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 Monday, October 22, 2007, Vol. 8, Issue 209 Headlines A R G E N T I N A AVELINO QUIRNO: Proofs of Claim Verification Ends on Dec. 18 BANCO MACRO: Concludes Merger with Nuevo Banco Suquia BANCO MACRO: Will Issue US$100 Million in Bonds Due 2014 BANCO MACRO: Fitch To Rate US$200-Million Bonds at B+/RR4 BANCO MACRO: Moody's Puts B2 Long-Term Foreign Curr. Debt Rating BANCO SUPERVIELLE: Moody's Puts Global/Local Currency Ba1 Rating BELTSCENTER SRL: Proofs of Claim Verification Ends Dec. 12 BERRIES DE LA PENINSULA: Seeks for Reorganization Approval CHATEAU SA: Proofs of Claim Verification Deadline Is Nov. 22 CONSTRUCTORA MIR: Proofs of Claim Verification Ends Nov. 19 DECOTECNICA SA: Proofs of Claim Verification Ends on Nov. 28 FIDEICOMISO FINANCIERO: Moody's Assigns Ba1 Currency Ratings MUNDI TOUR: Proofs of Claim Verification Deadline Is Dec. 17 PREMECOL SC: Proofs of Claim Verification Deadline Is Dec. 13 SENACO SRL: Proofs of Claim Verification Is Until Dec. 18 TENNECO INC: Elects Dennis J. Letham to Board of Directors UTSTARCOM INC: Posts US$54 Million Net Loss for First Quarter VALMAS SRL: Proofs of Claim Verification Deadline Is Dec. 20 B E R M U D A ELAN CORP: Third Parties Eye Biogen for Likely Acquisition ELAN CORPORATION: FDA Extends TYSABRI Review Until Jan. 13, 2008 FOSTER WHEELER: To Hold Earnings Conference Call on November 7 B O L I V I A INT'L PAPER: Board Oks Amendment of Certificate of Incorporation B R A Z I L ACTUANT CORP: Two-for-One Stock Split Takes Effect on Nov. 8 AMR CORP: Earns US$175 Million in Third Quarter Ended Sept. 30 BANCO NACIONAL: New Loans Increase to BRL41.8B in First 9 Mos. BANCO NACIONAL: Okays BRL252-Million Loan for NatGas Firm CEG CA INC: Launches US$30 Million Technology Center in India COMPANHIA SIDERURGICA: Gets Regulator OK for Cia. de Fomento Buy NET SERVICOS: Broadband Client Base Rose by 71% in Third Quarter SANYO ELECTRIC: Cancels Sale of Semiconductor Unit STRATOS GLOBAL: Expects 3rd Quarter Financial Report on Nov. 7 SUN MICROSYSTEMS: Spares Scottish Unit from Worldwide Job Cuts SUN MICROSYSTEMS: Pushes to Expand Consumer Market, Report Says C A Y M A N I S L A N D S BANK RAKYAT: Moody's Ups FC Subordinated Debt Ratings to Ba2 LONGMEADOW CDO: Proofs of Claim Filing Deadline Is Nov. 2 MITRA SEJATI: Proofs of Claim Filing Ends on Nov. 2 MONTANA FINANCE: Proofs of Claim Filing Deadline Is Nov. 2 NIPPON SHINPAN: Proofs of Claim Filing Deadline Is Nov. 2 OCTAGON INVESTMENT: Proofs of Claim Filing Ends on Nov. 2 OSCAR FUNDING: Proofs of Claim Filing Deadline Is Nov. 2 PACIFICA PARTNERS: Proofs of Claim Filing Is Until Nov. 2 PARMALAT SPA: Settles Case Against Banca Ifis for EUR2 Million PLAZA MIDOUSUJI: Proofs of Claim Filing Ends on Nov. 2 RHOMBUS CDO: Proofs of Claim Filing Is Until Nov. 2 RMB CDO: Proofs of Claim Filing Deadline Is Nov. 2 C H I L E ANIXTER INT'L: To Report Third Quarter Earnings on October 23 BOSTON SCIENTIFIC: Mulls Restructuring & Sale of Some Businesses C O S T A R I C A * COSTA RICA: World Bank To Support DR-CAFTA Implementation H O N D U R A S CABLE & WIRELESS: Shortlisted To Bid for Honduras Mobile License DIGICEL GROUP: Prequalifies To Bid for Honduras Mobile License J A M A I C A AIR JAMAICA: President Resigns; First Woman Chairman Appointed AIR JAMAICA: Postpones Wage Meeting with Bustamante Industrial M E X I C O CKE RESTAURANTS: Reports US$90MM Same-Store Sales for Two Units FEDERAL-MOGUL: Sept. 30 Balance Sheet Upside-Down by US$1.4 Bil. FIRST DATA: Extends Long-Term Contract with National City Bank GRUPO IUSACELL: Prequalifies To Bid for Honduras Mobile License HIPOTECARIA CREDITO: Securitizing MXN600MM in Construction Loans KANSAS CITY SOUTHERN: Lazaro Terminal Phase 1 Works To End 2008 MCDERMOTT INT'L: Names Dennis Baldwin as Vice President & CAO MOVIE GALLERY: Receives Nasdaq Delisting Notification MOVIE GALLERY: U.S. Trustee Appoints Creditors Committee REMY WORLDWIDE: Selects Shearman & Sterling as Lead Counsel REMY WORLDWIDE: Wants to Employ YCS&T as Delaware Counsel RYERSON INC: Shareholders Okay Merger Deal with Platinum Equity VISTEON CORP: Inks MOU for Sale of Largest UK Operation N I C A R A G U A SPECTRUM BRANDS: Postpones Strategic Asset Sale U R U G U A Y SENSIENT TECH: Paying US$0.18 Per Share Quarterly Dividend V E N E Z U E L A CHRYSLER LLC: Negotiator Urges UAW Leaders to Reject New Pact PEABODY ENERGY: Paying Dividend of US$0.06 Per Share PETROLEOS DE VENEZUELA: Continues Talks ConocoPhillips PETROLEOS DE VENEZUELA: Inks R&D Agreement with Petroecuador PETROLEOS DE VENEZUELA: Fitch Revises Outlook; Affirms BB- IDR * VENEZUELA: Inks Economic Cooperation Agreements with Cuba * VENEZUELA: Fitch Revised Outlook to Neg.; Affirms BB- IDR * BOND PRICING: For the Week Oct. 15 to Oct. 19 - - - - - ================= A R G E N T I N A ================= AVELINO QUIRNO: Proofs of Claim Verification Ends on Dec. 18 ------------------------------------------------------------ Hector Jorge Vegetti, the court-appointed trustee for Avelino Quirino SA's bankruptcy proceeding, verifies creditors' proofs of claim until Dec. 18, 2007. Mr. Vegetti will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 2 in Buenos Aires, with the assistance of Clerk No. 4, 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 Avelino Quirino 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 Avelino Quirino's accounting and banking records will be submitted in court. La Nacion didn't state the reports submission deadlines. Mr. Vegetti is also in charge of administering Avelino Quirino's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Oreans SA Jose A. Ferry 390 Buenos Aires, Argentina The trustee can be reached at: Hector Jorge Vegetti Montevideo 711 Buenos Aires, Argentina BANCO MACRO: Concludes Merger with Nuevo Banco Suquia ----------------------------------------------------- Banco Macro SA has completed its merger with Nuevo Banco Suquia, the Argentine central bank said in a statement. Business News Americas relates that Banco Macro purchased Nuevo Banco Suquia in 2004 for US$25 million in the first re- privatization of the three Argentine banks Credit Agricole abandoned during the country's 2002 economic and financial crisis. About Credit Agricole Headquartered in Paris, France, Credit Agricole SA is a banking group that offers a range of banking and insurance services through a network of regional and local banks. The bank's principal lines of business include French retail banking, specialized financial services, asset management, insurance and private banking, corporate and investment banking, and international retail banking. Credit Agricole SA owns and operates subsidiaries in a variety of fields to provide the regional banks with specialized assistance. Subsidiaries include LCL, which offers retail banking services for individual, professional and corporate clients in France, and Calyon, which specializes in corporate and investment banking in Europe. The bank's international retail banking operations are based principally in Europe but are also present worldwide. About Banco Macro Headquartered in Buenos Aires, Argentina, Banco Macro -- http://www.macro.com.ar/-- had consolidated assets of ARS16.8 billion (USUS$5.4 billion) and consolidated deposits of ARS11 billion (USUS$3.5 billion) as of March 2007. * * * As reported in the Troubled Company Reporter-Latin America on June 5, 2007, Moody's Investors Service assigned a Ba1 global local currency rating to Banco Macro S.A.'s USUS$100 million senior unsecured Argentine peso-linked notes due 2012, issued under Macro's existing US$400 million Medium-Term Note Program. BANCO MACRO: Will Issue US$100 Million in Bonds Due 2014 -------------------------------------------------------- Banco Macro S.A. said in a filing with the Argentine stock exchange that it will issue up to US$100 million in bonds due 2014. According to Banco Macro's statement, foreign and local investors are given until the end of this month to subscribe the bonds. Banco Macro has the option to raise the issue up to US$200 million. Headquartered in Buenos Aires, Argentina, Banco Macro -- http://www.macro.com.ar/-- had consolidated assets of ARS16.8 billion (USUS$5.4 billion) and consolidated deposits of ARS11 billion (USUS$3.5 billion) as of March 2007. * * * As reported in the Troubled Company Reporter-Latin America on June 5, 2007, Moody's Investors Service assigned a Ba1 global local currency rating to Banco Macro S.A.'s USUS$100 million senior unsecured Argentine peso-linked notes due 2012, issued under Macro's existing US$400 million Medium-Term Note Program. BANCO MACRO: Fitch To Rate US$200-Million Bonds at B+/RR4 --------------------------------------------------------- Fitch is expected to assign a 'B+/RR4' Rating to Banco Macro S.A.'s forthcoming US$200 million unsubordinated bonds due 2014. Fitch currently rates Macro as: -- Foreign and local currency long-term Issuer Default Rating 'B+'; -- Short-term 'B'; -- Individual 'D'; -- Support '5'; -- National long-term 'AA(arg)'; -- National short-term 'A1+(arg)'. The rating outlook is stable. The final ratings on the issue are contingent upon receipt of final documentation conforming materially to information already received. Macro's ratings reflect its strong franchise and growth potential, its good overall performance, sound liquidity and capital base. The ratings also take into account the improvement in the operating environment, although it remains potentially volatile. Headquartered in Buenos Aires, Argentina, Banco Macro -- http://www.macro.com.ar/-- had consolidated assets of ARS16.8 billion (US$5.4 billion) and consolidated deposits of ARS11 billion (US$3.5 billion) as of March 2007. BANCO MACRO: Moody's Puts B2 Long-Term Foreign Curr. Debt Rating ---------------------------------------------------------------- Moody's Investors Service has assigned a B2 long-term foreign currency debt rating to the expected issuance of Banco Macro S.A.'s US$200 million senior notes that are due in 2014. This debt is issued under the bank's medium-term note program, which amount has been recently increased to US$ 700 million, from the initial US$400 million. The outlook on the rating is positive. These rating was assigned to Banco Macro S.A.: -- Foreign Currency Senior debt of US$200 million: -- Long-term foreign currency debt rating: B2, positive outlook Headquartered in Buenos Aires, Argentina, Banco Macro -- http://www.macro.com.ar/-- had consolidated assets of ARS11.6 billion (US$3.7 billion) and consolidated deposits of ARS6 billion (US$2 million) in deposits as of June 2007. BANCO SUPERVIELLE: Moody's Puts Global/Local Currency Ba1 Rating ---------------------------------------------------------------- Moody's Latin America has assigned a rating of Aaa.ar (Argentine National Scale) and Ba1 (Global Scale, Local Currency) to the Fixed Rate and to the Class A Floating Rate Debt Securities of Fideicomiso Financiero Supervielle Leasing III. Moody's also assigned Argentine national scale rating of Aa1.ar and Global Scale, Local Currency Rating of Ba2 to the Class B Floating Rate Debt Securities. The Certificates are not rated by Moody's. The Debt Securities and the Certificates were issued by Equity Trust Company (Argentina) S.A. acting solely in its capacity as Issuer and