T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Thursday, October 18, 2007, Vol. 8, Issue 207
Headlines
A R G E N T I N A
ACONSAC SA: Proofs of Claim Verification Deadline Is Dec. 11
BANCO PATAGONIA: Denies Takeover Bid by Banco Itau
BAXI HOLDINGS: S&P Affirms B Long-Term Corp. Credit Rating
BRAVO BARROS: Proofs of Claim Verification Ends on Nov. 7
COMPANIA LATINOAMERICANA: S&P Puts BB+ Rtgs. on US$115-Mln Notes
CONSTRUCCIONES RIAZOR: Trustee Filing General Report Tomorrow
D AMARIO: Trustee Filing Individual Reports in Court Tomorrow
DELTA AIR: S&P Affirms B Rating; Revises Outlook to Positive
DISTRIYER SRL: Trustee Filing General Report in Court Tomorrow
FASHION SA: Creditors Voting on Settlement Plan Tomorrow
FILTERS SRL: Proofs of Claim Verification Deadline Is Dec. 3
PERSONAL DE YPF: Trustee Filing General Report in Court Tomorrow
SALUD OCUPACIONAL: Proofs of Claim Verification Is Until Oct. 26
SERVIPACK SA: Proofs of Claim Verification Deadline Is Dec. 7
SOLICITAS SRL: Proofs of Claim Verification Is Until Nov. 22
TARAI SA: Trustee Filing General Report in Court Tomorrow
TELECOM ARGENTINA: Gov't Forms Panel To Check Telefonica Deal
TELEFONICA DE ARGENTINA: Gov't Forms Board To Check Italia Buy
TERCER MILENIO: Proofs of Claim Verification Deadline Is Feb. 4
B E R M U D A
KOCH TREASURY: Proofs of Claim Filing Ends on Nov. 9
LANNER RE: Proofs of Claim Filing Deadline Is Oct. 19
ODYSSEY TRADING: Proofs of Claim Filing Deadline Is Oct. 24
ROYALE RESORTS: Proofs of Claim Filing Is Until Oct. 24
B O L I V I A
INT'L PAPER: Gives US$1 Million to Support Zero Waste Campaign
B R A Z I L
ARROW ELECTRONICS: Earns US$99.2 Million in Qtr. Ended June 30
ARVINMERITOR INC: Inks Joint Venture Pact with TRW Automotive
BRASIL TELECOM: Extends Use of Oracle Communications Services
EL PASO: Units Receive Requisite Consents on Notes Offerings
FORD MOTOR: Expects to Sell British Marques in Two Months
GENERAL MOTORS: Moody's Revises Outlook to Positive
TRW AUTOMOTIVE: Inks Joint Venture Pact with Arvinmeritor Inc.
C A Y M A N I S L A N D S
BALSAM EQUITY: Creditors Must File Proofs of Claim by Nov. 5
BALSAM EQUITY INVESTMENTS: Proofs of Claim Filing Ends on Nov. 5
BALSAM HOLDINGS: Creditors Must File Proofs of Claim by Nov. 5
BALSAM INVESTMENTS: Proofs of Claim Filing Is Until Nov. 5
GALATEA FUND: Proofs of Claim Must be Filed by Nov. 14
GFIA-SHK MANAGERS: Creditors Must File Proofs of Claim by Nov. 7
HEDERA INVESTMENTS: Proofs of Claim Filing Ends on Nov. 5
ILLINOIS MASONIC: Proofs of Claim Filing Deadline Is Nov. 30
ILLINOIS MASONIC: Sets Final Shareholders Meeting for Dec. 31
MASTR CI-8: Will Hold Final Shareholders Meeting on Dec. 14
ML CBO: Holding Final Shareholders Meeting on Dec. 14
PGI ENTREPRENEURS: Final Shareholders Meeting Is on Dec. 14
QUANTIVA INVESTMENT: Proofs of Claim Filing Deadline Is Nov. 6
REMARKABLE FUNDING: Final Shareholders Meeting Is on Dec. 14
SEAGATE TECH: Earns US$355 Million in Quarter Ended Sept. 28
SMOKY RIVER CDO GP: Sets Final Shareholders Meeting for Dec. 14
SMOKY RIVER CDO LP: To Hold Last Shareholders Meeting on Dec. 14
STONE HARBOR: Creditors Must File Proofs of Claim by Nov. 5
STONE HARBOR OFFSHORE: Proofs of Claim Filing Deadline Is Nov. 5
TECH CHAIN: Creditors Must File Proofs of Claim by Nov. 5
TRIO ASSET: Sets Final Shareholders Meeting for Dec. 14
VERITAS HIGH: Proofs of Claim Filing Is Until Nov. 5
WEST 57 FINANCE: Creditors Must File Proofs of Claim by Nov. 5
C H I L E
GMAC LLC: Moody's Maintains Negative Outlook on Ba1 Ratings
HOUGHTON INT'L: Moody's Reviews B2 Rating for Likely Downgrade
HOUGHTON INT'L: S&P Places B+ Rating on Watch Negative
C O L O M B I A
EMPRESA DE ENERGIA: Proposes Sale of US$710-Million in Bonds
EMPRESA DE ENERGIA: Fitch Rates US$710 Mil. Proposed Issue at BB
EMPRESA DE ENERGIA: S&P Puts BB+ Rating on US$710-Mil. Notes
C O S T A R I C A
CAREY INTERNATIONAL: S&P Withdraws CCC- Corporate Credit Rating
E L S A L V A D O R
AES CORP: Commences Cash Tender Offer for US$1.24-Bln Sr. Notes
G U A T E M A L A
AFFILIATED COMPUTER: Earns US$37.6 Mln in 4th Qtr. Ended June 30
J A M A I C A
NATIONAL WATER: Must Stop Road Works, Says Kingston Mayor
SUGAR COMPANY: Factory Sale Process Upsets All-Island Jamaica
M E X I C O
AMSCAN HOLDINGS: S&P's Holds BB- Rating on US$250-Mil. Credit
ATARI INC: Appoints Four Independent Board of Directors
BAUSCH & LOMB: Moody's Withdraws Caa1 Ratings on PIK Notes
BLOCKBUSTER INC: Names Eric Peterson EVP, Gen. Counsel & Sec.
COLLINS & AIKMAN: Continues Sale of 400 Patents Despite Closure
COLLINS & AIKMAN: Joint Amended Plan Effective as of October 12
COLLINS & AIKMAN: Shuts Down Operations After Asset Sale
FIRST DATA: Moody's Puts B3 Rating on US$3.75B Sr. Unsec. Notes
FIRST DATA: Opens New Merchant Acquiring Business in Canada
MOVIE GALLERY: Case Summary & 30 Largest Unsecured Creditors
MOVIE GALLERY: Gets Interim Approval on US$140MM DIP Financing
MOVIE GALLERY: Bankruptcy Filing Results to S&P's D Rating
OPEN TEXT: RedDot Extends Partnership with Infused Solutions
REMY WORLDWIDE: Wants to Assume Caterpillar Inventory Agreement
REMY WORLDWIDE: Wants to Employ AP Services as Crisis Manager
P A N A M A
BANCO LATINOAMERICANO: Renews US$25MM Andean Dev't Credit Line
CHIQUITA BRANDS: Fresh Express Acquires Verdelli Farms
SOLO CUP: Closes Biz Sale; Reduces Debt Up to US$325 Million
P E R U
COMVERSE TECH: Appoints John Bunyan as Chief Marketing Officer
P U E R T O R I C O
COOPER COMPANIES: Moody's Affirms Ba3 Rating on US$350MM Notes
TOYS "R" US: Mothers Call on KKR to Adopt Child Safety Measures
V E N E Z U E L A
BCBG MAX: S&P Affirms Corporate Credit Rating at B-
CHRYSLER LLC: Will Fund Employees' Health Trust with US$8.8 Bil.
PEABODY ENERGY: Appoints VP & Assistant Operations Controller
PEABODY ENERGY: Names Kenneth Wagner VP & Assistant Gen. Counsel
SHAW GROUP: Names Brian Ferraioli as Chief Financial Officer
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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
S.A.'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 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 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.
Infobae 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 trustee can be reached at:
Maria Lilia Orazi
Tucuman 1484
Buenos Aires, Argentina
BANCO PATAGONIA: Denies Takeover Bid by Banco Itau
--------------------------------------------------
Banco Patagonia denied in a filing with the Buenos Aires stock
exchange press reports saying that it was being considered for a
takeover bid by Brazil's Banco Itau.
Banco Patagonia's market relations head, Guillermo Pedro, told
Business News Americas that the rumors are "unfounded."
Banco Patagonia said in a statement, "Neither the bank nor its
controlling shareholders are considering the possibility of a
sale or another transaction that might imply a modification in
the bank's governing structure or control."
Banco Patagonia specializes in public offerings of
securitizations. It became Argentina's fifth largest locally
owned private bank through its purchase of Lloyds TSB Argentina
in late 2004. The bank operates through 139 branches and has
202 ATM machines.
* * *
As reported in the Troubled Company Reporter-Latin America on
May 4, 2007, Moody's Investors Service upgraded Banco Patagonia
SA's local currency deposit rating is upgraded to Ba1 from Ba3.
Moody's confirmed that it raised its bank financial strength
rating on Banco Patagonia to D from E+, in connection with the
rating agency's implementation of its refined joint default
analysis and updated BFSR methodologies for banks in Argentina.
Its foreign currency deposit rating was affirmed at Caa1, with
positive outlook. The company's long-term Argentine national
scale rating for local currency deposits is raised to Aa1.ar
from Aa2.ar. and its long term foreign currency deposit rating
in national scale was affirmed at Ba1.ar. The foreign currency
subordinated debt rating was upgraded to B2 from Caa1. The
outlook on the debt rating was positive. The national scale
rating for foreign currency subordinated debt was raised to
Aa3.ar from Ba1.ar.
BAXI HOLDINGS: S&P Affirms B Long-Term Corp. Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'B' long-
term corporate credit rating on Baxi Holdings Ltd. The rating
was removed from CreditWatch with negative implications, where
it had been placed on July 4, 2007. The outlook is negative.
At the same time, the second-lien secured debt rating on the
GBP100 million mezzanine notes issued by finance subsidiary
Heating Finance PLC and guaranteed by Baxi and other
subsidiaries was affirmed at 'CCC+' and removed from CreditWatch
with negative implications. The recovery rating on the notes is
'6', indicating S&P's expectation of negligible (0%-10%)
recovery in the event of a payment default.
