.br/-- produces and distributes crude
steel and related long rolled products, drawn products, and long
specialty products. In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay and the United
States.
* * *
As reported in the Troubled Company Reporter on Jan. 19, 2007,
Standard & Poor's Ratings Services placed its ratings, including
its 'BB' corporate credit rating, on Tampa, Fla.-based Gerdau
Ameristeel Corp. on CreditWatch with positive implications.
PETROLEUM GEO-SERVICES: Buys 25 Mil. Shares in Genesis Petroleum
----------------------------------------------------------------
Petroleum Geo-Services ASA has purchased 25 million shares at
GBP0.20 per share in a private placement in the UK AIM listed
Genesis Petroleum Corporation Plc. This strategic investment
secures PGS an ownership share of 24.36 percent in Genesis.
PGS formed last year a seismic equity deal with Genesis through
the 50/50 owned subsidiary Genesis Petroleum Europe Ltd. The
Joint Venture was recently awarded a license in the UK 24th
Licensing Round and has been pre-qualified as a licensee by the
Norwegian Ministry of Petroleum and Energy. The direct
investment of GBP5 million (US$10 million) in the parent company
Genesis Petroleum Corporation Plc is a part of PGS' strategy of
a more active management of the Company's equity deals to
further monetize on the world's largest seismic library.
Group President of PGS Marine, Rune Eng commented the following:
"Equity stakes in smaller exploration companies like Genesis
have proven to be one effective way of leveraging our seismic
data library. Furthermore, as a leading seismic company we aim
for a faster market penetration of more advanced seismic
technologies. We believe such technologies represent huge
untapped opportunities for E&P companies. We trust that this
will be further demonstrated through the successful development
of Genesis moving forward."
Petroleum Geo-Services ASA (NYSE: PGS) -- http://www.pgs.com/--
is a geophysical company providing a broad range of seismic and
reservoir services, including acquisition, processing,
interpretation, and field evaluation. The company also
possesses the world's most extensive multi-client data library.
PGS operates on a worldwide basis with headquarters at Lysaker,
Norway. The company reports its business in two segments:
Marine, which consists of streamer seismic data acquisition,
marine multi-client library, data processing and reservoir
consulting; and Onshore, which consists of all seismic
operations on land and in shallow water and transition zones,
including onshore multi-client library. Its operations in Latin
America are located in Brazil.
* * *
As reported in the Troubled Company Reporter-Latin America on
April 17, 2007, in connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the corporate families in the
Gaming, Lodging and Leisure, Manufacturing, and Energy sectors
last week, the rating agency confirmed its Ba3 Corporate Family
Rating for Petroleum Geo-Services ASA.
Moody's also assigned a Ba3 probability of default rating to the
company.
Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.
Projected
POD LGD Loss-Given
Debt Issue Rating Rating Default
---------- ------- ------- --------
US$850 million
Senior Secured Bank
Credit Facility
Due 2012 Ba3 LGD4 57%
US$150 million
Senior Secured Bank
Credit Facility
Due 2010 Ba3 LGD4 57%
As of Feb. 27, Petroleum Geo-Services carries Moody's Ba3 long-
term corporate family and bank loan debt rating with a stable
outlook.
In addition, Standard & Poor's rates the company's senior
unsecured debt and long-term issuer default ratings at BB- with
a stable outlook.
REMY INT'L: Interest Non-Payment Cues S&P to Cut Rating to D
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its 'CCC' corporate
credit on Remy International Inc. to 'D'. At the same time,
Standard & Poor's lowered its 'CC' rating on Remy
International's US$150 million 9-3/8% subordinated note ratings
to 'D' and lowered its CCC+ rating on Remy International's
US$200 million first-priority bank loan to 'CC'. The recovery
rating on the first-priority bank loan remains '1'. In
addition, Standard & Poor's affirmed the 'CC' ratings on Remy
International's US$125 million floating secured second-priority
notes, US$145 million 8-5/8% senior unsecured notes, and US$165
million 11% senior subordinated notes.
"The ratings actions follow Remy's decision not to pay its
semiannual US$7 million interest payment due April 15, 2007, on
its US$150 million 9-3/8% senior subordinated notes," said
Standard & Poor's credit analyst Nancy Messer. Remy announced
yesterday that it had entered into forbearance agreements with
holders of almost 90% of its unsecured debt, indicating that
holders of these securities have agreed not to exercise the
remedies available to them arising from Remy's default on the
9-3/8% senior subordinated debt and failure to file its 2006
financials with the SEC. Creditors signing the forbearance
agreements hold the 9-3/8 % senior subordinated notes due in
2012, the 8-5/8% senior notes due Dec. 15, 2007, and the 11%
senior subordinated notes due in 2009. Remy made the US$2.9
million interest payment, due April 15, on the second-priority
senior secured floating rate notes, with the expectation that
these creditors will not exercise their rights to remedies
following the default on the subordinated notes.
Remy International plans to negotiate a comprehensive
recapitalization of its financial structure in the weeks ahead,
with cooperation of its creditors, to avoid a costly bankruptcy
proceeding. The company has apparently received a waiver from
its credit facility lenders because it continues to have access
to its US$120 million revolving credit facility. As of
April 13, Remy International had about US$25 million of
unrestricted cash on hand and US$48 million available under its
revolving facility. The company indicates that its current
liquidity reflects typical intra month fluctuation resulting
from normal payment and collection patterns. In addition, US$50
million of cash proceeds from the recent sale of assets of the
diesel engine remanufacturing business remains in an escrow
account for the benefit of Remy International's senior secured
lenders.
The company could be forced to file for Chapter 11 protection,
if agreement between the various creditors and Remy
International cannot be reached. As Standard & Poor's have
previously indicated, Remy International's vendors could tighten
credit terms and further tap the company's liquid resources.
However Standard & Poor's understand that, to date, no such
tightening has occurred. Beyond financial restructuring, Remy
International needs to improve profitability of its contracts
with General Motors.
Headquartered in Anderson, Indiana, Remy International, Inc.,
manufactures, remanufactures, and distributes Delco Remy
brand heavy-duty systems and Remy brand starters and
alternators, diesel engines, locomotive products and hybrid
power technology. The company also provides worldwide
components core-exchange service for automobiles, light trucks,
medium and heavy-duty trucks and other heavy-duty, off-road and
industrial applications. Remy was formed in 1994 as a partial
divestiture by General Motors Corp. of the former Delco Remy
Division, which traces its roots to Remy Electric, founded in
1896. Its Latin American operations are in Brazil and Mexico.
* BRAZIL: To Build Petrochemical Plants with Venezuela
------------------------------------------------------
Brazil and Venezuela are to jointly construct petrochemical
facilities that include ethylene and polypropylene plants in
Jose Cryogenic Complex, El Universal reports.
"For Venezuela to turn its oil and gas potential into industrial
potential, it should cash in on the economic and political
momentum," President da Silva was quoted by El Universal as
saying.
The Brazilian leader added that the new facilities would provide
Venezuela it lacked for a long time due to oil export at
negligible prices, El Universal says.
* * *
As reported on Nov. 24, 2006, Standard & Poor's Ratings Services
revised its outlook on its long-term ratings on the Federative
Republic of Brazil to positive from stable. Standard & Poor's
also affirmed these ratings on the Republic of Brazil:
-- 'BB' for long-term foreign currency credit rating,
-- 'BB+' for long-term local currency credit rating, and
-- 'B' for short-term currency sovereign credit rating.
===========================
C A Y M A N I S L A N D S
===========================
ALBA CAPITAL: Proofs of Claim Must be Filed by May 16
-----------------------------------------------------
Alba Capital Funds, Ltd.'s creditors are given until
May 16, 2007, to prove their claims to Q&H Nominees Ltd., the
company's liquidator, or be excluded from receiving any
distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
Alba Capital's shareholder decided on Dec. 1, 2006, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.
The liquidator can be reached at:
Q&H Nominees Ltd.
Attention: Greg Link
P.O. Box 1348
George Town, Grand Cayman KY1-1108
Telephone: 949 4123
Fax: 949 4647
ARF ABSOLUTE: Proofs of Claim Filing Deadline Is May 16
-------------------------------------------------------
ARF Absolute Return Fund creditors are given until May 16, 2007,
to prove their claims to David A.K. Walker and Lawrence Edwards,
the company's liquidators, or be excluded from receiving any
distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
ARF Absolute's shareholders agreed on April 2, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.
One of the liquidators can be reached at:
David Walker
Attention: Richard Mottershead
P.O. Box 258, Grand Cayman KY1-1104
Cayman Islands
Telephone: (345) 914 8656
Fax: (345) 949 4590
CLASSIC TERMS: Proofs of Claim Must be Filed by May 9
-----------------------------------------------------
Classic Terms Ltd.'s creditors are given until May 9, 2007, to
prove their claims to Gilbert Miller, the company's liquidator,
or be excluded from receiving any distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
Classic Terms shareholders agreed on March 23, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.
The liquidator can be reached at:
Gilbert Miller
Attention: Alan G. de Saram
Charles Adams, Ritchie & Duckworth
P.O. Box 709
Zephyr House
Mary Street, George Town
Grand Cayman KY1-1107
Tel: 949-4544
Fax: 949-8460
EOS SECTOR: Proofs of Claim Filing Deadline Is May 10
-----------------------------------------------------
EOS Sector Strategies Offshore Ltd.'s creditors are given until
May 10, 2007, to prove their claims to David A.K. Walker and
Lawrence Edwards, the company's liquidators, or be excluded from
receiving any distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
Milton International's shareholder decided on April 2, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.
The liquidator can be reached at:
Lawrence Edwards
Attention: Jodi Jones
P.O. Box 258
Grand Cayman KY1- 1104
Cayman Islands
Telephone: (345) 914 8694
Fax: (345) 945 4237
ESS MASTER: Proofs of Claim Must be Filed by May 10
---------------------------------------------------
ESS Master Fund, Ltd.'s creditors are given until May 10, 2007,
to prove their claims to David A.K. Walker and Lawrence Edwards,
the company's liquidators, or be excluded from receiving any
distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
ESS Master's shareholder decided on March 19, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.
The liquidator can be reached at:
Lawrence Edwards
Attention: Jodi Jones
P.O. Box 258
Grand Cayman KY1- 1104
Cayman Islands
Telephone: (345) 914 8694
Fax: (345) 945 4237
GROVE POINTE: Proofs of Claim Filing Ends on May 16
---------------------------------------------------
Grove Pointe Indemnity, SPC's creditors are given until
May 16, 2007, to prove their claims to Turner & Roulstone
Management Ltd., the company's liquidator, or be excluded from
receiving any distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
Grove Pointe's shareholder decided on March 19, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.
The liquidator can be reached at:
Turner & Roulstone Management Ltd.
Attention: Alan Craig
Strathvale House
P.O. Box 2636
Grand Cayman KY1-1102
Cayman Islands
Telephone: (345) 943 5555
HDH SPECIAL: Proofs of Claim Filing Deadline Is May 9
-----------------------------------------------------
HDH Special Situations Fund creditors are given until
May 9, 2007, to prove their claims to Huy Hoang, the company's
liquidator, or be excluded from receiving any distribution or
payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
HDH Special's shareholders agreed on April 4, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.
The liquidator can be reached at:
Huy Hoang
Attention: Alan G. de Saram
Charles Adams, Ritchie & Duckworth
P.O. Box 709
Zephyr House
Mary Street, George Town
Grand Cayman KY1-1107
Tel: 949-4544
Fax: 949-8460
HUNTSMAN INT'L: Proofs of Claim Filing Is Until May 16
------------------------------------------------------
Huntsman International Asset Backed Securities, SPC.'s creditors
are given until May 16, 2007, to prove their claims to Cereita
Lawrence and Sylvia Lewis, the company's liquidators, or be
excluded from receiving any distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
Huntsman International's shareholder decided on April 3, 2007,
to place the company into voluntary liquidation under The
Companies Law (2004 Revision) of the Cayman Islands.
The liquidators can be reached at:
Cereita Lawrence
Sylvia Lewis
P.O. Box 1109
George Town, Grand Cayman KY-1102
Cayman Islands
Telephone: 949-7755
Fax: 949-7634
JLOC 2001-II: Proofs of Claim Filing Ends on May 16
---------------------------------------------------
JLOC 2001-II, Ltd.'s creditors are given until May 16, 2007, to
prove their claims to Kareen Watler and Beverly Bernard, the
company's liquidators, or be excluded from receiving any
distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
JLOC's shareholder decided on March 28, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.
The liquidators can be reached at:
Kareen Watler
Beverly Bernard
P.O. Box 1109
Grand Cayman KY1-1102
Cayman Islands
Telephone: (345) 949-7755
Fax: (345) 949-7634
MILTON INTERNATIONAL: Proofs of Claim Filing Deadline Is May 10
---------------------------------------------------------------
Milton International Corp.'s creditors are given until
May 10, 2007, to prove their claims to David A.K. Walker and
Lawrence Edwards, the company's liquidators, or be excluded from
receiving any distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
Milton International's shareholder decided on March 26, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.
The liquidator can be reached at:
Lawrence Edwards
Attention: Jodi Jones
P.O. Box 258
Grand Cayman KY1- 1104
Cayman Islands
Telephone: (345) 914 8694
Fax: (345) 945 4237
SCP OMNI: Sets Final Shareholders Meeting for May 15
----------------------------------------------------
SCP OMNI Fund, Ltd. will hold its final shareholders meeting on
May 15, 2007, at 3:00 a.m., at:
Ansbacher House
2nd Floor, #20 Genesis Close
P.O. Box 1344
George Town, Grand Cayman KY1-1108
Cayman Islands
These agendas will be taken during the meeting:
1) accounting of the liquidation process showing how the
winding up has been conducted during the preceding year,
and
2) hearing any explanation that may be given by the
liquidator.
A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.
The liquidator can be reached at:
DMS Corporate Services Ltd.
Attention: Angela Nightingale
Ansbacher House
P.O. Box 1344
Grand Cayman KY-1108
Telephone: (345) 946 7665
Fax: (345) 946 7666
SEAGATE TECH: Reports US$274MM Net Income in Qtr. Ended March 30
----------------------------------------------------------------
Seagate Technology reported revenue of US$2.8 billion, GAAP net
income of US$212 million, and diluted net income per share of
US$0.37 for the quarter ended March 30, 2007. Net income and
diluted net income per share includes approximately US$62
million of charges associated with recent acquisitions.
Excluding these charges, non-GAAP net income and diluted net
income per share were US$274 million and US$0.47.
For the nine months ended March 30, 2007 Seagate reported
revenue of US$8.6 billion, GAAP net income of US$371 million and
diluted net income per share of US$0.62. Net income and diluted
net income per share include charges of approximately US$219
million associated with recent acquisitions and US$19 million
for the early retirement of the 8% notes. Excluding these
charges, non-GAAP net income and diluted net income per share
were US$609 million and US$1.02.
