T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Friday, November 2, 2007, Vol. 8, Issue 218 Headlines A R G E N T I N A ALITALIA SPA: TPG Capital Unable to Form Italian Consortium ASOCIACION CIVIL: Proofs of Claim Verification Ends on Nov. 23 BUNGE LIMITED: Mulls Public Offering of Preference Shares CLIFA SA: Proofs of Claim Verification Deadline Is Nov. 26 DREMVER SRL: Files for Reorganization Petition in Buenos Aires EDITORIAL PIATTI: Proofs of Claim Verification Is Until Dec. 3 EL SUPER: Reorganization Proceeding Concluded KENDLE INT'L: Earns US$3.8 Million for Third Quarter 2007 INSUMOS INTEGRALES: Proofs of Claim Verification Is Dec. 20 MAYA-QUINTANA: Files for Reorganization Okay in Buenos Aires SER SALUD: Trustee Filing Individual Reports in Court on Feb. 26 SOISA SA: Proofs of Claim Verification Is Until Dec. 20 SWEET GARDEN: Proofs of Claim Verification Deadline Is Dec. 12 TRANSPORTES D: Trustee To File Individual Reports on March 10 TRESGE ARGENTINA: Reorganization Proceeding Concluded VIRGINIO VILONI: Proofs of Claim Verification Ends on Nov. 23 B A H A M A S ISLE OF CAPRI: Names Donn Mitchell as Senior VP of UK Operations TEEKAY CORP: Reports US$17-Mln Net Income in Qtr. Ended Sept. 30 B E R M U D A ASPEN INSURANCE: Liaquat Ahamed Joins Board of Directors ELAN CORP: Posts US$87.4 Million Net Loss in 3rd Quarter B R A Z I L AMERICAN AXLE: Robert W. Baird Rates Shares at Underperform BANCO MERCANTIL: S&P Puts B Rating on US$100-Mil. Senior MTNs CHEMTURA CORP: Sells Optical Monomers Business to Acomon AG GENERAL CABLE: Freeport-McMoran Completes Phelps Dodge Biz Sale MRS LOGISTICA: Earns BRL144 Million in Third Quarter 2007 NAVISTAR INT'L: Unit Bags US$68.8-Mln Deal from Marine Corps PERNOD RICARD: LatAm Net Sales Up 34.1% in First Quarter SCO GROUP: Taps Boies Schiller as Special Litigation Counsel SCO GROUP: Selects Dorsey & Whitney as Special Corporate Counsel SENSATA TECH: Third Quarter Net Revenue Up 24.4% to US$357.4MM TAM SA: Signs Compensation Payment Method Agreement with ABAV * BRAZIL: Petrobras Cuts Rio de Janeiro & Sao Paulo Gas Supplies * BRAZIL: Petroleo Brasileiro Restarts P-25 Platform in Albacora C A Y M A N I S L A N D S BANK OF AYUDHYA: Phanporn Kongyingyong Quits Post as Director BJK INC: Proofs of Claim Filing Deadline Is Nov. 14 BLACKSTONE PARTNERS: Proofs of Claim Filing Is Until Nov. 16 BLACKSTONE R OFFSHORE: Proofs of Claim Filing Ends on Nov. 16 BLACKSTONE W: Sets Final Shareholders Meeting for Nov. 16 BOMBAY CO: Committee Taps Lang Michener as Canadian Counsel CHIEN KUO: Proofs of Claim Filing Ends on Nov. 16 CLARION OFFSHORE: To Hold Final Shareholders Meeting on Nov. 16 GOTTFRIED INT'L: Sets Final Shareholders Meeting for Nov. 16 JUST ONE: Proofs of Claim Filing Ends on Nov. 17 KED INVESTMENTS: Proofs of Claim Filing Deadline Is Nov. 15 KED INVESTMENTS: Sets Final Shareholders Meeting for Nov. 16 MCP LIMITED: Proofs of Claim Filing Deadline Is Nov. 17 SHORELINE GROUP: Proofs of Claim Filing Ends on Nov. 14 C H I L E ANIXTER INT'L: Fitch Affirms Issuer Default Rating at BB+ IRON MOUNTAIN: Earns US$51 Million in Third Quarter 2007 C O L O M B I A SOLUTIA INC: Receives US$2 Billion Exit Loan Commitment SOLUTIA INC: Court Urges Resolution of Bank of New York Dispute C U B A * CUBA: Gets Support at UN Assembly on Ending U.S. Blockade D O M I N I C A N R E P U B L I C ASHMORE ENERGY: To Purchase Interest in Chilquinta & Luz del Sur CAP CANA: Moody's Rates Proposed US$500 Mil. Senior Notes at B3 GENERAL CABLE: Earns US$61.1 Million in 2007 Third Quarter E C U A D O R FREEPORT-MCMORAN: Closes Phelps Dodge Biz Sale for US$735 Mil. PETROECUADOR: Foreign Oil Firms Want Contract Extension PETROECUADOR: Launching Biofuels Admixture Program for Vehicles E L S A L V A D O R HANESBRANDS INC: Inks Ten-Year Strategic Deal with Walt Disney G U A T E M A L A AFFILIATED COMPUTER: Names Ron Gillette as Sr. Managing Director H A I T I DYNCORP INT'L: Earns US$13.9 Mil. in Second Qtr. Ended Sept. 28 H O N D U R A S INTERPUBLIC GROUP: Acquires Translation Consulting J A M A I C A CENTURY ALUMINUM: Earns US$7.5-Mln in 3rd Quarter Ended Sept. 30 NATIONAL WATER: Says Heavy Rains Disrupt Water Supply M E X I C O ACXIOM CORP: Board Okays US$75-Mil. Stock Repurchase Program ACXIOM CORP: Annual Stockholders Meeting Scheduled on Dec. 21 BEARINGPOINT INC: Sarah Beardsley to Lead Comm & Media Practices GLOBAL POWER: Court Approves Disclosure Statement GLOBAL POWER: Plan Confirmation Hearing Scheduled on December 20 ICONIX BRAND: 3rd Qtr. Net Income Climbs to US$17 Mil. in 2007 KANSAS CITY: Board Declares US$0.25 Per Share Cash Dividend MAXCOM TELECOM: Posts MXN7.6 Million Net Loss in 2007 Third Qtr. MOVIE GALLERY: Wants to Approve De Minimis Asset Sale Procedures MOVIE GALLERY: Wants to Reject 70 Unexpired Store Leases WILLIAMS SCOTSMAN: S&P Withdraws BB- Long-Term Corporate Rating U.S. STEEL: Acquires & Renames Stelco as U.S. Steel Canada Inc. U.S. STEEL: Earns US$269 Million in Quarter Ended Sept. 30 P A N A M A CLOROX COMPANY: Acquiring Burt's Bees for US$925 Million * PANAMA: World Bank Grants Up to US$465-Mil. Partnership Funds P E R U HARMONY GOLD: Fitch Affirms Issuer Default Rating at BB+ P U E R T O R I C O ADVANCE AUTO: Third Qtr. Net Income Rises to US$59 Mil. in 2007 DEVELOPERS DIVERSIFIED: Earns US$32.7 Mln in Qtr. Ended Sept. 30 T R I N I D A D & T O B A G O DIGICEL GROUP: Inks Interconnection Agreement with Telecur V E N E Z U E L A ALCATEL-LUCENT: Announces Management Changes & Forms Committee FREEPORT-MCMORAN: Names Richards McMillan as Senior Vice Pres. - - - - - ================= A R G E N T I N A ================= ALITALIA SPA: TPG Capital Unable to Form Italian Consortium ----------------------------------------------------------- TPG Capital informed financial advisor Citi that, at the moment, they are unable to finalize an Italian-led consortium, but will continue to follow the evolution of the Alitalia S.p.A. dossier with interest, should an opportunity or new elements arise. The Italian government had been holding talks with TPG Capital over a possible re-bid by the private equity firm for Italy's 49.9% stake in Alitalia. A consortium of TPG Capital, MatlinPatterson Global Advisers LLC and Mediobanca S.p.A. had withdrawn its bid for the national carrier during the previous tender to sell Alitalia, saying it was not "in a position to comply with all of the requirements." The consortium described the requirements as "too complex and cryptic." TPG Capital told the Italian government it may rejoin the bidding process if the rules of the process were changed. As reported in the TCR-Europe on Oct. 23, 2007, Alitalia will choose the buyer for Italy's stake on Nov. 10, 2007. Alitalia chairman Maurizio Prato told the Italian parliament that he will recommend an industrial buyer for Italy's stake within the first ten days of November, Agenzia Giornalistica Italia relates. The government will then decide how to finalize the sale of its stake. Alitalia opened talks, through the financial advisor Citi and industrial advisor Roland Berger, with: -- OAO Aeroflot, -- Air France-KLM, -- AP Holding S.p.A., -- Cordata Baldassarre, -- Deutsche Lufthansa AG, -- TPG Capital. About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/-- provides air travel services for passengers and air transport of cargo on national, international and inter-continental routes. The Italian government owns 49.9% of Alitalia. The company has operations in Argentina. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia posted EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked annual net losses of EUR520 million in 2003, EUR813 million in 2004, EUR168 million in 2005, and EUR625.6 million in 2006. ASOCIACION CIVIL: Proofs of Claim Verification Ends on Nov. 23 -------------------------------------------------------------- Gustavo Ariel Fiszman, the court-appointed trustee for Asociacion Civil de Propietarios de Taximetros del Partido de Ezeiza's bankruptcy proceeding, verifies creditors' proofs of claim until Nov. 23, 2007. Mr. Fiszman will present the validated claims in court as individual reports on Feb. 2, 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 Asociacion Civil 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 Asociacion Civil's accounting and banking records will be submitted in court on March 12, 2008. Mr. Fiszman is also in charge of administering Asociacion Civil's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Gustavo Ariel Fiszman Tucuman 1295, Banfield Buenos Aires, Argentina BUNGE LIMITED: Mulls Public Offering of Preference Shares --------------------------------------------------------- Bunge Limited is planning to make a public offering of cumulative mandatory convertible preference shares. The offering will be made pursuant to a registration statement filed with the U.S. Securities and Exchange Commission. The gross proceeds from the offering, before deducting commissions and expenses, are expected to be approximately US$750.0 million. Bunge also intends to grant the underwriter a 30-day option to purchase a maximum of US$112.5 million in additional cumulative mandatory convertible preference shares to cover over- allotments. Bunge intends to use the net proceeds of this offering to repay indebtedness and for general corporate purposes. Citi will serve as the sole manager for the offering. About Bunge Headquartered in White Plains, New York, Bunge is a global agribusiness company with operations primarily in commodity grain processing and fertilizer production. It has operations in Argentina. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 12, 2006, Moody's Investors Service confirmed the Baa2 senior unsecured ratings for Bunge Limited and guaranteed subsidiaries. Moody's also assigned a Ba1 rating to a new US$690 million issue by Bunge Limited of perpetual preferred stock. The outlook on all ratings is negative. Ratings assigned and confirmed: * Bunge Limited -- US$690 million perpetual preferred stock at Ba1 * Bunge Limited Finance Corp. -- Senior unsecured at Baa2 under full guarantee of Bunge Ltd * Bunge Master Trust -- Senior unsecured at Baa2 under full guarantee of Bunge Ltd CLIFA SA: Proofs of Claim Verification Deadline Is Nov. 26 ---------------------------------------------------------- The court-appointed trustee for Clifa S.A.'s bankruptcy proceeding verifies creditors' proofs of claim until Nov. 26, 2007. Infobae didn't state the name of the trustee. The trustee will present the validated claims in court as individual reports on Feb. 13, 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 Clifa 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 Clifa's accounting and banking records will be submitted in court on March 26, 2008. The trustee is also in charge of administering Clifa's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Clifa S.A. Avenida Ricardo Balbin 3981 Buenos Aires, Argentina DREMVER SRL: Files for Reorganization Petition in Buenos Aires -------------------------------------------------------------- Dremver S.R.L. has requested for reorganization approval after failing to pay its liabilities since August 2006. The reorganization petition, once approved by the court, will allow Dremver to negotiate a settlement with its creditors in order to avoid a straight liquidation. The case is pending in the National Commercial Court of First Instance in Buenos Aires. The debtor can be reached at: Dremver S.R.L. Amenabar 2122 Buenos Aires, Argentina EDITORIAL PIATTI: Proofs of Claim Verification Is Until Dec. 3 -------------------------------------------------------------- Elsa Andrade, the court-appointed trustee for Editorial Piatti SA'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 No. 13 in Buenos Aires, with the assistance of Clerk No. 26, 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. La Nacion didn't state the reports submission deadlines. 