T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Thursday, November 22, 2007, Vol. 8, Issue 232 Headlines A R G E N T I N A ADEP SRL: Proofs of Claim Verification Deadline Is Feb. 14, 2008 ASOCIACION MUTUAL: Proofs of Claim Verification Ends on Feb. 14 BANCO DE SANTIAGO: Moody's Puts Caa1 Foreign Cur. Deposit Rating BARRACA SAN JUAN: Proofs of Claim Verification Is Until Feb. 8 DANA CORP: Wants to Settle Asbestos Claims for US$2 Million DECO HOUSE: Proofs of Claim Verification Ends on Feb. 21 MEDICINA ASISTENCIAL: Trustee Verifies Claims Until Feb. 14 NUEVO BANCO: Moody's Puts Caa1 Foreign Currency Deposit Rating REDES URBANAS.COM: Proofs of Claim Verification Is Until Feb. 11 SENDRA DANIEL: Proofs of Claim Verification Deadline Is March 11 TYSON FOODS: Declares US$0.04 & US$0.036 Per Share Dividends B A H A M A S BANK OF BARODA: To Form Insurance JV w/ Andhra Bank & U.K. Firm B E R M U D A BT LOOKSMART: Holding Final Shareholders Meeting on Dec. 21 CM CONTINENT: Sets Final Shareholders Meeting for Dec. 19 DYNASTY PROPERTY: Holding Final Shareholders Meeting on Dec. 17 DYNASTY SYNDICATE: Final Shareholders Meeting Is on Dec. 17 HIMPURNA CALIFORNIA: Sets Final Shareholders Meeting on Dec. 27 PATUHA POWER: Holding Finals Shareholders Meeting on Dec. 27 SCOTTISH RE: Names Samir Shah as Executive VP in Bermuda Unit B O L I V I A VISTA GOLD: Luzon Minerals Drops Gold Project Acquisition Plans B R A Z I L AMERICAN AIRLINES: Inks Code-Share Agreement with Jet Airways ASPEN TECH: Reports Selected Prelim First Qtr. Financial Results ASPEN TECH: Receives NASDAQ Notice Due to Form 10-Q Filing Delay FORD MOTOR: Thai Unit Cuts Prices for Focus to Reflect New Taxes FORD MOTOR: Automotive Component VP, CEO & COO Al Ver To Retire JAPAN AIRLINES: S&P Affirms B+ Corporate Credit Rating LYONDELL CHEMICAL: Launches Cash Tender Offer for US$4-Bln Notes LYONDELL CHEMICAL: Shareholders Approve Basell Merger Plan NET SERVICOS: Repays BRL50 Million of Vivax's BRL220-Mil. Debt SCO GROUP: Court OKs Dorsey & Whitney as Special Corp. Counsel SCO GROUP: Hearing on Asset Sale Protocol Deferred to Dec. 5 SCO GROUP: SCO Operations Posts US$731,158 Net Loss for Sept. SMOBY-MAJORETTE: MGA Confirms Interest Amidst Financial Woes TIMKEN CO: Says SeverCorr Uses Bearing Assemblies as Components VALMONT INDUSTRIES: S&P Puts BB Corp. Credit Rating on WatchPos * BRAZIL: Obtains US$144-Mln Loan to Build Container Port * BRAZIL: Petrobras' Oil & Gas Output Drops 2% in October * BRAZIL: Petroleo Brasileiro Workers Threaten To Strike C A Y M A N I S L A N D S APPAREL BRANDS: Holding Final Shareholders Meeting on Nov. 30 ARSENAL INVESTMENTS: Sets Final Shareholders Meeting for Nov. 30 ATLANTIC PACIFIC: Holding Final Shareholders Meeting for Nov. 30 BOMBAY COMPANY: Can Hire Baker & McKenzie as Special Counsel BOMBAY COMPANY: Panel Can Hire Lang Michener as Canadian Counsel JUST ONE: Sets Final Shareholders Meeting for Nov. 30 KEEFE OFFSHORE: Will Hold Final Shareholders Meeting on Nov. 30 KEEFE-RAINBOW: Sets Final Shareholders Meeting for Nov. 30 MCP LIMITED: Will Hold Final Shareholders Meeting on Nov. 30 ST. ALBANS: Holding Final Shareholders Meeting on Nov. 30 TM PROPERTY: Will Hold Final Shareholders Meeting on Nov. 30 UNICORN GROUP: Sets Final Shareholders Meeting for Nov. 30 C H I L E FRESH DEL MONTE: S&P Affirms Corporate Credit Rating at BB- ROCK-TENN: Robert Chapman Joins Board of Directors C O L O M B I A BANCOLOMBIA: Superintendency of Industry Confirms COP207MM Fine GRAN TIERRA: Starts Production at Juanambu-1 Well with Solana PARKER DRILLING: Awards Three Land-Rig Contracts to Subsidiaries C U B A NASH FINCH: S&P Shifts Outlook; Affirms B+ Corp. Credit Rating D O M I N I C A N R E P U B L I C AFFILIATED COMPUTER: Inks US$18.5-Million Deal w/ Idaho Medicaid E C U A D O R * ECUADOR: S&P Raises Long-Term Sovereign Credit Rating to B- G U A T E M A L A BRITISH AIRWAYS: Iberia Receives Takeover Bid from Gala Capital TECO ENERGY: Commences Debt Tender & Exchange Offers TECO ENERGY: Moody's Assigns Low B Ratings on TECO Finance H O N D U R A S * HONDURAS: Hondutel Head Seeks One-Month Leave from Firm J A M A I C A AIR JAMAICA: Government Mulling Airline's Privatization M E X I C O ALERIS INT'L: To Sell US Zinc Business for US$295 Million BAUSCH & LOMB: Hires Robert Bailey as Corporate Vice President FIRST DATA: Inks Quickpay Agreement with Tim Hortons FREESCALE SEMICONDUCTOR: S&P Cuts Corporate Credit Rating to B+ MOVIE GALLERY: Committee Employs Pachulski Stang as Lead Counsel MOVIE GALLERY: Committee Hires Miles & Stockbridge as Co-Counsel MOVIE GALLERY: Enters Into Sopris Lock Up Accord & Term Sheets PRIDE INTERNATIONAL: S&P Lifts Credit Rating to BB+ from BB REMY WORLDWIDE: Bankruptcy Court Approves M&M Knopf Unit Sale REMY WORLDWIDE: Court Confirms Pre-Packaged Reorganization Plan SANMINA-SCI: To Redeem US$120 Mil. Floating Notes on Dec. 18 WOLVERINE TUBE: Moody's Confirms Junk Ratings with Neg. Outlook P A N A M A BANCO INTERNACIONAL: Fitch Affirms Low B Foreign Currency Rating P E R U QUEBECOR WORLD: S&P Lowers Long-Term Corp. Credit Rating to B- * PERU: Gets US$100-Mil. Loan for Sanitation Sector Program P U E R T O R I C O FOOT LOCKER: Posts US$33 Million Net Loss in Qtr. Ended Nov. 3 HORIZON LINES: Board OKs US$50MM Class A Common Stock Repurchase OWENS-ILLINOIS INC: S&P Ups Bank Credit Facilities Rating to BB+ T R I N I D A D & T O B A G O BRISTOW GROUP: Board Declares US$0.68750 Per Share Dividend V E N E Z U E L A DUNLINE RUBBER: Canadian Dollar Rise Prompts Closure & Lay Offs LEAR CORP: Makes Two Executive Position Appointments PETROLEOS DE VENEZUELA: Galp Wants Gran Mariscal Pact with Firm PETROLEOS DE VENEZUELA: To Ink New Orinoco Pacts with Total SA * VENEZUELA: First China Oil Rigs Arrive in Guanta Port - - - - - ================= A R G E N T I N A ================= ADEP SRL: Proofs of Claim Verification Deadline Is Feb. 14, 2008 ---------------------------------------------------------------- Raul Horacio Trejo, the court-appointed trustee for Adep S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of claim until Feb. 14, 2008. Mr. Trejo will present the validated claims in court as individual reports on April 2, 2008. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by Adep 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 Adep's accounting and banking records will be submitted in court on May 29, 2008. Mr. Trejo is also in charge of administering Adep's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Adep S.R.L. Avalos 1707 Buenos Aires, Argentina The trustee can be reached at: Raul Horacio Trejo Avenida Corrientes 818 Buenos Aires, Argentina ASOCIACION MUTUAL: Proofs of Claim Verification Ends on Feb. 14 --------------------------------------------------------------- Maria Marcela Porolli, the court-appointed trustee for Asociacion Mutual Leoncio Club Personal de Canal 11 Por Liseo S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until Feb. 14, 2008. Ms. Porolli 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 Asociacion Mutual and its creditors. Inadmissible claims may be subject for appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of Asociacion Mutual's accounting and banking records will be submitted in court. Infobae didn't state the reports submission deadlines. Ms. Porolli is also in charge of administering Asociacion Mutual's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Maria Marcela Porolli Tucuman 1455 Buenos Aires, Argentina BANCO DE SANTIAGO: Moody's Puts Caa1 Foreign Cur. Deposit Rating ---------------------------------------------------------------- Moody's Investors Service assigned first-time ratings to Banco de Santiago del Estero S.A. and Nuevo Banco de la Rioja S.A. These are a bank financial strength rating of D-; long- and short-term global local-currency