"We are disappointed in our results for the March quarter," said
Bill Watkins, Seagate chief executive officer. "We clearly
miscalculated the market, and in this unusually challenging
environment failed to deliver the projected results. However,
it is worth noting that the fundamentals of our business and
that of the industry remain solid. Seagate's revenue remained
strong, our balance sheet is healthy, and we continued to
generate cash for ongoing investments in the capital and R&D
required for growth. We are operating at the kind of scale that
will allow us to continue to innovate while driving down costs,
and thus exercise a great deal of market flexibility. Moving
forward, we will align spending with the current outlook, and
continue to drive the cost improvements necessary to thrive in
this environment."
Business Outlook
For fiscal year 2007, Seagate now expects US$11.3-US$11.4
billion in revenue and US$0.92-US$0.96 GAAP diluted net income
per share. Including Maxtor's operating result but excluding
approximately US$247 million of expected acquisition related
costs, and US$19 million of fees associated with the early
redemption of the 8% notes, non-GAAP diluted net income per
share is expected to fall within the range of US$1.37-US$1.41.
For the June quarter, Seagate expects to report revenue of
US$2.65-US$2.75 billion, and GAAP diluted net income per share
of US$0.29-US$0.33. Excluding approximately US$28 million of
expected acquisition related costs, Non-GAAP diluted net income
per share for the June quarter is expected to fall within the
range of US$0.34-US$0.38.
This guidance does not include the impact of any future
acquisitions, stock repurchases or restructuring activities the
company may undertake.
Dividend and Stock Repurchase
The company has declared a quarterly dividend of US$0.10 per
share to be paid on or before May 18, 2007 to all common
shareholders of record as of May 4, 2007.
During the quarter ended March 30, 2007, the company took
delivery of approximately 22.6 million of its common shares
related to its share repurchase plan. The average price of the
shares delivered to the company in the March quarter was
US$26.26. The company has authorization to purchase
approximately US$1.175 billion of additional shares under the
current stock repurchase program.
About Seagate Technology
Headquartered in Scotts Valley, California, and registered in
Cayman Islands, Seagate Technology (NYSE: STX) --
http://www.seagate.com/-- designs, manufactures and markets
hard disc drives, and provides products for a wide-range of
Enterprise, Desktop, Mobile Computing, and Consumer Electronics
applications.
* * *
Moody's Investors Service has confirmed on July 17, 2006, the
ratings of Seagate Technology HDD Holdings and upgraded the
ratings of Maxtor Corp., now a wholly owned subsidiary of
Seagate Technology US Holdings, following the completion of its
acquisition on May 19, 2006, and subsequent guaranteeing of
Maxtor's debt by Seagate. This concludes the review initiated
by Moody's on Dec. 21, 2005. The review was prompted by the
company's announcement of its intention to acquire Maxtor in an
all-stock transaction for approximately US$1.9 billion. The
ratings outlook is stable.
Moody's confirmed these ratings:
-- Corporate Family Rating: Ba1; and
-- SGL Rating of 1.
Moody's upgraded these ratings:
Seagate Technology HDD Holdings:
-- US$400 million senior notes 8%, due 2009: to Ba1
SPECIALIST LOW: Proofs of Claim Filing Ends on May 16
-----------------------------------------------------
Specialist Low Volatility (Euro) Fund, Ltd.'s creditors are
given until May 16, 2007, to prove their claims to Q&H Nominees
Ltd., the company's liquidator, or be excluded from receiving
any distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
Specialist Low's shareholder decided on March 8, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.
The liquidator can be reached at:
Q&H Nominees Ltd.
Attention: Greg Link
P.O. Box 1348
George Town, Grand Cayman KY1-1108
Telephone: 949 4123
Fax: 949 4647
UNIQUE OPPORTUNITIES: Proofs of Claim Filing Ends on May 10
-----------------------------------------------------------
Unique Opportunities Fund, Ltd.'s creditors are given until
May 10, 2007, to prove their claims to David A.K. Walker and
Lawrence Edwards, the company's liquidators, or be excluded from
receiving any distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
Unique Opportunities shareholder decided on March 20, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.
The liquidator can be reached at:
Lawrence Edwards
Attention: Jodi Jones
P.O. Box 258
Grand Cayman KY1- 1104
Cayman Islands
Telephone: (345) 914 8694
Fax: (345) 945 4237
UNIQUE OPPORTUNITIES FUND: Proofs of Claim Filing Ends May 10
-------------------------------------------------------------
Unique Opportunities (Master) Fund, Ltd.'s creditors are given
until May 10, 2007, to prove their claims to David A.K. Walker
and Lawrence Edwards, the company's liquidators, or be excluded
from receiving any distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
Unique Opportunities shareholder decided on March 9, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.
The liquidator can be reached at:
Lawrence Edwards
Attention: Jodi Jones
P.O. Box 258
Grand Cayman KY1- 1104
Cayman Islands
Telephone: (345) 914 8694
Fax: (345) 945 4237
VICTORIA & EAGLE: Proofs of Claim Filing Deadline Is May 16
-----------------------------------------------------------
Victoria & Eagle Strategic Fund, Ltd.'s creditors are given
until May 16, 2007, to prove their claims to David A.K. Walker
and Lawrence Edwards, the company's liquidators, or be excluded
from receiving any distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
Victoria & Eagle's shareholders agreed on April 2, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.
The liquidator can be reached at:
David Walker
Attention: Richard Mottershead
P.O. Box 258
Grand Cayman KY1-1104
Cayman Islands
Telephone: (345) 914 8656
Fax: (345) 949 4590
VITA CAPITAL: Proofs of Claim Filing Is Until May 16
----------------------------------------------------
Vita Capital, Ltd.'s creditors are given until May 16, 2007, to
prove their claims to Cereita Lawrence and Sylvia Lewis, the
company's liquidators, or be excluded from receiving any
distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
Vita Capital's shareholder decided on April 3, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.
The liquidators can be reached at:
Cereita Lawrence
Sylvia Lewis
P.O. Box 1109
George Town, Grand Cayman KY-1102
Cayman Islands
Telephone: 949-7755
Fax: 949-7634
=========
C H I L E
=========
CONSTELLATION BRANDS: Joins Punch Taverns in Matthew Clark Deal
---------------------------------------------------------------
Constellation Brands Inc. has formed a joint venture with
Staffordshire, England-based Punch Taverns plc that will
reinforce Matthew Clark's position as the U.K.'s largest
independent premier drinks wholesaler and distributor serving
the on-trade drinks industry.
Under the terms of the arrangement, Constellation Europe and
Punch Taverns have each become 50 percent owners of Matthew
Clark and provide representation on a new holding company board.
On a day-to-day basis the business will continue to be run by
Steve Thomson, currently managing director of Matthew Clark
Wholesale Limited, and his management team.
The joint venture will benefit customers, suppliers and
employees. Capital investment will further enhance Matthew
Clark's reputation for providing outstanding customer value,
additional branded products and a faster, more efficient route-
to-market to the U.K. on-trade industry consisting of hotels,
pubs, clubs and restaurants.
For supply partners, Matthew Clark intends to become a more
effective, efficient and complete route-to-market for their
brands, including Constellation Europe's existing branded wine
offerings.
From the outset, Matthew Clark will supply a number of Punch
Taverns pubs with a portfolio of wines and spirits, and will
progressively become the preferred supplier of choice to the
remaining tenanted Punch Taverns pubs. The pubs will benefit
from the scale and variety offered by Matthew Clark's wine and
spirits expertise, extensive drinks portfolio and supply chain
capabilities.
The joint venture will invest in Matthew Clark's distribution
infrastructure for such items as updated warehouse management
and route-scheduling software, which will enable more rapid
response rates for customers, faster and more efficiently
processed orders and a wider reach across the British Isles
through its highly skilled and knowledgeable sales team.
"Our joint venture with Punch Taverns is an innovative drinks
distribution initiative that will transform the business to one
with a focus on providing improved service and an unequalled
portfolio of drinks options to on-premise customers," stated Rob
Sands, Constellation Brands president and chief operating
officer. "Given the importance of the U.K. on-premise drinks
business, this joint venture helps assure that Matthew Clark,
its customers and, most important, consumers can benefit from
distribution efficiency gains and expanded beverage offerings.
We believe this collaboration will establish a new benchmark for
wholesale drinks distribution in the U.K. and it should result
in additional long-term growth for Matthew Clark."
The transaction closed April 17. Although terms of the
agreement were not disclosed, Constellation Brands expects to
receive approximately GBP85 million (approximately US$168
million) of cash proceeds from formation of the joint venture,
subject to post-closing adjustments. This includes GBP35
million from Punch Taverns with the remainder coming primarily
from the issuance of debt by the joint venture.
On April 5, 2007, Constellation Brands issued a news release
containing, among other items, diluted earnings per share
guidance for fiscal 2008 and certain related assumptions. The
transaction announced today affects certain estimates and
assumptions set forth in that news release.
The transaction is not expected to result in a gain or loss.
The company expects to incur a charge for the provision for
income taxes associated with the repatriation of the proceeds
from the transaction. This is expected to result in a US$0.05
reduction to the company's fiscal 2008 diluted earnings per
share as reported under generally accepted accounting
principles, and will be excluded from the company's comparable
basis diluted earnings per share.
The impact of this transaction, including joint venture
formation costs, is expected to be neutral to slightly dilutive
to ongoing reported basis and comparable basis diluted earnings
per share in fiscal 2008.
As a result of this transaction the company now expects its
fiscal 2008 reported interest expense to be in the range of
US$300-US$310 million. The company expects its reported tax
rate for fiscal 2008 to be approximately 40 percent, which
includes a provision of approximately two percent related to the
repatriation of the proceeds from the transaction, or
approximately 38 percent on a comparable basis.
Constellation will report its investment in the joint venture
under the equity method of accounting in its consolidated
financial statements. For net sales in fiscal 2008, the company
expects low single-digit growth in organic net sales and low
single-digit incremental benefit from the acquisitions of Vincor
and SVEDKA. As a result of these increases, and the impact of
reporting the Crown Imports joint venture and the joint venture
for the Matthew Clark wholesale business under the equity
method, reported net sales are expected to decrease 30-32
percent.
Due to the anticipated impact on reported earnings, the company
is adjusting its reported diluted EPS outlook for fiscal 2008
from that set forth in its April 5, 2007, news release, to
US$1.16-US$1.26. The company's comparable diluted EPS outlook
for fiscal 2008, as set forth in the company's April 5, 2007,
news release, is unchanged.
About Matthew Clark
Matthew Clark -- http://www.matthewclark.co.uk/-- is the
largest independent premier drinks supplier serving the U.K.'s
on-trade drinks industry. It offers customers a choice of wines,
spirits, FABs, beers, ciders and soft drinks that is unrivalled
in the U.K. for breadth and value. Matthew Clark has a customer
base of around 20,000 accounts and provides a full range of
drinks to its pub, club, hotel, and restaurant customers
throughout the U.K. Matthew Clark was acquired by Constellation
Brands, Inc. in 1998. Since that time, the business has rapidly
expanded into a dynamic service-orientated business with annual
net sales of approximately 500 million Pounds (approximately
US$925 million). The business, with over 1,200 employees is
headquartered in Bristol and operates a national network of
regional distribution depots and a fleet of more than 200
vehicles with extensive reach across the British Isles. It also
operates two purpose-designed contact centers located in Bristol
and Glasgow.
About Constellation Brands
Based in Fairport, New York, Constellation Brands, Inc.
(NYSE:STZ, ASX:CBR) -- http://www.cbrands.com/-- produces and
markets beverage alcohol brands with a broad portfolio across
the wine, spirits and imported beer categories. Well-known
brands in Constellation's portfolio include: Almaden, Arbor
Mist, Vendange, Woodbridge by Robert Mondavi, Hardys, Nobilo,
Kim Crawford, Alice White, Ruffino, Kumala, Robert Mondavi
Private Selection, Rex Goliath, Toasted Head, Blackstone,
Ravenswood, Estancia, Franciscan Oakville Estate, Inniskillin,
Jackson-Triggs, Simi, Robert Mondavi Winery, Stowells,
Blackthorn, Black Velvet, Mr. Boston, Fleischmann's, Paul Masson
Grande Amber Brandy, Chi-Chi's, 99 Schnapps, Ridgemont Reserve
1792, Effen Vodka, Corona Extra, Corona Light, Pacifico, Modelo
Especial, Negra Modelo, St. Pauli Girl, Tsingtao. One of
Constellation Brands wine and grape processing facilities is
located in Casablanca, Chile. The company also has operations
in Australia, Japan, and New Zealand.
* * *
As reported in the Troubled Company Reporter on March 5, Moody's
lowered the company's corporate family rating and probability of
default rating to Ba3 from Ba2 after the company reported a new
US$500 million share repurchase program. Moody's revised its
outlook to stable from negative.
Standard & Poor's Ratings Services lowered its ratings on
Constellation Brands, including its corporate credit and bank
loan ratings to 'BB-' from 'BB', with a stable outlook.
Fitch Ratings has downgraded Constellation Brands' issuer
default rating, bank credit facility, and senior unsecured notes
to 'BB-' from 'BB'.
CONSTELLATION BRANDS: Hires Patty Yahn-Urlaub as Vice President
---------------------------------------------------------------
Constellation Brands, Inc. has named Patty Yahn-Urlaub vice
president of investor relations, effectively immediately.
She succeeds Lisa Schnorr who was recently named vice president
of finance in the company's worldwide wine group. Mrs. Yahn-
Urlaub was previously associate director of investor relations
at Kodak in Rochester, N.Y. She will report to Tom Summer,
Constellation Brands chief financial officer.
"Patty's business and financial market insights and knowledge,
combined with her communication skills, strategic thinking and
solid experience, make her the ideal person to lead our investor
relations efforts," said Summer. "She brings enthusiasm and
fresh perspectives to this position, and I am confident she will
be a valuable contributor to Constellation's future success with
the investment community in this key role."
Mrs. Yahn-Urlaub began her career with Kodak in 1988 and served
in a variety of finance positions for Eastman Kodak Credit
Corporation, Kodak's health imaging division and the corporate
investor relations group. Prior to joining Kodak, she worked in
the banking industry as a commercial lending officer. A native
of Rochester, N.Y., Mrs. Yahn-Urlaub holds a B.B.A. degree in
accounting from St. Bonaventure University and an M.B.A. in
international finance from Schiller International University in
Heidelberg, Germany.
Based in Fairport, New York, Constellation Brands, Inc.
(NYSE:STZ, ASX:CBR) -- http://www.cbrands.com/-- produces and
markets beverage alcohol brands with a broad portfolio across
the wine, spirits and imported beer categories. Well-known
brands in Constellation's portfolio include: Almaden, Arbor
Mist, Vendange, Woodbridge by Robert Mondavi, Hardys, Nobilo,
Kim Crawford, Alice White, Ruffino, Kumala, Robert Mondavi
Private Selection, Rex Goliath, Toasted Head, Blackstone,
Ravenswood, Estancia, Franciscan Oakville Estate, Inniskillin,
Jackson-Triggs, Simi, Robert Mondavi Winery, Stowells,
Blackthorn, Black Velvet, Mr. Boston, Fleischmann's, Paul Masson
Grande Amber Brandy, Chi-Chi's, 99 Schnapps, Ridgemont Reserve
1792, Effen Vodka, Corona Extra, Corona Light, Pacifico, Modelo
Especial, Negra Modelo, St. Pauli Girl, Tsingtao. One of
Constellation Brands wine and grape processing facilities is
located in Casablanca, Chile. The company also has operations
in Australia, Japan, and New Zealand.
