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 29, 2007, Vol. 8, Issue 214 Headlines A R G E N T I N A BALL CORP: Reports US$60.9 Million Third Quarter Earnings BELTSCENTER SRL: Trustee Filing Individual Reports on Feb. 28 CERIANI SRL: Proofs of Claim Verification Deadline Is Nov. 21 ECOSISTEMA BIOTICO: Proofs of Claim Verification Ends Nov. 30 EDITORIAL PIATTI: Proofs of Claim Verification Ends on Dec. 3 FREESCALE SEMICONDUCTOR: Expands Operations in China GRADEA SA: Trustee Filing Individual Reports on Feb. 2 NOHRA TANIOS: Trustee Verifies Proofs of Claim Until Nov. 8 PANAMERICANA LOGISTIC: Concludes Reorganization Proceeding PETROBRAS ENERGIA: Moody's Assigns Ba1 Local Currency Rating QUILSER SA: Proofs of Claim Verification Is Until Feb. 4 SENACO SRL: Proofs of Claim Verification Deadline Is Dec. 18 TEXTIL JAVERIM: Proofs of Claim Verification Ends on Nov. 28 B A R B A D O S INTERPUBLIC GROUP: Mary Guilfoile Joins Board of Directors B E R M U D A UNICOM ASSURANCE: Proofs of Claim Filing Deadline Is Nov. 7 UNICOM ASSURANCE: Will Hold Last Shareholders Meeting on Nov. 30 UNIDO INVESTMENTS: Proofs of Claim Filing Ends on Nov. 7 UNIDO INVESTMENTS: Sets Final Shareholders Meeting for Nov. 28 B R A Z I L BANCO NACIONAL: Okays BRL197-Mln Loan to Companhia de Saneamento BRASIL TELECOM: Mulls Joining Auctions for 3G Spectrum BR MALLS: S&P Assigns BB- Rating on Perpetual Notes DELPHI CORP: Wins Court Approval for US$106 Mil. Interiors Sale EL PASO: Paying US$0.04 Per Share Quarterly Dividend on Jan. 7 FIDELITY NAT'L: Board Okays Lender Processing Services Spin-Off FIDELITY NATIONAL: Moody's Reviews Ratings for Likely Downgrade FIDELITY INT'L: S&P Puts BB Corp. Credit Rating on Watch Neg. LYONDELL CHEMICAL: Earns US$206 Million for Third Quarter 2007 NAVISTAR INT'L: S&P Holds BB- Corp. Credit Rating Under WatchNeg SANYO ELECTRIC: Settles Patent Dispute with 3M Co. TECUMSEH PRODUCTS: Selling Train Operations to Platinum Equity C A Y M A N I S L A N D S KIPPERS INT'L: Sets Final Shareholders Meeting for Nov. 2 KONDOR 2001-A: Will Hold Final Shareholders Meeting on Nov. 2 KONDOR 2001-B: Sets Final Shareholders Meeting for Nov. 2 LONGMEADOW CDO: Will Hold Final Shareholders Meeting on Nov. 2 MITRA SEJATI: Holding Final Shareholders Meeting on Nov. 2 MONTANA FINANCE: Sets Final Shareholders Meeting for Nov. 2 NIPPON SHINPAN: Holding Final Shareholders Meeting on Nov. 2 OCTAGON INVESTMENT: Will Hold Last Shareholders Meeting Nov. 2 OSCAR FUNDING: Sets Final Shareholders Meeting for Nov. 2 C H I L E AES GENER: Earns CLP32.0 Billion in First Nine Months INGRAM MICRO: Reports US$8.61 Bil. Third Quarter Worldwide Sales METHANEX CORP: Earns US$23.61 Mil. in Third Qtr. Ended Sept. 30 C O L O M B I A CUMMINS INC: 2007 Third Quarter Net Income Rises to US$184 Mil. C O S T A R I C A SAMSONITE CORP: Closes US$1.7 Billion CVC Capital Merger Deal US AIRWAYS: Pilots Picket at Philadelphia International Airport * COSTA RICA: IDB OKs US$500MM Conditional Credit Line to ICE D O M I N I C A N R E P U B L I C BANCO INTERCONTINENTAL: R. Camilo Says Court Ruling Complacent BANCREDITO: Rafael Camilo Says Court Ruling Complacent SERVICEMASTER CO: S&P Affirms 'B+' Rating on US$2.65-Bil. Loan E L S A L V A D O R BANCO AGRICOLA: S&P Affirms BB/B Counterparty Credit Rating HANESBRANDS INC: Reports US$38.9-Mln Net Income in Third Quarter M E X I C O AMERICAN GREETINGS: Acquires CNET's Webshots Online Assets ATARI INC: BlueBay Buys US$3 Million Guggenheim Debt Facility AXTEL SA: Earns MXN209 Million in Third Quarter 2007 CEMEX SAB: Net Income Drops 7% to US$780 Mil. in Third Qtr. 2007 COTT CORP: S&P Lowers Corporate Credit Rating to B from B+ EPICOR SOFTWARE: Earns US$8.1 Mil. in 3rd Quarter Ended Sept. 30 GRUPO IUSACELL: Revenues Up 35% to MXN2,637 Million in 3rd Qtr. GRUPO MEXICO: Drops Cananea Expansion Plans Due to Labor Unrest HARMAN INT'L: Earns US$36.5 Mil. in First Quarter Ended Sept. 30 HILLMAN COS: Moody's Revises Outlook to Neg.; Affirms B2 CFR KANSAS CITY: To Build Megamex Terminal at Hidalgo or Edomex MOVIE GALLERY: Can File Statements & Schedules on Nov. 30 MOVIE GALLERY: Wells Fargo Can File One Master Proof of Claim MOVIE GALLERY: Court OKs Sale of 508 Leases & Designation Rights TIMKEN CO: Reports US$41.2-Million Net Income in 2007 Third Qtr. N I C A R A G U A XEROX CORP: Moody's Puts Ratings on Review for Possible Upgrade P A N A M A SOLO CUP: Fitch Upgrades Senior Sub. Notes Rating to CCC+ P E R U * PERU: Gets US$1.2-Mln Loan for Water Resources Management Plan P U E R T O R I C O ANTONIO CHEVRES: Case Summary & 15 Largest Unsecured Creditors CELESTICA INC: Reports US$51.5 Mil. Third Quarter Net Earnings PRG-SCHULTZ: Completes Redemption of 9% Series A Pref. Stock T R I N I D A D & T O B A G O BRITISH WEST: Lower Court Ordered To Hasten Patterson Hearing HILTON HOTELS: Fitch Affirms & Withdraws Ratings Due to Merger HILTON HOTELS: Moody's Cuts Senior Unsecured Debt Rating to Caa1 HILTON HOTELS: S&P Lifts Ratings on Eight Certificate Classes HILTON HOTELS: S&P Withdraws Ratings After Blackstone Merger U R U G U A Y * URUGUAY: State Power Company Buying Power from Brazilian Firms V E N E Z U E L A CHRYSLER LLC: 55% UAW Workers Vote to Accept Tentative Pact * VENEZUELA: Gets Ready to Face Arbitration with ConocoPhilips * BOND PRICING: For the Week Oct. 15 to Oct. 19 - - - - - ================= A R G E N T I N A ================= BALL CORP: Reports US$60.9 Million Third Quarter Earnings --------------------------------------------------------- Ball Corporation has reported third quarter earnings of US$60.9 million, or 59 cents per diluted share, on sales of US$1.91 billion, compared to US$107.1 million, or US$1.02 per diluted share, on sales of US$1.82 billion in the third quarter of 2006. For the first nine months of 2007, Ball Corp.'s results were earnings of US$248 million, or US$2.40 per diluted share, on sales of US$5.63 billion, compared to US$281.3 million, or US$2.68 per diluted share, on sales of US$5.03 billion in the same period in 2006. Both the third quarter and the nine-month results in 2007 include an after-tax charge of US$51.8 million, or 50 cents per diluted share, related to the settlement of a dispute with a beverage can customer in the metal beverage packaging, Americas, segment. The 2006 results include a gain of US$2.8 million (US$1.7 million after tax, or two cents per diluted share) in the third quarter and US$76.9 million (US$46.9 million after tax, or 45 cents per diluted share) in the first nine months for insurance recovery from a fire at a plant in Germany. The 2007 results through three quarters do not include an after- tax charge of approximately US$26 million that will result from facility closures and related equipment relocation activities associated with plans the company announced as part of the continuing consolidation of its food and household products packaging, Americas, segment. That charge will occur in the fourth quarter of 2007. "We had a solid quarter, led by outstanding results in our metal beverage packaging, Europe/Asia, and our aerospace and technologies segments," said R. David Hoover, chairman, president and chief executive officer. "Operating results in our metal beverage packaging, Americas, segment were slightly lower than a year ago in the quarter, but for the full year they remain well above 2006. We announced this week a restructuring plan to improve results in our metal food and household products packaging, Americas, segment. We continue to have discussions with our customer base about the need to improve results there and in our underperforming plastic packaging, Americas, segment." Metal Beverage Packaging, Americas The 2007 sales and operating earnings for both the quarter and the first nine months were reduced by the US$85.6 million pre- tax charge related to the customer settlement. Operating earnings in the quarter before the customer settlement for the metal beverage packaging, Americas, segment were US$65 million on sales of US$728.8 million, compared to US$73 million on sales of US$659.6 million in the third quarter of 2006. For the first nine months segment results before the customer settlement were earnings of US$241.4 million on sales of US$2.2 billion, compared to US$193.5 million on sales of US$1.99 billion in the first three quarters of 2006. "Demand continued to be strong, particularly for specialty size beverage cans, during the third quarter in the metal beverage packaging, Americas, segment," Mr. Hoover said. "To help meet that demand, we plan to install a new 24-ounce can production line in our Monticello, Ind., facility in time for the 2008 summer sales period." Metal Beverage Packaging, Europe/Asia Third quarter earnings in the metal beverage packaging, Europe/Asia, segment were US$81 million on sales of US$522.4 million, compared to US$66 million, including US$2.8 million in property insurance gains, on sales of US$425.1 million in the third quarter of 2006. For the first nine months segment earnings were US$218.5 million on sales of US$1.45 billion, compared to US$235.7 million, including US$76.9 million in property insurance gains, on sales of US$1.16 billion in the same period in 2006. "Results in Europe were helped by higher selling prices, continued cost optimization efforts, and by a full quarter's contribution from the new lines added in Hassloch and Hermsdorf, Germany, to replace the capacity lost in the fire last year," Mr. Hoover said. "We have announced plans for line speedups and are looking at possible additional can and end manufacturing capacity in Europe to meet the continued demand growth there." Metal Food & Household Products Packaging, Americas Earnings for the third quarter in the metal food and household products packaging, Americas, segment were US$14.5 million on sales of US$349.5 million, compared to US$19.7 million on sales of US$366 million in the third quarter of 2006. For the first nine months of 2007, earnings were US$25.4 million on sales of US$912.3 million, compared to US$25.5 million, including a US$1.7 million charge for costs to shut down a food can manufacturing line in Canada, on sales of US$850.5 million. "Results in our metal food and household products packaging, Americas, segment remain below acceptable levels," Mr. Hoover said. "As part of the ongoing process of integrating the assets we acquired in March 2006 and improving overall performance, we have announced plans to close two manufacturing plants and exit the custom and decorative tinplate can business. Although some manufacturing equipment from the facilities being closed will be relocated to other Ball facilities, we expect an overall reduction in manufacturing capacity of approximately 10 production lines. When completed, this restructuring is expected to yield annualized cost savings in excess of US$15 million." Plastic Packaging, Americas Third quarter results in the plastic packaging, Americas, segment were earnings of US$7.7 million on sales of US$195 million, compared to US$7.9 million on sales of US$201.2 million in the third quarter of 2006. For the first three quarters of 2007, results were earnings of US$17.1 million on sales of US$580.3 million, compared to US$18.3 million on sales of US$521.1 million in the same period in 2006. "Sales volumes were up slightly from the third quarter of 2006, due in part to the inclusion of our plastic pail business, which was transferred to this segment at the beginning of 2007," Mr. Hoover said. "However, we remain disappointed with the sales of commodity PET bottles." Aerospace and Technologies Earnings in the third quarter for the aerospace and technologies segment were US$18.3 million on sales of US$196.4 million, compared to US$15.6 million on sales of US$170.4 million in the third quarter of 2006. For the first nine months of 2007, earnings were US$53.5 million on sales of US$596.9 million, compared to US$33.4 million on sales of US$505.7 million in the first three quarters of 2006. "Our aerospace and technologies segment