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 Tuesday, November 20, 2007, Vol. 8, Issue 230 Headlines A R G E N T I N A ALIMENTARIA DEL SUR: Reorganization Proceeding Concluded AMBU SRL: Trustee Verifies Proofs of Claim Until Feb. 11, 2008 ANTICRESIS ONCE: Proofs of Claim Verification Ends Feb. 8, 2008 BEST SERVICE: Seeks for Reorganization Okay in Buenos Aires CHRYSLER LLC: Mulls Product Portfolio Streamlining DECOTECNICA SA: Proofs of Claim Verification Deadline Is Nov. 28 JURYS SRL: Seeks for Bankruptcy Approval from Buenos Aires Court METROGAS SA: Earns ARS22,493,000 for Period Ended Sept. 30 OPEN SPORTS: Proofs of Claim Verification Ends Feb. 6, 2008 PROTECTIO SRL: Trustee Verifies Claims Por Via Incidental SKI COMPANY: Proofs of Claim Verification Deadline Is Feb. 8 TENNECO INC: Receives US$474 Mil. Tenders for 10-1/4% Sr. Notes * PROVINCE OF SANTIAGO DEL ESTERO: Moody's Withdraws Ratings B A H A M A S MIRANT CORP: S&P Affirms B+ Corporate Rating with Stable Outlook B E R M U D A ABH 11: Proofs of Claim Filing Deadline Is Nov. 30 ARABIS CATASTROPHE: Proofs of Claim Filing Ends on Nov. 23 CASTLE BAY: Proofs of Claim Filing Is Until Nov. 21 CHATSWORTH HOLDINGS: Proofs of Claim Filing Deadline Is Nov. 28 CIT FSC: Proofs of Claim Filing Is Until Nov. 23 CIT FSC FIFTEEN: Proofs of Claim Filing Ends on Nov. 23 CIT FSC FOURTEEN: Proofs of Claim Filing Deadline Is Nov. 23 CONCOMBER, LTD: Proofs of Claim Filing Ends Tomorrow LMC INSURANCE: Proofs of Claim Filing Deadline Is Nov. 30 OLD MUTUAL: Proofs of Claim Filing Is Until Nov. 28 OLD MUTAL SOUTH: Proofs of Claim Filing Deadline Is Nov. 28 PRINCE DELI: Proofs of Claim Verification Ends Nov. 23 ROYALE RESORTS: Proofs of Claim Filing Ends on Nov. 28 SWISSCAP REINSURANCE: Proofs of Claim Filing Is Until Nov. 23 TOTAL FITNESS: Proofs of Claim Verification Ends Nov. 23 ZI OZTIME: Proofs of Claim Filing Deadline Is Nov. 21 B R A Z I L BANCO NACIONAL: OKs BRL170-Mln Loan on Hydroelectric Power Plant BOMBARDIER RECREATIONAL: Moody's Withdraws Proposed Ratings DELPHI CORP: Gets Court Nod for US$6.8 Bil. Exit Financing Plan EL PASO: S&P Affirms BB Corporate Rating with Positive Outlook FIDELITY NATIONAL: Makes Two Executive Appointments TAM SA: Commences Codeshare & Flyer Pact with United Airlines TEKSID ALUMINUM: Amends Tender Offer for 11-3/8% Senior Notes UAL CORP: Commences Codeshare & Flyer Pact with TAM SA ZIM CORP: Posts US$101,207 Net Loss for Quarter Ended Sept. 30 C A Y M A N I S L A N D S EM SPECIAL: Sets Final Shareholders Meeting for Nov. 29 MINCS-LIBERTY: Proofs of Claim Filing Deadline Is Nov. 29 PANTA RHEI: Holding Final Shareholders Meeting on Nov. 29 PRIME CAPITAL: Will Hold Final Shareholders Meeting on Nov. 29 SAISEI KAISYU: Holding Final Shareholders Meeting on Nov. 29 VEGA INVESTMENT: Sets Final Shareholders Meeting for Nov. 29 VEGA LIQUIDITY: Will Hold Final Shareholders Meeting on Nov. 29 VEGA LIQUIDITY NON-US: Final Shareholders Meeting Is on Nov. 29 VEGA MAG: Sets Final Shareholders Meeting for Nov. 29 C H I L E EASTMAN KODAK: Appoints Douglas Lebda & William Parrett to Board GMAC LLC: Hull Succeeds Khattri as Financial Services Unit's CFO HOUGHTON INT'L: S&P Withdraws B+ Corporate Credit Rating C O L O M B I A ECOPETROL: 10.1% Stake Sale Brings in COP5.7 Trillion * COLOMBIA: Maturing Debts Cause Peso BOnds To Rally C O S T A R I C A ARMSTRONG WORLD: Ex-Parent to Dissolve After Asset Distribution D O M I N I C A N R E P U B L I C SERVICEMASTER CO: Names Steve Martin as Chief Financial Officer E C U A D O R PETROECUADOR: Negotiating with Chinese Firms for Field Dev't * ECUADOR: Economy Minister Eases Investors Fears G U A T E M A L A FLOWSERVE CORP: Enters into Exclusive Deal with China National M E X I C O ADVANCED MARKETING: Judge Sontchi Confirms Liquidation Plan ICONIX BRAND: Buying Starter(R) Brand from NIKE for US$60 Mil. MTI GLOBAL: Posts CDN$2.1 Million Net Loss in Third Quarter REMY WORLDWIDE: Hires Huron Consulting as Financial Consultant REMY WORLDWIDE: U.S. Trustee Balks at Schedules Filing Extension REMY WORLDWIDE: Wants to Sell Knopf Business for US$18.5 Million UNITED RENTALS: Moody's Affirms Ratings with Developing Outlook URS CORP: S&P Downgrades Corporate Credit Rating to BB * MUNICIPALITY OF TLALNEPANTLA: Moody's Withdraws Ratings N I C A R A G U A INTERPUBLIC GROUP: Fitch Rates US$200 Mil. Senior Notes at BB- * NICARAGUA: Samuel Lopez in Trade Talks with Russia P A N A M A AES CORP: Niagara Deal Leads to Nickel Property Tax Rate Hike * PANAMA: Four Groups Submit Bids for Waterway Expansion P A R A G U A Y AGILENT TECH: Moody's Says Share Repurchase Won't Affect Ratings P E R U DOE RUN: To Build New Fire Station in Herculaneum * PERU: Banks To Sell Mortgage Bonds in 2008 * PERU: Free Trade Pact Gets U.S. Congress Approval P U E R T O R I C O DORAL FINANCIAL: Posts US$70-Mln Net Loss in Qtr. Ended Sept. 30 POPULAR INC: Moody's Reviews Ratings for Possible Downgrade S U R I N A M E SURINAME: S&P Raises Foreign Sovereign Credit Rating to B+ V E N E Z U E L A CMS ENERGY: Unit Declares Quarterly Dividends on Preferred Stock PETROLEOS DE VENEZUELA: Buying Back Most of Cerro Negro Bonds PETROLEOS DE VENEZUELA: Puerto la Cruz Cracker Unit Shuts Down * VENEZUELA: S&P Affirms Low B Ratings with Stable Outlook * Large Companies with Insolvent Balance Sheets - - - - - ================= A R G E N T I N A ================= ALIMENTARIA DEL SUR: Reorganization Proceeding Concluded -------------------------------------------------------- Alimentaria del Sur Argentino - Adesa S.A.'s reorganization proceeding has ended. Data published by Infobae on its Web site indicated that the process was concluded after the National Commercial Court of First Instance in Buenos Aires approved the debt agreement signed between the company and its creditors. The debtor can be reached at: Alimentaria del Sur Argentino - Adesa S.A. Maipu 26 Buenos Aires, Argentina AMBU SRL: Trustee Verifies Proofs of Claim Until Feb. 11, 2008 -------------------------------------------------------------- Jose Roberto Dolinko, the court-appointed trustee for Ambu SRL's reorganization proceeding, verifies creditors' proofs of claim until Feb. 11, 2008. Mr. Dolinko will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 7 in Buenos Aires, with the assistance of Clerk No. 13, 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 Ambu 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 Ambu's accounting and banking records will be submitted in court. The debtor can be reached at: Ambu SRL Corrientes 5712 Buenos Aires, Argentina The trustee can be reached at: Jose Roberto Dolinko Tucuman 1657 Buenos Aires, Argentina ANTICRESIS ONCE: Proofs of Claim Verification Ends Feb. 8, 2008 --------------------------------------------------------------- Federico G. Estrada, the court-appointed trustee for Anticresis Once SA's bankruptcy proceeding, verifies creditors' proofs of claim until Feb. 8, 2007. Mr. Estrada will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 6 in Buenos Aires, with the assistance of Clerk No. 12, 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 Anticresis Once 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 Anticresis Once's accounting and banking records will be submitted in court. La Nacion didn't state the reports submission deadlines. Mr. Estrada is also in charge of administering Anticresis Once's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Anticresis Once SA Tte. Gral. Juan D. Peron 2850 Buenos Aires, Argentina The trustee can be reached at: Federico G. Estrada Tte. Gral. Juan D. Peron 1509 Buenos Aires, Argentina BEST SERVICE: Seeks for Reorganization Okay in Buenos Aires ----------------------------------------------------------- The Best Service SA has requested for reorganization approval after failing to pay its liabilities. The reorganization petition, once approved by the court, will allow The Best Service to negotiate a settlement with its creditors in order to avoid a straight liquidation. The case is pending in the National Commercial Court of First Instance No. 5 in Buenos Aires. Clerk No. 10 assist in this case. The debtor can be reached at: The Best Service SA Nogoya 5173 Pte. Peron 3495 San Miguel, Buenos Aires CHRYSLER LLC: Mulls Product Portfolio Streamlining -------------------------------------------------- Chrysler LLC is in discussions with dealers on product portfolio changes and poor performing dealerships, Jeff Bennett and Josee Valcourt of the Wall Street Journal reports citing three dealers familiar with the matter. To avoid confusion on overlapping products, sources said that Chrysler wants dealers to sell all of its passenger cars under the Chrysler name; pickup and commercial trucks under the Dodge name; and, sport-utility vehicles under the Jeep name. According to WSJ, the move would reduce the number of dealers and weed out competition between products such as midsized sedans Dodge Avenger and Chrysler Sebring, which are marketed under different names. As reported in the Troubled Company Reporter on Nov. 5, 2007, the company had plans to eliminate four models through 2008, including Dodge Magnum, the convertible version of Chrysler PT Cruiser, Chrysler Pacifica and Chrysler Crossfire. In the same time frame, Chrysler will add two all-new products to its portfolio: the Dodge Journey and Dodge Challenger, along with two new hybrid models, the Chrysler Aspen and Dodge Durango. Headquartered in Auburn Hills, Michigan, Chrysler LLC -- http://www.chrysler.com/-- a unit of Cerberus Capital Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R) brand vehicles and products. The company has dealers worldwide, including Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil, Venezuela, China, Japan and Australia. * * * As reported in the Troubled Company Reporter on Nov. 12, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating on Chrysler LLC and DaimlerChrysler Financial Services Americas LLC and removed it from CreditWatch with positive implications, where it was placed Sept. 26, 2007. S&P said the outlook is negative. DECOTECNICA SA: Proofs of Claim Verification Deadline Is Nov. 28 ---------------------------------------------------------------- Jorge Alberto Arias, the court-appointed trustee for Decotecnica S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until Nov. 28, 2007. Mr. Arias will present the validated claims in court as individual reports on Feb. 14, 2008. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by Decotecnica and its creditors. Inadmissible claims may be subject for appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of Decotecnica's accounting and banking records will be submitted in court on April 1, 2008. Mr. Arias is also in charge of administering Decotecnica's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Decotecnica S.A. Simbron 5180 Buenos Aires, Argentina The trustee can be reached at: Jorge Alberto Arias Avenida Corrientes 1312 Buenos Aires, Argentina JURYS SRL: Seeks for Bankruptcy Approval from Buenos Aires Court ---------------------------------------------------------------- The National Commercial Court of First Instance No. 1 in Buenos Aires is studying the merits of Jurys SRL's request to enter bankruptcy protection. Jurys filed a "Quiebra Decretada" petition following cessation of debt payments on March 30, 2006. The petition, once approved by the court, will transfer control of the company's assets to a court-appointed trustee who will supervise the liquidation proceedings. Clerk No. 2 assists the court in this case. The debtor can be reached at: Jurys SRL Corrientes 2963 Buenos Aires, Argentina METROGAS SA: Earns ARS22,493,000 for Period Ended Sept. 30 ---------------------------------------------------------- MetroGas SA delivered to the U.S. Securities and Exchange Commission its unaudited consolidated interim financial statements for the nine-month period ended Sept. 30, 2007. The company's operating cost for the period is ARS520,025,000, compared to ARS473,559,000 for the same period last year. MetroGas' operating income is ARS112,487,000, compared to ARS105,309,000 for the same period last year. At Sept. 30, 2007, the company reported ARS22,493,000 of net income, compared to ARS300,755,000 of net income in the same period last year. At Sept. 30, the company's balance sheet showed ARS2,083,031,000 of total assets and ARS1,085,707,000 of total liabilities, resulting to a shareholders' equity of ARS996,198,000. Headquartered in Buenos Aires, Argentina, Metrogas SA -- http://www.metrogas.com.ar/-- distributes gas to Buenos Aires and southern and eastern greater metropolitan Buenos Aires. The Company has a 35-year concession that began in 1992 to provide natural gas in this area. The concession is renewable for an additional 10 years. Metrogas supplies some 2 million customers in Buenos Aires through 15,840 km of pipelines, representing about 26% of all gas retailed in Argentina. Metrogas is 45% owned by a subsidiary of UK gas production company BG Group and 26% owned by a unit of Spanish oil company Repsol YPF. * * * As reported in the Troubled Company Reporter-Latin America on April 2, 2007, Moody's Investors Service upgraded Metrogas S.A. debt ratings to Caa1 from Caa2 and the national scale rating to Ba1.ar from B1.ar. Moody's said the outlook is stable. OPEN SPORTS: Proofs of Claim Verification Ends Feb. 6, 2008 ----------------------------------------------------------- Hector Juan Kaiser, the court-appointed trustee for Open Sports Trends S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until Feb. 6, 2008. Mr. Kaiser will present the validated claims in court as individual reports. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by Open Sports 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 Open Sports' accounting and banking records will be submitted in court. Infobae didn't state the reports submission deadlines. Mr. Kaiser is also in charge of administering Open Sports' assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Hector Juan Kaiser Montevideo 666 Buenos Aires, Argentina PROTECTIO SRL: Trustee Verifies Claims Por Via Incidental --------------------------------------------------------- Estudio de los Dres. Graciela Silvia Turco y Mauricio Gola, the court-appointed trustee for Protectio S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of claim "por via incidental." Estudio de los Dres. Graciela will present the validated claims in court as individual reports. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by Protectio 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 Protectio's accounting and banking records will be submitted in court. Infobae didn't state the reports submission deadlines. Estudio de los Dres. Graciela is also in charge of administering Protectio's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Protectio S.R.L. Ibera 2502/10 Buenos Aires, Argentina The trustee can be reached at: Estudio de los Dres. Graciela Silvia Turco y Mauricio Gola Cochabamba 4272 Buenos Aires, Argentina SKI COMPANY: Proofs of Claim Verification Deadline Is Feb. 8 ------------------------------------------------------------ Ruben Angel Scaletta, the court-appointed trustee for Ski Company S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until Feb. 8, 2008. Mr. Scaletta will present the validated claims in court as individual reports on April 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 Ski Company 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 Ski Company's accounting and banking records will be submitted in court on May 19, 2008. Mr. Scaletta is also in charge of administering Ski Company's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Ruben Angel Scaletta Piedras 1077 Buenos Aires, Argentina TENNECO INC: Receives US$474 Mil. Tenders for 10-1/4% Sr. Notes --------------------------------------------------------------- Tenneco Inc. disclosed that as of 5:00 p.m., New York City time, on Nov. 15, 2007, a total of US$474 million in aggregate principal amount of its 10-1/4% Senior Secured Notes due 2013 have been tendered pursuant to its tender offer for up to US$230 million aggregate principal amount of notes. As such, the requisite consents of holders of a majority in principal amount of notes required to adopt the proposed amendments to the indenture governing the notes have been received, and the company and the trustee executed a supplemental indenture to effect the proposed amendments described in the Offer to Purchase and Consent Solicitation Statement dated Nov. 1, 2007. Accordingly, tendered notes may no longer be withdrawn and consents delivered may no longer be revoked, except in the limited circumstances described in the offer to purchase. Based on the results, more than US$230 million principal amount of notes have already been tendered, so the amount of notes that will be purchased will be prorated based on the aggregate principal amount of notes validly tendered in the tender offer on or before the expiration date. In addition, the pricing terms of the offer were also set. As such, the total consideration for each US$1,000 principal amount of notes validly tendered and not withdrawn prior to the Consent Date is US$1,087.09, which includes a consent payment of US$30. The total consideration was determined by reference to a fixed spread of 50 basis points over the bid side yield of the 5-1/8% U.S. Treasury Note due June 30, 2008, which was calculated at 2:00 p.m., New York City time, on Nov. 15, 2007. The reference yield and the offer yield are 3.581% and 4.081%. Holders who tender their notes after the Consent Date but on or prior to the expiration date for the offer, and whose notes are accepted for purchase, will receive the related tender offer consideration as defined in the offer to purchase, but will not receive the related consent payment. The offer remains open and is scheduled to expire at midnight, New York City time, on Nov. 30, 2007, unless extended. In addition, accrued and unpaid interest on the notes up to but not including the settlement date for the offer, which is expected to be on or about Dec. 3, 2007, will be paid in cash on validly tendered notes accepted for purchase. The tender offer is conditioned on the satisfaction or waiver prior to the acceptance date of customary conditions, including Tenneco having received from the offer and sale of new notes, on terms and conditions acceptable to it in its sole discretion, funds sufficient to consummate the offer. The company expects to close on an offering of new 8-1/8% Senior Notes due 2015 on or about Nov. 20, 2007. Copies of the complete terms and conditions of the tender offer and consent solicitation may be obtained by contacting Global Bondholder Services Corporation, the information agent for the offer, at (212) 430-3774 (collect) or (866) 873-5600 (U.S. toll- free). Banc of America Securities LLC and Citi are the dealer managers and solicitation agents for the tender offer and consent solicitation. Additional information concerning the tender offer and consent solicitation may be obtained by contacting Banc of America Securities LLC, High Yield Special Products, at (704) 388-4813 (collect) or (888) 292-0070 (U.S. toll-free) and Citigroup Global Markets Inc. at (800) 558-3745 (toll-free). About Tenneco Inc. Based in Lake Forest, Illinois, Tenneco Inc., (NYSE: TEN) -- http://www.tenneco.com/-- manufactures automotive ride and emissions control products and systems for both the original equipment market and aftermarket. Brands include Monroe(R), Rancho(R), and Fric Rot ride control products and Walker(R) and Gillet emission control products. The company has operations in Argentina, Japan, and Germany, with its European operations headquartered in Brussels, Belgium. The company has approximately 19,000 employees worldwide. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 6, 2007, Fitch Ratings assigned a rating of 'BB-' to Tenneco Inc.'s new senior unsecured notes due 2015. The new notes replace a portion of TEN's existing US$475 million in 10.25% senior secured second-lien notes for which TEN is tendering. Fitch said the rating outlook is positive. * PROVINCE OF SANTIAGO DEL ESTERO: Moody's Withdraws Ratings ------------------------------------------------------------ Moody's Investors Service has withdrawn the ratings assigned to the Province of Santiago del Estero (Argentina) for business reasons. These ratings have been withdrawn: -- Issuer ratings of D.ar (Argentina National Scale) and Caa3 (Global Scale) -- Senior Secured Global Notes Ser IV ratings of D.ar (Argentina National Scale) and Caa3 (Global Scale) -- Senior Secured Global Notes Ser V ratings of D.ar (Argentina National Scale) and Caa3 (Global Scale) ============= B A H A M A S ============= MIRANT CORP: S&P Affirms B+ Corporate Rating with Stable Outlook ---------------------------------------------------------------- Standard & Poor's Rating Services has affirmed its 'B+' corporate credit rating on Mirant Corp. and its subsidiaries Mirant North America LLC and Mirant Americas Generating LLC, and removed the ratings from CreditWatch with negative implications. S&P placed the ratings on CreditWatch on July 11, 2006. The current outlook is stable. The rating actions reflect Mirant's announcement that it will return US$4.6 billion in cash on the balance sheet to shareholders through a stock buyback program and retain the remaining cash balance in the business to fund capital expenditures and maintain strong liquidity. S&P also retained the '1' recovery rating on Mirant North America's US$700 million senior secured term loan B facility and US$800 million revolver, but raised the issue ratings on these credit facilities to 'BB' from 'BB-', consistent with the revised recovery notching criteria that S&P initiated in June 2007. Under this revised methodology, secured debt with a '1' recovery rating is notched up two times from the corporate credit rating. S&P also affirmed the 'B-' rating on Mirant North America's US$850 million in unsecured notes. In addition, S&P affirmed the 'B-' rating on MAG's senior unsecured debt. S&P also affirmed the 'BB' rating and '1' recovery score on Mirant Mid-Atlantic LLC's pass-through certificates, and removed the debt ratings from CreditWatch Negative. The outlook on Mirant Mid-Atlantic's debt is stable. The outlook on Mirant is stable. The stable outlook reflects prospects for relatively stable cash flow generation in the near term. S&P based this conclusion on the company's large base load generation position and the large amount of fuel and generation that are hedged over the next several years. Also contributing to a stable outlook is the now-resolved litigation