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 Tuesday, October 9, 2007, Vol. 8, Issue 200 Headlines A R G E N T I N A ACTIVA COMERCIAL: Files for Reorganization Petition in Court CURTIEMBRE ARGENTINA: Claims Verification Is Until Nov. 8 FIAT SPA: CEO Optimistic About Bus Production Deal in China FRIGORIFICO INDUSTRIAL: Claims Verification Deadline Is Nov. 26 INDUPOL SRL: Trustee Filing General Report in Court Tomorrow MANPA SA: Trustee Filing Individual Reports in Court Tomorrow NETOIR SA: Trustee Filing General Report in Court Tomorrow OLLEROS 1757: Proofs of Claim Verification Ends on Nov. 19 PIU NOVA: Trustee Verifies Proofs of Claim Until Dec. 10 RESPONSABILIDAD PATRONAL: Trustee Filing General Report Tomorrow TECNIC LIMP: Proofs of Claim Verification Ends Tomorrow TELEFONICA DE ARGENTINA: Launches Tres Arroyos Telecom Network TEXTIL JAVERIM: Proofs of Claim Verification Deadline Is Nov. 28 SUNNY SRL: Proofs of Claim Verification Is Until Nov. 29 URBANO CLOTHES: Trustee Filing Individual Reports Tomorrow B O L I V I A INT'L PAPER: Completes Joint Venture Formation with Ilim B R A Z I L AMRO REAL: Barclays Withdraws Bid To Purchase Firm AFFINIA GROUP: Closes Chassis Facility in Mishawaka, Indiana COMPANHIA FORCA: S&P Witdraws B+ Corporate Credit Rating DELPHI CORP: Posts US$100 Mil. Net Loss in Month Ended Aug. 31 GP INVESTMENTS: Fitch Assigns B/RR4 Rating on Perpetual Notes GENESCO INC: Shareholders Vote to Approve Charter Amendment GOL LINHAS: Announces Traffic Statistics for Sept. 2007 STEELCASE INC: Paying US$0.15 Per Share Quarterly Cash Dividend TK ALUMINUM: Completes Sale of French & German Subsidiaries * BRAZIL: Petrobras Buying Energisa's Usina Termeletrica C A Y M A N I S L A N D S BEAR STEARNS FUNDS: Federal Prosecutors Probing Funds' Collapse ENSEC HOME: Proofs of Claim Filing Deadline Is Nov. 1 EUROPEAN FINANCIAL: Proofs of Claim Filing Is Until Nov. 1 MASTR CI-8: Proofs of Claim Filing Ends on Nov. 1 ML CBO: Proofs of Claim Filing Deadline Is Nov. 1 PARMALAT SPA: Increases Share Capital by EUR43,148 PGI ENTREPRENEURS: Proofs of Claim Filing Deadline Is Nov. 1 REMARKABLE FUNDING: Proofs of Claim Filing Is Until Nov. 1 SAILFISH GLOBAL: Proofs of Claim Filing Deadline Is Nov. 1 SK-ACAM: Proofs of Claim Filing Ends on Nov. 1 TATI LTD: Proofs of Claim Filing Deadline Is Nov. 1 TRIO ASSET: Proofs of Claim Filing Is Until Nov. 1 C H I L E AES GENER: OKs US$350MM Capital Raise To Fund Investment Plan CONSTELLATION BRANDS: Earns US$72.1 Mil. in Qtr. Ended Aug. 31 C O L O M B I A INTERCONEXION ELECTRICA: Okays Additional 53 Mil. Stock Offering UNIFI INC: Elects Ronald L. Smith as Chief Financial Officer C O S T A R I C A SAMSONITE CORP: S&P Holds BB- Corp. Credit Rating on Watch Neg. D O M I N I C A N R E P U B L I C BANCO BHD: Acquires Republic Bank's Assets E C U A D O R PETROECUADOR: Holding Board Meeting on Natural Gas Projects PETROECUADOR: Okays US$451-Million Fuel Import Budget Raise * ECUADOR: Will Propose New Contract with Oil Firms E L S A L V A D O R BIO-RAD LAB: Completes 77.7% Outstanding DiaMed Share Buy EXIDE TECH: Closes US$91.7 Million Rights Offering G U A T E M A L A AFFILIATED COMPUTER: Inks US$130MM Deal with Alaskan Gov. Agency BRITISH AIRWAYS: Traffic Figures Down 0.7% in September 2007 J A M A I C A NATIONAL COMMERCIAL: Launches NCB Visa Credit Card for Companies M E X I C O ALERIS INTERNATIONAL: Earns US$34.9MM in Quarter Ended June 30 BAUSCH & LOMB: Moody's Assigns B2 Corp. Rating to WP Prism CHAPARRAL STEEL: Gerdau Buy Cues S&P To Withdaw Credit Ratings COLLINS & AIKMAN: Posts US$27,403,332 Net Loss in August 2007 CORPORACION DURANGO: Holders Tender US$377,450,950 of Sr. Notes DURA AUTOMOTIVE: Incurs US$11.4 Million Net Loss in August 2007 FEDERAL-MOGUL: Posts Net Loss of US$10.4 Million in August 2007 GRUPO MEXICO: Gets Flak for Mining Disaster INTERNATIONAL RECTIFIER: Picks Michael Briere as R&D's Exec. VP RYERSON INC: Rhombus Merger Prices Offering of 8-1/4% Sr. Notes TRIMAS CORPORATION: Announces North American Plant Closures P A N A M A CABLE & WIRLESS: Unit Launches 1MM-Byte-Per-Sec. ADSL Service CHIQUITA BRANDS: Launches Nogales Distribution Center P A R A G U A Y TELECOM PERSONAL: Launches International Short Messaging Service P E R U GRUPO MEXICO: Southern Copper Strike Continues P U E R T O R I C O AFC ENTERPRISES: Chief Marketing Officer Robert Calderin Resigns DIRECTV: John Suranyi Quits as President for Sales & Service FUNDACION INC: Hires Jose Oliveras as Labor Counsel FUNDACION INC: Taps Rafael Torres as Special Counsel FUNDACION INC: U.S. Trustee Appoints Committee MEDIRECT LATINO: Inks Standstill Agreement with Shareholders V E N E Z U E L A ARVINMERITOR INC: Fitch Pares Issuer Default & Debt Ratings CHRYSLER LLC: UAW Gives 72-Hour Deadline for Deal Closure PETROLEOS DE VENEZUELA: Hiring More Workers Next Year PETROLEOS DE VENEZUELA: Nat'l Assembly OKs 3 Joint Ventures PETROLEOS DE VENEZUELA: Tries To Revive El Palito Units * VENEZUELA: Has 100 Billion Barrels of Proven Oil Reserves * BOND PRICING: For the Week Oct. 1 to Oct. 5 * Large Companies with Insolvent Balance Sheets - - - - - ================= A R G E N T I N A ================= ACTIVA COMERCIAL: Files for Reorganization Petition in Court ------------------------------------------------------------ Activa Comercial SA has requested for reorganization approval after failing to pay its liabilities since August 2006. The reorganization petition, once approved by the court, will allow Activa Comercial to negotiate a settlement with its creditors in order to avoid a straight liquidation. The case is pending in the National Commercial Court of First Instance No. 9 in Buenos Aires. Clerk No. 18 assist in this case. The debtor can be reached at: Activa Comercial SA Soldado de la Independencia 1258 Buenos Aires, Argentina CURTIEMBRE ARGENTINA: Claims Verification Is Until Nov. 8 --------------------------------------------------------- Maria Cristina Angelico, the court-appointed trustee for Curtiembre Argentina Italia S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until Nov. 8, 2007. Ms. Angelico will present the validated claims in court as individual reports on Dec. 21, 2007. The National Commercial Court of First Instance in Mendoza 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 Curtiembre Argentina 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 Curtiembre Argentina's accounting and banking records will be submitted in court on March 10, 2008. Infobae didn't state the reports submission deadlines. Ms. Angelico is also in charge of administering Curtiembre Argentina's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Curtiembre Argentina Italia S.A. Carril Rodriguez Pena y Canal Pescara, Maipu Mendoza, Argentina The trustee can be reached at: Maria Cristina Angelico Martinez de Rozas 1015, Ciudad de Mendoza Mendoza, Argentina FIAT SPA: CEO Optimistic About Bus Production Deal in China ----------------------------------------------------------- Fiat S.p.A. Chief Executive Officer Sergio Marchionne sees a "good chance" for clinching a deal with Chinese carmaker SAIC on production of buses in China, Reuters reported. "I believe there is a good chance to clinch the accord," Mr. Marchionne was quoted as saying. In an interview with the company's CEO at the sideline of a university event, the news agency gathered that the Italian auto maker's truck division Iveco was studying broadening production to buses with SAIC. About Fiat SpA Headquartered in Turin, Italy, Fiat S.p.A. -- http://www.fiatgroup.com/-- manufactures and sells automobiles, commercial vehicles, and agricultural and construction equipment. Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano. Fiat operates in Argentina, Australia, Austria, Belgium, Brazil, Bulgaria, China, Czech Republic, Denmark, France, Germany, Greece, Hungary, India, Ireland, Italy, Japan, Lituania, Netherlands, Poland, Portugal, Romania, Russia, Singapore, China Spain, among others. * * * As reported on Aug. 24, 2007, Moody's Investors Service upgraded to Ba1 from Ba2 Fiat SpA's Corporate Family Rating, and the group's other long-term senior unsecured ratings. At the same time, the positive outlook on all long-term ratings was maintained. The short term Not Prime rating remains unchanged. FRIGORIFICO INDUSTRIAL: Claims Verification Deadline Is Nov. 26 --------------------------------------------------------------- Jorge Edmundo Sahade, the court-appointed trustee for Frigorifico Industrial Pehuajo S.A.'s reorganization proceeding, verifies creditors' proofs of claim until Nov. 26, 2007. Mr. Sahade Industrial Pehuajo S.A.