The rating action follows senior lenders' consent to facility
amendments proposed by the company and reflects S&P's
expectation that the amendments to Baxi's senior facilities and
proposed investment will be completed before the end of October
2007.
On Sept. 19, 2007, Baxi's principal shareholders funds advised
by BC Partners and Electra Partners -- agreed to invest œ40
million of new equity and unsecured loan notes in the company.
"We expect the funding to be used to address operational
difficulties in certain businesses, by financing restructuring
plans that began in 2006 and are now to be intensified, in an
attempt to partially mitigate the effect of margin pressures
over the longer term," said S&P's credit analyst Louise Newey.
S&P expects that Baxi's financial risk profile will remain under
pressure against a background of harsh trading conditions for
the rest of 2007 and into 2008.
"Although Baxi is undertaking measures to reduce costs, we
expect credit protection ratios to stay highly leveraged, making
the group vulnerable to adverse developments in its key
markets," Ms. Newey added. "There remains a risk that the
planned restructuring fails to address operational failures, and
that the market environment weakens further, resulting in
sustained pressure on the financial profile."
A downgrade could result if the debt-to-EBITDA ratio rises above
5.0; if there is a reversion to negative free operating cash
flow generation; or if Baxi's business prospects deteriorate
further.
Rating upside remains unlikely over the medium term, and would
require improvement in cash generation and debt reduction, with
adjusted FFO to debt sustained at about 15% and debt to EBITDA
at, or less than, 4.0.
Baxi Group is a major European heating group supplying a full
range of space and water heating products for both residential
and commercial applications. The Group is market leader in the
UK and has established positions of excellence in France,
Germany, Italy, Spain and Denmark. Baxi International manages
the Group's international sales, marketing and after-sales
activities in over 50 countries including Argentina.
BRAVO BARROS: Proofs of Claim Verification Ends on Nov. 7
---------------------------------------------------------
Jorge Basile, the court-appointed trustee for Bravo Barros y Cia
S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Nov. 7, 2007.
Mr. Basile will present the validated claims in court as
individual reports on Dec. 19, 2007. The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Bravo Barros 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 Bravo Barros'
accounting and banking records will be submitted in court on
March 6, 2008.
Mr. Basile is also in charge of administering Bravo Barros'
assets under court supervision and will take part in their
disposal to the extent established by law.
The trustee can be reached at:
Jorge Basile
J.E. Uriburu 782
Buenos Aires, Argentina
COMPANIA LATINOAMERICANA: S&P Puts BB+ Rtgs. on US$115-Mln Notes
----------------------------------------------------------------
The Argentine arm of Standard & Poor's Rating Services assigned
these ratings to Compania Latinoamericana de Infraestructura y
Servicios aka CLISA's bond issues:
-- Obligaciones Negociables for US$15 million, BB+ (arg)
-- Obligaciones Negociables with guarantee for US$100 million,
BB+ (arg).
Compania Latinoamericana de Infraestructura & Servicios S.A. aka
CLISA is a holding company mainly devoted to construction, mass
transportation and toll roads, and also participates in waste
management.
CONSTRUCCIONES RIAZOR: Trustee Filing General Report Tomorrow
-------------------------------------------------------------
Beatriz Dominguez, the court-appointed trustee for
Construcciones Riazor S.A.'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. 19, 2007.
Ms. Dominguez verified creditors' proofs of claim until
July 5, 2007. She submitted the validated claims as individual
reports in court on Sept. 7, 2007.
Ms. Dominguez is also in charge of administering Construcciones
Riazor's assets under court supervision and will take part in
their disposal to the extent established by law.
The trustee can be reached at:
Beatriz Dominguez
Avenida Rivadavia 2151
Buenos Aires, Argentina
D AMARIO: Trustee Filing Individual Reports in Court Tomorrow
-------------------------------------------------------------
Eduardo Betorz, the court-appointed trustee for D Amario
Hermanos S.A.'s reorganization proceeding, will present the
validated claims as individual reports the National Commercial
Court of First Instance in La Carlota, Cordoba, on
Oct. 19, 2007.
Mr. Betorz verified creditors' proofs of claim until
Sept. 5, 2007.
The debtor can be reached at:
D Amario Hermanos S.A.
Cordoba 856, Alejo Ledesma
Cordoba, Argentina
The trustee can be reached at:
Eduardo Betorz
Dean Funes 546, La Carlota
Cordoba, Argentina
DELTA AIR: S&P Affirms B Rating; Revises Outlook to Positive
------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its ratings on
Delta Air Lines Inc. (B/Positive/--) and revised the rating
outlook to positive from stable. The outlook revision is based
on continued strong earnings, cash flow generation, and debt
reduction.
Despite high fuel prices, Delta reported third-quarter pretax
income of US$363 million, far better than a pretax loss before
reorganization items of US$69 million in the like period of
2006. Net income was US$220 million, but the tax provision is
noncash, as Delta is able to apply net operating loss
carryforwards to offset taxable income. Delta management
foresees generating earnings consistent with its reorganization
plan forecast, and achieving US$1.4 billion of free cash flow,
higher than that anticipated in the forecast. "We consider that
high fuel prices and potentially softening demand as a result of
the weak economy may make these targets challenging, but that
full-year 2007 earnings should still be overall strong and close
to forecast levels," said S&P's credit analyst Philip Baggaley.
S&P expects EBITDA interest coverage of 2.0\u20132.5 and funds
flow to debt in the low-teens percent area in 2007 and 2008.
The 'B' corporate credit rating on Delta reflects risks
associated with participation in the price-competitive,
cyclical, and capital-intensive airline industry; on its below-
average, albeit improving, revenue generation; and on its
significant intermediate-term debt and capital spending
commitments. The rating also incorporates the reduced debt load
and operating costs achieved in Chapter 11, and a trend of
rapidly improving earnings and cash flow. Delta, the third-
largest U.S. airline, emerged from bankruptcy protection
April 30, 2007.
Delta's new CEO, Richard Anderson, has indicated that the
company, which repelled a hostile takeover bid from USAirways
Group Inc. early this year, is studying implications of expected
airline industry consolidation for Delta. He implies that Delta
could be interested in a merger, but only as a buyer, rather
than a target company. Although a more consolidated airline
industry would likely benefit from better pricing and more
disciplined capacity management, the costs of acquiring and
integrating another airline carries considerable risk for the
buyer.
Continued progress on improving Delta's financial profile could
justify an upgrade over the next 12 to 18 months. Alternatively,
if industry conditions deteriorate significantly, most likely
because of a combination of high fuel prices and weaker demand,
S&P could revise the outlook back to stable. If Delta were to
announce a proposed merger with another major U.S. airline, S&P
would place the ratings on CreditWatch, most likely with
negative implications.
Based in Atlanta, Georgia, Delta Air Lines Inc. (NYSE:DAL) --
http://www.delta.com/-- is the world's second-largest airline
in terms of passengers carried and the leading U.S. carrier
across the Atlantic, offering daily flights to 328 destinations
in 56 countries on Delta, Song, Delta Shuttle, the Delta
Connection carriers and its worldwide partners. Delta flies to
Argentina, Australia and the United Kingdom, among others. The
company and 18 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923).
Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represents
the Debtors in their restructuring efforts. Timothy R. Coleman
at The Blackstone Group L.P. provides the Debtors with financial
advice. Daniel H. Golden, Esq., and Lisa G. Beckerman, Esq., at
Akin Gump Strauss Hauer & Feld LLP, provide the Official
Committee of Unsecured Creditors with legal advice. John
McKenna, Jr., at Houlihan Lokey Howard & Zukin Capital and James
S. Feltman at Mesirow Financial Consulting, LLC, serve as the
Committee's financial advisors. As of June 30, 2005, the
company's balance sheet showed US$21.5 billion in assets and
US$28.5 billion in liabilities.
The Debtors filed a chapter 11 plan of reorganization and
disclosure statement explaining that plan on Dec. 19, 2007. On
Jan. 19, 2007, they filed revisions to the plan and disclosure
statement, and submitted further revisions to the plan on
Feb. 2, 2007. On Feb. 7, 2007, the Court approved the Debtors'
disclosure statement. In April 2007, the Court confirmed the
Debtors' plan.
DISTRIYER SRL: Trustee Filing General Report in Court Tomorrow
--------------------------------------------------------------
Leticia Andrea Matej, the court-appointed trustee for Distriyer
S.R.L.'s bankruptcy proceeding, will submit a general report
containing an audit of the firm's accounting and banking records
in the National Commercial Court of First Instance in Buenos
Aires on Oct. 19, 2007.
Ms. Matej verified creditors' proofs of claim until
July 13, 2007. She presented the validated claims in court as
individual reports on Sept. 7, 2007.
Ms. Matej is also in charge of administering Distriyer's assets
under court supervision and will take part in their disposal to
the extent established by law.
The debtor can be reached at:
Distriyer S.R.L.
Peru 689
Buenos Aires, Argentina
The trustee can be reached at:
Leticia Andrea Matej
Tucuman 1567
Buenos Aires, Argentina
FASHION SA: Creditors Voting on Settlement Plan Tomorrow
--------------------------------------------------------
Fashion SA's creditors will vote on a settlement plan that the
company will lay on the table on Oct. 19, 2007.
Marcela Alejandra Zamora, the court-appointed trustee for
Fashion's reorganization proceeding, verified creditors' proofs
of claim until Dec. 11, 2006. She presented the validated
claims in court as individual reports on Apr. 3, 2007, and filed
a general report containing an audit of Fashion's accounting and
banking records on July 4, 2007.
The trustee can be reached at:
Marcela Alejandra Zamorav
Rioja 80 Ciudad de Mendoza
Mendoza, Argentina
FILTERS SRL: Proofs of Claim Verification Deadline Is Dec. 3
------------------------------------------------------------
Armando Gutman, the court-appointed trustee for Filters S.R.L.'s
bankruptcy proceeding, verifies creditors' proofs of claim until
Dec. 3, 2007.
Mr. Gutman will present the validated claims in court as
individual reports on Feb. 20, 2007. The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Filters 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 Filters' accounting
and banking records will be submitted in court on April 3, 2007.
Mr. Gutman is also in charge of administering Filters' assets
under court supervision and will take part in their disposal to
the extent established by law.