* * *
As reported in the Troubled Company Reporter on March 5, Moody's
lowered the company's corporate family rating and probability of
default rating to Ba3 from Ba2 after the company reported a new
US$500 million share repurchase program. Moody's revised its
outlook to stable from negative.
Standard & Poor's Ratings Services lowered its ratings on
Constellation Brands, including its corporate credit and bank
loan ratings to 'BB-' from 'BB', with a stable outlook.
Fitch Ratings has downgraded Constellation Brands' issuer
default rating, bank credit facility, and senior unsecured notes
to 'BB-' from 'BB'.
===============
C O L O M B I A
===============
BBVA COLOMBIA: Earns COP72.7 Billion in First Quarter 2007
----------------------------------------------------------
BBVA Colombia said in a press release that its profits increased
13.6% to COP72.7 billion in the first quarter 2007, compared to
COP64 billion in the first quarter 2006, due to strong loan
growth.
BBVA Colombia told Business News Americas that BBVA Colombia's
lending increased 37.1% to COP10.1 trillion at the end of March
2007, compared to the same time in 2006.
BBVA Colombia's assets rose 13.4% to COP14.7 trillion in the
first quarter 2007, compared to the first quarter 2006. Its
equity declined 19.1% to COP1.23 trillion and its solvency ratio
dropped to 12.1% in the first quarter 2007, from 13.4% in the
first quarter 2006, BNamericas states.
Headquartered in Bogota, Colombia, BBVA Colombia --
http://www.bbva.com.co/-- is engaged in the holding and
accomplishment of all operations, acts and contracts of banking
establishments. It is 95.16% owned by Banco Bilbao Vizcaya
Argentaria.
* * *
As reported in the Troubled Company Reporter-Latin America on
Aug. 22, 2006, Fitch upgraded the foreign currency Issuer
Default Rating of BBVA Colombia. These rating actions followed
the Country Ceiling upgrades for various countries, including
Colombia to 'BB+' from 'BB'. Fitch took these rating actions:
-- foreign currency long-term issuer default rating upgraded
to 'BB+' from 'BB' and revised Outlook to Stable from
Positive;
-- foreign currency short-term rating affirmed at 'B';
-- Local currency long-term IDR affirmed at 'BBB-' with
Stable Outlook;
-- Local currency short-term rating affirmed at 'F3';
-- Individual 'C/D' remains on Rating Watch Negative;
-- Support affirmed at '3'.
ECOPETROL: Banks to Assess Firm's Value for Upcoming IPO
--------------------------------------------------------
Colombian state-run oil company Ecopetrol said in a statement
that it has selected two groups of banks to assess its value for
its upcoming Initial Public Offering.
Business News Americas relates that the first group will be
comprised of JP Morgan, Credit Suisse and Bancolombia, which
will draw up the first assessment on Ecopetrol. They will also
head the group that will sell the Ecopetrol shares. Ecopetrol
will pay 0.55% of the IPO's total value for the first
assessment.
A second analysis by Citi-Merrill Lynch will follow, BNamericas
notes. Ecopetrol will pay US$2 million to Citi-Merrill Lynch.
Ecopetrol shortlisted 11 investment banks from Europe and the US
for the two contracts, BNamericas states.
As reported in the Troubled Company Reporter-Latin America on
March 21, 2007, an Ecopetrol official said that the company
would start selling up to 20% of its shares on Aug. 27. The
first "tranche" was set aside for the "solidarity" sector of the
economy:
-- current and former Ecopetrol workers,
-- beneficiaries,
-- pension funds, and
-- cooperatives.
Ecopetrol hired US law firm Shearman & Sterling to advise the
firm on the sales process. Ecopetrol will use the proceeds from
the sale to finance expansion plans, which focus on exploration
and production expansion, plant upgrades and the fostering of
growth in the ethanol and biofuels field.
Ecopetrol is an integrated-oil company that is wholly owned by
the Colombian government. The company's activities include
exploration for and production of crude oil and natural gas, as
well as refining, transportation, and marketing of crude oil,
natural gas and refined products. Ecopetrol is Latin America's
fourth-largest integrated-oil concern. Operations are organized
into Exploration & Production, Refining & Marketing,
Transportation, and International Commerce & Gas.
On June 27, 2006, Fitch Ratings revised the rating outlook of
the long-term foreign currency issuer default rating of
Ecopetrol SA to Positive from Stable. This rating action
follows the recent revision in the Rating Outlook to Positive
from Stable of the 'BB' foreign currency IDR of the Republic of
Colombia. Ecopetrol's IDR remain strongly linked with the
credit profile of the Republic of Colombia.
===================================
D O M I N I C A N R E P U B L I C
===================================
FALCONBRIDGE LTD: Mulls Technical Studies for Dominican Project
---------------------------------------------------------------
Falconbridge Ltd. told Dominican Today that it is considering
technical studies needed for the installation of new equipment
in its plant in the Dominican Republic, as part of its planned
expansion initiative.
As reported in the Troubled Company Reporter-Latin America on
April 18, 2007, Falconbridge would expand its petroleum refinery
facilities to supply more fuel to the Dominican Republic.
Reports say that the plant's expansion, expected to cost over
US$50 million, would help decrease the current fuel deficit in
the Dominican Republic. Tenders are being accepted for the
study.
Falconbridge told Dominican Today that the project will:
-- create jobs,
-- spur the region's economy, and
-- benefit the nation's development.
Headquartered in Toronto, Ontario, Falconbridge Ltd.
(TSX:FAL.LV)(NYSE:FAL) -- http://www.falconbridge.com/-- is a
leading copper and nickel company with investments in fully
integrated zinc and aluminum assets. Its primary focus is the
identification and development of world-class copper and nickel
ore bodies. It employs 14,500 people at its operations and
offices in 18 countries, including Malaysia. The Company owns
nickel mines in Canada and the Dominican Republic and operates a
refinery and sulfuric acid plant in Norway. It is also a major
producer of copper (38% of sales) through its Kidd mine in
Canada and its stake in Chile's Collahuasi mine and Lomas Bayas
mine. Its other products include cobalt, platinum group metals,
and zinc.
* * *
Falconbridge's CAD150 million 5% convertible and callable bonds
due April 30, 2007, carry Standard & Poor's BB+ rating.
FLOWSERVE CORP: Opens Manufacturing Facility in Suzhou, China
-------------------------------------------------------------
Flowserve Corp. held a grand opening ceremony at its new pump,
valve and seal manufacturing facility in Suzhou, China. The
state-of-the-art facility supports the company's existing China
operations in Beijing, Shanghai, Dalian and Shenzhen by
providing pumps, valves, seals and services to the oil and gas,
power, chemical processing and water sectors as well as other
industries.
Lewis Kling, President and CEO of Flowserve along with Suzhou
Vice Mayor, Mr. Zhou Weiqiang, dedicated the new facility in a
ceremony along with other Chinese officials, Flowserve
executives and members of the international business community.
The new facility is located in the Suzhou Industrial Park, 100
kilometers outside of Shanghai, and is ideally positioned to
help Flowserve expand its growing customer base in the Asia-
Pacific region, as well as it's other global markets.
This site will provide a platform for continued growth and will
support manufacturing of several pump, valve and seal product
lines for the domestic and export markets. In addition to
manufacturing, the new facility will also provide engineering,
assembly and test capabilities.
"Rapid growth is driving profound change in China's oil and gas,
energy, chemical and water industries," said Mr. Kling,
President and CEO of Flowserve. "In addition, refining and
processing operations are being transformed around the globe to
make more efficient use of natural resources. Our new facility
in Suzhou provides local manufacturing, sourcing and services
that will help both our global and China customers with their
most challenging needs through the use of our industry-leading
engineering and manufacturing capabilities," added Mr. Kling.
Flowserve's products are designed to withstand extreme
temperatures, caustic chemicals, intense pressures and other
demanding conditions in some of the most remote and developing
geographies. These products and services combined with over 200
years of experience enable Flowserve to support critical
infrastructure projects that are essential to delivering growth
in the region.
"This facility is designed to provide our products and services
to help address the region's strong growth plans," said
Flowserve China President Colin Chua. "Our company is committed
to this market both in business and employee development, and
this will be reflected in how we operate the facility, how we
partner with the local community and in the solutions we offer
to our customers."
"Recently there has been tremendous growth in the oil and gas,
power and petrochemical industries in China," said Vice Mayor of
the Suzhou Municipal Government, Mr. Zhou Weiqiang. "As the
global leader in flow control systems, Flowserve has great
opportunities and prospects here. Suzhou Industrial Park is
committed to cooperating with Flowserve in order to foster
growth and we believe that Flowserve will prosper in China and
continue to invest in its operations here," added Mr. Weiqiang.
Headquartered in Irving, Texas, Flowserve Corp. (NYSE: FLS) --
http://www.flowserve.com/-- provides fluid motion and control
products and services. Operating in 56 countries, the company
produces engineered and industrial pumps, seals and valves as
well as a range of related flow management services. In Latin
America, Flowserve operates in 36 countries such as the
Dominican Republic, Guatemala, Guyana and Belize.
* * *
As reported in the Troubled Company Reporter-Latin America on
Feb. 13, 2007, Fitch Ratings has initiated coverage of Flowserve
Corp. and assigned these ratings:
-- Issuer Default Rating (IDR) 'BB'; and
-- Senior secured bank facilities 'BB'.
Fitch said the rating outlook is stable.
=============
E C U A D O R
=============
IMAX CORP: Inks Theatre Systems Installation Pact with Muvico
-------------------------------------------------------------
IMAX Corporation and Muvico Theaters, Inc., has entered into a
joint venture agreement for the installation of three IMAX(R)
theatre systems at multiplexes in Florida and New Jersey,
including the high profile Xanadu project at the Meadowlands in
East Rutherford, New Jersey, across the river from New York
City. The announcement marks the second multiple IMAX theatre
joint venture commitment this year, advancing IMAX's joint
venture strategy, which was put in place to supplement the
growth of its theatre network through partnerships with key
commercial exhibitors.
Under the terms of the agreement, the first IMAX theatre is
expected to open at the Baywalk 20 in St. Petersburg, Florida,
in time for the May 4th release of Spider-Man 3. The second
system will be installed at the Parisian 20 multiplex in West
Palm Beach, Florida and is expected to open in time for the July
13 release of Harry Potter and the Order of the Phoenix. The
third IMAX theatre is scheduled to be installed in 2008 as part
of a new multiplex in the highly-anticipated Xanadu complex in
East Rutherford, NJ.
"Muvico Theaters operates some of the top performing multiplex
locations in North America and we are delighted with their
decision to get into the IMAX theatre business," said IMAX's Co-
Chairmen and Co-CEOs, Richard L. Gelfond and Bradley J.
Wechsler. "Our joint venture strategy is gaining traction in
North America, as IMAX DMR(R) releases such as 300 continue to
deliver strong box office performances and leading exhibitors
continue to realize the potential of the IMAX theatre business."
"A big part of our strategy is to offer a premium movie
experience that people can't get at home or in any other type of
theatre and IMAX furthers that objective," said Michael Whalen,
President and CEO of Muvico Theaters. "With major event movies
like Spider-Man 3 and Harry Potter and the Order of the Phoenix
coming out in IMAX's immersive format in the coming months, we
feel strongly that now is the right time to enter the IMAX
theatre business."
The new IMAX theatres will be capable of playing Hollywood event
films that have been digitally re-mastered into IMAX's format,
as well as original IMAX productions in 2D and IMAX(R) 3D.
IMAX's 2007 film slate already includes three of the year's most
anticipated releases, with 300, which opened to sellout shows at
IMAX theatres worldwide starting on March 9; Spider-Man 3, which
opens May 4; and Harry Potter and the Order of the Phoenix,
which opens July 13.
The Meadowlands Xanadu (also known as the Xanadu Project) will
be a retail and entertainment complex in the Meadowlands Sports
Complex in New Jersey. It will be the largest retail and
entertainment complex in New Jersey, and will include 4.8
million square feet of entertainment, sports, retail, office,
and hotel space.
About Muvico Theaters
Muvico Theaters, Inc. was founded in 1984 and currently operates
228 screens in 12 theatres across the USA. Muvico Theaters'
average number of screens per location is 19.5, the highest in
the industry. Its strategy is to develop, acquire and operate
state-of-the-art megaplex theaters in entertainment centers in
mid-sized metropolitan markets and suburban growth areas of
larger metropolitan markets in any suitable location.
About IMAX
IMAX Corp. (NASDAQ:IMAX; TSX:IMX) -- http://www.imax.com/--
founded in 1967 and headquartered jointly in New York City and
Toronto, Canada, is an entertainment technology company, with
particular emphasis on film and digital imaging technologies
including 3D, post-production, and digital projection. IMAX
also designs and manufactures cameras, projectors and
consistently commits significant funding to ongoing research and
development. The IMAX Theatre Network currently consists of
more than 270 IMAX affiliated theatres in 38 countries including
Argentina, Ecuador, Guatemala, Mexico and Colombia.
* * *
As reported in the Troubled Company Reporter on April 03, 2007,
Moody's Investors Service placed the ratings of IMAX Corp.
on review for downgrade based on the company's disclosure on
March 29, 2007 that it would further delay filing of its Form
10-K for fiscal 2006, resulting in a technical default under the
financial reporting covenant within the indentures of its senior
notes.
These are the rating actions:
* IMAX Corporation
-- Corporate family rating, placed on review for possible
downgrade, currently B3
-- Probability of default rating, placed on review for
possible downgrade, currently B3
-- Senior unsecured bonds, placed on review for possible
downgrade, currently Caa1
-- Outlook, changed to rating under review from stable.
=============
G R E N A D A
=============
PETROLEOS DE VENEZUELA: Inks Diesel Supply Deal with Grenlec
------------------------------------------------------------
Venezuelan state-owned oil company Petroleos de Venezuela SA
said in a statement that it has signed a diesel supply deal with
Grenada Electricity Services, or Grenlec, for thermo generation
in Grenada.
Petroleos de Venezuela told Business News Americas that as
agreed, it will ship 25,000 barrels per month of diesel to
Grenada. Grenlec will store the fuel at Queen's Park, Saint
George, where it has storage capacity of 40,000 barrels.
The supply is under the special financial conditions of
Petrocaribe, an energy cooperation model that Venezuelan
President Hugo Chavez promoted, BNamericas states.
About Grenlec
Grenada Electricity Services Ltd. is the sole provider of
electricity for the Caribbean islands of Grenada, Carriacou and
Petit Martinique.
About Petroleos de Venezuela
Petroleos de Venezuela SA -- http://www.pdv.com/-- is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad. The company has a commercial office in China.
* * *
As reported on Nov. 22, 2006, Fitch affirmed the local and
foreign currency Issuer Default Ratings of Petroleos de
Venezuela S.A. at 'BB-'. Fitch has also affirmed the 'AAA(ven)'
national scale rating of the company. Fitch said the rating
outlook is stable.