deposit ratings of Ba2 and Not Prime, as well as long- and short-term foreign-currency deposit ratings of Caa1 and Not Prime. Moody's also assigned a Aa2.ar local currency deposit rating and a Ba1.ar foreign currency deposit ratings on the Argentine national scale. The outlooks on the BFSRs, on the local currency deposit ratings, and on the national scale ratings are stable. In addition, the long-term foreign currency deposit ratings have a positive outlook in line with the outlook on the Argentine's foreign currency deposit ceiling. Moody's noted that the D- BFSRs reflects the relatively healthy, though small, operations of the banks, as well as the expectation of further enhancement to their core earnings. The banks' performances benefit from the long-term contracts with the Provinces of Santiago del Estero and La Rioja to act as their financial agents, together with their specialization in originating and managing a portfolio of payroll-deductible loans. Moody's also pointed out that the banks' strategy -- based on exploiting synergies between the banks -- has enhanced their overall franchise potential by increasing their access to core funding, by leveraging their presence in the central-northern Argentinean provinces and by expanding their product and customer reach. However, the ratings also incorporate the banks' dependence on the provincial performance and the challenges management faces to diversify their earnings within this operating footprint. Moody's Ba2 global local-currency deposit rating incorporates Banco de Santiago and Banco de la Rioja's Baseline Credit Assessment of Ba3, as well as Moody's assessment of moderate probability of systemic support that would be extended to the banks in case of stress, due to the banks' regional franchises and Moody's assessment of Argentina as a high support country. Such assessment results in one-notch lift of the local currency rating to Ba2. The Caa1 foreign currency deposit rating is constrained by the Caa1 country ceiling for deposits.. These new ratings were assigned for Banco de Santiago del Estero: -- Bank Financial Strength Rating: D-, with stable outlook. -- Long- and short-term global local-currency deposit rating: Ba2 and Not Prime, with stable outlook. -- Long- and short-term foreign currency deposit rating: Caa1 (positive outlook) and Not -Prime. -- Long-Term National Scale Local-Currency Deposit Rating: Aa2.ar -- Long -Term National Scale Foreign Currency Deposit Rating: Ba1.ar These new ratings were assigned for Nuevo Banco de La Rioja: -- Bank Financial Strength Rating: D-, with stable outlook. -- Long- and short-term global local-currency deposit rating: Ba2 and Not Prime, with stable outlook. -- Long- and short-term foreign currency deposit rating: Caa1 (positive outlook) and Not -Prime. -- Long-Term National Scale Local-Currency Deposit Rating: Aa2.ar -- Long -Term National Scale Foreign Currency Deposit Rating: Ba1.ar Banco Santiago del Estero SA is a retail bank, which started operations in 1996, when Banco de la Provincia de Santiago del Estero was privatized. The bank is the financial agent for the Province, and provides loan and deposit services to the province, municipalities, official entities and their employees. As of June 2007, it held US$367 million in deposits and US$438 million in assets. The bank is owned principally by the Brunet and Ick groups, who have 56.6% and 28.8% of the shares respectively. BARRACA SAN JUAN: Proofs of Claim Verification Is Until Feb. 8 -------------------------------------------------------------- Orlando Juan Prebianca, the court-appointed trustee for Barraca San Juan S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of claim until Feb. 8, 2008. Mr. Prebianca will present the validated claims in court as individual reports on March 26, 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 Barraca San Juan 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 Barraca San Juan's accounting and banking records will be submitted in court on May 12, 2008. Mr. Prebianca is also in charge of administering Barraca San Juan's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Orlando Juan Prebianca Uriburu 578 Buenos Aires, Argentina DANA CORP: Wants to Settle Asbestos Claims for US$2 Million ----------------------------------------------------------- Dana Corp. and its debtor-affiliates ask permission from the U.S. Bankruptcy Court for the Southern District of New York to enter into settlement agreements with the Asbestos Personal Injury Claimants. Asbestos Litigation The Debtors have been named as defendants in a number of lawsuits related to the Debtors' sale of certain automotive gaskets containing asbestos in an encapsulated form and the alleged exposure of people to asbestos as a consequence of contact with these gaskets, Corinne Ball, Esq., at Jones Day, in New York, tells the Court. According to the available data as of June 30, 2007, there were approximately 150,000 pending asbestos-related personal injury claims against the Debtors, Ms. Ball elaborates. Ms. Ball points out that Dana has demonstrated in various proceedings that their gaskets could be and were used without releasing hazardous volumes of asbestos fibers. The Debtors have also defended Asbestos Personal Injury Claims successfully on the ground that exposure to chrysotile asbestos, the type of fiber incorporated into the gaskets, is generally insufficient to cause mesothelioma, an asbestos-related illness, Ms. Ball continues. According to Ms. Ball, the magnitude of asbestos litigation has declined since the wave of asbestos-related bankruptcies in 2000-2003, hence, the Debtors anticipate that, for the foreseeable future, both the number of claims that the amount that the Debtors will spend to defend and resolve cases will generally remain at low levels. Settlement Agreement The Debtors have continued to entertain and negotiate potential settlements withs several counsel for the Asbestos Personal Injury Claimants. As a result of these negotiations, Ms. Ball asserts, the Debtors have determined that it is in the best interests of the their estates to enter into the settlement agreements. Under the settlement agreements, the Debtors are: (a) resolving certain Asbestos Personal Injury Claims that had been filed as lawsuits through March 2, 2006; and (b) providing a mechanism for addressing future cases that may be brought by the Tort Attorneys. The settlement agreements, among other things, require the Asbestos Personal Injury Claimants to provide medical documentation of their illnesses, and evidence of their exposure to asbestos-containing products manufactures, sold, or distributed by Dana, according to Ms. Ball. She adds that the claimants must also submit release to qualify for payment of their asbestos personal injury claims. Ms. Ball tells the Court that the Debtors' estimate on account of the settlements would be approximately US$2,000,000. The Debtors say that payments will be partially reimbursed by their insurers. "Dana believes that the amounts to be paid to the Asbestos Personal Injury Claimants under the Settlement Agreements are reasonable and wholly consistent with, or better than, the terms and conditions among the range of settlements reached by Dana prior to the [P]etition [D]ate for similar claims of individuals represented by Tort Attorneys and other attorneys," Ms. Ball says. Ms. Ball asserts that the Debtors' entry into the Settlement Agreements would result to the dismissal of 7,500 Asbestos Personal Injury Claims filed against the Debtors. With respect to the claimants who decline the terms contained in the settlement agreements, the Tort Attorneys have agreed not to schedule cases for trial against the Debtors, and agreed not to any oppose any motions filed on the Debtors' behalf for the period