had an excellent quarter and earnings through three quarters exceed all of 2006 for the segment," Mr. Hoover said. "The successful launch on Sept. 18 of the WorldView-1 satellite we built for DigitalGlobe marked another important achievement for Ball Aerospace. This next- generation imaging satellite and the WorldView-2 spacecraft we currently have in development will be the most agile commercial imaging spacecraft ever flown." Outlook Raymond J. Seabrook, executive vice president and chief financial officer, said a lower effective tax rate helped third quarter results. "We concluded our negotiations with the Internal Revenue Service regarding interest expenses incurred on loans under a company- owned life insurance plan, with the majority of the interest deductions being upheld," Mr. Seabrook said. "Legislated reductions in European corporate tax rates and other favorable tax issues resulted in an overall lower tax rate in the quarter. "Our adjusted full-year free cash flow is still on track to exceed US$400 million and our stock buyback is projected at US$200 million," Mr. Seabrook said. "We are taking aggressive steps to better position Ball Corporation for the future," Mr. Hoover said. "We are determined to make our best businesses even better and to bring our underperforming businesses to more acceptable levels. "We have announced plans for expansion in some of the world's strongest growth markets and are examining other similar opportunities. We are continuing the process of integrating and rationalizing assets in the mature metal food and household products packaging market," Mr. Hoover said. About Ball Corp. Headquartered in Broomfield, Colorado, Ball Corp. -- http://www.ball.com/-- is a supplier of high-quality metal and plastic packaging products. It owns Ball Aerospace & Technologies Corp. -- a developer of sensors, spacecraft, systems and components for government and commercial customers. Ball Corp. reported sales of US$5.7 billion in 2005 and the company employs about 13,100 people worldwide, including Argentina, Hong Kong and China. * * * As of July 30, 2007, the company holds Moody's Ba1 long-term corporate family rating, bank loan debt, senior unsecured debt, and probability of default rating. Moody's said the outlook is stable. Standard & Poor's rates the company's long-term foreign and local issuer credits at BB+ with a stable outlook. Fitch also rates the company's bank loan debt at BB+ and long- term issuer default rating and senior unsecured debt at BB. Fitch said the outlook is stable. BELTSCENTER SRL: Trustee Filing Individual Reports on Feb. 28 ------------------------------------------------------------- Julio Cesar Capovilla, the court-appointed trustee for Beltscenter S.R.L.'s bankruptcy proceeding, will present the validated claims as individual reports in the National Commercial Court of First Instance in Buenos Aires on Feb. 28, 2008. Mr. Capovilla verifies creditors' proofs of claim until Dec. 12, 2007. She will submit a general report containing an audit of Beltscenter's accounting and banking records in court on April 30, 2008. 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 trustee can be reached at: Julio Cesar Capovilla Avenida Corrientes 3859 Buenos Aires, Argentina CERIANI SRL: Proofs of Claim Verification Deadline Is Nov. 21 ------------------------------------------------------------- Antonio Enrique Bearzotti, the court-appointed trustee for Ceriani S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of claim until Nov. 21, 2007. Mr. Bearzotti 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 Ceriani 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 Ceriani's accounting and banking records will be submitted in court. Infobae didn't state the general report submission deadline. Mr. Bearzotti is also in charge of administering Ceriani's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Ceriani S.R.L. Lulio Raimundo 3863 Cordoba, Argentina The trustee can be reached at: Antonio Enrique Bearzotti Avenida Colon 377, Ciudad de Cordoba Cordoba, Argentina ECOSISTEMA BIOTICO: Proofs of Claim Verification Ends Nov. 30 ------------------------------------------------------------- Ruben Daniel Sarafian, the court-appointed trustee for Ecosistema Biotico S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until Nov. 30, 2007. Mr. Sarafian will present the validated claims in court as individual reports on Feb. 25, 2008. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by Ecosistema Biotico 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 Ecosistema Biotico's accounting and banking records will be submitted in court on April 14, 2008. Mr. Sarafian is also in charge of administering Ecosistema Biotico's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Ecosistema Biotico S.A. Acoyte 25 Buenos Aires, Argentina The trustee can be reached at: Ruben Daniel Sarafian Viamonte 1337 Buenos Aires, Argentina EDITORIAL PIATTI: Proofs of Claim Verification Ends on Dec. 3 ------------------------------------------------------------- Elsa Ester Andrade, the court-appointed trustee for Editorial Piatti S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until Dec. 3, 2007. Ms. Andrade 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 Editorial Piatti 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 Editorial Piatti's accounting and banking records will be submitted in court. Infobae didn't state the general report submission deadline. Ms. Andrade is also in charge of administering Editorial Piatti's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Elsa Ester Andrade Avenida Callao 449 Buenos Aires, Argentina FREESCALE SEMICONDUCTOR: Expands Operations in China ---------------------------------------------------- Freescale Semiconductor recently celebrated the opening of a new design center in Chengdu, China. The opening follows several recent expansions in the Chinese market, including a thriving assembly and test operation in Tianjin and a growing operation in Shanghai, which has tripled in size since opening two years ago. "Asia represents the single greatest growth opportunity for our business," said Michel Mayer, Freescale chairman and CEO. "It is important that we maintain strategic operations close to our customers. There is abundant engineering and business talent here, and we are investing in these resources to serve our substantial customer base and support our aggressive growth plan for the region." Freescale has maintained operations in China since 1992. The company was the first U.S.-based corporation to establish a semiconductor manufacturing facility in the nation and the first company to set up a joint-venture integrated circuit (IC) design center. Freescale's China operations encompass the entire semiconductor supply chain -- from IC design, foundry, assembly and test, to sales and marketing. In addition, the company operates eight design labs in five design locations -- Beijing, Tianjin, Shanghai, Suzhou and Chengdu. China is now the world's top market for semiconductor consumption and broadband connections and is expected to be the world's largest automotive market by 2015. The number of mobile phone users now stands at more than 508 million. Investments in telecommunication infrastructure have reached $42.5B RMB, representing a 14.8-percent growth compared to the same period last year. And two new 3G standards have recently emerged in addition to the indigenous TD-SCDMA standard. Chengdu Design Center Engineers at the new Chengdu Design Center will work with highly advanced technologies in radio frequency (RF), digital signal processing (DSP) and communication processing. Expected to employ 100 engineers by the end of 2009, the center will be the key driver of Freescale's TD-SCDMA technologies. Work at the center will also contribute significantly to the creation of next-generation RF power products, and it will help to advance microcode technology for Freescale's QUICC Engine(TM) architecture. Shanghai Innovation Center Since its opening in 2005, Freescale's Shanghai Innovation Center has grown from 80 to more than 280 employees working in engineering, sales, marketing and Asia corporate operations. The Shanghai center serves as a strong base of operations for the company's Asia-Pacific business. It serves major customers in the region such as Delphi, Continental, ZTE, Lenovo, Huawei and Alcatel Shanghai Bell. In addition, Freescale has relocated the headquarters of its global consumer and industrial business from the United States to Shanghai. This move places the leadership of the company's microcontroller, analog and sensors businesses closer to customers and potential customers in the high-growth Asia- Pacific region. The Shanghai center is home to four design and applications labs: -- Wireless Multimedia Application Design (WMAD) lab focuses on system-on-chip projects, as well as mobile consumer and auto applications featuring advanced 90- and 60-nanometer technologies. -- The Automotive Lab supports local automakers and their electronics suppliers in the region by providing total solutions for powertrain, body control, chassis and safety applications. -- The MCU System Design and Application Lab plays a key role in new product introductions. -- The RF Applications and Digital Signal Processor -- Applications Lab supports networking and communication customers in the region. Tianjin Final Manufacturing Also experiencing significant growth is the Tianjin Final Manufacturing operation, Freescale's back-end manufacturing facility in Tianjin, China. The Tianjin factory supplies more than 9 million microcontroller, mixed-signal and radio frequency devices per week. It is one of two Freescale facilities offering complete testing and packaging capabilities. The 400,000- square-foot factory has been in production since 2001. The Tianjin operation, which has more than 2,500 employees, was recently awarded the 2006 Best Employer and Best Female Employer Awards organized by the Central China TV station. Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL) (NYSE:FSL.B) -- http://www.freescale.com/-- designs and manufactures embedded semiconductors for the automotive, consumer, industrial, networking and wireless markets. Freescale Semiconductor became a publicly traded company in July 2004. The company has design, research and development, manufacturing or sales operations in more than 30 countries. In Latin America, Freescale Semiconductor has operations in Argentina, Brazil and Mexico. In Europe, the company has operations in Czech Republic, France, Germany, Ireland, Italy, Romania, Turkey and the United Kingdom. Revenues for the 12 months ended March 31, 2007 were US$6.2 billion. * * * As reported in the Troubled Company Reporter-Latin America on Sept. 20, 2007, Standard & Poor's Ratings Services has placed its 'BB-' corporate credit rating and other ratings on Freescale Semiconductor Inc. on CreditWatch with negative implications. As reported in the Troubled Company Reporter-Latin America on Oct. 26, 2007, Moody's Investors Service has placed the ratings of Freescale Semiconductor, Inc. under review for possible downgrade: -- Corporate Family Rating (New), Ba3 -- Probability of Default Rating, Ba3 -- US$750 Million Senior Secured Revolving Credit Facility due 2012, Baa3 (LGD-2, 16%) -- US$3.50 Billion Senior Secured Term Loan B Facility due 2013, Baa3 (LGD-2, 16%) -- US$2.85 Billion Senior Unsecured Notes due 2014, B1 (LGD-4, 63%) -- US$1.50 Billion Senior Unsecured Toggle Notes due 2014, B1 (LGD-4, 63%) -- US$1.60 Billion Senior Subordinated Unsecured Notes due 2016, B2 (LGD-6, 91%) GRADEA SA: Trustee Filing Individual Reports on Feb. 2 ------------------------------------------------------ Felipe Florio, the court-appointed trustee for Gradea S.A.'s bankruptcy proceeding, will present creditors' validated claims as individual reports in the National Commercial Court of First Instance in Buenos Aires on Feb. 2, 2008. The court will determine if the verified