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 debtor can be reached at: Editorial Piatti SA Lavalle 1392 Buenos Aires, Argentina The trustee can be reached at: Elsa Andrade Avenida Callao 449 Buenos Aires, Argentina EL SUPER: Reorganization Proceeding Concluded --------------------------------------------- El Super de la Construccion S.R.L.'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 Santa Fe approved the debt agreement signed between the company and its creditors. KENDLE INT'L: Earns US$3.8 Million for Third Quarter 2007 --------------------------------------------------------- Kendle International Inc. has reported net service revenues for third quarter 2007 were US$100.1 million, an increase of 33 percent over net service revenues of US$75.2 million for third quarter 2006. Net income per diluted share of US$0.25 for third quarter 2007 includes a charge for amortization of acquired intangibles related to the August 2006 acquisition of the Phase II-IV clinical services business of Charles River Laboratories International, Inc. as well as a charge for the write-off of deferred financing costs related to the company's term debt, which was paid off in the third quarter of 2007. Excluding these items, which are detailed in the Condensed Consolidated Statements of Income, earnings per share for third quarter 2007 was US$0.48 per diluted share. Interest expense in the third quarter 2007 was approximately US$3.3 million, primarily related to debt incurred to finance the Charles River acquisition, compared to interest expense of US$2.3 million in third quarter 2006. EPS for third quarter 2006 was US$0.27 per diluted share, including amortization of acquired intangibles. Excluding the amortization of acquired intangibles, EPS for third quarter 2006 was US$0.30 per diluted share. The company's effective tax rate for the quarter was approximately 25 percent due to the reversal of approximately US$833,000 of tax liabilities as required by FIN 48, "Accounting for Uncertainty in Income Taxes." The liabilities were established as of Jan. 1, 2007, as part of the initial adoption of FIN 48. During third quarter 2007, the time period for assessing tax on these items expired, necessitating the reversal. Income from operations for third quarter 2007 was approximately US$14.2 million, or 14.2 percent of net services revenues. Net income was approximately US$3.8 million in third quarter 2007 compared to US$4.0 million in the third quarter of 2006. Net service revenues by geographic region for the third quarter were 51 percent in North America, 41 percent in Europe, 5 percent in Latin America and 3 percent in the Asia/Pacific region. The top five customers based on net service revenues accounted for 24 percent of net service revenues for third quarter 2007 compared to 30 percent of net service revenues for third quarter 2006. "We are particularly pleased with the strong increase in our operating margin," noted Candace Kendle, PharmD, Chairman and Chief Executive Officer. "We look forward to building on this momentum to deliver improved value for our shareholders." New business awards were a record US$175 million for third quarter 2007, which represents an 18 percent increase over the same quarter last year. Contract cancellations for the quarter were approximately US$7 million. Total business authorizations totaled US$831 million at Sept. 30, 2007, up 10 percent from June 30, 2007, and an all-time company high. Reimbursable out-of-pocket revenues and expenses were US$42.4 million for third quarter 2007 compared to US$21.5 million in the same quarter a year ago. Cash flow from operations for the quarter was a positive US$13.7 million. Cash and marketable securities totaled US$29.1 million, including US$1.2 million of restricted cash. Days sales outstanding in accounts receivable were 40 and capital expenditures for third quarter 2007 totaled US$3.4 million. On July 16, 2007, the company issued US$200.0 million in principal amount of 3.375% Convertible Senior Notes due 2012. The notes pay interest semiannually. Approximately US$174 million of the net proceeds of the Notes offering was used to pay down the company's term loan. Nine-Month Results Net service revenues for the nine months ended Sept. 30, 2007, were US$293.3 million, an increase of 49 percent over net service revenues of US$197.1 million for the nine months ended Sept. 30, 2006. Net income per diluted share of US$0.83 for the nine months ended Sept. 30, 2007, includes a charge for amortization of acquired intangibles related to the August 2006 acquisition of Charles River as well as a charge for the write- off of deferred financing costs related to the company's term debt, which was paid off in the third quarter of 2007. Excluding these items, which are detailed in the Condensed Consolidated Statements of Income, EPS for the nine months ended Sept. 30, 2007, was US$1.14 per diluted share. Interest expense in the nine months ended Sept. 30, 2007, was approximately US$12.0 million, primarily related to debt incurred to finance the Charles River acquisition, compared to interest expense of US$2.4 million in the first nine months of 2006. EPS for the nine months ended Sept. 30, 2006, was US$0.89 per diluted share. Excluding the amortization of acquired intangibles, EPS for the first nine months of 2006 was US$0.92 per diluted share. The company's year-to-date effective tax rate was approximately 32 percent, reflecting the effect of the FIN 48 adjustment in the third quarter. Income from operations for the nine months ended Sept. 30, 2007, was approximately US$37.6 million, or 12.8 percent of net service revenues. Excluding the amortization charge referenced above, proforma income from operations was approximately US$40.7 million, or 13.9 percent of net service revenues. Income from operations for the nine months ended Sept. 30, 2006, was approximately US$21.8 million. Excluding the amortization charge in the nine months ended Sept. 30, 2006, proforma income from operations was US$22.5 million, or 11.4 percent of net service revenues. Net income for the first nine months of 2007 was approximately US$12.3 million compared to net income of US$13.2 million in the first nine months of 2006. Excluding the amortization of acquired intangibles and the write-off of deferred financing costs, net income for the first nine months of 2007 was US$16.9 million, or US$1.14 per diluted share. Excluding the amortization of acquired intangibles in the first nine months of 2006, net income was US$13.6 million, or US$0.92 per diluted share. Net service revenues by geographic region for the nine months ended Sept. 30, 2007, were 50 percent in North America, 42 percent in Europe, 5 percent in Latin America and 3 percent in the Asia/Pacific region. The top five customers based on net service revenues accounted for 25 percent of net service revenues for the first nine months of 2007 compared to 29 percent of net service revenues for the first nine months of 2006. Cash flow from operations for the nine months ended Sept. 30, 2007, was a positive US$38.1 million. Capital expenditures for the nine-month period totaled US$10.8 million. Updated Full-Year 2007 Guidance Kendle also updated full-year 2007 guidance. Net service revenue guidance for the full year 2007 is now projected to be in a range of US$390-US$400 million. Operating margin on both a GAAP and proforma basis remains unchanged from the previous guidance and is expected to be between 12 and 14 percent and 13 and 15 percent, respectively. Kendle now expects GAAP EPS in the range of US$1.25 to US$1.35 and projects proforma EPS to be in the range of US$1.60 to US$1.70. About Kendle Based in Cincinnati, Kendle International Inc. (Nasdaq: KNDL) -- http://www.kendle.com/-- is a global clinical research organization and provides Phase II-IV clinical development services worldwide. The company's global clinical development business is focused on five regions - North America, Europe, Asia/Pacific, Africa and Latin America including Brazil. * * * As of July 3, 2007, the company carried Moody's B1 long-term corporate family rating, B1 bank loan debt, and B2 probability of default rating. Moody's said the outlook is stable. In addition, the company also carried Standard & Poor's B+ long- term foreign and local issuer credits. S&P said the outlook is stable. INSUMOS INTEGRALES: Proofs of Claim Verification Is Dec. 20 ----------------------------------------------------------- Alicia Orinov, the court-appointed trustee for Insumos Integrales de Oficina S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of claim until Dec. 20, 2007. Ms. Orinov will present the validated claims in court as individual reports on March 7, 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 Insumos Integrales 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 Insumos Integrales' accounting and banking records will be submitted in court on April 21, 2008. Ms. Orinov is also in charge of administering Insumos Integrales' assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Alicia Orinov Oliden 3688 Buenos Aires, Argentina MAYA-QUINTANA: Files for Reorganization Okay in Buenos Aires ------------------------------------------------------------ Maya - Quintana S.A. has requested for reorganization approval after failing to pay its liabilities since August 2006. The reorganization petition, once approved by the court, will allow Maya - Quintana to negotiate a settlement with its creditors in order to avoid a straight liquidation. The case is pending in the National Commercial Court of First Instance in Buenos Aires. The debtor can be reached at: Maya - Quintana S.A. Coronel Pagola 4170/4172 Buenos Aires, Argentina SER SALUD: Trustee Filing Individual Reports in Court on Feb. 26 ---------------------------------------------------------------- Jorge Daniel Alvarez, the court-appointed trustee for Ser Salud 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. 