that had remained after Mirant emerged from bankruptcy -- specifically the settlement with Potomac Electric Power Co. -- and the completed large-asset-sale program. Liquidity is ample to support operations and fund the large capital-expenditure program at Mirant Mid-Atlantic, as well. "We could raise the rating on Mirant if financial metrics improve, as long as current operations are maintained and the MIRMA capital-expenditure program goes as planned," said S&P's credit analyst Terry A. Pratt. "The rating could be pressured if Mirant reduces liquidity through additional buybacks or environmental compliance requirements arise that could reduce generation or increase costs at key coal-fired base load units," Mr. Pratt continued. About Mirant Corp. Headquartered in Atlanta, Georgia, Mirant Corporation (NYSE: MIR) -- http://www.mirant.com/-- is an energy company that produces and sells electricity in North America, the Caribbean, and the Philippines. Mirant's investments in the Caribbean include three integrated utilities and assets in Jamaica, Grand Bahama, Trinidad and Tobago and Curacao. Mirant owns or leases more than 18,000 megawatts of electric generating capacity globally. Mirant Corporation filed for chapter 11 protection on July 14, 2003 (Bankr. N.D. Tex. 03-46590), and emerged under the terms of a confirmed Second Amended Plan on Jan. 3, 2006. Thomas E. Lauria, Esq., at White & Case LLP, represented the Debtors in their successful restructuring. When the Debtors filed for protection from their creditors, they listed US$20,574,000,000 in assets and US$11,401,000,000 in debts. The Debtors emerged from bankruptcy on Jan. 3, 2006. On Mar. 7, 2007, the Court entered a final decree closing 46 Mirant cases. Mirant NY-Gen LLC, Mirant Bowline LLC, Mirant Lovett LLC, Mirant New York Inc., and Hudson Valley Gas Corporation, were not included. On Feb. 15, 2007, Mirant NY-Gen filed its Chapter 11 Plan of Reorganization and on Feb. 22 filed a Disclosure Statement explaining that Plan. The Court approved the adequacy of Mirant NY-Gen's Disclosure Statement on Mar. 22, 2007, and confirmed the Amended Plan on May 7, 2007. Mirant NY-Gen emerged from chapter 11 on May 7, 2007. On July 13, 2007, Mirant Lovett filed its Chapter 11 Plan of Reorganization. The Court confirmed Mirant Lovett's Plan on Sept. 19, 2007. ============= B E R M U D A ============= ABH 11: Proofs of Claim Filing Deadline Is Nov. 30 -------------------------------------------------- ABH 11 Limited's creditors are given until Nov. 30, 2007, to prove their claims to Robin J. Mayor, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. ABH 11's shareholder agreed on Nov. 14, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Robin J. Mayor Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, HM DX, Bermuda ARABIS CATASTROPHE: Proofs of Claim Filing Ends on Nov. 23 ---------------------------------------------------------- Arabis Catastrophe Fund, Ltd.'s creditors are given until Nov. 23, 2007, to prove their claims to Robin J. Mayor, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Arabis Catastrophe's shareholder agreed on Nov. 7, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Robin J. Mayor Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, HM DX, Bermuda CASTLE BAY: Proofs of Claim Filing Is Until Nov. 21 --------------------------------------------------- Castle Bay Management, Ltd.'s creditors are given until Nov. 21, 2007, to prove their claims to Robin J. Mayor, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Castle Bay's shareholder agreed on Nov. 7, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Robin J. Mayor Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, HM DX, Bermuda CHATSWORTH HOLDINGS: Proofs of Claim Filing Deadline Is Nov. 28 --------------------------------------------------------------- Chatsworth Holdings Ltd.'s creditors are given until Nov. 28, 2007, to prove their claims to Kevin Hadall, 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. Chatsworth Holdings' shareholder agreed on Nov. 2, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Kevin Hadall 9 Hillview Road Warwick WK 05, Bermuda CIT FSC: Proofs of Claim Filing Is Until Nov. 23 ------------------------------------------------ CIT FSC Eleven, Ltd.'s creditors are given until Nov. 23, 2007, to prove their claims to Robin J. Mayor, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. CIT FSC's shareholder agreed on Nov. 7, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Robin J. Mayor Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, HM DX, Bermuda CIT FSC FIFTEEN: Proofs of Claim Filing Ends on Nov. 23 ------------------------------------------------------- CIT FSC Fifteen, Ltd.'s creditors are given until Nov. 23, 2007, to prove their claims to Robin J. Mayor, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. CIT FSC's shareholder agreed on Nov. 7, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Robin J. Mayor Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, HM DX, Bermuda CIT FSC FOURTEEN: Proofs of Claim Filing Deadline Is Nov. 23 ------------------------------------------------------------ CIT FSC Fourteen, Ltd.'s creditors are given until Nov. 23, 2007, to prove their claims to Robin J. Mayor, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. CIT FSC's shareholder agreed on Nov. 7, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Robin J. Mayor Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, HM DX, Bermuda CONCOMBER, LTD: Proofs of Claim Filing Ends Tomorrow ---------------------------------------------------- Concomber, Ltd.'s creditors are given until Nov. 21, 2007, to prove their claims to Robin J. Mayor, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Concomber's shareholders agreed on Oct. 31, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Robin J. Mayor Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, HM DX, Bermuda LMC INSURANCE: Proofs of Claim Filing Deadline Is Nov. 30 --------------------------------------------------------- L.M.C. Insurance Company of Bermuda, Ltd.'s creditors are given until Nov. 30, 2007, to prove their claims to Daniel V. O'Leary, Jr., 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. L.M.C. Insurance's shareholder agreed on Nov. 14, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Daniel V. O'Leary, Jr. c/o The Liquidation Department Conyers Dill & Pearman, Clarendon House 2 Church Street, Hamilton HM 11 Bermuda OLD MUTUAL: Proofs of Claim Filing Is Until Nov. 28 --------------------------------------------------- Old Mutual SAGA Opportunities Fund Limited's creditors are given until Nov. 28, 2007, to prove their claims to Robin J. Mayor, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Old Mutual's shareholders agreed on Nov. 8, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Robin J. Mayor Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, HM DX, Bermuda OLD MUTAL SOUTH: Proofs of Claim Filing Deadline Is Nov. 28 ----------------------------------------------------------- Old Mutual South Africa Growth Assets Fund Limited's creditors are given until Nov. 28, 2007, to prove their claims to Robin J. Mayor, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Old Mutual's shareholders agreed on Nov. 8, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Robin J. Mayor Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, HM DX, Bermuda PRINCE DELI: Proofs of Claim Verification Ends Nov. 23 ------------------------------------------------------ Prince Deli and Bakery Ltd.'s creditors must present proofs of claim to Stephen Lowe, the company's liquidator, by Nov. 23, 2007. Failure to do so will exempt them from receiving dividend payments. Prince Deli will be declaring first and final dividends. Proof of debt forms have been mailed to all preferential creditors. The forms can also be obtained by contacting: Gail Foulger KPMG Advisory Limited Crown House, 4 Par-la-Ville Road Hamilton, Bermuda, HM 12 Phone: +441 295-5063 Fax: +441 295-8280 E-mail: gailfoulger@kpmg.bm. ROYALE RESORTS: Proofs of Claim Filing Ends on Nov. 28 ------------------------------------------------------ Royale Resorts Managment Limited's creditors are given until Nov. 28, 2007, to prove their claims to Robin J. Mayor, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Royale Resorts' shareholder agreed on Nov. 7, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Robin J. Mayor Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, HM DX, Bermuda SWISSCAP REINSURANCE: Proofs of Claim Filing Is Until Nov. 23 ------------------------------------------------------------- Swisscap Reinsurance Company Ltd.'s creditors are given until Nov. 23, 2007, to prove their claims to Andreia Daniel Vonzun, 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. Swisscap Reinsurance's shareholder agreed on Nov. 9, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Andreia Daniel Vonzun c/o Conyers Dill & Pearman Clarendon House, Church Street Hamilton, HM DX, Bermuda TOTAL FITNESS: Proofs of Claim Verification Ends Nov. 23 -------------------------------------------------------- Total Fitness Centre Ltd.'s creditors must present proofs of claim to Stephen Lowe, the company's liquidator, by Nov. 23, 2007. Failure to do so will exempt them from receiving dividend payments. Total Fitness will be declaring first and final dividends. Proof of debt forms have been mailed to all preferential creditors. The forms can also be obtained by contacting: Gail Foulger KPMG Advisory Limited Crown House, 4 Par-la-Ville Road Hamilton, Bermuda, HM 12 Phone: +441 295-5063 Fax: +441 295-8280 E-mail: gailfoulger@kpmg.bm. ZI OZTIME: Proofs of Claim Filing Deadline Is Nov. 21 ----------------------------------------------------- Zi Oztime Corporation Ltd.'s creditors are given until Nov. 21, 2007, to prove their claims to Robin J. Mayor, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Zi Oztime's shareholders agreed on Nov. 2, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Robin J. Mayor Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, HM DX, Bermuda =========== B R A Z I L =========== BANCO NACIONAL: OKs BRL170-Mln Loan on Hydroelectric Power Plant ---------------------------------------------------------------- Banco Nacional de Desenvolvimento Economico e Social has approved a BRL170 million financing for implementation of Usina Hidreletrica Monjolinho, in Rio Passo Fundo, hydrographic bassin of river Uruguay, between the cities of Faxinalzinho and Nonoai, in the State of Rio Grande do Sul. BNDES participation will be 72% of total project investment. It was also approved the associated transmission line, besides the execution of a social investment program. UHE [hydroelectric power plant] Monjolinho shall have a 67.14 MW generating capacity. During the construction phase, 700 direct and 1,500 indirect jobs will be created. The financing was granted to Monel Monjolinho Energetica S/A, of Group Engevix, which operates in the rendering of engineering consulting, project, inspection and work management services, mainly in hydroelectric generation and electric power transmission. The hydroelectric Monjolinho will have a reservoir in a 5.46 cubic km area; turbine maximum output of 126 cubic meter per second. The project foresees adequacy and construction of access roads to the