claims are admissible, taking into account the trustee's opinion and the objections and challenges raised by Gradea and its creditors. Inadmissible claims may be subject for appeal in a separate proceeding known as an appeal for reversal. Mr. Florio verifies creditors' proofs of claim until Nov. 28, 2007. Mr. Florio will also submit to court a general report containing an audit of Gradea's accounting and banking records on March 12, 2008. The trustee can be reached at: Felipe Florio Uruguay 618 Buenos Aires, Argentina NOHRA TANIOS: Trustee Verifies Proofs of Claim Until Nov. 8 ----------------------------------------------------------- Gerardo Pena Critto, the court-appointed trustee for Nohra Tanios Mikael y Joseph Tanios Saleme S.H.'s reorganization proceeding, verifies creditors' proofs of claim until Nov. 8, 2007. Mr.Critto will present the validated claims in court as individual reports on Dec. 21, 2007. The National Commercial Court of First Instance in Concepcion, Tucuman, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by Nohra Tanios 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 Nohra Tanios' accounting and banking records will be submitted in court on March 10, 2008. The informative assembly will be held on Sept. 17, 2008. Creditors will vote to ratify the completed settlement plan during the assembly. PANAMERICANA LOGISTIC: Concludes Reorganization Proceeding ---------------------------------------------------------- Panamericana Logistic S.A.'s reorganization proceeding has ended. Data published by Infobae on its Web site indicated that the process was concluded after the National Commercial Court of First Instance in Buenos Aires approved the debt agreement signed between the company and its creditors. The debtor can be reached at: Panamericana Logistic S.A. Montevideo 451 Buenos Aires, Argentina PETROBRAS ENERGIA: Moody's Assigns Ba1 Local Currency Rating ------------------------------------------------------------ Moody's Investors Service has assigned a Ba1 global local currency issuer rating to Petrobras Energia S.A., and affirmed its Ba2 foreign currency rating for bonds issued under the US$2.5 billion Obligaciones Negociables program, and the Baa1 FCBR for the Series S bonds based on a Petrobras standby purchase agreement. Moody's also assigned a National Scale Rating of Aa2.Ar to the bonds designated as Series H, I, N, Q and R; and of Aaa.Ar to the Series S bonds, reflecting Petrobras support. National scale ratings indicate relative measures of creditworthiness among debt issuers within a country, enabling market participants to better differentiate relatives risks. National scale ratings are not globally comparable to the full universe of Moody's rated entities, but are only comparable with other rated entities in the same country. Petrobras Energia's rating outlook is stable. Petrobras Energia's B2 Corporate Family Rating is also affirmed with a positive outlook, reflecting the positive outlook for Argentina's country ceiling. Petrobras Energia's Ba1 GLCR reflects uplift above its standalone credit quality based on a high degree of implied and explicit support from Petroleo Brasileiro S.A. (Petrobras, A2 GLCR), Brazil's major international integrated petroleum company. Petrobras holds a controlling 67.2% interest in the company. Petrobras Energia's Ba2 foreign currency bond rating reflects its Ba1 GLCR, as well as a sizable export profile and strong track record servicing its foreign currency debt during the Argentine financial crisis. The Ba2 FCBR also factors in the high degree of convertibility and transfer risk reflected in Argentina's B2 long-term foreign currency ceiling and B3 foreign currency government bond rating. Petrobras Energia's Ba1 GLCR reflects multi-notch uplift based on expected parent company support. Petrobras has shown strong support of Petrobras Energia as a strategic investment conduit in Argentina, both upstream and downstream, and to a lesser extent elsewhere in South America. Since it acquired a majority interest in Petrobras Energia in 2002, Petrobras has increased its stake to 67.2% via the merger in 2005 of its Argentine assets with Petrobras Energia's. Petrobras controls a majority of the Petrobras Energia board and has installed most of the senior management from the Petrobras ranks in recent years, setting the company on a new exploration-led strategy to turn around lagging and high cost upstream operations. In addition, Petrobras has become active in Petrobras Energia's liability management. While it does not guarantee the bulk of Petrobras Energia's debt, it provided US$250 million of intercompany loans in 2004-2005 to support refinancing of Petrobras Energia's higher cost more restrictive debt. More significantly, Petrobras explicitly supported a new Petrobras Energia bond issue in 2007 for the first time via a standby purchase agreement, the proceeds of which Petrobras Energia used to re-finance debt and support capital spending. Moody's believes this is a strong indication of Petrobras' support of Petrobras Energia's financing and the likelihood of Petrobras support in the event of financial distress. In addition, Petrobras has cross default provisions in some of its own debt instruments that provide further incentive for it to support Petrobras Energia, albeit limited to the maturity of those instruments. Petrobras Energia's rating reflects a moderately sized energy company with some benefit from integration and diversification, but is also constrained by declining reserves, a rising cost structure, fairly aggressive financial leverage and negative regulatory impacts. Petrobras Energia ranks as the third largest oil and gas producer in Argentina, with approximately 527 million BOE reserves (year-end 2006) and BOE production in the area of 143,000 BOE/day in the first half of 2007. Its proved developed BOE reserve life at 5.8 years, and 10.2 years total proved, are largely in line with its peers. However, its reserves and production have been declining and unit finding and development and production costs have been rising. Petrobras Energia's reserves are concentrated in mature basins in Argentina requiring extensive workover activity, and are subject to inflationary pressures on oilfield services and labor costs, as well as the appreciation of the Peso on domestic-based costs. Wellhead price controls and export taxes on oil and gas production have also hurt upstream cash realizations and margins. In addition, Petrobras Energia remains subject to political risk in areas such as Venezuela, where large reserves were de-booked following the forced conversion to mixed companies in 2006, and in development projects in Ecuador, which remain subject to development delays due to environmental issues. In response, Petrobras Energia has been shifting its strategic focus over the past two years, benefiting from Petrobras's expertise and technology. It is acquiring new acreage and significantly increasing exploration spending in Argentina, both onshore and offshore, in Peru, and in Colombia. Petrobras Energia derives some modest ratings support and cash flow stability from operational integration and its diversified energy operations, which include refining, product distribution, retail stations, petrochemicals, electric generation, and investments in gas transmission and electric distribution. The latter include, respectively, a 25.5% stake in Transportadora de Gas del Sur and a 27.3% stake in Edesur. Negative regulatory impacts, however, continue to affect these operations. Refining and product distribution have been generating losses at least since 2002, largely as a result of retail price controls and requirement to import diesel fuel at a loss to supply the domestic market. While Petrobras Energia has renegotiated gas and electricity sales agreements with industrial clients to gradually increase sales prices, residential electric tariffs and TGF's transportation rates remain frozen at 2002 levels. Petrochemical operations are contributing positively to results, albeit subject to economic cycles and feedstock cost pressures. Petrobras Energia maintains a fairly elevated leverage position, as measured by total adjusted debt of US$5.65 per proved developed BOE. Leverage on the barrel has increased in tandem with declining proved developed reserves. However, cash flow from operations has benefited over the past few years from higher oil and gas prices and improving petrochemical and electric generation results, allowing Petrobras Energia to fund capital spending internally and reduce total debt modestly. Capital spending will be in the area of US$800 million in 2007 and is likely to be at the same level or lower in 2008 and funded from internal cash flow, keeping debt levels in check. A stable rating outlook for Petrobras Energia depends both on its continuing strategic importance to Petrobras, and on Moody's assessment of Petrobras Energia's standalone credit quality. Petrobras Energia's ratings would not be affected by an upgrade in the Argentina foreign currency bond rating or ceiling, which currently have a positive outlook. Deterioration in Petrobras Energia's leverage profile or operating performance, particularly in the upstream, could affect Moody's standalone credit assessment and, in turn, the Ba1 GLCR and degree of notching uplift for expected parent company support. A downgrade in Argentina's foreign currency government bond rating could also pressure Petrobras Energia's ratings or outlook. Petrobras Energia, S.A. is headquartered in Buenos Aires, Argentina. Its majority owner, Petrobras, is based in Rio de Janeiro, Brazil. QUILSER SA: Proofs of Claim Verification Is Until Feb. 4 -------------------------------------------------------- Liliana Isabel Quiroga, the court-appointed trustee for Quilser S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until Feb. 4, 2008. Ms. Quiroga 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 Quilser 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 Quilser's accounting and banking records will be submitted in court. Infobae didn't state the reports submission deadlines. Ms. Quiroga is also in charge of administering Quilser's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Liliana Isabel Quiroga Terrero 1752 Buenos Aires, Argentina SENACO SRL: Proofs of Claim Verification Deadline Is Dec. 18 ------------------------------------------------------------ Jorge Fernando Podhorzer, the court-appointed trustee for Senaco S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of claim until Dec. 18, 2007. Mr. Podhorzer will present the validated claims in court as individual reports on March 3, 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 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 on April 14, 2008. 