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, October 11, 2007, Vol. 8, Issue 202 Headlines A R G E N T I N A ALITALIA SPA: Names Six Suitors for Italy's 49.9% Stake ARBOS DISENOS: Proofs of Claim Verification Deadline Is Dec. 12 B&A PRODUCCIONES: Proofs of Claim Verification Ends on Dec. 11 BALL CORP: Reports Settlement Over Breach of Contract Dispute C.G. MAR: Trustee Filing Individual Reports in Court Tomorrow CLUB SOCIAL: Trustee Verifies Proofs of Claim Until Oct. 31 CODEPRO SA: Trustee Filing Individual Reports in Court Tomorrow FARMINTER SA: Creditors Voting on Settlement Plan Tomorrow GRUPO EMPRESARIO: Trustee Filing General Report Tomorrow L AMPHITRYON: Creditors Voting on Settlement Plan Tomorrow LPG ARGENTINA: Trustee Filing Individual Reports on Feb. 1 NOSSE BOX: Seeks for Reorganization Okay from Buenos Aires Court PANIFICACION RIVADAVIA: Claims Verification Deadline Is Nov. 5 R.G. POLERO: Trustee Filing Individual Reports in Court Tomorrow SOLICITAS SRL: Proofs of Claim Verification Ends on Nov. 22 TELEFONICA DE ARGENTINA: Eyes Over 1MM Broadband Users in 2008 TELEFONICA DE ARGENTINA: Inks Technology Pact with Bahia Blanca TRANSPORTES CADAM: Trustee Filing Individual Reports Tomorrow WORLD COVER: Proofs of Claim Verification Is Until Nov. 28 * ARGENTINA: Tomato Price Hike Results to Boycott B A R B A D O S HILTON HOTELS: Amends Offer for 8.000% Quarterly Interest Bonds B E R M U D A INTELSAT LTD: Inks National Hockey Network Transmission Pact REFCO INC: Customers Sue Thomas Lee & Other Former Directors SEA CONTAINERS: Wants to Allocate Funds to Two Non-Debtor Units B O L I V I A INT'L PAPER: Paying US$0.25 Per Share Quarterly Dividends * BOLIVIA: Gets US$10-Million Loan to Help Education Reforms B R A Z I L AMERICAN AIRLINES: Inks Exclusive Opaque Deal with Priceline.com BRASIL TELECOM: Launching Prepaid Fixed Line Service on Oct. 22 COSAN SA: Commenced Tender Offer & Consent Solicitation EMI GROUP: Converts US$243 Million Guaranteed Bonds FERRO CORP: Opens Solar Paste Production Facility in China GERDAU SA: Looks for Expansion Partners in Asia GERDAU AMERISTEEL: Announces Revision of Financial Information HERCULES INC: Earns US$34.5 Million in Second Qtr. Ended June 30 NRG ENERGY: Earns US$149 Million in Second Quarter Ended June 30 PRIDE INTERNATIONAL: Morgan Keegan Keeps Market Perform Rating C A Y M A N I S L A N D S ELYSEE LTD: Sets Final Shareholders Meeting for Nov. 1 ENSEC HOME: Holding Final Shareholders Meeting on Nov. 1 LAKEPORT INVESTMENTS: Final Shareholders Meeting Is on Nov. 1 MERCOSUR OPPORTUNITY: Sets Final Meeting for Nov. 1 MOTHERROCK ENERGY: Final Shareholders Meeting Is on Nov. 1 PINE INVESTMENTS: Will Hold Final Shareholders Meeting on Nov. 1 SAILFISH GLOBAL: Sets Final Shareholders Meeting for Nov. 1 SAILFISH GLOBAL (MASTER): Last Shareholders Meeting Is on Nov. 1 SUPER H: Will Hold Final Shareholders Meeting on Nov. 1 TATI LTD: Holding Final Shareholders Meeting on Nov. 1 C O L O M B I A ALCATEL-LUCENT: Eyes Up To 8 LatAm Internet Protocol TV Projects BRIGHTPOINT INC: Subsidiary Signs Distribution Pact with e2GO * COLOMBIA: To Open Gas Pipeline with Venezuela, Minister Says C O S T A R I C A U.S. AIRWAYS: Flight Attendants to Hold Rally on October 16 * COSTA RICA: CAFTA Referendum Shows Favorable Results D O M I N I C A N R E P U B L I C AES CORPORATION: To Offer US$500 Million Unsecured Senior Notes E C U A D O R PETROECUADOR: Oil Output Is at 255,082 Barrels Per Day in August * ECUADOR: Will Audit 1980s & 1990s Oil Contracts E L S A L V A D O R AES CORP: Fitch Rates US$500 Million Senior Notes at BB/RR1 AES CORP: Moody's Puts B1 Rating on US$500 Mil. Proposed Notes AES CORP: S&P Affirms Corporate Credit Rating at BB- G U A T E M A L A IMAX CORP: Will Restate Financial Records on Real Estate Leases G U Y A N A DIGICEL GROUP: Phone Tower May Cause Private Property Collapse M E X I C O ACCELLENT INC: Selects Robert Kirby as President & CEO DURA AUTOMOTIVE: Noteholders Appeal Amendment to Backstop Deal GRUPO MEXICO: Court Allows Cananea Strike To Continue PRIDE INTERNATIONAL: Robert Phillips Joins Board of Directors UNITED RENTALS: Fitch Affirms BB- Issuer Default Rating P E R U CUMMINS INC: Paying 25 Cents Per Share Dividend on Nov. 30 * PERU: State Firm Inks Hydrocarbons Pact with Reliance P U E R T O R I C O ADVANCED MEDICAL: Names M. Lambert as Chief Financial Officer DORAL FINANCIAL: Hires Denise Segarra Sacarello as Senior VP FOOT LOCKER: S&P Lowers Corporate Credit Rating to BB GENESCO INC: Declares Dividends for Quarter Ending Nov. 3 KOOSHAREM CORP: S&P Assigns B+ Rating on US$84 Mln. Bank Loan NEWCOMM WIRELESS: Court Confirms Chapter 11 Liquidation Plan T R I N I D A D & T O B A G O DIGICEL: Court Grants Plea To Have 3 Directors in Proceedings V E N E Z U E L A ARVINMERITOR INC: Signs Six-Year Contract with Electronic Data CHRYSLER LLC: UAW Strike Deadline Looms, Contract Talks Stall PETROLEOS DE VENEZUELA: Orinoco Has 100B Barrels in Oil Reserves SHAW GROUP: Bags Deals fron Army Corps & Dept. of Agriculture * VENEZUELA: To Open Gas Pipeline with Colombia, Minister Says - - - - - ================= A R G E N T I N A ================= ALITALIA SPA: Names Six Suitors for Italy's 49.9% Stake ------------------------------------------------------- Maurizio Prato, chairman of Alitalia S.p.A., informed the Board of Directors that the company has established contacts, through the financial advisor Citi, with a significant number of financial and industrial subjects, both European and non- European. Following the analysis of the industrial advisor Roland Berger, the Board has resolved to carry out discussions to assess the interest of: -- OAO Aeroflot, -- Air France-KLM, -- AP Holding S.p.A., -- Cordata Baldassarre, -- Deutsche Lufthansa AG, -- TPG Capital. Alitalia said it intends to complete such discussions in the shortest possible timeframe. About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/ -- provides air travel services for passengers and air transport of cargo on national, international and inter-continental routes. The Italian government owns 49.9% of Alitalia. The company has operations in Argentina. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia posted EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked annual net losses of EUR520 million in 2003, EUR813 million in 2004, EUR168 million in 2005, and EUR625.6 million in 2006. ARBOS DISENOS: Proofs of Claim Verification Deadline Is Dec. 12 --------------------------------------------------------------- Alejandro S. Fontenla, the court-appointed trustee for Arbos Disenos SA's bankruptcy proceeding, verifies creditors' proofs of claim until Dec. 12, 2007. Mr. Fontenla will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 5 in Buenos Aires, with the assistance of Clerk No. 9, 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 Arbos Disenos 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 Arbos Disenos' accounting and banking records will be submitted in court. La Nacion didn't state the reports submission deadlines. Mr. Fontenla is also in charge of administering Arbos Disenos' assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Arbos Disenos SA Quirno 943 Buenos Aires, Argentina The trustee can be reached at: Alejandro S. Fontenla Alsina 1170 Buenos Aires, Argentina B&A PRODUCCIONES: Proofs of Claim Verification Ends on Dec. 11 -------------------------------------------------------------- Elba Nelida Staniscia, the court-appointed trustee for B&A Producciones Servicios de Marketing S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of claim until Dec. 11, 2007. Ms. Staniscia 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 B&A Producciones 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 B&A Producciones' accounting and banking records will be submitted in court. Infobae didn't state the reports submission deadlines. Ms. Staniscia is also in charge of administering B&A Producciones' assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Elba Nelida Staniscia Avenida Rivadavia 3320 Buenos Aires, Argentina BALL CORP: Reports Settlement Over Breach of Contract Dispute ------------------------------------------------------------- Ball Corporation has announced today that Ball Metal Beverage Container Corp. and Miller Brewing Company had settled their dispute regarding an alleged breach of contract by Ball Metal. Under the settlement, Ball Metal will continue to supply all of Miller's beverage can and end requirements through 2015. Miller Brewing Co. is one of Ball Metal's largest customers. Ball Metal will make a one-time payment to Miller in January 2008 of approximately US$70 million to resolve various business issues between the parties, who have also agreed to make certain adjustments to the provisions of Ball Metal's supply arrangements with Miller. Further details of the settlement are confidential. The overall settlement will result in a third quarter charge to Ball of approximately US$86 million (approximately US$52 million after tax). "We are pleased to have this dispute behind us and that the good faith mediation process resulted in this settlement," said R. David Hoover, chairman, president and CEO of Ball Corporation. "We value Miller Brewing Company's business and are proud to have been a past recipient of numerous supplier awards from Miller. We look forward to performing to the same high level that merited these awards during the remaining eight-plus years of our contract." Ball Corporation is a supplier of high-quality metal and plastic packaging products for beverage, food and household customers, and of aerospace and other technologies and services, primarily for the U.S. government. Ball Corporation and its subsidiaries employ more than 15,500 people worldwide and reported 2006 sales of US$6.6 billion. 