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 Friday, October 12, 2007, Vol. 8, Issue 203 Headlines A R G E N T I N A ACONSAC SA: Proofs of Claim Verification Deadline Is Dec. 11 AGUAS ARGENTINAS: Creditors Voting on Settlement Plan on Feb. 11 AVAYA INC: Signs IP Telephony Agreement with Bell Canada BUSSINES MEDICAL: Proofs of Claim Verification Is Until Dec. 12 CAMUZZI GAS: Argentine State To Pay US$172 Mil. to Sempra Energy CONSTRUCTORA MIR: Proofs of Claim Verification Is Until Nov. 19 DF CONSTRUCCIONES: Trustee Verifies Proofs of Claim Until Nov. 6 DISTRIBUIDORA DE PRODUCTOS: Claims Verification Ends on Nov. 28 JORGE KESHISHIAN: Reorganization Proceeding Concluded MENDOCAP SRL: Trustee Filing Individual Reports on Oct. 15 MERAC SA: Trustee Filing Individual Reports in Court on Feb. 21 PREMECOL SC: Proofs of Claim Verification Deadline Is Dec. 13 ROCFE SRL: Trustee Filing General Report in Court on Oct. 15 SCO GROUP: Taps Pachulski Stang as Bankruptcy Co-Counsel TENNECO INC: Wins North America Aftermarket Business in 3rd Qtr. TYSON FOODS: Bill Lovette Steps Down as Sr. Group Vice President WR GRACE: Court Refuses to Appoint Examiner for Tersigni Probe B E R M U D A ASPEN INSURANCE: Launches Casualty Insurance Unit in Dublin BRUNSWICK RAIL: Will Hold Final General Meeting on Nov. 5 ELAN CORP: S&P Affirms B Corp. Credit Rating with Pos. Outlook B O L I V I A INT'L PAPER: Lower Land Sales Earnings to Impact 3rd Qtr Profits INTERNATIONAL PAPER: Earns US$190 Million in Qtr. Ended June 30 B R A Z I L ACTUANT CORP: Andrew Lampereur Adopts Prearranged Trading Plan ACXIOM INC: Gets US$65-Million Payment Over Axio Merger Pact BANCO NACIONAL: Okays BRL2-Billion Financing for Telesp BRASKEM SA: Controlling Unit Acquires 34 Mil. of Copesul Shares CHRYSLER LLC: Reaches Tentative Agreement with UAW COREL CORP: Incurs US$6.8 Million Net Loss in Qtr. Ended Aug. 31 GENERAL MOTORS: GM-UAW 2007 National Labor Agreement Ratified GENERAL MOTORS: Launches Uzbekistan Car Venture With Uzavtoprom ISA CAPITAL: S&P Affirms BB Rating on US$554-Mil. Senior Notes JAPAN AIRLINES: Inks Business Partnership with AEON PETROLEO BRASILEIRO: Wins Pipeline Insulation Deal to Aspen REALOGY CORP: Hires Sherry Chris to Lead Better Homes Brand UTSTARCOM INC: Posts US$43 Million Net Loss in Third Qtr. 2007 C A Y M A N I S L A N D S AI (EURO): Proofs of Claim Filing Is Until Nov. 2 BANK OF AYUDHYA: Sells Off 12.11% Ownership in Construction Firm CAYMAN DFK: Proofs of Claim Filing Deadline Is Nov. 2 CBO HOLDINGS: Proofs of Claim Filing Is Until Nov. 2 COMMERCIAL MORTGAGE: Proofs of Claim Filing Deadline Is Nov. 2 CONOCOPHILLIPS BAO: Proofs of Claim Filing Ends on Nov. 2 CONOCOPHILLIPS BLOCK: Proofs of Claim Filing Deadline Is Nov. 2 CONOCOPHILLIPS GULF: Proofs of Claims Filing Ends on Nov. 2 CONOCOPHILLIPS NZ: Proofs of Claim Filing Deadline Is Nov. 2 CONOCOPHILLIPS Z&M: Proofs of Claim Filing Is Until Nov. 2 COPPER BEECH: Proofs of Claim Filing Ends on Nov. 2 DCC II: Proofs of Claim Filing Deadline Is Nov. 2 DENALI MANAGEMENT: Proofs of Claim Filing Deadline Is Nov. 2 DIAMOND FINANCIAL: Proofs of Claim Filing Is Until Nov. 2 FLEET FUNDING I: Proofs of Claim Filing Ends on Nov. 2 FLEET FUNDING II: Proofs of Claim Filing Deadline Is Nov. 2 FOURTH SHARE: Proofs of Claim Filing Is Until Nov. 2 FRIENDSHIP INVESTMENT: Proofs of Claim Filing Is Until Nov. 2 GALLERIA II: Proofs of Claim Filing Deadline Is Nov. 2 TCW GEM: Proofs of Claim Filing Is Until Nov. 2 TETHYS FINANCIAL: Proofs of Claim Filing Deadline Is Nov. 2 C H I L E SHAW GROUP: Earns US$54.6 Million in Third Quarter Ended May 31 C O L O M B I A SOLUTIA INC: Disclosure Statement Hearing Continued to Oct. 17 SOLUTIA INC: Named as Co-Defendant in US$685-Mln Cancer Lawsuits C U B A * CUBA: Trade with Russia Increases by 60% This Year D O M I N I C A N R E P U B L I C * DOMINICAN REPUBLIC: Obtains US$10.5-Million Financing from IMF * DOMINICAN REPUBLIC: Implementing Fuel Savings Plan G U A T E M A L A ALCATEL-LUCENT: Grabs NTT Comm. Deal for Service Routers Supply J A M A I C A AIR JAMAICA: Losing Revenue If It Won't Act on Code Share Pact SUGAR COMPANY: Asset Privatization Deadline Is June 2008 * JAMAICA: Meeting with Guyana To Resolve Trade Dispute M E X I C O DURA AUTOMOTIVE: Noteholders Appeal Amendment to Backstop Deal EMPRESAS ICA: Underwriters Exercise Option for 11.7-Mln Shares GREENBRIER COS: To Construct 11,900 Tank Cars for GE Equipment HIPOTECARIA SU: Initiates Cash Purchase Offer on 8.50% Sr. Notes HOST HOTELS: Net Income Up to US$97 Mil. in Third Quarter 2007 REMY WORLDWIDE: Receives Court Approval on First-Day Motions SANLUIS CORP: Rep Uno Commences Cash Tender Offer on 8.00% Notes N I C A R A G U A * NICARAGUA: Invests US$60 Million to Repair & Construct Ports P A N A M A AES CORP: Prices US$500 Million of 7.75% Senior Unsecured Notes AES CORP: Fitch Assigns BB/RR1 Rating on US$2 Billion Sr. Notes AES CORP: Moody's Affirms Corporate Family Rating at B1 P E R U LEVI STRAUSS: Aug. 26 Balance Sheet Upside-Down by US$779.3 Mil. P U E R T O R I C O ADVANCED MEDICAL: Moody's Lowers Corporate Family Rating to B2 T R I N I D A D & T O B A G O REPUBLIC BANK: Fitch Affirms & Withdraws Low B Ratings V E N E Z U E L A PEABODY ENERGY: Board Selects Gregory H. Boyce as Chairman & CEO PETROLEOS DE VENEZUELA: Completing Sucre NatGas Plant in 2013 * VENEZUELA: Local Bond Sale Attracts Few Investors * VENEZUELA: To Fund Overhaul of Ports in Nicaragua - - - - - ================= A R G E N T I N A ================= ACONSAC SA: Proofs of Claim Verification Deadline Is Dec. 11 ------------------------------------------------------------ Maria Lilia Orazi, the court-appointed trustee for Aconsac SA's bankruptcy proceeding, verifies creditors' proofs of claim until Dec. 11, 2007. Ms. Orazi will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 4 in Buenos Aires, with the assistance of Clerk No. 7, 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 Aconsac 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 Aconsac's accounting and banking records will be submitted in court. La Nacion didn't state the reports submission deadlines. Ms. Orazi is also in charge of administering Aconsac's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Aconsac SA 14 de Septiembre de 1888 No. 914 Buenos Aires, Argentina The trustee can be reached at: Maria Lilia Orazi Tucuman 1484 Buenos Aires, Argentina AGUAS ARGENTINAS: Creditors Voting on Settlement Plan on Feb. 11 ---------------------------------------------------------------- Aguas Argentinas S.A.'s creditors will vote on a settlement plan that the company will lay on the table on Feb. 11, 2008. Bilenca, Ghiglione y Sabor Contadores Publicos, Anzoategui, Petrocelli y Asociados, Emilio Giacumbo and Rafael Hernandez -- the court-appointed trustee for Aguas Argentinas' reorganization proceeding, verified creditors' proofs of claim until Aug. 21, 2006. The trustee presented the validated claims in court as individual reports as well as a general report containing an audit of Farminter's accounting and banking records. The debtor can be reached at: Aguas Argentinas S.A. Talcahuano 718 Buenos Aires, Argentina The trustee can be reached at: Bilenca, Ghiglione y Sabor Contadores Publicos Lavalle 1675 Buenos Aires, Argentina -- or -- Anzoategui, Petrocelli y Asociados Peru 440 Buenos Aires, Argentina -- or -- Emilio Giacumbo Rafael Hernandez Corrientes 1250 Buenos Aires, Argentina AVAYA INC: Signs IP Telephony Agreement with Bell Canada -------------------------------------------------------- Bell Canada has entered into an agreement on the standardization of the IP communication product line designed and manufactured by Avaya Inc. "This agreement clearly demonstrates Bell's position as leader in IP telephony technology," said Stephane Boisvert, President of the Enterprise Group, Bell Canada. "We will now be able to assume the design, sale and servicing of an IP solution using Avaya technology. This is good news for our customers because Bell will be a single point of contact for the purchase and servicing of these products." In Canada, Bell is the largest participant in the Avaya BusinessPartner program, earning status as an Avaya Certified Platinum member. Worldwide, Avaya's contact centre solutions hold approximately 40% market share -- far ahead of the competition, and the company's IP Telephony solutions account for more than 25 percent of the market. The standardization of Avaya products will allow Bell Canada to facilitate the migration of its customers who currently use Avaya DEFINITY(R) Servers, INTUITY(TM) AUDIX(R), or Octel(R) 250/350 voice and messaging platforms -- by far the most widely used traditional voice systems -- to Avaya IP-based communications solutions, which include telephony, messaging, conferencing, video and collaboration solutions that are accessible across a variety of devices. Bell will offer the full range of award-winning solutions, including Avaya Quick Edition, Avaya IP Office, Avaya Distributed Office and Avaya Communication Manager, effectively meeting the needs all sizes and types of enterprise customers. Bell is the first major service provider in Canada to standardize the full portfolio of Avaya IP Telephony solutions. Furthermore, this is the first time Bell Canada has standardized a full product line in over 13 years, which bears witness to the tremendous value that Avaya products bring to Bell's s offer. "With Bell standardizing on Avaya IP Telephony solutions, customers have a consistent, quality experience," said Mario Belanger, President, Avaya Canada. "Through its commitment to certification and the continuous development of their support and technical expertise, Canadian companies will have access to consistent delivery of superior customer service." About Bell Canada Bell Canada International Inc. (NEX:BI.H) -- http://www.bci.ca/ -- is operating under a court supervised Plan of Arrangement, pursuant to which BCI intends to monetize its assets in an orderly fashion and resolve outstanding claims against it in an expeditious manner with the ultimate objective of distributing the net proceeds to its shareholders and dissolving the company. About Avaya Headquartered in Basking Ridge, New Jersey, Avaya, Inc. (NYSE:AV) -- http://www.avaya.com/-- designs, builds and manages communications networks for more than one million businesses worldwide, including more than 90% of the FORTUNE 500(R). Avaya is a world leader in secure and reliable Internet Protocol telephony systems and communications software applications and services. Avaya has locations in Malaysia, Argentina and the United Kingdom. * * * As reported in the Troubled Company Reporter-Latin America on June 8, 2007, Standard & Poor's Ratings Services has lowered its corporate credit rating on Basking Ridge, New Jersey-based Avaya Inc. two notches to 'B+', and placed the rating on CreditWatch with negative implications. BUSSINES MEDICAL: Proofs of Claim Verification Is Until Dec. 12 --------------------------------------------------------------- Analia Fernanda Calvo, the court-appointed trustee for Bussines Medical Group S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until Dec. 12, 2007. Ms. Calvo will present the validated claims in court as individual reports on Feb. 25, 2008. 