Trustee. The ratings assigned are primarily based upon these factors: -- The initial credit enhancement available in the transaction provided through 65% initial subordination for the Fixed Rate and Class A Floating Rate Debt Securities and 20% for the Class B Floating Rate Debt Securities; -- The turbo-sequential payment structure; -- The credit quality of the pool of assets, which includes lease agreements originated by Banco Supervielle S.A.; -- The availability of several reserve funds; and, -- The legal structure of the transaction. The Securitized Asset Pool All the rated securities are backed by credit rights under certain lease agreements originated by Banco Supervielle S.A. The rated securities are payable from the cash flow coming from the assets of the trust, which is an amortizing pool of about 555 eligible lease agreements denominated in Argentine pesos, bearing floating and fixed rates, originated by Banco Supervielle S.A., in an aggregate principal amount of ARS110,276,245. The lessees are small and medium corporations located in Argentina, which finance the acquisition of equipment related to their main economic activity, such as heavy load transportation equipment, medical equipment, construction equipment, communications and technology, among others. The assets of the trust include, among others, proceeds related to principal and interest collections under the lease agreements described in the Trust Agreement; proceeds related to the purchase option under the lease agreements; any proceeds collected after disposing the leased equipment; and proceeds from physical damage and liability insurance policies. Ownership of the leased equipment will not be assigned to the trust. Structure Equity Trust Company (Argentina) S.A. (Issuer and Trustee) issued one class of Fixed Rate Debt Securities (which bear a fixed interest rate of 14%), two classes of Floating Rate Debt Securities (Classes A and B) and one class of Certificates, all denominated in Argentine pesos. Class A Floating Rate Debt Securities will bear a BADLAR interest rate plus 600 basis points. Class B Floating Rate Debt Securities will bear a BADLAR interest rate plus 725 basis points. Floating Rate Debt Securities' interest rate has a cap of 24% p.a. and a floor of 14%. Overall credit enhancement is comprised of: an aggregate 65% initial subordination for the Fixed Rate and Class A Floating Rate Debt Securities, 20% initial subordination for the Class B Floating Rate Debt Securities; various reserve funds; and excess spread. Fixed Rate Debt Securities are expected to be paid off in 6 months. The payment of principal on the Class A Floating Rate Debt Securities has a grace period of 6 months. Class B Floating Rate Debt Securities will not receive any principal payments until Fixed Rate and Class A Floating Rate securities are paid in full. The Certificates are entitled to receive any remaining cash flow after Fixed Rate and Floating Rate Debt Securities are paid in full. Class B Floating Rate Debt Securities will pay interest on a quarterly basis as long as Fixed Rate and Class A Floating Rate Debt Securities are still outstanding. As an additional enhancement, there is a liquidity reserve fund -- funded at closing from bond proceeds -- for an amount equivalent to two months of interest payments on the Debt Securities. Banco Supervielle Banco Supervielle is the originator of the equipment leases and will act as the servicer of the receivables in this transaction. Supervielle started to originate lease agreements by December 2003. The lease contracts involved in this transaction are finance leases, in which the lessee rents the equipment for all or nearly all of the economic life of the equipment and has the responsibilities of maintaining the equipment in appropriate condition. Banco Supervielle is also the servicer in this transaction. On Apr. 27, 2007, Moody's upgraded Supervielle's national scale rating for deposits in local currency from Aa3.ar to Aa2.ar. Supervielle's Bank Financial Strength Rating was also upgraded to D- from E+. Rating Action Originator: Banco Supervielle S.A. -- ARS16,541,437 in Fixed Rate Debt Securities of "Fideicomiso Financiero Supervielle Leasing III", rated Aaa.ar (Argentine National Scale) and Ba1 (Global Scale, Local Currency) -- ARS22,055,249 in Class A Floating Rate Debt Securities of "Fideicomiso Financiero Supervielle Leasing III", rated Aaa.ar and Ba1 -- ARS49,624,310 in Class B Floating Rate Debt Securities of "Fideicomiso Financiero Supervielle Leasing III", rated Aa1.ar and Ba2 Issuer: Fideicomiso Financiero Supervielle Leasing III -- Fixed Rate Debt Securities, Assigned Ba1 -- Class A Floating Rate Debt Securities, Assigned Ba1 -- Class B Floating Rate Debt Securities, Assigned Ba2 Banco Supervielle -- http://www.supervielle.com.ar/-- is owned by Banco Banex S.A., and together they form the Supervielle Group, the sixth-largest private banking group in Argentina. The bank operates 122 branches and payment centers, which are mainly concentrated in the provinces of Buenos Aires, Cordoba, Mendoza, San Luis, and Santa Fe. Banco Supervielle focuses on individuals and the middle-market clients and corporate segments in Argentina, including American and European corporations in the country. It specializes in consumer loans, credit cards, payroll payments, factoring, trade, leasing, and financial trustees, and it holds a diversified portfolio in retail, auto parts, civil construction, agrochemical, manufacturing, and other industries. Joining IFC's Global Trade Finance Program will help Banco Supervielle expand, helping serve the trade finance needs of the country's small and medium enterprises. It will also help the bank to consolidate its business in other segments. BELTSCENTER SRL: Proofs of Claim Verification Ends Dec. 12 ---------------------------------------------------------- Julio Cesar Capovilla, the court-appointed trustee for Beltscenter SRL's bankruptcy proceeding, verifies creditors' proofs of claim until Dec. 12, 2007. Mr. Capovilla will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 5 in Buenos Aires, with the assistance of Clerk No. 9, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by Beltscenter 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 Beltscenter's accounting and banking records will be submitted in court. La Nacion didn't state the reports submission deadlines. Mr. Capovilla is also in charge of administering Beltscenter's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Beltscenter SRL Batalla del Pari 530 Buenos Aires, Argentina The trustee can be reached at: Julio Cesar Capovilla Corrientes 3859 Buenos Aires, Argentina BERRIES DE LA PENINSULA: Seeks for Reorganization Approval ---------------------------------------------------------- Berries de la Peninsula S.A. has requested for reorganization approval after failing to pay its liabilities. The reorganization petition, once approved by the court, will allow Berries de la Peninsula to negotiate a settlement with its creditors in order to avoid a straight liquidation. The case is pending in the National Commercial Court of First Instance No. 22 in Buenos Aires. Clerk No. 43 assists the court on this case. The debtor can be reached at: Berries de la Peninsula S.A. Teniente Benjamin Matienzo 1704 Buenos Aires, Argentina CHATEAU SA: Proofs of Claim Verification Deadline Is Nov. 22 ------------------------------------------------------------ Hugo Manuel Ribote, the court-appointed trustee for Chateau S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until Nov. 22, 2007. Mr. Ribote will present the validated claims in court as individual reports on Feb. 8, 2008. The National Commercial Court of First Instance in Cordoba 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 Chateau 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 Chateau's accounting and banking records will be submitted in court on March 21, 2008. Mr. Ribote is also in charge of administering Chateau's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Chateau S.A. Calle Publica, Chateau Carreras Ciudad de Cordoba, Cordoba Argentina The trustee can be reached at: Hugo Manuel Ribote Jujuy 1351, Ciudad de Cordoba Cordoba, Argentina CONSTRUCTORA MIR: Proofs of Claim Verification Ends Nov. 19 ----------------------------------------------------------- Monica Graciela Aquim, the court-appointed trustee for Constructora MIR S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until Nov. 19, 2007. Ms. Aquim will present the validated claims in court as individual reports on Dec. 17, 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 Constructora Mir and its creditors. Inadmissible claims may be subject for appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of Constructora Mir's accounting and banking records will be submitted in court on March 7, 2008. Ms. Aquim is also in charge of administering Constructora Mir's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Monica Graciela Aquim Uruguay 662 Buenos Aires, Argentina DECOTECNICA SA: Proofs of Claim Verification Ends on Nov. 28 ------------------------------------------------------------ Jorge Alberto Arias, the court-appointed trustee for Decotecnica S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until Nov. 28, 2007. Mr. Arias will present the validated claims in court as individual reports on Feb. 14, 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 Decotecnica 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 Decotecnica's accounting and banking records will be submitted in court on April 1, 2008. Mr. Arias is also in charge of administering Constructora Mir's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Decotecnica S.A. Simbron 5180 Buenos Aires, Argentina The trustee can be reached at: Jorge Alberto Arias Avenida Corrientes 1312 Buenos Aires, Argentina FIDEICOMISO FINANCIERO: Moody's Assigns Ba1 Currency Ratings ------------------------------------------------------------ Moody's Latin America has assigned a rating of Aaa.ar (Argentine National Scale) and Ba1 (Global Scale, Local Currency) to the Fixed Rate and to the Class A Floating Rate Debt Securities of Fideicomiso Financiero Supervielle Leasing III. Moody's also assigned Argentine national scale rating of Aa1.ar and Global Scale, Local Currency Rating of Ba2 to the Class B Floating Rate Debt Securities. The Certificates are not rated by Moody's. The Debt Securities and the Certificates were issued by Equity Trust Company (Argentina) S.A. acting solely in its capacity as Issuer and Trustee. The ratings assigned are primarily based upon these factors: -- The initial credit enhancement available in the transaction provided through 65% initial subordination for the Fixed Rate and Class A Floating Rate Debt Securities and 20% for the Class B Floating Rate Debt Securities; -- The turbo-sequential payment structure; -- The credit quality of the pool of assets, which includes lease agreements originated by Banco Supervielle S.A.; -- The availability of several reserve funds; and, -- The legal structure of the transaction. The Securitized Asset Pool All the rated securities are backed by credit rights under certain lease agreements originated by Banco Supervielle S.A. The rated securities are payable from the cash flow coming from the assets of the trust, which is an