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 Frigorifico Industrial 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 Frigorifico Industrial's accounting and banking records will be submitted in court. Infobae didn't state the reports submission deadlines. The informative assembly will be held on Sept. 18, 2008. Creditors will vote to ratify the completed settlement plan during the assembly. The trustee can be reached at: Jorge Edmundo Sahade Avenida de Mayo 1324 Buenos Aires, Argentina INDUPOL SRL: Trustee Filing General Report in Court Tomorrow ------------------------------------------------------------ Arnaldo Giecco, the court-appointed trustee for Indupol S.R.L.'s bankruptcy proceeding, will submit a general report that containing an audit of the firm's accounting and banking records in the National Commercial Court of First Instance in Buenos Aires on Oct. 10, 2007. Mr. Giecco verified creditors' proofs of claim until July 2, 2007. He also presented the validated claims in court as individual reports on July 29, 2007. Mr. Giecco is also in charge of administering Indupol's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Indupol S.R.L. Juan D. Peron 1143 Buenos Aires, Argentina The trustee can be reached at: Arnaldo Giecco Uruguay 1061 Buenos Aires, Argentina MANPA SA: Trustee Filing Individual Reports in Court Tomorrow ------------------------------------------------------------- Miguel Angel Perez, the court-appointed trustee for Manpa S.A.'s bankruptcy proceeding, will present the validated claims as individual reports in the National Commercial Court of First Instance in Buenos Aires on Oct. 10, 2007. Mr. Perez verified creditors' proofs of claim until Aug. 29, 2007. A general report that contains an audit of Manpa's accounting and banking records will be submitted in court on Nov. 22, 2007. Mr. Perez is also in charge of administering Manpa's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Miguel Angel Perez Roque Saenz Pena 651 Buenos Aires, Argentina NETOIR SA: Trustee Filing General Report in Court Tomorrow ---------------------------------------------------------- Maria del Carmen Amandule, the court-appointed trustee for Netoir S.A.'s bankruptcy proceeding, will submit a general report containing an audit of the firm's accounting and banking records in the National Commercial Court of First Instance No. 8 in Buenos Aires on Oct. 10, 2007. Ms. Amandule verified creditors' proofs of claim until June 15, 2007. She then presented the validated claims in court as individual reports on Aug. 29, 2007. Ms. Amandule is also in charge of administering Netoir's assets under court supervision and will take part in their disposal to the extent established by law. Clerk No. 16 assists the court on this case. The trustee can be reached at: Maria del Carmen Amandule 24 de Noviembre 1226 Buenos Aires, Argentina OLLEROS 1757: Proofs of Claim Verification Ends on Nov. 19 ---------------------------------------------------------- Ana Maria Calzada Percivale, the court-appointed trustee for Olleros 1757 S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until Nov. 19, 2007. Ms. Percivale will present the validated claims in court as individual reports on Feb. 7, 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 Olleros 1757 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 Olleros 1757's accounting and banking records will be submitted in court on March 26, 2008. Ms. Percivale is also in charge of administering Olleros 1757's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Olleros 1757 S.A. Olleros 1737 Buenos Aires, Argentina The trustee can be reached at: Ana Maria Calzada Percivale Sarmiento 2437 Buenos Aires, Argentina PIU NOVA: Trustee Verifies Proofs of Claim Until Dec. 10 -------------------------------------------------------- Juan Carlos Caro, the court-appointed trustee for Piu Nova SA's reorganization proceeding, verifies creditors' proofs of claim until Dec. 10, 2007. Mr. Caro will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 7 in Buenos Aires, with the assistance of Clerk No. 14, 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 Piu Nova 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 Piu Nova's accounting and banking records will be submitted in court. La Nacion didn't state the reports submission deadlines. The informative assembly will be held on Sept. 4, 2008. Creditors will vote to ratify the completed settlement plan during the assembly. The debtor can be reached at: Piu Nova SA F. Beiro 4294 Buenos Aires, Argentina The trustee can be reached at: Juan Carlos Caro Florida 470 Buenos Aires, Argentina RESPONSABILIDAD PATRONAL: Trustee Filing General Report Tomorrow ---------------------------------------------------------------- Superintendencia de Seguros de la Nacion, the court-appointed trustee for Responsabilidad Patronal ART S.A.'s bankruptcy proceeding, will file a general report that containing an audit of the firm's accounting and banking records in the National Commercial Court of First Instance in La Matanza, Buenos Aires, on Oct. 10, 2007. Superintendencia de Seguros verified creditors' proofs of claim until June 26, 2007. The trustee also presented the validated claims in court as individual reports on Aug. 28, 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 TECNIC LIMP: Proofs of Claim Verification Ends Tomorrow ------------------------------------------------------- Estudio Stolkiner y Asociados, the court-appointed trustee for Tecnic Limp SA's reorganization proceeding, verifies creditors' proofs of claim until Oct. 10, 2007. Estudio Stolkiner will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 8 in Buenos Aires, with the assistance of Clerk No. 15, 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 Tecnic Limp 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 Tecnic Limp's accounting and banking records will be submitted in court. La Nacion didn't state the reports submission deadlines. The informative assembly will be held on Aug. 7, 2008. Creditors will vote to ratify the completed settlement plan during the assembly. Estudio Stolkiner 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 debtor can be reached at: Tecnic Limp SA Laguna 761 Buenos Aires, Argentina The trustee can be reached at: Estudio Stolkiner y Asociados Avenida Cordoba 1367 Buenos Aires, Argentina TELEFONICA DE ARGENTINA: Launches Tres Arroyos Telecom Network -------------------------------------------------------------- Telefonica de Argentina said in a statement that it has launched a telecommunications network for Tres Arroyos, Buenos Aires. Business News Americas relates that Tres Arroyos is the first city in Buenos Aires with the infrastructure, which would make it a "digital city." The network provides these services: -- telephony switches, -- mobile lines, -- digital external plant, and -- broadband. BNamericas notes that the new telecommunications platform simplifies municipal administration by: -- interconnecting several municipal agencies, -- organizing traffic, and -- optimizing communications of security services. According to BNamericas, the network required collaboration of several Telefonica units like: -- mobile unit Movistar, which provided 50 mobile lines; and -- corporate and government product and services provider Telefonica Negocios, which supplied a data network with six interconnections points and Internet access. Telefonica de Argentina provides consumer services in Tres Arroyos, 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. TEXTIL JAVERIM: Proofs of Claim Verification Deadline Is Nov. 28 ---------------------------------------------------------------- Ricardo Sukiassian, the court-appointed trustee for Textil Javerim SRL's bankruptcy proceeding, verifies creditors' proofs of claim until Nov. 28, 2007. Mr. Sukiassian will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 13 in Buenos Aires, with the assistance of Clerk No. 25, 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 Textil Javerim 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 Textil Javerim's accounting and banking records will be submitted in court. La Nacion didn't state the reports submission deadlines. Mr. Sukiassian is also in charge of administering Textil Javerim's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Textil Javerim SRL Bacacay 3174 Buenos Aires, Argentina The trustee can be reached at: Ricardo Sukiassian San Martin 1009 Buenos Aires, Argentina SUNNY SRL: Proofs of Claim Verification Is Until Nov. 29 -------------------------------------------------------- Andrea Isabel Sita, the court-appointed trustee for The Sunny SRL's bankruptcy proceeding, verifies creditors' proofs of claim until Nov. 29, 2007. Ms. Sita will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 1 in Buenos Aires, with the assistance of Clerk No. 1, 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 The Sunny 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 The Sunny's accounting and banking records will be submitted in court. La Nacion didn't state the reports submission deadlines. Ms. Sita is also in charge of administering The Sunny's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: The Sunny SRL Pacheco de Melo 2939 Buenos Aires, Argentina