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 Bussines Medical 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 Bussines Medical's accounting and banking records will be submitted in court on April 7, 2008. Ms. Calvo is also in charge of administering Bussines Medical'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 CAMUZZI GAS: Argentine State To Pay US$172 Mil. to Sempra Energy ---------------------------------------------------------------- Camuzzi Gas Pampeana SA has clarified that the protection taken by the Argentine government in order to avoid paying a compensation to the company agreed at the ICSID is still not functioning. The Argentine State, under ICSID decision, must pay US$172 million to the American company Sempra Energy, shareholder of Camuzzi Gas del Sur and Camuzzi Gas Pampeana, for the freezing of the rates and the pesofication on the concession contract. According to government sources, the decision will not have Argentina as in the renegotiation of the two distributors there exist a part, which favors the State in relation to this situation. The company asserted that the renegotiating process is still in the works. Camuzzi Gas Pampeana SA serves most of the province of Buenos Aires -- excluding the city of Buenos Aires and the greater metropolitan area of Buenos Aires -- and the Province of La Pampa, encompassing primary industrial and residential areas. The company operates a 3,500-kilometer pipeline network and a 17,600-kilometer distribution network. * * * As reported in the Troubled Company Reporter on April 17, 2006, Moody's Investors Service assigned a B2 global local currency rating and an A2.ar national scale rating to Camuzzi Gas Pampeana's issue of up to ARS75 millions senior unsecured Class 3 notes with a stable outlook. CONSTRUCTORA MIR: Proofs of Claim Verification Is Until Nov. 19 --------------------------------------------------------------- Monica Graciela Aquim, the court-appointed trustee for Constructora MIR SA's bankruptcy proceeding, verifies creditors' proofs of claim until Nov. 19, 2007. Ms. Aquim 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 Constructora Mir 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 Constructora Mir's accounting and banking records will be submitted in court. La Nacion didn't state the reports submission deadlines. Ms. Aquim is also in charge of administering Constructora Mir's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Constructora Mir SA Loyola 220 Buenos Aires, Argentina The trustee can be reached at: Monica Graciela Aquim Uruguay 662 Buenos Aires, Argentina DF CONSTRUCCIONES: Trustee Verifies Proofs of Claim Until Nov. 6 ---------------------------------------------------------------- Juan E. Cavalieri, the court-appointed trustee for D.F. Construcciones S.R.L.'s reorganization proceeding, verifies creditors' proofs of claim until Nov. 6, 2007. Mr. Cavalieri will present the validated claims in court as individual reports on Dec. 19, 2007. The National Commercial Court of First Instance in Quilmes, 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 D.F. Construcciones 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 D.F. Construcciones' accounting and banking records will be submitted in court on March 6, 2008. The informative assembly will be held on Aug. 25, 2008. Creditors will vote to ratify the completed settlement plan during the assembly. The debtor can be reached at: D.F. Construcciones S.R.L. Calle 148, Numero 750 Berazategui, Buenos Aires Argentina The trustee can be reached at: Juan E. Cavalieri San Martin 528, Quilmes Buenos Aires, Argentina DISTRIBUIDORA DE PRODUCTOS: Claims Verification Ends on Nov. 28 --------------------------------------------------------------- Graciela del Marmol, the court-appointed trustee for Distribuidora de Productos del Mar Bahia Mar del Plata S.R.L.'s reorganization proceeding, verifies creditors' proofs of claim until Nov. 28, 2007. Ms. del Marmol will present the validated claims in court as individual reports on Feb. 12, 2008. The National Commercial Court of First Instance in Mar del 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 Distribuidora de Productos' 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 Distribuidora de Productos' accounting and banking records will be submitted in court on March 28, 2008. The informative assembly will be held on July 30, 2008. Creditors will vote to ratify the completed settlement plan during the assembly. The debtor can be reached at: Distribuidora de Productos del Mar Bahia Mar del Plata Juramento 2951, Mar del Plata Buenos Aires, Argentina The trustee can be reached at: Graciela del Marmol Rawson 2272, Mar del Plata Buenos Aires, Argentina JORGE KESHISHIAN: Reorganization Proceeding Concluded ----------------------------------------------------- Jorge Keshishian S.A.'s reorganization proceeding has ended. Data published by Infobae on its Web site indicated that the process was concluded after the National Commercial Court of First Instance in San Isidro, Buenos Aires, approved the debt agreement signed between the company and its creditors. MENDOCAP SRL: Trustee Filing Individual Reports on Oct. 15 ---------------------------------------------------------- Iria Lourdes Navarro, the court-appointed trustee for Mendocap S.R.L.'s reorganization proceeding, will present the validated claims as individual reports in the National Commercial Court of First Instance in Buenos Aires on Oct. 15, 2007. Ms. Navarro verified creditors' proofs of claim on Sept. 3, 2007. She will file a general report containing an audit of Mendocap's accounting and banking records in court. Infobae didn't state the general report submission date. The debtor can be reached at: Mendocap S.R.L. Espejo Oeste 768, La Colonia Departamento Junin, Mendoza Argentina The trustee can be reached at: Iria Lourdes Navarro Almirante Brown 355, San Martin Mendoza, Argentina MERAC SA: Trustee Filing Individual Reports in Court on Feb. 21 --------------------------------------------------------------- Ernesto Oscar Higueras, the court-appointed trustee for Merac S.A.'s bankruptcy proceeding, will present the validated claims as individual reports the National Commercial Court of First Instance in Buenos Aires on Feb. 21, 2008. Mr. Higueras verifies creditors' proofs of claim on Dec. 5, 2007. He will submit a general report containing an audit of Merac's accounting and banking records will be submitted in court on April 30, 2008. Mr. Higueras is also in charge of administering Merac's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Merac SA Salvador Maria del Carril 2540 Buenos Aires, Argentina The trustee can be reached at: Ernesto Higueras Sanchez de Loria 1944 Buenos Aires, Argentina PREMECOL SC: Proofs of Claim Verification Deadline Is Dec. 13 ------------------------------------------------------------- Pablo Melarani, the court-appointed trustee for Premecol SC's bankruptcy proceeding, verifies creditors' proofs of claim until Dec. 13, 2007. Mr. Melarani will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 16 in Buenos Aires, with the assistance of Clerk No. 31, 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 Premecol 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 Premecol's accounting and banking records will be submitted in court. La Nacion didn't state the reports submission deadlines. Mr. Melarani is also in charge of administering Premecol's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Premecol SC Lambare 989 Buenos Aires, Argentina The trustee can be reached at: Pablo Melarani Viamonte 783 Buenos Aires, Argentina ROCFE SRL: Trustee Filing General Report in Court on Oct. 15 ------------------------------------------------------------ Liliana Beatriz Rodriguez, the court-appointed trustee for Rocfe S.R.L.'s bankruptcy proceeding, will present a general report containing an audit of the firm's accounting and banking records in the National Commercial Court of First Instance in Buenos Aires on Oct. 15, 2007. Ms. Rodriguez verified creditors' proofs of claim until July 4, 2007. She presented the validated claims in court as individual reports on Aug. 31, 2007. Ms. Rodriguez is also in charge of administering Rocfe's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Rocfe S.R.L. Moreno 1353 Buenos Aires, Argentina The trustee can be reached at: Liliana Beatriz Rodriguez San Martin 66 Buenos Aires, Argentina SCO GROUP: Taps Pachulski Stang as Bankruptcy Co-Counsel -------------------------------------------------------- The SCO Group Inc. and SCO Operations Inc. ask the United States Bankruptcy Court for the District of Delaware for authority to employ Pachulski Stang Ziehl & Jones LLP as their bankruptcy co-counsel, nunc pro tunc to Sept 14, 2007. Pachulski Stang is expected to: a) provide legal advise with respect to the Debtors' powers and duties as debtors in possession in the continued operation of their business and management of their property; b) prepare on behalf of the Debtors necessary applications, motions, answers, orders, reports, and other legal papers; c) appear in Court on behalf of the Debtors and in order to protect the interests of the Debtors before the Court; d) prepare and pursue confirmation of a plan and approval of a disclosure statement; and e) perform all other legal services for the Debtors that may be necessary and proper in these proceedings. The firm's professionals and their billing rates are: Professional Hourly Rate ------------ ----------- Laura Davis Jones, Esq. US$750 James E. O'Neill, Esq. US$475 Rachel L. Werkheiser, Esq. US$375 Lynzy Oberholzer US$175 Laura Davis Jones, Esq., an attorney of the firm, assures the Court that the firm does not hold any interest adverse to the Debtors and their estate, and that the firm is a "disinterested person" as that term is defined under Section 101(14) of the Bankruptcy Code. Ms. Jones can be reached at: Laura Davis Jones, Esq. Pachulski Stang Ziehl & Jones LLP 919 North market Street, 17th Floor P.O. Box 8705 Wilmington, Delaware, 19899-8705 Tel: (302) 652-4100 Fax: (302) 652-4400 http://www.pszjlaw.com/ Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX) fka Caldera International Inc. -- http://www.sco.com/-- provides software technology for distributed, embedded and network-based systems, offering SCO OpenServer for small to medium business and UnixWare for enterprise applications and digital network services. The company has office locations in Australia, Austria, Argentina, Brazil, China, Japan, Poland, Russia, among others. The company and its affiliate filed for Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead Case No. 07-11337). James E. O'Neill, Esq. and Laura Davis Jones, Esq. of Pachulski, Stang, Ziehl & Jones LLP represent the Debtors in their restructuring efforts. No Official Committee of Unsecured Creditors has been appointed to date in this case. As of Sept. 10, 2007, the Debtors' reported total assets of US$14,800,000 and total debts of US$7,500,000. TENNECO INC: Wins North America Aftermarket Business in 3rd Qtr. ---------------------------------------------------------------- Tenneco has won new aftermarket business in the third quarter, which in total will generate nearly US$11 million in incremental revenue. The contracts include new ride control business with an affiliate of one of Tenneco's largest customers in North America. This new business was previously serviced by a competitor. In addition, the company won business with four new customers for ride and/or emission control products. "Tenneco's powerful and well-known brands coupled with our strong distribution capabilities distinguish us in this market," said Neal Yanos, senior vice president & general manager, North American original equipment ride control and aftermarket. "We are pleased to win new business and look forward to serving these customers with Tenneco's premium Monroe(R) and Walker(R) products and outstanding marketing support." Tenneco anticipates taking a US$5 million charge in the third quarter for customer changeover costs, expenses incurred to replace competitors' products in retail outlets with Tenneco products. The Monroe ride control products will be produced primarily at Tenneco's facility in Paragould, Arkansas and the Walker exhaust products at its Harrisonburg, Virginia facility. Based in Lake Forest, Illinois, Tenneco Inc., (NYSE: TEN) -- http://www.tenneco.com/-- manufactures automotive ride and emissions control products and systems for both the original equipment market and aftermarket. Brands include Monroe(R), Walker(R), Gillet(TM) and Clevite(R)Elastomer brand names. Among its products are Sensa-Trac(R) and Monroe Reflex(R) shocks and struts, Rancho(R) shock absorbers, Walker(R) Quiet-Flow(R) mufflers, Dynomax(R) performance exhaust products, and Clevite(R)Elastomer noise, vibration and harshness control components. The company has operations in Argentina, Japan, and Germany. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 17, 2007, Fitch Ratings has affirmed these ratings of Tenneco, Inc: -- Issuer Default Rating at 'BB-'; -- Senior secured revolver at 'BB+'; -- Senior secured term loan A at 'BB+'; -- Senior secured tranche B-1 LC/revolver 'BB+'; -- Senior secured second lien notes 'BB'; -- Senior subordinated notes at 'B'. Fitch said the rating outlook remains positive. TYSON FOODS: Bill Lovette Steps Down as Sr. Group Vice President ---------------------------------------------------------------- Tyson Foods Inc. has disclosed that Bill Lovette, Senior Group Vice President of Poultry and Prepared Foods, is leaving the company and his position will not be filled. Tyson Foods is implementing immediate changes in the senior management of its poultry and fresh meats operations, which are designed to improve the efficiency and effectiveness of the company's business structure. Due to Mr. Lovette's departure three executives who have been reporting to Mr. Lovette will now report directly to President and CEO Richard L. Bond. They include Donnie King, Group Vice President of Poultry and Prepared Foods Operations; Bernard Leonard, Group Vice President of Food Service; and Scott McNair, Group Vice President of Consumer Products. "After serving this great company for many years, I believe it's best for my family and me to chase some dreams we've had for a long time," Mr. Lovette said. "I also believe this provides Tyson the opportunity to allow some great management talent to take additional roles and responsibilities." "We appreciate the 25 years of service Bill has given to Tyson Foods and the many contributions he has made to the success of our company," said Mr. Bond. "While we will miss his steady leadership, we realize he's ready to pursue new opportunities." The leadership of Tyson's beef and pork business is also being restructured. James Lochner will continue managing Tyson's beef and pork business as Senior Group Vice President of Tyson Fresh Meats but will leave Tyson headquarters in Springdale to return to Dakota Dunes, South Dakota, where Tyson Fresh Meats is based. Mr. Lochner will also continue to oversee Tyson's Commodity Trading and Risk Management Group. Noel White, a long-time member of the Tyson Fresh Meats leadership team, has been named Senior Vice President of Pork Margin Management. This will enable him to focus solely on the more effective management of the company's pork business. He will continue to report to Mr. Lochner. Chris Daniel, previously Senior Vice President of Specialty Products, is now Senior Vice President of Beef Margin Management and will oversee the buying and selling side of the company's beef business. He will also report to Mr. Lochner. Many of Mr. Daniel's management duties in Specialty Products are being shifted to Jeff Webster, who will now be Senior Vice President of the newly created Tyson Renewable Products Division. This means Webster will continue to oversee the company's renewable energy unit and report to Bond and will now also manage the production and sale of most specialty products made primarily from poultry by-products. Read DuPriest, Group Director of Strategy, will assume Webster's responsibilities in managing corporate strategy and development and will report to Chief Financial Officer Wade Miquelon. Dan Brooks, an operations executive with Tyson Fresh Meats, will now be Senior Vice President of Beef Production Operations. His duties will include overseeing the company's nine North American beef plants and managing the company's hides and tanning facilities. Meanwhile, Jim Schmitz, another Tyson Fresh Meats executive, is now Vice President of Pork Production Operations and will oversee the company's six pork plants. Messrs. Brooks and Schmitz will report to Lochner, as will Jerry Holbrook, a long-time sales and marketing executive with Tyson Fresh Meats, who will now serve as Vice President of Fresh Meats Field Sales. "These changes are designed to help us make the best use of our talent in addressing the continuing challenges of the beef and pork business," according to Mr. Bond. "Tyson Fresh Meats has significantly improved its performance over the past year, especially given the market factors outside our control. However, we believe there is even more progress to be made." As publicly reported in September, Tyson is in the midst of a new initiative called FAST, which stands for focus, agility, simplify and trust. The goal is to place greater emphasis on value-added activities and encourage faster decision making. The evaluation phase of this initiative is nearing completion and company officials expect to begin implementing recommended changes over the next few weeks. These changes will involve modifying and reducing some layers of management and giving Team Members more decision-making authority. Based in Springdale, Arkansas, Tyson Foods, Inc. (NYSE:TSN) -- http://www.tysonfoods.com/-- is a processor and marketer of chicken, beef, and pork. The company produces a wide variety of protein-based and prepared food products, which are marketed under the "Powered by Tyson(TM)" strategy. The company has operations in China, Japan, Singapore, South Korea, and Taiwan. In Latin America, Tyson Foods has operations in Argentina. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 24, 2007, Moody's Investors Service upgraded the speculative grade liquidity rating of Tyson Foods Inc. to SGL-2 (good liquidity) from SGL-3 (adequate liquidity) based on the company's stronger cash flow generating ability given its cost cutting measures and improving protein markets. Tyson's other ratings, including its Ba1 corporate family rating and Ba1 probability of default rating, were affirmed. Moody's said the rating outlook is negative. WR GRACE: Court Refuses to Appoint Examiner for Tersigni Probe -------------------------------------------------------------- The Hon. Judith Fitzgerald of the U.S. Bankruptcy Court for the District of Delaware refused to appoint a Court examiner to probe on the bills paid by W.R. Grace & Co. and its debtor affiliates to L. Tersigni Consulting until the Office of the U.S. Trustee for Region 3 can explain why it took them 17 months to inform the Court of the investigation initiated by the Department of Justice on Loreto Tersigni and the Tersigni firm, Bloomberg News reports. At a Sept. 24, 2007, hearing, Judge Fitzgerald noted that the U.S. Trustee's office was made aware of the Tersigni billing problems back in April 2006. Judge Fitzgerald asked David M. Klauder, Esq., counsel to the U.S. Trustee, at the hearing, whether an investigation has been conducted with respect to Mr. Tersigni and whether that investigation has been completed or is still ongoing. Mr. Klauder, however, refused to answer Judge Fitzgerald's questions and said that he was "instructed" not to comment about the matter. Mr. Klauder said that he has "stuff [he's] not permitted to divulge in open court . . ." "What I'm trying to find out is, why on earth I am not being permitted to be given information concerning matters that affect the administration of these estates, from the entity that is charged with supervising the administration of these estates," Judge Fitzgerald stated. The Court acknowledged that the U.S. Trustee is charged under the Bankruptcy Code with the task of "watch dogging" and monitoring entities under bankruptcy. "It appears that the watchdog needs watchdogging," Judge Fitzgerald said. Mr. Klauder told the Court that the intent for the U.S. Trustee's request was for an examiner to ultimately determine what causes of action exist for Grace with respect to the alleged fraudulent billing practices of the Tersigni firm. The Tersigni firm was retained by the Official Committee of Asbestos Personal Injury Claimants in Grace's bankruptcy case as its financial advisors in 2003. Judge Fitzgerald, during the hearing, expressed her concern on the additional expense Grace will likely incur if an examiner is appointed. A continued hearing for Oct. 25 and 26, 2007, has been set for the examiner request. The judge further instructed Mr. Klauder to "find someone" permitted to comment on the Tersigni issues. About W.R. Grace Headquartered in Columbia, Md., W.R. Grace & Co. (NYSE:GRA) -- http://www.grace.com/-- supplies catalysts and silica products, especially construction chemicals and building materials, and container products globally , including Argentina, Australia and Ireland. The Company and its debtor-affiliates filed for chapter 11 protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139). James H.M. Sprayregen, Esq., at Kirkland & Ellis, and Laura Davis Jones, Esq., at Pachulski, Stang, Ziehl, Young, Jones & Weintraub, P.C., represent the Debtors in their restructuring efforts. The Debtors hired Blackstone Group, L.P., for financial advice. PricewaterhouseCoopers LLP is the Debtors' accountant. Stroock & Stroock & Lavan LLP represent the Official Committee of Unsecured Creditors. The Creditors Committee tapped Capstone Corporate Recovery LLC for financial advice. David T. Austern, the legal representative of future asbestos personal injury claimants, is represented by Orrick Herrington & Sutcliffe LLP and Phillips Goldman & Spence, PA. Anderson Kill & Olick, P.C., represent the Official Committee of Asbestos Personal Injury Claimants. The Asbestos Committee of Property Damage Claimants tapped Martin W. Dies, III, Esq., at Dies & Hile L.L.P., and C. Alan Runyan, Esq., at Speights & Runyan, to represent it. Lexecon, LLP, provided asbestos claims consulting services to the Official Committee of Equity Security Holders. The Debtors' filed their