of two years. The resolutions reached in the Settlement Agreements represent a reasonable and expedient way for Dana to resolve approximately 7,500 Asbestos Personal Injury Claims without the need to continue active litigation of these claims in state court and incur the related expenses, Ms. Ball relates. She notes that in the five years prior to the Petition Date, Dana has spent approximately US$15,300,000 for asbestos defense and indemnity, net of insurance recoveries. If the Asbestos Personal Injury Claimants' claims are not resolved consensually, Dana, she says, will continue to incur the cost of defense, and expend other resources in connection with, the active litigation of these claims. The Debtors have obtained the Court's permission to file the Settlement agreements under seal. About Dana Corporation Headquartered in Toledo, Ohio, Dana Corporation -- http://www.dana.com/-- designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. Dana has facilities in China in the Asia-Pacific, Argentina in the Latin American regions and Italy in Europe. The company and its affiliates filed for chapter 11 protection on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Aug. 31, 2007 the Debtors listed US$6,878,000,000 in total assets and US$7,551,000,000 in total debts resulting in a total shareholders' deficit of US$673,000,000. Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represent the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners serves as Dana's Chief Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents the Official Committee of Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the Official Committee of Equity Security Holders. Stahl Cowen Crowley, LLC serves as counsel to the Official Committee of Non-Union Retirees. The Debtors filed their Joint Plan of Reorganization on Aug. 31, 2007. On Oct. 23, 2007, the Court approved the adequacy of the Disclosure Statement explaining their Plan. The Court has set Dec. 10, 2007, to consider confirmation of the Plan. (Dana Corporation Bankruptcy News, Issue No. 60; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). DECO HOUSE: Proofs of Claim Verification Ends on Feb. 21 -------------------------------------------------------- Hugo Javier Mancusi, the court-appointed trustee for Deco House S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of claim until Feb. 21, 2008. Mr. Mancusi will present the validated claims in court as individual reports on April 3, 2008. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by Deco House 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 Deco House's accounting and banking records will be submitted in court on May 16, 2008. Mr. Mancusi is also in charge of administering Deco House's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Hugo Javier Mancusi Avenida Corrientes 3169 Buenos Aires, Argentina MEDICINA ASISTENCIAL: Trustee Verifies Claims Until Feb. 14 ----------------------------------------------------------- Estudio Contable Clase A Estevez-Musante, the court-appointed trustee for Medicina Asistencial Solidaria S.A.'s reorganization proceeding, verifies creditors' proofs of claim until Feb. 14, 2008. Estudio Contable 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 Medicina Asistencial 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 Medicina Asistencial's accounting and banking records will be submitted in court. Infobae didn't state the reports submission deadlines. The trustee can be reached at: Estudio Contable Clase A Estevez-Musante Sarmiento 1426 Buenos Aires, Argentina NUEVO BANCO: Moody's Puts Caa1 Foreign Currency Deposit Rating -------------------------------------------------------------- Moody's Investors Service assigned first-time ratings to Banco de Santiago del Estero S.A. and Nuevo Banco de la Rioja S.A. These are a bank financial strength rating of D-; long- and short-term global local-currency deposit ratings of Ba2 and Not Prime, as well as long- and short-term foreign-currency deposit ratings of Caa1 and Not Prime. Moody's also assigned a Aa2.ar local currency deposit rating and a Ba1.ar foreign currency deposit ratings on the Argentine national scale. The outlooks on the BFSRs, on the local currency deposit ratings, and on the national scale ratings are stable. In addition, the long-term foreign currency deposit ratings have a positive outlook in line with the outlook on the Argentine's foreign currency deposit ceiling. Moody's noted that the D- BFSRs reflects the relatively healthy, though small, operations of the banks, as well as the expectation of further enhancement to their core earnings. The banks' performances benefit from the long-term contracts with the Provinces of Santiago del Estero and La Rioja to act as their financial agents, together with their specialization in originating and managing a portfolio of payroll-deductible loans. Moody's also pointed out that the banks' strategy -- based on exploiting synergies between the banks -- has enhanced their overall franchise potential by increasing their access to core funding, by leveraging their presence in the central-northern Argentinean provinces and by expanding their product and customer reach. However, the ratings also incorporate the banks' dependence on the provincial performance and the challenges management faces to diversify their earnings within this operating footprint. Moody's Ba2 global local-currency deposit rating incorporates Banco de Santiago and Banco de la Rioja's Baseline Credit Assessment of Ba3, as well as Moody's assessment of moderate probability of systemic support that would be extended to the banks in case of stress, due to the banks' regional franchises and Moody's assessment of Argentina as a high support country. Such assessment results in one-notch lift of the local currency rating to Ba2. The Caa1 foreign currency deposit rating is constrained by the Caa1 country ceiling for deposits.. These new ratings were assigned for Banco de Santiago del Estero: -- Bank Financial Strength Rating: D-, with stable outlook. -- Long- and short-term global local-currency deposit rating: Ba2 and Not Prime, with stable outlook. -- Long- and short-term foreign currency deposit rating: Caa1 (positive outlook) and Not -Prime. -- Long-Term National Scale Local-Currency Deposit Rating: Aa2.ar -- Long -Term National Scale Foreign Currency Deposit Rating: Ba1.ar These new ratings were assigned for Nuevo Banco de La Rioja: -- Bank Financial Strength Rating: D-, with stable outlook. -- Long- and short-term global local-currency deposit rating: Ba2 and Not Prime, with stable outlook. -- Long- and short-term foreign currency deposit rating: Caa1 (positive outlook) and Not -Prime. -- Long-Term National Scale Local-Currency Deposit Rating: Aa2.ar -- Long -Term National Scale Foreign Currency Deposit Rating: Ba1.ar Nuevo Banco de la Rioja SA is a commercial bank located in the Province of La Rioja, with US$83 million in deposits and US$111 million in assets as of June 2007. The bank acts as the financial agent of the Province of La Rioja and is 59.5% owned by BSE, 10.5% by the Ick Group and 30% by the Province of La Rioja. REDES URBANAS.COM: Proofs of Claim Verification Is Until Feb. 11 ---------------------------------------------------------------- Mario Leizerow, the court-appointed trustee for Redes Urbanas.com S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of claim until Feb. 11, 2008. Mr. Leizerow will present the validated claims in court as individual reports on March 24, 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 Redes Urbanas.Com 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 Redes Urbanas.Com's accounting and banking records will be submitted in court on May 7, 2008. Mr. Leizerow is also in charge of administering Redes