The trustee can be reached at: Andrea Isabel Sita Cramer 2175 Buenos Aires, Argentina URBANO CLOTHES: Trustee Filing Individual Reports Tomorrow ---------------------------------------------------------- Ernesto Oscar Puerta, the court-appointed trustee for Urbano Clothes S.R.L.'s bankruptcy proceeding, will present the validated claims as individual reports in the National Commercial Court of First Instance in Buenos Aires on Oct. 10, 2007. Mr. Puerta verified creditors' proofs of claim until Aug. 29, 2007. A general report that contains an audit of Urbano Clothes' accounting and banking records will be submitted in court on Nov. 28, 2007. Mr. Puerta is also in charge of administering Urbano Clothes' assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Ernesto Oscar Puerta Fragata Presidente Sarmiento 72 Buenos Aires, Argentina ============= B O L I V I A ============= INT'L PAPER: Completes Joint Venture Formation with Ilim -------------------------------------------------------- International Paper and Ilim Holding S.A. have completed the previously announced formation of a 50:50 joint venture, the largest foreign- domestic alliance in the Russian forest sector. The joint venture will operate as Ilim Group. To form the joint venture, International Paper purchased 50 percent of Ilim Holding, S.A., for approximately US$620 million. The deal received approval from the Russian Federal Antimonopoly Service in June and the partners signed a definitive agreement for the deal in August. "The formation of this 50:50 joint venture is a real strategic milestone for International Paper," said International Paper Chairman and Chief Executive Officer John Faraci. "Both parties bring important strengths and expertise to the JV, and we are very positive about the future success of this new partnership." "We are very pleased to begin our partnership with Ilim and work together to continue to grow this business," said International Paper Senior Vice President and President of IP Europe Mary Laschinger. "We believe the joint venture has all the ingredients needed for success: good management, talented, hard- working employees, a solid asset base with improvement potential, and strong supply positions in high-growth markets." Chairman of Ilim Group Zakhar Smushkin said, "Today we are opening a new page in the history of Ilim Group and the entire Russian pulp and paper industry. We have formed an alliance that is unprecedented in our sector and will become the center of dynamic growth of the entire Russian forest products industry. This is a response to global market challenges and the appeals from the Russian President and the government of the Russian Federation. The company's products will be able to meet the demand of the growing Russian market for high-quality paper and packaging products and also resolve the import replacement problem. In five years' time, every fourth sheet of paper and every third corrugated box in the Russian market will be produced by our company." A key element of the joint venture strategy is a long-term investment program in which the joint venture will invest, through cash from operations and additional debt, approximately US$1.5 billion in Ilim's four mills over approximately five years. This unprecedented investment in the Russian pulp and paper industry will upgrade equipment, increase production capacity and allow for new high-value uncoated paper, pulp and corrugated packaging product development. The pulp and paper mill that International Paper currently owns and operates in Svetogorsk, in Russia's Leningrad region, will not be owned by the joint venture and will continue to operate as part of IP's European Papers business. Similarly, Ilim Pulp's wood products enterprises will not be integrated into the joint venture; instead they will be combined to create Russia's largest wood products holding company. Board of Directors and Management Team The joint venture has formed a new board of directors, which includes four members each from Ilim and International Paper. Board members from International Paper are: Ms. Mary Laschinger, senior vice president and president, IP Europe; Cato Ealy, senior vice president, corporate development; Richard Phillips, retired senior vice president, technology; Dwight Van Inwegen, chief financial officer, IP Europe. Ilim is represented by the current Ilim Pulp shareholders, Boris Zingarevich, Mikhail Zingarevich, and Leonid Erukhimovich, as well as Mr. Zakhar Smushkin, who will also chair the board of directors. Paul Herbert, former International Paper senior vice president, has been named the joint venture's chief executive officer. Ilim Group's full management team is as follows: -- Sergey Kostylev, deputy Chief Executive Officer (formerly of Ilim) -- Alexandr Pozdnyakov, deputy CEO, managing director, Ilim West (formerly of Ilim) -- Brian McDonald, deputy CEO, managing director, Ilim East (formerly of International Paper) -- Yuri Aivazov, deputy CEO, managing director, corrugated box business (formerly of Ilim) -- Alexandr Emdin, deputy CEO, chief financial officer (formerly of Ilim) -- John Rankin, deputy CEO, managing director, manufacturing and investments (formerly of International Paper) -- Yuri Masiyansky, chief administration and human resources director (formerly of Ilim) -- Alexandr Bass, chief managing director, supply chain (formerly of Ilim) -- Viktor Atamanov, managing director, strategic planning and marketing (formerly of Ilim) -- Alexei Lomko, general counsel and central legal (formerly of Ilim) -- Alexandr Khromov, managing director, security (formerly of Ilim) -- Elena Konnova, public relations director (formerly of Ilim) -- Dmitry Chuiko, government relations director (formerly of Ilim) -- Igor Tyukov, board of directors administration officer (formerly of Ilim) About Ilim Group Ilim Group -- http://www.ilimgroup.com/-- was registered in St. Petersburg on Sept. 27, 2006. In 2007, the Group was joined by Kotlas Pulp and Paper Mill, Bratsk Pulp and Containerboard Mill and Ust-Ilimsk Pulp and Paper Mill as the mills were converted to a single share. On July 2, Ilim Group started its activities as a unified company. Production assets of the Group are structured on the production and geographical basis and include the following business units: "Ilim West" (North-Western Pulp and Paper Production), "Ilim East" (Siberian Pulp and Paper Production) and Corrugated Packaging. Business unit Ilim West includes Koryazhma Branch of Ilim Group (Arkhangelsk region), as well as timber suppliers, regional service companies in Arkhangelsk region and St. Petersburg Cartonboard and Printing Mill (Leningrad region), its distributor PetroBoardTrading and Alt Papier. Business unit Ilim East includes Bratsk and Ust- Ilimsk Branches of Ilim Group, as well as regional logging companies and service companies. Corrugated Packaging business unit includes corrugated plant Ilim Gofropak and Ilim Gofra, whose aim is to implement the Group's projects to establish new corrugated board plants. The company also includes centralized service providers to the Group's branches and subsidiaries. About International Paper Based in Stamford, Connecticut, International Paper Co. (NYSE: IP) -- http://www.internationalpaper.com/-- is in the forest products industry for more than 100 years. The company is currently transforming its operations to focus on its global uncoated papers and packaging businesses, which operate and serve customers in the U.S., Europe, South America and Asia. Its South American operations include, among others, facilities in Argentina, Brazil, Bolivia, and Venezuela. These businesses are complemented by an extensive North American merchant distribution system. International Paper is committed to environmental, economic and social sustainability, and has a long-standing policy of using no wood from endangered forests. * * * International Paper Co. carries Moody's Investors Service's Ba1 senior subordinate rating and Ba2 Preferred Stock rating. =========== B R A Z I L =========== AMRO REAL: Barclays Withdraws Bid To Purchase Firm -------------------------------------------------- Business News Americas reports that UK bank Barclays has withdrawn its bid to buy ABN Amro Real. According to ABN Amro's statement, Barclays' decision paved the way for Spain's Santander to take over ABN Amro. Barclays had offered EUR62.2 billion in cash and shares for ABN Amro. Meanwhile, the Royal Bank of Scotland "enlisted Santander and Belgium's Fortis and countered with a mostly cash offer of EUR70.5 billion." Santander will be paying EUR12 billion to hold on to ABN Amro. The Royal Bank's offer expires on Oct. 30, BNamericas states. ABN Amro Real specializes in commercial banking, capital markets, corporate banking, asset management, and trade finance. Its more than 22,000 employees assist over five million clients throughout five thousand different points of sales. In 