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, Hong Kong and China. * * * As of July 30, 2007, the company holds Moody's Ba1 long-term corporate family rating, bank loan debt, senior unsecured debt, and probability of default rating. Moody's said the outlook is stable. Standard & Poor's rates the company's long-term foreign and local issuer credits at BB+ with a stable outlook. Fitch also rates the company's bank loan debt at BB+ and long- term issuer default rating and senior unsecured debt at BB. Fitch said the outlook is stable. C.G. MAR: Trustee Filing Individual Reports in Court Tomorrow ------------------------------------------------------------- Juan Jose Rezzuto, the court-appointed trustee for C.G. Mar S.A.'s bankruptcy proceeding, will present the validated claims as individual reports the National Commercial Court of First Instance in Mar del Plata, Buenos Aires, on Oct. 12, 2007. Mr. Rezzuto verified creditors' proofs of claim on Aug. 31, 2007. He will submit a general report containing an audit of C.G. Mar's accounting and banking records will be submitted in court on Nov. 23, 2007. Mr. Rezzuto is also in charge of administering C.G. Mar's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: C.G. Mar S.A. Belgrano 10.165, Mar del Plata Buenos Aires, Argentina The trustee can be reached at: Juan Jose Rezzuto Rivadavia 3174, Mar del Plata Buenos Aires, Argentina CLUB SOCIAL: Trustee Verifies Proofs of Claim Until Oct. 31 ----------------------------------------------------------- Betina Isabel Coco, the court-appointed trustee for Club Social Defensores de Cambaceres' reorganization proceeding, verifies creditors' proofs of claim until Oct. 31, 2007. Ms. Coco will present the validated claims in court as individual reports on Dec. 18, 2007. The National Commercial Court of First Instance in La Plata, 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 Club Social 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 Club Social's accounting and banking records will be submitted in court on Jan. 17, 2008. The debtor can be reached at: Club Social Defensores de Cambaceres San Martin 715, Ensenada Buenos Aires, Argentina The trustee can be reached at: Betina Isabel Coco Calle 11, Numero 467 La Plata, Buenos Aires CODEPRO SA: Trustee Filing Individual Reports in Court Tomorrow --------------------------------------------------------------- Sebastian Barletta, the court-appointed trustee for Codepro 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. 12, 2007. Mr. Barletta verified creditors' proofs of claim until Aug. 31, 2007. He will file a general report containing an audit of Codepro's accounting and banking records will be submitted in court on Nov. 23, 2007. Mr. Barletta is also in charge of administering Codepro's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Sebastian Barletta Norberto de la Riestra 1209 Buenos Aires, Argentina FARMINTER SA: Creditors Voting on Settlement Plan Tomorrow ---------------------------------------------------------- Farminter S.A.'s creditors will vote on a settlement plan that the company will lay on the table on Oct. 12, 2007. Ester A. Ferraro, the court-appointed trustee for Farminter's reorganization proceeding, verified creditors' proofs of claim until Nov. 30, 2006. She presented the validated claims in court as individual reports on Feb. 15, 2007. She also submitted a general report containing an audit of Farminter's accounting and banking records on March 29, 2007. The trustee can be reached at: Ester A. Ferraro Esmeralda 960 Buenos Aires, Argentina GRUPO EMPRESARIO: Trustee Filing General Report Tomorrow -------------------------------------------------------- Isabel A. Ramirez, the court-appointed trustee for Grupo Empresario de Servicios Eventuales S.A.'s bankruptcy proceeding, will file a general report containing an audit of Grupo Empresario's accounting and banking records in the National Commercial Court of First Instance in Buenos Aires on Oct. 12, 2007. Ms. Ramirez verified creditors' proofs of claim until June 26, 2007. She presented the validated claims in court as individual reports on Aug. 31, 2007. Ms. Ramirez is also in charge of administering Grupo Empresario's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Grupo Empresario de Servicios Eventuales S.A. Uruguay 239 Buenos Aires, Argentina The trustee can be reached at: Isabel A. Ramirez Tte. Gral. Juan D. Peron 2082 Buenos Aires, Argentina L AMPHITRYON: Creditors Voting on Settlement Plan Tomorrow ---------------------------------------------------------- L Amphitryon S.R.L.'s creditors will vote on a settlement plan that the company will lay on the table on Oct. 12, 2007. Luis Di Cesare Luis, the court-appointed trustee for L Amphitryon's reorganization proceeding, verified creditors' proofs of claim until Nov. 30, 2006. She presented the validated claims in court as individual reports. She also submitted a general report containing an audit of L Amphitryon's accounting and banking records. The debtor can be reached at: L Amphitryon S.R.L. Vidal 2016 Buenos Aires, Argentina The trustee can be reached at: Luis Di Cesare Luis Sarmiento 2333 Buenos Aires, Argentina LPG ARGENTINA: Trustee Filing Individual Reports on Feb. 1 ---------------------------------------------------------- Gustavo Pagliere, the court-appointed trustee for LPG Argentina SA's bankruptcy proceeding, will present the validated claims as individual reports in the National Commercial Court of First Instance No. 9 in Buenos Aires on Feb. 1, 2008. Mr. Pagliere verified creditors' proofs of claim until Nov. 19, 2007. He will submit in court a general report containing an audit of LPG Argentina's accounting and banking records on March 14, 2008. Mr. Pagliere is also in charge of administering LPG 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: LPG Argentina SA Paraguay 1178 Buenos Aires, Argentina The trustee can be reached at: Gustavo Pagliere Tucuman 1424 Buenos Aires, Argentina NOSSE BOX: Seeks for Reorganization Okay from Buenos Aires Court ---------------------------------------------------------------- Nosse Box S.R.L. has requested for reorganization approval after failing to pay its liabilities. The reorganization petition, once approved by the court, will allow Nosse Box 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 in Buenos Aires. The debtor can be reached at: Nosse Box S.R.L. Almirante Segui 1251, Departamento 4 Buenos Aires, Argentina PANIFICACION RIVADAVIA: Claims Verification Deadline Is Nov. 5 -------------------------------------------------------------- Luis Alberto Ortiz, the court-appointed trustee for Panificacion Rivadavia S.R.L.'s reorganization proceeding, verifies creditors' proofs of claim until Nov. 5, 2007. Mr. Ortiz will present the validated claims in court as individual reports. The National Commercial Court of First Instance in San Miguel de Tucuman, Tucuman, 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 Panificacion Rivadavia 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 Panificacion Rivadavia's accounting and banking records will be submitted in court. Infobae didn't state the reports submission deadlines. The debtor can be reached at: Panificacion Rivadavia S.R.L. Rivadavia 1197, San Miguel de Tucuman Tucuman, Argentina The trustee can be reached at: Luis Alberto Ortiz Benjamin Villafane 1450, San Miguel de Tucuman Tucuman, Argentina R.G. POLERO: Trustee Filing Individual Reports in Court Tomorrow ---------------------------------------------------------------- Analia Fernanda Calvo, the court-appointed trustee for R.G. Polero y Asociados 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. 12, 2007. Ms. Calvo verified creditors' proofs of claim until Aug. 31, 2007. She will submit a general report containing an audit of R.G. Polero's accounting and banking records will be submitted in court on Nov. 23, 2007. Ms. Calvo is also in charge of administering R.G. Polero's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Analia Fernanda Calvo Montevideo 589 Buenos Aires, Argentina SOLICITAS SRL: Proofs of Claim Verification Ends on Nov. 22 ----------------------------------------------------------- Adriana B. Benzer, the court-appointed trustee for Solicitas SRL's bankruptcy proceeding, verifies creditors' proofs of claim until Nov. 22, 2007. Ms. Benzer will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 6 in Buenos Aires, with the assistance of Clerk No. 12, 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 Solicitas 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 Solicitas' accounting and banking records will be submitted in court. La Nacion didn't state the reports submission deadlines. Ms. Benzer is also in charge of administering Solicitas' assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Solicitas SRL Boedo 529 Buenos Aires, Argentina The trustee can be reached at: Adriana B. Benzer Suipacha 576 Buenos Aires, Argentina TELEFONICA DE ARGENTINA: Eyes Over 1MM Broadband Users in 2008 -------------------------------------------------------------- Telefnica de Argentina's strategy director Ronald Uthurralt told the press that the firm would have over one million broadband connections next year, compared to 800,000 connections expected this year. Business News Americas relates that Mr. Uthurralt said at the Expocomm 2007 event in Buenos Aires that Telefonica de Argentina will boost investment in the broadband sector next year. However, it is yet to define exactly how much. Mr. Uthurralt told BNamericas, "The broadband and mobile telephony segments both demand increasing investment across the country." BNamericas notes that Movistar, Telefonica de Argentina's mobile unit, will focus much of its 2008 investment plan to the expansion of coverage for its 3G service, which was launched in limited areas of Buenos Aires in July 2007. "Plans for next year include the expansion of 3G coverage in greater Buenos Aires area. We expect to reach other cities in the provinces in 2009 although this plan could go faster," Mr. Uthurralt commented to BNamericas. Mr. Uthurralt explained to BNamericas that the 3G service is chiefly to provide mobile broadband for the corporate segment. Telefonica de Argentina would launch mobile broadband to the residential segment next year. Meanwhile, Telefonica de Argentina's wholesale business director Jos Luis Aiello told BNamericas that although Argentine regulations disallows telcommunications firms to offer Internet protocol television, the firm already has the required technology to begin offering the services. According to BNamericas, the Argentine federal broadcasting committee Comfer's head Julio Brbaro had reminded Telefonica de Argentina that it will encounter regulatory problems once it tries to launch the television services this year. "We will not launch any product [if it means going] against local regulations," Mr. Aiello told BNamericas. 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. TELEFONICA DE ARGENTINA: Inks Technology Pact with Bahia Blanca --------------------------------------------------------------- Telefonica de Argentina said in a statement that it has signed an accord with the Bahia Blanca state to improve information technology implementation for educational projects. Business News Americas relates that Telefonica de Argentina will collaborate with Bahia Blanca to develop educational, social and cultural projects using new technologies. According to BNamericas, the accord stipulates that six schools in Bahia Blanca will be provided with "interactive classrooms," including: -- personal computers, -- broadband connections, and -- training programs. Three universities will also be supplied with wireless broadband, 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. TRANSPORTES CADAM: Trustee Filing Individual Reports Tomorrow ------------------------------------------------------------- Jorge Garcia, the court-appointed trustee for Transportes Cadam 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. 