26, 2008. Mr. Alvarez verifies creditors' proofs of claim until Dec. 10, 2007. He will submit a general report containing an audit of Ser Salud's accounting and banking records in court on April 14, 2008. Mr. Alvarez is also in charge of administering Ser Salud'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 Daniel Alvarez Bartolome Mitre 1738 Buenos Aires, Argentina SOISA SA: Proofs of Claim Verification Is Until Dec. 20 ------------------------------------------------------- Mirta Susana Polistina, the court-appointed trustee for Soisa SA's bankruptcy proceeding, verifies creditors' proofs of claim until Dec. 20, 2007. Ms. Polistina will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 5 in Buenos Aires, with the assistance of Clerk No. 10, 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 Soisa 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 Soisa's accounting and banking records will be submitted in court. Ms. Polistina is also in charge of administering Soisa's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Soisa SA El Salvador 3910 Buenos Aires, Argentina The trustee can be reached at: Mirta Susana Polistina Avenida Cramer 2175 Buenos Aires, Argentina SWEET GARDEN: Proofs of Claim Verification Deadline Is Dec. 12 -------------------------------------------------------------- Angel Miragaya, the court-appointed trustee for Sweet Garden S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of claim until Dec. 12, 2007. Ms. Miragaya will present the validated claims in court as individual reports on Feb. 28, 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 Sweet Garden 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 Sweet Garden's accounting and banking records will be submitted in court on April 14, 2008. Ms. Miragaya is also in charge of administering Sweet Garden's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Angel Miragaya Lavalle 1718 Buenos Aires, Argentina TRANSPORTES D: Trustee To File Individual Reports on March 10 ------------------------------------------------------------- Luis Hugo Di Cesare, the court-appointed trustee for Transportes D Marco 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 March 10, 2008. Mr. Di Cesare verifies creditors' proofs of claim until Dec. 26, 2007. He will submit a general report containing an audit of Transportes D's accounting and banking records in court on April 25, 2008. Mr. Di Cesare is also in charge of administering Transportes D's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Transportes D Marco S.R.L. Catamarca 732 Buenos Aires, Argentina The trustee can be reached at: Luis Hugo Di Cesare Viamonte 1336 Buenos Aires, Argentina TRESGE ARGENTINA: Reorganization Proceeding Concluded ----------------------------------------------------- Tresge Argentina S.R.L.'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. VIRGINIO VILONI: Proofs of Claim Verification Ends on Nov. 23 ------------------------------------------------------------- Juan Jorge Bovio, the court-appointed trustee for Virginio Viloni e Hijos S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of claim until Nov. 23, 2007. Mr. Bovio will present the validated claims in court as individual reports on Feb. 12, 2008. The National Commercial Court of First Instance in Mar del Plata, Buenos Aires, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by Virginio Viloni 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 Virginio Viloni's accounting and banking records will be submitted in court on March 27, 2008. Mr. Bovio is also in charge of administering Virginio Viloni's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Virginio Viloni e Hijos S.R.L. Juan B. Justo 3168, Mar del Plata Buenos Aires, Argentina The trustee can be reached at: Juan Jorge Bovio 14 de Julio 2182, Mar del Plata Buenos Aires, Argentina ============= B A H A M A S ============= ISLE OF CAPRI: Names Donn Mitchell as Senior VP of UK Operations ---------------------------------------------------------------- Isle of Capri Casinos, Inc., has named Donn Mitchell senior vice president of United Kingdom operations, pending regulatory approval. Mr. Mitchell currently serves as the company's senior vice president, chief financial officer and treasurer, and will remain in this position until his successor is named. Mr. Mitchell joined Isle of Capri Casinos, Inc. in 1996 as Director of Financial Analysis, and served in a variety of other financial positions with the company. He was promoted to his current role in 2005, at which time he was instrumental in the relocation of the corporate office from Biloxi, Mississippi to St. Louis, Missouri. Mr. Mitchell recently led Isle of Capri Casinos through a refinancing resulting in the company entering into a new US$1.35 billion senior secured credit facility. Prior to joining the company, Mr. Mitchell served as audit manager for Arthur Anderson LLP in New Orleans, Louisiana. He holds a bachelor's degree in business administration from the University of Southern Mississippi and is a certified public accountant. In 2002, Mr. Mitchell was recognized by the Biloxi Sun Herald as one of coastal Mississippi's Top Ten Under Forty business leaders. Virginia McDowell, president and chief operating officer of Isle of Capri Casinos, Inc. said, "Donn will be charged with maximizing the potential of our gaming operations in the United Kingdom, and his history with the company and financial background will serve as a valuable skill set as he moves into this important operational role leading our UK team. As we continue to define our strategic opportunities, enhance our marketing programs and streamline our cost structure, Donn's familiarity with our properties and markets will be a significant asset." Based in Biloxi, Mississippi and founded in 1992, Isle of Capri Casinos Inc. (Nasdaq: ISLE) -- http://www.islecorp.com/-- owns and operates casinos in Biloxi, Lula and Natchez, Mississippi; Lake Charles, Louisiana; Bettendorf, Davenport, Marquette and Waterloo, Iowa; Boonville, Caruthersville and Kansas City, Missouri and a casino and harness track in Pompano Beach, Florida. The company also operates and has a 57.0% ownership interest in two casinos in Black Hawk, Colorado. Isle of Capri Casinos' international gaming interests include a casino that it operates in Freeport, Grand Bahama, a casino in Coventry, England, and a two-thirds ownership interest in casinos in Dudley and Wolverhampton, England. * * * As reported in the Troubled Company Reporter on June 21, 2007, Standard & Poor's Ratings Services revised its rating outlook on Isle of Capri Casinos Inc. to negative from stable. Ratings on the company, including the 'BB-' corporate credit rating, were affirmed. TEEKAY CORP: Reports US$17-Mln Net Income in Qtr. Ended Sept. 30 ---------------------------------------------------------------- Teekay Corporation reported net income of US$17.0 million for the quarter ended Sept. 30, 2007, compared to net income of US$79.8 millionfor the same period in 2006. The results for the quarters ended Sept. 30, 2007 and 2006 included a number of specific items that had the net effect of decreasing net income by US$5.9 million, or US$0.08 per share, and increasing net income by US$2.0 million, or US$0.03 per share, respectively, as detailed in Appendix A to this release. Net revenues for the third quarter of 2007 increased to US$462.3 million from US$344.3 million for the same period in 2006, and income from vessel operations decreased to US$80.6 million from US$105.0 million. Share Repurchase Program Since Aug. 1, 2007, the previous date the company reported the status of its share repurchase program, the company has repurchased 978,400 shares of its common stock at an average price of US$54.80 per share, resulting in US$44.3 million remaining under the existing share repurchase authorization. As at Sept. 30, 2007, the company had 73.3 million common shares issued and outstanding. OMI Acquisition Update On Aug. 1, 2007, most of the assets from the joint acquisition of OMI Corporation were divided equally between Teekay and A/S Dampskibsselskabet (Torm). Through this acquisition, Teekay acquired seven Suezmax tankers, four Medium Range product tankers and four Handysize product tankers. Teekay also assumed OMI's in-charters of a further six Suezmax tankers and OMI's third party asset management business, the Gemini pool. Teekay and Torm will continue to hold two Medium Range product tankers jointly in OMI, as well as two Handysize product tanker newbuildings scheduled to deliver in 2009. The parties intend to divide these remaining assets equally in due course. Teekay has consolidated the results of the vessels it acquired from OMI effective Aug. 1, 2007. For the period of July 1 to July 31, 2007, OMI's results were accounted for using the equity method of accounting. Headquartered in Nassau, Bahamas, Teekay Corporation (NYSE: TK) -- http://www.teekay.com/-- transports more than 10.0% of the world's seaborne oil, has expanded into the liquefied natural gas shipping sector through its publicly-listed subsidiary, Teekay LNG Partners L.P., and is further growing its operations in the offshore production, storage and transportation sector through its publicly-listed subsidiary, Teekay Offshore Partners L.P. With a fleet of over 180 vessels, offices in 17 countries and 6,300 seagoing and shore-based employees, Teekay provides a comprehensive set of marine services to the world's leading oil and gas companies, helping them seamlessly link their upstream energy production to their downstream processing operations. It has location in Nassau, The Bahamas. * * * As reported in the Troubled Company Reporter on July 10, 2007, Standard & Poor's Ratings Services affirmed the ratings, including the 'BB+' long-term corporate credit rating, on Vancouver, British Columbia-based Teekay Corporation. At the same time, Standard & Poor's removed the ratings from CreditWatch with negative implications, where they were placed Sept. 1, 2006. S&P said the outlook is negative. ============= B E R M U D A ============= ASPEN INSURANCE: Liaquat Ahamed Joins Board of Directors -------------------------------------------------------- Aspen Insurance Holdings Limited has appointed Liaquat Ahamed to the Board as a non-executive director with immediate effect. Mr. Ahamed has also joined the Board's Investment and Risk Committees. Mr. Ahamed has a distinguished background in investment management with leadership roles that include heading the World Bank's investment division, and Chief Executive Officer of Fischer Francis Trees & Watts, Inc., a subsidiary of BNP Paribas specializing in institutional single and multi-currency fixed income investment portfolios. He is currently an adviser to the Rock Creek Group, an investment firm based in Washington D.C., a Board Member of the Rohatyn Group, and a member of the Board of Trustees at the Brookings Institution. Mr. Ahamed holds an undergraduate degree from Trinity College, Cambridge University and an M.A. in Economics from Harvard University. In addition to his business experience, Mr. Ahamed has written extensively on economics and finance issues, and his most recent work entitled, "Lords of Finance -- a history of economic policies of the 1920s leading to the Great Depression," is scheduled for publication in 2008. Glyn Jones, Chairman of the Board of Aspen, commented: "I am very pleased that Liaquat, with his extensive expertise in fixed income securities, has joined our