=================
G U A T E M A L A
=================
BRITISH AIRWAYS: Cabin Crew Union Accepts Airline's Proposal
------------------------------------------------------------
British Airways has reached an agreement with its cabin crew
union, resolving pay, pensions and other employment issues, The
Associated Press reports, citing the Transport and General
Workers Union.
According to AP, the crew had planned to hold demonstrations
earlier this year over a number of issues -- pay and pensions,
sickness absence policy and staffing levels. Because of this,
British Airways had canceled flights. However, the crew decided
to postpone the strikes.
The union told AP that 11,000 cabin crew-members have approved
an accord that allows an 18.75% boost in pay for pension
purposes and accepted changes to help deal with the 2.1 billion
pound deficit in the airline's pension plan.
"This is a good result for our members, BA [British Airways] and
the traveling public. We welcome the direct involvement cabin
crew representatives will now have with BA Chief Executive
Willie Walsh," Jack Dromey, the union's deputy general
secretary, commented to AP.
Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services. The British Airways group consists of British Airways
Plc and a number of subsidiary companies including in particular
British Airways Holidays Limited and British Airways Travel
Shops Limited. BA has offices in India and Guatemala.
* * *
In March 2007, Standard & Poor's Ratings Services said that its
'BB+' long-term corporate credit rating on British Airways PLC
remains on CreditWatch, with positive implications, following a
vote on March 22 by EU ministers approving a proposed "open
skies" aviation treaty with the U.S.
=============
J A M A I C A
=============
* JAMAICA: Audley Shaw Criticizes Government's Handling of Debt
---------------------------------------------------------------
Audley Shaw, the opposition spokesperson on finance, told Radio
Jamaica that the current debt policy is fundamentally
unsustainable, carping on the government's handling of the
nation's debt burden.
The debt is huge and is also "dangerously" unstable with 50%
connected to foreign currency, Radio Jamaica relates, citing Mr.
Shaw.
Radio Jamaica underscores that Mr. Shaw blamed the government
for putting Jamaica in a position where even a mild devaluation
would lead to billions more to service debt and complained on
the increasing financial losses of government-owned entities:
-- Sugar Company of Jamaica,
-- Air Jamaica,
-- Clarendon Alumina Partners,
-- the Financial Services Commission, and
-- the National Road Operating and Constructing
Company.
Radio Jamaica notes that the National Road is projecting J$2.5
billion losses in 2007. The firm has J$6.8-billion accumulated
debt.
Mr. Shaw called on Prime Minister Portia Simpson Miller to
immediately order an enquiry into the National Road, Radio
Jamaica states.
* * *
As reported in the Troubled Company Reporter on Feb. 7, 2006,
the National Water Commission of Jamaica had been criticized for
failing to act promptly in cutting its losses. For the fiscal
years 2002 and 2003, the water commission accumulated a net loss
of US$2.11 billion. The deficit fell to US$1.86 billion the
following year, and to US$670 million in 2004 and 2005.
* JAMAICA: Counterfeit Notes Total US$3.3 Million in 2006
---------------------------------------------------------
The Bank of Jamaica's 2006 report indicated that fake notes
detected in Jamaica's financial system increased to J$3.3
million in 2006, compared to J$2.1 million in 2005, Radio
Jamaica reports.
The Bank of Jamaica told Radio Jamaica that financial
institutions identified 73% of the forged notes in 2006 upon
presentation at their counters.
According to Radio Jamaica, the central bank detected the 27% of
the counterfeit notes.
The denomination most affected was the J$1,000 note that
accounted for 66% of the total, Radio Jamaica notes, citing Bank
of Jamaica's annual report.
The quality of the counterfeit notes remained poor. Forgers
continued to find it hard to imitate the security features of
the legal notes issued by the central bank, Bank of Jamaica told
Radio Jamaica.
* * *
As reported in the Troubled Company Reporter on Feb. 7, 2006,
the National Water Commission of Jamaica had been criticized for
failing to act promptly in cutting its losses. For the fiscal
years 2002 and 2003, the water commission accumulated a net loss
of US$2.11 billion. The deficit fell to US$1.86 billion the
following year, and to US$670 million in 2004 and 2005.
===========
M E X I C O
===========
AMERICAN GREETINGS: Net Sales Down to US$472.8MM in Fourth Qtr.
---------------------------------------------------------------
American Greetings Corporation disclosed its results for the
fourth quarter and fiscal year ended Feb. 28, 2007, a US$100
million share repurchase program, and a 25% increase to its
quarterly cash dividend.
Fourth Quarter Results
For the fourth quarter of fiscal 2007, the company reported net
sales of US$472.8 million, pre-tax loss from continuing
operations of US$4.2 million, and a loss from continuing
operations of US$7.7 million or 14 cents per share (all per-
share amounts assume dilution).
During the quarter, the company took a series of actions to
improve its long-term return on capital and to do so, incurred
charges in both its continuing as well as its discontinued
operations. Within the continuing operations, the company sold
its candle product lines, and as a result, recorded a pre-tax
loss of US$16 million or approximately 18 cents per share. In
addition, during the quarter, the Company also incurred exit
costs in connection with the closure of 60 of its retail stores
resulting in a pre-tax loss of US$6.5 million or approximately 7
cents per share.
In the prior year's fourth fiscal quarter, the company reported
net sales of US$507.4 million, pre-tax income from continuing
operations of US$63.6 million, and income from continuing
operations of US$51.1 million or 70 cents per share.
Full Year Results
For the fiscal year ended Feb. 28, 2007, the company reported
net sales of US$1,744.6 million, pre-tax income from continuing
operations of US$69.4 million, and income from continuing
operations of US$43.3 million or 72 cents per share. Included
in these results are a pre-tax loss on the sale of the company's
candle product lines of US$16 million or approximately 16 cents
per share, a pre-tax loss associated with the closure of 60
stores within the retail operations segment of US$6.5 million or
approximately 7 cents per share, and a pre-tax gain of US$20
million or approximately 20 cents per share as a result of
retailer consolidations and the effect the consolidations had on
several long-term supply agreements between the company and the
affected retailers.
Management Comments and Outlook
Chief Executive Officer Zev Weiss said, "I am pleased that we
continued to execute against our goal of improving the return on
capital employed and generating strong cash flow. We generated
cash flow from operating activities less capital expenditures of
US$225 million, well above our initial estimates and even beyond
our December guidance. For fiscal year 2008, we are projecting
earnings per share between US$1.35 and US$1.55. I am looking
forward to improved earnings as a large portion of the
investments in our strategic card initiative is now behind us.
In addition, we are able to continue returning capital to our
shareholders by repurchasing shares and increasing the
dividend."
Financing Activities
The company purchased 3.0 million shares of its common stock for
US$71.3 million during the fourth quarter of fiscal 2007.
During the fiscal year, the company repurchased 11.1 million of
its shares for US$257.2 million and was not required to issue
approximately 7.1 million shares as a result of the convertible
notes exchange offer completed in the second quarter.
The company's Board of Directors authorized a new US$100 million
share repurchase program as well as a 25% increase in its
quarterly cash dividend from 8 cents per share to 10 cents per
share. The share repurchases will be made through a 10b5-1
program in open market or privately negotiated transactions in
compliance with the SEC's Rule 10b-18, subject to market
conditions, applicable legal requirements and other factors.
The increased dividend will be paid on May 14, 2007 to
shareholders of record at the close of business on May 2, 2007.
About American Greetings
Headquartered in Cleveland, Ohio, American Greetings Corp.
(NYSE: AM) -- http://corporate.americangreetings.com/--
manufactures social expression products. American Greetings
also manufactures and sells greeting cards, gift wrap, party
goods, candles, balloons, stationery and giftware throughout the
world, primarily in Canada, the United Kingdom, Mexico,
Australia, New Zealand and South Africa.
* * *
Moody's Investors Service's confirmed its Ba1 Corporate Family
Rating for American Greetings Corporation.
BALLY TOTAL: Moody's Cuts Ratings After Non-Payment of Interest
---------------------------------------------------------------
Moody's Investors Service downgraded all the credit ratings of
Bally Total Fitness Holding Corp. after its failure to make the
April 16, 2007 interest payment on US$300 million principal
amount of senior subordinated notes. Bally Total's failure to
make the interest payment on the subordinated notes constitutes
an event of default under the indenture governing its US$235
million of senior notes and, upon the expiration of the
applicable grace period, will constitute an event of default
under the subordinated notes indenture. Moody's downgraded the
Probability of Default Rating to D and the Corporate Family
Rating to Ca. The rating outlook was changed from negative to
stable.
These ratings were downgraded:
-- US$235 million 10.5% senior unsecured notes (guaranteed)
due 2011, to Ca (LGD 4, 51%) from Caa3 (LGD 4, 51%)
-- US$300 million 9.875% senior subordinated notes due 2007,
to C (LGD 5, 88%) from Ca (LGD 5, 88%)
-- Corporate family rating, to Ca from Caa3
-- Probability of default rating, to D from Caa3
The downgrade of the Probability of Default Rating to D reflects
the cross-default under the senior note indenture stemming from
Bally Total's failure to make the April 16, 2007 interest
payment on the senior subordinated notes. The downgrade of the
Corporate Family Rating reflects the increase in estimated
enterprise-level expected loss following the default.
Bally Total disclosed in a recent 8-K filing that it has
obtained a forbearance agreement from the lenders under its
US$284 million senior secured credit facility. Under the
agreement, the lenders have agreed, among other things, to
forbear from exercising any remedies under their credit
agreement as a result of defaults due to the company's inability
to provide audited financial statements for the fiscal year
ended Dec. 31, 2006, and certain other financial information to
the lenders. The lenders have also agreed not to exercise
cross-default remedies as a result of defaults under the
company's public indentures due to its inability to timely file
its 2006 Annual Report on Form 10-K with the Securities and
Exchange Commission and the non-payment of interest on its
US$300 million principal amount of senior subordinated notes.
Bally Total also disclosed that it is in continued discussions
regarding waiver and forbearance arrangements with holders of
its senior notes and senior subordinated notes. Absent such
agreements, the holders of the senior notes could immediately
accelerate their claims and the holders of the subordinated
notes could accelerate their claims after the applicable 30-day
grace period.
Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(NYSE: BFT) -- http://www.Ballyfitness.com/-- is a commercial
operator of fitness centers in the U.S., with nearly 390
facilities and 30 franchises and joint ventures located in 29
states, Mexico, Canada, Korea, China and the Caribbean. Bally
also sells Bally-branded apparel, nutritional products, fitness-
related merchandise and its licensed portable exercise equipment
is sold in more than 10,000 retail outlets.
CLEAR CHANNEL: Subsidiary Inks Advertising Pact with Google
-----------------------------------------------------------
Clear Channel Communications Inc.'s affiliate, Clear Channel
Radio, and Google Inc., have agreed to sell a guaranteed portion
of 30-second advertising inventory available up to 675 of Clear
Channel's AM/FM stations. Specific financial terms are not
being disclosed.
"This is a true win-win," said John Hogan, Chief Executive
Officer of Clear Channel Radio. "Clear Channel Radio gets
access to an entirely new group of advertisers within a new and
complementary sales channel, and Google adds another option for
its existing customers. Google has proven its ability to gain
premiums for advertising inventory and that fits perfectly into
our broader strategy of building value for advertisers while
increasing our overall revenue yield. We're committed to
working with the best-in-class and Google has a real economic
incentive to produce meaningfully higher CPMs."
Under the agreement, Google Audio Ads advertisers will enable
to reach specific audiences, at specific times, in targeted
geographies. For Clear Channel, the agreement opens up an more
sales channel and provides supplemental revenue by making its
inventory available to other advertisers.
"Clear Channel is the market leader in delivering radio value to
consumers and advertisers and has built an innovative platform
to manage its on-air ad inventory," said Eric Schmidt, Chief
Executive Officer of Google. "We look forward to working with
Clear Channel Radio by providing a unique set of advertisers and
a system that will increase the effectiveness and measurability
of connecting advertisers with radio listeners."
This agreement complements an existing online advertising
partnership in which Google provides text ads to Clear Channel's
radio-station Web sites through the company's Online Music &
Radio Unit.
About Clear Channel Radio
Clear Channel Radio -- http://www.clearchannel.com/-- is a
radio company. It is a division of Clear Channel Communications
Inc.
About Clear Channel Communications
Based in San Antonio, Texas, Clear Channel Communications Inc.
-- http://www.clearchannel.com/-- (NYSE:CCU) is a global leader
in the out-of-home advertising industry with radio and
television stations and outdoor displays in various countries
around the world. Aside from the U.S., the company operates in
11 countries -- Norway, Denmark, the United Kingdom, Singapore,
China, the Czech Republic, Switzerland, the Netherlands,
Australia, Mexico and New Zealand.
* * *
Clear Channel's long-term local and foreign issuer credits carry
Standard & Poor's BB+ rating.
In addition, the company's senior unsecured debt and long-term
issuer default ratings were placed by Fitch at BB- on
Nov. 16, 2006.
DOMINO'S PIZZA: Board Declares US13.50 Per Share Dividend
---------------------------------------------------------
Domino's Pizza Inc. had completed its recapitalization as
planned, with a US$1.85 billion securitized debt facility and a
declaration by its Board of Directors of a US$13.50 per share
special dividend.
Domino's Chairman and CEO David A. Brandon said, "We believe
this new capital structure is the appropriate corporate finance
decision for our company. Our goal has always been to return
capital to our shareholders in the most efficient and effective
way possible; and this transaction creates a unique opportunity
to achieve this in a significant way. We expect the US$13.50
per share dividend will trigger a near-term corresponding
decrease in our stock price. However, our plan going forward
will be to provide a strong operating environment for our system
of stores, which will deliver significant upside growth
potential for our franchisees, team members and shareholders."
Mr. Brandon added, "I am also pleased to announce that our Board
of Directors has approved an open market share repurchase plan
which authorizes the company to purchase up to US$200 million of
DPZ stock. We believe this is another appropriate strategy for
our shareholders, as we intend to deploy a portion of our future
free cash flow for this purpose."
Asset-Backed Securitized Financing
Through an asset-backed securitization, Domino's Pizza Master
Issuer LLC, a wholly owned subsidiary of the company, placed
US$1.85 billion of notes in a private transaction consisting of
US$1.6 billion of fixed rate senior notes rated AAA by S&P and
Aaa by Moody's; US$150 million of variable funding senior notes
(revolving credit facility) rated AAA by S&P and Aaa by Moody's,
and US$100 million of fixed rate subordinated notes rated BB by
S&P. Uses of these funds will include repayment of the bridge
facility that was deployed to repurchase approximately US$273.6
million of Domino's, Inc.'s 8 1/4% senior notes due 2011 and
repay the company's previously outstanding bank debt; for the
payment of a special cash dividend and dividend equivalent
payments to option holders; for an open market share repurchase
program; capitalization of certain new ABS entities and to pay
transaction-related fees and expenses.
The weighted average contract rate, inclusive of bond insurance,
on the US$1.7 billion of funded securitized debt will be 6.06%
and the weighted average GAAP rate (after giving effect to
hedging transactions) is expected to be 6.19%. The securitized
notes have been issued by indirect subsidiaries of Domino's
Pizza that hold substantially all of the company's revenue-
generating assets, including royalty income from all domestic
stores, distribution income, international income and
intellectual property. The fixed rate notes will have an
expected repayment date of five years with a legal maturity of
30 years. The notes will not be registered under the Securities
Act of 1933 and may not be offered or sold in the United States
absent registration or an applicable exemption from registration
requirements.