amortizing pool of about 555 eligible lease agreements denominated in Argentine pesos, bearing floating and fixed rates, originated by Banco Supervielle S.A., in an aggregate principal amount of ARS110,276,245. The lessees are small and medium corporations located in Argentina, which finance the acquisition of equipment related to their main economic activity, such as heavy load transportation equipment, medical equipment, construction equipment, communications and technology, among others. The assets of the trust include, among others, proceeds related to principal and interest collections under the lease agreements described in the Trust Agreement; proceeds related to the purchase option under the lease agreements; any proceeds collected after disposing the leased equipment; and proceeds from physical damage and liability insurance policies. Ownership of the leased equipment will not be assigned to the trust. Structure Equity Trust Company (Argentina) S.A. (Issuer and Trustee) issued one class of Fixed Rate Debt Securities (which bear a fixed interest rate of 14%), two classes of Floating Rate Debt Securities (Classes A and B) and one class of Certificates, all denominated in Argentine pesos. Class A Floating Rate Debt Securities will bear a BADLAR interest rate plus 600 basis points. Class B Floating Rate Debt Securities will bear a BADLAR interest rate plus 725 basis points. Floating Rate Debt Securities' interest rate has a cap of 24% p.a. and a floor of 14%. Overall credit enhancement is comprised of: an aggregate 65% initial subordination for the Fixed Rate and Class A Floating Rate Debt Securities, 20% initial subordination for the Class B Floating Rate Debt Securities; various reserve funds; and excess spread. Fixed Rate Debt Securities are expected to be paid off in 6 months. The payment of principal on the Class A Floating Rate Debt Securities has a grace period of 6 months. Class B Floating Rate Debt Securities will not receive any principal payments until Fixed Rate and Class A Floating Rate securities are paid in full. The Certificates are entitled to receive any remaining cash flow after Fixed Rate and Floating Rate Debt Securities are paid in full. Class B Floating Rate Debt Securities will pay interest on a quarterly basis as long as Fixed Rate and Class A Floating Rate Debt Securities are still outstanding. As an additional enhancement, there is a liquidity reserve fund -funded at closing from bond proceeds- for an amount equivalent to two months of interest payments on the Debt Securities. Banco Supervielle Banco Supervielle is the originator of the equipment leases and will act as the servicer of the receivables in this transaction. Supervielle started to originate lease agreements by December 2003. The lease contracts involved in this transaction are finance leases, in which the lessee rents the equipment for all or nearly all of the economic life of the equipment and has the responsibilities of maintaining the equipment in appropriate condition. Banco Supervielle is also the servicer in this transaction. On Apr. 27, 2007, Moody's upgraded Supervielle's national scale rating for deposits in local currency from Aa3.ar to Aa2.ar. Supervielle's Bank Financial Strength Rating was also upgraded to D- from E+. Rating Action Originator: Banco Supervielle S.A. -- ARS16,541,437 in Fixed Rate Debt Securities of "Fideicomiso Financiero Supervielle Leasing III", rated Aaa.ar (Argentine National Scale) and Ba1 (Global Scale, Local Currency) -- ARS22,055,249 in Class A Floating Rate Debt Securities of "Fideicomiso Financiero Supervielle Leasing III", rated Aaa.ar and Ba1 -- ARS49,624,310 in Class B Floating Rate Debt Securities of "Fideicomiso Financiero Supervielle Leasing III", rated Aa1.ar and Ba2 Issuer: Fideicomiso Financiero Supervielle Leasing III -- Fixed Rate Debt Securities, Assigned Ba1 -- Class A Floating Rate Debt Securities, Assigned Ba1 -- Class B Floating Rate Debt Securities, Assigned Ba2 MUNDI TOUR: Proofs of Claim Verification Deadline Is Dec. 17 ------------------------------------------------------------ Carlos Daniel Grela, the court-appointed trustee for Mundi Tour S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of claim until Dec. 17, 2007. Mr. Grela will present the validated claims in court as individual reports on March 4, 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 Mundi Tour 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 Mundi Tour's accounting and banking records will be submitted in court on April 8, 2008. Mr. Grela is also in charge of administering Mundi Tour's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Carlos Daniel Grela Tucuman 1585 Buenos Aires, Argentina PREMECOL SC: Proofs of Claim Verification Deadline Is Dec. 13 ------------------------------------------------------------- Pablo Arturo Melaragni, the court-appointed trustee for Premecol S.C.'s bankruptcy proceeding, verifies creditors' proofs of claim until Dec. 13, 2007. Mr. Melaragni 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 Premecol and its creditors. Inadmissible claims may be subject for appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of Premecol's accounting and banking records will be submitted in court. Infobae didn't state the reports submission deadlines. Mr. Melaragni is also in charge of administering Premecol's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Pablo Arturo Melaragni Viamonte 783 Buenos Aires, Argentina SENACO SRL: Proofs of Claim Verification Is Until Dec. 18 --------------------------------------------------------- Jorge Podhorzer, the court-appointed trustee for Senaco SRL's bankruptcy proceeding, verifies creditors' proofs of claim until Dec. 18, 2007. Mr. Podhorzer will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 12 in Buenos Aires, with the assistance of Clerk No. 23, 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 Senaco 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 Senaco's accounting and banking records will be submitted in court. La Nacion didn't state the reports submission deadlines. Mr. Podhorzer is also in charge of administering Senaco's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Senaco SRL General Urquiza 885 Buenos Aires, Argentina The trustee can be reached at: Jorge Podhorzer Pasaje del Carmen 716 Buenos Aires, Argentina TENNECO INC: Elects Dennis J. Letham to Board of Directors ----------------------------------------------------------- Tenneco Inc. has elected Dennis J. Letham to the company's board of directors, effective immediately. Mr. Letham is executive vice president, finance and chief financial officer of Anixter International Inc., a US$5.5 billion global distributor of communications products, wire & cable products, fasteners and other small components for original equipment manufacturers. "We are pleased to add Dennis Letham to our board with his extensive financial background and global business experience," said Gregg Sherrill, chairman and Chief Executive Officer, Tenneco. "We look forward to his contributions as we accelerate our growth globally and capitalize on opportunities to enhance shareholder value." Mr. Letham has more than 17 years experience as a chief financial officer and for the past 12 years, has overseen all of Anixter International's finance, accounting, tax and internal audit activities in the 49 countries in which the company operates. Prior to assuming his role as chief financial officer in 1995, Mr. Letham served as executive vice president and chief financial officer of Anixter, Inc., the principal operating subsidiary of Anixter International Inc. He joined Anixter International in 1993. Previously, he had a ten-year career with National Intergroup Inc., where he held a number of senior financial management positions including senior vice president and chief financial officer. Based in Lake Forest, Illinois, Tenneco Inc., (NYSE: TEN) -- http://www.tenneco.com/-- manufactures automotive ride and emissions control products and systems for both the original equipment market and aftermarket. Brands include Monroe(R), Walker(R), Gillet(TM) and Clevite(R) Elastomer brand names. Among its products are Sensa-Trac(R) and Monroe Reflex(R) shocks and struts, Rancho(R) shock absorbers, Walker(R) Quiet-Flow(R) mufflers, Dynomax(R) performance exhaust products, and Clevite(R)Elastomer noise, vibration and harshness control components. The company has operations in Argentina, Japan, and Germany. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 17, 2007, Fitch Ratings has affirmed these ratings of Tenneco, Inc: -- Issuer Default Rating at 'BB-'; -- Senior secured revolver at 'BB+'; -- Senior secured term loan A at 'BB+'; -- Senior secured tranche B-1 LC/revolver 'BB+'; -- Senior secured second lien notes 'BB'; -- Senior subordinated notes at 'B'. Fitch said the rating outlook remains positive. UTSTARCOM INC: Posts US$54 Million Net Loss for First Quarter ------------------------------------------------------------- UTStarcom, Inc. has reported net sales for the first quarter 2007 were US$475.9 million. Gross margins for the first quarter 2007 were 15.8% and net loss for the quarter was US$54 million, or a loss of (US$0.45) per share. The company also announced it expected to file its financial results for the second quarter of 2007 as soon as practicable, at which time the company will host a conference call with investors to discuss both first and second quarter results. "Although we are disappointed with our first quarter results, as we begin to look forward, we are encouraged by the number of new contracts and new customers we signed recently as well as the momentum of our core businesses, particularly for IPTV in China and India," stated Fran Barton, Chief Financial Officer of UTStarcom, Inc. Headquartered in Alameda, California, UTStarcom Inc. (Nasdaq: UTSI) -- http://www.utstar.com/-- provides IP-based, end-to-end networking solutions and international service and support. The company sells its broadband, wireless, and handset solutions to operators in both emerging and established telecommunications markets around the world. The company maintains operations in France, Italy, Spain, China, India, Japan, Argentina and Brazil. * * * As reported on Jan. 18, 2007, noteholders of UTStarcom Inc.'s 7/8% convertible subordinated notes due 2008 agreed to the proposed amendments of certain provisions of the indenture pursuant to which the notes were issued and a waiver of rights to pursue remedies available under the indenture with respect to certain default. Under the terms of the indenture, during the period beginning Jan. 9, 2007, and ending 5:30 p.m., May 31, 2007, any failure by the company to comply with certain provisions will not result in a default or an event of default, and the Notes will accrue an additional 6.75% per annum in special interest from and after Jan. 9, 2007, to the maturity date of the Notes, unless the Notes are earlier repurchased or converted. VALMAS SRL: Proofs of Claim Verification Deadline Is Dec. 20 ------------------------------------------------------------ Maria Alicia Nadales, the court-appointed trustee for Valmax SRL's bankruptcy proceeding, verifies creditors' proofs of claim until Dec. 20, 2007. Ms. Nadales will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 3 in Buenos