Urbanas.Com's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Redes Urbanas.Com S.R.L. Avenida Cabildo 2327 Buenos Aires, Argentina The trustee can be reached at: Mario Leizerow Bouchard 644 Buenos Aires, Argentina SENDRA DANIEL: Proofs of Claim Verification Deadline Is March 11 ---------------------------------------------------------------- Carlos Antonio Palma, the court-appointed trustee for Sendra Daniel C. y Juan J. Sendra S.H.'s bankruptcy proceeding, verifies creditors' proofs of claim until March 11, 2007. Mr. Palma will present the validated claims in court as individual reports on April 25, 2008. The National Commercial Court of First Instance in Mendoza 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 Sendra Daniel 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 Sendra Daniel's accounting and banking records will be submitted in court on June 10, 2008. Mr. Palma is also in charge of administering Sendra Daniel's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Carlos Antonio Palma 9 de Julio 313, Ciudad de Mendoza Mendoza, Argentina TYSON FOODS: Declares US$0.04 & US$0.036 Per Share Dividends ------------------------------------------------------------ Tyson Foods Inc.'s Board of Directors, at a meeting on Nov. 15, 2007, declared the quarterly dividend of US$0.04 per share on Class A common stock and US$0.036 per share on Class B common stock, payable on March 15, 2008, to shareholders of record at the close of business on March 1, 2008. Based in Springdale, Arkansas, Tyson Foods, Inc. (NYSE:TSN) -- http://www.tysonfoods.com/-- is a processor and marketer of chicken, beef, and pork. The company produces a wide variety of protein-based and prepared food products, which are marketed under the "Powered by Tyson(TM)" strategy. The company has operations in China, Japan, Singapore, South Korea, and Taiwan. In Latin America, Tyson Foods has operations in Argentina. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 24, 2007, Moody's Investors Service affirmed Tyson Foods Inc.'s ratings, including its Ba1 corporate family rating and Ba1 probability of default rating. Moody's said the rating outlook is negative. ============= B A H A M A S ============= BANK OF BARODA: To Form Insurance JV w/ Andhra Bank & U.K. Firm --------------------------------------------------------------- Bank of Baroda has signed a Memorandum of Understanding with Andhra Bank and United Kingdom-based Legal & General Group plc, to form a joint venture for life insurance business. In a filing with the Bombay Stock Exchange, Bank of Baroda disclosed that equity participation pursuant to the MoU, which was signed on Nov. 16, will be: Bank of Baroda 44% Andhra Bank 30% Legal and General plc, UK 26% The initial paid-up capital for the life insurance venture is reportedly INR2 billion. According to The Hindu daily, the joint venture would mainly focus on the rural and semi-urban market because only 20% of the people in India were insured. The partners would initiate various steps to operationalize the JV in due course, the BSE filing says. Among the steps to be taken would be the filing of application for a license with the Insurance Regulatory and Development Authority. About Andhra Bank Headquartered in Hyderabad, India, Andhra Bank -- http://www.andhrabank-india.com/ -- offers various products and services including deposits, loans, corporate banking products, non-resident Indian services and technology products. The deposits offered by the Bank include current deposits, savings bank deposits and term deposits. It offers housing, personal, mortgage and agricultural loans. Under corporate banking, it offers working capital loans, export and import finance, foreign currency loans, term finance and corporate loans. About Legal & General Group U.K.-based Legal & General Group Plc is a holding company of a group of insurance, investment management and financial services companies. The Company has three business segments-- Life and Pensions, Investment Management and General Insurance. About Bank of Baroda Headquartered in Vadodara, India, Bank of Baroda -- http://www.bankofbaroda.com/-- is a provider of banking services in India. Bank of Baroda has branches in the Bahamas, Belgium, the Fiji Islands, Mauritius, Republic of South Africa, Seychelles, Singapore, Sultanate of Oman, United Arab Emirates, the United Kingdom, and the United States of America. * * * As reported by the Troubled Company Reporter-Asia Pacific on July 11, 2007, Standard & Poor's assigned its 'BB' issue rating to Bank of Baroda's US$300 million upper Tier-II subordinated notes due in 2022. Fitch Ratings, on May 9, 2007, assigned 'BB' ratings to Bank of Baroda's proposed unsecured subordinated Upper Tier 2 notes (expected size: US$250 million plus greenshoe option), as well as the hybrid Tier 1 debt to be issued under its USD1.5 billion medium-term notes programme. Fitch said the outlook on all ratings is stable. ============= B E R M U D A ============= BT LOOKSMART: Holding Final Shareholders Meeting on Dec. 21 ----------------------------------------------------------- BT Looksmart, Ltd., will hold its final shareholders meeting on Dec. 21, 2007, at 9:30 a.m., at: Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. CM CONTINENT: Sets Final Shareholders Meeting for Dec. 19 --------------------------------------------------------- CM Continent Limited will hold its final shareholders meeting on Dec. 19, 2007, at 9:30 a.m., at: Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. DYNASTY PROPERTY: Holding Final Shareholders Meeting on Dec. 17 --------------------------------------------------------------- Dynasty Property Investment Limited will hold its final shareholders meeting on Dec. 17, 2007, at 11:00 a.m., at: KPMG 8th Floor, Prince's Building 10 Charter Road, Central Hong Kong These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. DYNASTY SYNDICATE: Final Shareholders Meeting Is on Dec. 17 ----------------------------------------------------------- Dynasty Syndicate Investment Limited will hold its final shareholders meeting on Dec. 17, 2007, at 10:30 a.m., at: KPMG 8th Floor, Prince's Building 10 Charter Road, Central Hong Kong These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. HIMPURNA CALIFORNIA: Sets Final Shareholders Meeting on Dec. 27 --------------------------------------------------------------- Himpurna California Energy Ltd. will hold its final shareholders meeting on Dec. 27, 2007, at 11:00 a.m., at: Deloitte & Touche Corner House, Church & Parliament Streets Hamilton, Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. PATUHA POWER: Holding Finals Shareholders Meeting on Dec. 27 ------------------------------------------------------------ Patuha Power Limited will hold its final shareholders meeting on Dec. 27, 2007, at 10:00 a.m., at: Deloitte & Touche Corner House, Church & Parliament Streets Hamilton, Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. SCOTTISH RE: Names Samir Shah as Executive VP in Bermuda Unit ------------------------------------------------------------- Scottish Re Group Limited has appointed Samir Shah as its Executive Vice President and Chief Risk Officer, effective Dec. 26, 2007. Mr. Shah will be based at the company's Hamilton, Bermuda headquarters. Mr. Shah has over twenty years of experience in risk and capital management and has done extensive work developing and implementing Enterprise Risk Management concepts, methods and tools. Most recently, Mr. Shah was a Principal with Towers Perrin where he was a leader in the firm's global Enterprise Risk Management practice, which helped insurance companies, banks and non-financial institutions manage enterprise-wide risks. Prior to his ten-year tenure at Tower Perrin, Mr. Shah held various management-consulting roles focused in areas such as