Board. As Aspen's investment portfolio has grown, it has taken on an increasingly important role in Aspen's business and future success. I look forward to Liaquat's strategic contribution to Aspen's investment direction and the Company in general." Headquartered in Hamilton, Bermuda, Aspen Insurance Holdings Limited (NYSE: AHL) (BSX: AHL BH) is the holding company of the Aspen Group the principal operating entities of which are Aspen Insurance UK Limited and Aspen Insurance Limited, both rated A2 for insurance financial strength. At the end of September 2006, Aspen Group reported net income of US$259 million and shareholders' equity of US$2.3 billion. * * * As reported in the Troubled Company Reporter on Nov. 14, 2006, Moody's Investors Service assigned a Ba1 rating to the US$200 million Perpetual Non-Cumulative Preference Shares issued by Aspen Insurance Holdings Limited, the existing perpetual "PIERS" of which were rated Ba1 by Moody's. ELAN CORP: Posts US$87.4 Million Net Loss in 3rd Quarter -------------------------------------------------------- Elan Corporation plc released its third quarter 2007 financial results and provided a business update. Net Loss The net loss for the third quarter of 2007 decreased by 25% to US$87.4 million from US$117 million in the third quarter of 2006. The decrease reflects a 43% increase in revenues and improved operating margins as total operating expenses increased by 13%. Revenue growth was driven by Tysabri(R), with worldwide in-market sales approaching US$100 million for the quarter. Elan's share of Tysabri revenues in the quarter was US$63.5 million. The gross margin fell from 62% in the third quarter of 2006 to 52% in the third quarter of 2007, reflecting the impact of sales of Tysabri, which have a lower gross margin due to the collaboration agreement with Biogen Idec Inc. In addition, selling, general and administrative (SG&A) and research and development expenses in the third quarter 2007 were 3% lower in aggregate than in the third quarter 2006. Adjusted EBITDA Adjusted EBITDA losses for the third quarter of 2007 decreased by 66% to US$14.1 million, compared to US$41.7 million in the same period of 2006. This improvement primarily reflects an increase of 43% in revenues, principally related to Tysabri, and reduced SG&A costs. Revenue Total revenue for the third quarter of 2007 increased 43% to US$176.6 million from US$123.3 million in the same period of 2006. Gross Profit The gross profit margin on revenue was 52% in the third quarter of 2007, compared to 62% in the same period of 2006. The decrease is due principally to the change in the mix of product sales, including the impact of Tysabri and the reduced price of Maxipime as a result of the entry of a generic competitor. The Tysabri gross profit margin of 33% is impacted by the profit sharing and operational arrangements in place with Biogen Idec, and reflects Elan's gross margin on US sales of approximately 36%, offset by the inclusion in cost of sales of royalties payable by Elan on sales of Tysabri outside of the United States. These royalties are payable by Elan but reimbursed by the collaboration. "During the quarter we continued to make tangible progress within our pipeline and gaining momentum for Tysabri. Continued focus on advancing our science and realizing the full potential of our shared asset, Tysabri, in MS and additional indications will enable us to create value, diversify risk and position us for growth as we accelerate into the future," Kelly Martin, president and chief executive officer of Elan, said. "We are very pleased to report that revenues increased by 43% and Adjusted EBITDA losses were reduced by two thirds over last year, continuing the trend of the last couple of quarters. The increase in revenues was driven principally by the accelerating uptake of Tysabri, which generated in-market sales of nearly US$100 million on a worldwide basis this quarter. We were particularly pleased that during the quarter we exceeded the 15,000 patient target, which we need for Tysabri to breakeven in the commercial setting for the MS indication. At the end of the quarter, there were about 17,000 patients on therapy, including about 1,000 in clinical trials. We continued to carefully manage our cost base, with aggregate SG&A and R&D costs down on last year contributing to a reduction in net losses of 25%," Shane Cooke, executive vice president and chief financial officer of Elan, said. "We are optimistic that we will better our previous target of reporting Adjusted EBITDA losses of about US$50 million for the full year. In the longer term, the continued growth in revenue from Tysabri will drive our return to profitability and, with Biogen Idec, we are targeting to have 100,000 patients on therapy by the end of 2010," Mr. Cooke added. At Sept. 30, 2007, Elan's unaudited consolidated US GAAP balance sheet showed US$1.8 billion in total assets, US$1.7 billion in total liabilities and US$179.9 million in total shareholders' equity. About the Company Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) -- http://www.elan.com/-- is a neuroscience-based biotechnology company. Elan shares trade on the New York, London and Dublin Stock Exchanges. The company has locations in Bermuda and Japan. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 15, 2007, Standard & Poor's Ratings Services revised its outlook on Elan Corp. PLC to positive from stable and affirmed the ratings on the company and its subsidiaries, including the 'B' corporate credit rating. In April 2007, in connection with the implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Gaming, Lodging and Leisure, Manufacturing, and Energy sectors, Moody's Investors Service the rating agency confirmed its B3 Corporate Family Rating for Elan Corporation plc and assigned a B2 probability-of-default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability of Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. * Issuer: Elan Finance plc Projected Debt LGD Loss-Given Debt Issue Rating Rating Default ---------- ------- ------- -------- US$300M Senior Unsecured Regular Bond/Debenture Due 2011 B3 LGD4 65% US$300M Senior Unsecured Regular Bond/Debenture Due 2011 B3 LGD4 65% US$150M Senior Unsecured Regular Bond/Debenture Due 2013 B3 LGD4 65% US$850M 7.75% Senior Unsecured Regular Bond/Debenture Due 2011 B3 LGD4 65% US$465M 8.875% Senior Unsecured Regular Bond/Debenture Due 2013 B3 LGD4 65% =========== B R A Z I L =========== AMERICAN AXLE: Robert W. Baird Rates Shares at Underperform ----------------------------------------------------------- Robert W. Baird analysts have kept their "underperform" rating on American Axle & Manufacturing's shares, Newratings.com reports. Newratings.com relates that the target price for American Axle's shares was increased to US$25 from US$24. The analysts said in a research note that American Axle released its third quarter 2007 adjusted earnings per share ahead of the estimates. Robert W. Baird told Newratings.com that American Axle generated 10% year-over-year revenue growth ahead of the estimates, "on account of an increase in light truck production." The firm still has "high exposure to light trucks and its capacity is underutilized." The earnings per share estimate for American Axle this year was increased to US$1.45 from US$1.40, Newratings.com states. American Axle & Manufacturing Holdings, Inc. (NYSE:AXL) -\u2013 http://www.aam.com/-- and its wholly owned subsidiary, American Axle & Manufacturing, Inc. manufactures, engineers, designs and validates driveline and drivetrain systems and related components and modules, chassis systems and metal-formed products for light trucks, sport utility vehicles and passenger cars. In addition to locations in the United States (in Michigan, New York and Ohio), the company also has offices or facilities in Brazil, China, Germany, India, Japan, Luxembourg, Mexico, Poland, South Korea and the United Kingdom. * * * As reported in the Troubled Company Reporter-Latin America on June 12, 2007, Standard & Poor's Ratings Services assigned its 'BB' rating to American Axle & Manufacturing Inc.'s proposed US$250 million senior unsecured term loan due 2012. The parent company, American Axle & Manufacturing Holdings Inc., is the guarantor. Proceeds are expected to be used to repay existing debt. BANCO MERCANTIL: S&P Puts B Rating on US$100-Mil. Senior MTNs ------------------------------------------------------------- Standard & Poor's Ratings Services has assigned its 'B' long- term senior unsecured debt rating to Banco Mercantil Do Brasil S.A.'s US$100 million senior unsecured MTNs with final maturity in November 2010. The rating reflects the challenges of a midsize bank operating in Brazil's competitive middle-market and retail segments, and Banco Mercantil's low profitability compared with that of industry peers. The bank's large and costly operational structure and small scale negatively affect profitability. These risk factors are partially offset by Banco Mercantil's long track record and knowledge of operating in its regional market, mainly the state of Minas Gerais, which translates into good regional market share and brand-name recognition. It also acknowledges Banco Mercantil's diversified operation and its adequate funding profile. Banco Mercantil is a midsize private bank with a track record of more than 60 years operating in the Brazilian competitive market. Despite Banco Mercantil's small market share in terms of assets and loans, the bank's operations are more focused on specific segments in which it has long track record and knowledge: lower-income individuals and midsize companies with a regional focus on Minas Gerais, the third-largest Brazilian state. Although competition has increased in recent years, Banco Mercantil's long track record in these markets translated into adequate regional market share and brand-name recognition. Banco Mercantil do Brasil is headquartered in Belo Horizonte, Brazil and had BRL5.6 billion (US$2.6 billion) in total assets and BRL567 million (US$269 million) in shareholders' equity as of December 2006. CHEMTURA CORP: Sells Optical Monomers Business to Acomon AG ----------------------------------------------------------- Chemtura Corporation, in order to place greater focus on its core businesses, has sold its optical monomers business to Acomon AG, an affiliate of Munich-based Auctus Management GmbH & Co. KG in an all-cash transaction for an undisclosed amount. Included in the transaction is Chemtura's Ravenna, Italy manufacturing facility. Proceeds from the sale will be used primarily for debt reduction. "This sale represents continued progress in our portfolio refinement and footprint optimization initiatives," said Chemtura Chairman and CEO Robert L. Wood. "Optical monomers is a very good business that just doesn't fit our portfolio at this time. We are pleased to be transferring the business to a buyer who is interested in growing it, which should benefit both customers and employees," Mr. Wood concluded. Optical monomers are used in a variety of applications, including lenses for