Aires, with the assistance of Clerk No. 5, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by Valmax 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 Valmax's accounting and banking records will be submitted in court. La Nacion didn't state the reports submission deadlines. Ms. Nadales is also in charge of administering Valmax's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Valmax SRL Doblas 138, PB Buenos Aires, Argentina The trustee can be reached at: Maria Alicia Nadales Hipolito Yrigoyen 1349 Buenos Aires, Argentina ============= B E R M U D A ============= ELAN CORP: Third Parties Eye Biogen for Likely Acquisition ---------------------------------------------------------- Elan Corporation Plc has noted the announcement on Oct. 12, 2007, by Biogen Idec Inc. that it received expressions of interest from third parties and that its Board of Directors has authorized its management to evaluate potential interest in acquiring the company. Elan has a 50% interest in the TYSABRI collaboration. TYSABRI was discovered and largely developed by Elan, and was partnered with Biogen in 2000 for multiple indications. Under the terms of the Collaboration Agreement, if a third party acquires control of Biogen, Elan has several options: -- the right to acquire for fair value the 50% economic interest in TYSABRI currently held by Biogen; -- under certain circumstances, the ability to sell its 50% economic interest in TYSABRI; or, -- to continue with the existing agreement. Elan also may consider restructuring the Collaboration Agreement in connection with a third party's acquisition of Biogen. If Biogen's evaluation process results in a change of control, Elan will evaluate the forgoing options in the best interest of its shareholders. Elan has engaged Lehman Brothers to assist in assessing and analyzing all options as appropriate. About the Company Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) -- http://www.elan.com/-- is a neuroscience-based biotechnology company. Elan shares trade on the New York, London and Dublin Stock Exchanges. Elan has locations in Bermuda and Japan. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 15, 2007, Standard & Poor's Ratings Services revised its outlook on Elan Corp. PLC to positive from stable and affirmed the ratings on the company and its subsidiaries, including the 'B' corporate credit rating. In April 2007, in connection with the implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Gaming, Lodging and Leisure, Manufacturing, and Energy sectors, Moody's Investors Service the rating agency confirmed its B3 Corporate Family Rating for Elan Corporation plc and assigned a B2 probability-of-default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability of Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. * Issuer: Elan Finance plc Projected Debt LGD Loss-Given Debt Issue Rating Rating Default ---------- ------- ------- -------- US$300M Senior Unsecured Regular Bond/Debenture Due 2011 B3 LGD4 65% US$300M Senior Unsecured Regular Bond/Debenture Due 2011 B3 LGD4 65% US$150M Senior Unsecured Regular Bond/Debenture Due 2013 B3 LGD4 65% US$850M 7.75% Senior Unsecured Regular Bond/Debenture Due 2011 B3 LGD4 65% US$465M 8.875% Senior Unsecured Regular Bond/Debenture Due 2013 B3 LGD4 65% ELAN CORPORATION: FDA Extends TYSABRI Review Until Jan. 13, 2008 ---------------------------------------------------------------- The U.S. Food and Drug Administration informed the Elan Corporation plc and Biogen Idec that it will extend its regulatory review of TYSABRI(R) (natalizumab) as a treatment for Crohn's disease by up to three months. The companies have been informed by the FDA that the Agency requires additional time to review information regarding the proposed TYSABRI risk management plan for Crohn's disease. Under this revised timeline, the companies anticipate action from FDA on or before Jan. 13, 2008. On December 15, 2006, the companies submitted to the FDA a supplemental Biologics License Application (sBLA) for TYSABRI as a treatment of moderately to severely active Crohn's disease. This sBLA includes the results of three randomized, double- blind, placebo-controlled, multi-center trials of TYSABRI assessing the safety and efficacy as both an induction and maintenance therapy -- ENCORE (Efficacy of Natalizumab in Crohn's Disease Response and Remission), ENACT-1 (Efficacy of Natalizumab as Active Crohn's Therapy) and ENACT-2 (Evaluation of Natalizumab As Continuous Therapy). The sBLA includes data from more than 1,500 Crohn's patients treated with TYSABRI, as well as proposed labeling and a risk management plan. TYSABRI is a humanized monoclonal antibody believed to block entry of inflammatory immune cells into the wall of the intestine, thus limiting inflammatory damage in Crohn's disease. TYSABRI is the first potential treatment for Crohn's disease with this proposed mechanism of action. About TYSABRI In the US, TYSABRI is approved as a monotherapy treatment for relapsing forms of MS. TYSABRI increases the risk of progressive multifocal leukoencephalopathy, an opportunistic viral infection of the brain that usually leads to death or severe disability. Patients should be monitored at regular intervals for any new or worsening signs or symptoms suggestive of PML. Because of the increased risk of PML, TYSABRI is generally recommended for patients who have had an inadequate response to, or are unable to tolerate, alternate MS therapies. It is available in the US only through a restricted distribution program called the TOUCH Prescribing Program. In the European Union, TYSABRI is indicated as a single disease- modifying therapy in highly active relapsing-remitting MS patients. It is for patients with high disease activity despite treatment with a beta-interferon or in patients with rapidly evolving severe relapsing-remitting MS. Serious adverse events that occurred in TYSABRI-treated patients included hypersensitivity reactions (e.g., anaphylaxis), infections, depression and gallstones. In MS trials, the incidence and rate of other serious and common adverse events, including the overall incidence and rate of infections, were balanced between treatment groups. Herpes infections were slightly more common in patients treated with TYSABRI. Serious opportunistic and other atypical infections have been observed in TYSABRI-treated patients, some of whom were receiving concurrent immunosuppressants. Common adverse events reported in TYSABRI-treated patients includee headache, fatigue, infusion reactions, urinary tract infections, joint and limb pain, lower respiratory infections, rash, gastroenteritis, abdominal discomfort, vaginitis, and diarrhea. Worldwide, more than 10,000 MS patients are currently receiving therapy with TYSABRI, either in the commercial setting or in clinical trials. TYSABRI was discovered by Elan and is co- developed with Biogen Idec. About the Company Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) -- http://www.elan.com/-- is a neuroscience-based biotechnology company. Elan shares trade on the New York, London and Dublin Stock Exchanges. The company has locations in Bermuda and Japan. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 15, 2007, Standard & Poor's Ratings Services revised its outlook on Elan Corp. PLC to positive from stable and affirmed the ratings on the company and its subsidiaries, including the 'B' corporate credit rating. In April 2007, in connection with the implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Gaming, Lodging and Leisure, Manufacturing, and Energy sectors, Moody's Investors Service the rating agency confirmed its B3 Corporate Family Rating for Elan Corporation plc and assigned a B2 probability-of-default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability of Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. * Issuer: Elan Finance plc Projected Debt LGD Loss-Given Debt Issue Rating Rating Default ---------- ------- ------- -------- US$300M Senior Unsecured Regular Bond/Debenture Due 2011 B3 LGD4 65% US$300M Senior Unsecured Regular Bond/Debenture Due 2011 B3 LGD4 65% US$150M Senior Unsecured Regular Bond/Debenture Due 2013 B3 LGD4 65% US$850M 7.75% Senior Unsecured Regular Bond/Debenture Due 2011 B3 LGD4 65% US$465M 8.875% Senior Unsecured Regular Bond/Debenture Due 2013 B3 LGD4 65% FOSTER WHEELER: To Hold Earnings Conference Call on November 7 -------------------------------------------------------------- Foster Wheeler Ltd. plans to hold a conference call on Nov. 7, 2007, at 11:00 a.m. (Eastern) to discuss its financial results for the third quarter of 2007. The company expects to release the results the same day, before the market opens. The call will be accessible to the public by telephone or webcast, and the company will post an accompanying slide presentation in the investor relations section of its web site http://www.fwc.com/ To listen to the call by telephone, dial 973-935-8752 (conference I.D. No. 9357886) approximately ten minutes before the call. A replay of the call will be available on the company's web site as well as by telephone. To listen to the replay by telephone, dial 973-341-3080 (replay passcode 9357886# required) starting one hour after the conclusion of the call through 8:00 p.m. (Eastern) on Dec. 5, 2007. The replay can also be accessed on the company's web site for four weeks following the call. About Foster Wheeler Foster Wheeler Ltd. (Nasdaq: FWLT) -- http://www.fwc.com/-- offers a broad range of engineering, procurement, construction, manufacturing, project development and management, research and plant operation services. Foster Wheeler serves the refining, upstream oil and gas, LNG and gas-to-liquids, petrochemical, chemicals, power, pharmaceuticals, biotechnology and healthcare industries. The corporation is based in Hamilton, Bermuda, and its operational headquarters are in Clinton, New Jersey. * * * As reported in the Troubled Company Reporter on Dec. 18, 2006, Standard & Poor's Ratings Services revised its outlook on Foster Wheeler Ltd. to positive from stable. At the same time, Standard & Poor's affirmed its 'B+' corporate credit rating and other ratings on the company. The company had about US$217 million of total debt at Sept. 29, 2006. ============= B O L I V I A ============= INT'L PAPER: Board Oks Amendment of Certificate of Incorporation ---------------------------------------------------------------- International Paper Co.'s Board of Directors has authorized an amendment to the company's certificate of incorporation to declassify the board of directors and to provide for the annual election of directors. The company's proxy statement will include a proposal to shareholders, recommended by the board, to approve the amendment at the 2008 annual shareholders' meeting. The directors of International Paper currently are elected by class to staggered three-year terms. If the amendment is approved, declassification will be phased in over a three-year period. Beginning with the 2011 annual meeting, all directors will be elected annually for one-year terms. The phased-in approach allows for a simplified transition under both New York law and the company's certificate of incorporation, and provides needed continuity throughout the company's transformation plan. "Our board of directors has reviewed these issues carefully and decided to begin instituting this change," said John Faraci, International Paper chairman and chief executive officer. "Over the past several years, the company considered the issue of annual director elections, and with the transformation plan well underway, we believe the timing is right to move forward." Separately, the board of directors also unanimously authorized an amendment to the company's certificate of incorporation to provide for the election of directors by majority vote, following a 2007 shareholder proposal, endorsed by the board, in favor of the change. The company's proxy statement will include a proposal to shareholders, recommended by the board, to approve this amendment at the 2008 annual shareholders' meeting. Details of these actions will be provided in the company's proxy statement, which will be sent to all shareholders in advance of the 2008 annual meeting. 