non-traditional actuarial risk management, operational efficiency and financial performance improvement. Mr. Shah is a Fellow of the Society of Actuaries, a Financial Risk Manager certified by the Global Association of Risk Professionals and a Professional Risk Manager certified by the Professional Risk Managers International Association. He holds a B.S. and an M.S. in Industrial Engineering, specializing in Operations Research and Management Science, from Northwestern University. In the newly created role of Chief Risk Officer, Mr. Shah is charged with developing and implementing a risk management strategy and operating framework designed to significantly improve risk management disciplines across the company. George Zippel, President and Chief Executive Officer of Scottish Re Group Limited, commented, "Creating the Chief Risk Officer leadership position and continuing to enhance a robust ERM process are key elements of our plan to improve the operating and financial performance of Scottish Re. I'm very pleased that we were able to attract a strong and experienced risk management professional to our company. I look forward to working closely with Samir as he builds out his team and drives improved risk management performance across Scottish Re." Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a global life reinsurance specialist. Scottish Re has operating businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the United Kingdom, United States, and Singapore. Its flagship operating subsidiaries include Scottish Annuity & Life Insurance Company (Cayman) Ltd. and Scottish Re (US), Inc. Scottish Re Capital Markets, Inc., a member of Scottish Re Group Ltd., is a registered broker dealer that specializes in securitization of life insurance assets and liabilities. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 15, 2007, Moody's Investors Service has affirmed the ratings of Scottish Re Group Limited's senior unsecured shelf of (P)Ba3 and changed the outlook to negative from stable. ============= B O L I V I A ============= VISTA GOLD: Luzon Minerals Drops Gold Project Acquisition Plans --------------------------------------------------------------- Luzon Minerals Ltd. has decided not to acquire the Amayapampa Gold Project in Bolivia from Vista Gold Corp., citing its inability to advance the project with its current financial and personnel resources. Luzon Minerals had an option to acquire Vista's interest in the project from Vista Gold pursuant to an option agreement dated March 13, 2007. The two companies have entered into an agreement regarding the termination of the option agreement and the terms on which Luzon Minerals' outstanding obligations with respect to the project will be satisfied. Vista Gold's Executive Chairman and Chief Executive Officer, Mike Richings commented on the news, "We have been concerned about the slow progress at the Amayapampa project during these times of high gold prices and recognized that continued delay in placing the project into production might not be well received by the local community. Vista plans to continue to advance the project while seeking a partner or buyer with the financial and personnel resources to manage and develop the project and commence commercial gold production in the shortest time possible. Vista plans to engage consultants and commence a work program to upgrade the scoping study completed by Luzon (initially filed on SEDAR under Luzon Minerals Ltd. and subsequently by Vista on Oct. 18, 2006) to a feasibility study. We remain confident that the project is an attractive project at today's gold prices. Employee training, which Luzon had started, utilizing the services of professional trainers, will continue and the workers will be provided opportunities to participate in the on-site activities related to the proposed work program as plans for the program are developed." About Vista Gold Corp. Vista Gold Corp. (TSX & Amex: VGZ), based in Littleton, Colorado, evaluates and acquires gold projects with defined gold resources. Additional exploration and technical studies are undertaken to maximize the value of the projects for eventual development. The corporation's holdings include the Maverick Springs, Mountain View, Hasbrouck, Three Hills, Wildcat projects and Hycroft mine, all in Nevada, the Long Valley project in California, the Yellow Pine project in Idaho, the Paredones Amarillos and Guadalupe de los Reyes projects in Mexico, the Amayapampa project in Bolivia, and the Awak Mas deposit in Indonesia. * * * As reported in the Troubled Company Reporter on April 1, 2004, Vista Gold's independent auditors expressed doubt about the company's ability to continue as a going concern after reviewing its financial statements for the year ending Dec. 31, 2003. Losses continued until the year ended Dec. 31, 2004. For 2004, Vista reported a consolidated net loss of US$4.9 million. =========== B R A Z I L =========== AMERICAN AIRLINES: Inks Code-Share Agreement with Jet Airways ------------------------------------------------------------- Hindustan Times reports that American Airlines has entered into a code-sharing accord with private carrier Jet Airways for some domestic flights out of New York, to try to tap increasing passenger traffic between the US and India. Code sharing means that a flight operated by an airline is jointly marketed as a flight for one or more other airlines. Jet Airways said in a statement, "American Airlines and Jet Airways will 'codeshare' and cooperate on traffic between the US and India that connects at Brussels airport as well as hope to expand their 'codeshare' cooperation on other routes in the months ahead." Jet Airways told Hindustan Times that the agreement is awaiting regulatory approvals. It would be effective from Jan. 16, 2008. Dallas Business Journal relates that American Airlines asked the US federal government to grant permission for its codeshare agreement with Jet Airways. According to Hindustan Times, Jet Airlines will place its "9W designator code" on American Airlines' domestic flights out of the John F. Kennedy Airport in New York. American Airlines will then place its "AA designator code" on Jet Airways flights to some cities in India. Jet Airways Chief Executive Officer Wolfgang Prock-Schauer told Hindustan Times, "This mutually rewarding partnership will extend our reach into the US and deliver several benefits to our customers, such as a wider choice of destinations with excellent connections, frequent flyer benefits on 'codeshare' flights, seamless transfers and interline e-ticketing." American Airlines told Dallas Business that it would like to expand its codeshare cooperation with Jet Airways on other routes in the future. About Jet Airways Jet Airways (India) Limited is a domestic airline in India. As of March 31, 2007, the company flew to eight international destinations, including Europe, the United States and Asia. As of March 31, 2007, Jet Airways had a fleet of 65 aircraft, which includes four Boeing 777-300 ER, 49 classic and next generation Boeing 737-400/700/800/900 aircraft, four Airbus A330-200 aircraft and eight modern ATR 72-500 turboprop aircraft. During the fiscal year ended March31, 2007, the Company commenced operations on international routes, including Delhi-Bangkok- Delhi, Kolkata-Bangkok-Kolkata, Amritsar-London-Amritsar, Delhi- Singapore-Delhi and a second frequency on Mumbai-London-Mumbai. In April 2007, the Company acquired Jet Lite (India) Limited, formerly Sahara Airlines Limited. About American Airlines Inc. Based in Fort Worth, Texas, American Airlines Inc., a wholly owned subsidiary of AMR Corp., operates the largest scheduled passenger airline in the world with service throughout North America, the Caribbean, Latin America, Europe and Asia. American Airlines flies