1999, the bank merged with Brazil's Banco Real. The regional office for Latin America and the Caribbean is located in Brazil. * * * On Aug. 23, 2007, Moody's Investors Service upgraded Banco ABN AMRO Real S.A.'s long-term foreign currency deposits to Ba2. Moody's said the rating outlook was stable. AFFINIA GROUP: Closes Chassis Facility in Mishawaka, Indiana ------------------------------------------------------------ Affinia Group Inc. is closing its chassis products manufacturing and packaging facility in Mishawaka, Indiana. Production and packaging will be consolidated into its Oklahoma City facility. The distribution of the product will continue out of the McHenry, Illinois master distribution center. The transition will begin immediately and is expected to be complete by mid-2008. "The consolidation of the Mishawaka chassis manufacturing and packaging into Oklahoma City is another important step in Affinia's transformation plan. The competitive landscape is constantly changing, and like many companies we continue to evaluate every aspect of our business to adapt to current market conditions," said John R. Washbish, President of Affinia's Under Vehicle Group. "This closure in no way reflects on the talents or dedication of the 192 hard-working people of Mishawaka. We deeply regret the impact on the lives of our employees and their families. We will work closely with them and provide all the help we can, including the option of transfers to Oklahoma City, as well as local placement and career assistance wherever possible," said Mr. Washbish. About Affinia Group Headquartered in Ann Arbor, Michigan, Affinia Group Inc. -- http://www.affiniagroup.com/-- designs, manufactures and distributes aftermarket components for passenger cars, sport utility vehicles, light, medium and heavy trucks and off-highway vehicles. The company's product range addresses filtration, brake and chassis markets in North and South America, Europe and Asia. Its South American operation is located in Brazil. * * * As reported in the Troubled Company Reporter on Jan. 25, 2007, Moody's Investors Service has upgraded Affinia Group Inc.'s Corporate Family Rating to B2 from B3 and revised the outlook to stable from negative. COMPANHIA FORCA: S&P Witdraws B+ Corporate Credit Rating -------------------------------------------------------- Standard & Poor's Ratings Services has withdrawn its 'B+' corporate credit rating on Companhia For�a e Luz Cataguazes- Leopoldina, at the company's request. At the time of the withdrawal, the outlook is positive. Companhia Forca e Luz Cataguazes-Leopoldina is a Brazil-based company that is mainly engaged in the power generation and distribution business. The Company supplies energy for over 1,900,000 consumers in four Brazilian states: Minas Gerais, Rio de Janeiro, Sergipe and Paraiba, with a total area of 91,180 square kilometers. The company, along with CENF-Companhia de Eletricidade de Nova Friburgo, Energipe-Empresa Energica de Sergipe S.A., CELB-Companhia Energica da Borborema and Saelpa- Sociedade de Eletrifica da Para, are all subsidiaries of the Sistema Cataguazes-Leopoldina Group, which is involved in the generation and distribution of electricity. The Group operates with five distributors, one thermoelectric power station and 14 small hydroelectric power plants, a total of 137,000 kilowatts of generating capacity. DELPHI CORP: Posts US$100 Mil. Net Loss in Month Ended Aug. 31 -------------------------------------------------------------- Delphi Corporation, et al. Unaudited Consolidated Balance Sheet As of Aug. 31, 2007 (In Millions) ASSETS Current assets: Cash and cash equivalents US$20 Restricted cash 138 Accounts receivable, net: General Motors and affiliates 1,545 Other third parties 972 Non-Debtor affiliates 367 Notes receivable from non-Debtor affiliates 292 Inventories, net: Productive material, work-in-process & supplies 862 Finished goods 249 Other current assets 226 -------- TOTAL CURRENT ASSETS 4,671 Long-term assets: Property, net 1,819 Investment in affiliates 362 Investments in non-Debtor affiliates 3,936 Goodwill 152 Other intangible assets 28 Other 301 -------- TOTAL LONG-TERM ASSETS 6,598 -------- TOTAL ASSETS US$11,269 ======== LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities not subject to compromise: Debtor-in-possession financing US$3,105 Accounts payable 1,261 Accounts payable to non-Debtor affiliates 623 Accrued liabilities 763 Notes payable to non-Debtor affiliates 131 -------- TOTAL CURRENT LIABILITIES 5,883 Long-term liabilities not subject to compromise: Employee benefit plan obligations and other 707 Liabilities subject to compromise 18,216 -------- TOTAL LIABILITIES 24,806 Stockholders' deficit: Common stock 6 Additional paid-in capital 2,779 Accumulated deficit (13,534) Accumulated other comprehensive loss (2,736) Treasury stock, at cost (3.2 million shares) (52) -------- TOTAL STOCKHOLDERS' DEFICIT (13,537) -------- TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT US$11,269 ======== Delphi Corporation, et al. Unaudited Consolidated Statement of Operations Month Ended Aug. 31, 2007 (In Millions) Net sales: General Motors and affiliates US$925 Other customers 554 Non-Debtor affiliates 45 -------- Total net sales 1,524 -------- Operating expenses: Cost of sales 1,463 Long-lived asset impairment charges - Securities & ERISA litigation charge 21 Depreciation and amortization 41 Selling, general and administrative 93 -------- Total operating expenses 1,618 -------- Operating loss (94) Interest expense (24) Loss on extinguishment of debt - Other (expense) income, net 16 Reorganization items (14) Income tax benefit (expense) - Equity income from non-consolidated affiliates 1 Equity income from non-Debtor affiliates 15 -------- NET LOSS (US$100) ======== Delphi Corporation, et al. Unaudited Consolidated Statement of Cash Flows Month Ended Aug. 31, 2007 (In Millions) Cash flows from operating activities: Net loss (US$100) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 41 Deferred income taxes (1) Pension and other postretirement benefit expenses 78 Equity income from unconsolidated affiliates (1) Equity income from non-Debtor affiliates (15) Reorganization items 14 Securities & ERISA litigation charges 21 Changes in operating assets and liabilities: Accounts receivable, net (84) Inventories, net 17 Other assets 8 Accounts payable, accrued and other long-term debts (98) U.S. employee special attrition program (14) Other postretirement benefit payments (20) Pension contributions (1) Payments for reorganization items (11) Other (2) -------- Net cash used in operating activities (168) Cash flows from investing activities: Capital expenditures (22) Increase in restricted cash (28) Other 4 -------- Net cash used in investing activities (46) Cash flows from financing activities: Net proceeds from DIP facility 75 Net repayments of borrowings under other debt pacts 131 Other (2) -------- Net cash used in financing activities 204 -------- Decrease in cash and cash equivalents (10) Cash and cash equivalents at beginning of period 30 -------- Cash and cash equivalents at end of period US$20 ======== Headquartered in Troy, Mich., Delphi Corporation (OTC: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of March 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in total assets and US$23,851,000,000 in total debts. The Debtors' exclusive plan-filing period expires on Dec. 31, 2007. On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan of Reorganization and a Disclosure Statement explaining that Plan. (Delphi Bankruptcy News, Issue No. 87 Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). GP INVESTMENTS: Fitch Assigns B/RR4 Rating on Perpetual Notes ------------------------------------------------------------- Fitch Ratings has assigned a 'B/RR4' rating to GP Investments Ltd's extension of its 2007 senior perpetual notes program for US$40 million. The Rating Outlook is Positive. On July 25, 2007, Fitch revised the Rating Outlook of GP's Issuer Default Rating of 'B' and its original US$150 million perpetual notes issuance to Positive from Stable given the significant expected increase in assets under management and its positive effects on GP's recurrent income. Resolution of the Positive Outlook will depend on the ability of GP to sustain the expected increase in recurring income and keep adequate control of its expenses, while a successful deployment of new investments will also be monitored. The need for a significantly more diversified investment portfolio, a further increase of recurrent income to cover operating expenses, and a more developed valuation methodology, are key to sustain an improvement in GP's rating going forward. The perpetual notes have no fixed final maturity date and will be repaid only in the event that the issuer redeems the notes or upon acceleration due to an event of default. The notes are general unsubordinated obligations of