Domino's Chief Financial Officer, L. David Mounts, commented on
the securitization: "We are very proud of the work done to
execute this innovative recapitalization plan, and we appreciate
the positive feedback we have received from our stakeholders.
I'd like to extend my thanks to the many team members at
Domino's who helped execute this highly successful transaction,
and our business partners, whose support was invaluable.
Further, I want to thank both our former lenders and
bondholders, and our new bondholders and financial guarantors,
for their confidence and support."
Special Dividend and Dividend
Equivalent Rights
The Domino's Pizza Board approved a US$13.50 dividend, payable
on May 4, 2007 to shareholders of record at the close of
business on April 27, 2007, with an ex-dividend date of
May 7, 2007. Shareholders who sell their shares prior to the
May 7, 2007 ex-dividend date will also be selling their right to
receive the special dividend. Domino's Pizza common stock will
start trading on an ex-dividend basis beginning May 7, 2007, in
accordance with NYSE rules.
Management noted that this dividend allows shareholders to
participate in a meaningful return-of-capital transaction
without surrendering any shares of Domino's Pizza. While the
tax treatment of the special dividend cannot be concluded with
certainty until 2008, the company estimates that, for federal
income tax purposes, approximately 80-90% of the special cash
dividend will be treated by shareholders as a return of capital,
with the remaining 10-20% treated as a dividend. Shareholders
are encouraged to consult with their financial and tax advisors
regarding the circumstances of their individual situation.
The price of Domino's common stock is expected by management to
decrease in relation to the amount of the special dividend on
the ex-dividend date May 7, 2007, as is typical when public
companies pay significant special cash dividends.
The Board of Directors has adopted a Dividend Equivalent Rights
policy, allowing holders of Domino's stock options to receive
dividend equivalents in the form of cash on each share
underlying vested options through 2007. Additionally, there
will be a reduction in exercise price, to the extent allowable
by law, on unvested options. The Board believes that this
policy further aligns the interests of management and
shareholders, because recipients of stock option grants do not
receive a benefit from stock options unless and until the market
price of the Company's common shares increases. This policy
accomplishes the objective of linking each option holder's
opportunity for financial gain to increases in shareholder
wealth, as reflected by the market price of the company's common
stock.
Management expects transactional and one-time costs associated
with the recapitalization plan to negatively affect its first
half 2007 earnings results.
Open Market Share Repurchase
The Board also approved an open market share repurchase program
for up to US$200 million. The company expects that this will
create shareholder value through systematic, informed and
opportunistic buying of DPZ shares.
Lehman Brothers served as the sole structuring advisor for the
securitization, and Lehman Brothers, JP Morgan Securities Inc.
and Merrill Lynch & Co. served as joint bookrunners in
connection with the placement of the securitized notes. Ropes &
Gray served as counsel to Domino's Pizza.
About Domino's Pizza
Headquartered in Ann Arbor, Michigan, Domino's Pizza Inc.
(NYSE: DPZ) -- http://www.dominos.com/-- through its primarily
franchised system, operates a network of 8,190 franchised and
company-owned stores in the United States and more than 50
countries. Founded in 1960, the company has more than 500
stores in Mexico. The Domino's Pizza(R) brand, named a
Megabrand by Advertising Age magazine, had global retail sales
of nearly US$5 billion in 2005, comprised of US$3.3 billion
domestically and US$1.7 billion internationally.
As of Sept. 10, 2006, Domino's Pizza's balance sheet showed a
US$592,435,000 stockholders' deficit compared with a
US$609,112,000 at June 18, 2006.
GENTEK INC: Moody's Ups Rating on US$269-Million Loan to Ba3
------------------------------------------------------------
Moody's Investors Service upgraded GenTek Inc.'s corporate
family rating to B1 from B2, the company's US$269 million
(upsized from US$219 million) first lien term loan to Ba3 from
B1, the company's US$60 million first lien revolving credit
facility to Ba3 from B1, and GenTek's speculative grade
liquidity rating or SGL to SGL-2 from SGL-3. These actions
conclude the review commenced on Feb. 15, 2007. The ratings
outlook is positive.
The upgrade of the company's corporate family rating to B1
reflects the company's reduced debt balances as well as expected
improvement in cash flow generation. GenTek sold its Noma wire
harness and cable business to Electrical Components
International for US$75 million and used the proceeds to repay
its second lien term loan. In conjunction with the elimination
of the second lien term loan, the company upsized its first lien
term loan by US$50 million to US$269 million. These
transactions resulted in a net reduction of debt by US$63
million. Moody's projects the company's adjusted debt to EBITDA
to decline below 4 times by the end of fiscal 2007 from 4.3
times in fiscal 2006. The company's free cash flow to total
adjusted debt is projected to be in low double digits for the
same time period, benefiting from both debt reduction and
improved free cash flow after the disposal of the cash-consuming
Noma business. The upgrade also takes into consideration
management's focus on debt reduction, a business strategy less
focused on driving market share growth and more on improving
profitability, partially offset by decreased end market
diversification following the Noma divestiture.
The positive outlook reflects Moody's expectation that the
company will continue to improve its credit metrics in the
intermediate term, supported by continuous solid operating
performance and a conservative financial policy.
The upgrade of the liquidity rating to SGL-2 indicates Moody's
expectation of an improved liquidity position for the next 12
months driven by the company's solid internal cash flow
generation. GenTek has also access to a US$60 million revolving
credit facility that was only partially utilized (roughly US$10
million outstanding plus around US$10 million letters of credit)
at the end of 2006. Moody's believes peak usage should reach
US$10 million to US$15 million through 2007. GenTek should also
maintain reasonable headroom under its covenants after the
company amended its credit agreement. Moody's additionally
notes that the company does have other non-core manufacturing
assets, which the company could divest in 2007 and 2008 with the
proceeds being used to further reduce debt.
Post the Noma divestiture, GenTek has become more of a specialty
chemical company and less of a diversified manufacturer
(approximately 60% of revenues will emanate from specialty
chemicals, 40% from manufacturing). Therefore, GenTek's ratings
remain constrained by the underlying cyclicality of the chemical
sector, potential swings in GenTek's end-user demand and raw
material cost volatility. Furthermore, the B1 CFR incorporates
the company's lack of track record as a predominantly specialty
chemical company.
These rating actions were taken:
-- Corporate family rating upgraded to B1 from B2;
-- Probability of Default rating confirmed at B2;
-- US$269 million (upsized from US$219 million) first lien
term loan upgraded to Ba3 from B1;
-- LGD or Loss-given-default assessment and rate on the first
lien term loan upgraded to LGD2, 29% from LGD3, 34%;
-- US$60 million revolving credit facility upgraded to Ba3
from B1;
-- LGD or Loss-given-default assessment and rate on the
revolving credit facility upgraded to LGD2, 29% from LGD3,
34%;
-- Speculative grade liquidity rating, upgraded to SGL-2
from SGL-3; and
-- US$113 million second lien term loan, rating withdrawn.
GenTek Inc., headquartered in Parsippany, New Jersey, is a
manufacturer of industrial components and performance chemicals
sold into numerous markets for a wide variety of end-uses.
GenTek's products enhance the performance of our customers' end
products or operations. We operate over 55 manufacturing
facilities and technical centers in the U.S., Canada and Mexico.
GRUPO TMM: To Report First Quarter Financial Results on May 2
-------------------------------------------------------------
Grupo TMM, S.A.B. will publish first-quarter 2007 financial
results on Wednesday, May 2 after the close of trading on the
New York Stock Exchange.
TMM's management will host a conference call and Web cast to
review financial and operational highlights on Thursday, May 3
at 11:00 a.m. Eastern Time.
Headquartered in Mexico City, Grupo TMM SA (NYSE: TMM)(MEX
VALORIS: TMMA) -- http://www.grupotmm.com/-- is a Latin
American multimodal transportation and logistics company.
Through its branch offices and network of subsidiary companies,
TMM provides a dynamic combination of ocean and land
transportation services.
* * *
Standard & Poor's Ratings Services raised its corporate credit
rating on Grupo TMM SA to 'B-' from 'CCC.' The rating was
removed from Creditwatch, where it was placed on Dec. 15, 2004.
S&P said the outlook is positive.
HIPOTECARIA CREDITO: Metrofinanciera Gets Okay to Acquire Firm
--------------------------------------------------------------
The Mexican federal competition agency, Comision Federal de
Competencia, has allowed Metrofinanciera to purchase Hipotecaria
Credito y Casa, local paper Reforma reports.
Reforma underscores that the transaction is estimated at US$185
million.
Business News Americas relates that the two firm's merger will
result to Mexico's biggest home finance firm, taking the place
of current leader Hipotecaria Su Casita.
Hipotecaria Credito is the third largest non-bank mortgage
lender in Mexico, with MXN18.9 billion in assets as of the end
of 2006. Meanwhile, Metrofinanciera is the fourth among non-
bank mortgage lenders, with assets of MXN15.5 billion in the
same period, BNamericas states.
About Hipotecaria Credito
Hipotecaria Credito y Casa is a special purpose financial
company, or Sofol, that specializes in low-income mortgage
lending and also provides construction bridge loans for housing
developments. It is based in Culiacan, Sinaloa, Mexico. It
started operations in 1997 as a non-bank financial
institution/Sofol Mortgage Company. Hippotecaria Credito's main
activity consists of extending mortgages financed by monies from
SHF to low income households. As of March 31, 2006, the company
reported assets of MXN19.3 billion and MXN1.3 billion in equity.
About Metrofinanciera
The privately held Metrofinanciera is Mexico's fourth largest
specialized housing lending company, with a portfolio of MXN13.3
billion (USUS$1.25billion) under administration at the end of
2005. Founded in 1996 by local businessmen, the Monterrey-based
lender has developed a network of six regional offices and 50
branches that operates nationwide.
* * *
As reported in the Troubled Company Reporter-Latin America on
June 27, 2006, Moody's de Mexico has assigned a (P)B1 senior
unsecured debt, and Baa2.mx ratings on the MXN3 billion MTN
programs of Hipotecaria Credito y Casa, S.A. de C.V. Moody's said
the rating outlook is stable.
METROFINANCIERA: Will Acquire Credito y Casa for US$185 Million
---------------------------------------------------------------
The Mexican federal competition agency, Comision Federal de
Competencia, has allowed Metrofinanciera to acquire Hipotecaria
Credito y Casa, local paper Reforma reports.
Reforma underscores that the transaction is estimated at US$185
million.
Business News Americas relates that the two firm's merger will
result to Mexico's biggest home finance firm, taking the place
of current leader Hipotecaria Su Casita.
Hipotecaria Credito is the third largest non-bank mortgage
lender in Mexico, with MXN18.9 billion in assets as of the end
of 2006. Meanwhile, Metrofinanciera is the fourth among non-
bank mortgage lenders, with assets of MXN15.5 billion in the
same period, BNamericas states.
About Hipotecaria Credito
Hipotecaria Credito y Casa is a special purpose financial
company, or Sofol, that specializes in low-income mortgage
lending and also provides construction bridge loans for housing
developments. It is based in Culiacan, Sinaloa, Mexico. It
started operations in 1997 as a non-bank financial
institution/Sofol Mortgage Company. Hippotecaria Credito's main
activity consists of extending mortgages financed by monies from
SHF to low income households. As of March 31, 2006, the company
reported assets of MXN19.3 billion and MXN1.3 billion in equity.
About Metrofinanciera
The privately held Metrofinanciera is Mexico's fourth largest
specialized housing lending company, with a portfolio of MXN13.3
billion (USUS$1.25billion) under administration at the end of
2005. Founded in 1996 by local businessmen, the Monterrey-based
lender has developed a network of six regional offices and 50
branches that operates nationwide.
* * *
As reported on March 28, 2007, Standard & Poor's Ratings Services
reported that the long-term counterparty credit rating on
Metrofinanciera S.A. de C.V. Sociedad de Objeto Limitado
(Metrofinanciera; BB-/Stable/--) will not be affected by the change
to its legal status, which is now Sociedad Financiera de Objeto
Multiple E.N.R. or Sofom. Debt issuances to domestic and
international markets will remain unchanged. S&P said the outlook
for all ratings is stable.
SMITHFIELD FOODS: Davenport & Co. Holds "Buy" Rating on Shares
--------------------------------------------------------------
Davenport & Company analyst Ann H. Gurkin has kept her "buy"
recommendation on Smithfield Foods' shares, Newratings.com
reports.
Newratings.com relates that Ms. Gurkin also increased her
estimates for Smithfield Foods, setting the target price at
US$35.
Ms. Gurkin said in a research note that hog prices are higher
than was expected. While the operating profit estimate for pork
processing was increased to US$95 million from US$82 million,
hog production estimate for 2007 was reduced to US$4.5 million
from US$5 million. The earnings per share estimate for the
fourth quarter 2007 rose to US$0.53 from US$0.48, while the
estimate for 2007 increased to US$1.80 from US$1.75.
Smithfield Foods, Inc., headquartered in Smithfield, Virginia,
is the largest vertically integrated producer and marketer of
fresh pork and processed meat in the US and has operating
subsidiaries and joint ventures in France, Poland, Romania, the
UK, Brazil, Mexico, and China.
* * *
As reported in the Troubled Company Reporter-Latin America on
Jan. 2, 2007, Moody's Investors Service downgraded the ratings
of Smithfield Foods' senior unsecured debt to Ba3 from Ba2, its
senior subordinated notes to B1 from Ba2, and its corporate
family rating to Ba2 from Ba1.
Moody's also affirmed Smithfield's SGL-3 speculative grade
liquidity rating.
Moody's said the outlook on all ratings is negative.
===========
P A N A M A
===========
CHIQUITA BRANDS: Amends Fernando Aguirre's Employment Contract
--------------------------------------------------------------
Chiquita Brands International, Inc. and Fernando Aguirre, the
company's Chairman and Chief Executive Officer, on
April 15, 2007, entered into a letter agreement renewing, with
certain modifications, Mr. Aguirre's 2004 employment agreement,
which expired on Jan. 11, 2007. As amended by the Letter
Agreement, Mr. Aguirre's employment agreement provides that his
employment will continue on an "at will" basis, and that his
annual base salary and annual target bonus will be set by the
Compensation & Organization Development Committee of the
Company's Board of Directors from time to time. Mr. Aguirre's
annual base salary, effective as of Jan. 1, 2007, has been set
at US$900,000 and his target bonus at 130% of annual base
salary. The Letter Agreement provides that benefits otherwise
payable to Mr. Aguirre upon termination of employment may be
modified in advance by the Company's Board of Directors under
certain circumstances. Except as provided in the Letter
Agreement, the terms of Mr. Aguirre's 2004 employment agreement
are renewed in their entirety.
Pursuant to the Letter Agreement, Mr. Aguirre also has been
granted a restricted stock award for shares having a value of
US$1,200,000 that vest in equal annual installments over a
three-year period. The Letter Agreement further provides that
Mr. Aguirre will be eligible for an additional restricted stock
grant with a targeted value of US$1,600,000, subject to approval
by the Compensation Committee. The Letter Agreement also
recites that his previously granted target long-term incentive
program (LTIP) award opportunity for the 2007-2009 performance
period under the Chiquita Stock and Incentive Plan is
US$1,600,000.