to Belgium, Brazil, Japan, among others. As reported in the Troubled Company Reporter-Latin America on Nov. 15, 2007, Fitch Ratings affirmed the debt ratings of AMR Corp. and its principal operating subsidiary American Airlines, Inc., as: AMR Corp. -- Issuer Default Rating at 'B-'; -- Senior unsecured debt at 'CCC'/RR6'; American Airlines -- Issuer Default Rating at 'B-'; -- Secured bank credit facility at 'BB-/RR1'. Fitch says the rating outlook for both AMR Corp. and American has been revised to positive from stable. ASPEN TECH: Reports Selected Prelim First Qtr. Financial Results ---------------------------------------------------------------- Aspen Technology Inc. has selected preliminary financial results for its fiscal first quarter 2008. The company reported license bookings of approximately US$36 million during the fiscal first quarter 2008, with license bookings defined as the total net present value of all license contracts signed in the quarter. This represents an increase of 50% compared to license bookings of approximately US$24 million in the first quarter of fiscal 2007. The company ended Sept. 30, 2007, with US$128 million in cash and cash equivalents, which is a decrease compared to US$132 million at the end of the previous quarter. The sequential decline in cash was primarily due to cash payments related to incentive compensation following the company's record fiscal 2007 results. On a year-over-year basis, the company's cash and cash equivalents increased US$39 million from a balance of US$89 million at Sept. 30, 2006. Mark Fusco, Chief Executive Officer of Aspen Technology, said "We are pleased with the company's operational performance in the first quarter, with strong year-over-year growth in license bookings highlighting what was a strong start to the fiscal year. Our end markets are strong, the company's point solutions and aspenONE suite remain best-in-class and our worldwide organization is executing at a high level." Mr.Fusco added, "With solid market demand, a differentiated value proposition and industry leading domain expertise, we are optimistic about the company's fundamental outlook for the remainder of fiscal 2008." Brad Miller, Chief Financial Officer of AspenTech, said "We have made considerable progress in becoming current with all of our outstanding financial reporting requirements, including the fiscal 2007 10-K and our fiscal first quarter 2008 10-Q. We are committed to addressing these matters and intend to become current in these filings by Jan. 18, 2008, the extension date we requested at our recent hearing with Nasdaq." About Aspen Technology Based in Cambridge, Massachusetts, Aspen Technology Inc. (Nasdaq: AZPN) -- http://www.aspentech.com/-- provides software and professional services that help process companies improve efficiency and profitability by enabling them to model, manage and control their operations. The company has operations in Brazil, Malaysia and France. * * * Aspen Technology carries Moody's B2 long-term corporate family rating and Caa1 equity linked rating. Moody's said the outlook is stable. The company carries Standard & Poor's B long-term foreign and local issuer credit ratings, with negative outlook. ASPEN TECH: Receives NASDAQ Notice Due to Form 10-Q Filing Delay ---------------------------------------------------------------- Aspen Technology has received, as expected, an Additional Staff Determination Letter from the NASDAQ on Nov. 14, 2007, indicating that the company is not in compliance with the requirements for continued listing set forth in Marketplace Rule 4310(c)(14) as a result of the company's failure to file timely with the U.S. the Securities and Exchange Commission the company's Form 10-Q for the quarter ended Sept. 30, 2007. The NASDAQ previously issued a Staff Determination regarding the continued listing of the Company's Stock on the Nasdaq Global Market due to the company's failure to file its Annual Report on Form 10-K for the fiscal year ended June 30, 2007. The November 14 Staff Determination further indicates that non-compliance as a result of the company's failure to file its Form 10-Q serves as an additional basis for delisting the company's stock at the company's request, a hearing on the Staff Determinations was conducted on Nov. 15, 2007, before a Nasdaq Listing Qualifications Panel at which time the company requested an extension to Jan. 18, 2008, to comply with NASDAQ listing requirements. There can be no assurance that the Panel will grant the company's request. AspenTech's delay in filing is attributed to the previously announced intention to restate certain historical financial statements. The company is working diligently to complete its delinquent Forms 10-Q and 10-K. About Aspen Technology Based in Cambridge, Massachusetts, Aspen Technology Inc. (Nasdaq: AZPN) -- http://www.aspentech.com/-- provides software and professional services that help process companies improve efficiency and profitability by enabling them to model, manage and control their operations. The company has operations in Brazil, Malaysia and France. * * * Aspen Technology carries Moody's B2 long-term corporate family rating and Caa1 equity linked rating. Moody's said the outlook is stable. The company carries Standard & Poor's B long-term foreign and local issuer credit ratings, with negative outlook. FORD MOTOR: Thai Unit Cuts Prices for Focus to Reflect New Taxes ---------------------------------------------------------------- Ford Motor Corp.'s Thailand unit has cut its prices for its E20- fueled Focus car by THB50,000 to reflect the new excise tax rate for E20 vehicles, and to support government policies to promote alternative fuel use, the Bangkok Post reports. E20 is a fuel blend of 20% ethanol and 80% gasoline, the Post relates. Excise tax for E20 vehicles under 2,000 cc will be cut to 25% from the current 30% in Thailand starting January next year, the report adds. According to the article, the new prices are THB939,000 for a five-door 2.0-litre Focus and THB885,000 for the four-door, 1.8- litre version of the model. Ford has about 150 of the cars in stock and expects to sell them by year's end, Ford Thailand's senior vice president Saroj Kiatfuengfoo said, adding that new versions of the Focus will be introduced at the Bangkok Motor Expo next month. Mr. Saroj also revealed that the company has imported 35 units of the diesel- powered versions of the Focus to test the local market, and said that more units will be imported next summer if the response is favorable. About Ford Motor Co. Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) -- http://www.ford.com/-- manufactures or distributes automobiles in 200 markets across six continents. With about 260,000 employees and about 100 plants worldwide, the company's core and affiliated automotive brands include Ford, Jaguar, Land Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company provides financial services through Ford Motor Credit Company. The company has operations in Japan and Thailand in the Asia Pacific region. In Europe, the Company maintains a presence in Sweden, and the United Kingdom. The Company also distributes its brands in various Latin American regions, including Argentina and Brazil. * * * To date, Ford Motor Company still carries Standard & Poor's Ratings Services 'B' long-term foreign and local issuer credit ratings and negative ratings outlook. At the same time, the company carries Moody's Caa1 issuer and senior unsecured debt ratings and negative ratings outlook. FORD MOTOR: Automotive Component VP, CEO & COO Al Ver To Retire --------------------------------------------------------------- Ford Motor Company's vice president, chief executive officer and chief operating officer for Automotive Components Holdings, Al Ver, has elected to retire at