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 trustee can be reached at: Jorge Fernando Podhorzer Pasaje del Carmen 716 Buenos Aires, Argentina TEXTIL JAVERIM: Proofs of Claim Verification Ends on Nov. 28 ------------------------------------------------------------ Ricardo Sukiassian, the court-appointed trustee for Textil Javerim S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of claim until Nov. 28, 2007. Mr. Sukiassian will present the validated claims in court as individual reports. The National Commercial Court of First Instance 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 Textil Javerim and its creditors. Inadmissible claims may be subject for appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of Textil Javerim's accounting and banking records will be submitted in court. Infobae didn't state the reports submission deadlines. Mr. Sukiassian is also in charge of administering Textil Javerim's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Ricardo Sukiassian San Martin 1009 Buenos Aires, Argentina =============== B A R B A D O S =============== INTERPUBLIC GROUP: Mary Guilfoile Joins Board of Directors ---------------------------------------------------------- The Interpublic Group has elected Mary Guilfoile to its Board of Directors. Ms. Guilfoile, currently Chairman of MG Advisors, Inc., will join the board immediately and will serve on the audit committee. "Mary has a tremendous breadth of knowledge concerning every aspect of a company's operations," said Michael I. Roth, Chairman and CEO, Interpublic. "Not only has she been extremely successful in the field of financial services, she got her start in high value professional services. Mary also gives of her time to a great academic institution. We look forward to her contributions as she brings this wealth of experience to our Board of Directors." MG Advisors is a privately owned financial services merger and acquisitions advisory and consulting firm. Prior to joining MG Advisors in 2002, Ms. Guilfoile was Executive Vice President and Chief Administrative Officer at JPMorgan Chase. Her responsibilities encompassed administrative operations, strategic planning, marketing communications and special projects for the Investment Bank group. She also served as Corporate Treasurer at JPMorgan. In that capacity, she oversaw the corporate treasury and planning groups, as well as M&A and pension plan operations. Before her tenure at JPMorgan Chase, Ms. Guilfoile was Partner, CFO and COO of the Beacon Group, a private equity, strategic advisory and wealth management partnership, from 1996 through 2000. For ten years before joining the Beacon Group, Ms. Guilfoile held a number of positions at Chemical Banking Corporation, ultimately serving as Chief Administrative and Strategic Planning Officer/Managing Director. Her responsibilities included administrative oversight, compliance, financial control and risk management for all of the domestic commercial and investment banking activities in the corporate, real estate and international merchant banking sectors. Ms. Guilfoile spent several years early in her career with Coopers & Lybrand, now PriceWaterhouseCoopers, and Booz Allen & Hamilton, the strategic consulting firm based in New York. She holds an M.B.A., Marketing and Finance from Columbia University and a B.S., Accounting from Boston College. She is a Certified Public Accountant and is a Member of the Board of Directors of Valley National Bancorp. She is also Chairman of the Anti-Money Laundering/BSA Compliance Committee and a member of the Investment, Wealth Management and Insurance Services, Insurance Pension/Savings and Investment Trustees and Rick Management Committees. She is also a Member of the Board of Trustees of Boston College where she sits on the Finance and Audit Committee. About Interpublic Group New York-based, Interpublic Group of Companies Inc. (NYSE:IPG) -- http://www.interpublic.com/-- is one of the world's leading organizations of advertising agencies and marketing services companies. The Interpublic Group has over 43,000 employees working in offices in more than 130 countries around the world, including Argentina, Brazil, Barbados, Belize, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Jamaica, Mexico, Nicaragua, Panama, Paraguay, Puerto Rico, Peru, Uruguay and Venezuela. * * * As reported in the Troubled Company Reporter on May 22, 2007, Fitch Ratings has upgraded Interpublic Group's Issuer Default Rating to 'BB-' from 'B'. Approximately US$2.3 billion in total debt as of March 31, 2007, is affected. Fitch said the rating outlook is stable. IPG's ratings are as: -- Issuer Default Rating (IDR) upgraded to 'BB-' from 'B'; -- Enhanced Liquidity Facility (ELF) upgraded to 'BB-' from 'B'/'RR4'; -- Senior unsecured notes (including convertibles) upgraded to 'BB-' from 'B'/'RR4'; -- Cumulative convertible perpetual preferred stock upgraded to 'B' from 'CCC'/'RR6'. ============= B E R M U D A ============= UNICOM ASSURANCE: Proofs of Claim Filing Deadline Is Nov. 7 ----------------------------------------------------------- Unicom Assurance Company Limited's creditors are given until Nov. 7, 2007, to prove their claims to Robin J. Mayor, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Unicom Assurance's shareholders agreed on Oct. 22, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Robin J. Mayor Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, HM DX, Bermuda UNICOM ASSURANCE: Will Hold Last Shareholders Meeting on Nov. 30 ---------------------------------------------------------------- Unicom Assurance Company Limited will hold its final shareholders meeting on Nov. 30, 2007, at 9:30 a.m., at: Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. UNIDO INVESTMENTS: Proofs of Claim Filing Ends on Nov. 7 -------------------------------------------------------- Unido Investments Limited's creditors are given until Nov. 7, 2007, to prove their claims to Robin J. Mayor, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Unido Investments' shareholder agreed on Oct. 19, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Robin J. Mayor Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, HM DX, Bermuda UNIDO INVESTMENTS: Sets Final Shareholders Meeting for Nov. 28 -------------------------------------------------------------- Unido Investments Limited will hold its final shareholders meeting on Nov. 28, 2007, at 9:30 a.m., at: Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. =========== B R A Z I L =========== BANCO NACIONAL: Okays BRL197-Mln Loan to Companhia de Saneamento ---------------------------------------------------------------- Banco Nacional de Desenvolvimento Economico e Social aka BNDES approved a BRL197 million financing to Companhia de Saneamento do Parana, aimed at the expansion and optimization of the water supply and sanitary sewage systems in 28 municipalities of the State. The project, which contemplates a counterpart of the company of BRL49.1 million, will contribute towards the improvement of the quality of life and health of the population, with the reduction of the incidence of sanitary diseases, besides benefiting more than 500 thousand people. The civil construction works that are part of the Growth Acceleration Program [PAC] will generate 263 new direct job posts in the company, and there is the projection that more than 5,200 employment opportunities will be created during the period of the actual constructions. Sanepar is an open capital, mixed economy company, controlled by the State of Parana. It is the holder of concessions to operate water distribution, and sewage collection and treatment in 345 municipalities out of a total of 399 existent in Parana, and one in the State of Santa Catarina. All the 345 municipalities count on water services, while 146 of them also have sewage services. Operating for 44 years, it is one of the responsibles for having Parana parade amongst the States with the best social indicators of the Country, and presents one of the best geographical and demographic coverage indexes among its congeners, highlighted as one of those which yield greater earnings. The project interventions will occur in the following municipalities: Adrianopolis, Almirante Tamandare, Apucarana, Arapongas, Arapoti, Assis Chateaubriand, Balsa Nova, Cambe, Campo Largo, Cianorte, Curitiba, Foz do Iguacu, Francisco Beltrao, Guarapuava, Guaratatuba, Loanda, Londrina, Mambore, Mandaguari, Maringa, Missal, Paicandu, Palmas, Ponta Grossa, Rio Negro, Rondon, Santo Antonio do Sudeste and Siqueira Campos. Investments on water supply, which sum BRL75.5 million, contemplate the following purposes: -- the execution of six water impoundings in the Barigui River, Verde River, and Guarani Aquifer, -- five establishments of water mains and -- the construction of seven reservoirs. Two water pumping stations will be implemented, plus one sludge recirculation pumping station, besides two full treatment stations. The water producer system, with capacity for 1,440 m3/h, will be improved and will undergo re-adaptation. As regards sanitary sewage, the investments will amount to BRL170.6 million, and encompass pumping stations, building connections, collector networks and interceptors, besides the implementation of a wastewater treatment station and the expansion of five that are already in place. 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. BRASIL TELECOM: Mulls Joining Auctions for 3G Spectrum ------------------------------------------------------ Brasil Telecom's finance and investor relations vice president Paulo Narcelio said in a conference call that the company has not yet decided if it will participate in the auctions for 3G spectrum to be awarded on Dec. 18, 2007. Business News Americas relates that Brazilian telecoms regulator Anatel published on Oct. 19, 2007, the bidding rules for the auctions. The rules went on sale on Thursday. Anatel will auction about 44 licenses in the 1900-megahertz and 2100- megahertz bands, four for each of Brazil's 11 telecoms operating areas. The government would get at least BRL2.8 billion from all the licenses. Mr. Narceliol told BNamericas that Brasil Telecom believes that 3G is very important when it comes to competition for the market. However, the firm will decide at a later stage whether or not to participate. The company hired a consultancy firm to advise it on whether to participate in the auction process. BNamericas notes that winning bidders will have to deploy at least 2G cellular telephony in the 2,000 municipalities with under 30,000 residents that still have no service by the end of the second year. Mr. Narcelio commented to BNamericas, "This will not be a problem for us. We have an important presence in terms of coverage in these localities." The prices of 3G compatible mobile devices are dropping and not far off those compatible with 2G technologies, BNamericas says, citing Mr. Narcelio. The arrival of 3G won't require Brasil Telecom to "invest a lot more than planned in the medium term." Headquartered in Brasilia, Brazil, Brasil Telecom Participacoes SA -- http://www.brasiltelecom.com.br-- is a holding company that conducts substantially all of its operations through its wholly owned subsidiary, Brasil Telecom SA. The fixed-line telecommunications services offered to the company's customers include local services, including all calls that originate and terminate within a single local area in the region, as well as installation, monthly subscription, measured services, public telephones and supplemental local services; intra-regional long- distance services, which include intrastate and interstate calls; interregional and international long-distance services; network services, including interconnection and leasing; data transmission services; wireless services, and other services. * * * To date, Brasil Telecom carries Moody's Investors Service's Ba1 senior unsecured and credit default swap ratings. BR MALLS: S&P Assigns BB- Rating on Perpetual Notes --------------------------------------------------- Standard & Poor's Ratings Services has assigned its 'BB-' rating to BR Malls International Finance Ltd.'s forthcoming perpetual notes. It is a wholly owned subsidiary of Brazil-based shopping mall company BR Malls Participacoes S.A. (BR Malls; BB-/Stable/--). BR Malls and its direct subsidiaries unconditionally guarantee the perpetual notes. The rating on BR Malls and the bonds reflect the company's ambitious growth plans, which are partly funded by incremental debt leverage and result in a more aggressive financial profile. They also reflect BR Malls' exposure to increasing competition from other players in the sector, which are as well capitalized as BR Malls and are competing to grow through acquisitions. The ratings also indicate BR Malls' distinguished position in the Brazilian shopping mall industry as the largest shopping mall company in the country, asset diversification in different regions and income segments, and its long track-record in managing shopping malls. Moreover, the ratings factor in S&P's expectations that the company will grow primarily by acquiring established shopping malls rather than building new ones, which allows the