plant site and the opening of a servitude passage for the installation of the transmission line. Although the environmental studies developed have indicated that the project implementation will not general significant environmental impacts, it is foreseen the execution of environmental programs to mitigate and offset project impacts. Monel participated in the third New Energy Auction in October last year and signed Energy Commercialization Contracts within the Regulated Environment with the Electric Energy Commercialization Chamber for 30 years, starting as of January 2011. However, the company intends to anticipate its full commercial operation start up for December/2009, which will enable the availability of an average 43.1 MW resulting from hydraulic generation by 2010. Incorporated in 1965, Engevix is a consulting engineering company, responsible for project elaboration, integration and management in the areas of energy, industry and infrastructure. The company has participated in studies and highly significant projects, in public and private works, in Brazil and abroad. It has offices in Sao Paulo, Bras�lia, Florian�polis, Rio de Janeiro, Macae and Curitiba, in Brazil. Outside the Country, it has offices in Lima, Mexico City and Luanda. Engevix enjoys a high concept in hydroelectric and energy projects worldwide, with participation in projects which totalize approximately 30 thousand MW installed and around 7 thousand MW in construction. Banco Nacional de Desenvolvimento Economico e Social is Brazil's national development bank. It provides financing for projects within Brazil and plays a major role in the privatization programs undertaken by the federal government. * * * Banco Nacional currently carries a Ba2 foreign long-term bank deposit rating from Moody's, and a BB+ long-term foreign issuer credit rating from Standards and Poor's. The ratings were assigned in August and May 2007, respectively. BOMBARDIER RECREATIONAL: Moody's Withdraws Proposed Ratings ----------------------------------------------------------- Moody's Investors Service has withdrawn its proposed ratings on Bombardier Recreational Products Ba2 senior secured revolver and B1 senior secured term loan assigned on June 2007, following the company's decision to postpone the offering due to current market conditions. At the same time, Moody's affirmed the company's B1 corporate family rating, B1 probability of default rating, the existing Ba2 rating of the senior secured revolver due 2011, and the B1 rating of the senior secured term loan due 2013. The rating outlook continues to be negative. "The negative outlook principally reflects Moody's concern that consumer spending both in North America and in Europe, but primarily in the United States, will soften in the near term putting pressure on the company's operating performance." said Moody's Vice President/Senior Credit Officer, Kevin Cassidy. "Although Moody's recognizes the operational improvements the company has made over the last couple of years, it has returned most of its profitability to shareholders in the past" noted Mr. Cassidy. He further stated that "Moody's expects that the company will again lever up to improve shareholder return once the capital markets improve" Bombardier Recreational's rating could be downgraded if adjusted leverage approaches 5.5x either because of moderating operating performance or a material increase in leverage or a combination of both. On the other hand, "the rating outlook could be stabilized if the company continues to improve its operating performance despite an expected decline in consumer spending and maintains adjusted leverage around 5.0, even if it levers up for a dividend/share repurchase" noted Mr. Cassidy. Ratings withdrawn: -- CAD250 million senior secured revolver, due 2012, at Ba2; -- CAD1,125 million senior secured term loan, due 2013, at B1; Ratings affirmed/assessments revised: -- Corporate family rating at B1; -- Probability of default rating at B1; -- CAD250 million senior secured revolver, due 2011, at Ba2 (to LGD 2, 28% from LGD 2, 25%); -- US$720 million senior secured term loan, due 2013, at B1(to LGD 4, 54% from LGD 4, 51%) Bombardier Recreational Products or BRP is a Canadian company, which was founded by Joseph-Armand Bombardier as L'Auto-Neige Bombardier Limitee in 1942 at Valcourt in the Eastern Townships, Quebec. As of Apr. 30, 2003 it had 7,600 employees working in several countries, including Canada, Austria and Finland, in addition to the United States. The company split from the Bombardier Group in 2003. The company has operations in Australia, Brazil, France, Japan, the Netherlands, Norway, the United Kingdom, and the United States, among others. DELPHI CORP: Gets Court Nod for US$6.8 Bil. Exit Financing Plan --------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York has approved a US$6,800,000,000 financing plan for Delphi Corp.'s exit from bankruptcy. Judge Robert D. Drain authorized Delphi to enter into, and perform under, an engagement letter and fee letters with JPMorgan Chase Bank, N.A., and Citigroup, which have agreed to arrange and syndicate: (a) a US$1,600,000,000 senior secured first lien asset-based revolving credit facility; (b) a US$3,700,000,000 senior secured first-lien term facility; and (c) a US$1,500,000,000 senior secured second-lien term facility, of which up to US$750,000,000 will be in the form of a note issued to General Motors Corp. in connection with the distributions contemplated under Delphi's Reorganization Plan. A redacted version of the Engagement Letter is available for free at http://ResearchArchives.com/t/s?2533 Delphi did not disclose the fees it will pay to the arrangers and obtained approval to file the fee letter under seal. Troy, Michigan-based Delphi, the Associated Press noted, originally sought US$8,700,000,000 in loans, but reduced that amount and delayed voting on its reorganization plan as it struggled to secure the financing in a tighter credit market. Delphi expects to emerge from bankruptcy during the first quarter of 2008. Delphi filed its Joint Plan of Reorganization on Sept. 6, 2007, but said it will revise its plan due to changes in its exit financing terms and investment agreements with potential equity investors. The exit financing will be made available on the effective date of the Plan. The Reorganization Plan also provides that Delphi will obtain additional financing of up to US$2,550,000,000 from an equity rights offering, backstopped by investors led by Appaloosa Management LP. The investment agreement, according to a Nov. 14, 2007 news release, has been renegotiated to provide for an increase in consideration to the plan investors, after Goldman Sachs pulled out of the deal. According to AP, Judge Drain balked at the new terms of the deal and said he was "very distressed" the terms had changed, "sucking out hundreds of millions of dollars over these apparent excuses." The Official Committee of Unsecured Creditors and the Official Committee of Equity Security Holders of Delphi have conveyed their opposition to the potential amendments to the Plan. Delphi's chief customer, General Motors Corp., which is expected to recover US$2,700,000,000 in cash, notes and stock from the autoparts supplier, has supported the amendments. Delphi is expected to file a revised Reorganization Plan and related documents on or before Nov. 29, 2007, when the Court holds a hearing to consider approval of the disclosure statement explaining the terms of the Plan. About Delphi Corp. Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of Mar. 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in total assets and US$23,851,000,000 in total debts. The Debtors' exclusive plan-filing period expires on Dec. 31, 2007. On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan of Reorganization and a Disclosure Statement explaining that Plan. The hearing to consider the adequacy of the Disclosure Statement started on Oct. 3, 2007, and will be continued to Nov. 29. (Delphi Bankruptcy News, Issue No. 97; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) EL PASO: S&P Affirms BB Corporate Rating with Positive Outlook -------------------------------------------------------------- Standard & Poor's Ratings Services has affirmed its 'BB' corporate credit ratings on El Paso Corp. and subsidiaries. The outlook remains positive. The rating affirmation follows the company's announcement that master limited partnership El Paso Pipeline Partners LP (unrated) has priced its IPO, and reflects S&P's view that the MLP formation on balance neutrally affects the consolidated credit profile of El Paso at this time. In S&P's view, the MLP formation will at once strengthen El Paso's consolidated credit metrics and detract slightly from its business risk profile. El Paso will use proceeds from the MLP debt and equity to repay debt at El Paso, Colorado Interstate Gas Co., and Southern Natural Gas Co., resulting in consolidated debt reduction of about US$430 million. At the same time, the MLP slightly decreases El Paso's ownership interests in the stable cash-flow generating pipelines (100% of Wyoming Interstate Co., 10% of Southern Natural, and 10% of Colorado Interstate) and moves them a level away from lenders at the parent, which somewhat detracts from credit quality. On balance, S&P views the net effect as neutral. El Paso will retain about a 70% ownership interest in the MLP through common and subordinated units and the 2% general partnership interest. "The ratings on El Paso reflect a satisfactory overall business risk profile, which includes the stability of the company's interstate natural gas pipeline systems," said S&P's credit analyst Plana Lee. "However, these positive factors are somewhat offset by the risks associated with the company's exploration and production segment and a significantly improved, although still-aggressive financial profile," she continued. Headquartered in Houston, Texas, El Paso Corporation (NYSE: EP) -- http://www.elpaso.com/-- is an energy company that provides natural gas and related energy products. The company owns North America's interstate pipeline system, which has approximately 55,500 miles of pipe. It also owns approximately 470 billion cubic feet of storage capacity and a liquefied natural gas import facility with 806 million cubic feet of daily base load send out capacity. El Paso's exploration and production business is focused on the exploration for and the acquisition, development and production of natural gas, oil and natural gas liquids in the United States, Brazil and Egypt. It operates in three business segments: Pipelines, Exploration and Production and Marketing. It also has a Power segment, which holds its remaining interests in international power plants in Brazil, Asia and Central America. FIDELITY NATIONAL: Makes Two Executive Appointments --------------------------------------------------- Fidelity National Information Services, Inc., has appointed Gary Norcross as President and Chief Operations Officer for Transaction Processing Services and Frank Sanchez as President of Strategic Development for TPS. Both positions report directly to President and Chief Executive Officer, Lee A. Kennedy. As President of Transaction Processing Services, Mr. Norcross assumes responsibility for global banking operations, including Integrated