The trustee can be reached at:
Armando Gutman
Esmeralda 625
Buenos Aires, Argentina
PERSONAL DE YPF: Trustee Filing General Report in Court Tomorrow
----------------------------------------------------------------
Hector Jorge Vegetti, the court-appointed trustee for
Cooperativa para el Personal de YPF General Mosconi de Vivienda,
Urbanismo, Consumo, Credito, Turismo y Servicios Sociales
Limitada (V.U.C.C.T.S.S.)'s bankruptcy proceeding, will submit a
general report containing an audit of the company's accounting
and banking records in the National Commercial Court of First
Instance in Buenos Aires on Oct. 19, 2007.
Mr. Vegetti verified creditors' proofs of claim until
July 11, 2007. He presented the validated claims in court as
individual reports on Sept. 17, 2007.
Mr. Vegetti is also in charge of administering Personal de YPF's
assets under court supervision and will take part in their
disposal to the extent established by law.
The debtor can be reached at:
Cooperativa para el Personal de YPF General Mosconi
de Vivienda, Urbanismo, Consumo, Credito, Turismo y
Servicios Sociales Limitada
Avenida Pedro Medrano 46
Buenos Aires, Argentina
The trustee can be reached at:
Hector Jorge Vegetti
Montevideo 711
Buenos Aires, Argentina
SALUD OCUPACIONAL: Proofs of Claim Verification Is Until Oct. 26
----------------------------------------------------------------
Oscar Luis Olguin, the court-appointed trustee for Salud
Ocupacional Sur S.R.L.'s reorganization proceeding, verifies
creditors' proofs of claim until Oct. 26, 2007.
Mr. Olguin will present the validated claims in court as
individual reports on Dec. 10, 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 Salud Ocupacional 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 Salud Ocupacional's
accounting and banking records will be submitted in court on
Feb. 22, 2008.
The informative assembly will be held on April 23, 2008.
Creditors will vote to ratify the completed settlement plan
during the assembly.
The debtor can be reached at:
Salud Ocupacional Sur S.R.L.
Avenida San Martin 596, Bernal
Partido de Quilmes, Buenos Aires
Argentina
The trustee can be reached at:
Oscar Luis Olguin
Moreno 525, Quilmes
Buenos Aires, Argentina
SERVIPACK SA: Proofs of Claim Verification Deadline Is Dec. 7
-------------------------------------------------------------
Graciela Maria Caccavallo, the court-appointed trustee for
Servipack S.A.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Dec. 7, 2007.
Ms. Caccavallo will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance in Buenos Aires will determine if the verified claims
are admissible, taking into account the trustee's opinion, and
the objections and challenges that will be raised by Servipack
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 Servipack's
accounting and banking records will be submitted in court.
Infobae didn't state the reports submission deadlines.
Ms. Caccavallo is also in charge of administering Servipack's
assets under court supervision and will take part in their
disposal to the extent established by law.
The trustee can be reached at:
Graciela Maria Caccavallo
Estados Unidos 2252
Buenos Aires, Argentina
SOLICITAS SRL: Proofs of Claim Verification Is Until Nov. 22
------------------------------------------------------------
Adriana Beatriz Benzer, the court-appointed trustee for
Solicitas S.R.L.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Nov. 22, 2007.
Ms. Benzer will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance 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 Solicitas
and its creditors.
Inadmissible claims may be subject for appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of Solicitas' accounting
and banking records will be submitted in court.
Infobae didn't state the reports submission deadlines.
Ms. Benzer is also in charge of administering Solicitas' assets
under court supervision and will take part in their disposal to
the extent established by law.
The trustee can be reached at:
Adriana Beatriz Benzer
Suipacha 576
Buenos Aires, Argentina
TARAI SA: Trustee Filing General Report in Court Tomorrow
---------------------------------------------------------
Ana Maria Lopez, the court-appointed trustee for Tarai S.A.'s
bankruptcy proceeding, will submit a general report containing
an audit of the firm's accounting and banking records in the
National Commercial Court of First Instance in Buenos Aires on
Oct. 19, 2007.
Ms. Lopez verified creditors' proofs of claim until
July 10, 2007. She presented the validated claims in court as
individual reports on Sept. 6, 2007.
Ms. Lopez is also in charge of administering Tarai's assets
under court supervision and will take part in their disposal to
the extent established by law.
The trustee can be reached at:
Ana Maria Lopez
San Martin 662
Buenos Aires, Argentina
TELECOM ARGENTINA: Gov't Forms Panel To Check Telefonica Deal
-------------------------------------------------------------
The Argentine government said in a statement that it has created
a two-person board at Telecom Argentina to check whether Spanish
firm Telefonica's purchase of a stake in Telecom Italia affects
competition.
Business News Americas relates that the board comprises:
-- one representative of the antitrust agency Comision
Nacional de Defensa de la Competencia, and
-- one representative from the telecoms regulator
Comision Nacional de Comunicaciones.
After two months the two representatives will present a report
about Telefonica's interaction with Telecom Argentina,
BNamericas notes.
According to BNamericas, the government expects the board to
analyze documents and information regarding Telefonica's role in
Telecom Italia, to defend public interest in the Argentine
telecommunications market.
The regulator is carrying out preliminary investigations of the
possible impact of the Telecom Italia-Telefonica deal in the
local market, BNamericas states.
About Telefonica
Telefonica, S.A., together with its subsidiaries and investees
(Telefonica Group), operates mainly in the telecommunications,
media and entertainment industries. The Telefonica Group is
also involved in the media and contact center activities through
investments in Telefonica de Contenidos and Atento. The company
operates through three segments: Telefonica Spain, Telefonica
Europe and Telefonica Latin America. Telefonica Spain oversees
the wireline and wireless telephony, broadband and data
businesses in Spain. Telefonica Latin America oversees the same
businesses in Latin America. Telefonica Europe oversees the
wireline, wireless, broadband and data businesses in the United
Kingdom, Germany, the Isle of Man, Ireland, the Czech Republic
and the Slovak Republic.
About Telecom Argentina
Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- is the fixed-line
operator for local and long-distance services in northern and
southern Argentina. It also provides cellular and PCS phone
services in Argentina, as well as in Paraguay through a 68%
stake in Nocleo. France Telecom formerly controlled the company
through its Nortel Inversora venture with Telecom Italia.
France Telecom sold most of its stake in 2003 to the Werthein
Group, an Argentine agricultural concern owned in part by vice
chairman Gerardo Werthein. Nortel continues to be Telecom
Argentina's largest shareholder with a 55% stake. Nortel is
owned by Sofora, a consortium owned by Telecom Italia (50%), the
Werthein Group (48%), and France Telecom (2%).
* * *
As reported on Oct 11, 2006, Standard & Poor's Ratings Services
raised Telecom Argentina S.A.'s counterparty credit rating to
B+/Stable/ from B/Stable following the upgrade of the Republic
of Argentina to 'B+' from 'B'.
TELEFONICA DE ARGENTINA: Gov't Forms Board To Check Italia Buy
--------------------------------------------------------------
The Argentine government said in a statement that it has created
a two-person board at Telecom Argentina to check whether
Telefonica's purchase of a stake in Telecom Italia affects
competition. Telefonica is the parent firm of Telefonica de
Argentina.
Business News Americas relates that the board comprises:
-- one representative of the antitrust agency Comision
Nacional de Defensa de la Competencia, and
-- one representative from the telecoms regulator
Comision Nacional de Comunicaciones.
After two months the two representatives will present a report
about Telefonica's interaction with Telecom Argentina,
BNamericas notes.
According to BNamericas, the government expects the board to
analyze documents and information regarding Telefonica's role in
Telecom Italia, to defend public interest in the Argentine
telecommunications market.
The regulator is carrying out preliminary investigations of the
possible impact of the Telecom Italia-Telefonica deal in the
local market, BNamericas states.
About Telecom Argentina
Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- is the fixed-line
operator for local and long-distance services in northern and
southern Argentina. It also provides cellular and PCS phone
services in Argentina, as well as in Paraguay through a 68%
stake in Nocleo. France Telecom formerly controlled the company
through its Nortel Inversora venture with Telecom Italia.
France Telecom sold most of its stake in 2003 to the Werthein
Group, an Argentine agricultural concern owned in part by vice
chairman Gerardo Werthein. Nortel continues to be Telecom
Argentina's largest shareholder with a 55% stake. Nortel is
owned by Sofora, a consortium owned by Telecom Italia (50%), the
Werthein Group (48%), and France Telecom (2%).
About Telefonica
Telefonica, S.A., together with its subsidiaries and investees
(Telefonica Group), operates mainly in the telecommunications,
media and entertainment industries. The Telefonica Group is
also involved in the media and contact center activities through
investments in Telefonica de Contenidos and Atento. The company
operates through three segments: Telefonica Spain, Telefonica
Europe and Telefonica Latin America. Telefonica Spain oversees
the wireline and wireless telephony, broadband and data
businesses in Spain. Telefonica Latin America oversees the same
businesses in Latin America. Telefonica Europe oversees the
wireline, wireless, broadband and data businesses in the United
Kingdom, Germany, the Isle of Man, Ireland, the Czech Republic
and the Slovak Republic.
About Telefonica de Argentina
Headquartered in Buenos Aires, Argentina, Telefonica de
Argentina SA -- http://www.telefonica.com.ar/-- provides
telecommunication services, which include telephony business
both in Spain and Latin America, mobile communications
businesses, directories and guides businesses, Internet, data
and corporate services, audiovisual production and broadcasting,
broadband and Business-to-Business e-commerce activities.
* * *
As reported in the Troubled Company Reporter on Jan. 22, 2007,
Moody's Latin America changed the rating outlook to positive
from stable for Telefonica de Argentina's foreign currency
rating of B2 and for the Aa3.ar (national scale rating). The
rating action was taken in conjunction with Moody's outlook
change to positive from stable for Argentina's B2 foreign
currency ceiling for bonds and notes on Jan. 16, 2007.
Telefonica de Argentina's foreign currency rating continues to
be constrained by Argentina's B2 ceiling.
TERCER MILENIO: Proofs of Claim Verification Deadline Is Feb. 4
---------------------------------------------------------------
Ana Maria Pazos, the court-appointed trustee for Tercer Milenio
Producciones S.A.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Feb. 4, 2008.