Chapter 11 Plan and Disclosure Statement on Nov. 13, 2004. On Jan. 13, 2005, they filed an Amended Plan and Disclosure Statement. The hearing to consider the adequacy of the Debtors' Disclosure Statement began on Jan. 21, 2005. The Debtors' exclusive period to file a chapter 11 plan expired on July 23, 2007. At Dec. 31, 2006, the W.R. Grace's balance sheet showed total assets of US$3,620,400,000 and total debts of US$4,189,100,000. (W.R. Grace Bankruptcy News, Issue No. 140; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) ============= B E R M U D A ============= ASPEN INSURANCE: Launches Casualty Insurance Unit in Dublin ----------------------------------------------------------- Aspen Insurance Holdings Limited has entered the Global Excess Casualty insurance market and is establishing a dedicated underwriting unit based in Dublin. The unit will focus on construction and global risk managed programmes. A notification has been made to the UK Financial Services Authority under a European passport, to establish a branch in Dublin. Aspen anticipates commencing underwriting by late November, subject to meeting the necessary regulatory requirements. The team will be led by Bob Patten, who has more than 15 years of experience underwriting Excess Casualty. Bob joins Aspen on Nov. 15, 2007. Aspen anticipates that within three years the Dublin branch will generate gross written premiums of around US$70 million and employ up to 10 staff. Commenting on the announcement, Chris O'Kane, Chief Executive Officer of Aspen Insurance Holdings said: "The opening of the Dublin office reflects Aspen's strategy of continuing to selectively diversify our business portfolio and complements our existing operations in specialty casualty insurance within our Specialty Lines segment. I am delighted to welcome Bob and our new underwriting colleagues to Aspen." About Aspen Insurance UK Limited Aspen Insurance UK Limited -- http://www.aspen-re.com/-- trades under the names of Aspen Insurance and Aspen Re, writing a range of specialty insurance and reinsurance lines. Aspen Re is a wholly owned subsidiary of Aspen Insurance Holdings Limited. About Aspen Insurance Holdings Headquartered in Hamilton, Bermuda, Aspen Insurance Holdings Limited (NYSE: AHL) (BSX: AHL BH) is the holding company of the Aspen Group the principal operating entities of which are Aspen Insurance UK Limited and Aspen Insurance Limited, both rated A2 for insurance financial strength. At the end of September 2006, Aspen Group reported net income of US$259 million and shareholders' equity of US$2.3 billion. * * * As reported in the Troubled Company Reporter on Nov. 14, 2006, Moody's Investors Service assigned a Ba1 rating to the US$200 million Perpetual Non-Cumulative Preference Shares issued by Aspen Insurance Holdings Limited, the existing perpetual "PIERS" of which were rated Ba1 by Moody's. BRUNSWICK RAIL: Will Hold Final General Meeting on Nov. 5 --------------------------------------------------------- Brunswick Rail Estate Limited's final general meeting is scheduled on Nov. 5, 2007, at 2:00 p.m., at: Leman Management Limited Wessex House, 2nd floor 45 Reid Street, Hamilton HM 12 Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. ELAN CORP: S&P Affirms B Corp. Credit Rating with Pos. Outlook -------------------------------------------------------------- Standard & Poor's Ratings Services has revised its outlook on Elan Corp. PLC to positive from stable and affirmed the ratings on the company and its subsidiaries, including the 'B' corporate credit rating. The outlook revision reflects the increasing sales of Dublin, Ireland-based Elan's key product, the multiple sclerosis treatment, Tysabri. Although continued losses and negative cash flow remain concerns, S&P believes that the current sales momentum of Tysabri will enable Elan to turn profitable and cash flow positive in the near-to-intermediate term. Elan Corp. has sufficient cash on hand to fund its operations until that point, and while the company remains highly leveraged, it does not face any major debt maturities until 2011. "The ratings on Elan reflect the company's high debt leverage, continued losses and negative cash flow, and heavy reliance on the sales of Tysabri," said S&P's credit analyst Arthur Wong. "These are offset somewhat by the growth potential of Tysabri in an multiple sclerosis market, adequate liquidity in the form of significant on-hand cash, and the lack of significant debt maturities until 2011." Elan Corp. specializes in the development and marketing of treatments for pain, central nervous system ailments, infectious diseases, and autoimmune problems. Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) -- http://www.elan.com/-- is a neuroscience-based biotechnology company. Elan shares trade on the New York, London and Dublin Stock Exchanges. The company has locations in Bermuda and Japan. ============= B O L I V I A ============= INT'L PAPER: Lower Land Sales Earnings to Impact 3rd Qtr Profits ---------------------------------------------------------------- International Paper disclosed Tuesday that third-quarter earnings will be less than analysts' consensus estimates due to lower land sales than previously estimated in the quarter. While the company previously estimated that third-quarter land sales earnings would be approximately US$110 million to US$140 million, it now expects third-quarter land sales earnings of approximately US$100 million and full-year 2007 land sales earnings in the range of US$450 million to US$500 million. Separately, the company announced that fourth-quarter earnings from its recently completed 50:50 joint venture with Ilim Group will be included in International Paper's first-quarter 2008 financial statements; thereafter, the company will continue to report the joint venture results on a one-quarter lag. 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. * * * In December 2005, Moody's Investors Service placed International Paper Co.'s senior subordinate rating at 'Ba1'. Moody's said the rating still holds to date with a stable outlook. INTERNATIONAL PAPER: Earns US$190 Million in Qtr. Ended June 30 --------------------------------------------------------------- International Paper reported second-quarter 2007 net earnings of US$190 million compared with net earnings of US$83 million in the second quarter of 2006. Earnings from continuing operations and before special items in the second quarter of 2007 were US$223 million, compared with US$145 million in the second quarter a year ago. Quarterly net sales were US$5.3 billion, down slightly from US$5.7 billion in the second quarter of 2006, primarily reflecting 2006 sales from the U.S. coated papers business, which was sold in August 2006. Industry segment operating profits rose to US$572 million for the 2007 second quarter versus US$552 million in the second quarter of 2006. The increase reflects continued strong average price realizations and solid manufacturing operations. "We had a solid second quarter, our best since 2000," said International Paper chairman and chief executive officer John Faraci. "We're seeing continued margin expansion quarter-to- quarter, because of solid operations improvement, improved pricing and stable volumes. In our business outside North America, demand for papers and packaging continues to grow. Earnings were impacted somewhat by higher raw material costs, planned maintenance outage costs, and expenses at our Pensacola, Fla., mill related to maintenance and the conversion of a paper machine to lightweight linerboard production; however, those factors were offset by ongoing results of profit-improvement initiatives." Commenting on the third quarter of 2007, Faraci said, "We expect somewhat stronger earnings from continuing operations, with continued cost reduction and pricing improvement in some markets, including pulp and packaging, as well as higher land sales. Input costs will remain high, but we anticipate continued operations improvement and cost reduction across our global manufacturing base, as well as lower mill maintenance shutdown expenses in the quarter." The effective tax rate from continuing operations and before special items for the second quarter of 2007 was 29%, compared with a tax rate of 34% in the second quarter of 2006. The 2007 second-quarter rate includes US$7 million of benefits related to tax audit settlements and other matters during the quarter. Discontinued Operations Discontinued operations for the 2007 second quarter include pre- tax charges of US$11 million for adjustments related to the previously sold wood products and beverage packaging businesses, and the second-quarter operating losses of these businesses. Discontinued operations for the 2006 second quarter included a US$16 million pre-tax charge to reduce the carrying value of the kraft papers business to its estimated fair value, and the second-quarter operating results of the kraft papers, wood products, beverage packaging and Brazilian coated papers businesses. Special Items Special items in the second quarter of 2007 consisted of a US$26 million pre-tax charge for organizational restructuring programs associated with the company's transformation plan, including US$17 million of accelerated depreciation expense for long-lived assets being removed from service, and a pre-tax gain of US$1 million, for adjustments to estimated losses on sales of businesses previously sold. Special items in the second quarter of 2006 included a pre-tax charge of US$53 million consisting of US$49 million for severance and other charges associated with the company's transformation plan and a US$4 million pre-tax charge for legal settlements, a pre-tax credit of US$62 million for gains on sales of U.S. forestlands included in the transformation plan, and a pre-tax loss of US$137 million on sales and impairments of businesses held for sale. Balance Sheet At June 30, 2007, the company's consolidated balance sheet showed US$23.15 billion in total assets, US$15.31 billion in total liabilities, US$242 million in minority interest, and US$7.60 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?2429 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. * * * In December 2005, Moody's Investors Service placed International Paper Co.'s senior subordinate rating at 'Ba1'. The rating still holds to date with a stable outlook. =========== B R A Z I L =========== ACTUANT CORP: Andrew Lampereur Adopts Prearranged Trading Plan -------------------------------------------------------------- Actuant Corporation's Executive Vice President and Chief Financial Officer Andrew Lampereur has adopted a prearranged trading plan in accordance with guidelines specified by Rule 10b5-1 under the Securities Exchange Act of 1934 and the company's policies with respect to insider sales. Rule 10b5-1 allows officers and directors of public companies, at a time when they are not aware of material nonpublic information, to adopt predetermined plans for selling shares of company stock. Under his 10b5-1 plan, Mr. Lampereur will exercise stock options and sell up to 20,800 shares of Actuant common stock. The underlying options were granted in 1998 and must be exercised in the next twelve months or they become invalid. These options represent approximately 7% of