the end of the year, after a 35-year career with the Ford Motor. Mr. Ver joined Ford in 1972 as a manufacturing process engineer at the Mt. Clemens (Michigan) Paint Plant. He has held a number of engineering and manufacturing positions within Ford and its component operations during his career. Prior to his current assignment, Mr. Ver served as vice president for Ford's Advanced Manufacturing Engineering organization. As the head of ACH, he reported to The Americas executive vice president and president, Mark Fields. "Al has consistently contributed to Ford's engineering and manufacturing organizations throughout his career and most recently has done an outstanding job in leading ACH through its transition," said Mr. Fields. "We wish Al and his family well as they move into the next phase of their lives." Mr. Ver will be succeeded by Bill Connelly, who has been named chief executive officer, ACH. Mr. Connelly will retain his Chief Financial Officer responsibilities for ACH. During the transition, Mr. Ver will report to president and CEO, Alan Mulally, for a special project. Mr. Connelly will lead the Ford-managed, temporary business entity comprised of former Visteon Corp. plants and facilities in the United States and Mexico, as it continues preparing the operations for sale or closure by the end of 2008. He will report to vice president of North America Manufacturing, Joe Hinrichs. "Bill has been with ACH from the start and knows the component businesses within the group, as well as the component industry," Mr. Fields said. "We continue to operate in a very challenging environment, and having Bill at the helm is reassuring to me and everyone on the team." Mr. Connelly, a U.S. Marine Captain, joined Ford's Finance staff in 1972. Throughout his career, he has held a variety of positions within Finance, including controller of Ford's North America Automotive Operations and Ford Customer Service Division, and director of the company's Investor Relations department. Mr. Connelly was instrumental in the negotiations to form ACH in 2005, and as its CFO, he has significantly reduced operating costs and helped to progress ACH's restructuring plans. About Ford Motor Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) -- http://www.ford.com/-- manufactures or distributes automobiles in 200 markets across six continents. With about 260,000 employees and about 100 plants worldwide, the company's core and affiliated automotive brands include Ford, Jaguar, Land Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company provides financial services through Ford Motor Credit Company. The company has operations in Japan in the Asia Pacific region. In Europe, the company maintains a presence in Sweden, and the United Kingdom. The company also distributes its brands in various Latin American regions, including Argentina and Brazil. * * * As reported in the Troubled Company Reporter on Nov. 13, 2007, Standard & Poor's Ratings Services said its 'B' long-term corporate credit rating on Ford Motor Co. and Ford Motor Credit Co. remains on CreditWatch with positive implications following Ford's report of a narrower third-quarter loss compared to that of a year ago. S&P currently expect to resolve the CreditWatch around mid-November. The most likely outcome is an affirmation of the 'B' rating, with an outlook to be determined. JAPAN AIRLINES: S&P Affirms B+ Corporate Credit Rating ------------------------------------------------------ Standard & Poor's Ratings Services affirmed its 'B+' long-term corporate credit ratings on Japan Airlines Corp. and the company's 100% subsidiary, Japan Airlines International Co. Ltd., and removed them from CreditWatch, where they were placed with negative implications on May 25, 2007. The 'B+' senior unsecured debt ratings on both companies were also affirmed. The rating actions reflect the diminished likelihood of a material change in financial institutions' credit stance toward JAL, at least over the short term, given JAL's steady business performance since the beginning of the current fiscal year, and a smaller concern about the short-term liquidity. The outlook is negative. JAL has revised its operating profit forecast to JPY48 billion from JPY35 billion for the entirety of fiscal 2007 (ending March 31, 2008), on the back of strong demand for international flights and steady progress in its efforts to secure passengers who pay higher prices per person and thus improve operational efficiency. JAL's competitiveness has been gradually recovering from past operational troubles, and the company's efforts to reduce personnel costs by JPY50 billion during the current fiscal year is in progressing as planned. The company announced that short-term financing needs are mostly secured thanks to improved business performance and progress in asset sales, and consequently, Standard & Poor's sees a lower possibility of material change in financial institutions' credit stance toward JAL over the short term. The negative outlook reflects uncertainties over the continued steady recovery of profits next fiscal year and thereafter, given high fuel prices, which exceed the US$75 level assumed in the current management plan, and expected fiercer competition in the domestic passenger business against its competing airliners and bullet trains. Standard & Poor's will focus on the degree of certainty of JAL's business recovery in the next fiscal year and continued support from major financial institutions. S&P would consider an upward revision of the ratings or outlook if JAL successfully recovers profitability through accelerating and deepening structural reform to enhance competitiveness and efficiency while maintaining safe operations. Continued cooperation from financial institutions is also important. If JAL announces a capital injection plan, we would examine the size and foreseeable effects in relation to JAL's resilience toward possible losses generated by terrorism and epidemic diseases, and future needs for funds. The ratings could be lowered if the structural reforms do not progress as planned, lowering expectation for the recovery of profitability and improvements to JAL's financial profile. About Japan Airlines Tokyo-based Japan Airlines International Company, Limited -- http://www.jal.com/en/-- was created as a result of the merger of Japan Airlines and Japan Air Systems to boost domestic coverage. Japan Airlines flies to the United States, Brazil and France. LYONDELL CHEMICAL: Launches Cash Tender Offer for US$4-Bln Notes ---------------------------------------------------------------- Lyondell Chemical Company and its subsidiaries Equistar Chemicals, LP and Equistar Funding Corporation have commenced cash tender offers for an aggregate of approximately US$4.01 billion of outstanding debt securities issued by Lyondell and Equistar Issuers, as applicable. In conjunction with each of the Offers, Lyondell or the Equistar Issuers, as applicable, are soliciting consents from holders of the applicable series of Notes to effect certain proposed amendments to the indenture governing such series of Notes, including elimination of substantially all of the restrictive covenants. The Offers and Consent Solicitations are conducted in connection with the proposed merger of Lyondell with BIL Acquisition Holdings Limited, a Delaware corporation and wholly owned subsidiary of Basell AF S.C.A., a Luxembourg company. The Offer for each series of Notes will expire at 12:01 a.m. EST on Dec. 20, 2007, unless extended or earlier terminated by Lyondell or the Equistar Issuers, as applicable, in their sole discretion. The Consent Solicitation for each series of Notes will expire at or prior to 5 p.m. EST, on Dec. 5, 2007, unless extended or earlier terminated by Lyondell or the Equistar Issuers, as applicable, in