eyewear; protection sheets for welding masks and screens; photographic filters; and lab equipment. The optical monomers business being sold had revenues for 2006 of approximately US$35 million and employs approximately 45 people, the majority of whom work in its Ravenna, Italy facility. About Acomon AG Acomon AG, based in Zug, Switzerland, was formed to operate Chemtura's former optical monomers business. Acomon is an affiliate of Auctus Management GmbH & Co. KG, a Munich-based private equity firm. About Chemtura Corp. Headquartered in Middlebury, Connecticut, Chemtura Corp. (NYSE:CEM) -- http://www.chemtura.com/-- is a global manufacturer and marketer of specialty chemicals, crop protection, and pool, spa and home care products. The company has approximately 6,400 employees around the world and sells its products in more than 100 countries. The company has facilities in Singapore, Australia, China, Hong Kong, India, Japan, South Korea, Taiwan, Thailand, Brazil, Belgium, France, Germany, Mexico, and The United Kingdom. * * * As reported in the Troubled Company Reporter-Latin America on May 18, 2007, Moody's Investors Service lowered Chemtura Corporation's ratings: -- Corporate Family Rating: Ba2 from Ba1 -- Senior notes, USUS$500 million due 2016: Ba2 from Ba1; LGD4 (53%) -- Senior Unsecured Notes, USUS$150 million due 2026: Ba2 from Ba1; LGD4 (53%) -- Senior Unsecured Notes, USUS$400 million due 2009: Ba2 from Ba1; LGD4 (53%) GENERAL CABLE: Freeport-McMoran Completes Phelps Dodge Biz Sale --------------------------------------------------------------- Freeport-McMoRan Copper & Gold Inc. has completed the sale of its international wire and cable business, operated in the name of Phelps Dodge International Corporation, to General Cable Corporation for US$735 million. FCX expects to use the proceeds estimated to approximate US$620 million, net of taxes and other transaction costs, to repay debt. General Cable acquired 100% of the shares held by FCX and its subsidiaries in the entities comprising the wire and cable business. PDIC operates factories and distribution centers in 19 countries throughout Latin America, Asia and Africa and is engaged in the manufacturing and distribution of engineered products, principally for the global energy sector. FCX expects to record charges of up to approximately US$20 million (US$12 million to net income) for transaction and related costs associated with the disposition. About Freeport-McMoran Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) -- http://www.fcx.com/-- is an international mining industry leader based in North America with large, long-lived, geographically diverse assets and significant proven and probable reserves of copper, gold and molybdenum. Freeport- McMoRan has one of the most dynamic portfolios of operating, expansion and growth projects in the copper mining industry. The Grasberg mine in Indonesia, the world's largest copper and gold mine in terms of reserves, is the company's key asset. Freeport-McMoRan also operates significant mining operations in North and South America and is developing the world-class Tenke Fungurume project in the Democratic Republic of Congo. The completion of Freeport-McMoran's acquisition further expands the company's global operations. The former Phelps Dodge Corp. has mining operations in Chile, Peru, Colombia, Venezuela and Ecuador, among others. About General Cable Headquartered in Highland Heights, Kentucky, General Cable Corporation (NYSE: BGC) -- http://www.generalcable.com/-- makes aluminum, copper, and fiber-optic wire and cable products. It has three operating segments: industrial and specialty (wire and cable products conduct electrical current for industrial and commercial power and control applications); energy (cables used for low-, medium- and high-voltage power distribution and power transmission products); and communications (wire for low-voltage signals for voice, data, video, and control applications). Brand names include Carol and Brand Rex. It also produces power cables, automotive wire, mining cables, and custom-designed cables for medical equipment and other products. General Cable has locations in China, Australia, France, Brazil, the Dominican Republic and Spain. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 1, 2007, Moody's Investors Service has assigned a rating of B1 to the proposed USUS$400 million senior unsecured convertible notes of General Cable Corporation. As reported in the Troubled Company Reporter on Sept. 19, 2007, Standard & Poor's Ratings Services affirmed its 'BB-' corporate credit rating on General Cable Corp. S&P said the outlook is stable. MRS LOGISTICA: Earns BRL144 Million in Third Quarter 2007 --------------------------------------------------------- MRS Logistica told Business News Americas that its net profit decreased by 19.3% to BRL144 million in the third quarter 2007, compared to the same period last year. According to BNamericas, MRS Logistica's third quarter 2007 net profit was 3.8% higher compared to that of the second quarter 2007. BNamericas notes that MRS Logistica's third quarter 2007 result was affected by net costs of BRL15 million, which was 250% more than the second quarter 2007. Operational costs increased 17.6% to BRL255 million in the third quarter 2007, from the third quarter 2006. MRS Logistica's revenues rose 3.04% year-over-year to BRL573 million in the third quarter 2007, BNamericas says. For the January-September 2007 period, total revenue grew 10.2% to BRL1.59 billion, from the same period last year. MRS Logistica's transport volume in the third quarter 2007 increased 9.38% to 33.8 million tons, compared to the same period last year. In August 2007, the firm had the best monthly movement result with 11.7 million tons of cargo transported, due to the increase in the transport of pig iron and corn during the third quarter 2007, BNamericas relates. MRS Logistica completed the purchase of 549 more wagons in the third quarter 2007, BNamericas states. The MRS consortium is a railway freight transport company established in 1996 to operate approximately 1,700 kilometers of track in the states of Minas Gerais, Rio de Janeiro e Sao Paulo. MRS's rail network is also linked to the Central Atlantic, Vitoria-Minas and Sao Paulo Railroads, offering intramodal transportation options to the other parts of the country. The company mainly transports cargo for its principle shareholders. * * * As reported in the Troubled Company Reporter-Latin America on May 24, 2007, Standard & Poor's Ratings Services affirmed its 'BB' long-term corporate credit rating on Brazil-based railroad company MRS Logistica S.A. S&P revised the outlook to positive from stable. NAVISTAR INT'L: Unit Bags US$68.8-Mln Deal from Marine Corps ------------------------------------------------------------ Navistar International Corporation's military affiliate, International Military and Government, LLC, has won a contract from the U.S. Marine Corps for US$68.8 million to provide field service support for the Marine Corps' International(R) MaxxPro(TM) mine-resistant ambush protected (MRAP) vehicles. The contract builds on a US$71.5 million contract awarded in September to provide parts support for the Marine Corps' International(R) MaxxPro(TM) MRAP vehicles. Navistar has been awarded more than US$1 billion in total contracts for Navistar to deliver 2,971 MaxxPro units to the Marine Corps and already has more than a dozen people on the ground in the Iraq theater to provide training and field support. The MaxxPro is designed to protect troops from roadside bombs, improvised explosive devices and other threats. "This contract award is another example of our track record for providing parts to support our military vehicles," said Daniel C. Ustian, Navistar's chairman, president and chief executive officer. In addition to its parts and service contracts, Navistar has established dealerships in Iraq and Afghanistan. Archie Massicotte, president of International Military and Government, LLC said: "Providing solid support after delivery is essential - just as we do for our commercial business. We have the expertise, infrastructure and global supply network to keep the MaxxPro(TM) vehicles mission ready." 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. * * * As reported in the Troubled Company Reporter on Oct. 29, 2007, Standard & Poor's Ratings Services said that its 'BB-' corporate credit ratings on North American truck and diesel engine producer Navistar International Corp. and subsidiary Navistar Financial Corp. remain on CreditWatch with negative implications, where they were placed on Jan. 17, 2006. PERNOD RICARD: LatAm Net Sales Up 34.1% in First Quarter -------------------------------------------------------- Pernod Ricard S.A.'s consolidated net sales, excluding duties and taxes, for the period July 1 to Sept. 30, 2007, increased +6.9% to EUR1.6 billion, compared to EUR1.5 billion in the same period a year ago. Organic growth was +11.6%, with foreign exchange and group structure impacts of -1.9% and -2.4%, respectively. Over the full 2007/08 financial year, the Group structure effect is estimated at a negative of around EUR110 million on sales, and a negative of around EUR10 million on operating profit from ordinary activities. In addition, the foreign exchange effect on operating profit from ordinary activities may be estimated between a negative EUR60 to EUR70 million at current exchange rates. The spirits business recorded growth of +13.4%*, due to good performance by all geographic regions. The wines business improved by +3.3%*. The development of the Group's luxury brands remains one of the leading growth drivers (premium brands +23 %***). In total, the growth by all 15 strategic brands reached +9% in volume and +16%* in value. Nine of them recorded double-digit growth rates in value*: Martell (+39%), Jameson (+24%), Ballantine's (+22%), Havana Club (+22%), Chivas Regal (+19%), Mumm (+19%), Malibu (+13%), The Glenlivet (+13%) and Jacob's Creek (+10%). Other Group spirits brands registered growth overall, in particular with the success of premium and ultra premium brands (Aberlour and Royal Salute) and standard premium brands (Ararat, Something Special, Wyborowa and Olmeca) and this, in spite of difficulties encountered by 100 Pipers (Thailand), Montilla (Brazil) and Hiram Walker Liqueurs (US). The wines business excluding champagne posted growth, focusing on the fast-growing premium brand portfolio and featuring a decline in secondary brands. All geographic regions contributed to organic growth: Asia/Rest of World: EUR498 million (+12.4%, being organic growth +13%) Again, China showed great strength, posting net sales organic growth of +30%, in particular due to Martell and Ballantine's superior qualities, and this, in spite of slower growth observed in the whisky category. India also recorded very strong growth due to its Indian whisky portfolio, including Royal Stag, Imperial Blue and Blenders Pride, and to the success of imported whisky brands, especially Chivas Regal and Ballantine's. Starting from a lower sales level, most other