Cincinnati, Ohio- based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- operates as an
international marketer and distributor of bananas and other
fresh produce sold under the Chiquita and other brand names in
over 70 countries including Panama, Philippines, Australia,
Belgium, Germany, among others. It also distributes and markets
fresh-cut fruit and other branded, value-added fruit products.
* * *
Moody's Investors Service downgraded the ratings for Chiquita
Brands L.L.C., as well as for its parent Chiquita Brands
International, Inc. Moody's said the outlook on all ratings is
stable.
Standard & Poor's Ratings Services also lowered its ratings on
Cincinnati, Ohio-based Chiquita Brands International Inc.,
including its corporate credit rating, from 'B+' to 'B'.
NCO GROUP: Incurs US17.5 Million Net Loss in Fourth Quarter 2006
----------------------------------------------------------------
NCO Group Inc. disclosed that during the fourth quarter of 2006,
it incurred a net loss of US$17.5 million. These results, which
were in line with the company's expectations, included
approximately US$26.9 million of charges, net of taxes, related
to the going-private transaction and, to a lesser extent, the
company's restructuring and integration plans. The charges
included transaction related charges of US$11.0 million,
purchase accounting related adjustments of US$4.1 million,
restructuring charges of US$1.8 million and integration charges
of US$783,000. The charges also included US$6.3 million of
incremental interest expense and US$2.9 million of incremental
amortization relating to the intangible assets.
On Nov. 15, 2006, NCO was acquired by and became a wholly owned
subsidiary of Collect Holdings, Inc., an entity controlled by
One Equity Partners and its affiliates, a private equity
investment fund, with participation by Michael J. Barrist,
Chairman, President and Chief Executive Officer of NCO, certain
other members of executive management and other co-investors.
Under the terms of the merger agreement, NCO shareholders
received US$27.50 in cash, without interest, for each share of
NCO common stock that they held.
The accompanying unaudited selected financial data are presented
for two periods, Predecessor and Successor, which relate to the
period of operations preceding the Transaction and the period of
operations succeedi1ng the Transaction, respectively. Collect
Holdings, Inc., was formed on July 13, 2006 and had no
operations from date of inception until the Transaction on
Nov. 15, 2006. The following discussion of the company's
results of operations has been prepared by comparing the
mathematical combination, without making any pro forma
adjustments, of the Successor and Predecessor periods in the
quarter ended Dec. 31, 2006, to the quarter ended Dec. 31, 2005.
This presentation does not comply with generally accepted
accounting principles in the U.S.; however, the company believes
it provides the most meaningful comparison of its results. The
combined operating results have not been presented on a pro
forma basis, and do not reflect the actual results that would
have been achieved if the Transaction had not occurred and may
not be predictive of future results of operations.
NCO is organized into three operating divisions:
* Accounts Receivable Management,
* Customer Relationship Management and
* Portfolio Management.
Overall revenue in the fourth quarter of 2006 was US$280.6
million, a decrease of 3.4%, or US$9.7 million, from revenue of
US$290.3 million in the fourth quarter of 2005. The decrease
was primarily attributable to a US$7.1 million reduction from
purchase accounting related adjustments.
For the fourth quarter of 2006, ARM's revenue was US$200.6
million as compared to US$216.8 million in the fourth quarter of
2005. The decrease was attributable to a more difficult
operating environment within consumer collections and a US$6.8
million decrease in inter-company revenue from Portfolio
Management, due to a more challenging portfolio purchase
environment during 2006. Revenue within this operating division
related to portfolio collections is eliminated in consolidation.
During the fourth quarter of 2006, the ARM division recorded
approximately US$13.9 million, net of taxes, of transaction
related charges, purchase accounting adjustments and
restructuring and integration costs. This compares to charges
of US$4.0 million in the fourth quarter of 2005, related to
restructuring and integration costs.
For the fourth quarter of 2006, CRM's revenue was US$68.9
million as compared to US$54.1 million in the fourth quarter of
2005. The increase was primarily attributable to new clients
ramping up business during 2006. While these new contracts have
allowed this division to expand its revenue base in 2006, the
deployment of large numbers of seats on an expedited schedule
adversely impacts near-term profitability because the operating
expenses are incurred in advance of the revenue growth. During
the quarter, this division recorded approximately US$212,000,
net of taxes, of charges related to the Transaction and
integration costs.
For the fourth quarter of 2006, Portfolio Management's revenue
was US$33.9 million compared to US$48.8 million in the fourth
quarter of 2005. This decrease was primarily attributable to a
US$6.2 million reduction in revenue related to the impact of the
required revaluation of this division's assets and liabilities
as a result of purchase accounting, as well as lower revenue
derived from purchased portfolios since the fourth quarter of
2005 results included the impact of two business combinations
that were completed during the third quarter of 2005, each of
which included the acquisition of material portfolios of
purchased accounts receivable. Additionally, the company had
approximately US$703,000 of asset sales in the fourth quarter of
2006 as compared to US$4.1 million in the fourth quarter of
2005.
Commenting on the quarter Michael J. Barrist, Chairman and Chief
Executive Officer, stated, "We are very pleased that during the
fourth quarter we were able to complete our going-private
transaction and begin the next chapter in our corporate
development. In conjunction with the Transaction, we made
several operational, management and organizational changes that
were designed to streamline our cost structure and provide a new
framework for the company moving forward. While the purchase
accounting and restructuring initiatives have a short-term
adverse impact, which primarily affected the fourth quarter of
2006, I am pleased to report that these changes have already
begun to yield results. Based on our preliminary results, each
of the company's divisions exceeded their financial and
operational objectives for the first quarter of 2007."
NCO Group, Inc. -- http://www.ncogroup.com/news/-- provides
business process outsourcing services including accounts
receivable management, customer relationship management and
other services. NCO provides services through 90 offices in the
United States, Canada, the United Kingdom, Australia, India, the
Philippines, the Caribbean and Panama.
* * *
As reported in the Troubled Company Reporter on Nov. 2, 2006,
Moody's Investors Service assigned a B3 rating to NCO Group,
Inc.'s proposed US$165 million senior unsecured notes and a Caa1
rating to its proposed US$200 million of senior subordinated
notes, which are intended to replace a proposed US$365 million
senior subordinated notes offering that was cancelled.
Concurrently, Moody's withdrew the Caa1 rating assigned to the
discussed US$365 million of senior subordinated notes. Pro-
forma for the aforementioned capital mix changes, Moody's
affirmed the B2 corporate family rating and the Ba3 rating on
the US$565 million senior secured credit facility.
=====================
P U E R T O R I C O
=====================
BROOKSTONE INC: S&P Revises Outlook; Affirms B Corporate Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Brookstone Inc. to stable from negative. At the same Standard &
Poor's affirmed its ratings on the company, including the 'B'
corporate credit and bank loan ratings.
"The outlook change reflects the company's improvements in
leverage, credit protection measures, and operating metrics due
to strong fourth-quarter 2006 results," said Standard & Poor's
credit analyst David M. Kuntz.
The company operates in the highly competitive and extremely
fragmented specialty-gift retail industry.
"We expect continued positive momentum of operational
improvements to bring credit metrics more in line with a 'B'
rating," Mr. Kuntz said. "We would consider a negative outlook
if performance weakens, as demonstrated by lower comparable
same-store sales, margin decreases, and deteriorating credit
protection measurers. We are not considering a positive outlook
at this time."
Brookstone Inc. -- http://www.brookstone.com/-- is product
development and specialty lifestyle retail company that operates
306 Brookstone Brand stores nationwide and in Puerto Rico that
feature consumer products. The company also operates a Direct
Marketing business at its e-commerce website,
CENTENNIAL COMMS: Feb. 28 Balance Sheet Upside-Down by US$1 Bil.
----------------------------------------------------------------
Centennial Communications Corp. reported a net loss of
US$1.3 million on revenue of US$229.1 million for the third
quarter ended Feb. 28, 2007. This compares with a net loss of
US$6.1 million on revenue of US$212.7 million for the same
period ended Feb. 28, 2006.
U.S. Wireless Operations revenue was US$126.5 million, a 15%
increase from last year's third quarter. Retail revenue
increased 22 percent from the year-ago period primarily driven
by an 8% increase in total retail subscribers, and supported by
strong equipment, feature, data and access revenue. Roaming
revenue decreased 21% from the year-ago quarter as a result of a
16 percent decline in total roaming traffic.
Puerto Rico Wireless Operations revenue and Broadband revenue
was US$102.6 million compared to US$102.8 million from last
year's third quarter.
The company ended the quarter with 1,085,500 total wireless
subscribers, which compares to 1,018,000 for the year-ago
quarter and 1,058,700 for the previous quarter ended
Nov. 30, 2006. The company reported 397,800 total access lines
and equivalents at the end of the fiscal third quarter, which
compares to 327,100 for the year-ago quarter.
The company reported income from continuing operations of
US$321,000 for the fiscal third quarter of 2007 as compared to
a loss from continuing operations of US$2.7 million in the
fiscal third quarter of 2006. The fiscal third quarter of 2007
included US$1.9 million of stock-based compensation expense due
to the company's adoption of SFAS 123R.
Consolidated operating income for the fiscal third quarter was
US$50.4 million, as compared to US$33.8 million for the prior-
year quarter. Consolidated operating income for the fiscal
third quarter included a US$5.4 million charge for an adjustment
to Universal Service Fund revenue in Puerto Rico related to
calendar year 2004.
"Our U.S. wireless business continues to grow retail revenue and
cash flow at an impressive pace, once again illustrating that
our local market strategy wins with a quality footprint, strong
retail distribution presence and clear brand message," said
Michael J. Small, Centennial's chief executive officer.
"Momentum in our U.S. wireless business is very strong."
Small continued, "In Puerto Rico, we revitalized our wireless
business with a successful unlimited offering and now see
evidence of renewed customer growth, improving customer
retention and stable average revenue per user. With these key
operating metrics moving in the right direction, our focus will
turn to steady cash flow growth."
On Feb. 5, 2007, the company amended its senior secured credit
facility, lowering the interest rate on term loan borrowings by
25 basis points through a reduction in the LIBOR spread from
2.25 percent to 2.00 percent. As of Feb. 28, 2007, Centennial
had $550 million of term loan borrowings under its senior
secured credit facility.
At Feb. 28, 2007, the company's balance sheet showed
US$1,393 million in total assets, US$2,482.8 million in total
liabilities, and US$3.9 million in minority interest in
subsidiaries, resulting in a US$1,093.7 million total
stockholders' deficit.
Full-text copies of the company's consolidated financial
statements for the quarter ended Feb. 28, 2007, are available
for free at http://researcharchives.com/t/s?1d2b
About Centennial Communications
Headquartered in Wall, New Jersey, Centennial Communications
Corp. (NASDAQ: CYCL) -- http://www.centennialwireless.com/--
provides regional wireless and integrated communications
services in the United States and the Puerto Rico with
approximately 1.1 million wireless subscribers and 387,500
access lines and equivalents. The US business owns and operates
wireless networks in the Midwest and Southeast covering parts of
six states. Centennial's Puerto Rico business owns and operates
wireless networks in Puerto Rico and the U.S. Virgin Islands and
provides facilities-based integrated voice, data and Internet
solutions. Welsh, Carson, Anderson & Stowe and an affiliate of
the Blackstone Group are controlling shareholders of Centennial.
NEWCOMM WIRELESS: Excl. Plan-Filing Period Extended to Aug. 27
--------------------------------------------------------------
The United States Bankruptcy Court for the District of Puerto
Rico further extended NewComm Wireless Services Inc.'s exclusive
periods to:
a. file a plan of reorganization through and including
Aug. 27, 2007.
b. solicit acceptances of that plan through Oct. 26, 2007.
The Debtor tells the Court that it had been previously given
permission to sell its assets to PRWireless, Inc. Although the
sale was approved pursuant to a Sale Order, it has yet to close.
The Debtor says that it needs to receive authorization from the
Federal Communications Commission to transfer its licenses to
PRW.
In addition to devoting substantial resources to the marketing
and sale process, the Debtor discloses that in the weeks after
its bankruptcy filing, it has worked to:
(i) commence the build-out and enhancement of its network to
improve service to its subscribers and to introduce new
services;
(ii) stabilize its business operations;
(iii) respond to inquiries from subscribers and creditors
regarding its chapter 11 filing; and
(iv) evaluate its many executory contracts.
The Debtor further says that along with its advisers, it has
undertaken to review the myriad claims filed in its case and is
in the process of preparing its first omnibus objection to
claims. Furthermore, the deadline for Governmental Units to
file claims in this case will not pass until after the Current
Plan Deadline.
The Debtor discloses that it has recently commenced a litigation
against a group of entities the Debtor has referred to in other
papers in this case as the "Telefonica Group" seeking to, among
other things, subordinate and recharacterize tens of millions of
dollars of claims. No answer or other response has been
received to date in that case.
The Debtor contends that absent further review and analysis of
the validity, amount and priority of those claims that have been
asserted to date against the Debtor's estate, as well as those
that may be filed, the Debtor believes that it will be difficult
to file a disclosure statement that contains "adequate
information" to satisfy its obligations under Section 1125 of
the Bankruptcy Code.
About NewComm Wireless
Based in Guaynabo, Puerto Rico, NewComm Wireless Services Inc.
is a PCS company that provides wireless service to the Puerto
Rico market. The company is a joint venture between ClearComm,
L.P. and Telefonica Larga Distancia. The company filed for
chapter 11 protection on Nov. 28, 2006 (Bankr. D. P.R. Case No.
06-04755). Carmen D. Conde Torres, Esq., at C. Conde & Assoc.
and Peter D. Wolfston, Esq., at Sonnenschein Nath & Rosenthal
LLP represent the Debtor in its restructuring efforts. Mark J.
Wolfson, Esq. at Foley & Lardner LLP and Sergio A. Ramirez de
Arellano, Esq., at Sergio Ramirez de Arrelano Law Office
represent the Official Committee of Unsecured Creditors. In its
schedules, the Debtor disclosed total assets of US$111,652,190
and total debts of US$190,695,559.
=============
U R U G U A Y
=============
BANCO ITAU: Parent Acquires ABN Amro's LatAm Banking Business
-------------------------------------------------------------
Investimentos Itau SA, or Itausa -- Banco Itau Holding
Financiera's parent company -- said in a press release that it
has purchased Dutch bank ABN Amro Holding NV's private banking
business in Latin America for USUS$150 million.
Itausa told Business News Americas that the US$3.3-billion
business is located in Miami and Montevideo in Uruguay.
JPMorgan Chase & Co. analyst Juan Partida said in a report that
the amount paid was 4.5% of the assets under management
acquired.
The latest purchase brings Itau Private Banking's total assets
under management to US$20.3 billion, Itausa told BNamericas.