Financial Solutions, Enterprise Banking Solutions and International. Mr. Norcross joined the company in 1988 and has served as President of the Integrated Financial Solutions division since 1996. Under his leadership, Integrated Financial Solutions has grown into the largest TPS division with more than US$1.0 billion in annual revenue. As President of Strategic Development, Mr. Sanchez will be responsible for the development of strategic software, processing and integrated financial services. This new role emphasizes the importance of strategic development across business unit lines serving customers globally. Mr. Sanchez joined Fidelity National in 2003 through the company's acquisition of Sanchez Computer Associates. Throughout his career, Mr. Sanchez has provided technology innovations to the financial services and information technology industries, and has received numerous individual and corporate achievement awards. "Gary's and Frank's leadership and strong industry expertise have helped build FIS into a leading core and payment processing provider," stated Mr. Kennedy. "This new organizational structure will enable TPS to better leverage our comprehensive product offerings and industry-leading technology to further advance our competitive position." About Fidelity National Based in Jacksonville, Florida, Fidelity National Information Services, Inc. (NYSE: FIS) -- http://www.fidelityinfoservices.com/-- provides core processing for financial institutions; card issuer and transaction processing services; mortgage loan processing and mortgage related information products; and outsourcing services to financial institutions, retailers, mortgage lenders and real estate professionals. FIS has processing and technology relationships with 35 of the top 50 global banks, including nine of the top ten. Nearly 50% of all US residential mortgages are processed using FIS software. FIS maintains a strong global presence, serving over 7,800 financial institutions in more than 60 countries worldwide, including Brazil and Japan. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 29, 2007, Standard & Poor's Ratings Services has placed its ratings, including the 'BB' corporate credit rating, on Fidelity National Information Services Inc. on CreditWatch with negative implications. Moody's Investors Service has placed Fidelity National Information Services' ratings on review for possible downgrade: -- US$1.6 billion First Lien Senior Secured Term Loan B Ba1 -- US$2.1 billion First Lien Senior Secured Term Loan A Ba1 -- US$900 million First Lien Senior Revolving Credit Facility Ba1 -- US$200 million 4.75% (Certegy) notes due September 2008 Ba1 -- Corporate Family Rating Ba1. TAM SA: Commences Codeshare & Flyer Pact with United Airlines ------------------------------------------------------------- TAM S.A. and United Airlines customers will gain increased service to North and South America under a new codeshare agreement that begins on Nov. 14. Customers from both airlines may now earn and redeem frequent flyer miles or points on the partner carrier. The partnership enables both companies to offer more flight options to customers traveling between Brazil and the United States. United Mileage Plus members will earn and redeem miles on all TAM and TAM Mercosur operated flights, and TAM's Fidelidade members will earn miles and redeem points on United, Ted, which is United's low fare carrier that serves leisure destinations, and United Express regional jet flights. By combining the two networks, TAM customers may now purchase tickets on United Airlines operated flights between Brazil and the United States, departing Rio de Janeiro and Sao Paulo to Washington, D.C. and Chicago. The agreement will also enable passengers to connect to several destinations in the United States, including Atlanta, Boston, Dallas, Denver, Las Vegas, Los Angeles, San Francisco and Seattle, among others. United Airlines will offer service on flights operated by TAM from Miami and New York to the cities of Sao Paulo and Manaus, enabling passengers to connect to several points in Brazil. About UAL Corp. Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA) -- http://www.united.com/-- is the holding company for United Airlines, Inc. United Airlines is the world's second largest air carrier. The airline flies to Brazil, Korea and Germany. The company filed for chapter 11 protection on Dec. 9, 2002 (Bankr. N.D. Ill. Case No. 02-48191). James H.M. Sprayregen, Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and Steven R. Kotarba, Esq., at Kirkland & Ellis, represented the Debtors in their restructuring efforts. Fruman Jacobson, Esq., at Sonnenschein Nath & Rosenthal LLP represented the Official Committee of Unsecured Creditors before the Committee was dissolved when the Debtors emerged from bankruptcy. Judge Wedoff confirmed the Debtors' Second Amended Plan on Jan. 20, 2006. The company emerged from bankruptcy protection on Feb. 1, 2006. At Dec. 31, 2006, the company's balance sheet showed total assets of US$25,369,000,000 and total liabilities of US$23,221,000,000. 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 said the outlook is stable. TEKSID ALUMINUM: Amends Tender Offer for 11-3/8% Senior Notes ------------------------------------------------------------- Teksid Aluminum Luxembourg S.a r.l., S.C.A. has amended and supplemented its Original Tender Offer to purchase for cash up to EUR17,550,000.00 aggregate principal amount of its outstanding 11-3/8% Senior Notes due 2011, made pursuant to a tender offer statement, dated Oct. 18, 2007. Under a supplement dated Nov. 16, 2007, the company revised the Original Tender Offer to, among other things, reduce the amount of the offer to purchase Senior Notes, and offer, upon the terms and subject to the conditions set forth in the Supplement, to purchase for cash up to EUR5,271,000.00 aggregate principal amount of Senior Notes (Amended Tender Offer). The company will not spend more than EUR5,525,225.25 in the aggregate to purchase Senior Notes at par in the Amended Tender Offer, which amount includes the payment of 100% of the principal amount of the outstanding Senior Notes (Purchase Price) and the accrued and unpaid interest thereon from the most recent payment of interest preceding the Payment Date up to, but not including, the Payment Date (Accrued Interest and together with the Purchase Price, the Tender Offer Consideration). In connection with the Amended Tender Offer, at the request of the advisors to the ad hoc committee of holders of Senior Notes, the company also amended the Original Tender Offer Statement to incorporate a solicitation of consents from each holder of Senior Notes, upon the terms and conditions set forth in the Supplement, to implement certain proposed amendments to the indenture governing the Senior Notes, as amended (Indenture). The Offer will expire at 10:00 a.m., New York City time (3:00 p.m., London time), on Dec. 3, 2007, unless further extended or earlier terminated (Expiration Date). By delivering their consents, holders of Senior Notes are consenting to the Proposed Amendments to the Indenture that would amend the Indenture to, among other things: (i) replace the obligation to make an offer to purchase Senior Notes with the cash proceeds of each Subsequent Nemak Sale (as defined in the Indenture), the Fiat Payments, the Escrow Fiat Payments (as defined in the Indenture) and the Escrow Amount, in each case less certain permitted deductions pursuant to the Indenture, with an obligation of the company to make the Amended Tender Offer; (ii) provide that an amount necessary to pay the interest projected to be due and unpaid on the Senior Notes as of Jan. 15, 2008 (the January Interest Payment) would be required to be irrevocably deposited with The Bank of New York, in its capacity as escrow agent, on or following the Acceptance Date and used by The Bank of New York (escrow agent) on Jan. 15, 2008, to pay the January Interest Payment pursuant to the terms of that certain escrow agreement between the company and The Bank of New York, as escrow agent (January Interest Escrow Agreement); (iii) allow Senior Notes in denominations of EUR1,000 (instead of the current EUR50,000 denominations) tendered pursuant to the Amended Tender Offer or any subsequent offers to purchase to be accepted for purchase; (iv) provide for the release and waiver, to the fullest extent permissible under applicable law, of all claims, obligations, suits, judgments, damages, demands, rights, causes of action and liabilities, whether liquidated or unliquidated, fixed or contingent, matured or unmatured, known or unknown, foreseen or unforeseen, whether then existing or arising after the date of the Supplemental Indenture, in law, equity or otherwise, that arise from any act or omission, transaction, event or other occurrence or non- occurrence relating to any transaction consented to by holders of a majority of the then outstanding aggregate principal amount of Senior Notes pursuant to the company's consent solicitation statements dated Mar. 2, 2007, June 1, 2007, July 12, 2007, Aug. 2, 2007 (and the supplement relating thereto dated Aug. 6, 2007), Sept. 25, 2007 and the Consent Solicitation included in the Supplement, against the following persons in their respective capacities as such: (a) the present and former directors, officers, professionals, agents, advisors and employees of the Parent Guarantor, the Trustee, the company, any present or former Note Guarantor and/or any other direct or indirect subsidiary or affiliate of the Parent Guarantor; (b) the present or former shareholders of the Parent Guarantor; (c) the present or former members of the ad hoc committee of holders of Senior Notes; and (d) the present and former professionals, affiliates, partners, employees, agents, members, shareholders and/or advisors (including any attorneys, financial advisors, investment bankers, consultants and other professionals retained by such persons) of each of the parties listed in clauses (a), (b), and (c) and each of the present and former directors, officers, agents, employees, partners, members, shareholders and affiliates of the parties included in this clause (d) (Release); and (v) provide, to the fullest extent permissible under applicable law, that acceptance of the January Interest Payment by a holder of Senior Notes shall be deemed an affirmative acceptance of the Release by such holder. Adoption of the Proposed Amendments and execution of a seventh supplemental indenture giving effect to the Proposed Amendments (Supplemental Indenture) requires the receipt of consents of at least a majority of the then outstanding aggregate principal amount of Senior Notes (the Requisite Consents) on or prior to the Expiration Date. On the terms and subject to the conditions of the Offer, if the company receives the Requisite Consents, it expects to promptly execute (Execution Time) the Supplemental Indenture with the Note Guarantors and The Bank of New York, as the trustee, giving effect to the Proposed Amendments. The Supplemental Indenture shall take effect at the Execution Time, provided, however, that the Proposed Amendments will not become operative unless and until the date that the company accepts for payment the Senior Notes representing the Requisite Consents (Acceptance Date). The Proposed