markets also posted strong double-digit growth: Taiwan, Malaysia, Indonesia, Vietnam, whereas Thailand slowed down its decline. South Africa, where Jameson continued to make its breakthrough, registered further strong growth. Asian Duty Free was also dynamic with Chivas Regal, Ballantine's and Martell. The Pacific Region (Australia and New Zealand) declined following strong price increases, which especially affected wine brands. * Organic growth ** Country with a GNP/capita < US$10,000 *** Brands of an equal or superior quality to Chivas Regal 12 yo and Martell VS. Americas: EUR393 million (-3.1%, organic growth +11%) North America (organic growth: +7.1%) Jameson, Malibu, The Glenlivet and Wild Turkey continued to expand rapidly in the U.S. Chivas Regal sales increased slightly, whereas Martell and Mumm declined following the price increases. Kahlua and Beefeater sales decreased again. The wine and champagne portfolio grew strongly (Perrier-Jouet, Mumm Napa, Jacob's Creek, Montana, Campo Viejo). Growth remained strong over the quarter in Canada and Mexico. Central and South America (organic growth: +34.1%) Central and South America experienced outstanding growth, primarily due to Chivas Regal (Venezuela), Ballantine's (Brazil, Chile) and Havana Club (Chile, Cuba). Europe: EUR508 million (+10.9%, being organic growth +12%) Europe recorded a sharp acceleration, especially for the 15 strategic brands whose sales increased by +16%*. Sales growth was enhanced by favorable comparison bases. Sales increased in most European countries; Western European countries experienced the strongest growth overall, whereas Central and Eastern Europe, notably Russia and Poland, developed rapidly. France: EUR157 million (organic growth +5%) First quarter sales held up well in France, with dynamic sales by most whisky brands, in particular premium brands (Chivas Regal, Aberlour, The Glenlivet), partly due to strong promotional activities. Mumm gained market shares and benefited from price increases in the previous financial year and a favorable mix effect (vintage and rose). Aniseed product sales declined, due to bad weather in the summer and in spite of a marked recovery in September. "First quarter performance was excellent and again illustrated the success of our premiumization strategy and development in emerging countries. These very good results enable the confirmation, in current market conditions and on a like-for- like basis*, of guidance of strong growth in sales and operating profit from ordinary activities for Pernod Ricard in 2007/08," Patrick Ricard specified. A guidance figure for organic growth in operating profit from ordinary activities will be released at the Annual General Meeting on Nov. 7, 2007. * Organic growth ** Change and Group structure About Pernod Ricard Headquartered in Paris, France, Pernod Ricard -- http://www.pernod-ricard.com/-- produces and distributes spirits and wines. The Company operates in Europe, North America, Brazil, Mexico, and the Asia-Pacific region. * * * Pernod Ricard carries Standard & Poor's BB+ ratings on its 5.245% floating rate notes and 4-5/8% unsubordinated notes. SCO GROUP: Taps Boies Schiller as Special Litigation Counsel ------------------------------------------------------------ The SCO Group Inc. and SCO Operations Inc. ask the United States Bankruptcy Court for the District of Delaware for authority to employ Boies, Schiller & flexner LLP as special litigation counsel, nunc pro tunc to Sept. 14, 2007. Boies Schiller will assist the Debtors in connection with the continuation of the SCO Litigation. The SCO Litigation consists of these pending matters: -- SCO Group v. International Businesses Machines Corp. pending in the U.S. District Court for the District of Utah; -- SCO Group v. Novell Inc. pending in the U.S. District Court for the District of Utah; -- Red Hat Inc. v. SCO Group pending in the U.S. District Court for the District of Delaware; -- SCO Group v. Autozone Inc. pending in the U.S. District Court for the District of Nevada; -- SCO Group v. DaimlerChrysler Corporation pending in the State of Michigan, Circuit Court for the County of Oakland; -- Gray Litigation: Wayne R. Gray v. Novell, SCO Group and X/Open Company Ltd. pending in the U.S. District Court for the Middle District of Florida; and -- SuSE Linux GmbH v. SCO Group pending before the International Court of Arbitration. Specifically, the firm will: a. give advice to the Debtors with respect to the SCO Litigation; b. prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the prosecution, defense or appeal of administration of the SCO Litigation; c. represent the Debtors at all trials, hearings or arbitration proceedings with respect to the SCO Litigation; and d. protect the interests of the Debtors with respect to the SCO Litigation. Subject to the Court's approval, the Debtors will pay the firm at its standard hourly rate with respect to the Gray Litigation and 50% of its standard hourly rates with respect to the SuSE Arbitration and continue the terms of their pre-bankruptcy engagement on other SCO Litigation. The Debtors believe that the employment of the firm is necessary and in the best interest of the Debtors' estates. To the best of the Debtors' knowledge, Boies Schiller does not represent or hold any interest adverse to the Debtors or their estates. The firm can be reached at: Stuart H. Singer, Esq. Boies, Schiller & flexner LLP 333 Main St. Armonk, NY 10504-1812 Tel: (914) 749-8200 Fax: (914) 749-8300 http://www.bsfllp.com/ Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX) fka Caldera International Inc. -- http://www.sco.com/-- provides software technology for distributed, embedded and network-based systems, offering SCO OpenServer for small to medium business and UnixWare for enterprise applications and digital network services. The company has office locations in Australia, Austria, Argentina, Brazil, China, Japan, Poland, Russia, among others. The company and its affiliate, SCO Operations Inc., filed for Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead Case No. 07-11337). Epiq Bankruptcy Solutions, LLC, acts as the Debtors' claims and noticing agent. The United States Trustee failed to form an Official Committee of Unsecured Creditors in these cases due to insufficient response from creditors. The Debtors' exclusive period to file a chapter 11 plan expires on March 12, 2008. The Debtors' schedules of assets and liabilities showed total assets of US$9,549,519 and total liabilities of US$3,018,489. SCO GROUP: Selects Dorsey & Whitney as Special Corporate Counsel ---------------------------------------------------------------- The SCO Group Inc. and SCO Operations Inc. ask the United States Bankruptcy Court for the District of Delaware for authority to employ Dorsey & Whitney LLP as special corporate and securities counsel, nunc pro tunc to Sept. 14, 2007. Dorsey & Whitney will: a. advise and counsel the Debtors with respect to their responsibilities in complying with the requirements of regulatory authorities and general corporate matters; b. give advice with respect to continued compliance with securities matters, specifically with respect to the Debtors' continued compliance with the Securities Act of 1033 and the Securities and Exchange Act of 1934, including the preparation and filing of quarterly and annual reports required by federal law that will be necessary during the pendency of the cases; c. give advice with respect to general corporate governance, transactional, finance, labor and employment, and other related general outside counsel matters; and d. assist lead bankruptcy counsel as may be needed to protect the interests of the estates in all matters pending before the Court. The Debtors will pay the firm at its standard hourly rate. Professional Designation Rate ------------ ----------- ---- Nolan S. Taylor, Esq. Partner US$440 Devan Padmanabhan, Esq. Partner US$495 Eric Lopez Schnabel, Esq. Partner US$450 Samuel P. Gardner, Esq. Partner US$330 David Marx Associate US$270 In addition, Dorsey had unbilled fees and expenses owed by the Debtors totaling US$53,128 and other expenses already billed totaling US$1,622. Prior to the bankruptcy filing, Dorsey received a US$100,000 retainer, however Dorsey was not able to issue an invoice for its unbilled expenses. The Debtors and Dorsey has requested for authority to apply the unbilled claim against the retainer and the remainder of the retainer against fees approved for payment pursuant to Court orders. The Debtors believe that the employment of Dorsey & Whitney is necessary and in the best interest of the Debtors' estates. The firm can be reached at: Nolan S. Taylor, Esq. Dorsey & Whitney LLP 170 South Main Street, suite 900 Salt Lake, Utah http://www.dorsey.com/ Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX) fka Caldera International Inc. -- http://www.sco.com/-- provides software technology for distributed, embedded and network-based systems, offering SCO OpenServer for small to medium business and UnixWare for enterprise applications and digital network services. The company has office locations in Australia, Austria, Argentina, Brazil, China, Japan, Poland, Russia, among others. The company and its affiliate, SCO Operations Inc., filed for Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead Case No. 07-11337). Epiq Bankruptcy Solutions, LLC, acts as the Debtors' claims and noticing agent. The United States Trustee failed to form an Official Committee of Unsecured Creditors in these cases due to insufficient response from creditors. The Debtors' exclusive period to file a chapter 11 plan expires on March 12, 2008. The Debtors' schedules of assets and liabilities showed total assets of US$9,549,519 and total liabilities of US$3,018,489. SENSATA TECH: Third Quarter Net Revenue Up 24.4% to US$357.4MM -------------------------------------------------------------- Sensata Technologies B.V. announces Third quarter 2007 net revenue was US$357.4 million, which represents an increase of US$70.2 million or 24.4 percent over the third quarter of 2006. Adjusted EBITDA was US$90.2 million, an increase of US$15.6 million or 20.9 percent over the third quarter of 2006 Adjusted EBITDA. For the nine months ended Sept. 30, 2007, net revenue was US$1,031.0 million, an increase of 17.2 percent from US$879.5 million for the same period in 2006. Adjusted EBITDA increased to US$264.2 million or 13.0 percent from US$233.9 million in the same period 2006. The quarter ending cash balance of US$54.0 million was down from this year's second quarter balance of US$105.9 million, primarily due to the US$89.7 million in cash that was used in connection with the acquisition of Airpax Holdings, Inc. Tom Wroe, Chairman and Chief Executive Officer said, "We experienced double-digit percentage growth in net revenue and Adjusted EBITDA for both the third quarter and the nine months ended Sept. 30, 2007. This was accomplished mainly through the expansion of our core sensor base net revenue and the execution of our acquisition strategy. The outlook for our overall business remains positive through year end though we will continue to monitor various trends in the global macroeconomic environment." Recent Developments On July 27, 2007, Sensata Technologies, Inc., the Company's principal U.S. operating subsidiary, completed the acquisition of Airpax Holdings, Inc., a leading manufacturer of components and systems for power protection, sensing and controls applications. The purchase price was US$277.5 million plus fees and expenses and the transaction was closed using a combination of cash and new borrowings. Approximately US$195 million in a new senior subordinated term loan was issued and the balance was funded with cash on hand. Mr. Wroe added, "We have successfully begun the integration of Airpax Holdings, Inc. into Sensata. We now have a leading market position in our Controls business segment for the higher-growth network power and critical, high-reliability mobile power applications; markets where we did not previously compete." About Sensata Technologies B.V. Headquartered in Attleboro, Massachusetts, Sensata Technologies -- http://www.sensata.com/-- is a supplier of sensors and controls across a range of markets and applications. The company has manufacturing locations in Brazil, Mexico, China, Japan and the Netherlands. Sensata Technologies employs approximately 5,400 people worldwide. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 1, 2007, Moody's Investors Service affirmed Sensata Technologies B.V.'s B2 corporate family rating in response to the company's issuance of EUR141 million (US$195 million) senior subordinate term loan and use of cash on hand to acquire Airpax Holdings, Inc. for US$276 million, including fees and expenses. TAM SA: Signs Compensation Payment Method Agreement with ABAV ------------------------------------------------------------- TAM S.A. and the Brazilian Association of Travel Agents -- ABAV -- signed an agreement to establish a new method for compensation payment that will result in greater transparency regarding the service purchased by the end user. As of January, passengers can expect to have the ticket price and corresponding travel agent compensation for the purchase specified on the ticket itself. The agreement will first be implemented in the Brazilian market and subsequently internationally. The new procedures agreed to between the company and ABAV, organization with the greatest representation in Brazil's tourism sector, with over 50 years of activities, will be presented to the National Civil Aviation Agency in the next few days. According to the agreement, travel agent compensation -- previously known as the "commission" and required as an integral part of the tariff -- will consist of a service charge of 10% of the ticket value or BRL30.00, whichever is greater, and will be levied on domestic tickets, which will be charged separately and directly to the final client. The amount will be charged by the travel agent directly to the customer as a service charge. The new procedure will be put into practice by agencies linked to ABAV and by TAM at all points of sale, stores and TAM Viagens, outsourced agencies and call centers, but will exclude electronic sales, where there is no participation by an actual representative at the moment of sale. "The work involved in reaching this final model has been maturing over the past year between the ABAV and TAM boards, always with open dialogue and great transparency. To get to this point, we also looked at what was being adopted successfully in a number of other locations around the world," said Wagner Ferreira, TAM Vice President of Sales. For TAM, the change will lead to a reduction in administrative and general expenses. Passengers, in turn, will be able to determine the ticket cost as well as service fee for the transaction. Investor Relations Contact: Press Agency Contact: Phone: (55) (11) 5582-9715 Phone: (55) (11) 5582-8167 Fax: (55) (11) 5582-8149 Fax: (55) (11) 5582-8155 invest@tam.com.br tamimprensa@tam.com.br http://www.tam.com.br/ri About TAM SA TAM SA -- http://www.tam.com.br/-- operates regular flights to 47 destinations throughout Brazil. It serves 72 different cities in the domestic market through regional alliances. Additionally, it maintains code-share agreements with international airline companies that allow passengers to travel to a large number of destinations throughout the world. TAM was the first Brazilian airline company to launch a loyalty program. The program has over 3.3 million subscribers and has awarded more than 3.6 million tickets. As reported in the Troubled Company Reporter-Latin America on Aug. 27, 2007, Standard & Poor's Ratings Services affirmed its 'BB' long-term corporate credit rating on Brazil-based airline TAM S.A. S&P's outlook is stable. * BRAZIL: Petrobras Cuts Rio de Janeiro & Sao Paulo Gas Supplies ---------------------------------------------------------------- Brazilian state-owned oil company Petroleo Brasileiro SA aka Petrobras said in a statement that it has temporarily reduced natural gas supplies to Rio de Janeiro and Sao Paulo. Business News Americas relates that Petrobras lessened supplies to meet commitments with power regulator Aneel to fuel thermoelectric plants. Brazilian increased thermo generation due to dry season. Petrobras reduced supplies to Rio de Janeiro natural gas distributor CEG and Sao Paulo distributor Comgas. Published reports say that the decline in natural gas supplies led to the decrease of CEG's supplies by 1.3 million cubic meters per day from 7.6 million cubic meters per day and the decline of Comgas' supplies by one million cubic meters per day from 15 million cubic meters per day. Petrobras told BNamericas that distributors in Rio de Janeiro and Sao Paulo were getting natural gas above the volume agreed upon for over a year. CEG and Comgas were aware of the need to lessen supplies two weeks ago. CEG was disappointed with Petrobras' decision to lessen supplies, claiming that the move was "arbitrary" and "unilateral," BNamericas notes. CEG said in a statement, "Petrobras' initiative will result in a substantial decrease in VNG sent to service stations and natural gas to large industries in Rio de Janeiro." Meanwhile, Comgas said in a filing with the Brazilian securities regulator Comissao de Valores Mobiliarios that it has been negotiating with Petrobras to protect the interests of its customers and investors. Comgas told BNamericas that it was asking that large consumers temporarily switch their fuel from natural gas to fuel oil, saying that it wants to avoid litigations with Petrobras. It assured residential consumers and commercial customers that they won't face problems with natural gas supplies. According to Reuters, Petrobras had began restoring gas supplies to Rio de Janeiro in response to a court injunction from the state. BNamericas says that a court in Rio de Janeiro issued an injunction ordering Petrobras to resume natural gas supplies to the state. The court imposed a BRL500,000 fine per hour on the firm if it wouldn't respect the ruling. "If Petrobras keeps on interrupting natural gas supplies, there is a reasonable fear that cars and taxi fleets will run out of fuel," Rio de Janeiro judge Natacha Oliveira said in the ruling. About CEG CEG is a natural gas, liquefied petroleum gas and manufactured gas distribution company that serves in Rio de Janeiro. It has 571.447 clients and 2,246 kilometers of pipelines. Spain's Gas Natural SDG operates it. About Comgas Comgas Gas is an oil distribution company in Sao Paulo. It has over 3,400 kilometers of pipelines and serves over 385,000 clients. About Petroleo Brasileiro Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp- - was founded in 1953. The company explores, produces, refines, transports, markets, distributes oil and natural gas and power to various wholesale customers and retail distributors in Brazil. Petrobras has operations in China, India, Japan, and Singapore. * * * As reported in the Troubled Company Reporter-Latin America on May 14, 2007, Fitch Ratings upgraded Brazil's long-term foreign and local currency sovereign Issuer Default Ratings to 'BB+' from 'BB' and the Country Ceiling to 'BBB-' from 'BB+'. In addition, Fitch affirmed Brazil's Short-term IDR at 'B'. Fitch said the rating outlook is stable. * BRAZIL: Petroleo Brasileiro Restarts P-25 Platform in Albacora ---------------------------------------------------------------- Brazilian state-run oil firm Petroleo Brasileiro SA aka Petrobras has restarted operations at its 65,000-barrel-per-day P-25 platform in the Campos basin's offshore Albacora field, Business News Americas reports. According to BNamericas, the P-25 platform suspended its operations on Oct. 16, 2007, due to problems in the drill pipe riser. Petrobras admitted to BNamericas that it lost about 25,000 barrels per day during the platform's shutdown. BNamericas states that Petrobras' domestic oil production declined 2.1% in September 2007, from September 2006, due to operational glitches in the platforms in these Campos fields: -- Barracuda, -- Caratinga, -- Espadarte, -- Marlim, and -- Roncador. About Petroleo Brasileiro Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp- - was founded in 1953. The company explores, produces, refines, transports, markets, distributes oil and natural gas and power to various wholesale customers and retail distributors in Brazil. Petrobras has operations in China, India, Japan, and Singapore. * * * As reported in the Troubled Company Reporter-Latin America on May 14, 2007, Fitch Ratings upgraded Brazil's long-term foreign and local currency sovereign Issuer Default Ratings to 'BB+' from 'BB' and the Country Ceiling to 'BBB-' from 'BB+'. In addition, Fitch affirmed Brazil's Short-term IDR at 'B'. Fitch said the rating outlook is stable. =========================== C A Y M A N I S L A N D S =========================== BANK OF AYUDHYA: Phanporn Kongyingyong Quits Post as Director ------------------------------------------------------------- Phanporn Kongyingyong has resigned from her post as director of the Bank of Ayudhya PCL, a disclosure with the Stock Exchange of Thailand says. According to the disclosure, the bank's Board of Directors acknowledged Ms. Phanporn's resignation effective yesterday. The Board also resolved to amended the list of the bank's directors that are authorized to sign on BAY's behalf to be as follows: "Mr. Pongpinit Tejagupta or Mr. Chet Raktakanishta, to co-sign with any one of Mr. Tan Kong Khoon or Mrs. Janice Rae Van Ekeren, with the Company's seal affixed". Headquartered in Bangkok, Thailand, Bank of Ayudhya Public Co. Ltd. -- http://www.krungsri.com/-- provides a full range of banking and financial services. The bank offers corporate and personal lending, retail and wholesale banking; international trade financing asset management; and investment banking services to customers through its branches. It has branches in Hong Kong, Vietnam, Laos, and the Cayman Islands. Bank of Ayudhya's subordinated debts carry Fitch Ratings Services' BB+ rating. Fitch Ratings (Thailand) Limited also assigned a National Long- term rating of 'A+(tha)' to