GP and rank pari passu with the company's unsubordinated indebtedness. The obligations of GP under the notes are supported by an 18-month coupon payment reserve, which will be deposited in a trustee. The rating of the issuance recognizes the liquidity implicit in the coupon reserve, augmented by substantial cash currently on hand; nevertheless, the concern is that the latter is intended to be used for investments, and its availability at any point during the life of the debt instrument is difficult to predict. GP's ratings are supported by adequate leverage levels, the franchise of the company and the experience of the management team, which augurs well for positive prospects going forward. Also, the significant increase in the size of its portfolio of managed investments results in a positive trend on its recurrent income. The ratings are constrained, however, by the concentrated nature of the current and intended investment portfolio, the uncertainty related to the maturation period of the investment portfolio, and GP's timing and ability to realize investment gains. GP Investments - http://www.gpinvestments.com/-- is a leading private equity player in Brazil. The GP Investments' activities consist of its core private equity business and its asset management business, and its mission is to generate higher than average long-term return to its investors and shareholders. Since its inception in 1993, GP Investments raised more than US$1.5 billion from Brazilian and international investors, and acquired more than thirty-five companies in ten different sectors. On May 2006, GP Investments concluded its Initial Public Offering -- IPO, becoming the first listed private equity company in Brazil. GENESCO INC: Shareholders Vote to Approve Charter Amendment ----------------------------------------------------------- Genesco Inc.'s shareholders had voted at its reconvened special meeting of shareholders to approve and adopt a charter amendment that permits the redemption of Genesco's Employees' Subordinated Convertible Preferred Stock following the completion of the merger of Genesco with a wholly-owned subsidiary of The Finish Line, Inc., which was approved by Genesco's shareholders at the initially convened meeting on Sept. 17, 2007. About Finish Line Headquartered in Indianapolis, Indiana, The Finish Line Inc. (Nasdaq: FINL) -- http://www.finishline.com/-- is a mall-based specialty retailer operating under the Finish Line, Man Alive and Paiva brand names. The company currently operates 697 Finish Line stores in 47 states and online, 95 Man Alive stores in 19 states and online and 15 Paiva stores in 10 states and online. About Genesco Inc. Based in Nashville, Tennessee, Genesco Inc. (NYSE: GCO) -- http://www.genesco.com/-- is a specialty retailer of footwear, headwear and accessories in more than 1,900 retail stores in the U.S. and Canada, principally under the names Journeys, Journeys Kidz, Shi by Journeys, Johnston & Murphy, Underground Station, Hatworld, Lids, Hat Zone, Cap Factory, Head Quarters and Cap Connection. The company also sells footwear at wholesale under its Johnston & Murphy brand and under the licensed Dockers. * * * As reported in the Troubled Company Reporter on June 4, 2007, Standard & Poor's Ratings Services said that its ratings on specialty Genesco Inc. remain on CreditWatch with developing implications, following the announcement that it has rejected Foot Locker Inc.'s conditional bid to acquire Genesco for approximately US$1.3 billion (US$51.00 per share) in cash. In April 2007, S&P placed its ratings, including the 'BB-' corporate credit rating, on Genesco Inc. on CreditWatch with developing implications after Foot Locker launched its bid for Genesco. The Foot Locker deal also prompted Moody's Investors Service to place the ratings of Genesco on review for possible downgrade. Affected ratings include the company's "Ba3" corporate family rating. GOL LINHAS: Announces Traffic Statistics for Sept. 2007 ------------------------------------------------------- GOL Linhas Aereas Inteligentes S.A., the parent company of Brazil's GOL Transportes Aereos S.A. and VRG Linhas Aereas S.A., today released preliminary passenger statistics for the month of September 2007. Consolidated domestic passenger traffic for September 2007 increased 21% and capacity increased 49% year- over-year. Domestic consolidated load factor for the month was 62%, and in the international market consolidated load factor was 59%. GOL's total consolidated load factor for the month of September was 61%. Average fares increased 1% versus September 2006. GTA's domestic passenger traffic for September 2007 was 1,351mm and capacity was 2,106mm. International passenger traffic was 167mm and capacity was 284mm. VRG's domestic passenger traffic for September 2007 was 87mm and capacity was 218mm. International passenger traffic (RPK) was 175mm and capacity was 299mm. September September Operating Data 2007 * 2006 * Change (%) Total System ASK (mm) (1) 2,907.4 1,728.3 68.2% RPK (mm) (2) 1,779.8 1,305.5 26.3% Load Factor (3) 61.2% 75.5% -14.3 p.p. Domestic Market ASK (mm) (1) 2,323.9 1,562.3 48.7% RPK (mm) (2) 1,437.4 1,185.5 21.2% Load Factor (3) 61.9% 75.9% -14.0 p.p. International Market ASK (mm) (1) 583.5 166.0 251.5% RPK (mm) (2) 342.4 120.0 185.3% Load Factor (3) 58.7% 72.3% -13.6 p.p. (*) September 2007 - preliminary data; final data for September 2006. (1) Available seat kilometers represents the aircraft seating capacity multiplied by the number of kilometers the seats are flown. (2) Revenue passenger kilometers represents the numbers of kilometers flown by revenue passengers. (3) Load factor represents the percentage of aircraft seating capacity that is actually utilized (calculated by dividing revenue passenger kilometers by available seat kilometers). Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL Linhas Areas Inteligentes S.A. (NYSE: GOL and Bovespa: GOLL4) -- http://www.voegol.com.br/-- through its subsidiary, GOL Transportes Aereos S.A., provides airline services in Brazil, Argentina, Bolivia, Uruguay, and Paraguay. The company's services include passenger, cargo, and charter services. As of March 20, 2006, Gol Linhas provided 440 daily flights to 49 destinations and operated a fleet of 45 Boeing 737 aircraft. The company was founded in 2001. * * * As reported in the Troubled Company Reporter-Latin America on July 25, 2007, Fitch Ratings has affirmed the 'BB+' foreign and local currency issuer default ratings of Gol Linhas Aereas Inteligentes S.A. Fitch has also affirmed the outstanding US$200 million perpetual bonds and US$200 million of senior notes due 2017 at 'BB+' as well as the company's 'AA-' (bra) national scale rating. Fitch said the rating outlook is stable. STEELCASE INC: Paying US$0.15 Per Share Quarterly Cash Dividend --------------------------------------------------------------- The Board of Directors of Steelcase Inc. has declared a quarterly cash dividend of US$0.15 per share to be paid on or before Oct. 24, 2007, to shareholders of record as of Oct. 15, 2007. About Steelcase Headquartered in Grand Rapids, Michigan, Steelcase, Inc., (NYSE: SCS) -- http://www.steelcase.com/-- designs and manufactures architecture, furniture and technology products. Founded in 1912, Steelcase serves customers through a network of more than 800 independent dealers and approximately 13,000 employees worldwide, including, Brazil and Mexico in Latin America. * * * As reported in the Troubled Company Reporter on July 2, 2007, Moody's Investors Service upgraded the ratings of Steelcase to investment grade (Baa3) from Ba1 following continued operating performance improvements. At the same time, the Ba1 corporate family rating and Ba1 probability of default ratings were withdrawn as these ratings are not applicable for investment grade issuers. The loss-given-default assessments were also withdrawn. TK ALUMINUM: Completes Sale of French & German Subsidiaries ----------------------------------------------------------- Teksid Luxembourg S.a r.l., S.C.A. has completed the previously announced sale of its equity interests in TK Aluminum-France S.A.S. and Teksid Deutschland GmbH to Bavariaring 0906 GmbH, an affiliate of BAVARIA Industriekapital AG. TK France is the parent of Teksid France S.A.S., Fonderie du Poitou Aluminium S.A.S., Fonderie Aluminium Cleon S.A.S. and Metaltemple S.A.S. and such subsidiaries were indirectly sold to Bavariaring as part of the transaction. About Teksid Aluminum Teksid Aluminum -- http://www.teksidaluminum.com/-- manufactures aluminum engine castings for the automotive industry. Principal products include cylinder heads, engine blocks, transmission housings, and suspension components. The company operates 15 manufacturing facilities in Europe, North America, South America, and Asia. The company maintains operations in Italy, Brazil, and China. * * * As reported on May 9, 2007, Moody's Investors Service