Amendments will become operative in accordance with their terms and binding on all holders of Senior Notes, including non-consenting holders, immediately upon the Acceptance Date (provided that the Release shall take effect immediately upon the later of: 1) the effectiveness of the Proposed Amendments and 2) the irrevocable deposit of the January Interest Payment pursuant to the January Interest Escrow Agreement). Each holder who validly delivers consents to the Proposed Amendments is consenting to the Proposed Amendments in their entirety, including the Release. Holders may not tender their Senior Notes without delivering their consents to the Proposed Amendments and may not deliver consents to the Proposed Amendments without tendering their Senior Notes in the Amended Tender Offer. In addition, each holder's delivery of its consent shall constitute such holder's affirmative acceptance of the Release, subject to the execution of the Supplemental Indenture, on behalf of such holder and each of its affiliates, officers, directors, employees, successors, assigns, partners, members and agents. Each holder who validly tenders its Senior Notes and delivers its consents on or prior the Expiration Date shall, subject to the terms and conditions set forth in the Supplement, receive the Tender Offer Consideration on a date promptly following the Acceptance Date (Payment Date) and shall be deemed to consent to the Proposed Amendments in their entirety, including the Release. The Payment Date is expected to be two business days after the Expiration Date. Holders who tender and consent prior to the Execution Time may withdraw their tenders and revoke their concurrent consents at any time prior to the Execution Time, but not thereafter, except as provided in the Supplement, unless the Offer is terminated without any Senior Notes being purchased thereunder. Holders of Senior Notes who tender and consent after the Execution Time may not withdraw their tenders and/or revoke their consents at any time, unless required by applicable law. A valid withdrawal of tendered Senior Notes by a holder prior to the Execution Time will constitute the concurrent valid revocation of such holder's related consent. In order for a holder to revoke a consent, such holder must withdraw the related tendered Senior Notes. In addition, all Senior Notes tendered prior to the date of the Supplement shall be automatically released and all instructions accompanying such Senior Notes will be revoked. In order to tender their Senior Notes, such holders must tender their Senior Notes pursuant to a NEW electronic consent instruction in accordance with the terms contained in the Supplement. For information regarding the Offer, including procedures for tendering and consenting with respect to Senior Notes, please refer to the section of the Supplement entitled "Procedures for Tendering Senior Notes and Delivering Consents." The company is also amending and supplementing the Original Tender Offer Statement to include certain information regarding the Settlement Agreement. As disclosed in the Supplement, in connection with potential post-closing date purchase price adjustments, pursuant to Section 3.3(b) of that certain amended and restated purchase and sale agreement, dated as of March 13, 2007 (the Nemak Sale Agreement), by and among the company, Tenedora Nemak, S.A. de C.V. and other parties thereto, as previously disclosed, the company executed the Escrow Agreement, which provided for cash proceeds of US$20 million and US$5 million to be held in escrow at the closing of each of the First Nemak Sale and the sale of Teksid Aluminium Poland Sp.z o.o., respectively, to fund, in favor of Nemak, potential shortfalls of working capital or excess net debt at such closings. As contemplated by Section 3.3(b)(v) of the Nemak Sale Agreement, the parties have engaged in negotiations and discussions in an effort to resolve certain disputes related to the post-closing date purchase price adjustments pursuant to Section 3.3(b) of the Nemak Sale Agreement. Accordingly, the company and certain of its affiliates have entered into a settlement agreement with Nemak, dated as of Nov. 14, 2007 (Settlement Agreement), pursuant to which the parties agreed to instruct the Escrow Agent, to deliver an amount equal to US$3.5 million, less applicable withholding taxes (Escrow Proceeds) to the company and the remaining portion of the Escrow Amount to Nemak. Pursuant to the Indenture, the company is obligated to make an offer to purchase Senior Notes no later than ten business days after the receipt by the company of any return of the Escrow Amount, the amount of which offer shall be equal to the escrow proceeds less certain permitted deductions pursuant to the Indenture. Assuming the company receives the escrow proceeds, as provided in the Settlement Agreement, after giving effect to such permitted deductions, the amount that would be required to be tendered would be a negative amount. Accordingly, the company is not required pursuant to the Indenture to make an offer to purchase Senior Notes with the Escrow Proceeds nor include any portion of the Escrow Proceeds in the Amended Tender Offer or any future offers to purchase Senior Notes. The Escrow Proceeds will constitute a portion of the approximately US$9.2 million retained by the company and its affiliates following the completion of the Amended Tender Offer and the deposit of an amount necessary to pay the January Interest Payment, pursuant to the terms of the January Interest Payment Agreement, to fund the ongoing wind-down costs of such entities. The company will not spend more than EUR5,525,225.25 in the aggregate to purchase its outstanding Senior Notes at par in the Amended Tender Offer, which amount includes the payment of the Purchase Price and Accrued Interest. The Tender Offer Consideration offered to holders of Senior Notes in the Amended Tender Offer is the result of the cash proceeds of the Fiat Payments and the Escrow Fiat Payments, in each case less certain amounts pursuant to the Indenture and less the January Interest Payment. In addition, the Amended Tender Offer includes an amount of EUR775,225.25, which amount was included in the offer to purchase Senior Notes by the company pursuant to the company's tender offer statement, dated as of Mar. 29, 2007, but for which tendered Senior Notes were not accepted for purchase by the Trustee due to the proration applied to the aggregate nominal amount of such Senior Notes. The Tender Offer Consideration offered to holders in the Amended Tender Offer does not include any proceeds from the Subsequent Nemak Sales or the Escrow Proceeds, as such proceeds, after giving effect to the permitted deductions pursuant to the Indenture, are a negative amount. The completion of the Offer is subject to, among other things, the following conditions: the valid receipt, prior to the Expiration Date of the Requisite Consents, the due execution of the Supplemental Indenture, and certain other general conditions described in the Supplement. These conditions are for the company's sole benefit and the company may waive them in whole or in part at any or at various times prior to the expiration of the Offer in its sole discretion. In addition, the company expressly reserves the right, in its sole discretion and subject to applicable law to (1) terminate the Offer prior to the Expiration Date and not accept for payment any Senior Notes not theretofore accepted for payment pursuant to the Offer, (2) waive on or before the Expiration Date any or all of the conditions to the Offer, (3) extend the Expiration Date, and (4) otherwise amend the terms of either or both the Amended Tender Offer and the Consent Solicitation in any respect. The foregoing rights are in addition to the right to delay acceptance for payment of Senior Notes tendered pursuant to the Offer in order to comply with any applicable law, subject to Rule 14e-1(c) under the Securities Exchange Act of 1934, as amended, which requires that the company pay the consideration offered or return the Senior Notes deposited by or on behalf of the holders thereof promptly after the termination or withdrawal of the Offer. In deciding whether to participate in the Offer, each holder of Senior Notes should consider carefully, in addition to the other information contained or incorporated by reference in the Supplement, the risks and consequences described in the Supplement under "Certain Significant Considerations." Except as set forth in the Supplement, all terms and conditions of the Original Tender Offer remain unchanged and in full force and effect. In addition, for further information and for copies of the Supplement please contact: The Bank of New York and The Bank of New York (Luxembourg) S.A. at One Canada Square, London E14 5AL, England, Attention: Corporate Trust Administration, e-mail: eventsadmin@bankofny.com or +44-207-964-8849, in their capacity as Information Agents and Tender Agents. About Teksid Aluminum Teksid Aluminum -- http://www.teksidaluminum.com/-- manufactures aluminum engine castings for the automotive industry. Principal products include cylinder heads, engine blocks, transmission housings, and suspension components. The company operates 15 manufacturing facilities in Europe, North America, South America, and Asia. The company maintains operations in Italy, Brazil, and China. * * * As reported on May 9, 2007, Moody's Investors Service confirmed the Caa3 Corporate Family Rating of Teksid Aluminum Ltd as well as the Ca rating of the company's senior notes at Teksid Aluminum Luxembourg Sarl SCA with a stable outlook. It also lowered its long-term debt rating on the EUR240 million senior unsecured notes issued by Teksid Aluminum Luxembourg S.a.r.l., S.C.A. and guaranteed by TKA to 'D' from 'C'. UAL CORP: Commences Codeshare & Flyer Pact with TAM SA ------------------------------------------------------ TAM S.A. and United Airlines customers will gain increased service to North and South America under a new codeshare agreement that begins on Nov. 14. Customers from both airlines may now earn and redeem frequent flyer miles or points on the partner carrier. The partnership enables both companies to offer more flight options to customers traveling between Brazil and the United States. United Mileage Plus members will earn and redeem miles on all TAM and TAM Mercosur operated flights, and TAM's Fidelidade members will earn miles and redeem points on United, Ted, which is United's low fare carrier that serves leisure destinations, and United Express regional jet flights. By combining the two networks, TAM customers may now purchase tickets on United Airlines operated flights between Brazil and the United States, departing Rio de Janeiro and Sao Paulo to Washington, D.C. and Chicago. The agreement will also enable passengers to connect to several destinations in the United States, including Atlanta, Boston, Dallas, Denver, Las Vegas, Los Angeles, San Francisco and Seattle, among others. United Airlines will offer service on flights operated by TAM from Miami and New York to the cities of Sao Paulo and Manaus, enabling passengers to connect to several points in Brazil. 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. About UAL Corp. Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA) -- http://www.united.com/-- is the holding company for United Airlines, Inc. United Airlines is the world's second largest air carrier. The airline flies to Brazil, Korea and Germany. The company filed for chapter 11 protection on Dec. 9, 2002 (Bankr. N.D. Ill. Case No. 02-48191). James H.M. Sprayregen, Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and Steven R. Kotarba, Esq., at Kirkland & Ellis, represented the Debtors in their restructuring efforts. Fruman Jacobson, Esq., at Sonnenschein Nath & Rosenthal LLP represented the Official Committee of Unsecured Creditors before the Committee was dissolved when the Debtors emerged from bankruptcy. Judge Wedoff confirmed the Debtors' Second Amended Plan on Jan. 20, 2006. The company emerged from bankruptcy protection on Feb. 1, 2006. At Dec. 31, 2006, the company's balance sheet showed total assets of US$25,369,000,000 and total liabilities of US$23,221,000,000. ZIM CORP: Posts US$101,207 Net Loss for Quarter Ended Sept. 30 -------------------------------------------------------------- ZIM Corporation disclosed financial results for its second quarter ended Sept. 30, 2007. Net loss for the quarter ended Sept. 30, 2007,was US$101,207. The net loss for the quarter ended Sept. 30, 2006, was US$369,991. Revenue for the quarter ended Sept. 30, 2007, was US$446,686, a decrease from US$580,913 for the quarter ended Sept. 30, 2006. ZIM's decrease in revenue is primarily attributable to the decline in revenue from its SMS aggregation services caused by the continued saturation of the aggregation market. "Consistent with previous announcements, our decrease in revenues is attributed to the decrease in our SMS aggregation revenues. We have reduced operating expenses and continue to look for additional savings as we pursue opportunities related to our Internet TV, Mobile Content and Database platforms" said Dr. Michael Cowpland, president and chief executive officer of ZIM. ZIM had cash of US$209,741 as at Sept. 30, 2007, as compared to US$578,883 for the period as at Sept. 30, 2006, and US$319,561 at June 30, 2007. As at Sept. 30, 2007, ZIM also had an amount due to the chief executive officer, who is also a shareholder, of US$49,740 with no amounts due to financial institutions. At Sept. 30, 2007, the company's consolidated balance sheet showed US$1,074,156 in total assets, US$914,640 in total liabilities, and US$159,516 in total shareholders' equity. The company's consolidated balance sheet at Sept. 30, 2007, also showed strained liquidity with US$856,956 in total current assets available to pay US$859,794 in total current liabilities. Full-text copies of the company's consolidated financial statements for the quarter ended Sept. 30, 2007, are available for free at http://researcharchives.com/t/s?2569 Going Concern Doubt Raymond Chabot Grant Thornton LLP, in Ottawa, Canada, expressed substantial doubt about ZIM Corporation's ability to continue as a going concern aftr auditing the company's consolidated financial statements for the years ended March 31, 2007, and 2006. The auditing firm reported the company has incurred a net loss of US$1,936,187 and provided US$198,143 of cash from operations, during the year ended March 31, 2007. The company also has generated negative cash flows from operations during each of the previous five years. About ZIM Corp. Ottawa, Canada-based ZIM Corporation (OTC BB: ZIMCF) -- http://www.zim.biz/-- is a mobile content, Enterprise Database Software and Internet TV service provider. Through its global infrastructure, ZIM provides publishing and licensing services for market-leading mobile content and for Internet TV broadcasting. The company has offices in Brazil and London. =========================== C A Y M A N I S L A N D S =========================== EM SPECIAL: Sets Final Shareholders Meeting for Nov. 29 ------------------------------------------------------- EM Special Opportunities TPC Ltd. will hold its final shareholders meeting on Nov. 29, 2007, at: Maples Finance Limited Boundary Hall, Cricket Square George Town, Grand Cayman Cayman Islands These agendas will be taken during the meeting: 1) accounting of the winding-up process; and 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. Vega Mag's shareholders agreed to place the company into voluntary liquidation under The Cayman Islands' Companies Law 2007 Revision). The liquidators can be reached at: Jan Neveril Richard Gordon Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands MINCS-LIBERTY: Proofs of Claim Filing Deadline Is Nov. 29 --------------------------------------------------------- Mincs-Liberty, Ltd.'s creditors are given until Nov. 29, 2007, to prove their claims to Emile Small, 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. Mincs-Liberty's shareholders agreed to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Emile Small c/o Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands PANTA RHEI: Holding Final Shareholders Meeting on Nov. 29 --------------------------------------------------------- Panta Rhei Series S Limited will hold its final shareholders meeting on Nov. 29, 2007, at: Maples Finance Limited Boundary Hall, Cricket Square George Town, Grand Cayman Cayman Islands These agendas will be taken during the meeting: 1) accounting of the winding-up process; and 2) providing 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. Panta Rhei's shareholders agreed to place the company into voluntary liquidation under The Cayman Islands' Companies Law 2007 Revision). The liquidator can be reached at: Richard Gordon Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands PRIME CAPITAL: Will Hold Final Shareholders Meeting on Nov. 29 -------------------------------------------------------------- Prime Capital Ltd. will hold its final shareholders meeting on Nov. 29, 2007, at: Maples Finance Limited Boundary Hall, Cricket Square George Town, Grand Cayman Cayman Islands These agendas will be taken during the meeting: 1) accounting of the winding-up process; and 2) providing 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. Prime Capital's shareholders agreed to place the company into voluntary liquidation under The Cayman Islands' Companies Law 2007 Revision). The liquidators can be reached at: Phillip Hinds Richard Gordon Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands SAISEI KAISYU: Holding Final Shareholders Meeting on Nov. 29 ------------------------------------------------------------ Saisei Kaisyu Planning 2 Limited will hold its final shareholders meeting on Nov. 29, 2007, at: Maples Finance Limited Boundary Hall, Cricket Square George Town, Grand Cayman Cayman Islands These agendas will be taken during the meeting: 1) accounting of the winding-up process; and 2) providing 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. Saisei Kaisyu's shareholders agreed to place the company into voluntary liquidation under The Cayman Islands' Companies Law 2007 Revision). The liquidator can be reached at: Jan Neveril Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands VEGA INVESTMENT: Sets Final Shareholders Meeting for Nov. 29 ------------------------------------------------------------ Vega Investment Platform Funds Limited will hold its final shareholders meeting on Nov. 29, 2007, at 11:00 a.m. at: Deloitte Fourth Floor, Citrus Grove P.O. Box 1787, George Town Grand Cayman, Cayman Islands These agendas will be taken during the meeting: 1) accounting of the winding-up process; and 2) authorizing the liquidators to retain the records 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. Vega Investment's shareholders agreed to place the company into voluntary liquidation under The Cayman Islands' Companies Law 2007 Revision). The liquidator can be reached at: Stuart Sybersma Attention: Mervin Solas Deloitte P.O. Box 1787, George Town Grand Cayman, Cayman Islands Telephone: (345) 949-7500 Fax: (345) 949-8258 VEGA LIQUIDITY: Will Hold Final Shareholders Meeting on Nov. 29 --------------------------------------------------------------- Vega Liquidity Fund Limited will hold its final shareholders meeting on Nov. 29, 2007, at 11:30 a.m. at: Deloitte Fourth Floor, Citrus Grove P.O. Box 1787, George Town Grand Cayman, Cayman Islands These agendas will be taken during the meeting: 1) accounting of the winding-up process; and 2) authorizing the liquidators to retain the records 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. Vega Liquidity's shareholders agreed to place the company into voluntary liquidation under The Cayman Islands' Companies Law 2007 Revision). The liquidator can be reached at: Stuart Sybersma Attention: Mervin Solas Deloitte P.O. Box 1787, George Town Grand Cayman, Cayman Islands Telephone: (345) 949-7500 Fax: (345) 949-8258 VEGA LIQUIDITY NON-US: Final Shareholders Meeting Is on Nov. 29 --------------------------------------------------------------- Vega Liquidity Non-US Feeder Fund Limited will hold its final shareholders meeting on Nov. 29, 2007, at 1:00 p.m. at: Deloitte Fourth Floor, Citrus Grove P.O. Box 1787, George Town Grand Cayman, Cayman Islands These agendas will be taken during the meeting: 1) accounting of the winding-up process; and 2) authorizing the liquidators to retain the records 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. Vega Liquidity's shareholders agreed to place the company into voluntary liquidation under The Cayman Islands' Companies Law 2007 Revision). The liquidator can be reached at: Stuart Sybersma Attention: Mervin Solas Deloitte P.O. Box 1787, George Town Grand Cayman, Cayman Islands Telephone: (345) 949-7500 Fax: (345) 949-8258 VEGA MAG: Sets Final Shareholders Meeting for Nov. 29 ----------------------------------------------------- Vega Mag Fund Limited will hold its final shareholders meeting on Nov. 29, 2007, at 1:30 p.m. at: Deloitte Fourth Floor, Citrus Grove P.O. Box 1787, George Town Grand Cayman, Cayman Islands These agendas will be taken during the meeting: 1) accounting of the winding-up process; and 2) authorizing the liquidators to retain the records 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. Vega Mag's shareholders agreed to place the company into voluntary liquidation under The Cayman Islands' Companies Law 2007 Revision). The liquidator can be reached at: Stuart Sybersma Attention: Mervin Solas Deloitte P.O. Box 1787, George Town Grand Cayman, Cayman Islands Telephone: (345) 949-7500 Fax: (345) 949-8258 ========= C H I L E ========= EASTMAN KODAK: Appoints Douglas Lebda & William Parrett to Board ---------------------------------------------------------------- Eastman Kodak Company has named Douglas R. Lebda, the President and Chief Operating Officer of IAC/InterActiveCorp, and William G. Parrett, the former Chief Executive Officer of Deloitte Touche Tohmatsu, to the company's board of directors, effective Nov. 14, 2007. Mr. Lebda became President and COO of IAC at the end of 2005. He joined the company in 2003 after IAC acquired LendingTree, which Mr. Lebda founded in 1996. During his nine-year tenure, he led the company through a successful IPO and five acquisitions, and LendingTree became the nation's leading online lending exchange, with more than US$500 million in 2003 revenue. At IAC, Mr. Lebda oversees the operations of more than 60 brands and 20,000 employees, and has led the growth and integration of dozens of IAC start-ups and