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 =========== ACTUANT CORP: Two-for-One Stock Split Takes Effect on Nov. 8 ------------------------------------------------------------ Actuant Corporation's Board of Directors has approved a two-for- one split of its Class A common stock payable on Nov. 8, 2007, to shareholders of record on Oct. 29, 2007. The stock split will be in the form of a stock dividend. Bob Arzbaecher, Chief Executive Officer of Actuant, said "This stock split, our second in four years, recognizes Actuant's consistent growth in sales, earnings and cash flows. Since the spin-off of APW, Ltd in August of 2000, Actuant's stock value has appreciated from US$7.65 per share to approximately US$68 per share, a compounded average annual growth rate of over 35%. We believe that Actuant's business model of core sales growth plus acquisitions, combined with margin improvement from our LEAD (Lean Enterprise Across Disciplines) and AIM (Acquisition Integration Model) processes and our Return on Invested Capital (ROIC) focus will continue to drive our future success." About Actuant Corp. Headquartered in Butler, Wis., Actuant Corp. (NYSE: ATU) -- http://www.actuant.com/-- is a diversified industrial company with operations in more than 30 countries including Australia, China, Italy, United Kingdom, Brazil, among others. The Actuant businesses are market leaders in highly engineered position and motion control systems and branded hydraulic and electrical tools and supplies. The company employs a workforce of more than 6,700 worldwide. * * * As reported in the Troubled Company Reporter-Latin America on June 6, 2007, Moody's Investors Service assigned a Ba2 (LGD3, 43%) rating to Actuant Corporation's USUS$250 million senior unsecured notes and affirmed the company's Ba2 Corporate Family Rating. Standard & Poor's Ratings Services assigned its 'BB-' rating to Actuant Corp.'s proposed USUS$250 million senior unsecured notes due 2017. The proceeds from the notes will be principally used to repay a portion of borrowings under the company's senior credit facility due 2009. AMR CORP: Earns US$175 Million in Third Quarter Ended Sept. 30 -------------------------------------------------------------- AMR Corporation, the parent company of American Airlines Inc., disclosed Wednesday a net profit of US$175 million for the third quarter of 2007. The results for the third quarter of 2007 include the impact of a US$40 million charge to reflect an adjustment for additional salary and benefit expense accruals related to years 2003 through 2006 and the first six months of 2007. The current quarter results compare to a net profit of US$15 million for the third quarter of 2006. The year-ago results included a US$99 million non-cash charge in Other Income to reduce the book value of certain outstanding fuel hedge contracts. AMR reported third quarter consolidated revenues of approximately US$5.9 billion, an increase of 1.7% year over year. Other revenues, including sales from such sources as confirmed flight changes, purchased upgrades, Buy-on-Board food services and third-party maintenance work, increased 5.7% year over year to US$352 million in the third quarter. "While record fuel prices in the third quarter were a reminder of the external challenges that we continue to face, we again demonstrated our ongoing progress by posting our sixth straight profitable quarter and our largest net profit in any third quarter since 2000," said AMR chairman and chief executive officer Gerard Arpey. "We continued to improve our balance sheet while investing in key customer service initiatives, including taking steps to renew our fleet, add new routes, and enhance several products and services. However, we must step up our continued focus on managing costs, work to improve our profit margins and continue our momentum throughout 2007 and beyond." Operational Performance American's mainline passenger revenue per available seat mile increased by 5.0% in the third quarter compared to the year-ago quarter. Mainline capacity, or total available seat miles, in the third quarter decreased 2.8% compared to the same period in 2006, as the company continued to flatten its schedule to more efficiently utilize its fleet and other resources. American's mainline load factor -- or the percentage of total seats filled -- was a record 83.9% during the third quarter, compared to 81.7% in the third quarter of 2006. American's third-quarter yield, which represents average fares paid, increased 2.3% compared to the third quarter of 2006, its 10th consecutive quarter of year-over-year yield increases. American's mainline cost per available seat mile in the third quarter increased 3.9% year over year, which was 0.8 percentage points higher than it would have been as a result of the US$40 million charge to adjust salary and benefit expense accruals from prior periods. A pproximately US$30 million of the charge is attributable to years 2003 through 2006 and approximately US$10 million is attributable to the first half of 2007. Third quarter unit costs were also negatively affected by factors such as accelerated depreciation on assets being replaced through planned aircraft cabin refurbishment projects; certain investments to improve the customer experience; higher revenue-related expenses such as food and beverage and credit card fees; and weather cancellations in July. Excluding fuel and the charge, mainline unit costs in the third quarter increased by 4.0% year over year. Arpey said that the company continues working to achieve US$300 million in targeted cost savings for 2007 and continues to focus on cost containment. Among recent examples, American earlier this month announced a consolidation of its reservations offices that will affect the Cincinnati Reservations Office, effective September 2008. While all of the CRO employees have been offered jobs within American's Reservations group, by consolidating its reservations operations American is able to reduce costs. Balance Sheet Improvement AMR continued to strengthen its balance sheet in the third quarter by further reducing debt and improving its liquidity position. AMR ended the third quarter with US$5.8 billion in cash and short-term investments, including a restricted balance of US$447 million, compared to a balance of US$5.5 billion in cash and short-term investments, including a restricted balance of US$464 million, at the end of the third quarter of 2006. AMR reduced Total Debt, which it defines as the aggregate of its long-term debt, capital lease obligations, the principal amount of airport facility tax-exempt bonds and the present value of aircraft operating lease obligations, to US$16.6 billion at the end of the third quarter of 2007, compared to US$19 billion a year earlier. AMR reduced Net Debt, which it defines as Total Debt less unrestricted cash and short-term investments, from US$14 billion at the end of the third quarter of 2006 to US$11.2 billion in the third quarter of 2007. As a result of scheduled principal payments as well as incremental efforts to strengthen its balance sheet, AMR's net interest expense for the first nine months of 2007 was US$133 million lower than in the same period in 2006, a 23% reduction. AMR contributed US$200 million to its defined benefit pension plans in the third quarter, as the company continues to meet this important commitment to its employees. With the third quarter contribution, the company has contributed US$380 million to these plans in 2007, meeting its projected commitment for the year. The company has contributed nearly US$2 billion to these plans since 2002. About AMR Corporation Headquartered in Forth Worth, Texas, AMR Corporation (NYSE: AMR) operates with its principal subsidiary, American Airlines Inc. -- http://www.aa.com/-- a worldwide scheduled passenger airline. At the end of 2006, American provided scheduled jet service to about 150 destinations throughout North America, the Caribbean, Latin America, Europe and Asia, including Belgium, Brazil, Japan, among others. American is also a scheduled airfreight carrier, providing freight and mail services to shippers throughout its system. Its wholly owned subsidiary, AMR Eagle Holding Corp., owns two regional airlines, American Eagle Airlines Inc. and Executive Airlines Inc., and does business as "American Eagle." American Beacon Advisors Inc., a wholly owned subsidiary of AMR, is responsible for the investment and oversight of assets of AMR's U.S. employee benefit plans, as well as AMR's short-term investments. * * * As reported in the Troubled Company Reporter on June 21, 2007, Moody's Investors Service assigned a rating of Caa1 to the Chicago O'Hare International Airport Special Facility Revenue Refunding Bonds, Series 2007 (American Airlines Inc. Project). Moody's affirmed all ratings of AMR Corporation and its subsidiaries, corporate family rating at B2, and the outlook remained stable. BANCO NACIONAL: New Loans Increase to BRL41.8B in First 9 Mos. -------------------------------------------------------------- Banco Nacional de Desenvolvimento Economico e Social said in a statement that the new loans it granted increased by 34.1% to BRL41.8 billion in the first nine months of 2007, compared to the same period last year. Business News Americas relates that Banco Nacional loan approvals rose 32.4% to BRL60.5 billion in 2007, from 2006. Loan requests grew 25.6% to BRL86.3 billion. According to BNamericas, loans to small and medium-sized enterprises increased 42% to BRL11.0 BILLION in the first nine months of this year, from the same period last year. Banco Nacional granted BRL62.6 billion in new loans in the 12 months ended September 2007, about 32% higher compared to the previous 12 months. Loan approvals rose 37% to BRL89.1 billion. Loan requests grew 30% to BRL124 billion, BNamericas states. Banco Nacional de Desenvolvimento Economico e Social is Brazil's national development bank. It provides financing for projects within Brazil and plays a major role in the privatization programs undertaken by the federal government. * * * Banco Nacional currently carries a Ba2 foreign long-term bank deposit rating from Moody's, and a BB+ long-term foreign issuer credit rating from Standards and Poor's. The ratings were assigned in August and May 2007, respectively. BANCO NACIONAL: Okays BRL252-Million Loan for NatGas Firm CEG ------------------------------------------------------------- Banco