company to immediately benefit from observable, more stable cash flows. BR Malls Participacoes SA is an integrated Shopping Mall company in Brazil. The company has stakes in 11 Shopping Centers, 10 of them in operation and one under construction, totalizing 505,000 square meters of Gross Commercial Area and 396,900 square meters of Gross Leaseable Area and approximate 2.2 thousand stores. The company provides management, consulting and leasing services for 37 Shopping Centers, Commercial and Business Centers, totalizing 981,000 square meters of GCA, with approximate 4,100 stores. The company's portfolio of shopping centers has been strategically diversified in its geographic positioning and in its penetration of income segments. The company's principal subsidiaries consist of ECISA Engenharia and ECISA Participacoes, Egec, Dacom, Sisa, Egec Par and GS, Nattca, SPE Indianapolis, Deico and other companies. DELPHI CORP: Wins Court Approval for US$106 Mil. Interiors Sale --------------------------------------------------------------- Delphi Corporation and its affiliates have obtained the U.S. Bankruptcy Court of the Southern District of New York's approval to sell their global Interiors and Closures businesses for approximately US$106 million to a wholly owned subsidiary of The Renco Group, Inc., barring a higher offer at an auction, Bloomberg News reports. The U.S. Bankruptcy Court-approved master sale and purchase agreement contemplates a divestiture of Delphi's Interiors and Closures Businesses to Inteva Products LLC, for a preliminary purchase price of US$80 million, subject to certain adjustments, and post-closing payments of approximately US$26 million. The sale protocol outlined by Delphi contemplates an auction on Dec. 6, 2007, with bids due Nov. 26, 2007. A final sale hearing is anticipated to be set for Jan. 8, 2008. Inteva will receive a break-up fee of not more than US$2.4 million in the event Delphi consummates a sale transaction with another party. The final sale of Delphi's Interiors and Closures business is subject to the approval of the U.S. Bankruptcy Court and other constituencies in the U.S. and abroad. The master sale and purchase agreement involves the entire global Interiors and Closures business line, including: book of business, manufacturing operations, intellectual property, personnel, supplier contracts and share of joint ventures. Delphi's Interiors and Closures business operates manufacturing facilities in: -- Gadsden, Alabama -- Cottondale, Alabama -- North Kansas City, Missouri -- Orion, Michigan -- Adrian, Michigan -- Woerth, Germany -- Matamoros, Mexico -- SDADS Joint Venture (Shanghai, China) -- KDS Joint Venture (Daegu, Korea) -- Other contracted manufacturing locations About Delphi Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of Mar. 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in total assets and US$23,851,000,000 in total debts. The Debtors' exclusive plan-filing period expires on Dec. 31, 2007. On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan of Reorganization and a Disclosure Statement explaining that Plan. (Delphi Bankruptcy News, Issue No. 88; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). EL PASO: Paying US$0.04 Per Share Quarterly Dividend on Jan. 7 -------------------------------------------------------------- The board of directors of El Paso Corporation has declared a quarterly dividend of US$0.04 per share on the company's outstanding common stock. The dividend will be payable Jan. 7, 2008 to shareholders of record as of the close of business on Dec. 7, 2007. Outstanding shares of common stock entitled to receive dividends as of Sept. 30, 2007, were 702,026,833. Headquartered in Houston, Texas, El Paso Corporation (NYSE: EP) -- http://www.elpaso.com/-- is an energy company that provides natural gas and related energy products. The company owns North America's interstate pipeline system, which has approximately 55,500 miles of pipe. It also owns approximately 470 billion cubic feet of storage capacity and a liquefied natural gas import facility with 806 million cubic feet of daily base load send out capacity. El Paso's exploration and production business is focused on the exploration for and the acquisition, development and production of natural gas, oil and natural gas liquids in the United States, Brazil and Egypt. It operates in three business segments: Pipelines, Exploration and Production and Marketing. It also has a Power segment, which holds its remaining interests in international power plants in Brazil, Asia and Central America. * * * Moody's Investor Services placed El Paso Corporation's probability default and long term corporate family ratings at "Ba3" in March 2007, which still holds to date. Moody's said the outlook is positive. As reported in the Troubled Company Reporter-Latin America on June 15, 2007, Fitch Ratings affirmed the ratings of El Paso Corporation and its core pipeline subsidiaries, and assigned a senior unsecured rating of 'BB+' to the company's proposed offering of US$1.275 billion of senior unsecured notes due in 2014 and 2017. Fitch said the rating outlook is stable. FIDELITY NAT'L: Board Okays Lender Processing Services Spin-Off --------------------------------------------------------------- Fidelity National Information Services, Inc.'s Board of Directors has approved pursuing a plan to spin-off its Lender Processing Services division into a separate publicly traded company. As currently contemplated, the company will contribute the assets of lender division into a newly formed subsidiary (Newco) in exchange for 100% of Newco common stock and approximately US$1.6 billion of Newco debt securities. Following receipt of necessary Securities and Exchange Commission approvals and a tax-free ruling from the Internal Revenue Service, FIS will distribute 100% of Newco common stock to FIS shareholders in a tax-free spin off. Immediately following the spin-off, FIS will exchange the Newco debt securities it owns for a like amount of existing FIS debt through a debt-for-debt exchange that is tax- free to FIS. FIS would then retire the FIS debt that is exchanged for the Newco debt securities. Completion of the possible spin-off is expected to occur in mid-2008. Management and directors of FIS and Newco have not yet been determined. FIS' Transaction Processing Services business is a leading global provider of core processing, e-payments, item processing and card processing solutions to financial institutions. On a pro forma basis, including the recently acquired eFunds, Transaction Processing Services generated revenue of US$3.3 billion over the last 12 months. FIS' Lender Processing Services business is the nation's leading provider of integrated data, servicing and technology solutions to large-scale mortgage lenders. Lender processing services' end-to-end mortgage services include origination, automated title and settlement, processing, default, valuation, risk management, tax, flood and collateral protection solutions. More than 50 percent of mortgage loans in the United States are processed using the lender division's industry leading Mortgage Servicing Package. Lender Processing Services generated US$1.7 billion in revenue over the last 12 months. "Transaction Processing Services and Lender Processing Services each have strong competitive positions, robust organic growth track records and excellent potential for future growth. However, they are distinct and unique businesses that serve different customers, operate in different markets, and attract different investors," stated William P. Foley, II, executive chairman of FIS. "We believe the proposed separation will provide more company flexibility and dedicated management focus with respect to product development, capital investment and strategic initiatives, which should ultimately drive higher value to our customers and shareholders." FIS expects to file a ruling request with the IRS regarding the tax-free nature of the lender division spin-off within approximately 60 days and a preliminary Form 10 Registration Statement with the SEC in the first quarter of 2008. Completion of the spin-off is contingent upon the satisfaction or waiver of a variety of conditions, including final FIS Board of Directors approval. About Fidelity National Based in Jacksonville, Florida, Fidelity National Information Services, Inc. -- http://www.fidelityinfoservices.com/-- provides core processing for financial institutions; card issuer and transaction processing services; mortgage loan processing and mortgage related information products; and outsourcing services to financial institutions, retailers, mortgage lenders and real estate professionals. FIS has processing and technology relationships with 35 of the top 50 global banks, including nine of the top ten. Nearly 50% of all US residential mortgages are processed using FIS software. FIS maintains a strong global presence, serving over 7,800 financial institutions in more than 60 countries worldwide, including Brazil. * * * As reported in the Troubled Company Reporter-Latin America on Sept. 26, 2007, Moody's Investors Service has confirmed the Ba1 corporate family rating for Fidelity National Information Services, concluding a review for possible downgrade initiated in June 2007. At the same time, Moody's has assigned a Ba1 rating to the company's US$900 million first lien senior secured revolving credit facility, US$2.1 billion first lien senior secured term loan A, and US$1.6 billion first lien senior secured term loan B. In addition, Moody's upgraded Fidelity's notes rating (Certegy notes due September 2008) to Ba1 from Ba2 as the notes will become equally and ratably secured upon issuance of the US$1.6 billion term loan. Concurrently, Moody's downgraded the company's speculative grade liquidity rating to SGL-2 from SGL-1, due to reduced free cash flow as a result of the additional debt associated with the current transaction. Nevertheless, Moody's believes FIS maintains sufficient liquidity overall. Moody's said the rating outlook is stable. FIDELITY NATIONAL: Moody's Reviews Ratings for Likely Downgrade --------------------------------------------------------------- Moody's Investors Service has placed the ratings of Fidelity National Information Services on review for possible downgrade, following the company's announcement that its Board has approved pursuing a plan to spin off its Lender Processing Services division into a separate publicly traded company. Completion of the spin-off is contingent upon certain approvals, including FIS final Board approval and a tax-free ruling from the Internal Revenue Service. Completion of the possible spin-off is expected to occur in mid-2008. The review will focus on the debt allocation between the two companies and their availability of internal and external liquidity sources, if the separation is approved. The review will also focus on business growth and diversification prospects at the two companies, including the potential for further acquisitions. The separation, were it to occur, would result in less business diversification for FIS. Nevertheless, in the event the separation occurs and financial leverage, as measured by debt to EBITDA, remains consistent with current FIS leverage pre-spin off, the corporate family rating of FIS would likely be confirmed. The ratings of the individual FIS securities will depend on the ultimate capital structure of the company post spin-off. Moody's expects to conclude its review once FIS obtains regulatory and Board approvals and its capital structure has been finalized. The potential separation plan, as currently contemplated, calls for FIS to contribute the assets of Lender Processing Services into a newly formed subsidiary (Newco) in exchange for 100% of Newco common stock and approximately US$1.6 billion of Newco debt securities. Following receipt of SEC approvals and a tax- free ruling from the Internal Revenue Service, FIS will distribute 100% of Newco common