confirmed the Caa3 Corporate Family Rating of Teksid Aluminum Ltd as well as the Ca rating of the company's senior notes at Teksid Aluminum Luxembourg Sarl SCA with a stable outlook. It also lowered its long-term debt rating on the EUR240 million senior unsecured notes issued by Teksid Aluminum Luxembourg S.a.r.l., S.C.A. and guaranteed by TKA to 'D' from 'C'. * BRAZIL: Petrobras Buying Energisa's Usina Termeletrica -------------------------------------------------------- Brazilian state-run oil firm Petroleo Brasileiro SA said in a statement that the company has signed a deal to acquire the 87-megawatt Usina Termeletrica Juiz de Fora thermo plant from power firm Energisa. Business News Americas relates that the BRL204-million deal includes the right to market the power to Energisa's units. Petroleo Brasileiro told BNamericas, "The acquisition is important to increase the synergy among Petrobras' [Petroleo Brasileiro] assets in the electric energy area. It also represents one of the actions the company is deploying to consolidate itself as an integrated energy company." According to BNamericas, the Usina Termeletrica acquisition still awaits regulatory authorization. The Minas Gerais-based natural gas fired plant has a sales agreement through 2022, BNamericas states. About Petroleo Brasileiro Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp -- was founded in 1953. The company explores, produces, refines, transports, markets, distributes oil and natural gas and power to various wholesale customers and retail distributors in Brazil. Petrobras has operations in China, India, Japan, and Singapore. * * * 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, -- 'BBB' for long-term local currency credit rating, and -- 'B' for short-term currency sovereign credit rating. * * * As reported in the Troubled Company Reporter-Latin America on May 14, 2007, Fitch Ratings upgraded Brazil's long-term foreign and local currency sovereign Issuer Default Ratings to 'BB+' from 'BB' and the Country Ceiling to 'BBB-' from 'BB+'. In addition, Fitch affirmed Brazil's Short-term IDR at 'B'. Fitch said the rating outlook is stable. =========================== C A Y M A N I S L A N D S =========================== BEAR STEARNS FUNDS: Federal Prosecutors Probing Funds' Collapse --------------------------------------------------------------- The U.S. Attorney's office in Brooklyn, New York, has launched a criminal investigation into Bear Stearns High-Grade Structured Credit Strategies Master Fund, Ltd., and Bear Stearns High-Grade Structured Credit Strategies Enhanced Leverage Master Fund, Ltd., The Wall Street Journal said, citing people familiar with the matter. The U.S. Attorney's office, according to the Journal, asked for information related to the Funds, whose collapse cost approximately US$1,600,000,000. The Journal said the nvestigation is still in its early stages and no subpoenas have been issued yet. Bear Stearns Cos. is also already under an investigation by the U.S. Securities and Exchange Commission, the Journal related. Christopher Clark, Esq., at Dewey & LeBouef, LLP, a defense attorney not involved in the case, told the Journal that criminal probes into the trading practices of hedge funds are rare and cases are difficult to prove. "It's a tough case to make unless they have turned up some sort of malfeasance," the Journal quoted Mr. Clark as saying. "The law assumes the investors are sophisticated and understand the risks. This was clearly a high-risk investment strategy." Grand Cayman, Cayman Islands-based Bear Stearns High-Grade Structured Credit Strategies Enhanced Leverage Master Fund Ltd. and Bear Stearns High-Grade Structured Credit Strategies Master Fund Ltd. are open-ended investment companies, which sought high income and capital appreciation relative to the London Interbank Offered Rate, and designed for long-term investors. On July 30, 2007, the Funds filed winding up petitions under the Companies Law (2007 Revision) of the Cayman Islands. Simon Lovell Clayton Whicker and Kristen Beighton at KPMG were appointed joint provisional liquidators. The joint liquidators filed for Chapter 15 petitions before the U.S. Bankruptcy Court for the Southern District of New York the next day. Fred S. Hodara, Esq., Lisa G. Beckerman, Esq., and David F. Staber, Esq., at Akin Gump Strauss Hauer & Feld LLP, represent the liquidators in the United States. The Funds' assets and debts are estimated to be more than US$100,000,000 each. ENSEC HOME: Proofs of Claim Filing Deadline Is Nov. 1 ----------------------------------------------------- Ensec Home Finance Pool I, Ltd.'s creditors are given until Nov. 1, 2007, to prove their claims to Helen Allen and Jan Neveril, 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. Ensec Home's shareholders agreed on Sept. 20, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Helen Allen Jan Neveril Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands EUROPEAN FINANCIAL: Proofs of Claim Filing Is Until Nov. 1 ---------------------------------------------------------- European Financial Investments Fund Limited's creditors are given until Nov. 1, 2007, to prove their claims to Guy Major and Maxine Rawlins, 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. European Financial's shareholder agreed on Sept. 27, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Guy Major Maxine Rawlins Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands MASTR CI-8: Proofs of Claim Filing Ends on Nov. 1 ------------------------------------------------- Mastr CI-8's creditors are given until Nov. 1, 2007, to prove their claims to Suzan Merren and Giles Kerley, 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. Mastr CI-8's shareholders agreed on Sept. 13, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Suzan Merren Giles Kerley Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands ML CBO: Proofs of Claim Filing Deadline Is Nov. 1 ------------------------------------------------- ML CBO VII (Cayman) Ltd.'s creditors are given until Nov. 1, 2007, to prove their claims to Suzan Merren and Richard Gordon, 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. ML CBO's shareholder agreed on Sept. 20, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Suzan Merren Richard Gordon Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands PARMALAT SPA: Increases Share Capital by EUR43,148 -------------------------------------------------- Parmalat S.p.A. communicates that, following the allocation of shares to creditors of the Parmalat Group, the subscribed and fully paid up share capital has now been increased by EUR43,148 to EUR1,651,997,435 from EUR1,651,954,287. The share capital increase is due to the exercise of 43,148 warrants. The latest status of the share allotment is: -- 35,255,275 shares representing approximately 2.1% of the share capital are still in a deposit account c/o Parmalat S.p.A., of which: -- 13,567,303 or 0.8% of the share capital, registered in the name of individually identified commercial creditors, are still deposited in the intermediary account of Parmalat S.p.A. centrally managed by Monte Titoli (compared with 13,568,574 shares as at Sept. 3, 2007); -- 21,687,972 or 1.3% of the share capital registered in the name of the Foundation, called Fondazione Creditori Parmalat, of which: -- 120,000 shares representing the initial share capital of Parmalat S.p.A. (unchanged); and -- 21,567,972 or 1.3% of the share capital that pertain to currently undisclosed creditors (compared with 21,904,437 shares as at Sept. 3, 2007). About Parmalat Headquartered in Milan, Italy, Parmalat S.p.A. -- http://www.parmalat.net/-- sells nameplate milk products that can be stored at room temperature for months. It also has about 40 brand product lines, which include yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The Company's U.S. operations filed for chapter 11 protection on Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP, represent the Debtors. When the U.S. Debtors filed for bankruptcy protection, they reported more than US$200 million in assets and debts. The U.S. Debtors emerged from bankruptcy on April 13, 2005. Parmalat S.p.A. and its Italian affiliates filed separate petitions for Extraordinary Administration before the Italian Ministry of Productive Activities and the Civil and Criminal District Court of the City of Parma, Italy on Dec. 24, 2003. Dr. Enrico Bondi was appointed Extraordinary Commissioner in each of the cases. The Parma Court has declared the units insolvent. On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No. 04-14268, in the United States Bankruptcy Court for the Southern District of New York. Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat Capital Finance Ltd., and Food Holdings Ltd. Dairy Holdings and Food Holdings are Cayman Island special-purpose vehicles established by Parmalat S.p.A. The Finance Companies are under separate winding up petitions before the Grand Court of the Cayman Islands. Gordon I. MacRae and James Cleaver of Kroll (Cayman) Ltd. serve as Joint Provisional Liquidators in the cases. On Jan. 20, 2004, the Liquidators filed Sec. 304 petition, Case No. 04-10362, in the United States Bankruptcy Court for the Southern District of New York. In May 2006, the Cayman Island Court appointed Messrs. MacRae and Cleaver as Joint Official Liquidators. Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon, Herlands Randolph, represent the Finance Companies in the Sec. 304 case. The Honorable Robert D. Drain presides over the Parmalat Debtors' U.S. cases. PGI ENTREPRENEURS: Proofs of Claim Filing Deadline Is Nov. 1 ------------------------------------------------------------ PGI Entrepreneurs Midas (Cayman) Ltd.'s creditors are given until Nov. 1, 2007, to prove their claims to Emile Small and Richard Gordon, 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. PGI Entrepreneurs' shareholders agreed on Sept. 29, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Emile Small Richard Gordon Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands REMARKABLE FUNDING: Proofs of Claim Filing Is Until Nov. 1 ---------------------------------------------------------- Remarkable Funding Corporation's creditors are given until Nov. 1, 2007, to prove their claims to Suzan Merren and Giles Kerley, 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. Remarkable Funding's shareholders agreed on Sept. 13, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Suzan Merren Giles Kerley Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands SAILFISH GLOBAL: Proofs of Claim Filing Deadline Is Nov. 1 ---------------------------------------------------------- Sailfish Global Equity Fund (G3), Ltd.'s creditors are given until Nov. 1, 2007, to prove their claims to Jan Neveril and Richard Gordon, 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. Sailfish Global's shareholders agreed on Aug. 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: Jan Neveril Richard Gordon Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands SK-ACAM: Proofs of Claim Filing Ends on Nov. 1 ---------------------------------------------- SK-ACAM Ltd.'s creditors are given until Nov. 1, 2007, to prove their claims to Helen Allen and Joshua Grant, 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. SK-ACAM's shareholder agreed on Sept. 11, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Helen Allen and Joshua Grant Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands TATI LTD: Proofs of Claim Filing Deadline Is Nov. 1 --------------------------------------------------- Tati Ltd.'s creditors are given until Nov. 1, 2007, to prove their claims to Buchanan Limited, 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. Tati's shareholders agreed on Sept. 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: Buchanan Limited Attention: Francine Jennings P.O. Box 1170, Grand Cayman KY1-1102 Cayman Islands Telephone: (345) 949-0355 Fax: (345) 949-0360 TRIO ASSET: Proofs of Claim Filing Is Until Nov. 1 -------------------------------------------------- Trio Asset Funding Corporation's creditors are given until Nov. 1, 2007, to prove their claims to Guy Major and Emile Small, 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. Trio Asset's shareholders agreed on Sept. 13, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Guy Major Emile Small Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands ========= C H I L E ========= AES GENER: OKs US$350MM Capital Raise To Fund Investment Plan ------------------------------------------------------------- AES Gener's general manager Felipe Ceron told Dow Jones Newswires that the firm's shareholders have authorized a US$350- million capital increase to finance an investment plan. Mr. Ceron commented to the press, "This capital increase that's just been approved, as well as a US$400 million bond issue being registered, will be used to finance the investment plan and refinance some of our passives." Dow Jones notes that AES Gener has a US$2.4-billion, five-year investment plan that includes the construction of several coal- fired and hydroelectric generators. The firm initially planned a US$300-million capital increase. However, majority shareholder AES proposed raising it to US$350 million. AES Gener wants to conduct part of the capital raise later this year and the remainder early next year, Dow Jones states, citing Mr. Ceron. AES Gener is the second-largest electricity generation group in Chile in terms of generating capacity (20% market share) with an installed capacity of 2,428 megawatts. Gener serves both the Central Interconnected System or SIC and the Northern Interconnected System or SING through various subsidiaries and related companies, including affiliate Guacolda and the TermoAndes subsidiary. TermoAndes has a generation capacity of 642.8 megawatts, which while located in Argentina serves Chile's SING via InterAndes transmission line. Gener also participates in electricity generation in Colombia through Chivor hydroelectric plant of 1,000 megawatts, and a 25% participation in Itabo's facilities in the Dominican Republic (432.5 megawatts). Gener is 91.2% owned by AES (IDR rated 'B+' by Fitch). * * * On June 16, 2006, Fitch Ratings upgraded the local and foreign currency Issuer Default Ratings of AES Gener SA to 'BB+' from 'BB'. Fitch also upgraded Gener's senior unsecured debt rating, which consists of US$400 million senior notes due 2014, to 'BB+'. Fitch revised Gener's rating outlook to positive from stable. CONSTELLATION BRANDS: Earns US$72.1 Mil. in Qtr. Ended Aug. 31 -------------------------------------------------------------- Constellation Brands Inc. has reported results of operations for its second quarter ended Aug. 31, 2007. The company reported net income of US$72.1 million on net sales of US$892.6 million for the quarter ended Aug. 31, 2007, compared with net income of US$68.4 million on net sales of US$1.42 billion for the prior year second quarter. "We have substantially completed our previously announced U.S. wine distributor inventory reduction initiative during the second quarter," stated Rob Sands, Constellation Brands president and chief executive officer. "For the quarter, we delivered solid cash flow and reduced our debt by more than $200 million from first quarter levels. As anticipated, both the U.S. wine distributor inventory reduction and the lingering softness in our U.K. business impacted our overall performance. However, we believe the distributor inventory initiative, as well as our ongoing efforts to improve performance in the U.K., will better position us for long-term growth." The reported consolidated net sales decrease of 37% primarily reflects the benefits of the SVEDKA Vodka acquisition, more than offset by the impact of reporting the Crown Imports and Matthew Clark wholesale business joint ventures under the equity method. "Our Canadian business turned in a solid performance for the quarter, driven by very good results from Jackson-Triggs, Sawmill Creek, Inniskillin and new products," explained Sands. "Our premium U.S. wine portfolio continues to deliver solid marketplace performance with brands such as Woodbridge by Robert Mondavi, Kim Crawford, Nobilo, Estancia, Toasted Head and Simi. "SVEDKA continued to be a stellar performer and maintained an excellent growth rate in the second quarter," said Sands. "SVEDKA's growing appeal validates our point of view about continued U.S. consumer interest in, and demand for, premium spirits. Additionally, our 99 Schnapps family, Ridgemont Reserve 1792 bourbon, Meukow cognac and recently launched products turned in solid performances." Operating income decreased to US$117.2 million for the second quarter ended Aug. 31, 2007, from US$181.3 million for the second quarter ended Aug. 31, 2006. Equity in earnings of equity method investees rose to US$80.1 million from US$200,000 for the same period last year. The decrease in operating income and the increase in equity earnings for second quarter 2008 were primarily due to the impact of reporting US$78.8 million of equity earnings from the Crown Imports joint venture under the equity method. "Our Crown Imports joint venture is gaining traction and we look for continued growth as we strive to maximize the long-term potential for Corona and the other brands in the joint venture's leading imported beer portfolio in the U.S.," stated Sands. For the second quarter, acquisition-related integration costs, restructuring and related charges and unusual items totaled US$8.0 million, compared with US$53.9 million for the prior year. Net income was also impacted by interest expense, which increased 20% to US$86.7 million for second quarter 2008, primarily due to the financing of the SVEDKA acquisition and US$500 million of share repurchases. Due to strong free cash flow generated during