12, 2007. Mr. Garcia verified creditors' proofs of claim Aug. 31, 2007. He will present a general report containing an audit of Transportes Cadam's accounting and banking records in court on Nov. 26, 2007. Mr. Garcia is also in charge of administering Transportes Cadam'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 Garcia Uruguay 572 Buenos Aires, Argentina WORLD COVER: Proofs of Claim Verification Is Until Nov. 28 ---------------------------------------------------------- Raul Alberto Sena, the court-appointed trustee for World Cover S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of claim until Nov. 28, 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 World Cover 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 World Cover's accounting and banking records will be submitted in court. Infobae didn't state the reports submission deadlines. Mr. Sena is also in charge of administering World Cover'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 * ARGENTINA: Tomato Price Hike Results to Boycott ------------------------------------------------- Jude Webber at the Financial Times reports that consumer groups in Argentina have launched week-long boycotts of tomatoes after prices rose to almost US$6 per kilo last week. Food prices in Argentina are rising at 22.5%, higher than any other sector in the country, according to Fausto Spotorno at private consultancy firm OJF, the FT relates. Experts suspect that inflation figures in the South American country is manipulated. The FT says that President Nestor Kirchner has defended figures released by the National Statistics Institute's. He said that the figures are "perfect," despite months of apparent government manipulation of data, the FT notes. Economists predict inflation to end the year at 15% to 20%, twice that of what the government reports, the FT says. Meanwhile, the consumer groups who staged the boycott succeeded in lowering tomato prices to US$3.20 per kilo. By Tuesday, the salad garnish was selling at US$1.90 a kilo, the FT states, quoting producers. Tomato growers blamed the frost coming from Brazil's direction for the increase in prices. They claimed that production has lowered considerably, driving the increase in prices. * * * Fitch Ratings assigned these ratings on Argentina: Rating Rating Date ------ ----------- Country Ceiling B+ Aug. 1, 2006 Local Currency Long Term Issuer B Aug. 1, 2006 Short Term IDR B Dec. 14, 2005 Long Term IDR RD Dec. 14, 2005 =============== B A R B A D O S =============== HILTON HOTELS: Amends Offer for 8.000% Quarterly Interest Bonds --------------------------------------------------------------- Hilton Hotels Corporation has amended further its previously announced tender offer and consent solicitation for its 8.000% Quarterly Interest Bonds due 2031. Hilton has determined to amend the terms of its tender offer and consent solicitation for the Bonds to increase the Bonds Total Consideration offered to holders who tender their Bonds at or prior to the Amended Consent Payment Deadline. The total consideration for each US$25.00 principal amount of the Bonds validly tendered and not validly withdrawn pursuant to the tender offer and consent solicitation for the Bonds at or prior to the Amended Consent Payment Deadline has been increased to US$25.25 (such price being rounded to the nearest US$0.01). Hilton has also extended the consent payment deadline applicable to the tender offer and consent solicitation for the Bonds. The revised consent payment deadline applicable to the Bonds is 5:00 p.m., New York City time, on Oct. 16, 2007, unless extended or terminated by Hilton in its sole discretion (as the same may be modified, the "Amended Consent Payment Deadline"). Holders of Bonds must validly tender and not validly withdraw their Bonds at or prior to the Amended Consent Payment Deadline in order to be eligible to receive the Bonds Total Consideration pursuant to the tender offer and consent solicitation for the Bonds. Holders of Bonds validly tendering and not validly withdrawing their Bonds after the Amended Consent Payment Deadline and at or prior to the Offer Expiration Date will be eligible to receive only the Bonds tender offer consideration, which is equal to the Bonds Total Consideration (US$25.25 per US$25.00 principal amount of Bonds) less the consent payment (US$1.00 per US$25.00 principal amount of Bonds). Except as described in this press release, the other terms of the tender offers and consent solicitations for Hilton's 7.625% Notes due 2008, 7.200% Notes due 2009, 8.250% Notes due 2011, 7.625% Notes due 2012, 7.500% Notes due 2017, 7.430% Chilean Inflation-Indexed Notes due 2009 and the Bonds, remain unchanged. The tender offer for each issue of Securities will expire at 8:00 a.m., New York City time, on Oct. 24, 2007, unless extended or earlier terminated by Hilton in its sole discretion. As indicated in the Offer to Purchase, it is expected that the Offer Expiration Date will be extended to coincide with the date that the Merger becomes effective. Each tender offer and consent solicitation is being made independently of the other tender offers and consent solicitations and Hilton reserves the right to terminate, withdraw or amend each tender offer and consent solicitation independently of the other tender offers and consent solicitations at any time and from time to time. The tender offers and consent solicitations relating to the Securities are made upon the terms and conditions set forth in Hilton's Offer to Purchase and Consent Solicitation Statement dated Sept. 12, 2007, and the related Consent and Letter of Transmittal, as previously amended and as amended hereby. The tender offers and consent solicitations are being conducted in connection with the previously announced merger agreement that provides for the acquisition of Hilton by BH Hotels LLC, an entity controlled by investment funds affiliated with The Blackstone Group L.P. The tender offers and consent solicitations are subject to the satisfaction of certain conditions, including the Merger having occurred, or such Merger occurring substantially concurrent with the Offer Expiration Date. However, the completion of the tender offers and consent solicitations is not a condition to completion of the Merger. Hilton has retained Bear, Stearns & Co. Inc. and UBS Investment Bank to act as the lead Dealer Managers for the tender offers and lead Solicitation Agents for the consent solicitations, and they can be contacted at (877) 696-BEAR (toll-free) ((212) 272-5112 (collect)) and (888) 719-4210 (toll-free) ((203) 719-4210 (collect)), respectively. Banc of America Securities LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Lehman Brothers Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley & Co. Incorporated are also acting as Dealer Managers and Solicitation Agents in connection with the tender offers and the consent solicitations. Requests for documentation may be directed to Global Bondholder Services Corporation, the Information Agent, which can be contacted at (212) 430-3774 (for banks and brokers only) or (866) 924-2200 (for all others toll-free). Headquartered in Beverly Hills, California, Hilton Hotels Corp. -- http://www.hilton.com/-- together with its subsidiaries, engages in the ownership, management, and development of hotels, resorts, and timeshare properties, as well as in the franchising of lodging properties in the United States and internationally, including Australia, Austria, Barbados, Finland, India, Indonesia, Trinidad and Tobago, Philippines and Vietnam. * * * As reported on May 1, 2007, Standard & Poor's Ratings Services said its rating and outlook on Hilton Hotels Corp. (BB+/Stable/--) would not be affected by the company's announcement that it has entered into an agreement with Morgan Stanley Real Estate to sell up to 10 hotels for approximately US$612 million in proceeds (net of property level debt repayment, taxes, and transaction costs). Upon the close of the transactions, Hilton Hotels plans to use the net proceeds to repay debt. Standard & Poor's rating upgrade for Hilton Hotels in March 2007 incorporated the expectation that the company would sell a meaningful level of additional assets over the near term, which would likely lead to additional debt reduction. Still, Standard & Poor's is encouraged by the expected transaction multiple related to today's announcement. If the lodging transaction market remains strong, enabling Hilton Hotels to generate substantial proceeds from remaining asset sales, if these proceeds are used for debt reduction, and if the lodging environment remains strong, an outlook revision to positive could be considered as 2007 progresses. Any movement signaling the potential for a higher rating will depend on Hilton Hotels's commitment to maintaining credit measures aligned with higher ratings over the lodging cycle. In February 2007, Moody's Investors Service upgraded Hilton Hotels Corporation's corporate family rating to Ba1 from Ba2 reflecting a reduction in leverage from a faster than expected pace of asset sales and strong earnings during 2006. Adjusted debt to EBITDAR has improved to around 5.0x from 6.0x in January 2006. ============= B E R M U D A ============= INTELSAT LTD: Inks National Hockey Network Transmission Pact ------------------------------------------------------------ Intelsat Ltd. has signed a contract with the National Hockey League Network for distribution services of its new HD channel. The NHL Network transmission agreement is for full-time Intelsat capacity throughout the continental United States. The NHL Network, the League's 24-hour HD sports network, will transmit via Intelsat's Galaxy 15 satellite, located at 133 degree W. Intelsat's Galaxy 15 satellite resides within Intelsat's Galaxy neighborhood, and reaches thousands of cable headends, making it ideal for this channel launch. "Key cable distribution access is paramount for us as we begin the launch campaign for our HD channel," said Patti Fallick, NHL Group Vice President of Media Operations and Planning. "Intelsat's flexible network, market access and in-orbit redundancy helps ensure near- and long-term business growth for our new channel." "High Definition is truly at its tipping point and its growth continues to be fueled by sports programming," said Ron Rosenthal, Intelsat's Regional Vice President, Broadcast Solutions. "Our ability to tailor customized solutions for both full-time and occasional use HD and SD video services is what continues to set us apart from other operators." The NHL Network joins a list of anchor tenants, such as FOX, ESPN and HBO, who rely on Intelsat's Galaxy neighborhood for transmission of their HD programming. Globally, Intelsat currently supports more than 26 HD channels. Intelsat, headquartered in Bermuda, is the largest fixed satellite