stock to FIS shareholders in a tax-free spin off. Immediately following the spin-off, FIS will exchange the Newco debt securities it owns for a like amount of existing FIS debt through a debt-for-debt exchange that is tax- free to FIS. The executive management and board composition of FIS and Newco have not yet been determined. FIS ratings on review for possible downgrade: -- US$1.6 billion First Lien Senior Secured Term Loan B Ba1 -- US$2.1 billion First Lien Senior Secured Term Loan A Ba1 -- US$900 million First Lien Senior Revolving Credit Facility Ba1 -- US$200 million 4.75% (Certegy) notes due September 2008 Ba1 -- Corporate Family Rating Ba1 Based in Jacksonville, Florida, Fidelity National Information Services, Inc. -- http://www.fidelityinfoservices.com/-- provides core processing for financial institutions; card issuer and transaction processing services; mortgage loan processing and mortgage related information products; and outsourcing services to financial institutions, retailers, mortgage lenders and real estate professionals. FIS has processing and technology relationships with 35 of the top 50 global banks, including nine of the top ten. Nearly 50% of all US residential mortgages are processed using FIS software. FIS maintains a strong global presence, serving over 7,800 financial institutions in more than 60 countries worldwide, including Brazil. FIDELITY INT'L: S&P Puts BB Corp. Credit Rating on Watch Neg. ------------------------------------------------------------- Standard & Poor's Ratings Services has placed its ratings, including the 'BB' corporate credit rating, on Fidelity National Information Services Inc. on CreditWatch with negative implications. The CreditWatch listing follows Fidelity National's announcement that it plans to spin-off its lender processing division into a separate, public company. Fidelity National will contribute the unit's assets into a new subsidiary in exchange for all of its common stock and about US$1.6 billion of debt securities. Following regulatory approval, Fidelity National will distribute all of the new company's common stock to Fidelity National shareholders in a tax-free spin-off. Completion of the possible spin-off is expected to occur in mid-2008. The spin-off will reduce both business diversity and cash flow, as the mortgage processing business accounted for about 40% of consolidated EBITDA. "We will review the financial terms and the company's capital structure following the proposed transaction, and will evaluate its business strategies, the sustainability of current operating trends, and its financial policy, prior to resolving the CreditWatch listing," said S&P's credit analyst Phil Schrank. Based in Jacksonville, Florida, Fidelity National Information Services, Inc. -- http://www.fidelityinfoservices.com/-- provides core processing for financial institutions; card issuer and transaction processing services; mortgage loan processing and mortgage related information products; and outsourcing services to financial institutions, retailers, mortgage lenders and real estate professionals. FIS has processing and technology relationships with 35 of the top 50 global banks, including nine of the top ten. Nearly 50% of all US residential mortgages are processed using FIS software. FIS maintains a strong global presence, serving over 7,800 financial institutions in more than 60 countries worldwide, including Brazil. LYONDELL CHEMICAL: Earns US$206 Million for Third Quarter 2007 -------------------------------------------------------------- Lyondell Chemical Company has announced income for the third quarter 2007 of US$206 million, or 78 cents per share on a fully diluted basis. For the first nine months of 2007, income from continuing operations was US$483 million, or US$1.83 per share on a fully diluted basis. Third-quarter 2007 results from continuing operations declined versus the second quarter 2007 primarily due to lower refining segment results. Following a record second quarter, third- quarter refining results remained good; however, industry margins narrowed earlier than expected, ahead of the typical Labor Day pattern. Ethylene segment results were relatively unchanged as significant product price increases were only sufficient to offset raw material cost increases, which finished the quarter at record levels. In the propylene oxide segment, both chemical and fuel product (MTBE/ETBE) results were relatively unchanged versus the second quarter. "Results across our ethylene and propylene oxide segments were unchanged versus the second quarter as raw material cost increases offset the benefits of product price increases," said Dan F. Smith, chairman, president and Chief Executive Officer of Lyondell Chemical. "Entering the quarter, we and many others in the industry expected that crude oil and ethane costs would plateau at then- current levels; however, they continued to escalate. As a result, significant price increases were required just to offset the cost increases, and margins did not expand to levels that we believe reflect the supply/demand balance. Refining results, while solid, reflected the fact that industry spreads declined from very strong early-summer levels earlier than usual. This occurred despite record low gasoline and distillate inventories as measured by days of inventory." "Unfortunately, crude oil and ethane prices have increased steadily throughout the year, and a certain amount of time is needed to pass increases of this magnitude through the chemical and polymer markets. As a consequence, year-to-date results have not fully reflected existing industry operating rates. Despite these industry trends, we have generated strong results." Thus far in the fourth quarter, both crude oil and ethane price increases have accelerated, setting new highs. Quarter to date, our refining spreads are slightly less than the third-quarter average as our heavy crude advantage has partially offset declines in base refining margins. In the ethylene, co- products and derivatives segment, record high raw material costs are offsetting the benefit of recent price increases, necessitating further pricing initiatives. In our propylene oxide and related products segment, oxygenated fuel margins have declined following typical seasonal patterns. Cash Distributions and Debt Reduction Equistar Chemicals, LP to Lyondell Chemical Company and Millennium Chemicals Inc. -- There were no distributions during the quarter. Millennium to Lyondell Chemical Company (LCC) -- There were no dividends paid by Millennium to LCC during the third quarter. Debt Reduction -- During the third quarter, debt repayment, including scheduled amortization of term loans, totaled US$512 million, all at LCC. LCC repaid the US$500 million of debt called in July 2007. Receivable Facilities Utilization -- As of Sept. 30, 2007, Lyondell's receivable facility was unutilized and Equistar's receivable facility was utilized by US$40 million. About Lyondell Chemical Headquartered in Houston, Texas, Lyondell Chemical Company (NYSE: LYO) -- http://www.lyondell.com-- is North America's third-largest independent, publicly traded chemical company. Lyondell manufacturers basic chemicals and derivatives including ethylene, propylene, titanium dioxide, styrene, polyethylene, propylene oxide and acetyls. It also refines heavy, high-sulfur crude oil and produces gasoline-blending components. It operates on five continents and employs approximately 11,000 people worldwide. The company also has locations in Austria, France, Italy, The Netherlands, Belgium, Germany, Spain, United Kingdom, Brazil, China, Japan, Taiwan, India and Singapore. * * * As reported on July 23, 2007, Moody's Investors Service placed the ratings of Lyondell Chemical Company, Equistar Chemical Company LP and Millennium Chemicals Inc. (Corporate Family Ratings of Ba3) under review for possible downgrade following the announcement that Lyondell has agreed to be acquired by Basell AF SCA (Ba3 CFR under review for possible downgrade) in a transaction worth roughly US$19 billion including the assumption of debt. Moody's also affirmed Lyondell's speculative grade liquidity rating at SGL-1. However, the financing of this potential transaction, could result in a change to the SGL rating as well. On Jul 23, 2007, Fitch Ratings has placed Lyondell, Equistar and Millennium on Rating Watch Negative following the announcement that Lyondell has agreed to be acquired by Basell for US$12.66 billion, or US$48 per share. The transaction is valued at US$19 billion including the consolidated debt outstanding at Lyondell. Fitch has placed these ratings on Rating Watch Negative: Lyondell: -- Issuer Default Rating 'BB-'; -- Senior secured credit facility and term loan 'BB+'; -- Senior secured notes 'BB+'; -- Senior unsecured notes 'BB-'; -- Debentures 'BB-'. NAVISTAR INT'L: S&P Holds BB- Corp. Credit Rating Under WatchNeg ---------------------------------------------------------------- Standard & Poor's Ratings Services' BB- corporate credit ratings on Navistar International Corp. and subsidiary Navistar Financial Corp. remain on CreditWatch with negative implications, where they were placed on Jan. 17, 2006. S&P placed the ratings on CreditWatch due to delays in the company's filing of audited financial statements. The CreditWatch update follows a number of developments at Navistar, notably: A strike by the United Auto Workers at nine Navistar plants; the company's announcement that it is in talks to acquire General Motors Corp.'s (GM; B/Stable/B-3) medium-duty truck business; and the company's release of preliminary unaudited restated results for fiscal 2003-2005 and operating measures for its fiscal third quarter ended July 31, 2007. While Navistar carries out its restatement process and attempts to address its internal control material weaknesses, S&P will continue to monitor the company's liquidity and other developments -- including the commercial truck downturn, UAW strike, and potential GM acquisition -- and will evaluate their impact on the ratings. "We expect that the ratings will remain on CreditWatch until Navistar is current with all SEC financial reporting requirements," said S&P's credit analyst Gregg Lemos Stein. "We expect to affirm the ratings once this occurs and if Navistar's prospects are not materially different from expectations. However, we could lower the ratings if new accounting issues come to light that hurt Navistar's liquidity or differ from our expectations, or if financial results deteriorate materially as a result of an extended downturn in the commercial truck market." Based in Warrenville, Illinois, Navistar International Corp. (NYSE:NAV) -- http://www.nav-international.com/-- is the parent company of Navistar Financial Corp. and International Truck and Engine Corp. The company produces International brand commercial trucks, mid-range diesel engines and IC brand school buses, Workhorse brand chassis for motor homes and step vans, and is a private label designer and manufacturer of diesel engines for the pickup truck, van and SUV market. The company also provides truck and diesel engine parts and service sold under the International brand. A wholly owned subsidiary offers financing services. The company has operations in Brazil, Iceland and India. SANYO ELECTRIC: Settles Patent Dispute with 3M Co. -------------------------------------------------- 3M Co. has reached a settlement agreement with Sanyo Electric Co., Ltd., regarding a patent for lithium ion battery components, Marie Connor writes for the St. Paul Business Journal. According to Ms. Connor, 3M filed the suit against Sanyo and other companies in March with the Minnesota District Court and the United States International Trade Commission. Among the terms of the settlement, writes Ms. Connor, is that Japan-based Sanyo is licensed under 3M's patents covering particular cathode materials. The financial terms of the deal were not revealed. Lithium ion batteries, notes Ms. Connor, are used and are a preferred source of power in consumer electronics products such as laptop computers, cell phones and portable electronic devices. 