Ms. Pazos will present the validated claims in court as
individual reports on March 17, 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 Tercer Milenio 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 Tercer Milenio's
accounting and banking records will be submitted in court on
April 28, 2008.
Ms. Pazos is also in charge of administering Tercer Milenio's
assets under court supervision and will take part in their
disposal to the extent established by law.
The trustee can be reached at:
Ana Maria Pazos
Maipu 374
Buenos Aires, Argentina
=============
B E R M U D A
=============
KOCH TREASURY: Proofs of Claim Filing Ends on Nov. 9
----------------------------------------------------
Koch Treasury Investments, Ltd.'s creditors are given until
Nov. 9, 2007, to prove their claims to Kehinde A. L. George, 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.
Koch Treasury's shareholder agreed on Sept. 26, 2007, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.
The liquidator can be reached at:
Kehinde A. L. George
Attride-Stirling & Woloniecki
Crawford House, 50 Cedar Avenue
Hamilton HM 11, Bermuda
LANNER RE: Proofs of Claim Filing Deadline Is Oct. 19
-----------------------------------------------------
Lanner Re Limited's creditors are given until Oct. 19, 2007, to
prove their claims to Robin J. Mayor, 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.
Lanner Re's shareholders agreed on Oct. 5, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.
The liquidator can be reached at:
Robin J. Mayor
Messrs. Conyers Dill & Pearman
Clarendon House, 2 Church Street
Hamilton, HM 11, Bermuda
ODYSSEY TRADING: Proofs of Claim Filing Deadline Is Oct. 24
-----------------------------------------------------------
Odyssey Trading Company Limited's creditors are given until
Oct. 24, 2007, to prove their claims to Robin J. Mayor, 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.
Odyssey Trading's shareholder agreed on Oct. 8, 2007, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.
The liquidator can be reached at:
Robin J. Mayor
Messrs. Conyers Dill & Pearman
Clarendon House, Church Street
Hamilton, HM DX, Bermuda
ROYALE RESORTS: Proofs of Claim Filing Is Until Oct. 24
-------------------------------------------------------
Royale Resorts International Limited's creditors are given until
Oct. 24, 2007, to prove their claims to Robin J. Mayor, 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.
Royale Resorts' shareholder agreed on Oct. 8, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.
The liquidator can be reached at:
Robin J. Mayor
Messrs. Conyers Dill & Pearman
Clarendon House, Church Street
Hamilton, HM DX, Bermuda
=============
B O L I V I A
=============
INT'L PAPER: Gives US$1 Million to Support Zero Waste Campaign
---------------------------------------------------------------
International Paper, the National Park Foundation and the
National Recycling Coalition has announced a new pilot program
to evaluate ways to limit the impact of foodservice products in
America's national parks. The study, funded in part by a
donation of up to US$1 million by International Paper, will
commence in the summer of 2008 and is aimed at moving toward
"Zero Waste" across the park system by identifying best
practices in foodservice waste reduction that can be transferred
to national parks throughout the country.
"At International Paper, we have already celebrated our first
centennial of environmental stewardship, and now we're looking
forward to helping the National Park System celebrate theirs,"
said John Faraci, International Paper's chairman and chief
executive officer and National Park Foundation board member.
"It's an exciting opportunity, but one where each of us must be
prepared, right now, to provide strong support for the
challenges the park system will face going forward."
Through an agreement with the National Park Foundation,
International Paper will produce a customized cup for use by
parks, concessionaires and others. The cup, International
Paper's fully compostable, recyclable ecotainer(TM), will
display printed messages that will raise awareness about the
National Park Centennial in 2016 and educate the public about
conservation and environmental stewardship.
International Paper will donate a penny for each commemorative
cup sold, up to US$1 million, back to the National Park
Foundation to help fund a joint effort between International
Paper, the National Park Foundation and the National Recycling
Coalition to evaluate foodservice waste management practices and
educate employees, concessionaires and visitors about ways to
reduce waste in the parks.
"Becoming a zero-waste society means we each have a role to
play, from the thoughtful design of a package to simple systems
that take the package back to its basic element," said Kate
Krebs, executive director of the National Recycling Coalition.
"What better place to demonstrate Zero Waste than our national
parks, where packaging can become a rich compost that can
nurture the flora and fauna of our parks."
Vin Cipolla, president and CEO of the National Park Foundation,
said the project demonstrates that corporations can contribute
not only charitable resources, but also the know-how and
technology to make things happen. "The national parks have
always been about partnerships - people with a common passion
coming together for a larger good. Innovative partnerships like
this one that can leverage the National Recycling Coalition and
International Paper are essential for securing the next century
of stewardship for our national parks," Mr. Cipolla said.
About the National Park Foundation
The National Park Foundation -- http://www.nationalparks.org
-- is a 501(c)(3) organization chartered by Congress in 1967 to
continue a century-long tradition of private philanthropy
ensuring funding to preserve and enhance the legacy of our
National Parks. As the official non-profit partner of America's
National Parks, the National Park Foundation does not receive
federal appropriations for their support. The National Park
Foundation serves to strengthen the connection between the
American people and their national parks by raising private
funds, making strategic grants, creating innovative partnerships
and increasing public awareness. Support of the National Park
Foundation ensures that the evolving history and rich heritage
of our Nation remains vital and relevant.
About the National Recycling Coalition
The NRC -- http://www.nrc-recycle.org/-- is a national, non-
profit advocacy group with members that span all aspects of
waste reduction, reuse and recycling in North America. NRC's
objective is to eliminate waste and promote sustainable
economies though advancing sound management practices for raw
materials in North America. NRC works with its members and
partners to sponsor programs and stakeholder forums that provide
tools and nurture solutions for the recycling industry.
Breaking new ground in how Americans think about waste, the
Coalition is a strong and clear voice for recycling.
About International Paper
Based in Stamford, Connecticut, International Paper Co. (NYSE:
IP) -- http://www.internationalpaper.com/-- is in the forest
products industry for more than 100 years. The company is
currently transforming its operations to focus on its global
uncoated papers and packaging businesses, which operate and
serve customers in the U.S., Europe, South America and Asia.
Its South American operations include, among others, facilities
in Argentina, Brazil, Bolivia, and Venezuela. These businesses
are complemented by an extensive North American merchant
distribution system. International Paper is committed to
environmental, economic and social sustainability, and has a
long-standing policy of using no wood from endangered forests.
* * *
International Paper Co. carries Moody's Investors Service's Ba1
senior subordinate rating and Ba2 Preferred Stock rating.
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
===========
ARROW ELECTRONICS: Earns US$99.2 Million in Qtr. Ended June 30
--------------------------------------------------------------
Arrow Electronics Inc. reported second quarter 2007 net income
of US$99.2 million on sales of US$4.04 billion, compared with
net income of US$92.8 million on sales of US$3.44 billion in the
second quarter of 2006. Sales increased 17% year over year.
Excluding certain items impacting the comparability of the
second quarters of 2007 and 2006, on a non-GAAP basis, net
income for the quarter ended June 30, 2007, would have been
US$101.5 million and net income for the quarter ended
June 30, 2006, would have been US$94.7 million.
"We continue to execute well on our strategic initiatives as
evidenced by our record results. We achieved record sales,
generated an impressive level of cash flow, and managed our
asset base to a record low level of working capital to sales,"
said William E. Mitchell, chairman, president and chief
executive officer. "We have made strong strategic moves over
the last 18 months that have resulted in a more diverse revenue
stream, a broader geographic footprint, and increased
opportunities in fast-growing product segments."
Global enterprise computing solutions sales of US$1.27 billion
increased 78% sequentially and 103% year over year on strong
growth in industry standard servers, storage, software,
and services. Growth was aided by the impact of the
acquisitions of KeyLink Systems Group, Alternative Technology
Inc. and the storage and security distribution business of
InTechnology plc.
"Our strategic transformation in global ECS is producing
impressive results as we grew sales at almost four times the
rate at which the market is expected to grow. Global ECS now
represents approximately one-third of our business, further
diversifying and reducing the volatility of our revenue stream.
By further executing on significant cross-selling opportunities,
pursuing our strategic focus on the mid-market and leveraging
our unique software capabilities, we expect to continue to
outgrow the market. With increased scale, scope and
flexibility, our strategy is proving out every day with our
customers and vendors," said Mr. Mitchell.
Global components sales of US$2.77 billion were essentially flat
with the first quarter on fewer shipping days. Sales decreased
2% year over year as the well-publicized weakness within the
large EMS customer base continued in North America and Asia
Pacific.
The company's results for the second quarter of 2007 and 2006
include the items outlined below that impact their
comparability:
-- during the second quarter of 2007, the company recorded a
net restructuring charge of US$2.9 million, primarily
related to initiatives taken by the company in the period
to improve operating efficiencies.
-- during the second quarter of 2007, the company recorded an
integration charge of US$500,000, primarily related to the
acquisition of KeyLink.
-- during the second quarter of 2006, the company recorded a
US$3.1 million restructuring charge.
Arrow's net income for the first six months of 2007 was
US$195.5 million on sales of US$7.54 billion, compared with net
income of US$174.3 million on sales of US$6.63 billion in the
first six months of 2006.
At June 30, 2007, the company's consolidated balance sheet
showed US$7.38 billion in total assets, US$4.13 billion in total
liabilities, and US$3.25 billion in total shareholders' 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?244b
About Arrow Electronics
Headquartered in Melville, New York, Arrow Electronics Inc.
-- http://www.arrow.com/-- provides products, services and
solutions to industrial and commercial users of electronic
components and computer products. Arrow serves as a supply
channel partner for nearly 600 suppliers and more than 130,000
original equipment manufacturers, contract manufacturers and
commercial customers through a global network of over 270
locations in 53 countries and territories.
The company operates in France, Spain, Portugal, Denmark,
Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden,
Italy, Germany, Austria, Switzerland, Belgium, the Netherlands,
United Kingdom, Argentina, Brazil, Mexico, Australia, China,
Hong Kong, Korea, Philippines and Singapore.
* * *
Arrow Electronics senior subordinated stock continues to carry
Moody's Investors Service's Ba1 rating. The company's senior
preferred stock is rated at Ba2.