service operator in the world and is owned by Apollo Management, Apax Partners, Madison Dearborn, and Permira. As reported in the Troubled Company Reporter-Latin America on June 22, 2007, Moody's Investors placed the long-term debt ratings of the Intelsat Ltd. group of companies on review for possible downgrade. Issuer: Intelsat (Bermuda), Ltd. -- Senior Unsecured Bank Credit Facility, Placed on Review for Possible Downgrade, currently B2 -- Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Caa1 Issuer: Intelsat Corporation -- Senior Secured Bank Credit Facility, Placed on Review for Possible Downgrade, currently Ba2 -- Senior Secured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Ba2 -- Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently B2 Issuer: Intelsat Holding Corporation -- Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Caa1 Issuer: Intelsat Intermediate Holding Company, Ltd. -- Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently B3 Issuer: Intelsat Subsidiary Holding Co. Ltd. -- Senior Secured Bank Credit Facility, Placed on Review for Possible Downgrade, currently Ba2 -- Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently B2 Issuer: Intelsat, Ltd. -- Probability of Default Rating, Placed on Review for Possible Downgrade, currently B2 -- Corporate Family Rating, Placed on Review for Possible Downgrade, currently B2 -- Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Caa1 Outlook Actions: Issuer: Intelsat, Ltd. -- Outlook, Changed To Rating Under Review From Stable As reported in the Troubled Company Reporter-Latin America on June 22, 2007, Fitch Ratings placed these Intelsat Ltd. ratings on Rating Watch Negative: -- Issuer Default Rating 'B'; -- Senior unsecured notes 'CCC/RR6'. Fitch also placed the ratings of Intelsat's subsidiaries on Rating Watch Negative. Fitch placed these ratings of Intelsat subsidiaries on Rating Watch Negative: Intelsat (Bermuda), Ltd. -- Issuer Default Rating 'B'; -- Senior unsecured guaranteed notes 'BB-/RR2'; -- Guaranteed Term Loan 'BB-/RR2'; -- Senior unsecured non-guaranteed notes 'CCC+/RR6'. Intelsat Intermediate Holding Company, Ltd. (Int Holdco) -- Issuer Default Rating 'B'; -- Senior unsecured discount notes 'B-/'RR5'. Intelsat Subsidiary Holding Company, Ltd. (Sub Holdco) -- Issuer Default Rating 'B'; -- Senior secured credit facilities 'BB/RR1'; -- Senior unsecured notes 'BB-/RR2'. Intelsat Corporation (f/k/a PanAmSat Corporation) -- Issuer Default Rating (IDR) 'B'; -- Senior secured credit facilities 'BB/RR1'; -- Senior secured notes 'BB/RR1'; -- Senior unsecured notes 'B/RR4'. As reported in the Troubled Company Reporter-Latin America on June 21, 2007, Standard & Poor's Ratings Services lowered its ratings on Pembroke, Bermuda-based Intelsat Ltd. and affiliated entities, including the corporate credit rating, which was lowered to 'B+' from 'BB-'. All ratings were immediately placed on CreditWatch with negative implications. REFCO INC: Customers Sue Thomas Lee & Other Former Directors ------------------------------------------------------------ The Refco Litigation Trusts disclosed that a number of large customers of Refco Capital Markets Ltd. have filed two lawsuits against, among others, Thomas H. Lee Partners L.P., Thomas H. Lee personally, and several TH Lee representatives who served as officers and directors of Refco. The lawsuits, filed in the United States District Court for the Southern District of New York, allege violations of federal securities laws by TH Lee and related entities, the TH Lee directors, as well as a number of other former officers and directors of Refco Inc. Violations of federal securities laws by Grant Thornton, the former auditor of RCM and Refco, are also alleged in one of the two lawsuits. Pursuant to the Refco Plan of Reorganization, the proceeds of these customer claims have been assigned to the Refco Creditors' Trust. Both lawsuits allege that certain Refco officers engaged in a fraudulent scheme in which they converted securities owned by the plaintiffs, which were supposed to have been held in the custody of RCM on behalf of the plaintiffs. The lawsuits allege that, without the customers' knowledge, authorization or consent, the Refco officers directed Refco employees to sell securities belonging to the plaintiffs. The proceeds from these sales were then siphoned out of RCM and used for other purposes at Refco, allowing the defendants to create and maintain a false and misleading appearance of financial health and strength at Refco, which in turn enabled the defendants to reap large cash benefits. The lawsuits allege that the fraudulent scheme "required the participation of, and had to have been apparent to, all of the Defendants. . . Indeed, during the relevant period, the amounts stolen from RCM customer accounts dwarfed Refco's total capital." The lawsuits allege that the fraudulent scheme began prior to TH Lee's leveraged buyout of Refco in June 2004, and continued throughout the period in which TH Lee controlled and directed Refco and its affairs. The lawsuits seek hundreds of millions of dollars in damages and interest for claims relating to violation of Section 10(b) and Section 20(a) of the Exchange Act. Grant Thornton, one of the lawsuits filed alleges, would undoubtedly have uncovered the frauds at Refco if the firm had properly performed its audit function in accordance with Generally Accepted Auditing Standards. Instead, Grant Thornton "compromised its independence and made the conscious decision to conceal the massive ongoing fraud in order to keep its marquee client happy." The Complaint states, "This is not a case of an auditor overlooking a few details. Grant Thornton completely abandoned its obligations of independence, learned first-hand of the fraud, and then perpetrated that fraud by providing clean audit opinions, which it knew to be false in light of Refco's grotesque accounting manipulations." The customers in the lawsuit against Grant Thornton relied on the RCM and Refco financial statements, and Grant Thornton's audit opinions with respect to those financial statements, in determining to do business with, and entrust their securities to, RCM. As a result of that reliance, the defendants were able to perpetrate their fraudulent scheme by illegally selling customer securities without the customers' knowledge. Marc S. Kirschner, Trustee of the Refco Litigation Trusts, said, "The Refco Litigation Trusts, as previously announced, also filed suit against TH Lee, Thomas H. Lee personally, several TH Lee representatives who served as officers and directors of Refco, and related parties, pertaining to their role in the fraud and subsequent Chapter 11 filing by Refco. That lawsuit is seeking hundreds of millions of dollars in damages and penalties from TH Lee and the related parties for common law claims arising from breach of fiduciary duty, unjust enrichment and receipt of illegal dividends, as well as bankruptcy claims for fraudulent conveyances and preferences." About the Refco Litigation Trusts The two Refco Litigation Trusts were created under the Refco Plan of Liquidation, which became effective on Dec. 26, 2006. Marc S. Kirschner, the former Chapter 11 Trustee for Refco Capital Markets LLC, serves as Trustee for the Trusts. The primary purpose of the Trusts is to pursue all Refco estate claims and claims of certain electing creditors against third parties, with recoveries to be distributed in accordance with the terms of the Refco Plan of Liquidation. The Trusts have US$25 million of funding to support their pursuit of such claims. In February 2007, the Trusts retained the law firms Milbank, Tweed, Hadley, & McCloy, LLP and Quinn Emanuel Urquhart Oliver & Hedges, LLP to assist in their work and, since then, have been engaged in a comprehensive investigation of potential claims against third parties. The Trusts have filed three lawsuits against third parties involved in the Refco frauds. About Refco Inc. Based in New York, Refco Inc. -- http://www.refco.com/-- is a diversified financial services organization with operations in 14 countries and an extensive global institutional and retail client base. Refco's worldwide subsidiaries are members of principal U.S. and international exchanges, and are among the most active members of futures exchanges in Chicago, New York, London and Singapore. In addition to its futures brokerage activities, Refco is a major broker of cash market products, including foreign exchange, foreign exchange options, government securities, domestic and international equities, emerging market debt, and OTC financial and commodity products. Refco is one of the largest global clearing firms for derivatives. The Company and 23 of its affiliates filed for chapter 11 protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006). J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Luc A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP, represents the Official Committee of Unsecured Creditors. Refco reported US$16.5 billion in assets and US$16.8 billion in debts to the Bankruptcy Court on the first day of its chapter 11 cases. The Court confirmed the Modified Joint Chapter 11 Plan of Refco Inc. and certain of its direct and indirect subsidiaries, including Refco Capital Markets Ltd. and Refco F/X Associates LLC, on Dec. 15, 2006. That Plan became effective on Dec. 26, 2006. Refco Commodity's exclusive period to file a chapter 11 plan expired on Feb. 13, 2007. (Refco Bankruptcy News, Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/ or 215/945-7000) SEA CONTAINERS: Wants to Allocate Funds to Two Non-Debtor Units --------------------------------------------------------------- Sea Containers Ltd. and its debtor-affiliates ask the U.S Bankruptcy Court for the District of Delaware for permission to allocate: (a) US$300,000 of the funds remaining in the Finnjet Reserve; (b) US$100,000 of the funds received by SC Treasury from SC Opera; and (c) US$500,000 of the funds remaining in the Contingency Reserve, to their non-debtor subsidiaries, Periandros S.A. and Pualista Containers Maratismos Ltda. The US$900,000 requested allocation will be used to fund US$400,000 worth of repair and maintenance costs incurred by Periandros and US$500,000 worth of land taxes and associated legal costs incurred by Paulista, Sean T. Greecher, Esq., at Young Conaway Stargatt & Taylor, in Wilmington, Delaware, says. Mr. Greecher relates that the allocation of funds to Periandros and Paulista will allow them to satisfy certain of their outstanding liabilities, which in turn allow them to maintain the operation of their businesses for a sufficient time to allow for the marketing and maximization of the sale or disposal value of the businesses to the ultimate benefit of the Debtors' estates and creditors. 