Nacional de Desenvolvimento Economico e Social said in a statement that it has authorized a BRL252-million loan for Rio de Janeiro natural gas distributor CEG-Distribuidora de Gas Rio De Janeiro. Banco Nacional told Business News Americas that Spain's Gas Natural subsidiary CEG will use the loan on the development, replacement and upgrade of the firm's natural gas distribution network in the conversion from liquefied petroleum gas to natural gas. The BRL252-million loan accounts for 66% of the project's total cost, which is BRL385 million, BNamericas states. About CEG-Distribuidora CEG-Distribuidora de Gas Rio De Janeiro -- manufactures, distributes and operates gas facilities in the state of Rio de Janeiro. It also provides related by-products to residential, commercial and industrial consumers. It has 65 distributing channels in the municipals of Rio de Janeiro. About Banco Nacional Banco Nacional de Desenvolvimento Economico e Social is Brazil's national development bank. It provides financing for projects within Brazil and plays a major role in the privatization programs undertaken by the federal government. * * * Banco Nacional currently carries a Ba2 foreign long-term bank deposit rating from Moody's, and a BB+ long-term foreign issuer credit rating from Standards and Poor's. The ratings were assigned in August and May 2007, respectively. CA INC: Launches US$30 Million Technology Center in India --------------------------------------------------------- CA Inc. has opened its India Technology Center in Hyderabad at a ribbon-cutting ceremony hosted by CA President and Chief Executive Officer John Swainson. The state-of-the-art campus, which cost US$30 million to build, reflects the substantial investment CA has made in staffing the ITC's research and development operations and sales departments. CA's workforce in India now exceeds 1,600. The ITC team will take a lead role in advancing CA's Enterprise IT Management vision of unifying and simplifying IT management. "The ITC underscores CA's commitment to India, both as a source of an exceptionally high-quality workforce with expertise across the full range of leading-edge IT disciplines and as a rapidly growing and dynamic IT market," said Swainson. "India is now home to nearly 30 percent of our global R&D staff-further demonstrating the importance of our operations here in our overall business strategy." Led by senior vice president and general manager Lokesh Jindal, ITC software engineers will work on multiple high-profile CA product lines that will help customers govern, manage and secure IT more effectively and cost-efficiently-enabling them to adapt dynamically to changing business demands and optimize returns on their technology investments. The ITC team will also work closely with a number of India's top-tier systems integrators to help them with both their in-house IT needs and those of private and public sector customers around the world. Jindal, who is also a member of CA's global Senior Leadership Team, is responsible for strategic leadership of the ITC and oversight of all major business functions, including product development and management, human resources, facilities and finance. Before taking on the role, Jindal was vice president of product management and strategy for CA's Business Service Optimization business unit. Prior to joining the Company in 2002, Jindal was a principal with the McKenna Group, a leading technology market strategy firm. Earlier, he worked as an entrepreneur in consumer marketing and people development and as a regional marketing manager for HCL Hewlett-Packard. Built in the Nanakramguda Village area of the Serilingampally Municipality, the ITC is a leading edge, 260,672 square-foot IT facility that includes recreational facilities, a cafeteria and a 600-seat amphitheater. About CA Headquartered in Islandia, New York, CA Inc. (NYSE:CA) -- http://www.ca.com/-- is an information technology management software company that unifies and simplifies the management ofenterprise-wide IT. Founded in 1976, CA serves customers in more than 140 countries. The company has operations in Brazil, Indonesia, Luxembourg, Philippines and Thailand. * * * As reported in the Troubled Company Reporter-Latin America on June 7, 2007, Standard & Poor's Rating Services affirmed its 'BB' corporate credit and senior unsecured debt ratings on Islandia, New York-based CA Inc. S&P revised the outlook to stable from negative. As reported in the Troubled Company Reporter-Latin America on May 31, 2007, Fitch has affirmed these ratings for CA, Inc.: -- Issuer Default Rating at 'BB+'; -- Senior unsecured revolving credit facility expiring 2008 at 'BB+'; -- Senior unsecured debt at 'BB+'. COMPANHIA SIDERURGICA: Gets Regulator OK for Cia. de Fomento Buy ---------------------------------------------------------------- Companhia Siderurgica Nacional has received authorization from the Brazilian antitrust authority Cade for its mining unit Namisa's purchase of iron ore miner Companhia de Fomento Mineral, Business News Americas reports, citing a Cade spokesperson. As reported in the Troubled Company Reporter-Latin America on July 26, 2007, Companhia Siderurgica said that Namisa acquired Companhia de Fomento, which operates in Minas Gerais. "The acquisition was approved on Oct. 10 with no restrictions," the spokesperson told BNamericas. Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional S.A. -- http://www.csn.com.br/-- produces, sells, exports and distributes steel products, like hot-dip galvanized sheets, tin mill products and tinplate. The company also runs its own iron ore, manganese, limestone and dolomite mines and has strategic investments in railroad companies and power supply projects. The group also operates in Brazil, Portugal and the U.S. * * * As reported in the Troubled Company Reporter-Latin America on July 26, 2007, Standard & Poor's Ratings Services affirmed its 'BB' long-term corporate credit rating on Brazil-based steel maker Companhia Siderurgica Nacional. S&P said the outlook is stable. NET SERVICOS: Broadband Client Base Rose by 71% in Third Quarter ---------------------------------------------------------------- NET Servicos de Comunicacao disclosed net revenue totaled BRL744.5 million, 28.2% higher than the BRL580.9 million recorded in the 2007 third quarter as a result of the base growth, illustrating the company's commitment to seeing its organic growth reflected in revenue. The pay TV subscriber base came to 2,402,000, up by 17% on the 2007 third quarter's 2,050,000; the broadband subscriber base reached 1,288,000, up by 71% on the 2007 third quarter's 751,000; and the voice subscriber base totaled 469,000, up by 308% on the 2007 third quarter. Operating costs stood at BRL363.7 million, climbing by 35.8% over the BRL267.7 million recorded in the 2007 third quarter. The main items behind this increase were the Internet link and the call center as a result of the client base expansion. However, it is important to point out that the increase in link expenses is also driven by the more widespread use of higher speed connections, which has played a major role in this product's growth. As for the call center, there is also another factor that justifies the increase in expenses: the company's constant concern about service quality. The center was thus resized and reorganized into a model that fits the complexity of the new products and services. Selling, general and administrative expenses totaled BRL168.2 million, 14.4% higher than the BRL147.1 million recorded in the 2007 third quarter, thanks mainly to higher sales commissions as a result of higher volumes and to an increase in salary following the expansion in the number of employees, especially in the sales area. Consolidated EBITDA closed the quarter at BRL203.2 million, rising 28.4% over the BRL158.2 million reported in the 2007 third quarter, with EBITDA margin stable at 27%. This result shows that the accelerated organic growth has been led so as to generate profitability levels compatible with the strategy designed by the company. Headquartered in Sao Paulo, Brazil, NET Servicos de Comunicacao -- http://Nettv.globo.com/NETServ/br/home/indexNet.jsp?id=1-- is a subscriber TV multi-operator in Brazil, as it operates the NET brand in major cities, including operations in the 4 largest cities: Sao Paulo, Rio de Janeiro, Belo Horizonte and Porto Alegre. NET also offers Broadband Internet services through its NET VIRTUA brand name. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 23, 2007, Moody's Investors Service upgraded Net Servicos de Comunicacao S.A.'s corporate family rating to Ba2 from B1 on its global local currency scale and to Aa3.br from Baa2.br on its Brazilian national scale rating. Moody's said the rating outlook is stable. This rating action concludes the review process initiated on Oct. 17, 2006. SANYO ELECTRIC: Cancels Sale of Semiconductor Unit -------------------------------------------------- Sanyo Electric Co., Ltd., withdraws plans to sell its chip unit to Advantage Partners LLP, fueling concern that its reorganization efforts will be delayed, Pavel Alpeyev writes for Bloomberg News. Mr. Alpeyev conveys that Sanyo, through an issued statement, decided to keep Sanyo Semiconductor Co. rather than sell it below book value, which stands at slightly less than JPY100 billion. Sanyo spokesman Akihiko Oiwa claims that it is company policy not to sell assets below the "appropriate price" and declined to further elaborate on the matter. Nikkei Daily, according to the Bloomberg article, reported that Advantage Partners, the investment firm that agreed to buy the chipmaking unit for JPY110 billion, failed to raise funds from financial institutions amid tightening credit because of the subprime mortgage crisis. An Advantage spokeswoman, who refused not to be identified, declined to comment on the matter, states Mr. Alpeyev. Osaka-based Sanyo, and its biggest shareholders, Goldman and Daiwa Securities SMBC Co., will have to revise their reorganization plan and plot a new strategy for the chip unit, relates Bloomberg. About Sanyo Electric Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. -- http://www.sanyo.com/-- is one of the world's leading manufacturers of consumer electronics products. The company has global operations in Brazil, Germany, India, Ireland, Spain, the United States and the United Kingdom, among others. * * * In March 2, 2007, Fitch Ratings placed Sanyo Electric Co. Ltd.'s BB+ long-term foreign and local currency issuer default and senior unsecured ratings on rating watch negative. STRATOS GLOBAL: Expects 3rd Quarter Financial Report on Nov. 7 -------------------------------------------------------------- Stratos Global Corp. will report third quarter 2007 results on Nov. 7, 2007, following the close of the Toronto Stock Exchange. Jim Parm, president and chief executive officer, and Paula Sturge, chief financial officer, will conduct a conference call with analysts to discuss these results at 8:30 a.m. EST, Nov. 8, 2007. Stratos Global Corporation -- http://www.stratosglobal.com/ -- is a provider of a range of advanced mobile and fixed-site remote telecommunications solutions for users operating beyond the reach of traditional networks. The Company serves the voice and high-speed