ARVINMERITOR INC: Inks Joint Venture Pact with TRW Automotive
-------------------------------------------------------------
TRW Automotive Aftermarket, a business of TRW Automotive
Holdings Corp., entered into an agreement to create a Joint
Venture with ArvinMeritor Inc. to distribute Gabriel and TRW
branded shock absorber ranges for the European independent
aftermarket. The intention is for the Joint Venture to begin
operation and distribution in January 2008.
"Shock absorbers are an integral element of our core chassis
portfolio," Francois Augnet, vice president for TRW Automotive
Aftermarket Europe and Asia Pacific, said. "We already offer a
comprehensive TRW branded range to our European customers and
are committed to enhancing it with the Gabriel programme to
maintain and develop our leading chassis position in the
European aftermarket."
"By combining the strengths of ArvinMeritor's engineering and
manufacturing competencies and the Gabriel brand name with
TRW's extensive sales and distribution network we are confident
that we can roll out successful shock absorber programmes for
the European independent aftermarket," Mr. Augnet continued.
With the recent sale of its European exhaust aftermarket
business, ArvinMeritor has sharpened its focus on original
equipment manufacturer systems engineering. This includes a
renewed emphasis on its global ride control business.
With the Joint Venture, TRW and ArvinMeritor will jointly
control the future marketing, sales and distribution of the
Gabriel and TRW aftermarket programmes throughout Western,
Central and Eastern Europe.
"This is a great example of how both partners can share in the
investment, as well as reap the benefits," Marlen Silverii,
general manager for ArvinMeritor's global ride control
aftermarket business added. "The Gabriel aftermarket product
line is technically very strong, and when partnered with TRW's
growing aftermarket presence, it will offer our aftermarket
customers a strong chassis alternative."
About TRW Automotive
Headquartered in Livonia, Michigan, TRW Automotive Holdings
Corp. (NYSE: TRW) -- http://www.trwauto.com/-- is an automotive
supplier. Through its subsidiaries, it employs approximately
63,800 people in 26 countries. TRW Automotive products include
integrated vehicle control and driver assist systems, braking
systems, steering systems, suspension systems, occupant safety
systems (seat belts and airbags), electronics, engine
components, fastening systems and aftermarket replacement parts
and services
TRW Automotive Aftermarket provides high quality replacement
parts, service, diagnostics and technical support to both the
independent aftermarket and the vehicle manufacturer service
channels.
About Arvinmeritor
Headquartered in Troy, Michigan, ArvinMeritor, Inc. (NYSE: ARM)
-- http://www.arvinmeritor.com/-- supplies integrated systems,
modules and components to the motor vehicle industry. The
company serves light vehicle, commercial truck, trailer and
specialty original equipment manufacturers and certain
aftermarkets. ArvinMeritor employs about 29,000 people at more
than 120 manufacturing facilities in 25 countries. These
countries are: China, India, Japan, Singapore, Thailand,
Australia, Venezuela, Brazil, Argentina, Belgium, Czech
Republic, France, Germany, Hungary, Italy, Netherlands, Spain,
Sweden, Switzerland, United Kingdom, among others.
* * *
As reported in the Troubled Company Reporter on Oct. 9, 2007,
Fitch Ratings downgraded its ratings on ArvinMeritor Inc.
including Issuer Default Rating to 'BB-' from 'BB'; Senior
secured revolver to 'BB' from 'BB+'; and Senior unsecured notes
to 'B+' from 'BB-'. Fitch said the rating outlook is negative.
Standard & Poor's Ratings Services lowered its corporate credit
rating and related ratings on ArvinMeritor Inc. to 'B+' from
'BB-'. S&P said the outlook is negative.
Moody's Investors Service downgraded ArvinMeritor's Corporate
Family Rating to B1 from Ba3 and maintained the outlook at
stable. Moody's also lowered its ratings on the company's
secured bank obligations (to Ba1, LGD-1, 8% from Baa3, LGD-2,
13%) and unsecured notes (to B2, LGD-4, 63% from B1, LGD-4,
63%). The Probability of Default is changed to B1 from Ba3,
while the company's Speculative Grade Liquidity rating remains
SGL-2. Moody's said the outlook is stable.
BRASIL TELECOM: Extends Use of Oracle Communications Services
-------------------------------------------------------------
Brasil Telecom has extended its use of Oracle Communications
Order and Service Management, Oracle Communications Inventory
Management and Oracle Communications Service Activation to help
accelerate service delivery for wireless pre- and post-paid
voice and fixed-line data subscribers, Cellular-News reports,
citing Oracle Communications.
Cellular-News relates that Oracle Communications Order and
Oracle Communications Inventory are part of the Oracle Service
Fulfillment Suit.
According to Cellular-News, Brasil Telecom would lessen capital
and operating expenses, boost client service and accelerate time
to market for new services by consolidating "multiple
provisioning systems onto a single, unified operational support
system that integrates order management, inventory management
and service activation."
Brasil Telecom's Information Technology Manager Sergio Costa
commented to Cellular-News, "In order to continue to meet the
demand for next-generation mobile and IP [Internet protocol]
services, we needed to streamline our provisioning processes to
ensure rapid time to revenue and a seamless customer experience.
Our extension of Oracle will allow us to automate the entire
provisioning process, reduce order fallout and maintain an
accurate view of our network and service inventory. This, in
turn, will enable us to increase capacity to process orders and
reduce our capital expenditures as we transform our network to
IP."
Headquartered in Brasilia, Brazil, Brasil Telecom Participacoes
SA -- http://www.brasiltelecom.com.br-- is a holding company
that conducts substantially all of its operations through its
wholly owned subsidiary, Brasil Telecom SA. The fixed-line
telecommunications services offered to the company's customers
include local services, including all calls that originate and
terminate within a single local area in the region, as well as
installation, monthly subscription, measured services, public
telephones and supplemental local services; intra-regional
long-distance services, which include intrastate and interstate
calls; interregional and international long-distance services;
network services, including interconnection and leasing; data
transmission services; wireless services, and other services.
* * *
To date, Brasil Telecom carries Moody's Investors Service's Ba1
senior unsecured and credit default swap ratings.
EL PASO: Units Receive Requisite Consents on Notes Offerings
------------------------------------------------------------
Southern Natural Gas Company and Colorado Interstate Gas
Company, subsidiaries of El Paso Corporation, have received the
requisite consents with respect to their consent solicitations
from holders of the notes, to the adoption of certain proposed
amendments to the indentures governing the notes.
SNG's consent solicitation related to its:
-- 6.125% Notes due Sept. 15, 2008;
-- 5.90% Notes due April 1, 2017;
-- 7.35% Notes due Feb. 15, 2031; and
-- 8% Notes due March 1, 2032.
CIG's consent solicitation related to its:
-- 5.95% Senior Notes due March 15, 2015;
-- 6.80% Senior Notes due Nov. 15, 2015; and
-- 6.85% Senior Notes due June 15, 2037.
The consent solicitations expired at 5:00 p.m., New York City
time, on Oct. 11, 2007. As of the Expiration Date, SNG had
received consents of holders of a majority in aggregate
principal amount of each series of the SNG Notes and CIG had
received consents of holders of a majority in aggregate
principal amount of the CIG Notes of all series, considered
together as a single class, representing, in each case, a
percentage sufficient to amend the indentures.
SNG or CIG, will pay each holder of Notes who delivered a valid
consent prior to the Expiration Date a cash consent fee of
US$2.50 for each US$1,000 in principal amount of Notes in
respect of which such consent was delivered.
The amendments to the indentures governing the Notes will become
effective upon execution of the supplemental indentures
incorporating the amendments, which is expected to occur
promptly.
Merrill Lynch & Co. and JPMorgan acted as Solicitation Agents
for the consent solicitations. Global Bondholder Services
Corporation acted as the Information Agent and Tabulation Agent.
About El Paso Corporation
Headquartered in Houston, Texas, El Paso Corporation (NYSE: EP)
-- http://www.elpaso.com/-- is an energy company that provides
natural gas and related energy products. The company owns North
America's interstate pipeline system, which has approximately
55,500 miles of pipe. It also owns approximately 470 billion
cubic feet of storage capacity and a liquefied natural gas
import facility with 806 million cubic feet of daily base load
send out capacity. El Paso's exploration and production
business is focused on the exploration for and the acquisition,
development and production of natural gas, oil and natural gas
liquids in the United States, Brazil and Egypt. It operates in
three business segments: Pipelines, Exploration and Production
and Marketing. It also has a Power segment, which holds its
remaining interests in international power plants in Brazil,
Asia and Central America.
Southern Natural Gas Company's business consists of the
interstate transportation and storage of natural gas and LNG
terminalling operations.
Colorado Interstate Gas Company's business consists of the
interstate transportation, storage and processing of natural
gas.
* * *
Moody's Investor Services placed El Paso Corporation's
probability default and long term corporate family ratings at
"Ba3" in March 2007, which still holds to date. Moody's said
the outlook is positive.
As reported in the Troubled Company Reporter-Latin America on
June 15, 2007, Fitch Ratings affirmed the ratings of El Paso
Corporation and its core pipeline subsidiaries, and assigned a
senior unsecured rating of 'BB+' to the company's proposed
offering of US$1.275 billion of senior unsecured notes due in
2014 and 2017. Fitch said the rating outlook is stable.
FORD MOTOR: Expects to Sell British Marques in Two Months
---------------------------------------------------------
John Fleming, head of Ford Motor Co.'s European operations, sees
to sell Jaguar and Land Rover brands in two months time to a
single bidder, various reports say. Mr. Fleming expressed,
according to the reports, that the two luxury brands could not
be sold separately because they are highly integrated.
On the other hand, Mr. Fleming stated that Ford continues to
evaluate the effects of a possible sale of its Swedish brand,
Volvo, to the firm, the reports add.
Early this month, the Troubled Company Reporter said, citing
Financial Times, that Terra Firma Capital Partners Limited has
joined the bid for Ford's British marques as Guy Hands, Terra's
head, began to accomplish due diligence for the bid.
Terra joined four other suitors, Ripplewood Holdings LLC, Tata
Motors Limited, TPG Capital L.P. also known as Texas Pacific
Group, and One Equity Partners in the bid. Two Indian firms,
Mahindra & Mahindra and Cerberus, had quit the buying race.
Ford had been expecting indicative bids this month. The
carmaker seeks to finalize the sale deal by December or early
next year.
About Ford Motor
Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
in 200 markets across six continents. With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company
provides financial services through Ford Motor Credit Company.
The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom. The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.