Mr. Lampereur's total share holdings in either Actuant stock or stock options. These transactions may take place from time-to- time after Oct. 10, 2007, subject to certain 10b5-1 plan criteria, including certain minimum price levels and daily volume activity. About Actuant Corp. Headquartered in Butler, Wis., Actuant Corp. (NYSE: ATU) -- http://www.actuant.com/-- is a diversified industrial company with operations in more than 30 countries including Australia, China, Italy, United Kingdom, Brazil, among others. The Actuant businesses are market leaders in highly engineered position and motion control systems and branded hydraulic and electrical tools and supplies. The company employs a workforce of more than 6,700 worldwide. * * * As reported in the Troubled Company Reporter-Latin America on June 6, 2007, Moody's Investors Service assigned a Ba2 (LGD3, 43%) rating to Actuant Corporation's USUS$250 million senior unsecured notes and affirmed the company's Ba2 Corporate Family Rating. Standard & Poor's Ratings Services assigned its 'BB-' rating to Actuant Corp.'s proposed USUS$250 million senior unsecured notes due 2017. The proceeds from the notes will be principally used to repay a portion of borrowings under the company's senior credit facility due 2009. ACXIOM INC: Gets US$65-Million Payment Over Axio Merger Pact ------------------------------------------------------------ Acxiom Inc. has received full payment of the US$65 million settlement amount related to its recently terminated Merger Agreement with Axio Holdings LLC and Axio Acquisition Corp. The company also reported that the US$65 million settlement is significantly greater than the one-time expenses related to the terminated agreement and that the Merger Agreement did not include a US$111 million termination fee. The Merger Agreement provided that, in the event all conditions to the closing of the merger transaction contemplated by the Merger Agreement were satisfied but the required debt financing for the transaction was not available, the company would have been entitled to a break up fee of US$66.75 million. In other circumstances in which Axio failed to close the proposed transaction in breach of the Merger Agreement, the Company was entitled to seek damages up to a limit of US$111.25 million, but was not entitled to compel Axio to close the proposed transaction by seeking to specifically enforce the Merger Agreement. In the event that a settlement agreement had not been reached, the Company would have had to pursue litigation in order to receive any compensation for damages. Based in Little Rock, Arkansas, Acxiom(R) Corporation (Nasdaq: ACXM) -- http://www.acxiom.com/-- integrates data, services and technology to create and deliver customer and information management solutions for many of the largest, most respected companies in the world. The core components of Acxiom's solutions are Customer Data Integration technology, data, database services, IT outsourcing, consulting and analytics, and privacy leadership. Founded in 1969, Acxiom has locations throughout the United States, Europe, Australia and China. Acxiom has a team of specialists with sales and business development associates based in the largest Latin American markets: Brazil, Argentina and Mexico. * * * As reported in the Troubled Company Reporter on Oct. 3, 2007, Standard & Poor's Ratings Services said its 'BB' corporate credit rating on Little Rock, Arkansas-based Acxiom Corp. remains on CreditWatch with negative implications, where it was placed on May 17, 2007. At the same time, S&P also placed the 'BB' senior secured debt ratings on CreditWatch with negative implications, because the debt will no longer be refinanced as part of the LBO financing. BANCO NACIONAL: Okays BRL2-Billion Financing for Telesp ------------------------------------------------------- Banco Nacional de Desenvolvimento Economico e Social said in a statement that it has authorized BRL2 billion in financing for Spanish telecom operator Telefonica's Sao Paulo fixed line operator Telesp. Business News Americas relates Telesp would use the funding to purchase locally manufactured equipment to boost and upgrade its infrastructure. According to BNamericas, Banco Nacional will fully fund the acquisition of products developed with locally developed technology. Telesp would launch new products including satellite television services and Internet protocol television. It will also concentrate on the migration of dial-up accounts to ADSL, BNamericas states. About Telesp Telecomunicacoes de Sao Paulo S.A., aka Telesp, provides fixed- line telecommunications services in the State of Sao Paulo. The services offered by the Company include local services, including installation, monthly subscription, measured service and public telephones; intraregional, interregional and international long-distance services; multimedia services, and network services, including interconnection and the leasing of facilities, as well as other services. The company provides interconnection services to cellular service providers and other fixed telecommunications companies through the use of its network. It provides multimedia communication services, such as audio, video, data, voice and other sounds, images, texts and other information. About Banco Nacional Banco Nacional de Desenvolvimento Economico e Social is Brazil's national development bank. It provides financing for projects within Brazil and plays a major role in the privatization programs undertaken by the federal government. * * * As reported on Nov. 27, 2006, Standard & Poor's Ratings Services changed the ratings outlook to Positive from Stable on Banco Nacional de Desenvolvimento Economico e Social SA's BB Foreign currency counterparty credit rating and BB+ Local currency counterparty credit rating. BRASKEM SA: Controlling Unit Acquires 34 Mil. of Copesul Shares --------------------------------------------------------------- Braskem S.A. and its controlling company EDSP58 Participacoes S.A., and Copesul -- Companhia Petroquimica do Sul, in compliance with the provisions of CVM Ruling 358/02, has disclosed to the market that in the auction for Public Tender Offer for the Acquisition of Copesul shares carried out on this date through the electronic trading system of the Sao Paulo Stock Exchange -- Bovespa, the Offeror acquired 34,040,927 common shares of Copesul, representing more than two thirds of the outstanding shares. Since more than two thirds of the outstanding shares were acquired, after verification that the rules applicable to the OPA have been complied with, the Brazilian Securities Commission will delist Copesul as a publicly held company within fifteen days counted from the receipt of the statements regarding the auction's results. During the period of three months as from the date of the auction, the shareholders owning Copesul outstanding shares may sell their shares to the Offeror for the same price offered in the OPA, adjusted up to the date of actual payment, as per the OPA Notice published on Aug. 14, 2007. Moreover, considering that less than 5% of the total shares remain outstanding, Copesul's board of directors will call a general shareholders' meeting to resolve on the redemption of such shares for the price offered in the OPA, pursuant to article 4, paragraph 5 of Law 6404/76. According to Ruling 361/02, Bovespa has a period of 4 business days to forward to CVM the final statements referring to the auction. Braskem (BOVESPA: BRKM5; NYSE: BAK; LATIBEX: XBRK) -- http://www.braskem.com.br/-- is a thermoplastic resins producer in Latin American, and is among the three largest Brazilian- owned private industrial companies. The company operates 13 manufacturing plants located throughout Brazil, and has an annual production capacity of 5.8 million tons of resins and other petrochemical products. * * * As reported in the Troubled Company Reporter-Latin America on March 26, 2007, Fitch Ratings has affirmed its BB+ ratings on Braskem S.A. and Braskem International following the announcement by Braskem, Petrobras and the Ultra Group that they have reached an agreement to acquire the Ipiranga Group's petrochemical, refining and fuel distribution assets. Fitch also affirmed these ratings: Braskem S.A. -- Foreign currency issuer default rating at 'BB+'; -- Local currency issuer default rating at 'BB+';; -- Senior unsecured notes 2008, 2014 at 'BB+'; -- Senior unsecured Perpetual Bonds at 'BB+'; -- Senior unsecured notes 2017 at 'BB+'; -- National rating at 'AA (bra)'; -- Debentures 12th Issuance at 'AA (bra)'; and -- Debentures 13th Issuance at 'AA (bra)'. Braskem International -- Senior unsecured notes 2015 at 'BB+'. CHRYSLER LLC: Reaches Tentative Agreement with UAW -------------------------------------------------- Chrysler LLC and the United Auto Workers have reached a tentative agreement on a new national labor contract, covering approximately 45,000 represented employees. The agreement is subject to UAW member ratification. The tentative agreement includes a memorandum of understanding to establish an independent retiree health care trust, as well as other changes to the national agreement. Following ratification, implementation of the memorandum of understanding is subject to approval by the courts and satisfactory review of accounting treatment with the Securities Exchange Commission. The national agreement is consistent with the economic pattern, and balances the needs of our employees and company by providing a framework to improve our long-term manufacturing competitiveness. At this time, specifics of the agreement is pending a ratification vote -- an internal UAW process. About Chrysler LLC Headquartered in Auburn Hills, Michigan, Chrysler LLC -- http://www.chrysler.com/-- offers cars and minivans, pick-up trucks, sport utility vehicles, and vans under the Chrysler, Jeep, and Dodge brand names. It also sells parts and accessories under the MOPAR brand. The company has dealers worldwide, including Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil, Venezuela, China, Japan and Australia. * * * On Oct. 1, 2007, Standard & Poor's Ratings Services placed its corporate credit ratings on Chrysler LLC and DaimlerChrysler Financial Services Americas LLC on CreditWatch with positive implications. As reported in the Troubled Company Reporter on Aug. 8, 2007, Standard & Poor's Ratings Services revised its loan and recovery ratings on Chrysler LLC's (B/Negative/--) US$10 billion senior secured first-lien term loan facility due 2013, following various changes to terms and conditions prior to closing. The US$10 billion first-lien term loan now consists of a US$5 billion "first-out" tranche and a US$5 billion "second-out" tranche, so the aggregate amount of first-lien debt remains unchanged. Accordingly, S&P assigned a 'BB-' rating to the US$5 billion "first-out" first-lien term loan tranche. This rating, two notches above the corporate credit rating of 'B' on Chrysler LLC, and the '1' recovery rating indicate S&P's expectation for very high recovery in the event of payment default. S&P also assigned a 'B' rating to the US$5 billion "second-out" first- lien term loan tranche. This rating, the same as the corporate credit rating, and the '3' recovery rating indicate S&P's expectation for a meaningful recovery in