Itausa acquired in November 2006 -- through Banco Itau Europa
and subsidiary Banco Itau Europa Luxembourg -- BankBoston
International in Miami and BankBoston Trust Company Limited in
Nassau, Bahamas, from Bank of America for US$155 million. The
BankBoston units had US$3.67 billion in total assets under
management during the acquisition. In May 2006, Banco Itau
purchased BankBoston Brasil for BRL4.5 billion in shares. Banco
Itau then acquired in August 2006 BankBoston's Chilean and
Uruguayan units for US$633 million.
Banco Itau also operates in:
-- Bahamas,
-- Cayman Islands,
-- Hong Kong,
-- Lisbon,
-- London,
-- Luxembourg,
-- Miami,
-- New York,
-- Shanghai, and
-- Tokyo.
The acquisition could be concluded in 60 days. It involves
assets in the US, Switzerland and Luxembourg.
Banco Itau currently has 51 thousand employees serving more than
16 million clients, through its network of 2,391 branches and 22
thousand ATMs.
* * *
As reported in the Troubled Company Reporter on March 9, 2006,
Standard & Poor's Ratings Services assigned a 'BB' currency
credit rating on Banco Itau S.A.
* URUGUAY: Spain Mediates Talks with Argentina on Mill Dispute
--------------------------------------------------------------
Representatives from Argentina and Uruguay have started
Wednesday a round of talks that is aimed at solving a mill-
construction dispute, The Financial Times reports.
About the Mill Dispute
The neighboring countries are at odds over the construction of a
US$1.2 billion pulp mill along their river border by Finnish
company Metsa-Botnia Oy.
The Argentine government and environmental groups are protesting
the mills' alleged adverse impact on marine life at their river
border. Uruguay argued that studies have been made ascertaining
the safety of the river habitat and measures would be taken to
ensure that the mills won't pollute the river.
Argentina also claims Uruguay violated the 1975 Statute of the
River Uruguay, which states that all issues concerning the river
must be agreed upon by the two nations.
The matter has been brought to the International Court of
Justice at The Hague. A preliminary ruling was issued in favor
of Uruguay. The ruling, along with a financing from the World
Bank, renewed a series of protests and blockades of access roads
leading to Uruguay.
The mill project is Uruguay's biggest foreign investment, which
the government says will add 2% to its GDP.
New Talks
Unlike the two nations' previous talks, this two-day event,
sponsored by King Juan Carlos of Spain, would have a Spanish
envoy to act as mediator.
The FT says Argentina looks like it won't budge from its demand
to move the mill's site away from the river, while Uruguay
maintains it won't negotiate if blockades leading to its bridges
won't be gone. These roadblocks, Uruguay claimed in reports,
have resulted to material losses to its economy.
Despite the Argentine government's urgings, protesters are not
likely to comply, FT relates, citing Alberto Fernandez,
Argentina's cabinet chief.
As previously reported, Merco Press suggests these possible
solutions to the dispute:
-- construction of a 30-km long pipeline
down the River Uruguay through which, the
wastes coming from the mills would be
pumped;
-- reshaping to help limit the plant visual
contamination (huge chimney) from the
Argentine side; and
-- construction of an additional drain that
be jointly financed by Argentina, Uruguay
and Spain.
* * *
On Sept 11, 2006, Fitch rated Uruguay's US$400 million issue of
5% inflation-indexed bonds payable in U.S. dollars and maturing
Sept. 14, 2018, at 'B+'.
=================
V E N E Z U E L A
=================
PETROLEOS DE VENEZUELA: May Pay PetroChina for Orimulsion Pact
--------------------------------------------------------------
Petroleos de Venezuela S.A. is in talks with PetroChina Company
Limited to compensate the latter as a result of the termination
of their 33-year orimulsion supply agreement, El Universal
reports.
As high global prices for oil made it more profitable to blend
fuel with crude, state oil firm Petroleos de Venezuela said in
September 2006 that it would cease production of orimulsion, a
tar-like, extra heavy crude, by end of 2006, Reuters relates.
Chinese official Li Changchun's March visit to Caracas resulted
to a commitment from the South American nation of doubling crude
supply, but the orimulsion agreement could not be revived, El
Universal says.
About PetroChina
PetroChina Company Limited (SEHK: 0857, NYSE: PTR) is the listed
arm of China National Petroleum Corporation (CNPC), mainland
China's biggest producer of oil. Its largest foreign
shareholder is Berkshire Hathaway (1.3% owned at the end of
2004).
About Petroleos de Venezuela
Petroleos de Venezuela SA -- http://www.pdv.com/-- is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad. The company has a commercial office in China.
* * *
As reported on Nov. 22, 2006, Fitch affirmed the local and
foreign currency Issuer Default Ratings of Petroleos de
Venezuela S.A. at 'BB-'. Fitch has also affirmed the 'AAA(ven)'
national scale rating of the company. Fitch said the rating
outlook is stable.
PETROLEOS DE VENEZUELA: Mulls Possible Sale of Two US Refineries
----------------------------------------------------------------
Rafael Ramirez, Venezuelan state oil company Petroleos de
Venezuela SA president and the country's oil minister, told
Reuters that the government is considering the sale of the
firm's stakes in two U.S. plants.
Minister Ramirez commented to Reuters that Venezuela hasn't made
a final decision on the sale of the stakes in the refineries in
Chalmette, Louisiana, and in Sweeny, Texas.
"This is an idea that we continue to study, buy there is no
decision yet," Ramirez explained to the press.
According to Reuters, Petroleos de Venezuela shares that
Chalmette plant with US oil major Exxon Mobil. It is partnered
with ConocoPhillips in the Sweeny plant.
Petroleos de Venezuela, through its US arm Citgo Petroleum
Corp., is already negotiating to sell some of its asphalt
plants. Venezuela decided to expand its crude and product sales
beyond the US market, Reuters states.
* VENEZUELA: Reaches Consensus on Ethanol Production
----------------------------------------------------
In the recently concluded First South American Energy Summit
attended by 11 nations, a consensus was reached regarding the
production of ethanol as an alternative to crude.
Brazil, one of the world's leading producers of biofuels, has
reached an ethanol agreement with the United States last month.
The accord prompted Venezuela and Cuba to issue disparaging
comments, claiming it would promote monopoly and worsen poverty.
"This is a complex discussion, a political debate," Venezuelan
Minister of Energy and Petroleum Rafael Ramirez, El Universal
reports, citing Efe news agency.
Not Opposed to Ethanol
Venezuela appears to have changed its mind about the use of
ethanol and denied any impasse on the issue, Bloomberg News
says.
President Hugo Chavez has agreed to back hybrid fuels as a way
to promote increased oil and biofuels production, Bloomberg
relates.
The Venezuelan leader underscored that Latin America should
build its own ethanol processing plants to cut dependence on
U.S. refineries.
Pres. Chavez outlined during the summit a proposal he called
South American Energy Agreement, El Universal says. The
proposal involves joint cooperation in oil, gas, alternate
energy sources and energy saving.
Consensus
Chilean Energy Minister Marcelo Tokman was quoted by Bloomberg
as saying that the nations have agreed to promote the use of
biofuels.
Pres. Chavez clarified in reports that he doesn't oppose the
production of ethanol as long as it does not adversely affect
food production.
* * *
As reported in the Troubled Company Reporter on Nov. 20, 2006,
Fitch Ratings affirmed Venezuela's long-term foreign and local
currency Issuer Default Ratings at 'BB-'. At the same time, the
agency also affirmed the short-term foreign currency IDR at 'B'
and the Country Ceiling at 'BB-'. Fitch said the outlook on the
ratings remains stable.
* VENEZUELA: To Build Petrochemical Plants with Brazil
------------------------------------------------------
Brazil and Venezuela are to jointly construct petrochemical
facilities that include ethylene and polypropylene plants in
Jose Cryogenic Complex, El Universal reports.
"For Venezuela to turn its oil and gas potential into industrial
potential, it should cash in on the economic and political
momentum," President da Silva was quoted by El Universal as
saying.
The Brazilian leader added that the new facilities would provide
Venezuela it lacked for a long time due to oil export at
negligible prices, El Universal says.
* * *
Venezuela's foreign currency long-term debt is rated B1 by
Moody's, B+ by Standard & Poor's, and BB- by Fitch.
* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
April 19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Personnel Issues in Bankruptcy
University Club, Portland, Oregon
Contact: http://www.turnaround.org/
April 19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Program on Fraud and Forensic Investigations
Athletic Club, Denver, Colorado
Contact: http://www.turnaround.org/
April 19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Fundamentals of Turnaround Management
Brisbane, Australia
Contact: http://www.turnaround.org/
April 19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Personnel Issues in Bankruptcy
University Club, Portland, Oregon
Contact: http://www.turnaround.org/
April 19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Breakfast: Program on Fraud and Forensic Investigations
Athletic Club, Denver, Colorado
Contact: http://www.turnaround.org/
April 19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Networking Breakfast
Tyson's Corner Marriott, Vienna, Virginia
Contact: 215-657-5551 or http://www.turnaround.org/
April 19-20, 2007
BEARD GROUP AND RENAISSANCE AMERICAN CONFERENCES
Eighth Annual Conference on Healthcare Transactions
Successful Strategies for Mergers, Acquisitions,
Divestitures, and Restructurings
The Millennium Knickerbocker Hotel - Chicago
Contact: 800-726-2524;
http://renaissanceamerican.com/
April 19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Wine Tasting Social
TBA, Long Island, New York
Contact: 631-251-6296 or http://www.turnaround.org/
April 19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Operational Turnaround Management
Renaissance Hotel, Syracuse, New York
Contact: http://www.turnaround.org/
April 19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Fraud and Forensic Investigation
Athletic Club, Denver, Colorado
Contact: http://www.turnaround.org/
April 20, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Completing the Turnaround
Brisbane, Australia
Contact: http://www.turnaround.org/
April 20, 2007
TURNAROUND MANAGEMENT ASSOCIATION
The Nuts & Bolts of Buying and Selling
Distressed Companies
University Club, Chicago, Illinois
Contact: http://www.turnaround.org/
April 20, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Breakfast meeting with Chapter President, Bruce Sim
Westin Buckhead, Atlanta, Georgia
Contact: 678-795-8103 or http://www.turnaround.org/
April 24, 2007
BEARD AUDIO CONFERENCES
Hospitals in Crisis: The Insolvency Crisis Plaguing
Hospitals Across the U.S.
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
April 24, 2007
TURNAROUND MANAGEMENT ASSOCIATION
"Why Prospects Become Clients"
Mark Fitzgerald, President of Sales Training Institute
Inc
Centre Club, Tampa, Florida
Contact: http://www.turnaround.org/
April 26, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Jacksonville Zoo Turnaround
University Club, Jacksonville, Florida
Contact: http://www.turnaround.org/
April 26, 2007
TURNAROUND MANAGEMENT ASSOCIATION
1st Annual Credit & Bankruptcy Symposium Golf/Spa Outing
Fox Hopyard Golf Club, East Haddam, Connecticut
Contact: 203-265-2048 or http://www.turnaround.org/
April 26, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Spa Outing
Mohegan Sun, Uncasville, Connecticut
Contact: 203-265-2048 or http://www.turnaround.org/
April 26-27, 2007
TURNAROUND MANAGEMENT ASSOCIATION
1st Annual Credit & Bankruptcy Symposium
Mohegan Sun, Uncasville, Connecticut
Contact: http://www.turnaround.org/
April 26-28, 2007
ALI-ABA
Fundamentals of Bankruptcy Law
Philadelphia, Pennsylvania
Contact: http://www.ali-aba.org/
April 26, 2007
TURNAROUND MANAGEMENT ASSOCIATION
TMA Arizona Chapter Meeting - Working Effectively with
the Media to Create Publicity for Your Business
Contact: http://www.turnaround.org/
April 27, 2007
TURNAROUND MANAGEMENT ASSOCIATION
13 Week CF Program
Washington University, St. Louis, Missouri
Contact: http://www.turnaround.org/
April 27, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Equity Sponsor Panel Breakfast
Westin Buckhead, Atlanta, Georgia
Contact: http://www.turnaround.org/
April 29 - May 1, 2007
INTERNATIONAL BAR ASSOCIATION
International Insolvency Conference
Zurich, Switzerland
Contact: http://www.ibanet.org/
May 1, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Networking Organization of Women Visit King Tut Exhibit
Franklin Institute, Philadelphia, Pennsylvania
Contact: 215-657-5551 or www.turnaround.org/
May 2-4, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Association for Corporate Growth Arizona Chapter Meeting
Washington University, Arizona
Contact: http://www.turnaround.org/
May 4, 2007
AMERICAN BANKRUPTCY INSTITUTE
Nuts and Bolts for Young Practitioners - NYC
Alexander Hamilton US Custom House, SDNY
New York, New York
Contact: http://www.abiworld.org/
May 7, 2007
AMERICAN BANKRUPTCY INSTITUTE
9th Annual New York City Bankruptcy Conference
Millennium Broadway Hotel & Conference Center
New York, New York
Contact: http://www.abiworld.org/
May 14-16, 2007
TURNAROUND MANAGEMENT ASSOCIATION
1st Annual TMA Regional Conference - Texas
Hyatt Regency Resort & Spa
Lost Pines, Texas
Contact: http://www.turnaround.org/
May 15, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Corporate Restructuring Workshop
Cable Center, Denver, Colorado
Contact: http://www.turnaround.org/
May 15, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Corporate Restructuring Workshop
Cable Center, Denver, Colorado
Contact: http://www.turnaround.org/
May 16, 2007
TURNAROUND MANAGEMENT ASSOCIATION
South Florida Dinner
TBA, South Florida
Contact: 561-882-1331 or http://www.turnaround.org/
May 16, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Bankruptcy Judges Panel
Marriott North, Fort Lauderdale, Florida
Contact: http://www.turnaround.org/
May 17-18, 2007
TURNAROUND MANAGEMENT ASSOCIATION
6th Annual Great Lakes Regional Conference
Renaissance Quail Hollow Resort, Painesville, Ohio
Contact: http://www.turnaround.org/
May 17, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Enterprise Valuation / Sale of the Distressed Business
Athletic Club, Seattle, Washington
Contact: http://www.turnaround.org/
May 17, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Women's Networking Lunch
TBD, Arizona
Contact: 623-581-3597 or www.turnaround.org/
May 18, 2007
TURNAROUND MANAGEMENT ASSOCIATION
13 Week CF Program
Kansas City, Missouri
Contact: http://www.turnaround.org/
May 21, 2007
TURNAROUND MANAGEMENT ASSOCIATION
LI-TMA Annual Golf Outing
TBD, Long Island, New York
Contact: 631-251-6296 or http://www.turnaround.org/
May 22, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Hedge Funds
Standard Club, Chicago, Illinois
Contact: http://www.turnaround.org/
May 23, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Networking Breakfast
Calaloo Caf,, Morristown, New Jersey
Contact: 908-575-7333 or www.turnaround.org/
May 24-25, 2007
BEARD GROUP AND RENAISSANCE AMERICAN CONFERENCES
Fourth Annual Conference on Distressed Investing Europe
Maximizing Profits in the European Distressed Debt
Market
Le Meridien Piccadilly Hotel - London, UK
Contact: 800-726-2524;
http://renaissanceamerican.com/
May 24, 2007
TURNAROUND MANAGEMENT ASSOCIATION
TMA Arizona and RMA Joint Meeting
Hotel Valley Ho, Scottsdale, Arizona
Contact: http://www.turnaround.org/