* * *
As reported in the Troubled Company Reporter on July 30, 2007,
Moody's Investors Service said that the performance of Ford
Motor Company's global automotive operations for the second
quarter of 2007 was significantly stronger than the previous
year and better than street expectations.
However, Moody's explained that the company continues to face
significant competitive and financial challenges, and the rating
agency expects that Ford's credit metrics and rate of cash
consumption will likely remain consistent with no higher than a
B3 corporate family rating level into 2008.
According to the rating agency, Ford's corporate family rating
is currently a B3 with a negative outlook. The rating is
pressured by the shift in consumer preference from high margin
trucks and SUVs, and by the need for a new 2007 UAW contract
that provides meaningful relief from high health care costs and
burdensome work rules, Moody's relates.
In June 2007, S&P raised the Issue Rating on Ford's senior
secured credit facilities to B+ from B.
GENERAL MOTORS: Moody's Revises Outlook to Positive
---------------------------------------------------
Moody's Investors Service has changed the outlook of General
Motors Corporation's long-term-debt rating to positive from
negative, and also raised the company's speculative grade
liquidity rating to SGL-1 from SGL-3 following the company's
announcement of the terms of its new contract with the United
Auto Workers. GM's existing long-term ratings -- including B3
corporate family, Ba3 senior secured, and Caa1 senior unsecured
-- are unchanged. The ratings of GMAC (senior rating of
Ba1/Negative outlook) are also unaffected.
The positive outlook recognizes the substantial long-term cost
benefits of the new UAW contract, balanced against the
significant near-term product and revenue challenges the company
will continue to face during 2008 and 2009. Importantly, GM has
a substantial liquidity position consisting of US$30 billion in
cash and US$5.8 billion in long-term credit facilities. This
liquidity position will provide ample financial flexibility
during the next two years as GM faces these challenges and moves
toward the 2010 period during which the substantial cost
benefits of the new UAW contract begin to take hold. During the
next 12 to 18 months if the company demonstrates the capacity to
make progress in addressing product and revenue challenges -
stabilizing its share position, building market acceptance of
new products, maintaining a disciplined approach toward the use
of incentives, and limiting sales to the daily rental segment -
its rating could be considered for possible upgrade. Such an
action would recognize Moody's view that GM is capable of making
continuing progress in establishing a competitive and
sustainable business model, and taking full advantage of the
cost benefits that the UAW contract will afford by 2010. Any
consideration for a possible upgrade would also reflect Moody's
expectation that GM is capable of generating positive free cash
flow, sustaining interest coverage exceeding 1.0, and achieving
EBITA margins approximating 2.5% during the 2009 time frame.
Bruce Clark, senior vice president with Moody's, said, "This
contract will help to significantly narrow the cost disadvantage
that GM has relative to Asian transplants. Its various elements
could save the company as much as US$4 billion per year, and
lower wage and benefit costs by more than US$800 per vehicle."
However, Mr. Clark cautioned that "While the contract has some
truly transformational elements, meaningful cost benefits won't
begin to take hold until 2010, and GM will face a pretty tough
environment until then. The company's biggest challenge will
remain on the revenue and product side -- producing automobiles
that consumers want and that are priced high enough to generate
a profit."
GM's new UAW contract could lay the groundwork to significantly
improve the company's long-term competitive position by allowing
a two-tier wage structure, altering the conditions for idled
worker participation in the JOBs bank program, and shifting
responsibility for retiree health care to a UAW-managed VEBA.
The two-tier wage structure could begin to yield moderate but
increasing benefits during 2009, and the changes to the JOBs
bank program will afford important flexibility to adjust
manufacturing capacity to market conditions. The creation of
the UAW-managed VEBA would free GM from approximately US$3.5
billion in annual retiree healthcare payments beginning in 2010.
However, during 2008 and 2009 there will be minimal operational
benefits from the contract, and GM will have to fund
approximately US$4 billion in upfront cash payments to implement
the agreement. In addition, the company will have to contend
with considerable near-term market and competitive challenges.
These include: the ongoing pressure on its US share position;
the shift in North American consumer preference toward smaller
vehicles; a financially weak supplier base; and the competitive
pressures that force it to price its automobiles (as
distinguished from trucks and SUVs) several thousand dollars
less that similarly-equipped Asian vehicles. In addition, the
US auto sector could face softening demand during 2008. As a
result of these operational challenges, GM's key financial
metrics will likely remain weak during the coming year with
negative free cash flow, and interest coverage of less than 1.0.
The increase in the speculative grade liquidity rating to SGL-1
recognizes that GM will have very strong sources of liquidity to
cover all cash requirements through 2008. These sources include
approximately US$30 billion in cash and securities, and US$5.8
billion in committed credit facilities with maturities beyond
2009. These sources should enable GM to comfortably fund all
cash requirements associated with the implementation of the new
UAW contract, restructuring expenditures to accelerate hourly-
worker attrition, debt maturities, and operating requirements
through 2009.
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.
TRW AUTOMOTIVE: Inks Joint Venture Pact with Arvinmeritor Inc.
--------------------------------------------------------------
TRW Automotive Aftermarket, a unit of TRW Automotive Holdings
Corp., entered into an agreement to create a Joint Venture with
ArvinMeritor Inc. to distribute Gabriel and TRW branded shock
absorber ranges for the European independent aftermarket. The
intention is for the Joint Venture to begin operation and
distribution in January 2008.
"Shock absorbers are an integral element of our core chassis
portfolio," Francois Augnet, vice president for TRW Automotive
Aftermarket Europe and Asia Pacific, said. "We already offer a
comprehensive TRW branded range to our European customers and
are committed to enhancing it with the Gabriel programme to
maintain and develop our leading chassis position in the
European aftermarket."
"By combining the strengths of ArvinMeritor's engineering and
manufacturing competencies and the Gabriel brand name with
TRW's extensive sales and distribution network we are confident
that we can roll out successful shock absorber programmes for
the European independent aftermarket," Mr. Augnet continued.
With the recent sale of its European exhaust aftermarket
business, ArvinMeritor has sharpened its focus on original
equipment manufacturer systems engineering. This includes a
renewed emphasis on its global ride control business.
With the Joint Venture, TRW and ArvinMeritor will jointly
control the future marketing, sales and distribution of the
Gabriel and TRW aftermarket programmes throughout Western,
Central and Eastern Europe.
"This is a great example of how both partners can share in the
investment, as well as reap the benefits," Marlen Silverii,
general manager for ArvinMeritor's global ride control
aftermarket business added. "The Gabriel aftermarket product
line is technically very strong, and when partnered with TRW's
growing aftermarket presence, it will offer our aftermarket
customers a strong chassis alternative."
About Arvinmeritor
Headquartered in Troy, Michigan, ArvinMeritor, Inc. (NYSE: ARM)
-- http://www.arvinmeritor.com/-- supplies integrated systems,
modules and components to the motor vehicle industry. The
company serves light vehicle, commercial truck, trailer and
specialty original equipment manufacturers and certain
aftermarkets. ArvinMeritor employs about 19,000 people in 25
countries.
About TRW Automotive
Headquartered in Livonia, Michigan, TRW Automotive Holdings
Corp. (NYSE: TRW) -- http://www.trwauto.com/-- is an automotive
supplier. Through its subsidiaries, it employs approximately
63,800 people in 26 countries, including Brazil, China, Germany
and Italy. TRW Automotive products include integrated vehicle
control and driver assist systems, braking systems, steering
systems, suspension systems, occupant safety systems (seat belts
and airbags), electronics, engine components, fastening systems
and aftermarket replacement parts and services
TRW Automotive Aftermarket provides high quality replacement
parts, service, diagnostics and technical support to both the
independent aftermarket and the vehicle manufacturer service
channels.
* * *
Fitch assigned a 'BB' on TRW Automotive Holdings Corp.'s LT
Issuer Default rating and 'BB-' on its Unsecured Debt rating.
Fitch said the outlook is stable.
===========================
C A Y M A N I S L A N D S
===========================
BALSAM EQUITY: Creditors Must File Proofs of Claim by Nov. 5
------------------------------------------------------------
Balsam Equity Limited's creditors are given until Nov. 5, 2007,
to prove their claims to Westport Services 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.
Balsam Equity's shareholders agreed on Sept. 27, 2007, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.
The liquidator can be reached at:
Westport Services Ltd.
P.O. Box 1111
Grand Cayman KY1-1102, Cayman Islands
BALSAM EQUITY INVESTMENTS: Proofs of Claim Filing Ends on Nov. 5
----------------------------------------------------------------
Balsam Equity Investments Limited's creditors are given until
Nov. 5, 2007, to prove their claims to Westport Services 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.
Balsam Equity's shareholders agreed on Sept. 27, 2007, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.
The liquidator can be reached at:
Westport Services Ltd.
P.O. Box 1111
Grand Cayman KY1-1102, Cayman Islands
BALSAM HOLDINGS: Creditors Must File Proofs of Claim by Nov. 5
--------------------------------------------------------------
Balsam Holdings Limited's creditors are given until
Nov. 5, 2007, to prove their claims to Westport Services 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.
Balsam Holdings' shareholders agreed on Sept. 27, 2007, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.
The liquidator can be reached at:
Westport Services Ltd.
P.O. Box 1111
Grand Cayman KY1-1102, Cayman Islands
BALSAM INVESTMENTS: Proofs of Claim Filing Is Until Nov. 5
----------------------------------------------------------
Balsam Investments Limited's creditors are given until
Nov. 5, 2007, to prove their claims to Westport Services 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.
Balsam Investments' shareholders agreed on Sept. 27, 2007, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.
The liquidator can be reached at:
Westport Services Ltd.
P.O. Box 1111
Grand Cayman KY1-1102, Cayman Islands
GALATEA FUND: Proofs of Claim Must be Filed by Nov. 14
------------------------------------------------------
Galatea Fund's creditors are given until Nov. 14, 2007, to prove
their claims to Steve Penney, 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.
Galatea Fund's shareholders agreed on 2007, to place the company
into voluntary liquidation under Bermuda's Companies Act 1981.
The liquidator can be reached at:
Steve Penney
37 Fitzwilliam Place
Dublin 2, Ireland
GFIA-SHK MANAGERS: Creditors Must File Proofs of Claim by Nov. 7
----------------------------------------------------------------
GFIA-SHK Managers Ltd.'s creditors are given until Nov. 7, 2007,
to prove their claims to David A.K. Walker and Lawrence Edwards,
the company's liquidators, or be excluded from receiving any
distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
GFIA-SHK's shareholders agreed on Sept. 30, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.