the event of payment default. Moody's Investors Service has affirmed Chrysler Automotive LLC's B3 Corporate Family Rating, and the Caa1 rating of the company's US$2 billion senior secured, second lien term loan in connection with Monday's closing of DaimlerChrysler AG's sale of a majority interest of Chrysler Group to Cerberus Capital Management LLC. COREL CORP: Incurs US$6.8 Million Net Loss in Qtr. Ended Aug. 31 ---------------------------------------------------------------- Corel Corporation has posted a US$6.8 million net loss for the three months ended Aug. 31, 2007, compared to net income of US$5.5 millionfore the same period in 2006. GAAP net loss for the third quarter of 2007 includes a non-cash, one-time US$5.0 million tax expense relating to the establishment of a valuation allowance against deferred tax assets acquired through the acquisition of InterVideo Inc. Revenues in the third quarter of fiscal 2007 were US$60.4 million, an increase of 46 percent over revenues of US$41.3 million in the third quarter fiscal 2006. Non-GAAP adjusted net income for the third quarter fiscal 2007 was US$8.1 million, compared to non-GAAP adjusted net income for the third quarter of fiscal 2006 of US$9.2 millio. Non-GAAP adjusted EBITDA in the third quarter of 2007 was US$13.5 million, compared to US$12.4 million in the third quarter of fiscal 2006. "Corel delivered another solid financial quarter, driven by our ability to successfully identify, acquire and integrate complementary companies and products," said David Dobson, CEO of Corel Corporation. "We were especially pleased with the performance of our Graphics and Productivity products where we experienced double digit year over year growth for CorelDraw Graphics Suite, WinZip, Painter, Designer and iGrafx. These results demonstrate the strong foundation that we derive from our diverse revenue mix across product categories, distribution channels and geographies." Fourth Quarter Fiscal 2007 Guidance Corel provided guidance for the fourth quarter ending Nov. 30, 2007. The Company currently expects: -- Revenue in the range of US$66 million to US$70 million -- GAAP net income in the range of US$3.0 million to US$5.0 million and non-GAAP adjusted net income in the range of US$11.5 million to US$13.5 million. Fiscal 2007 Guidance Resulting guidance for the year ending Nov. 30, 2007 is as follows: -- Revenue in the range of US$244 million to US$248 million -- GAAP net loss of US$(13.3) million to US$(11.3) million and non-GAAP adjusted net income of US$32 million to US$34 million. About Corel Corporation Ottawa, Ontario-based Corel Corp. (NASDAQ: CREL) (TSX: CRE) -- http://www.corel.com/-- is a packaged software company with an estimated installed base of over 40 million users. The Company provides productivity, graphics and digital imaging software. Its products are sold in over 75 countries through a scalable distribution platform comprised of original equipment manufacturers, Corel's international websites, and a global network of resellers and retailers. The Company's product portfolio features CorelDRAW(R) Graphics Suite, Corel(R) WordPerfect(R) Office, WinZip(R), Corel(R) Paint Shop(R) Pro, and Corel Painter(TM). The company has operations in Germany, Italy, the United Kingdom, Australia, Japan, Korea, Brazil, and Mexico, among others. * * * As reported in the Troubled Company Reporter on Nov. 7, 2006, Standard & Poor's Ratings Services affirmed its 'B' long-term corporate credit and senior secured debt ratings on Canada-based packaged software company, Corel Corp. GENERAL MOTORS: GM-UAW 2007 National Labor Agreement Ratified ------------------------------------------------------------- General Motors Corp. confirmed that its UAW-represented employees have ratified the GM-UAW 2007 national labor agreement. As reported in the Troubled Company Reporter on Sept. 27, 2007, GM and the UAW reached a tentative agreement on Sept. 26, after more than two months of bargaining. The new four-year agreement covers approximately 74,000 hourly employees located in more than 80 U.S. facilities. "We are very pleased that our UAW-represented employees have ratified the new labor contract," Rick Wagoner, GM CEO and Chairman of the Board, said. "I especially thank UAW President Ron Gettelfinger and Vice President Cal Rapson, as well as the members of the GM and UAW negotiating teams, for their hard work in reaching an innovative agreement that effectively addresses the needs of our employees and retirees, while providing a basis for improved competitiveness that will support future U.S. investments." GM intends to file a current report on Form 8-K with the Securities and Exchange Commission within the next four business days that will outline the key terms of the healthcare agreement. In addition, an analyst and media conference call is scheduled for Oct. 15, 2007 at 9:30 a.m. Eastern Daylight Time. About General Motors Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- was founded in 1908. GM employs about 280,000 people around the world and manufactures cars and trucks in 33 countries, including the United Kingdom, Germany, France, Russia, Brazil and India. In 2006, nearly 9.1 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. * * * As reported in the Troubled Company Reporter on May 28, 2007, Standard & Poor's Ratings Services placed General Motors Corp.'s corporate credit rating at B/Negative/B-3. At the same time, Moody's Investors Service affirmed GM's B3 Corporate Family Rating and B3 Probability of Default Rating, and maintained its SGL-3 Speculative Grade Liquidity Rating. The rating outlook remains negative, according to Moody's. GENERAL MOTORS: Launches Uzbekistan Car Venture With Uzavtoprom --------------------------------------------------------------- General Motors Corp. has signed an agreement with Uzbek state auto company Uzavtoprom for a joint venture to produce and sell cars in Uzbekistan, Reuters reports, citing a statement released by Uzavtoprom as its source. The deal is based on an existing car plant in Uzbekistan with annual production capacity of 250,000 Chevrolet cars. GM would hold a 25 percent in the venture with a possibility to raise it to 40 percent, but the statement did not say how much the deal is worth, Reuters relates. Uzavtoprom set up the plant in eastern Uzbekistan in 1996 together with South Korean company Daewoo Motor. Uzavtoprom has been looking for a strategic partner in the project since the Korean firm went bankrupt during a financial crisis in the late 1990s, Reuters states. About General Motors Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- was founded in 1908. GM employs about 280,000 people around the world and manufactures cars and trucks in 33 countries, including the United Kingdom, Germany, France, Russia, Brazil and India. In 2006, nearly 9.1 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. * * * As reported in the Troubled Company Reporter on May 28, 2007, Standard & Poor's Ratings Services placed General Motors Corp.'s corporate credit rating at B/Negative/B-3. At the same time, Moody's Investors Service affirmed GM's B3 Corporate Family Rating and B3 Probability of Default Rating, and maintained its SGL-3 Speculative Grade Liquidity Rating. The rating outlook remains negative, according to Moody's. ISA CAPITAL: S&P Affirms BB Rating on US$554-Mil. Senior Notes -------------------------------------------------------------- Standard & Poor's Ratings Services has affirmed its 'BB+' corporate credit rating on ISA Capital do Brasil S.A. In addition, S&P affirmed the 'BB' rating on the company's US$554 million senior unsecured notes in two tranches. The outlook is stable. ISA Capital is a special-purpose financing entity that issued the bonds and on-lent the funds to Interconexi�n Electrica S.A. E.S.P., a Colombia-based transmission company which used the debt to finance the acquisition of Companhia de Transmissao de Energia El�trica Paulista in 2006. The notes are rated one notch lower than the corporate credit rating due to their structural subordination between parent-subsidiary creditors. The rating affirmation reflects the challenges that ISA Capital faces in operating in Brazil's economic and political environment, the risk of foreign exchange since the cash flow generation is in reais, and the refinancing risk associated with the bullet structure payment corresponding to the notes principal amortization. The partly offsetting factors are stable regulatory environment for the transmission companies in Brazil for the past 10 years, the company's satisfactory business risk profile, a strong cash flow generation, and a structure that includes a debt-service reserve account covering six months of interest payments. ISA Capital do Brasil, is a pure holding company organized under the laws of Brazil formed on April 28, 2006. The company's revenues and principal sources of cash are derived from dividends and other distributions in respect of shares in CTEEP. The company owns 89.4% of CTEEP's total issued and outstanding common stock representing 37.46% of CTEEP's total capital stock. Interconexion Electrica SA ESP, an electricity transmission company controlled by the government of Colombia, owns 99.99% of ISA Capital do Brasil SA. CTEEP is the largest electricity transmission company in the State of Sao Paulo and the largest privately owned transmission company in Brazil. JAPAN AIRLINES: Inks Business Partnership with AEON --------------------------------------------------- Japan Airlines International Co., Ltd., Japan and Asia's biggest air transport group, and AEON Co. Ltd., one of the largest general retailers in Japan, have reached agreement to cooperate on a wide range of business activities, the first of which is the creation of two new cards by combining the JAL Group's frequent flyer mileage card JMB Card, and AEON's WAON Card which has both e-money and credit functions. Called the JMB WAON Card and AEON JMB Card, the new cards will enable cardholders to accumulate JMB mileage when purchasing goods and services in AEON stores located throughout the length and breadth of Japan. Conversely cardholders will be able to exchange JMB mileage for WAON e-money, which can be used to purchase products and services at AEON stores. The new cards will be introduced in the Japanese domestic market from March 2008. Up until March 2009 there will be no card issuance fee. No annual card will be charged. Cardholders can convert 200 yen into 1 JMB mile when using the WAON e-money function. Conversely, cardholders can convert from a minimum of 10,000 JMB miles into an equivalent of 10,000 WAON point. When using the credit card function available on the AEON JMB Card for every 1,000 yen spent 5 JMB miles can be accumulated. JAL and AEON will also cooperate in other ways to further improve the quality of their products and services in order to increase customer choice, convenience and satisfaction. The companies will work together to expand sales of their branded products and services through each others sales channels. The companies are also looking at ways of jointly promoting and developing products, for example the JAL Group's air travel products. The JAL Mileage Bank program now has some 20 million members worldwide. JMB Miles can be earned by flying on JAL