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 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 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 expires on Dec 21, 2007. (Sea Containers Bankruptcy News, Issue No. 27; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) ============= B O L I V I A ============= INT'L PAPER: Paying US$0.25 Per Share Quarterly Dividends --------------------------------------------------------- International Paper has declared a regular quarterly dividend of US$0.25 per share for the period from Oct. 1, 2007, to Dec. 31, 2007, inclusive, on its common stock. This dividend is payable on Dec. 14, 2007, to holders of record at the close of business on Nov. 16, 2007. The company also declared a regular quarterly dividend of US$1 per share for the period from Oct. 1, 2007, to Dec. 31, 2007, inclusive, on its preferred stock. This dividend is also payable on Dec. 14, 2007, to holders of record at the close of business on Nov. 16, 2007. 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. * BOLIVIA: Gets US$10-Million Loan to Help Education Reforms ------------------------------------------------------------ The World Bank's Board of Directors has approved a US$10 million loan to support the La Paz Municipal Government's education strategy by increasing access to secondary education for adolescents and young people and improving their permanence in the education system. The loan will also help to improve the quality and relevance of primary and secondary education and to strengthen the decentralized education management capacity of the Municipality. The Municipality of La Paz Secondary Education Transformation Project supports the goals set out in the new administration's National Development Plan and the Strategy of the Municipality of La Paz for 2006-2011 as outlined in the Municipal Development Plan. The loan will help to increase the number of available secondary schooling places by 19,600, representing 41 percent of current enrollment. It will also increase secondary completion rates of approximately 5,130 students at risk of educational failure -- defined as having two or more years of age/grade distortion -- through an intervention providing direct pedagogical support to such students. "Bolivia has made significant progress in expanding education access over the past few decades, having obtained a high primary enrollment of 94 percent and completion rate of 77.8 percent in 2005", said David Tuchschneider, World Bank acting Country Manager in Bolivia. "However, universal coverage in basic education remains a challenge, especially among the disadvantaged groups where dropout and repetition rates remain high and learning achievement and access to secondary education are low. Challenges in secondary education are growing", he added. Specifically, the loan will support the La Paz Municipal Government's objectives by: -- Supporting the Municipal Office of Human Development (OMDH) to promote expanded coverage in secondary education (grades 9 through 12) and completion in the upper primary (grades 7 and 8) and early secondary grades. -- Helping the Municipality to improve the quality if basic education with a focus in secondary education. -- Strengthening management capacity at the municipal and school levels to facilitate actions to improve access to and completion and quality of secondary education. This component will also develop a low-stakes testing system that can provide information on student learning while contributing to strengthening teacher's pedagogical capacities. This US$10 million loan has a 10-year grace period with a maturity of 35 years. * * * 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 =========== AMERICAN AIRLINES: Inks Exclusive Opaque Deal with Priceline.com ---------------------------------------------------------------- American Airlines Inc. has an entered into an exclusive distribution agreement with priceline.com. Terms of the agreement were not disclosed. "Opaque" refers to a type of purchase, such as priceline.com's Name Your Own Price(R), where a customer buys an airline ticket and is provided with the name of the airline and the itinerary information after the purchase is completed. By being flexible with their travel plans, priceline.com's Name Your Own Price(R) customers can save up to 40% compared to published prices found on other major online travel reservation sites. American also sells its tickets through priceline.com's Published-Price airline ticketing service. "Consumers recognize the quality, service and reliability of American Airlines, and we are pleased to be named as the exclusive opaque ticket distributor for American," said Mark Koehler, Senior Vice President, Air for priceline.com. "We believe our customers will appreciate the added savings that this partnership will deliver." "Priceline.com has worked hard to refine its Name Your Own Price(R) service into what we believe to be the most supplier- friendly opaque sales environment on the Internet today," said David Cush, Senior Vice President - Global Sales for American Airlines. "In recognition of that effort, American Airlines has decided to deepen our business relationship." About Priceline.com(R) Priceline.com Incorporated (Nasdaq: PCLN) operates priceline.com, a leading U.S. online travel service for value- conscious leisure travelers, and Booking.com, a leading international online hotel reservation service. In the U.S., priceline.com gives customers more ways to save on their airline tickets, hotel rooms, rental cars, vacation packages and cruises than any other Internet travel service. In addition to getting the best published prices, leisure travelers can narrow their searches using priceline.com's TripFilter(TM) advanced search technology, create packages to save even more money, and take advantage of priceline.com's famous Name Your Own Price(R) service, which can deliver the lowest prices available. Booking.com operates one of Europe's fastest growing hotel reservation services through a network of affiliated Web sites. Booking.com operates in 53 countries in 16 languages and offers its customers access to over 35,000 participating hotels worldwide. Priceline.com also operates the following travel websites: Travelweb.com, Lowestfare.com, RentalCars.com and BreezeNet.com. Priceline.com also has a personal finance service that offers home mortgages, refinancing and home equity loans through an independent licensee. Priceline.com licenses its business model to independent licensees, including priceline mortgage and certain international licensees. About American Airlines Inc. Based in Fort Worth, Texas, American Airlines Inc., a wholly owned subsidiary of AMR Corp., operates the largest scheduled passenger airline in the world with service throughout North America, the Caribbean, Latin America, Europe and Asia. American Airlines flies to Belgium, Brazil, Japan, among others. * * * American Airlines continues to carry Standard & Poor's Ratings Services' B rating. BRASIL TELECOM: Launching Prepaid Fixed Line Service on Oct. 22 --------------------------------------------------------------- Published reports say that Brasil Telecom will launch a prepaid fixed line service on Oct. 22, 2007. Business News Americas relates that packages of 50, 100 and 200 minutes will be available for the Controle Total service at a cost starting from BRL19.90 per month. Controle Total can be used for calls to fixed lines of any local firm and Brasil Telecom mobile phones. Additional credit can also be bought for making calls to cell phones of other operators as well as national and international long distance calls, BNamericas states. Headquartered in Brasilia, Brazil, Brasil Telecom Participacoes SA -- http://www.brasiltelecom.com.br-- is a holding company that conducts substantially all of its operations through its wholly owned subsidiary, Brasil Telecom SA. The fixed-line telecommunications services offered to the company's customers include local services, including all calls that originate and terminate within a single local area in the region, as well as installation, monthly subscription, measured services, public telephones and supplemental local services; intra-regional long-distance services, which include intrastate and interstate calls; interregional and international long-distance services; network services, including interconnection and leasing; data transmission services; wireless services, and other services. * * * To date, Brasil Telecom carries Moody's Investors Service's Ba1 senior unsecured and credit default swap ratings. COSAN SA: Commenced Tender Offer & Consent Solicitation ------------------------------------------------------- Cosan S.A. Industria e Comercio has commenced an offer to purchase for cash any and all of its outstanding 9.00% Senior Notes Due 2009, (Cusip Nos. 22111YAA3 and P31573AA9 and ISIN Nos. US22111YAA38 and USP31573AA94). In connection with the Tender Offer, Cosan is also soliciting the consents of Holders of the Notes to the adoption of certain amendments to the Notes. Cosan is seeking to amend the Notes to make the covenants and events of default in the Notes substantially consistent with the covenants and events of default set forth in its outstanding US$400.0 million 7.00% Notes Due 2017, which were issued in January 2007. The Total Consideration for each US$1,000 principal amount of Notes validly tendered and accepted for payment pursuant to the Tender Offer will be calculated as of 2:00 p.m., New York City time, on Oct. 22, 2007 (Price Determination Date) and will be an amount equal to (i) the present value on October 25, 2007 (Initial Settlement Date) of each US$1,000 principal amount of Notes and all scheduled interest payments on the Notes from the Initial Settlement Date up to and including the maturity date, discounted on the basis of a yield to the maturity date equal to the sum of (a) the bid-side yield on the reference U.S. Treasury Security listed in the table below, as calculated by the dealer manager in accordance with standard market practice, plus (b) the fixed spread listed in the table below, minus accrued and unpaid interest on the Notes from the last interest payment date to, but not including, the Initial Settlement Date (Total Consideration). Reference Reference Fixed Spread Consent Fee U.S. Treasury Source* in basis (per US$1,000 Security points) principal amount of Notes) 3.375% U.S. Treasury BBT5 +50 US$10.00 Notes due Oct. 15, 2009 * Refers to the page number on Bloomberg Government Bond Trader page BBT5. Cosan is offering a Consent Fee of USUS$10.00 for every US$1,000 principal amount of Notes to holders who validly delivered Consents to the Proposed Amendments before 5:00 p.m., New York City time, on Oct. 22, 2007 (Consent Date). The Tender Offer expires at Midnight, New York City time, on Nov. 5, 2007 (Expiration Date). Holders who participate in the Tender Offer and/or the Consent Solicitation may either: (a) tender their Notes