data connectivity requirements of a diverse array of markets, including government, military, energy, industrial, maritime, aeronautical, enterprise, media and recreational users throughout the world. Stratos operates in two segments: Mobile Satellite Services, which provides mobile telecommunications services, primarily over the Inmarsat plc satellite system, and Broadband Services, which provides very small aperture terminal services, sourced on a wholesale basis from a number of the fixed satellite system operators. The company has offices the following regions: Europe -- Italy, Germany, Norway, Spain, United Kingdom Asia-Pacific -- India, Hong Kong, Singapore, Australia and Japan Latin America -- Brazil. * * * As reported in the Troubled Company Reporter-Latin America on May 9, 2007, Moody's Investors Service confirmed Stratos Global Corporation's B1 corporate family, Ba2 senior secured and B3 senior unsecured ratings and lowered the company's speculative grade liquidity rating to SGL-4 from SGL-3. Moody's said the outlook is negative. The long term ratings reflect a B1 probability of default and loss-given default assessments of LGD 2, 24% on the senior secured debt and LGD 5, 77% on the senior unsecured notes. SUN MICROSYSTEMS: Spares Scottish Unit from Worldwide Job Cuts -------------------------------------------------------------- Sun Microsystems Inc. has confirmed that there will be no job cuts at its Scottish unit in Linlithgow, amid plans to eliminate approximately 1,500 jobs across the US, Canada, Europe and Asia, Mark Smith writes for the Herald. "I can assure you that the number of jobs to be lost at Linlithgow is zero. I personally sent a letter to staff just the other day confirming that was the case," Hugh Aitken, who heads the Scottish unit at Linlithgow, West Lothian, was quoted by the Herald as saying. "There may be one or maybe two sales or marketing people who are part of the UK-wide operation and are based at Linlithgow, and they may be part of the cuts. But as far as our workers go, the cuts will be zero." Mr. Aitken told the paper around 90 of the cuts would come from UK Sun. According to a company spokeswoman, Sun "is executing against a restructuring plan to better align the company's resources with its strategic business objectives." Sun has invested a total of US$300 million at its Linlithgow plant, which employs 620 full-time staff, the Herald relates. About Sun Microsystems Inc. Headquartered in Santa Clara, California, Sun Microsystems Inc. (NASDAQ: SUNW) -- http://www.sun.com/-- provides network computing infrastructure solutions that include computer systems, data management, support services and client solutions and educational services. It sells networking solutions, including products and services, in most major markets worldwide through a combination of direct and indirect channels. Sun Microsystems conducts business in 100 countries around the globe, including Brazil, Argentina, India, Hungary, United Kingdom, among others. * * * Sun Microsystems Inc. carries Moody's "Ba1" probability of default and long-term corporate family ratings with a stable outlook. The ratings were placed on Sept. 22, 2006, and Sept. 22, 2005, respectively. Sun Microsystems also carries Standard & Poor's "BB+" long-term foreign and local issuer credit ratings, which were placed on March 5, 2004, with a stable outlook. SUN MICROSYSTEMS: Pushes to Expand Consumer Market, Report Says --------------------------------------------------------------- Social networking, financial services and the telecommunications and cable industries are the computer industry's new growth engines, The Korea Herald cites Sun Microsystems Inc.'s found and chairman, Scott McNealy, as saying at a news conference in Seoul. The report relates that Mr. McNealy is in Korea attending the 2007 Korea Electronics Show. According to The Herald, Mr. McNealy pointed out that user- generated content is becoming the fastest-growing marketing tool in the industry and that Sun Microsystems has increased its investment in the areas of computing networks. Mr. McNealy believes that Korea's strong technical expertise and service capabilities have brought phenomenal growth to the local market, the report notes. "We grew 14 percent in the last fiscal year in Asia, beating our growth goal of 10 percent," he said. "Korea has the technical expertise that can value and participate in R&D opportunities in the community. It is a huge advantage," he added. The company's focus on sharing open source applications, its eco-responsible management, new partnerships and new growth engines mean a bullish outlook for the next five to 10 years, Mr. McNealy further told reporters. "Java is run in almost all consumer electronics products. If it is proven technology which is open and run in all Java-based devices, our strategy will allow us to participate more aggressively in the consumer market," he said. Sun Microsystems, The Herald recounts, relocated its Asia- Pacific strategic marketing headquarters to Seoul from Singapore in June. Since its establishment in 2005, its Java Research Center in Korea has focused on developing Java platform-based software technologies and enabling energy-efficient computing. Headquartered in Santa Clara, California, Sun Microsystems Inc. (NASDAQ: SUNW) -- http://www.sun.com/-- provides network computing infrastructure solutions that include computer systems, data management, support services and client solutions and educational services. It sells networking solutions, including products and services, in most major markets worldwide through a combination of direct and indirect channels. * * * Sun Microsystems Inc. carries Moody's "Ba1" probability of default and long-term corporate family ratings with a stable outlook. The ratings were placed on Sept. 22, 2006, and Sept. 22, 2005, respectively. Sun Microsystems also carries Standard & Poor's "BB+" long-term foreign and local issuer credit ratings, which were placed on March 5, 2004, with a stable outlook. =========================== C A Y M A N I S L A N D S =========================== BANK RAKYAT: Moody's Ups FC Subordinated Debt Ratings to Ba2 ------------------------------------------------------------ Moody's Investors Service has raised the foreign currency long- term debt and foreign currency long-term deposit ratings of Bank Rakyat Indonesia. The Not-Prime short-term deposit and bank financial strength ratings of all 11 banks are unaffected. "This action follows a similar action taken on Indonesia's sovereign ratings on Oct. 18, 2007, and concludes the review initiated on Aug. 1, 2007," says Beatrice Woo, a Moody's VP/Senior Credit Officer. The detailed ratings are: -- The foreign currency subordinated debt rating was raised to Ba2 from Ba3 and foreign currency long-term deposit rating to B1 from B2. -- The Not Prime foreign currency short-term deposit rating, Baa2 global local currency deposit rating and D+ BFSR were unaffected. All ratings carry a stable outlook About Bank Rakyat Headquartered in Jakarta, Indonesia, PT Bank Rakyat Indonesia (Persero) Tbk's -- http://www.bri.co.id/-- services comprise Savings, Credits and Syariah. In addition, the bank divides its financial and business services into three groups: Business Services, consisting of bank guarantees, bank clearance, automatic teller machines and safe deposit boxes; Financial Services, consisting of bill payments, CEPEBRI, INKASO, deposit acceptance, online transactions and transfers, and Other Services, consisting of tax and fine payments, donations, Western Union and zakat contributions. During the year ended Dec. 31, 2005, the bank had one branch office in Cayman Islands and two representative offices in New York and Hong Kong, respectively. LONGMEADOW CDO: Proofs of Claim Filing Deadline Is Nov. 2 --------------------------------------------------------- Longmeadow CDO Debt Fund I, Limited's creditors are given until Nov. 2, 2007, to prove their claims to David Dyer, the company's liquidator, or be excluded from receiving any 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. Longmeadow CDO's shareholders agreed on Sept. 17, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: David Dyer Deutsche Bank (Cayman) Limited P.O. Box 1984, Boundary Hall Cricket Square, Grand Cayman KY1-1104 Cayman Islands MITRA SEJATI: Proofs of Claim Filing Ends on Nov. 2 --------------------------------------------------- Mitra Sejati International Ltd.'s creditors are given until Nov. 2, 2007, to prove their claims to David Dyer, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Mitra Sejati's shareholders agreed on Sept. 17, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: David Dyer Deutsche Bank (Cayman) Limited P.O. Box 1984, Boundary Hall Cricket Square, Grand Cayman KY1-1104 Cayman Islands MONTANA FINANCE: Proofs of Claim Filing Deadline Is Nov. 2 ---------------------------------------------------------- Montana Finance Limited's creditors are given until Nov. 2, 2007, to prove their claims to David Dyer, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Montana Finance's shareholders agreed on Sept. 17, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: David Dyer Deutsche Bank (Cayman) Limited P.O. Box 1984, Boundary Hall Cricket Square, Grand Cayman KY1-1104 Cayman Islands NIPPON SHINPAN: Proofs of Claim Filing Deadline Is Nov. 2 --------------------------------------------------------- Nippon Shinpan Asset Funding Corporation's creditors are given until Nov. 2, 2007, to prove their claims to David Dyer, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Nippon Shinpan's shareholders agreed on Sept. 17, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: David Dyer Deutsche Bank (Cayman) Limited P.O. Box 1984, Boundary Hall Cricket Square, Grand Cayman KY1-1104 Cayman Islands OCTAGON INVESTMENT: Proofs of Claim Filing Ends on Nov. 2 --------------------------------------------------------- Octagon Investment Partners III Ltd.'s creditors are given until Nov. 2, 2007, to prove their claims to David Dyer, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Octagon Investment's shareholders agreed on Sept. 17, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: David Dyer Deutsche Bank (Cayman) Limited P.O. Box 1984, Boundary Hall Cricket Square, Grand Cayman KY1-1104 Cayman Islands OSCAR FUNDING: Proofs of Claim Filing Deadline Is Nov. 2 -------------------------------------------------------- Oscar Funding Corp. XI's creditors are given until Nov. 2, 2007, to prove their claims to David Dyer, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Oscar Funding's shareholders agreed on Sept. 17, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: David Dyer Deutsche Bank (Cayman) Limited P.O. Box 1984, Boundary Hall Cricket Square, Grand Cayman KY1-1104 Cayman Islands PACIFICA PARTNERS: Proofs of Claim Filing Is Until Nov. 2 --------------------------------------------------------- Pacifica Partners I G.P. Co., Ltd.'s creditors are given until Nov. 2, 2007, to prove their claims to David Dyer, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Pacifica Partners' shareholders agreed on Sept. 17, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: David Dyer Deutsche Bank (Cayman) Limited P.O. Box 1984, Boundary Hall Cricket Square, Grand Cayman