the debentures of Bank of Ayudhya Public Company Limited (BAY) Tranche 1 due 2010 and Tranche 2 due 2011 of up to THB15 billion each. BJK INC: Proofs of Claim Filing Deadline Is Nov. 14 --------------------------------------------------- B.J.K. Inc.'s creditors are required to submit proofs of claim by Nov. 14, 2007, to Kingsley G. Campbell, 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. B.J.K.'s shareholders decided on Sept. 21, 2007, to place the company into voluntary liquidation under the Cayman Islands' Companies Law (2007 Revision). The liquidator can be reached at: Kingsley G. Campbell 103 Ronan Avenue, Toronto Ontario, Canada M4N 2Y2 Telephone: (416) 481 0455 BLACKSTONE PARTNERS: Proofs of Claim Filing Is Until Nov. 16 ------------------------------------------------------------ Blackstone Partners Nontaxable Offshore Sterling Fund Ltd. will hold its final shareholders meeting on Nov. 16, 2007, at the offices of the liquidator. These agendas will be taken during the meeting: 1) accounting of the winding-up process; and 2) giving 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. Blackstone W' shareholders agreed to place the company into voluntary liquidation under The Cayman Islands' Companies Law (2007 Revision). The liquidator can be reached at: Scott Long 345 Park Avenue, New York New York 10154, USA BLACKSTONE R OFFSHORE: Proofs of Claim Filing Ends on Nov. 16 ------------------------------------------------------------- Blackstone R Offshore Fund Ltd. will hold its final shareholders meeting on Nov. 16, 2007, at the offices of the liquidator. These agendas will be taken during the meeting: 1) accounting of the winding-up process; and 2) giving 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. Blackstone W' shareholders agreed to place the company into voluntary liquidation under The Cayman Islands' Companies Law (2007 Revision). The liquidator can be reached at: Scott Long 345 Park Avenue, New York New York 10154, USA BLACKSTONE W: Sets Final Shareholders Meeting for Nov. 16 --------------------------------------------------------- Blackstone W Offshore Fund Ltd. will hold its final shareholders meeting on Nov. 16, 2007, at the offices of the liquidator. These agendas will be taken during the meeting: 1) accounting of the winding-up process; and 2) giving 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. Blackstone W' shareholders agreed to place the company into voluntary liquidation under The Cayman Islands' Companies Law (2007 Revision). The liquidator can be reached at: Scott Long 345 Park Avenue, New York New York 10154, USA BOMBAY CO: Committee Taps Lang Michener as Canadian Counsel ----------------------------------------------------------- The Official Committee of Unsecured Creditors of Bombay Company Inc. and its debtor-affiliates ask the United Bankruptcy Court for the Northern District of Texas for permission to retain Lang Michener LLP as its Canadian counsel, nunc pro tunc to Sept. 26, 2007. As the Debtors' Canadian counsel, Lang Michener will: a. represent the Committee at hearings in the Canadian proceeding and any other related Canadian proceedings; b. advise the Committee and its United States professionals advisors on matters involving Canadian law and practice relevant to the Bankruptcy cases, including without limitation in relation to sale processes and procedures and assets dispositions; c. assist the Committee and its U.S. advisors in considering the impact of the Canadian sales process and issues affecting the Debtors and their estates, including, without limitation, the disposition of assets owned by the Debtors to facilitate the Canadian sale process; d. advise the Committee and its U.S. advisors on intercompany issues as between the Debtors and Bombay Canada impacting on the Debtors and their estates; e. assist with the Committee's investigation of the assets, liabilities and financial condition and operations of the Debtors and Bombay Canada in Canada; f. assist the Committee and its U.S. advisors in analyzing, prospective claims and proving claims of the Debtors against Bombay Canada; g. assist the U.S. advisors in their analysis of, and negotiations with, the Debtors, Bombay Canada and third parties concerning matters related to, among other things, the sales processes being undertaken and the processes to be followed upon completion of the sale of the Debtors' assets and the assets of Bombay Canada and related issues; h. review and analyze all financial information, analyses, memoranda, pleadings, orders, reports and other documents as may be necessary in furtherance of the Committee's interest and objectives; i. prepare on behalf of the Committee any legal analyses, memoranda, pleadings, orders, reports and other documents as may be necessary in furtherance of the Committee's interest and objectives; j. assist and advise the U.S. advisors with respect to any other matters that they may request; and k. perform all other legal services prescribed by the Committee and its U.S. advisors, which may be necessary and proper for the Committee to discharge its duties in these bankruptcy cases. The firm's professionals standard hourly rates in Canadian currency are: Designations Hourly Rate ------------ ----------- Partners CDN$390 - CDN$795 Associates CDN$260 - CDN$550 Summer/Articling Students CDN$170 - CDN$215 Paralegals CDN$75 - CDN$245 Sheryl E. Seigel, Esq., an attorney of the firm, assures the Court that the firm does not hold any interest adverse to the Debtors' estate and is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. Headquartered in Fort Worth, Texas, The Bombay Company Inc., (OTC Bulletin Board: BBAO) -- http://www.bombaycompany.com/ -- designs, sources and markets a unique line of home accessories, wall decor and furniture through 384 retail outlets and the Internet in the U.S. and internationally, including Cayman Islands. The company and five of its debtor-affiliates filed for Chapter 11 protection on Sept. 20, 2007 (Bankr. N.D. Tex. Lead Case No. 07-44084). Robert D. Albergotti, Esq., John D. Penn, Esq., Ian T. Peck, Esq., and Jason B. Binford, Esq., at Haynes and Boone, L.L.P., represent the Debtors. As of May 5, 2007, the Debtors listed total assets of US$239,400,000 and total debts of US$173,400,000. Attorneys at Cooley, Godward, Kronish LLP acts as counsel for the Official Committee of Unsecured Creditors. Forshey & Prostok LLP is the Committee's local counsel. CHIEN KUO: Proofs of Claim Filing Ends on Nov. 16 ------------------------------------------------- Chien Kuo Group Holdings Limited's creditors are required to submit proofs of claim by Nov. 16, 2007, to Richard L. Finlay, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Chien Kuo's shareholders decided on Sept. 30, 2007, to place the company into voluntary liquidation under the Cayman Islands' Companies Law (2007 Revision). The liquidator can be reached at: Richard L. Finlay Attention: Krysten Lumsden Conyers Dill & Pearman P.O. Box 2681, Cricket Square Hutchins Drive, Grand Cayman KY1-1111 Cayman Islands Telephone: (345) 945 3901 Fax: (345) 945 3902 CLARION OFFSHORE: To Hold Final Shareholders Meeting on Nov. 16 --------------------------------------------------------------- Clarion Offshore Fund, Ltd., will hold its final shareholders meeting on Nov. 16, 2007, at 9:00 a.m. at the registered office of the company. These agendas will be taken during the meeting: 1) accounting of the winding-up process; and 2) authorizing the liquidator to retain the records of the company for a period of six years from the dissolution of the company after which they may be destroyed. A member entitled to attend and vote at the meeting will be allowed to appoint a proxy, who need not be a member, in his stead. Clarion Offshore's shareholders agreed to place the company into voluntary liquidation under The Cayman Islands' Companies Law (2007 Revision). The liquidator can be reached at: Russell Smith Attention: Sumitra Devi P.O. Box 2499, George Town Grand Cayman KY1-1104, Cayman Islands Telephone: (345) 946 0820 Fax: (345) 946 0864 GOTTFRIED INT'L: Sets Final Shareholders Meeting for Nov. 16 ------------------------------------------------------------ Gottfried International will hold its final shareholders meeting on Nov. 16, 2007, at 10:00 a.m. at: The John Hancock Tower 200 Clarendon Street, 54th Floor Boston, Massachussets 02116 USA These agendas will be taken during the meeting: 1) accounting of the winding-up process; 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. Gottfried International's shareholders agreed to place the company into voluntary liquidation under The Cayman Islands' Companies Law (2007 Revision). The liquidator can be reached at: Ansbert Gadicke The John Hancock Tower 200 Clarendon Street, 54th Floor Boston, Massachussets 02116 USA Phone: 617-425-9234 Fax: 617-425-9313 JUST ONE: Proofs of Claim Filing Ends on Nov. 17 ------------------------------------------------ Just One Electronics' creditors are required to submit proofs of claim by Nov. 17, 2007, to John Cullinane and Derrie Boggess, 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. Just One's shareholder decided on June 14, 2007, to place the company into voluntary liquidation under the Cayman Islands' Companies Law (2007 Revision). The liquidator can be reached at: John Cullinane Derrie Boggess c/o Walkers SPV Limited Walker House, 87 Mary Street George Town, Grand Cayman KY1-9002 Cayman Islands Telephone: (345) 914-6305 KED INVESTMENTS: Proofs of Claim Filing Deadline Is Nov. 15 ----------------------------------------------------------- Ked Investments IV Ltd.'s creditors are required to submit proofs of claim by Nov. 15, 2007, to Stuarts Corporate Services Ltd., the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Ked Investments' sole shareholder decided on Sept. 6, 2007, to place the company into voluntary liquidation under the Cayman Islands' Companies Law (2007 Revision). The liquidator can be reached at: Stuarts Corporate Services Ltd. 4F, Cayman Financial Center 36A Dr. Roy's Drive, George Town P.O. Box 2510, Grand Cayman, KY1-1104 Cayman Islands Telephone: (345) 949 3344 Fax: (345) 949 2888 KED INVESTMENTS: Sets Final Shareholders Meeting for Nov. 16 ------------------------------------------------------------ Ked Investments IV Ltd. will hold its final shareholders meeting on Nov. 16, 2007, at 9:00 a.m. at the offices of the liquidator. These agendas will be taken during the meeting: 1) accounting of the winding-up process; and 2) considering and, if thought fit, passing a resolution pursuant to section 158(1)(b) of the Companies Law authorizing the liquidator to retain the books, accounts, papers and documents of the Company for a period of five years from the dissolution of the company after which they may be destroyed. A member entitled to attend and vote at the meeting will be allowed to appoint a proxy, who need not be a member, in his stead. Ked Investments' shareholders agreed to place the company into voluntary liquidation under The Cayman Islands' Companies Law (2007 Revision). The liquidator can be reached at: &