or JMB partner airlines. Over the years the program has been expanded to include mileage earnings not only from flights on JAL and its JAL Group subsidiary airlines, but also from 12 international partner carriers, and JMB Mile Partners including car and cellular phone rental companies and over 8,700 hotels worldwide. Since JAL became a fully-fledged member of oneworld, JMB members can now earn and redeem mileage on eligible flights and fares throughout the oneworld network. Accumulated mileage can be exchanged for a wide range of exciting awards entitling members to free travel on JAL and JMB partner's air networks, international flight upgrades, and free nights stay at numerous JMB partner hotels worldwide. Miles can also be exchanged for JAL coupon awards which in turn can be used to make full or part payment for in-flight purchases, stays at JAL Hotels and other purchases. AEON Co Ltd is one of Asia largest retailers with over 17 million members signed up its credit card program. The group covers 23,000 stores in Japan including general merchandise stores, supermarkets, drugstores, specialty stores, and shopping mall developments. AEON introduced the WAON electric money card to Japan in April 2007 which can be used to purchase products and services in over 11,000 stores throughout Japan. WAON e-money will be accepted at all of AEON's group companies during 2008. About Japan Airlines Tokyo-based Japan Airlines International Company, Limited -- http://www.jal.com/en/-- was created as a result of the merger of Japan Airlines and Japan Air Systems to boost domestic coverage. Japan Airlines flies to the United States, Brazil and France. * * * As reported on Feb. 9, 2007, that Standard & Poor's Ratings Services affirmed its 'B+' long-term corporate credit and issue ratings on Japan Airlines Corp. (B+/Negative/--) following the company's announcement of its new medium-term management plan. S&P said the outlook on the long-term corporate credit rating is negative. As reported on Oct. 10, 2006, that Moody's Investors Service affirmed its Ba3 long-term debt ratings and issuer ratings for both Japan Airlines International Co., Ltd and Japan Airlines Domestic Co., Ltd. The rating affirmation is in response to the planned restructuring of the Japan Airlines Corporation group on Oct. 1, 2006, with the completion of the merger of JAL's two operating subsidiaries, JAL International and Japan Airlines Domestic. JAL International will be the surviving company. Moody's said the rating outlook is stable. Fitch Ratings Tokyo analyst Satoru Aoyama said that the company's debt obligations and expenses for new aircraft have placed it in an unfavorable financial position. Fitch assigned a BB- rating on the company, which is three notches lower than investment grade. PETROLEO BRASILEIRO: Wins Pipeline Insulation Deal to Aspen ----------------------------------------------------------- Petroleo Brasileiro has awarded Aspen Aerogels a contract to supply its advanced Spaceloft(TM) aerogel insulation for a 21- kilometer, undersea natural gas pipeline being built by Technip in Brazil. The rigid pipeline will connect the Canapu field (1,700 meters deep) to the Cidade de Vitoria floating production facility (1,400 meters deep). Technip will install the pipeline in the fourth quarter of 2008 for Brazilian state-run oil company Petrobras. This will be the first pipeline in Brazil to use a pipe-in-pipe design (production pipe surrounded by carrier pipe with insulation in between). Technip chose Spaceloft insulation because it offers the lowest thermal conductivity while being much thinner than other pipe insulations. This means the outer carrier pipe can be smaller, saving substantially on steel weight over the 21-kilometer line. Spaceloft comes in flexible blanket form, which simplifies installation. The insulation will be installed at Technip's spoolbase in Mobile, Alabama. "Aspen Aerogels' relationship with Technip has been based on delivering performance and customer satisfaction, which will continue on this exciting project," said Don Young, Aspen Aerogels president and Chief Executive Officer. "We look forward to growing our new relationship with Petrobras in the same way while supporting its future deep and ultra-deep pipeline insulation needs." Aspen Aerogels has extensive experience insulating oil and gas pipelines and reservoirs operating between cryogenic temperatures (for liquefied natural gas) and 650 degrees Celsius. This includes projects in West Africa, the Gulf of Mexico, the North Sea and the Canadian Oil Sands. The company is finalizing new projects in the Middle East and Southeast Asia. About Technip Technip ranks among the top five corporations in the field of oil, gas and petrochemical engineering, construction and services. The Group is headquartered in Paris. The Group's main operations, engineering centers and business units are located in France, Italy, Germany, the UK, Norway, Finland, the Netherlands, the USA, Brazil, Abu-Dhabi, China, India, Malaysia and Australia. About Aspen Aerogels Inc. Aspen Aerogels supplies nanotechnology-enabled aerogel insulation products that are two to four times more effective than traditional insulation materials. Aspen Aerogels' solutions deliver thermal and other benefits that enable customers to conserve energy and save money in a variety of industries. Visit http://www.aerogel.comfor details. About Petrobras Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp- - was founded in 1953. The company explores, produces, refines, transports, markets, distributes oil and natural gas and power to various wholesale customers and retail distributors in Brazil. Petrobras has operations in China, India, Japan, and Singapore. * * * Petroleo Brasileiro SA's long-term corporate family rating is rated Ba3 by Moody's. Fitch Ratings assigned these ratings on Petroleo Brasileiro's senior unsecured notes: Maturity Date Amount Rate Ratings ------------- ------ ---- ------- April 1, 2008 US$400,000,000 9% BB+ July 2, 2013 US$750,000,000 9.125% BB+ Sept. 15, 2014 US$650,000,000 7.75% BB+ Dec. 10, 2018 US$750,000,000 8.375% BB+ Fitch upgraded the foreign currency rating of Petrobras to BB+ from BB, with positive outlook, in conjunction with Fitch's upgrade of the long-term foreign and local currency IDRs of the Federative Republic of Brazil to BB, from BB- on June 29, 2006. REALOGY CORP: Hires Sherry Chris to Lead Better Homes Brand ----------------------------------------------------------- Realogy Corporation has appointed Sherry Chris as president and CEO of the Better Homes and Gardens Real Estate brand. This news builds on Realogy's announcement that the company had entered into a long-term licensing agreement with Meredith Corporation to build a new, international residential real estate franchise company under the Better Homes and Gardens Real Estate brand. The new brand will launch in the residential real estate marketplace in July 2008. Ms. Chris will be responsible for directing the platform, growth and development of this new franchise system. With more than 25 years of real estate sales, management and executive experience, Ms. Chris most recently served as chief operating officer for Coldwell Banker Real Estate LLC. Ms. Chris will report to Alex Perriello, president and CEO of the Realogy Franchise Group. "Sherry is an exceptional real estate executive and business leader, and I am pleased to have her energetic presence at the helm as we embark upon this exciting opportunity," said Mr. Perriello. "We look forward to building and operating a new world-class franchise system that will add significant value to those residential real estate brokerage firms that will become franchisees of Better Homes and Gardens Real Estate." "This will be a brand that embodies the future of the real estate industry while grounded in the tradition of the home," said Ms. Chris. "The opportunity is tremendous. Better Homes and Gardens has a multi-media consumer brand presence that already exists in millions of households. Meanwhile, we have the rare opportunity to build a new system from the ground up by leveraging our expertise in real estate while benefiting from the full support of Realogy and all of its resources." Among the top priorities for the new brand during the next nine months will be the development of a platform that incorporates the best information technologies for both consumers and the real estate professionals who affiliate with the brand. Ms. Chris plans to develop a new media-rich Web site that will provide engaging and interactive content for a customer-base now highly adept at using the Internet for its real estate needs. "We will build the Better Homes and Gardens Real Estate brand with an eye on innovation and a respect for tradition," said Ms. Chris. "Our innovation will be reflected in a contemporary, high-quality service offering that addresses the needs of today's consumer while providing franchisees with significant competitive advantages. As for tradition, the brand will exemplify a full-service approach to the business that fosters personal relationships to meet the needs of every generation of homebuyers and sellers." Previously, Ms. Chris served Coldwell Banker Real Estate LLC as its chief operating officer beginning December 2006. In her capacity as COO, Chris directed the company's operations, education, mortgage and field services programs. She also focused on communication between Coldwell Banker(R) corporate headquarters, regional offices and its nearly 4,000-office affiliate network around the world. Ms. Chris began her real estate career in 1980 holding positions of increasing responsibility at several leading Canadian and U.S. real estate companies including, Royal LePage Real Estate Services, Ltd., Real Living and Prudential California Realty. Well known in the real estate industry, Ms. Chris is currently on the advisory board of several prominent organizations including Trulia.com and Google Real Estate. She has served as chairman of the board of the Realty Alliance and also speaks frequently at prominent industry events. Ms. Chris earned her undergraduate and MBA degrees from the University of Western Ontario. Executive photo available upon request. About Realogy Corp. Headquartered in Parsippany, N.J., Realogy Corporation (NYSE: H)-- http://www.realogy.com/-- is real estate franchisor and a member of the S&P 500. The company has a diversified business model that also includes real estate brokerage, relocation, and title services. Realogy's world-renowned brands and business units include CENTURY 21(R), Coldwell Banker(R), Coldwell Banker Commercial(R), ERA(R), Sotheby's International Realty(R), NRT Incorporated, Cartus, and Title Resource Group. Realogy has more than 15,000 employees worldwide. The company operates in Australia, Brazil and France. * * * As reported in the Troubled Company Reporter-Latin America on July 13, 2007, Standard & Poor's Ratings Services lowered and removed from CreditWatch Negative its issue-level rating on Realogy Corp.'s previously senior unsecured notes that were part of the company's capital structure prior to the April 2007 going private acquisition of the company by Apollo Management L.P. UTSTARCOM INC: Posts US$43 Million Net Loss in Third Qtr. 2007 -------------------------------------------------------------- UTStarcom Inc. has reported net sales for the third quarter 2006 were US$601 million. Gross margins for the third quarter 2006 were 12.4% and net loss for the quarter was US$43 million, or a loss of (US$0.36) per share. The company also announced the completion of the China sales investigation. Net sales for the full year 2006 were US$2.5 billion. Gross margins for the full year 2006 were 15.7% and net loss for the year was US$117.3 million, or a loss of (US$0.97) per share. Restructuring Plan On Oct. 2, 2007, the company's Board of Directors approved a restructuring plan to reduce operating costs. The initial phase of this plan includes a worldwide reduction of approximately 11% of the company's headcount, or approximately 700 employees. The workforce reduction will be based primarily in the United States and China and, to a lesser degree, other international locations. Management expects the headcount reduction phase of the restructuring plan will be completed in the fourth quarter of 2007. As such, the company expects to incur a restructuring charge in the fourth quarter in connection with the headcount reduction of approximately US$10 million. As a result of these headcount reductions, the company expects to realize annual cost savings in salary and compensation-related expenses of approximately US$21 million on an annualized basis. "The restructuring plan is closely aligned with our overall strategy of becoming a more focused and operationally efficient company," said Peter Blackmore, chief operating officer of UTStarcom. "Headcount reductions are always difficult; however, they are essential as we strive to attain consistent profitability and improve our cash flows. We have already started to implement the plan and expect to achieve the full benefit by the first quarter of 2008." About UTStarcom, Inc. Headquartered in Alameda, Calif., UTStarcom Inc. (Nasdaq: UTSI) -- http://www.utstar.com/-- provides IP-based, end-to-end networking solutions and international service and support. The company sells its broadband, wireless, and handset solutions to operators in both emerging and established telecommunications markets around the world. The company maintains operations in France, Italy, Spain, China, India, Japan, Argentina and Brazil. * * * As reported on Jan. 18, 2007, noteholders of UTStarcom Inc.'s 7/8% convertible subordinated notes due 2008 agreed to the proposed amendments of certain provisions of the indenture pursuant to which the notes were issued and a waiver of rights to pursue remedies available under the indenture with respect to certain default. Under the terms of the indenture, during the period beginning Jan. 9, 2007 and ending 5:30 p.m., May 31, 2007, any failure by the company to comply with certain provisions will not result in a default or an event of default, and the Notes will accrue an additional 6.75% per annum in special interest from and after Jan. 9, 2007 to the maturity date of the Notes, unless the Notes are earlier repurchased or converted. =========================== C A Y M A N I S L A N D S =========================== AI (EURO): Proofs of Claim Filing Is Until Nov. 2 ------------------------------------------------- AI (Euro), Ltd.'s creditors are given until Nov. 2, 2007, to prove their claims to Richard L. Finlay, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. AI (Euro)'s shareholder agreed on Sept. 13, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Richard L. Finlay Attention: Krysten Lumsden Conyers Dill & Pearman, Cayman P.O. Box 2681, Cricket Square Hutchins Drive, Grand Cayman KY1-1111 Cayman Islands Telephone: (345) 945 3901 Fax: (345) 945 3902 BANK OF AYUDHYA: Sells Off 12.11% Ownership in Construction Firm ---------------------------------------------------------------- The Bank of Ayudhya PCL has sold 146,091,699 ordinary shares in Namprasert Construction Co. Ltd. to Patarin Jaovisidha for a price of THB900,000. The shares represent the bank's 12.11% holding in NCC, which it acquired through debt restructuring. The sale is in line with the bank's drive to reduce investment in non-core businesses. Headquartered in Bangkok, Thailand, Bank of Ayudhya Public Co. Ltd. -- http://www.krungsri.com/-- provides a full range of banking and financial services. The bank offers corporate and personal lending, retail and wholesale banking; international trade financing asset management; and investment banking services to customers through its branches. It has branches in Hong Kong, Vietnam, Laos, and the Cayman Islands. Bank of Ayudhya's subordinated debts carry Fitch Ratings Services' BB+ rating. CAYMAN DFK: Proofs of Claim Filing Deadline Is Nov. 2 ----------------------------------------------------- Cayman DFK's creditors are given until Nov. 2, 2007, to prove their claims to David Dyer, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Cayman DFK's shareholders agreed on Sept. 17, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: David Dyer Deutsche Bank (Cayman) Limited P.O. Box 1984, Boundary Hall Cricket Square, Grand Cayman KY1-1104 Cayman Islands CBO HOLDINGS: Proofs of Claim Filing Is Until Nov. 2 ---------------------------------------------------- CBO Holdings VI Ltd.'s creditors are given until Nov. 2, 2007, to prove their claims to David Dyer, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. CBO Holdings' shareholders agreed on Sept. 17, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: David Dyer Deutsche Bank (Cayman) Limited P.O. Box 1984, Boundary Hall Cricket Square, Grand Cayman KY1-1104 Cayman Islands COMMERCIAL MORTGAGE: Proofs of Claim Filing Deadline Is Nov. 2 -------------------------------------------------------------- Commercial Mortgage Company III-R2, Inc.'s creditors are given until Nov. 2, 2007, to prove their claims to David Dyer, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Commercial Mortgage' shareholders agreed on Sept. 17, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: David Dyer Deutsche Bank (Cayman) Limited P.O. Box 1984, Boundary Hall Cricket Square, Grand Cayman KY1-1104 Cayman Islands CONOCOPHILLIPS BAO: Proofs of Claim Filing Ends on Nov. 2 --------------------------------------------------------- Conocophillips Bao Vang Ltd.'s creditors are given until Nov. 2, 2007, to prove their claims to Trident Directors (Cayman) Ltd., the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Conocophillips Bao's shareholder agreed on Aug. 13, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Trident Directors (Cayman) Ltd. Attention: Kimbert Solomon P.O. Box 847, George Town Grand Cayman KY1-1103, Cayman Islands Telephone: (345) 949 0880 Fax: (345) 949 0881 CONOCOPHILLIPS BLOCK: Proofs of Claim Filing Deadline Is Nov. 2 --------------------------------------------------------------- Conocophillips Block 204 UK Exploration Ltd.'s creditors are given until Nov. 2, 2007, to prove their claims to Trident Directors (Cayman) Ltd., the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Conocophillips Block's shareholder agreed on Aug. 13, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Trident Directors (Cayman) Ltd. Attention: Kimbert Solomon P.O. Box 847, George Town Grand Cayman KY1-1103, Cayman Islands Telephone: (345) 949 0880 Fax: (345) 949 0881 CONOCOPHILLIPS GULF: Proofs of Claims Filing Ends on Nov. 2 ----------------------------------------------------------- Conocophillips Gulf Of Paria Ltd.'s creditors are given until Nov. 2, 2007, to prove their claims to Trident Directors (Cayman) Ltd., the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Conocophillips Gulf's shareholder agreed on Aug. 13, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Trident Directors (Cayman) Ltd. Attention: Kimbert Solomon P.O. Box 847, George Town Grand Cayman KY1-1103, Cayman Islands Telephone: (345) 949 0880 Fax: (345) 949 0881 CONOCOPHILLIPS NZ: Proofs of Claim Filing Deadline Is Nov. 2 ------------------------------------------------------------ Conocophillips NZ Exploration Limited's creditors are given until Nov. 2, 2007, to prove their claims to Trident Directors (Cayman) Ltd., the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Conocophillips NZ's shareholder agreed on Aug. 13, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Trident Directors (Cayman) Ltd. Attention: Kimbert Solomon P.O. Box 847, George Town Grand Cayman KY1-1103, Cayman Islands Telephone: (345) 949 0880 Fax: (345) 949 0881 CONOCOPHILLIPS Z&M: Proofs of Claim Filing Is Until Nov. 2 ---------------------------------------------------------- Conocophillips Z&M Ltd.'s creditors are given until Nov. 2, 2007, to prove their claims to Trident Directors (Cayman) Ltd., the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Conocophillips Z&M's shareholder agreed on Aug. 13, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Trident Directors (Cayman) Ltd. Attention: Kimbert Solomon P.O. Box 847, George Town Grand Cayman KY1-1103, Cayman Islands Telephone: (345) 949 0880 Fax: (345) 949 0881 COPPER BEECH: Proofs of Claim Filing Ends on Nov. 2 --------------------------------------------------- Copper Beech Financial Corporation Limited's creditors are given until Nov. 2, 2007, to prove their claims to David Dyer, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Copper Beech's shareholders agreed on Sept. 17, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: David Dyer Deutsche Bank (Cayman) Limited P.O. Box 1984, Boundary Hall Cricket Square, Grand Cayman KY1-1104 Cayman Islands DCC II: Proofs of Claim Filing Deadline Is Nov. 2 ------------------------------------------------- DCC II Company R, Inc.'s creditors are given until Nov. 2, 2007, to prove their claims to David Dyer, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. DCC II's shareholders agreed on Sept. 17, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: David Dyer Deutsche Bank (Cayman) Limited P.O. Box 1984, Boundary Hall Cricket Square, Grand Cayman KY1-1104 Cayman Islands DENALI MANAGEMENT: Proofs of Claim Filing Deadline Is Nov. 2 ------------------------------------------------------------ Denali Management GP's creditors are given until Nov. 2, 2007, to prove their claims to David Dyer, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Denali Management's shareholders agreed on Sept. 17, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: David Dyer Deutsche Bank (Cayman) Limited P.O. Box 1984, Boundary Hall Cricket Square, Grand Cayman KY1-1104 Cayman Islands DIAMOND FINANCIAL: Proofs of Claim Filing Is Until Nov. 2 --------------------------------------------------------- Diamond Financial Corporation Limited's creditors are given until Nov. 2, 2007, to prove their claims to David Dyer, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Diamond Financial's shareholders agreed on Sept. 17, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: David Dyer Deutsche Bank (Cayman) Limited P.O. Box 1984, Boundary Hall Cricket Square, Grand Cayman KY1-1104 Cayman Islands FLEET FUNDING I: Proofs of Claim Filing Ends on Nov. 2 ------------------------------------------------------ Fleet Funding I Limited's creditors are given until Nov. 2, 2007, to prove their claims to David Dyer, the company's liquidator, or be excluded from receiving any di