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. TECUMSEH PRODUCTS: Selling Train Operations to Platinum Equity -------------------------------------------------------------- Tecumseh Products Company has signed an agreement to sell its Engine & Power Train business operations to affiliates of Platinum Equity LLC for US$51 million in cash, subject to customary adjustments at closing. The operations to be sold encompass Tecumseh's gasoline engine and transmission manufacturing capabilities for snow throwers, generators, and other lawn and garden, industrial, and agricultural applications. Locations affected include facilities in Grafton, Wisconsin, Salem, Indiana, Dunlap, Tennessee, well as locations in the United Kingdom and the Czech Republic. TMT Motoco, the engine facility in Brazil that is currently idled and undergoing a judicial restructuring, is not included in this transaction. Tecumseh will use the proceeds of the transaction to pay off the remainder of the balance under its outstanding First Lien Credit Agreement, effectively eliminating all of the company's domestic debt. "This agreement marks the achievement of another important step in our ongoing efforts to re-focus on our core business operations," Ed Buker, Tecumseh's president and chief executive officer, said. "The complete elimination of our domestic debt substantially strengthens our balance sheet, and enables the Company to target our strategic initiatives on our Compressor operations and improving our financial performance." Completion of the transaction, which is subject to customary closing conditions, is currently expected to occur during the fourth quarter of 2007. Rothschild Inc. served as financial advisor to Tecumseh. About Tecumseh Products Company Headquartered in Tecumseh, Michigan, Tecumseh Products Company (Nasdaq: TECUA, TECUB) -- http://www.tecumseh.com/-- manufactures hermetic compressors for air conditioning and refrigeration products, gasoline engines and power train components for lawn and garden applications, submersible pumps, and small electric motors. The company has offices in Italy, United Kingdom, Brazil, France, and India. In March of 2007, the company's Brazilian engine subsidiary, TMT Motoco, was granted permission by the Brazilian courts to pursue a judicial restructuring, similar to a U.S. filing for Chapter 11 bankruptcy protection. The TMT Motoco filing in Brazil constituted an event of default with our domestic lenders. On April 9, 2007, the company obtained amendments to its First and Second Lien Credit Agreements that cured the cross-default provisions triggered by the filing in Brazil. =========================== C A Y M A N I S L A N D S =========================== KIPPERS INT'L: Sets Final Shareholders Meeting for Nov. 2 --------------------------------------------------------- Kippers International Limited will hold its final shareholders meeting on Nov. 2, 2007, at: Deutsche Bank (Cayman) Limited Boundary Hall, Cricket Square Grand Cayman KY1-1104, Cayman Islands These agendas will be taken during the meeting: 1) accounting of the winding-up process of the company; and 2) giving any explanation thereof. A member entitled to attend and vote at the meeting will be allowed to appoint a proxy, who need not be a member, in his stead. The liquidator can be reached at: David Dyer P.O. Box 1984 Grand Cayman KY1-1104, Cayman Islands Telephone: (345) 949-8244 Fax: (345) 949-5223 KONDOR 2001-A: Will Hold Final Shareholders Meeting on Nov. 2 ------------------------------------------------------------- Kondor 2001-A Limited will hold its final shareholders meeting on Nov. 2, 2007, at: Deutsche Bank (Cayman) Limited Boundary Hall, Cricket Square Grand Cayman KY1-1104, Cayman Islands These agendas will be taken during the meeting: 1) accounting of the winding-up process of the company; and 2) giving any explanation thereof. A member entitled to attend and vote at the meeting will be allowed to appoint a proxy, who need not be a member, in his stead. The liquidator can be reached at: David Dyer P.O. Box 1984 Grand Cayman KY1-1104, Cayman Islands Telephone: (345) 949-8244 Fax: (345) 949-5223 KONDOR 2001-B: Sets Final Shareholders Meeting for Nov. 2 --------------------------------------------------------- Kondor 2001-B Limited will hold its final shareholders meeting on Nov. 2, 2007, at: Deutsche Bank (Cayman) Limited Boundary Hall, Cricket Square Grand Cayman KY1-1104, Cayman Islands These agendas will be taken during the meeting: 1) accounting of the winding-up process of the company; and 2) giving any explanation thereof. A member entitled to attend and vote at the meeting will be allowed to appoint a proxy, who need not be a member, in his stead. The liquidator can be reached at: David Dyer P.O. Box 1984 Grand Cayman KY1-1104, Cayman Islands Telephone: (345) 949-8244 Fax: (345) 949-5223 LONGMEADOW CDO: Will Hold Final Shareholders Meeting on Nov. 2 -------------------------------------------------------------- Longmeadow CDO Debt Fund I, Limited, will hold its final shareholders meeting on Nov. 2, 2007, at: Deutsche Bank (Cayman) Limited Boundary Hall, Cricket Square Grand Cayman KY1-1104, Cayman Islands These agendas will be taken during the meeting: 1) accounting of the winding-up process of the company; and 2) giving any explanation thereof. A member entitled to attend and vote at the meeting will be allowed to appoint a proxy, who need not be a member, in his stead. The liquidator can be reached at: David Dyer P.O. Box 1984 Grand Cayman KY1-1104, Cayman Islands Telephone: (345) 949-8244 Fax: (345) 949-5223 MITRA SEJATI: Holding Final Shareholders Meeting on Nov. 2 ---------------------------------------------------------- Mitra Sejati International Ltd. will hold its final shareholders meeting on Nov. 2, 2007, at: Deutsche Bank (Cayman) Limited Boundary Hall, Cricket Square Grand Cayman KY1-1104, Cayman Islands These agendas will be taken during the meeting: 1) accounting of the winding-up process of the company; and 2) giving any explanation thereof. A member entitled to attend and vote at the meeting will be allowed to appoint a proxy, who need not be a member, in his stead. The liquidator can be reached at: David Dyer P.O. Box 1984 Grand Cayman KY1-1104, Cayman Islands Telephone: (345) 949-8244 Fax: (345) 949-5223 MONTANA FINANCE: Sets Final Shareholders Meeting for Nov. 2 ----------------------------------------------------------- Montana Finance Limited will hold its final shareholders meeting on Nov. 2, 2007, at: Deutsche Bank (Cayman) Limited Boundary Hall, Cricket Square Grand Cayman KY1-1104, Cayman Islands These agendas will be taken during the meeting: 1) accounting of the winding-up process of the company; and 2) giving any explanation thereof. A member entitled to attend and vote at the meeting will be allowed to appoint a proxy, who need not be a member, in his stead. The liquidator can be reached at: David Dyer P.O. Box 1984 Grand Cayman KY1-1104, Cayman Islands Telephone: (345) 949-8244 Fax: (345) 949-5223 NIPPON SHINPAN: Holding Final Shareholders Meeting on Nov. 2 ------------------------------------------------------------ Nippon Shinpan Asset Funding Corporation will hold its final shareholders meeting on Nov. 2, 2007, at: Deutsche Bank (Cayman) Limited Boundary Hall, Cricket Square Grand Cayman KY1-1104, Cayman Islands These agendas will be taken during the meeting: 1) accounting of the winding-up process of the company; and 2) giving any explanation thereof. A member entitled to attend and vote at the meeting will be allowed to appoint a proxy, who need not be a member, in his stead. The liquidator can be reached at: David Dyer P.O. Box 1984 Grand Cayman KY1-1104, Cayman Islands Telephone: (345) 949-8244 Fax: (345) 949-5223 OCTAGON INVESTMENT: Will Hold Last Shareholders Meeting Nov. 2 -------------------------------------------------------------- Octagon Investment Partners III Ltd. will hold its final shareholders meeting on Nov. 2, 2007, at: Deutsche Bank (Cayman) Limited Boundary Hall, Cricket Square Grand Cayman KY1-1104, Cayman Islands These agendas will be taken during the meeting: 1) accounting of the winding-up process of the company; and 2) giving any explanation thereof. A member entitled to attend and vote at the meeting will be allowed to appoint a proxy, who need not be a member, in his stead. The liquidator can be reached at: David Dyer P.O. Box 1984 Grand Cayman KY1-1104, Cayman Islands Telephone: (345) 949-8244 Fax: (345) 949-5223 OSCAR FUNDING: Sets Final Shareholders Meeting for Nov. 2 --------------------------------------------------------- Oscar Funding Corp. XI will hold its final shareholders meeting on Nov. 2, 2007, at: Deutsche Bank (Cayman) Limited Boundary Hall, Cricket Square Grand Cayman KY1-1104, Cayman Islands These agendas will be taken during the meeting: 1) accounting of the winding-up process of the company; and 2) giving any explanation thereof. A member entitled to attend and vote at the meeting will be allowed to appoint a proxy, who need not be a member, in his stead. The liquidator can be reached at: David Dyer P.O. Box 1984 Grand Cayman KY1-1104, Cayman Islands Telephone: (345) 949-8244 Fax: (345) 949-5223 ========= C H I L E ========= AES GENER: Earns CLP32.0 Billion in First Nine Months ----------------------------------------------------- AES Gener said in a statement that its net profit decreased 43% to CLP32.0 billion in the first nine months of 2007, compared to the same period in 2006. Business News Americas relates that AES Gener's operating profit dropped 26% to CLP65.7 billion in the first nine months of 2007, compared to the same period last year. Its Ebitda declined 26% to CLP109 billion. According to AES Gener's statement, Argentine natural gas restrictions were the main cause for the profit decline as both fuel and prices for power on the spot market rose substantially. AES Gener's Colombian operations underwent unusually dry hydrology as well as a raise in the nation's yearly equity tax, BNamericas notes. Meanwhile, Colombian reductions were partially offset by higher power sales revenue. AES Gener said in a statement that the boost in Chilean node prices for power made a positive contribution to earnings. AES Gener units provided 22% of the power generated in Chile's central SIC grid and 26% of the power generated in the northern SING, BNamericas states. AES Gener is the second-largest electricity generation group in Chile in terms of generating capacity (20% market share) with an installed capacity of 2,428 megawatts. Gener serves both the Central Interconnected System or SIC and the Northern Interconnected System or SING through various subsidiaries and related companies, including affiliate Guacolda and the TermoAndes subsidiary. TermoAndes has a generation capacity of 642.8 megawatts, which while located in Argentina serves Chile's SING via InterAndes transmission line. Gener also participates in electricity generation in Colombia through Chivor hydroelectric plant of 1,000 megawatts, and a 25% participation in Itabo's facilities in the Dominican Republic (432.5 megawatts). Gener is 91.2% owned by AES (IDR rated 'B+' by Fitch). * * * To date, AES Gener carries Moody's Ba2 long-term foreign bank deposit rating with a stable outlook. The firm also carries Standard & Poor's BB+ long-term foreign issuer credit rating with a positive outlook. INGRAM MICRO: Reports US$8.61 Bil. Third Quarter Worldwide Sales ---------------------------------------------------------------- Ingram Micro Inc. has announced worldwide sales for the third quarter were US$8.61 billion, a 15% increase over the US$7.51 billion posted in the year-ago period and an all-time record for the third quarter of 2007, which ended Sept. 29, 2007. The translation impact of the relatively stronger foreign currencies had an approximate five percentage-point