and grant the related Consents pursuant to the Tender Offer, or (b) grant Consents without tendering the related Notes pursuant to the Consent Solicitation. Holders that tender Notes and grant the related Consents prior to the Consent Date in the manner described below will be eligible to receive the Total Consideration, plus any Accrued Interest (as defined in the Offer to Purchase and Consent Solicitation Statement), which, at Cosan's option, will be payable on the Initial Settlement Date. Holders that tender Notes after the Consent Date but before the Expiration Date will be eligible to receive the Tender Offer Consideration (as defined in the Offer to Purchase and Consent Solicitation Statement) plus any Accrued Interest, which will be payable on Nov. 8, 2007 (Final Settlement Date). Holders delivering only the Consents prior to the Consent Date without tendering the related Notes will be eligible to receive the Consent Fee, which will be payable on the Final Settlement Date. Holders that tender the Notes pursuant to the Tender Offer will be deemed to have consented to the Proposed Amendments. Notes tendered and Consents granted prior to the Consent Date may be withdrawn at any time on or prior to the Consent Date. The consummation of the Tender Offer is conditioned upon the satisfaction or waiver of the conditions set forth in the Offer to Purchase. The terms and conditions of the Tender Offer and Consent Solicitation, as well as the Proposed Amendments, are described in the Offer to Purchase and Consent Solicitation Statement, dated Oct. 9, 2007, and related Letter of Transmittal. Copies of these documents are available to holders from Global Bondholder Services Corporation, the depositary and information agent for the tender offers. Neither the Offer to Purchase and Consent Solicitation Statement nor any related document has been filed with the U.S. Securities and Exchange Commission, nor has any such document been filed with or reviewed by any federal or state securities commission or regulatory authority of any country. No authority has passed upon the accuracy or adequacy of the Offer to Purchase or any related documents, and it is unlawful and may be a criminal offense to make any representation to the contrary. Cosan reserves the right, in its sole discretion, not to accept any tenders for any reason. Cosan is making the Tender Offer only in those jurisdictions where it is legal to do so. Cosan has retained Morgan Stanley & Co. Incorporated to act as dealer manager for the Tender Offer. Questions regarding the Tender Offer may be directed to Morgan Stanley at 1-800-624-1808 (toll free) or +1-212-761-5384 (collect). Requests for the Offer to Purchase and Consent Solicitation should be directed to the Information Agent, Global Bondholder Services Corporation, at 1-866-952-2200 (toll free) or +1 212- 430-3774. Headquartered in Sao Paulo, Brazil, Cosan S.A. Industria e Comercio, is the third largest sugar producer in the world. In 2004/2005 it crushed more than 26 million tons of sugar cane in fourteen mills located in the Central South region of Brazil, with sugar sales of 2.3 million tons and ethanol sales of 825 million liters. * * * As of February 2007, Cosan carries Moody's Ba2 global local currency and foreign currency ratings and Standard and Poor's BB corporate credit rating. EMI GROUP: Converts US$243 Million Guaranteed Bonds --------------------------------------------------- EMI Group Finance (Jersey) Limited announced Oct. 8, 2007, that all of the outstanding US$243,343,000, 5.25% guaranteed convertible bonds due 2010 have been converted in accordance to the terms and conditions of the bonds. The bonds were guaranteed by EMI Group Ltd. (fka. EMI Group Plc) and Capitol Records, Inc. and convertible into 5.25% exchangeable redeemable preference shares of EMI Group Finance (Jersey) Ltd., which are immediately exchangeable for ordinary shares in EMI Group Ltd. The bonds will be delisted from the London Stock Exchange and there are no further bonds outstanding. About EMI Headquartered in London, United Kingdom, EMI Group PLC -- http://www.emigroup.com/-- is the world's largest independent music company, operating directly in 50 countries and with licensees in a further 20. The group has operations in Brazil, China, and Hungary. The group employs over 6,600 people. Revenues in 2005 were near EUR2 billion and operating profit generated was over EUR225 million. At March 31, 2006, EMI Group's consolidated balance sheet revealed GBP1.817 billion in total assets, GBP2.544 billion in total liabilities and GBP726.6 million in shareholders' deficit. The company issued two profit warnings since January 2007. * * * As reported on Aug. 6, 2007, Moody's Investors Service downgraded EMI Group plc's corporate family and senior debt ratings to B1 (from Ba3). All ratings remain under review for downgrade. Ratings downgraded to B1 (under review for further downgrade) are: EMI Group plc -- CFR and the ratings of the 8.25% GBP bonds due 2008 and the 8.625% Euro notes due 2013 Capitol Records Inc. (gtd. by EMI Group plc) -- the rating of the 8.375% guaranteed notes due 2009. All ratings remain under review for possible downgrade. Maltby has not yet signaled whether any of the rated instruments are expected to form part of EMI's capital structure to the extent they remain outstanding under their terms. Moody's ongoing review will now be focused on : (i) the new entity's capital structure and financial policies (ii) the relative position of the rated instruments within the new capital structure and their relative ranking amongst each other and relative to other classes of debt (to the extent they remain outstanding) and (iii) the outlook for the global music markets and the company's operational plans. In February 2007, Standard & Poor's Ratings Services lowered its long-term corporate credit and senior unsecured debt ratings on U.K.-based music group EMI Group PLC to 'BB-' from 'BB'. The 'B' short-term rating was affirmed. At the same time, the long-term corporate credit rating and debt ratings were put on CreditWatch with negative implications. FERRO CORP: Opens Solar Paste Production Facility in China ---------------------------------------------------------- Ferro Corporation will begin construction in fourth quarter 2007 on a 16,500-square-meter (177,604-square-foot) facility in Suzhou, China, where it will produce aluminum pastes for the Southeast Asia solar cell manufacturing market. The new site is expected to begin production in the third quarter of 2008 and will include expansion capacity to accommodate expected growth of Ferro Electronic Material Systems' business positions in China and Asia for products such as silver pastes, surface technology products, multi-layer materials, electronic glass, and precious metal powders. "Ferro currently is the leading supplier of conductive pastes to the worldwide solar industry," noted Barry Russell, Vice President, Electronic Material Systems. "This project positions us to better serve the booming Southeast Asian market, where solar cell production is forecast to grow at over 40% through 2011. A local site will allow us to more cost-efficiently produce and deliver our high-demand aluminum pastes to the market. It is yet another step in our key strategy to move support closer to our customers." Russell noted that this new production capability will be complimented by Ferro's existing local applications laboratories in Suzhou and in Tsukuba, Japan, which serve customers with custom paste production, technical support and application problem solving. Ferro's new solar paste production site will adjoin other Ferro facilities in the Suzhou Industrial Park, where the company currently produces frits and colors used in tile and porcelain enamel coatings and electrolytes used in the manufacture of lithium batteries and other specialty chemical products. Ferro Electronic Material Systems has been supplying high-value conductive pastes to the solar industry for more than 25 years. About Ferro Electronic Ferro Electronic Material Systems produces metal pastes and powders for solar energy applications, advanced packaging and thick film conductors; chemical mechanical planarization slurries for semiconductors and advanced integrated circuits; dielectrics used in passive chip components and multilayer ceramic capacitors; and surface finishing materials for LCD, hard disk and ophthalmic lens polishing. Ferro Electronic Material Systems is based in Cleveland, and has production, laboratory, sales, and technical support facilities around the world, including Vista, CA; Penn Yan and Niagara Falls, NY; South Plainfield, NJ; Haverhill, United Kingdom; Uden, The Netherlands; Hanau, Germany; Tsukuba, Japan; and Suzhou, China. About Ferro Corp. Headquartered in Cleveland, Ohio, Ferro Corporation (NYSE: FOE) -- http://www.ferro.com/-- is a global producer of an array of specialty chemicals including coatings, enamels, pigments, plastic compounds, and specialty chemicals for use in industries ranging from construction, pharmaceuticals and telecommunications. Ferro operates through the following five primary business segments: Performance Coatings, Electronic Materials, Color and Performance Glass Materials, Polymer Additives, and Specialty Plastics. Revenues were US$2 billion for the FYE ended Dec. 31, 2006. Ferro Corp. has global locations in Argentina, Australia, Belgium, Brazil, China, among others. * * * As reported in the Troubled Company Reporter-Latin America on May 16, 2007, Moody's Investors Service assigned a B1 corporate family rating to Ferro Corporation. Moody's also assigned a B1 rating to the company's US$200 million senior secured notes (issued as unsecured notes in 2001) due in January 2009 and an SGL-3 speculative grade liquidity rating. GERDAU SA: Looks for Expansion Partners in Asia ----------------------------------------------- Gerdau SA, Latin America's largest steelmaker, seeks an alliance with Asian companies in order to increase its presence in the region, Jeb Blount and Chris Burns at Bloomberg reports. The steelmaker is already in partnership with SKJ Steel Plant Ltd. in India -- a successful move that will be followed by Gerdau in other countries, Bloomberg relates, citing Chief Executive Officer Andre Gerdau Johannpeter. According to the same report, Gerdau is North America's second- largest producer of long-steel products. The company's expansion plans are aimed at lowering operational costs to maintain prices. 