May 29, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Luncheon - Bankruptcy Judges Panel
Citrus Club, Orlando, Florida
Contact: http://www.turnaround.org/
May 30-31, 2007
FINANCIAL RESEARCH ASSOCIATES
Distressed Debt
Harvard Club, New York, New York
Contact: http://www.frallc.com/
May 31, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Wine Tasting and Casino Night
Mayfair Farms, West Orange, New Jersey
Contact: 908-575-7333 or http://www.turnaround.org/
May 31, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Breakfast Speaker Series
E&Y Tower, Calgary, Alberta
Contact: http://www.turnaround.org/
May 31 - June 1, 2007
TURNAROUND MANAGEMENT ASSOCIATION
2nd Annual TMA Southeast Regional Conference
Marriott Resort at Grande Dunes
Myrtle Beach, South Carolina
Contact: http://www.turnaround.org/
June 4-7, 2008
ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
24th Annual Bankruptcy & Restructuring Conference
JW Marriott Spa and Resort, Las Vegas, Nevada
Contact: http://http://www.airacira.org/
June 6-8, 2007
TURNAROUND MANAGEMENT ASSOCIATION
5th Annual Mid-Atlantic Regional Symposium
Borgata Hotel Casino & Spa
Atlantic City, New Jersey
Contact: http://www.turnaround.org/
June 6-9, 2007
ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
23rd Annual Bankruptcy & Restructuring Conference
Westin River North, Chicago, Illinois
Contact: http://www.airacira.org/
June 7-8, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Mealey's Asbestos Bankruptcy Conference
Intercontinental Hotel, Chicago, Illinois
Contact: http://www.turnaround.org/
June 12, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Association for Corporate Growth Arizona Chapter Meeting
Biltmore Hotel, Phoenix, Arizona
Contact: http://www.turnaround.org/
June 14, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Economic Update at the 1/2 Year Mark
University Club, Portland, Oregon
Contact: http://www.turnaround.org/
June 14-17, 2007
AMERICAN BANKRUPTCY INSTITUTE
Central States Bankruptcy Workshop
Grand Traverse Resort, Traverse City, Michigan
Contact: 1-703-739-0800; http://www.abiworld.org/
June 19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Networking Breakfast
Clarion Hotel, Princeton, New Jersey
Contact: 908-575-7333 or www.turnaround.org/
June 21-22, 2007
BEARD GROUP AND RENAISSANCE AMERICAN CONFERENCES
Tenth Annual Conference on Corporate Reorganizations
Successful Strategies for Restructuring Troubled
Companies
The Millennium Knickerbocker Hotel - Chicago
Contact: 800-726-2524;
http://renaissanceamerican.com/
June 26, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Luncheon - Bankruptcy Judges Panel
Centre Club, Tampa, Florida
Contact: http://www.turnaround.org/
June 28 - July 1, 2007
NORTON INSTITUTES
Norton Bankruptcy Litigation Institute
Jackson Lake Lodge, Jackson Hole, Wyoming
Contact: http://www2.nortoninstitutes.org/
July 12, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Luncheon - Bankruptcy Judges Panel
University Club, Jacksonville, Florida
Contact: http://www.turnaround.org/
July 12-15, 2007
AMERICAN BANKRUPTCY INSTITUTE
Northeast Bankruptcy Conference
Marriott, Newport, Rhode Island
Contact: 1-703-739-0800; http://www.abiworld.org/
July 12, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Young Professionals Billiards Night
TBD, New Jersey
Contact: 908-575-7333 or http://www.turnaround.org/
July 13, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Body of Knowledge - CTP Review Class
Chicago, Illinois
Contact: http://www.turnaround.org/
July 18, 2007
TURNAROUND MANAGEMENT ASSOCIATION
South Florida Dinner
TBA, South Florida
Contact: 561-882-1331 or http://www.turnaround.org/
July 25-28, 2007
AMERICAN BANKRUPTCY INSTITUTE
12th Annual Southeast Bankruptcy Workshop
The Sanctuary, Kiawah Island, South Carolina
Contact: http://www.abiworld.org/
July 26, 2007
TURNAROUND MANAGEMENT ASSOCIATION
TMA Arizona Chapter Meeting
Contact: http://www.turnaround.org/
July 30, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Annual Golf Outing
Raritan Valley Country Club, Bridgewater, New Jersey
Contact: 908-575-7333 or http://www.turnaround.org/
July 31, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Enterprise Florida: Improving Florida's
Business Climate and Helping Florida Companies
Market Overseas
Citrus Club, Orlando, Florida
Contact: http://www.turnaround.org/
Aug. 3, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Women's Spa Event
Short Hills Hilton, Livingston, New Jersey
Contact: 908-575-7333 or http://www.turnaround.org/
Aug. 10, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Body of Knowledge - CTP Review Class
Chicago, Illinois
Contact: http://www.turnaround.org/
Aug. 9-11, 2007
AMERICAN BANKRUPTCY INSTITUTE
3rd Annual Mid-Atlantic Bankruptcy Workshop
Hyatt Regency Chesapeake Bay
Cambridge, Maryland
Contact: http://www.abiworld.org/
Aug. 23-26, 2007
NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
NABT Convention
Drake Hotel, Chicago, Illinois
Contact: http://www.nabt.com/
Aug. 24, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Annual Fishing Trip
Point Pleasant, New Jersey
Contact: 908-575-7333 or http://www.turnaround.org/
Aug. 28, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Luncheon - Healthcare Panel
Centre Club, Tampa, Florida
Contact: http://www.turnaround.org/
Aug. 29-30, 2007
TURNAROUND MANAGEMENT ASSOCIATION
3rd Annual Northeast Regional Conference
Gideon Putnam Resort and Spa, Saratoga Springs,
New York
Contact: http://www.turnaround.org/
Sept. 6-7, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Complex Financial Restructuring Program
Four Seasons, Las Vegas, Nevada
Contact: http://www.turnaround.org/
Sept. 6-8, 2007
AMERICAN BANKRUPTCY INSTITUTE
15th Annual Southwest Bankruptcy Conference
Four Seasons
Las Vegas, Nevada
Contact: http://www.abiworld.org/
Sept. 14, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Body of Knowledge - CTP Review Class
Chicago, Illinois
Contact: http://www.turnaround.org/
Sept. 19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Buying and Selling Troubled Companies
Marriott North, Fort Lauderdale, Florida
Contact: http://www.turnaround.org/
Sept. 19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
South Florida Dinner
TBA, South Florida
Contact: 561-882-1331 or http://www.turnaround.org/
Sept. 25, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Luncheon - Retail Panel
Citrus Club, Orlando, Florida
Contact: http://www.turnaround.org/
Sept. 26, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Joint Educational & Networking Reception
TBD, New Jersey
Contact: 908-575-7333 or http://www.turnaround.org/
Sept. 27, 2007
TURNAROUND MANAGEMENT ASSOCIATION
TMA Arizona Chapter Meeting
Contact: http://www.turnaround.org/
Sept. 27-30, 2007
TURNAROUND MANAGEMENT ASSOCIATION
8th Annual Cross Border Business
Restructuring & Turnaround Conference
Contact: http://www.turnaround.org/
Oct. 2, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Networking Breakfast
TBD, Bridgewater, New Jersey
Contact: 908-575-7333 or http://www.turnaround.org/
Oct. 9-10, 2007
IWIRC
Orlando, Florida
IWIRC Annual Fall Conference
Contact: http://www.iwirc.org/
Oct. 10-13, 2007
NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
81st Annual National Conference of Bankruptcy Judges
Contact: http://www.ncbj.org/
Oct. 11, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Luncheon
University Club, Jacksonville, Florida
Contact: 561-882-1331 or http://www.turnaround.org/
Oct. 16-19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Marriott Copley Place
Boston, Massachussets
Contact: 312-578-6900; http://www.turnaround.org/
Oct. 25, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Capital Markets Case Study
Contact: http://www.turnaround.org/
Oct. 25, 2007
TURNAROUND MANAGEMENT ASSOCIATION
TMA Arizona Chapter Meeting
Contact: http://www.turnaround.org/
Oct. 30, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Luncheon
Centre Club, Tampa, Florida
Contact: 561-882-1331 or http://www.turnaround.org/
Oct. 30, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Crisis Communications With Employees,Vendors and Media
Centre Club, Tampa, Florida
Contact: http://www.turnaround.org/
Nov. 1, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Networking Breakfast
TBD, Hackensack, New Jersey
Contact: 908-575-7333 or http://www.turnaround.org/
Nov. 14, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Dinner
South Florida
Contact: 561-882-1331 or http://www.turnaround.org/
Nov. 15, 2007
TURNAROUND MANAGEMENT ASSOCIATION
TMA Portland Holiday Party
University Club, Portland, Oregon
Contact: 206-223-5495 or http://www.turnaround.org/
Nov. 22, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Networking Mixer
TBA, Vancouver
Contact: 206-223-5495 or www.turnaround.org/
Nov. 27, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Luncheon - Real Estate Panel
Citrus Club, Orlando, Florida
Contact: http://www.turnaround.org/
Nov. 29, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Special Speaker
TBD, New Jersey
Contact: 908-575-7333 or http://www.turnaround.org/
Nov. 29, 2007
TMA Arizona Chapter Meeting
TURNAROUND MANAGEMENT ASSOCIATION
Contact: http://www.turnaround.org/
Dec. 6, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Seattle Holiday Party
Athletic Club, Seattle, Washington
Contact: 206-223-5495 or http://www.turnaround.org/
Dec. 6-8, 2007
AMERICAN BANKRUPTCY INSTITUTE
Winter Leadership Conference
Westin Mission Hills Resort, Rancho Mirage, California
Contact: 1-703-739-0800; http://www.abiworld.org/
Dec. 19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
South Florida Dinner
TBA, South Florida
Contact: 561-882-1331 or http://www.turnaround.org/
Jan. 10, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Luncheon
University Club, Jacksonville, Florida
March 25-29, 2008
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
Ritz Carlton Grande Lakes, Orlando, Florida
Contact: http://www.turnaround.org/
April 3-6, 2008
AMERICAN BANKRUPTCY INSTITUTE
26th Annual Spring Meeting
The Renaissance, Washington, District of Columbia
Contact: http://www.abiworld.org/
June 12-14, 2008
AMERICAN BANKRUPTCY INSTITUTE
15th Annual Central States Bankruptcy Workshop
Grand Traverse Resort and Spa, Traverse City, Michigan
Contact: http://www.abiworld.org/
July 10-13, 2008
TURNAROUND MANAGEMENT ASSOCIATION
16th Annual Northeast Bankruptcy Conference
Ocean Edge Resort
Brewster, Massachussets
Contact: http://www.turnaround.org/
July 31 - Aug. 2, 2008
AMERICAN BANKRUPTCY INSTITUTE
4th Annual Mid-Atlantic Bankruptcy Workshop
Hyatt Regency Chesapeake Bay
Cambridge, Maryland
Contact: http://www.abiworld.org/
Aug. 16-19, 2008
AMERICAN BANKRUPTCY INSTITUTE
13th Annual Southeast Bankruptcy Workshop
Ritz-Carlton, Amelia Island, Florida
Contact: http://www.abiworld.org/
Sept. 24-27, 2008
NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
National Conference of Bankruptcy Judges
Scottsdale, Arizona
Contact: http://www.ncbj.org/
Oct. 28-31, 2008
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Marriott New Orleans, Louisiana
Contact: 312-578-6900; http://www.turnaround.org/
Dec. 4-6, 2008
AMERICAN BANKRUPTCY INSTITUTE
20th Annual Winter Leadership Conference
Westin La Paloma Resort & Spa
Tucson, Arizona
Contact: http://www.abiworld.org/
May 7-10, 2009
AMERICAN BANKRUPTCY INSTITUTE
27th Annual Spring Meeting
Gaylord National Resort & Convention Center
National Harbor, Maryland
Contact: http://www.abiworld.org/
Sept. 10-12, 2009
AMERICAN BANKRUPTCY INSTITUTE
17th Annual Southwest Bankruptcy Conference
Hyatt Regency Lake Tahoe, Incline Village, Nevada
Contact: http://www.abiworld.org/
Oct. 5-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Marriott Desert Ridge, Phoenix, Arizona
Contact: 312-578-6900; http://www.turnaround.org/
2009 (TBA)
NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
National Conference of Bankruptcy Judges
Las Vegas, Nevada
Contact: http://www.ncbj.org/
June 21-24, 2009
INSOL
8th International World Congress
TBA
Contact: http://www.insol.org/
Oct. 4-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
JW Marriott Grande Lakes, Orlando, Florida
Contact: http://www.turnaround.org/
2010 (TBA)
NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
National Conference of Bankruptcy Judges
New Orleans, Louisiana
Contact: http://www.ncbj.org/
BEARD AUDIO CONFERENCES
BAPCPA One Year On: Lessons Learned and Outlook
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Calpine's Chapter 11 Filing
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Changes to Cross-Border Insolvencies
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Changing Roles & Responsibilities of Creditors' Committees
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Clash of the Titans -- Bankruptcy vs. IP Rights
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Coming Changes in Small Business Bankruptcy
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Dana's Chapter 11 Filing
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Deepening Insolvency - Widening Controversy: Current Risks,
Latest Decisions
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Diagnosing Problems in Troubled Companies
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Distressed Claims Trading
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Distressed Market Opportunities
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Distressed Real Estate under BAPCPA
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Employee Benefits and Executive Compensation under the New
Code
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Equitable Subordination and Recharacterization
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Fundamentals of Corporate Bankruptcy and Restructuring
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Healthcare Bankruptcy Reforms
Audio Conference Recording
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http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
High-Yield Opportunities in Distressed Investing
Audio Conference Recording
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http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Homestead Exemptions under BAPCPA
Audio Conference Recording
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http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Hospitals in Crisis: The Insolvency Crisis Plaguing
Hospitals Across the U.S.
Audio Conference Recording
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BEARD AUDIO CONFERENCES
KERPs and Bonuses under BAPCPA
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BEARD AUDIO CONFERENCES
Privacy Rights, Protections & Pitfalls in Bankruptcy
Audio Conference Recording
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BEARD AUDIO CONFERENCES
Real Estate Bankruptcy
Audio Conference Recording
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BEARD AUDIO CONFERENCES
Reverse Mergers-the New IPO?
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BEARD AUDIO CONFERENCES
Second Lien Financings and Intercreditor Agreements
Audio Conference Recording
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BEARD AUDIO CONFERENCES
Surviving the Digital Deluge: Best Practices in E-Discovery
and Records Management for Bankruptcy Practitioners
and Litigators
Audio Conference Recording
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http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Validating Distressed Security Portfolios: Year-End Price
Validation and Risk Assessment
Audio Conference Recording
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When Tenants File -- A Landlord's BAPCPA Survival Guide
Audio Conference Recording
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***********
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 - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. Marjorie C. Sabijon, Sheryl Joy P. Olano, Rizande
delos Santos, Christian Toledo, and Junald Ango, Editors.
Copyright 2076. All rights reserved. ISSN 1529-2746.
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 Latin America 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 * * *