positive effect on comparisons to the prior year. Third-quarter net income increased 24 percent to US$72.4 million, or US$0.41 per diluted share, compared with US$58.5 million, or US$0.34 per diluted share, in the prior-year period. "We're pleased to deliver another record-breaking quarter," said Gregory M. Spierkel, chief executive officer, Ingram Micro Inc. "Our record sales were driven primarily by robust growth in Asia-Pacific and Europe. Both regions achieved third-quarter records in sales and operating income. In Asia-Pacific, strong economies and our proactive business improvements helped us generate 81-percent operating income growth on a 36-percent sales increase. European demand was firm throughout the quarter, fueled by a strong back-to- school season in many countries. North America and Latin America operations both posted meaningful revenue growth, consistent with investments in expansion initiatives. Our global portfolio of operations continues to drive financial performance, allowing us to exceed our guidance range and analysts' estimates for sales and earnings per share." Gross Margin Gross margin in the 2007 third quarter was 5.52 percent, an increase of 12 basis points versus the prior-year quarter, driven primarily by the positive impact from the net reporting of warranty contract sales discussed previously. Sequentially, gross margin improved 11 basis points versus the second quarter of 2007. Operating Expenses Total operating expenses were US$364.0 million, or 4.23 percent of revenues, versus US$311.9 million, or 4.15 percent of revenues, in the year-ago quarter. In the current quarter, the net reporting of warranty sales, as described above, had an unfavorable impact on operating expenses as a percentage of revenues of approximately seven basis points. Operating Income Worldwide operating income was US$111.0 million, or 1.29 percent of revenues, as compared to US$93.8 million or 1.25 percent of revenues in the year-ago quarter. -- North American operating income was US$55.4 million, or 1.58 percent of revenues, versus US$55.3 million, or 1.64 percent of revenues, in the year-ago quarter. -- EMEA operating income was US$29.0 million, or 1.01 percent of revenues, versus US$23.6 million, or 0.97 percent of revenues, in the year-ago quarter. -- Asia-Pacific operating income was US$30.6 million, or 1.65 percent of revenues, versus US$16.9 million, or 1.24 percent of revenues, in the year-ago quarter. -- Latin American operating income was US$4.4 million, or 1.15 percent of revenues, versus US$4.6 million, or 1.31 percent of revenues in the year-ago quarter. -- Stock-based compensation expense, which amounted to US$8.4 million in the current quarter and US$6.5 million in the prior-year quarter, is presented as a separate reconciling amount in the company's segment reporting in both periods. As such, these expenses are not included in the regional operating results, but are included in the worldwide operating results. Balance Sheet * The cash balance at the end of the quarter was US$580 million, an increase of US$246 million versus the end of 2006. Total debt was US$625 million, an increase of US$115 million from year-end. Debt-to-capitalization was 16 percent, compared with 15 percent at year-end. * Inventory was US$2.73 billion or 30 days on hand compared with US$2.68 billion or 29 days on hand at the end of the year. The increase in inventory days was due to product purchases as the company prepares for the seasonally active fourth quarter, as well as the impact on revenue and cost of sales from the reclassification of warranty sales, as described above. * Working capital days were 24, an increase of 2 days from year-end 2006, but flat sequentially. "We've made excellent progress toward developing four profitable, solidly performing businesses throughout the world," said William D. Humes, executive vice president and chief financial officer, Ingram Micro Inc. "Looking forward, our focus is on further improvement. We haven't yet fully leveraged some of our diversification efforts and infrastructure investments. Working capital increased in preparation for a seasonally stronger fourth quarter and from a greater mix of retail business from our consumer electronic initiatives. While we're pleased with our double-digit growth in sales and profits, we are intently focused on opportunities to enhance our results -- both in our core business and through expansion -- which will drive even greater strength in the future." Nine-Month Period For the nine months ended Sept. 29, 2007, worldwide sales were US$25.04 billion, an 11 percent increase over the US$22.50 billion reported a year ago. Regional sales were US$10.09 billion for North America (a 2 percent increase versus the prior-year period, with the warranty reclassification unfavorably impacting comparisons by four percentage points); US$8.69 billion for Europe, (an increase of 16 percent, to which the translation impact of stronger European currencies had an approximate nine percentage-point positive effect on comparisons to the prior year); US$5.19 billion for Asia-Pacific (an increase of 29 percent); and US$1.07 billion for Latin America (an increase of 3 percent). Worldwide operating income for the nine-month period was US$270.4 million, or 1.08 percent of revenues, which included the previously disclosed first- quarter charge of approximately US$33.8 million (approximately 0.13 percent of revenues) for Brazilian commercial taxes and a second-quarter charge of US$15 million (approximately 0.06 percent of revenues) for an SEC- related matter. In the year-ago period, operating income was US$280.8 million, or 1.25 percent of revenues. Nine-month net income was US$161.8 million, or US$0.92 per diluted share, which included the first-quarter charge for commercial taxes in Brazil of US$33.8 million after tax or US$0.19 per diluted share and the second-quarter charge for the SEC matter of US$9.2 million after tax or US$0.05 per diluted share. These charges totaled US$43.0 million after tax or US$0.24 per diluted share for the nine-month period. In the year-ago period, net income was US$174.0 million, or US$1.03 per diluted share. Outlook for the Fourth Quarter The following statements are based on the company's current expectations and internal forecasts. These statements are forward-looking and actual results may differ materially, as outlined in the company's periodic filings with the Securities and Exchange Commission. According to the company's guidance for the fourth quarter ending Dec. 29, 2007: * Sales are expected to range from US$9.70 billion to US$9.95 billion. * Net income is expected to range from US$103 million to US$108 million, or US$0.58 to US$0.61 per diluted share. * The weighted average shares outstanding is expected to be approximately 178 million and an effective tax rate of approximately 27% is estimated for the fourth quarter. "Fourth-quarter sales are expected to reach the highest quarterly levels in company history," said Mr. Spierkel. "We expect solid top-line growth in every region, with worldwide net income growth of up to 18 percent compared to the year-ago period. Sales in Asia-Pacific and Europe should remain robust, with more modest growth in the Americas. Technology deployment continues to be a key business enabler, particularly in the small to medium business markets we serve. We feel good about our ability to tap that demand throughout the world, and we plan to stay ahead of the market through innovation, diversification and continuous improvement." About Ingram Micro Inc. Headquartered in Santa Ana, California, Ingram Micro Inc. (NYSE: IM) -- http://www.ingrammicro.com/-- together with its subsidiaries, distributes information technology products and supply chain solutions worldwide. Its IT products include peripherals, networking, software, and systems. The company has Latin America operations in Brazil, Chile and Mexico. * * * Ingram Micro Inc. continues to carry Moody's Ba1 long-term corporate family and probability-of-default ratings. METHANEX CORP: Earns US$23.61 Mil. in Third Qtr. Ended Sept. 30 --------------------------------------------------------------- For the third quarter of 2007, Methanex Corp. realized net income of US$23.61 million, as compared with a net income of US$113.23 million for the third quarter of 2006. Revenues for the third quarter ended Sept. 30, 2007, and 2006, were US$395.11 million and US$519.58 million, respectively. For the third quarter of 2007, realized adjusted EBITDA of US$68.6 million, as compared with Adjusted EBITDA of US$76.5 million for the second quarter of 2007. As of Sept. 30, 2007, the company's balance sheet showed total assets of US$2.46 billion total liabilities of US$1.25 billion and total stockholders' equity of US$1.21 billion. Bruce Aitken, president and chief executive officer of Methanex, commented, "With lower production and a slightly lower methanol price environment, we realized similar Adjusted EBITDA in the third quarter compared to the second quarter. Prices have recently increased significantly. A large number of outages in the industry during the quarter, including our own facility in Chile, combined with continuing strong demand, caused a severe shortage of methanol to occur near the end of the quarter. Contract methanol prices have risen sharply in October and our average non-discounted prices for October are approximately US$550/tonne." Mr. Aitken continued, "Our biggest area of disappointment during the quarter was the continued curtailment of Argentinean natural gas supply to our plants in Chile. Our expectation was that natural gas supply from Argentina would be restored during the third quarter as cold winter conditions ended and gas demand in Argentina was reduced; however, this has not yet occurred and we continue to be limited to operating only one plant in Chile. We are in continuing discussions with our Argentinean natural gas suppliers and various governmental authorities to resolve the situation, and continue to be optimistic that we will have some natural gas supply restored from Argentina which will enable us to increase production in Chile and provide much needed product to the market." Mr. Aitken added, "Developments regarding incremental natural gas supply from Chile have been positive. Our natural gas suppliers in Chile, ENAP and GeoPark, have recently increased natural gas deliveries to our plant and both have announced commercial discoveries of natural gas near our plants as a result of their ongoing exploration activities. In addition, the Chilean government just announced that it has received fourteen bids for nine natural gas exploration blocks near our plants and that the blocks will be awarded in mid-November." Mr. Aitken concluded, "With US$132 million in cash flow from operations after changes non-cash working capital generated during the third quarter, we continue to be in a very strong financial position to meet the financial requirements related to our methanol project in Egypt, pursue opportunities to accelerate natural gas development in southern Chile, pursue other strategic growth initiatives, and continue to deliver on our commitment to return excess cash to shareholders." Liquidity and Capital Resources Cash flows from operating activities before changes in non-cash working capital in the third quarter of 2007 were US$60 million compared with US$162 million for the same period in 2006. This decrease was primarily due to lower earnings. During the third quarter of 2007, our non-cash working capital decreased and this increased its cash flow from operating activities by US$73 million. The decrease in its non-cash working capital was primarily due to lower inventory levels and lower trade receivables. At Oct. 24, 2007, the company had 99,167,479 common shares issued and outstanding and stock options exercisable for 1,057,891 additional common shares. During the third quarter of 2007, the company repurchased for cancellation a total of