The liquidators can be reached at:
David A.K. Walker
Lawrence Edwards
PwC Corporate Finance & Recovery (Cayman) Limited
P.O. Box 258
Strathvale House
Grand Cayman KY1-1104, Cayman Islands
Contact for inquiries:
Jodi Jones
P.O. Box 258
Grand Cayman KY1-1104
Cayman Islands
Tel: (345) 914 8694
Fax: (345) 945 4237
HEDERA INVESTMENTS: Proofs of Claim Filing Ends on Nov. 5
---------------------------------------------------------
Hedera Investments Limited's creditors are given until
Nov. 5, 2007, to prove their claims to Raymond E. Whittaker, 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.
Hedera Investents' shareholders agreed on Sept. 26, 2007, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.
The liquidator can be reached at:
Raymond E. Whittaker
FCM Ltd.
Grand Pavilion Commercial Centre Main Entrance
P.O. Box 1982
Grand Cayman KY-1104, Cayman Islands
ILLINOIS MASONIC: Proofs of Claim Filing Deadline Is Nov. 30
------------------------------------------------------------
Illinois Masonic Insurance Company, Ltd.'s creditors are given
until Nov. 30, 2007, to prove their claims to Graham Manchester
and Seamus Tivnan, the company's liquidators, or be excluded
from receiving any distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
Illinois Masonic's shareholders agreed on Sept. 5, 2007, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.
The liquidators can be reached at:
Graham Manchester
Seamus Tivnan
Marsh Management Services Cayman Ltd.
Governors Square, Bldg. 4
2nd Floor, 23 Lime Tree Bay Ave.
P.O. Box 1051, Grand Cayman KY1-1102
Cayman Islands
Telephone: (345) 949 7988
Fax: (345) 945 7849
ILLINOIS MASONIC: Sets Final Shareholders Meeting for Dec. 31
-------------------------------------------------------------
Illinois Masonic Insurance Company, Ltd., will hold its final
shareholders meeting on Dec. 31, 2007, at 2:00 p.m. at:
Marsh Management Services Cayman Ltd.
Governors Square, 23 Lime Tree Bay Avenue
These agendas will be taken during the meeting:
1) accounting of the winding-up process and how the property
has been disposed of; and
2) hearing any explanation that may be given by the
liquidators and considering if all the books, accounts,
papers and documents of the company and of the liquidators
be retained two years from the dissolution of the company,
after which they will be destroyed.
A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.
The liquidators can be reached at:
Seamus Tivnan
Graham Manchester
Marsh Management Services Cayman Ltd.
Governors Square, Bldg 4.
2nd Floor, 23 Lime Tree Bay Ave.
P.O. Box 1051, Grand Cayman KY1-1102
Cayman Islands
Telephone: (345) 949 7988
Fax: (345) 945 7849
MASTR CI-8: Will Hold Final Shareholders Meeting on Dec. 14
-----------------------------------------------------------
Mastr CI-8 will hold its final shareholders meeting on
Dec. 14, 2007 at:
Maples Finance Limited
Boundary Hall, Cricket Square, George Town,
Grand Cayman, Cayman Islands
These agendas will be taken during the meeting:
1) accounting of the winding-up process and how the property
has been disposed of; and
2) giving any explanation thereof.
A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.
The liquidator can be reached at:
Giles Kerley
Maples Finance Limited
Boundary Hall, Cricket Square, George Town,
Grand Cayman, Cayman Islands
ML CBO: Holding Final Shareholders Meeting on Dec. 14
-----------------------------------------------------
ML CBO VII (Cayman) Ltd. will hold its final shareholders
meeting on Dec. 14, 2007 at:
Maples Finance Limited
Boundary Hall, Cricket Square, George Town,
Grand Cayman, Cayman Islands
These agendas will be taken during the meeting:
1) accounting of the winding-up process and how the property
has been disposed of; and
2) giving any explanation thereof.
A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.
The liquidator can be reached at:
Richard Gordon
Maples Finance Limited
Boundary Hall, Cricket Square, George Town,
Grand Cayman, Cayman Islands
PGI ENTREPRENEURS: Final Shareholders Meeting Is on Dec. 14
-----------------------------------------------------------
PGI Entrepreneurs Midas (Cayman) Ltd. will hold its final
shareholders meeting on Dec. 14, 2007 at:
Maples Finance Limited
Boundary Hall, Cricket Square, George Town,
Grand Cayman, Cayman Islands
These agendas will be taken during the meeting:
1) accounting of the winding-up process and how the property
has been disposed of; and
2) giving any explanation thereof.
A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.
The liquidators can be reached at:
Emile Small
Richard Gordon
Maples Finance Limited
Boundary Hall, Cricket Square, George Town,
Grand Cayman, Cayman Islands
QUANTIVA INVESTMENT: Proofs of Claim Filing Deadline Is Nov. 6
--------------------------------------------------------------
The Quantiva Investment Management Ltd.'s creditors are given
until Nov. 6, 2007, to prove their claims to Christopher D.
Johnson and Russell Smith, at Chris Johnson Associates 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.
Quantiva Investment's shareholders agreed on Sept. 19, 2007, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.
The liquidators can be reached at:
Christopher D. Johnson
Russell Smith
Chris Johnson Associates Ltd.
Elizabethan Square, George Town
Grand Cayman, Cayman Islands
Contact for inquiries:
Sumitra Devi
P.O. Box 2499 George Town
Grand Cayman KY1-1104
Cayman Islands
Tel: (345) 946 0820
Fax: (345) 946 0864
REMARKABLE FUNDING: Final Shareholders Meeting Is on Dec. 14
------------------------------------------------------------
Remarkable Funding Corporation will hold its final shareholders
meeting on Dec. 14, 2007 at:
Maples Finance Limited
Boundary Hall, Cricket Square, George Town,
Grand Cayman, Cayman Islands
These agendas will be taken during the meeting:
1) accounting of the winding-up process and how the property
has been disposed of; and
2) giving any explanation thereof.
A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.
The liquidator can be reached at:
Giles Kerley
Maples Finance Limited
Boundary Hall, Cricket Square, George Town,
Grand Cayman, Cayman Islands
SEAGATE TECH: Earns US$355 Million in Quarter Ended Sept. 28
------------------------------------------------------------
Seagate Technology reported disc drive unit shipments of 47
million, revenue of US$3.3 billion, GAAP net income of US$355
million, and diluted net income per share of US$0.64 for the
quarter ended Sept. 28, 2007.
GAAP net income and diluted net income per share includes
approximately US$30 million of purchased intangibles
amortization and other charges associated with the Maxtor and
EVault acquisitions. Excluding these charges, non-GAAP net
income and diluted net income per share were US$385 million and
US$0.69. Included in both GAAP and non-GAAP results are
restructuring charges of approximately US$5 million or
approximately US$0.01 per share.
"Our strong performance in the quarter reflects favorable
industry conditions as well as the competitive strength of
Seagate's unique platform and commitment to innovation," said
Bill Watkins, Seagate chief executive officer. "The first
fiscal quarter has historically been a strong one for Seagate,
and this year, we benefited from unit demand greater than
expected. We believe we are well positioned to continue driving
year-over-year revenue growth, and these record quarterly
results demonstrate the effectiveness of Seagate's business
model."
Business Outlook
For the December quarter, Seagate expects to report revenue of
US$3.4 to US$3.5 billion, and GAAP diluted net income per share
of US$0.66 to US$0.70. Excluding approximately US$26 million of
purchased intangibles amortization and other charges associated
with the Maxtor and EVault acquisitions, non-GAAP diluted net
income per share for the December quarter is expected to fall
within the range of US$0.71 to US$0.75.
This guidance does not include the impact of any future
acquisitions, stock repurchases or restructuring activities the
company may undertake.
Dividend and Stock Repurchase
The company has declared a quarterly dividend of US$0.10 per
share to be paid on or before Nov. 16, 2007, to all common
shareholders of record as of Nov. 2, 2007.
During the quarter ended Sept. 28, 2007, the company took
delivery of approximately 10.3 million of its common shares
related to its share repurchase plan. The average price of the
shares delivered to the company in the June quarter was
US$24.27. The company has authorization to purchase
approximately US$725 million of additional shares under the
current stock repurchase program.
About Seagate Technology
Headquartered in Scotts Valley, California, and registered in
Cayman Islands, Seagate Technology (NYSE: STX) --
http://www.seagate.com/-- designs, manufactures and markets
hard disc drives, and provides products for a wide-range of
Enterprise, Desktop, Mobile Computing, and Consumer Electronics
applications.
* * *
Moody's Investors Service has confirmed on July 17, 2006, the
ratings of Seagate Technology HDD Holdings and upgraded the
ratings of Maxtor Corp., now a wholly owned subsidiary of
Seagate Technology US Holdings, following the completion of its
acquisition on May 19, 2006, and subsequent guaranteeing of
Maxtor's debt by Seagate. This concludes the review initiated
by Moody's on Dec. 21, 2005. The review was prompted by the
company's announcement of its intention to acquire Maxtor in an
all-stock transaction for approximately US$1.9 billion. Moody's
said the ratings outlook is stable.
Moody's confirmed these ratings:
-- Corporate Family Rating: Ba1; and
-- SGL Rating of 1.
Moody's upgraded these ratings:
Seagate Technology HDD Holdings:
-- US$400 million senior notes 8%, due 2009: to Ba1
SMOKY RIVER CDO GP: Sets Final Shareholders Meeting for Dec. 14
---------------------------------------------------------------
Smoky River CDO G.P. Co., Ltd., will hold its final shareholders
meeting on Dec. 14, 2007 at:
Maples Finance Limited
Boundary Hall, Cricket Square, George Town,
Grand Cayman, Cayman Islands
These agendas will be taken during the meeting:
1) accounting of the winding-up process and how the property
has been disposed of; and
2) giving any explanation thereof.
A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.