acquisitions. IAC is an interactive conglomerate that owns and operates more than 60 specialized and global brands, including HSN, Ticketmaster, Match.com, Ask.com, Citysearch, Evite, and more. Mr. Parrett recently retired from Deloitte as Senior Partner after serving as CEO from 2003 until earlier this year. A 40-year veteran of Deloitte, Mr. Parrett co-founded the firm's Global Financial Services Industry practice and served as its first chairman. During his career at Deloitte, he served as advisory or leadership partner to many Fortune 500 companies. "I am pleased to welcome such talented and exceptional individuals to our board as Doug Lebda and Bill Parrett," said Antonio M. Perez, Kodak's Chairman and Chief Executive Officer. "Each will bring a depth of experience and expertise to the board's deliberations for the benefit of our customers and shareholders. "In LendingTree, Doug built what has become one of the world's great online brands, and he has continued to nurture new brands and businesses at IAC," Mr. Perez said. "He brings to Kodak an intimate knowledge of digital markets and a fresh perspective on the generational and demographic forces shaping the Internet. As Kodak continues its historic transformation, we will benefit from Doug's business acumen and his passion for harnessing the Web to revolutionize commerce and drive growth." "Bill Parrett's record of achievement is extraordinary," Perez said. "During Bill's tenure, Deloitte's revenue grew by 53%, reaching US$23.0 billion in 2007, and worldwide employment grew to 150,000 people in 140 countries. Beyond his success in growing Deloitte, Bill also has become a global advocate for a broader view of corporate governance and business ethics. His seasoned approach to business issues, as well as his extensive understanding of financial matters, makes him an outstanding choice to serve on Kodak's board." Mr. Lebda received his bachelor's degree in business administration from Bucknell University in 1992, and began his professional career as an auditor and consultant for PriceWaterhouseCoopers. He is currently a member of the Bucknell University Alumni Association Board of Directors and the Board of Trustees for the Darden School Foundation. A recognized entrepreneur and innovator, Mr. Lebda has received numerous honors, including the Ernst & Young Entrepreneur of the Year award, the Council for Entrepreneurial Development's Trailblazer award, and the Inman Innovator of the Year award. Mr. Parrett joined Deloitte upon graduation from New York's St. Francis College in 1967, and served in a series of roles of increasing responsibility. He became Managing Partner of Deloitte & Touche USA in 1999, and was named CEO four years later. Mr. Parrett is chairman of the United Way of America, an executive member of the International Chamber of Commerce, and serves as chairman of the United States Council for International Business. These elections bring the Kodak board to 11 members, 10 of whom are independent directors, with Antonio Perez serving as the only non-independent director. About Eastman Kodak Headquartered in Rochester, New York, Eastman Kodak Co. (NYSE: EK)-- http://www.kodak.com/-- develops, manufactures, and markets digital and traditional imaging products, services, and solutions to consumers, businesses, the graphic communications market, the entertainment industry, professionals, healthcare providers, and other customers. The company has operations in Argentina, Chile, Denmark, Greece, Jordan, Yemen, Australia, China among others. As reported in the Troubled Company Reporter-Latin America on Sept. 14, 2007, Standard & Poor's Ratings Services has affirmed its 'B+' corporate credit rating on Eastman Kodak Co. and removed the ratings from CreditWatch, where they had been placed with negative implications on Aug. 2, 2006. S&P said the outlook is negative. GMAC LLC: Hull Succeeds Khattri as Financial Services Unit's CFO ---------------------------------------------------------------- GMAC Financial Services, a subsidiary of GMAC LLC, disclosed Sanjiv Khattri, chief financial officer, will be named to a new position as executive vice president of Corporate Development and Strategy, effective Dec. 3. He will continue to report to GMAC Chief Executive Officer Eric Feldstein. In this new position, Mr. Khattri will have responsibility for strategic planning and business development as well as continuing as chief financial officer of GMAC Residential Capital, LLC. He will remain a member of the GMAC Executive Committee and the ResCap Board of Directors. Succeeding Mr. Khattri as GMAC chief financial officer is Robert Hull, who joins GMAC from Bank of America. Mr. Hull will report to GMAC Chief Operating Officer Al de Molina. Mr. Hull was chief financial officer of Bank of America's global wealth and investment management and principal investing divisions. He joined Bank of America in 2001 as the senior vice president for strategy and financial planning and following that position was named chief financial officer of the card services division. Prior to joining Bank of America, Mr. Hull served as chief financial officer of Investorforce Holdings, Inc., Marvel Enterprises, Inc., and Wise Foods Holdings, Inc. Hull has a bachelor's degree from the University of Virginia and a master's degree in business administration from Harvard Business School. "I am pleased to welcome to GMAC Rob Hull as our new chief financial officer. He has outstanding credentials and a broad base of experience to draw upon in leading the Finance organization," Mr. Feldstein said. "Additionally, I am pleased to have Sanjiv lead major GMAC strategic initiatives and business development opportunities as well as the ResCap finance organization." About GMAC GMAC LLC -- http://www.gmacfs.com/-- formerly General Motors Acceptance Corporation, is a global, diversified financial services company that operates in approximately 40 countries in automotive finance, real estate finance, insurance and other commercial businesses. GMAC was established in 1919 and currently employs about 31,000 people worldwide. Its Latin American operations are located in Argentina, Brazil, Chile, Colombia, Mexico and Venezuela. At Dec. 31, 2006, GMAC held more than US$287 billion in assets and earned net income for 2006 of US$2.1 billion on net revenue of US$18.2 billion. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 16, 2007, Fitch Ratings has placed GMAC LLC and its related subsidiaries 'BB+' long-term Issuer Default Ratings on Rating Watch Negative. This action reflects the ongoing pressures in the company's residential mortgage subsidiary, Residential Capital LLC (ResCap, IDR 'BB+' by Fitch with Rating Watch Negative). HOUGHTON INT'L: S&P Withdraws B+ Corporate Credit Rating -------------------------------------------------------- Standard & Poor's Ratings Services has withdrawn its ratings, including its 'B+' corporate credit rating, on Valley Forge, Pennsylvania-based Houghton International Inc. at the company's request. The ratings were removed from CreditWatch, where they were placed with negative implications on Oct. 16, 2007. Headquartered in Valley Forge, Pennsylvania, Houghton International Inc. -- http://www.houghtonintl.com/-- manufactures oils and specialty chemicals for lubrication in most of the big Midwestern industries: metalworking, automotive, and steel. Its products range from aluminum and steel rolling lubricants to rust preventatives to fire-resistant hydraulic fluids. The FLUIDCARE division helps manufacturers reduce costs through chemical management and recycling. It maintains more than 30 sales and manufacturing facilities in North and South America, Europe, Africa, Australia, and Asia. The company was founded in 1865. It has operations in Brazil and Chile. =============== C O L O M B I A =============== ECOPETROL: 10.1% Stake Sale Brings in COP5.7 Trillion ----------------------------------------------------- Colombian state-run oil firm Ecopetrol said in a press statement it released regarding the final results of the first round of its initial public offering that sale of 10.1% of its shares brought in a total of COP5.7 trillion. Business News Americas relates that a total of 482,941 Colombians bought the shares in the offering. Private citizens purchased about 62% of the shares. About US$3,579 was the average amount invested in the sale among private citizens. Meanwhile, pension funds acquired 37% of the shares. Ecopetrol said in a statement that Colombian firms that were able to join the first round of the offering bought a 1% stake. According to BNamericas, "a total of 525,741 applications were received to purchase shares," about 520,461 of these were ratified. BNamericas notes that Ecopetrol will allocate some of the revenues generated from the sale for the funding of its US$12.5- billion investment plan and possibly for the construction of a Central American plant. An Ecopetrol spokesperson told BNamericas that the firm will eventually sell up to 20% of its shares in three rounds. However, the second round won't be launched for at least eight months. The report says that the second round of the offering, which would be open to international investors, was initially set for Nov. 19, 2007. It was postponed. "What is going to occur this month, however, is that the company will begin trading on the Colombian stock market on Nov. 27," the spokesperson commented to BNamericas. Ecopetrol is an integrated-oil company that is wholly owned by the Colombian government. The company's activities include exploration for and production of crude oil and natural gas, as well as refining, transportation, and marketing of crude oil, natural gas and refined products. Ecopetrol is Latin America's fourth-largest integrated-oil concern. Operations are organized into Exploration & Production, Refining & Marketing, Transportation, and International Commerce & Gas. Ecopetrol produced 385,000 barrels a day of oil and gas in 2006 and has 330,000 barrels a day of refining capacity, according to the company's Web site. In 2005 it produced about 60 percent of Colombia's daily output. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 6, 2007, Fitch Ratings affirmed Ecopetrol S.A.'s foreign and local currency issuer default ratings at 'BB+' and 'BBB-', respectively. Fitch said the outlook for all ratings is stable. * COLOMBIA: Maturing Debts Cause Peso BOnds To Rally ---------------------------------------------------- Andrea Jaramillo at Bloomberg News reported that the Colombian government's peso bonds gained as traders re-invested cash from maturing government debt. The government has paid fixed-rate bonds that became due on Nov. 9, totaling US$2.5 billion, the same report adds. No new long-term debts were issued causing demand to rise. The yield on the government's benchmark 11% peso bonds due in July 2020 fell almost 4 basis points, or 0.04 percentage point, to 10.14% at 1:09 p.m. on Friday in New York, Ms. Jaramillo says, citing the Colombia's stock exchange. The bond's price, which moves inversely to its yield, rose 0.283 centavo to 105.912 centavos per peso, its highest since Nov. 6. * * * As reported in the Troubled Company Reporter-Latin America on June 15, 2007, Standard & Poor's Ratings Services assigned its 'BB+' long-term senior unsecured rating to the Republic of Colombia's