the quarter, total debt decreased by more than US$200 million from first quarter levels. At Aug. 31, 2007, the company's consolidated balance sheet showed US$9.73 billion in total assets, US$6.54 billion in total liabilities, and US$3.19 in total stockholders' equity. Share Repurchases During the second quarter, the company received an additional 900,000 shares under the accelerated share repurchase transaction announced in May 2007, which completed the transaction. The company did not make any additional cash payments in connection with receipt of these shares. For the first half of fiscal 2008, the company purchased 21.3 million shares of its class A common stock through a combination of open market repurchases and an accelerated share repurchase transaction at an aggregate cost of US$500 million, or an average of US$23.44 per share. About Constellation Brands Headquartered in Fairport, New York, Constellation Brands Inc. (NYSE: STZ, ASX: CBR) -- http://www.cbrands.com/-- is an international producer and marketer of beverage alcohol in the wine, spirits and imported beer categories, with significant market presence in the U.S., Canada, U.K., Chile, Australia and New Zealand. The company has more than 250 brands in its portfolio, sales in approximately 150 countries and operates approximately 60 wineries, distilleries and distribution facilities. * * * Constellation Brands Inc. still carries Fitch Ratings' BB- Issuer Default Rating last placed on March 2, 2007. Fitch said the rating outlook is negative. =============== C O L O M B I A =============== INTERCONEXION ELECTRICA: Okays Additional 53 Mil. Stock Offering ---------------------------------------------------------------- Colombian state transmission company Interconexion Electrica SA said in a filing with the nation's financial regulator Superfinanciera that its board has authorized a new stock offering to put an additional 53 million shares in the firm on the market. Published reports say that once issued, about 324 million shares, or 31.77% of Interconexion Electrica, will be held by the private sector. Business News Americas relates that Interconexion Electrica cancelled the planned emission of 59.2 million shares in July 2007 due to unfavorable market conditions. According to BNamericas, no date was set for the new share sale. Interconexion Electrica was waiting for optimal market conditions, the press says. As reported in the Troubled Company Reporter-Latin America on March 8, 2007, Standard & Poor's Ratings Services raised its foreign currency long-term corporate credit rating on Interconexion Electrica S.A. E.S.P. to 'BB+' from 'BB' and affirmed the 'BBB-' local currency rating on the company. S&P said the outlook is stable. UNIFI INC: Elects Ronald L. Smith as Chief Financial Officer ------------------------------------------------------------ Unifi, Inc., has elected Ronald L. Smith as the company's Chief Financial Officer effective Oct. 4, 2007. Mr. Smith is replacing William M. Lowe, Jr., who has left the company. Mr. Smith, who last week was named the company's Vice President of Finance and Treasurer, joined Unifi in November 1994 and has held positions as Controller, Chief Accounting Officer and Director of Business Development and Corporate Strategy. He most recently held the position of Treasurer and had additional responsibility for Investor Relations. Prior to joining Unifi, Mr. Smith was with the accounting firm of Ernst and Young. Mr. Smith is a CPA and received his bachelor's degree in business administration, with a major in accounting, from Wake Forest University. "We are pleased that Ron has accepted this opportunity to lead the financial organization of our Company. Ron brings a well- rounded financial background to the executive team, and we are confident in his abilities to execute our financial strategies in the future," said Bill Jasper, President and Chief Executive Officer of Unifi. "We are excited to have a management team in place at Unifi that is experienced, engaged and committed to bringing the Company back to profitability as soon as possible," continued Mr. Jasper. Headquartered in Greensboro, North Carolina, Unifi, Inc. -- http://www.unifi-inc.com/-- is a diversified producer and processor of multi-filament polyester and nylon textured yarns and related raw materials. The Company adds value to the supply chain and enhances consumer demand for its products through the development and introduction of branded yarns that provide unique performance, comfort and aesthetic advantages. Key Unifi brands include, but not limited to: Sorbtek(R), A.M.Y.(R), Mynx(TM) UV, Reflexx(R), MicroVista(R) and Satura(R). Unifi's yarns and brands are readily found in home furnishings, apparel, legwear and sewing thread, as well as industrial, automotive, military and medical applications. The company operates in Latin America through its subsidiaries UNIFI Latin America S.A. and UNIFI do Brasil Ltda, which are headquartered in Colombia and Brazil, respectively. * * * As of Aug. 8, 2007, the company holds Moody's B3 long-term corporate family rating and probability of default rating. The company's senior secured debt is also rated at Caa1. Moody's said the rating outlook is stable. =================== C O S T A R I C A =================== SAMSONITE CORP: S&P Holds BB- Corp. Credit Rating on Watch Neg. --------------------------------------------------------------- Standard & Poor's Ratings Services' ratings on luggage manufacturer Samsonite Corp., including the 'BB-' corporate credit rating, would remain on CreditWatch with negative implications, pending completion of the company's acquisition by CVC Capital Partners, which is expected to close in the fourth quarter of calendar 2007. Samsonite had reported debt outstanding of about US$553 million at July 31, 2007. The company was initially placed on CreditWatch on July 5, 2007, following the announcement that Samsonite had entered into a written consent and voting agreement to be acquired by CVC Capital Partners for about US$1.7 billion in cash, including the assumption of debt. Samsonite recently disclosed that total funded debt outstanding at the close of the transaction is expected to be about US$1.3 billion. The transaction is still subject to receipt of regulatory approval, as well as satisfaction of other customary closing conditions. Samsonite's pro forma capital structure has not yet been finalized and details about the financing have not been disclosed. However, based on the company's expectation that funded debt will total about US$1.3 billion at the close of the transaction, S&P believes credit measures will weaken substantially from current levels, including the potential for leverage to be well over 8. "As a result, we expect that Samsonite's ratings will be lowered to the 'B' category," said S&P's credit analyst Christopher Johnson. To resolve the CreditWatch, S&P's will meet with management to discuss the financing of the planned transaction and the company's operating trends. The company's expected very high debt leverage and operating strategy after the transaction will be key areas of focus. Samsonite is a leading manufacturer, marketer and distributor of luggage and travel-related products. The company's owned and licensed brands, which include Samsonite, American Tourister, Sammies, Lacoste and Timberland, are sold globally through external retailers and 284 company-owned stores. Net sales for the 12-month period ended Apr. 30, 2007 approached US$1.1 billion. Executive offices are located in London, England. The company has global locations in Aruba, Australia, Costa Rica, Indonesia, India, Japan, and the United States among others. =================================== D O M I N I C A N R E P U B L I C =================================== BANCO BHD: Acquires Republic Bank's Assets ------------------------------------------ Banco BHD told Dominican Today that it has acquired the Republic Bank's assets for an undisclosed amount. The Dominican Republic Monetary Board authorized the transaction on Sept. 13, 2007, Dominican Today notes, citing Banco BHD. Banco BHD told Dominican Today that the Republic Bank acquisition is part of the bank's growth strategy and new business that it is developing in the Dominican Republic. This would consolidate the bank's positioning in the country's commercial banking market. According to Banco BHD's press statement, the two banks "would be transferring their business customer's accounts and would also convert their operating systems. Completion for these processes was set for Oct. 8, 2007. Banco BHD told Dominican Today that the Republic Bank is the second operation it has held with Republic Bank in the Dominican Republic. Dominican Today relates that the previous operation was conducted in September 2006 when Banco BHD acquired the Republic Bank's business portfolio. Banco BHD is a privately owned commercial bank in the Dominican Repu