The liquidator can be reached at:
Richard Gordon
Maples Finance Limited
Boundary Hall, Cricket Square, George Town,
Grand Cayman, Cayman Islands
SMOKY RIVER CDO LP: To Hold Last Shareholders Meeting on Dec. 14
----------------------------------------------------------------
Smoky River CDO L.P. Co., Ltd., will hold its final shareholders
meeting on Dec. 14, 2007 at:
Maples Finance Limited
Boundary Hall, Cricket Square, George Town,
Grand Cayman, Cayman Islands
These agendas will be taken during the meeting:
1) accounting of the winding-up process and how the property
has been disposed of; and
2) giving any explanation thereof.
A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.
The liquidator can be reached at:
Richard Gordon
Maples Finance Limited
Boundary Hall, Cricket Square, George Town,
Grand Cayman, Cayman Islands
STONE HARBOR: Creditors Must File Proofs of Claim by Nov. 5
-----------------------------------------------------------
Stone Harbor Advisors (Cayman), Ltd.'s creditors are given until
Nov. 5, 2007, to prove their claims to Mitchell Porten, 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.
The liquidator can be reached at:
Mitchell Porten
1132 Bishop Street
Suite 1580
Honolulu, Hawaii 96813
On behalf of the liquidator, you may contact:
Colin J. MacKay
c/o Ogier
Queensgate House
South Church Street
P.O. Box 1234
Grand Cayman KY1-1108
Cayman Islands
STONE HARBOR OFFSHORE: Proofs of Claim Filing Deadline Is Nov. 5
----------------------------------------------------------------
Stone Harbor Offshore Fund, Ltd.'s creditors are given until
Nov. 5, 2007, to prove their claims to Westport Services 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.
The liquidator can be reached at:
Westport Services Ltd.
P.O. Box 1111
Grand Cayman KY1-1102, Cayman Islands
TECH CHAIN: Creditors Must File Proofs of Claim by Nov. 5
---------------------------------------------------------
Tech Chain Reaction Fund's creditors are given until
Nov. 5, 2007, to prove their claims to Albert King Chung-Cheng,
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.
Tech Chain's shareholders agreed on Sept. 27, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.
The liquidator can be reached at:
Albert King Chung-Cheng
15F-9, No. 6, Sinyi Road, Section 4
Taipei, Taiwan
TRIO ASSET: Sets Final Shareholders Meeting for Dec. 14
-------------------------------------------------------
Trio Asset Funding Corporation will hold its final shareholders
meeting on Dec. 14, 2007 at:
Maples Finance Limited
Boundary Hall, Cricket Square, George Town,
Grand Cayman, Cayman Islands
These agendas will be taken during the meeting:
1) accounting of the winding-up process and how the property
has been disposed of; and
2) giving any explanation thereof.
A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.
The liquidator can be reached at:
Emile Small
Maples Finance Limited
Boundary Hall, Cricket Square, George Town,
Grand Cayman, Cayman Islands
VERITAS HIGH: Proofs of Claim Filing Is Until Nov. 5
----------------------------------------------------
Veritas High Yield Arbitrage Fund Ltd.'s creditors are given
until Nov. 5, 2007, to prove their claims to Hugh Dickson, 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.
Veritas High's shareholders agreed on Sept. 25, 2007, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.
The liquidator can be reached at:
Hugh Dickson
c/o Peter Bigwood
Grant Thornton Specialist Services (Cayman) Limited
P.O. Box 1370 Grand Cayman
Commerce House, 2nd Floor
7 Dr. Roy's Drive
Grand Cayman KY1-1108
WEST 57 FINANCE: Creditors Must File Proofs of Claim by Nov. 5
--------------------------------------------------------------
West 57 Finance Limited's creditors are given until
Nov. 5, 2007, to prove their claims to Westport Services 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.
West 57's shareholders agreed on Sept. 27, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.
The liquidator can be reached at:
Westport Services Ltd.
P.O. Box 1111
Grand Cayman KY1-1102, Cayman Islands
=========
C H I L E
=========
GMAC LLC: Moody's Maintains Negative Outlook on Ba1 Ratings
-----------------------------------------------------------
Moody's Investors Service has affirmed GMAC's ratings (Ba1
senior unsecured, Not-Prime short-term), while maintaining its
negative rating outlook. This followed Moody's decision to
change the rating outlook for General Motors Corporation to
positive from negative.
Moody's expectation that GM's operating fundamentals will
improve with the implementation of its new labor accord has
positive implications for GMAC's credit profile, given the
extent and scale of GMAC's business ties to GM. However,
weakened performance at Residential Capital LLC, GMAC's
residential mortgage finance subsidiary, continues to pose more
immediate risks to GMAC's profile that warrants maintaining
GMAC's negative rating outlook. ResCap's Ba1 senior unsecured
rating is on review for possible downgrade, reflecting operating
challenges and uncertainties regarding its funding and
origination flows in its businesses due to continued volatility
in the mortgage market.
If ResCap's performance were to suffer additional setbacks, GMAC
could decide to support ResCap financially, possibly to the
detriment of its own stand-alone profile. Should such support
become probable, Moody's would equalize GMAC's ratings with
ResCap's ratings.
Moody's analyst Mark Wasden said, "Extension of support by GMAC
to ResCap potentially undermines the notion of separate
operating and financial protocols between the companies." He
added that, "a down-streaming of support from GMAC's owners,
however, could leave GMAC in a neutral position from a rating
standpoint, all else equal."
Positive developments at GM are likely to eventually be
beneficial to GMAC's business results, if GM's profitability
improves. Moody's notes, however, that there remains
uncertainty regarding GM's long-term competitive positioning and
performance. GM's credit profile will continue to be a key
driver of GMAC's credit ratings.
"On the other hand, GMAC's ratings are not likely to increase on
the basis of any further improvement in GM's ratings, as long as
uncertainties at ResCap remain at a heightened level," said Mr.
Wasden.
Earnings in GMAC's auto and insurance operations have proved
resilient amidst GM-related challenges. Still, the firm is
contending with finance margins that, while improved in 2007,
remain weaker than in historical periods. GMAC's margins
therefore have less capacity to absorb a negative turn in asset
performance. Positively, GMAC has managed its liquidity well in
light of recent challenges in the credit markets, though spread
widening is likely to affect near-term results.
About GMAC
GMAC LLC -- http://www.gmacfs.com/formerly General Motors
Acceptance Corporation, is a global, diversified financial
services company that operates in approximately 40 countries in
automotive finance, real estate finance, insurance and other
commercial businesses. GMAC was established in 1919 and
currently employs about 31,000 people worldwide. Its Latin
American operations are located in Argentina, Brazil, Chile,
Colombia, Mexico and Venezuela. GMAC reported a June 30, 2007,
six-month consolidated net loss of US$12 million.
HOUGHTON INT'L: Moody's Reviews B2 Rating for Likely Downgrade
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Moody's Investors Service placed the ratings of Houghton
International, Inc. (corporate family rating B2) under review
for possible downgrade following the announcement that it has
entered into an agreement to merge with a newly formed affiliate
of AEA Investors LLC. Terms of the deal were not disclosed.
However, the review for downgrade reflects the likelihood of
greatly increased leverage following this transaction, which is
expected to close in the fourth quarter of 2007 and is subject
to shareholder approval and satisfaction of various closing
conditions, including regulatory review.
The ratings under review are:
Houghton International, Inc.
-- Corporate family rating -- B2
-- Probability of default rating -- B2
-- US$90 millioni Gtd Sr. Sec Term Loan due 2011, B2
-- US$25 million Gtd Sr. Sec Revolving Credit Facility due
2010, B2
Moody's expects the transaction to be financed with a
significant amount of debt, which would result in a meaningful
increase in Houghton's leverage. It is likely that the existing
bank debt will be repaid in connection with financing of the
merger. Moody's review will incorporate an assessment of the
company's final financing structure as well as potential changes
to the financial policies and strategic direction under the new
ownership.
Headquartered in Valley Forge, Pennsylvania, Houghton
International Inc. manufactures oils and specialty chemicals for
lubrication in most of the big midwestern industries:
metalworking, automotive, and steel. Its products range from
aluminum and steel rolling lubricants to rust preventatives to
fire-resistant hydraulic fluids. The FLUIDCARE division helps
manufacturers reduce costs through chemical management and
recycling. It maintains more than 30 sales and manufacturing
facilities in North and South America, Europe, Africa,
Australia, and Asia. The Company was founded in 1865. It has
operations in Brazil and Chile.
HOUGHTON INT'L: S&P Places B+ Rating on Watch Negative
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Standard & Poor's Ratings Services has placed its ratings on
Houghton International Inc. on CreditWatch with negative
implications. The corporate credit rating is 'B+'.
"The CreditWatch listing follows Houghton's announcement that
the company entered into an agreement to merge with a newly
formed affiliate of AEA Investors, a private equity firm," said
S&P's credit analyst Henry Fukuchi. "While details of the
financing plan related to the merger are not yet known, S&P
expects that the transaction will result in a more aggressively
leveraged capital structure."
The merger agreement is subject to shareholder approval and the
satisfaction of various closing conditions, including regulatory
approvals, and is expected to close before the end of the year.
Houghton does not anticipate any immediate changes in its
facilities, employment, or range of product and service
offerings, and all of the members of senior management are
expected to continue with the company.
"We will resolve the CreditWatch listing after meeting with
management and reviewing the financial policy and plans for a
revised capital structure," Mr. Fukuchi said.
Headquartered in Valley Forge, Pennsylvania, Houghton
International Inc. manufactures oils and specialty chemicals for
lubrication in most of the big midwestern industries:
metalworking, automotive, and steel. Its products range from
aluminum and steel rolling lubricants to rust preventatives to
fire-resistant hydraulic fluids. The FLUIDCARE division helps
manufacturers reduce costs through chemical management and
recycling. It maintains more than 30 sales and manufacturing
facilities in North and South America, Europe, Africa,
Australia, and Asia. The Company was founded in 1865. It has
operations in Brazil and Chile.
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EMPRESA DE ENERGIA: Proposes Sale of US$710-Million in Bonds
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Empresa de Energia de Bogota SA ESP, the second-biggest
electricity transporter in Colombia, plans a US$710 million bond
sale in European markets, Bloomberg News reports.
EEB International Ltd., Empresa de Energia's finance unit, will
issue the senior, unsecured notes due in seven to ten years, the
same report says.
According to Bloomberg, the company will use proceeds from the
sale to help repay a US$1.5 billion that Empresa de Energia
incurred to purchase Empresa Colombiana de Gas SA, or Ecogas, in
December 2006. Transportadora de Gas del In