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 on Oct 1, 2007, Moody's Investors Service confirmed the Ba1 corporate family ratings of Gerdau S.A. and Gerdau Ameristeel Corporation. The ratings agency also confirmed the Ba1 corporate family rating of the Brazilian operations of Gerdau, represented by Gerdau Acominas S.A., Gerdau Acos Longos S.A., Gerdau Acos Especiais S.A., and Gerdau Comercial de Acos S.A. Meanwhile, the ratings for Chaparral Steel Company were withdrawn as all its rated debt will be retired. Moody's said the outlook for all ratings is stable. GERDAU AMERISTEEL: Announces Revision of Financial Information -------------------------------------------------------------- Gerdau Ameristeel Corporation has announced the revision of the footnote presentation of historical financial information related to its subsidiary guarantors. The revisions do not affect the company's consolidated financial position or consolidated results of operations for any of the affected periods, nor do the revisions adversely impact its compliance with debt covenants or ratios. The revisions are in the condensed consolidating financial information regarding the Company, GUSAP Partners, the combined guarantors and the combined non-guarantors of the company's senior notes presented in the footnotes to the financial statements. This data is required under U.S. securities laws to be presented in the notes to the company's financial statements for so long as the senior notes are outstanding. The previously reported financial information did not reflect the investment in subsidiaries under the equity method. Additionally, a subsidiary which was a guarantor subsidiary was incorrectly classified as a non- guarantor subsidiary. The company is concurrently filing financial statements giving effect to the change as at and for the years ended Dec. 31, 2006, and 2005 and as of Mar. 31, 2007, and for the three months ended Mar. 31, 2007, and 2006. The revisions for the three and six months ended June 30, 2007 were reflected in the company's financial statements for the six months ended June 30, 2007, filed previously. The financial statements being filed revise the note as at and for the years ended Dec. 31, 2006, and 2005 and as at Mar. 31, 2007, and for the three months ended Mar. 31, 2007, and 2006. The company has discussed the matters in this release with Deloitte & Touche LLP, its independent registered public accounting firm, and PriceWaterhouseCoopers LLP, its former independent registered public accounting firm. Headquartered in Tampa, Florida, Gerdau Ameristeel Corporation (NYSE: GNA; TSX: GNA.TO) -- http://www.ameristeel.com/-- is a mini-mill steel producer in North America. Through its vertically integrated network of 17 mini-mills, 17 scrap recycling facilities and 52 downstream operations, Gerdau Ameristeel serves customers throughout North America. The company's products are sold to steel service centers, steel fabricators, or directly to original equipment manufactures for use in a variety of industries, including construction, cellular and electrical transmission, automotive, mining and equipment manufacturing. Gerdau Ameristeel is a unit of Brazilin firm Gerdau SA. * * * As reported in the Troubled Company Reporter on Oct 1, 2007, Moody's Investors Service confirmed these ratings on Gerdau Ameristeel Corporation: (i) 'Ba1' probability of default rating; (ii) 'Ba1' corporate family rating; and (iii) 'Ba1', LGD4 59% US$405 million senior unsecured regular bond. Moody's said the outlook for all ratings is stable. HERCULES INC: Earns US$34.5 Million in Second Qtr. Ended June 30 ---------------------------------------------------------------- Hercules Incorporated reported net income for the quarter ended June 30, 2007, of US$34.5 million as compared to a net loss of US$52.3 million for the second quarter of 2006. Net sales in the second quarter of 2007 were US$549.0 million, an increase of 10% from the same period last year. Net sales for the six months ended June 30, 2007 were US$1.05 billion, an increase of 10% from the prior year, excluding the impact of the FiberVisions transaction. For the second quarter, volume and pricing increased by 7% and 1%, respectively. Rates of exchange increased sales by 3% during the quarter, while mix was 1% unfavorable. Net sales in the second quarter of 2007 increased in all major regions of the world versus the prior year. Sales increased 4% in North America, 18% in Latin America, 15% in Europe, and 11% in Asia Pacific. Reported profit from operations in the second quarter of 2007 was US$74.5 million, an increase of 14% compared with US$65.6 million for the same period in 2006. Cash flow from operations for the six months ended June 30, 2007, was US$140.5 million as compared to US$64.0 million for the same period last year. The company has now received US$221.7 million, including US$23.2 million in July, of a total US$240 million in expected federal and state tax refunds. The company also paid US$124 million in May 2007 in connection with the Vertac litigation. "The second quarter results demonstrate continued strong sales, earnings and cash flow growth," said Craig A. Rogerson, president and chief executive officer. "Both business franchises, Aqualon and Paper Technologies and Ventures, continue to deliver solid performance." Interest and debt expense was US$17.8 million in the second quarter of 2007, an increase of US$1.1 million or 7% compared with the second quarter of 2006, reflecting increased variable short term rates, partially offset by lower outstanding debt balances and improved debt mix. Net debt was US$721.2 million at June 30, 2007, a decrease of US$102 million from year-end 2006. Cash and cash equivalents were US$237.9 million at June 30, 2007, as compared to US$171.8 million at year-end 2006. Capital spending was US$53.8 million for the first six months of the year as compared to US$22.9 million in the same period last year. The increase in spending is directed toward growth and expansion projects in our businesses globally. Balance Sheet At June 30, 2007, the company's consolidated balance sheet showed US$2.77 billion in total assets, US$2.36 billion in total liabilities, and US$403.5 million in total stockholders' equity. Full-text copies of the company's consolidated financial statements for the quarter ended June 30, 2007, are available for free at http://researcharchives.com/t/s?241f About Hercules Inc. Headquartered in Wilmington, Delaware, Hercules Inc. (NYSE:HPC) -- http://www.herc.com/-- manufactures and markets chemical specialties globally for making a variety of products for home, office and industrial markets. The company has its regional headquarters in China and Switzerland, and a production facility in Brazil. * * * As reported in the Troubled Company Reporter-Latin America on July 2, 2007, Standard & Poor's Ratings Services revised its outlook on Wilmington, Delaware-based Hercules Inc. to positive from stable and affirmed the existing 'BB' corporate credit rating. NRG ENERGY: Earns US$149 Million in Second Quarter Ended June 30 ---------------------------------------------------------------- NRG Energy Inc. reported net income for the three months ended June 30, 2007, of US$149 million, as compared to net income of US$203 million for the same period last year. These results include a US$35 million non-cash, pre-tax charge related to the completion of the US$4.4 billion refinancing of the company's Senior Credit Facility in conjunction with the company's Comprehensive Capital Allocation Plan, while the 2006 period benefited from US$15 million in pre-tax settlement agreements. Quarterly operating income improved to US$436 million from US$410 million in 2006. Second quarter 2007 results included US$36 million in net development costs for the RepoweringNRG program. Operating income for the three months ended June 30, 2007, were favorably impacted by increased gas generation and pricing in the Northeast region. Net income from continuing operations for the first half of this year was US$214 million, compared to US$217 million for the same period last year. Operating income for the first six months of 2007 improved to US$709 million from US$619 million in 2006. First half results were favorably impacted by the inclusion of an additional month for NRG Texas as this business was acquired on Feb. 2, 2006, and higher generation and pricing in the Northeast region. Cash flow from operations for the first six months of 2007 was US$459 million, after the posting of US$103 million of net collateral outflows, versus adjusted cash flow from operations of US$604 million, including the benefit of US$272 million of net collateral inflows, during the same period last year. "Through RepoweringNRG and FORNRG we have our business well positioned for the future, while the strong execution of our commercial and plant operations has put us in a position to exceed the financial goals we had announced at the beginning of the year," commented David Crane, NRG president and chief executive officer. "The quarter also marked the timely completion of construction at Long Beach, our first repowering, and demonstrates how quickly and capably we can act upon a type of project which will become increasingly prevalent as reserve margins tighten in all of our core markets." Balance Sheet At June 30, 2007, the company's consolidated balance sheet showed US$18.94 billion in total assets, US$13.36 billion in total liabilities, US$1 million in minority interest, US$247 million in 3.625% redeemable perpetual preferred stock, and US$5.33 billion in total stockholders' equity. Full-text copies of the company's consolidated financial statements for the quarter ended June 30, 2007, are available for free at http://researcharchives.com/t/s?2424 Liquidity and Capital Resources Liquidity at June 30, 2007, was approximately US$1.85 billion, down US$373 million since Dec. 31, 2006, and US$123 million since June 30, 2006. The reduction in current liquidity is mainly due to the US$200 million reduction in synthetic letter of credit capacity as part of the recent restructuring of the first lien credit facility. Outlook The company is raising 2007 adjusted EBITDA guidance to US$2.20 billion from US$2.15 billion and cash flow from operations to US$1.42 billion from US$1.40 billion to reflect its strong first half performance, its fully hedged baseload position for the balance of the year and the expected reduction in second half operating expenses. About NRG Energy Hearquartered in Princeton, New Jersey, NRG Energy Inc. (NYSE: NRG) -- http://www.nrgenergy.com/-- owns and operates a diverse portfolio of power-generating facilities, primarily in Texas and the Northeast, South Central and West regions of the U.S. Its operations include baseload, intermediate, peaking, and cogeneration and thermal energy production facilities. NRG also has ownership interests in generating facilities in Australia, Germany and Brazil. * * * Standard & Poor's Ratings Services rates NRG Energy Inc.'s US$4.7 billion unsecured bonds at 'B'. In addition, Standard & Poor's rates NRG Energy Inc.'s corporate credit rating at 'B+'. S&P said the outlook is stable. PRIDE INTERNATIONAL: Morgan Keegan Keeps Market Perform Rating -------------------------------------------------------------- Morgan Keegan analysts have kept their "market perform" rating on Pride International Inc's shares, Newratings.com reports. The analysts said in a research note that Pride International's updated fleet status report indicates that only two of its US Gulf jack ups are idle, as compared to five jack ups in the previous update. The analysts told Newratings.com that Pride International is running its rigs at lower-than-anticipated day rates in an attempt to improve its utilization rate. Pride International's fleet status report indicates a marginal increase in the shipyard/transit time across the fleet, Newratings.com says, citing Morgan Keegan. The earnings per share estimates for 2007 and 2008 were decreased to US$2.76 from US$2.80, and to US$3.71 from US$3.77, respectively, Newratings.com states. Headquartered in Houston, Texas, Pride International Inc. (NYSE: PDE) -- http://www.prideinternational.com/-- provides onshore and offshore contract drilling and related services in more than 25 countries, operating a diverse fleet of 277 rigs, including two ultra-deepwater drillships, 12 semisubmersible rigs, 28 jackups, 16 tender-assisted, barge and platform rigs, and 214 land rigs. The company maintains worldwide operations in France, Mexico, Kazakhstan, India, and Brazil, among others. * * * As reported in the Troubled Company Reporter-Latin America on Sept. 4, 2007, Fitch Ratings has affirmed Pride International Inc.'s Issuer Default Rating at 'BB' in addition to affirming the ratings on Pride International's senior secured revolving credit facility, senior unsecured notes and their convertible senior notes. The Rating Outlook is Stable. Fitch maintains the following ratings for Pride International: -- Issuer Default Rating (IDR) at 'BB'; -- Senior unsecured at 'BB'; -- Senior secured bank facility at 'BBB-'; -- Senior convertible notes at 'BB'. As reported in the Troubled Company Reporter-Latin America on Aug. 3, 2007, Moody's affirmed Pride International, Inc.'s credit ratings following the company's announcement of the acquisition of a newbuild drillship to be delivered in 2010. The ratings affirmed include the Ba1 corporate family rating, the Ba2 rating on Pride's US$500 million senior notes due 2014, the Baa2 rating on its US$500 million senior secured credit facility and speculative grade liquidity rating of SGL-2. Moody's said the outlook is stable. Pride Ratings Affirmed: -- Ba1 CFR and Probability of Default Rating; -- US$500 million Senior Notes due 2014 rated Ba2 (LGD5, 71%); -- US$500 million Senior Secured Credit Facility rated Baa2 (LGD2, 13%); -- Speculative Grade Liquidity Rating -- SGL-2; -- Senior Unsecured Shelf rated (P)Ba2 (LGD5, 71%); -- Subordinated Shelf rated (P)Ba2 (LGD6, 97%); -- Preferred Shelf rated Ba2 (LGD6, 97%) =========================== C A Y M A N I S L A N D S =========================== ELYSEE LTD: Sets Final Shareholders Meeting for Nov. 1 ------------------------------------------------------ Elysee Limited will hold its final shareholders meeting on Nov. 1, 2007 at: Citco Fund Services (Cayman Islands) Limited Regatta Office Park, West Bay Road Grand Cayman, Cayman Islands These agendas will be taken during the meeting: 1) accounting of the winding-up process and how the property has been disposed of to the date of the final winding-up on Nov. 1, 2007; 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: Buchanan Limited P.O. Box 1170, Grand Cayman KY1-1102 Cayman Islands ENSEC HOME: Holding Final Shareholders Meeting on Nov. 1 -------------------------------------------------------- Ensec Home Finance Pool I, Ltd., will hold its final shareholders meeting on Nov. 1, 2007 at: Maples Finance Limited Boundary Hall, Cricket Square George Town, Grand Cayman Cayman Islands These agendas will be taken during the meeting: 1) accounting of the winding-up process and how the property has been disposed of to the date of the final winding-up on Nov. 1, 2007; and 2) authorizing the liquidator of the company to retain the records of the company for a period of five years from the dissolution of the company, after which they may be destroyed. 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: Jan Neveril Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands LAKEPORT INVESTMENTS: Final Shareholders Meeting Is on Nov. 1 ------------------------------------------------------------- Lakeport Investments Limited will hold its final shareholders meeting on Nov. 1, 2007 at: Citco Fund Services (Cayman Islands) Limited Regatta Office Park, West Bay Road Grand Cayman, Cayman Islands These agendas will be taken during the meeting: 1) accounting of the winding-up process and how the property has been disposed of to the date of the final winding-up on Nov. 1, 2007; 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: Buchanan Limited P.O. Box 1170, Grand Cayman KY1-1102 Cayman Islands MERCOSUR OPPORTUNITY: Sets Final Meeting for Nov. 1 --------------------------------------------------- Mercosur Opportunity Fund will hold its final shareholders meeting on Nov. 1, 2007 at 10:00 a.m., at: Citco Fund Services (Cayman Islands) Limited Regatta Office Park, West Bay Road Grand Cayman, Cayman Islands These agendas will be taken during the meeting: 1) accounting of the winding-up process and how the property has been disposed of to the date of the final winding-up; and 2) authorizing the liquidator of the company to retain the records of the company for a period of five years from the dissolution of the company, after which they may be destroyed. 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: Paulo Belluschi Attention: Nick Robinson P.O. Box 265, George Town Grand Cayman, Cayman Islands Telephone: (345) 914 4216 Fax: (345) 814 8216 MOTHERROCK ENERGY: Final Shareholders Meeting Is on Nov. 1 ---------------------------------------------------------- Motherrock Energy Intermediate Fund Limited will hold its final shareholders meeting on Nov. 1, 2007, at 12:00 p.m. at: Deloitte Fourth Floor, Citrus Grove P.O. Box 1787, George Town Grand Cayman, Cayman Islands These agendas will be taken during the meeting: 1) accounting of the winding-up process and how the property has been disposed of to the date of the final winding-up on Nov. 1, 2007; and 2) authorizing the liquidator of the company to retain the records of the company for a period of five years from the dissolution of the company, after which they may be destroyed. 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: Stuart Sybersma Attention: Mervin Solas Deloitte P.O. Box 1787, George Town Grand Cayman, Cayman Islands Telephone: (345) 949-7500 Fax: (345) 949-8258 PINE INVESTMENTS: Will Hold Final Shareholders Meeting on Nov. 1 ---------------------------------------------------------------- Pine Investments Limited will hold its final shareholders meeting on Nov. 1, 2007 at: Citco Fund Services (Cayman Islands) Limited Regatta Office Park, West Bay Road Grand Cayman, Cayman Islands These agendas will be taken during the meeting: 1) accounting of the winding-up process and how the property has been disposed of to the date of the final winding-up on Nov. 1, 2007; 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: Buchanan Limited P.O. Box 1170, Grand Cayman KY1-1102 Cayman Islands SAILFISH GLOBAL: Sets Final Shareholders Meeting for Nov. 1 ----------------------------------------------------------- Sailfish Global Equity Fund (G3), Ltd., will hold its final shareholders meeting on Nov. 1, 2007 at: Maples Finance Limited Boundary Hall, Cricket Square George Town, Grand Cayman Cayman Islands These agendas will be taken during the meeting: 1) accounting of the winding-up process and how the property has been disposed of to the date of the final winding-up; 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: Jan Neveril Richard Gordon Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands SAILFISH GLOBAL (MASTER): Last Shareholders Meeting Is on Nov. 1 ---------------------------------------------------------------- Sailfish Global Equity Master Fund (G3), Ltd., will hold its final shareholders meeting on Nov. 1, 2007 at: Maples Finance Limited Boundary Hall, Cricket Square George Town, Grand Cayman Cayman Islands These agendas will be taken during the meeting: 1) accounting of the winding-up process and how the property has been disposed of to the date of the final winding-up on Nov. 1, 2007; 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: Jan Neveril Richard Gordon Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands SUPER H: Will Hold Final Shareholders Meeting on Nov. 1 ------------------------------------------------------- Super H. Limited will hold its final shareholders meeting on Nov. 1, 2007 at: Citco Fund Services (Cayman Islands) Limited Regatta Office Park, West Bay Road Grand Cayman, Cayman Islands These agendas will be taken during the meeting: 1) accounting of the winding-up process and how the property has been disposed of to the date of the final winding-up on Nov. 1, 2007; 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: Buchanan Limited P.O. Box 1170, Grand Cayman KY1-1102 Cayman Islands TATI LTD: Holding Final Shareholders Meeting on Nov. 1 ------------------------------------------------------ Tati Ltd. will hold its final shareholders meeting on Nov. 1, 2007 at: Citco Fund Services (Cayman Islands) Limited Regatta Office Park, West Bay Road Grand Cayman, Cayman Islands These agendas will be taken during the meeting: 1) accounting of the winding-up process and how the property has been disposed of to the date of the final winding-up on Nov. 1, 2007; 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: Buchanan Limited P.O. Box 1170, Grand Cayman KY1-1102 Cayman Islands =============== C O L O M B I A =============== ALCATEL-LUCENT: Eyes Up To 8 LatAm Internet Protocol TV Projects ---------------------------------------------------------------- Alcatel-Lucent's3G/WiMax sales manager for Latin America and the Caribbean, Carlos Fernando Weinschenk, told Business News Americas that the firm would work on up to eight Internet protocol television projects across Latin America next year. Mr. Weinschenk commented to BNamericas that implementation of the service is fastest in Mexico, Brazil, and Colombia. Argentina and Chile would be demanding commercial Internet protocol television networks in 2008, BNamericas says, citing Mr. Weinschenk. BNamericas notes that Mr. Weinschenk said on the sidelines of Expocomm in Buenos Aires, "We expect to deploy one or two networks in each of these countries." Mr. Weinschenk told BNamericas that in some nations like Argentina, regulations prevent the launching of the service. Alcatel-Lucent will also concentrate on WiMax projects next year since there are many telecoms operators that are keen on investing in this technology, BNamericas states, c