KY1-1104 Cayman Islands PARMALAT SPA: Settles Case Against Banca Ifis for EUR2 Million -------------------------------------------------------------- Parmalat S.p.A communicates that a settlement has been reached with Banca Ifis S.p.A. whereby all current and potential claims by the parties originating from dealings that took place in the period prior to Parmalat being placed into Extraordinary Administration, have been amicably resolved. Parmalat communicates, accordingly, that its revocatory action against Banca Ifis has been settled with restitution by Banca Ifis of an amount of EUR2 million and its agreement not to file the unsecured claim arising from the returned payment in the list of Parmalat's creditors. About Parmalat Headquartered in Milan, Italy, Parmalat S.p.A. -- http://www.parmalat.net/-- sells nameplate milk products that can be stored at room temperature for months. It also has about 40 brand product lines, which include yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The Company's U.S. operations filed for chapter 11 protection on Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP, represent the Debtors. When the U.S. Debtors filed for bankruptcy protection, they reported more than US$200 million in assets and debts. The U.S. Debtors emerged from bankruptcy on April 13, 2005. Parmalat S.p.A. and its Italian affiliates filed separate petitions for Extraordinary Administration before the Italian Ministry of Productive Activities and the Civil and Criminal District Court of the City of Parma, Italy on Dec. 24, 2003. Dr. Enrico Bondi was appointed Extraordinary Commissioner in each of the cases. The Parma Court has declared the units insolvent. On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No. 04-14268, in the United States Bankruptcy Court for the Southern District of New York. Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat Capital Finance Ltd., and Food Holdings Ltd. Dairy Holdings and Food Holdings are Cayman Island special-purpose vehicles established by Parmalat S.p.A. The Finance Companies are under separate winding up petitions before the Grand Court of the Cayman Islands. Gordon I. MacRae and James Cleaver of Kroll (Cayman) Ltd. serve as Joint Provisional Liquidators in the cases. On Jan. 20, 2004, the Liquidators filed Sec. 304 petition, Case No. 04-10362, in the United States Bankruptcy Court for the Southern District of New York. In May 2006, the Cayman Island Court appointed Messrs. MacRae and Cleaver as Joint Official Liquidators. Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon, Herlands Randolph, represent the Finance Companies in the Sec. 304 case. The Honorable Robert D. Drain presides over the Parmalat Debtors' U.S. cases. PLAZA MIDOUSUJI: Proofs of Claim Filing Ends on Nov. 2 ------------------------------------------------------ Plaza Midousuji Holding Co., Ltd.'s creditors are given until Nov. 2, 2007, to prove their claims to David Dyer, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Plaza Midousuji's shareholders agreed on Sept. 17, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: David Dyer Deutsche Bank (Cayman) Limited P.O. Box 1984, Boundary Hall Cricket Square, Grand Cayman KY1-1104 Cayman Islands RHOMBUS CDO: Proofs of Claim Filing Is Until Nov. 2 --------------------------------------------------- Rhombus CDO Limited's creditors are given until Nov. 2, 2007, to prove their claims to David Dyer, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Rhombus CDO's shareholders agreed on Sept. 17, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: David Dyer Deutsche Bank (Cayman) Limited P.O. Box 1984, Boundary Hall Cricket Square, Grand Cayman KY1-1104 Cayman Islands RMB CDO: Proofs of Claim Filing Deadline Is Nov. 2 -------------------------------------------------- RMB CDO I Limited's creditors are given until Nov. 2, 2007, to prove their claims to David Dyer, the company's liquidator, or be excluded from receiving any 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. RMB CDO's shareholders agreed on Sept. 17, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: David Dyer Deutsche Bank (Cayman) Limited P.O. Box 1984, Boundary Hall Cricket Square, Grand Cayman KY1-1104 Cayman Islands ========= C H I L E ========= ANIXTER INT'L: To Report Third Quarter Earnings on October 23 ------------------------------------------------------------- Anixter International Inc. will report final results for the third quarter of 2007 on Oct. 23, 2007, and broadcast a conference call to discuss these results at 9:30 a.m., central time. The call will be via Webcast by CCBN and can be accessed at Anixter's Website at http://www.anixter.com/webcasts/ The Webcast also will be available over CCBN's Investor Distribution Network to both institutional and individual investors. Individual investors can listen to the call through CCBN's individual investor center at http://www.companyboardroom.comor by visiting any of the investor sites in CCBN's Individual Investor Network. About Anixter Anixter International Inc. -- http://www.anixter.com/-- is the world's largest distributor of communication products and electrical and electronic wire and cable, and a leading distributor of fasteners and other small parts ("C" class inventory components) to original equipment manufacturers. The company has nearly US$725 million in inventory of more than 325,000 products, logistics network of 197 warehouses with more than 5 million square feet of space. It has operations in Latin American countries including Mexico, Costa Rica, Brazil and Chile. * * * Anixter International Inc. carries Moody's Investors Service's Ba2 corporate family rating. Anixter Inc.'s US$200 million guaranteed senior unsecured notes and its 3.25% LYON's notes carry Moody's Ba1 and B1 ratings, respectively. Moody's said the rating outlook is stable. Anixter International Inc. carries Fitch's 'BB+' Issuer Default, senior unsecured notes and senior unsecured bank credit facility Ratings. Similarly, Anixter Inc. carries Fitch's 'BB+' issuer default rating and 'BB-' senior unsecured debt rating. Fitch's action affects about US$700 million of public debt securities. Fitch said the rating outlook is stable. BOSTON SCIENTIFIC: Mulls Restructuring & Sale of Some Businesses ---------------------------------------------------------------- Boston Scientific Corporation has announced several new initiatives designed to enhance short- and long-term shareholder value, including the restructuring or sale of several business units, as well as substantial expense and head count reductions intended to bring expenses in line with revenues. The company also said it is making good progress toward the execution of its previously announced plans to sell non-strategic assets and monetize the majority of its public and private investment portfolio. The company said these initiatives will help provide better focus on core businesses and priorities, which will strengthen Boston Scientific for the future and lead to increased, sustainable and profitable sales growth. The company plans to reduce its operating expenses against a 2007 baseline of approximately US$4.1 billion by an estimated US$475 million to US$525 million in 2008, representing a reduction of 12 to 13 percent, with a further reduction of an estimated US$25 million to US$50 million in 2009. The company plans to eliminate approximately 2,300 positions worldwide, or approximately 13 percent of an 18,000-person, non- direct labor workforce baseline as of June 30, 2007. Eligible employees affected by the head count reductions will be offered severance packages, outplacement services and other appropriate assistance and support. The reduction activities will be initiated this month and are expected to be substantially completed worldwide by the end of 2008. Reductions outside the United States will be initiated following completion of information sharing and consultations with required bodies. In addition, another approximately 2,000 employees are expected to leave the company in connection with the previously announced business divestitures. The reductions will result in total pre-tax charges of approximately US$450 million to US$475 million, or US$0.20 to US$0.22 per diluted share. These mostly cash charges will be recorded primarily as restructuring expenses, with a portion recorded through other lines of the income statement. Approximately US$275 million to US$300 million will be recorded in the fourth quarter of 2007 with the remainder expected to be recorded throughout 2008 and 2009. The company plans to restructure several businesses and product franchises in order to leverage resources, strengthen competitive positions, and create a more simplified and efficient business model. Key components of the business restructuring plan include: -- The Peripheral Interventions and Interventional Cardiology businesses will be combined under a single management structure to help create a more integrated business focused on interventional specialists, while enhancing technology and management efficiencies. -- The Electrophysiology business will be integrated with the Cardiac Rhythm Management business to better serve the needs of electrophysiologists by creating a more efficient organization. -- The Oncology business and its four franchises will be restructured. Three will be integrated into other businesses within Boston Scientific, and the Oncology Venous Access franchise will be combined with the Fluid Management business. -- The Company is actively seeking buyers for the combined Fluid Management/Oncology Venous Access business, as well as its Cardiac Surgery and Vascular Surgery businesses. The Company has announced it has entered into a definitive agreement to sell its Auditory business. Collectively, these businesses represent approximately US$550 million in 2007 sales for Boston Scientific. -- The International group will be consolidated from three regions to two. The existing three regions are: Europe, Asia Pacific/Japan, and Inter-Continental; the two new regions will be: Europe/Middle East/Africa, and Canada/Latin America/Asia Pacific/Japan. "The expense and head count reductions we are announcing today are intended to bring our expenses back in line with our revenues, while preserving our ability to make investments in quality, R&D, capital and our people that are essential to our long-term success," said Jim Tobin, Boston Scientific President and Chief Executive Officer. "While difficult, these reductions are in the best interest of the Company and will create greater value for our customers and their patients, as well as for our employees and shareholders. These actions will enable us to institute meaningful change that will create lasting benefits." "We understand the impact these reductions will have on our employees, and we are committed to helping ease the transition," said Mr. Tobin. "We will treat everyone with respect and dignity, and we will provide support to affected employees." Headquartered in Natick, Massachusetts, Boston Scientific Corporation (NYSE: BSX) -- http://www.bostonscientific.com/-- develops, manufactures and markets medical devices used in a broad range of interventional medical specialties. The company has offices in Argentina, Chile, France, Germany, and Japan, among others. * &nb