their sole discretion. Holders may not tender their Notes without also delivering consents and may not deliver consents without also tendering their Notes. Holders that validly tender their Notes pursuant to the Offers will be deemed to have validly delivered their consents related to such Notes. Tendered Notes may not be withdrawn, and consents may not be revoked, after Dec. 5, 2007. The total consideration per US$1,000 principal amount of the Notes validly tendered and not validly withdrawn at or prior to Dec. 5, 2007 (Total Consideration) will be an amount equal to the sum of: -- the present value on Dec. 20, 2007, of the applicable Next Redemption Price on the applicable Next Redemption Date, and -- the present value on Dec. 20, 2007, of the amount of interest that would accrue from the last date on which interest has been paid until the applicable Next Redemption Date minus: -- accrued and unpaid interest from the last date on which interest has been paid up to, but not including, Dec. 20, 2007. The discount rate for calculating the present value is based on a fixed spread of 50 basis points over the yield as of 2 p.m. EST on Dec. 5, 2007, (Price Determination Date) of the applicable United States Treasury Security. The Total Consideration, payable on or about Dec. 20, 2007, includes a consent payment of US$30 per US$1,000 principal amount of the Notes to holders who validly tender the Notes, and thereby validly deliver consents related to the Notes, at or prior to Dec. 5, 2007. Holders whose Notes are validly tendered after Dec. 5, 2007, and accepted for purchase will receive the Total Consideration minus the US$30 consent payment per US$1,000 principal amount of the Notes promptly after Dec. 20, 2007. In addition, accrued and unpaid interest from the last interest payment date to, but not including, the applicable payment date will be paid on all validly tendered and accepted Notes. Each Offer and Consent Solicitation is made independently of the other Offers and Consent Solicitations. Lyondell and the Equistar Issuers reserve the right to terminate, withdraw or amend any Offer and Consent Solicitation, as applicable, independently of the other Offers and Consent Solicitations at any time and from time to time. The completion of the Offers and Consent Solicitations is not a condition to completion of the Merger, but the completion of the Merger is a condition, among other things, to the obligations of Lyondell or the Equistar Issuers, as applicable, to accept and pay for the Notes pursuant to the Offers and Consent Solicitations. The complete terms and conditions of the Offers and Consent Solicitations are set forth in the Offer to Purchase and Consent Solicitation Statement dated Nov. 20, 2007, which is being sent to holders of the Notes. Holders are urged to carefully read the Offer and Consent Statement and related materials. Goldman, Sachs & Co. and Merrill Lynch & Co. are the dealer managers for the Offers and solicitation agents for the Consent Solicitations. Questions regarding the Offers and Consent Solicitations may be directed to Goldman, Sachs & Co. at (877) 686-5059 (toll-free) [(212) 357-0775 (collect)] and Merrill Lynch & Co. at (888) 654-8637 (toll-free) [(212) 449-4914 (collect)]. Copies of the Offer and Consent Statement and related materials may be obtained from the Information Agent, D. F. King & Co., Inc. at (800) 290-6429 (U.S. toll free) and (212) 269-5550 (Banks and Brokers). About Lyondell Chemical Headquartered in Houston, Texas, Lyondell Chemical Company (NYSE: LYO) -- http://www.lyondell.com-- is North America's third-largest independent, publicly traded chemical company. Lyondell manufacturers basic chemicals and derivatives including ethylene, propylene, titanium dioxide, styrene, polyethylene, propylene oxide and acetyls. It also refines heavy, high-sulfur crude oil and produces gasoline-blending components. It operates on five continents and employs approximately 11,000 people worldwide. The company also has locations in Austria, France, Italy, The Netherlands, Belgium, Germany, Spain, United Kingdom, Brazil, China, Japan, Taiwan, India and Singapore. * * * As reported on July 23, 2007, Moody's Investors Service placed the ratings of Lyondell Chemical Company, Equistar Chemical Company LP and Millennium Chemicals Inc. (Corporate Family Ratings of Ba3) under review for possible downgrade following the announcement that Lyondell has agreed to be acquired by Basell AF SCA (Ba3 CFR under review for possible downgrade) in a transaction worth roughly US$19 billion including the assumption of debt. Moody's also affirmed Lyondell's speculative grade liquidity rating at SGL-1. However, the financing of this potential transaction, could result in a change to the SGL rating as well. Fitch Ratings has placed Lyondell, Equistar and Millennium on Rating Watch Negative following the announcement that Lyondell has agreed to be acquired by Basell for US$12.66 billion, or US$48 per share. The transaction is valued at US$19 billion including the consolidated debt outstanding at Lyondell. Fitch has placed these ratings on Rating Watch Negative: Lyondell: -- Issuer Default Rating 'BB-'; -- Senior secured credit facility and term loan 'BB+'; -- Senior secured notes 'BB+'; -- Senior unsecured notes 'BB-'; -- Debentures 'BB-'. LYONDELL CHEMICAL: Shareholders Approve Basell Merger Plan ---------------------------------------------------------- At a Special Meeting of Shareholders held Nov. 20, 2007, Lyondell Chemical Company's shareholders have approved the Agreement and Plan of Merger, dated as of July 16, 2007, among Basell AF, BIL Acquisition Holdings Limited and Lyondell pursuant to which Basell will acquire all of Lyondell's outstanding common shares for cash consideration of US$48 per share. In the final vote count by the independent inspectors of election, 168,008,513 Lyondell common shares (approximately 66.2 percent of the outstanding common shares) were represented at the Meeting, in person or by proxy, and the Agreement and Plan of Merger was approved by 65.8 percent of the shares outstanding. The closing of the transaction is anticipated to occur on or about Dec. 20, 2007. About Lyondell Chemical Headquartered in Houston, Texas, Lyondell Chemical Company (NYSE: LYO) -- http://www.lyondell.com-- is North America's third-largest independent, publicly traded chemical company. Lyondell manufacturers basic chemicals and derivatives including ethylene, propylene, titanium dioxide, styrene, polyethylene, propylene oxide and acetyls. It also refines heavy, high-sulfur crude oil and produces gasoline-blending components. It operates on five continents and employs approximately 11,000 people worldwide. The company also has locations in Austria, France, Italy, The Netherlands, Belgium, Germany, Spain, United Kingdom, Brazil, China, Japan, Taiwan, India and Singapore. * * * As reported on July 23, 2007, Moody's Investors Service placed the ratings of Lyondell Chemical Company, Equistar Chemical Company LP and Millennium Chemicals Inc. (Corporate Family Ratings of Ba3) under review for possible downgrade following the announcement that Lyondell has agreed to be acquired by Basell AF SCA (Ba3 CFR under review for possible downgrade) in a transaction worth roughly US$19 billion including the assumption of debt. Moody's also affirmed Lyondell's speculative grade liquidity rating at SGL-1. However, the financing of this potential transaction, could result in a change to the SGL rating as well. Fitch Ratings has placed Lyondell, Equistar and Millennium on Rating Watch Negative following the announcement that Lyondell has agreed to be acquired by Basell for US$12.66 billion, or US$48 per share. The transaction is valued at US$19 billion including the consolidated debt outstanding at Lyondell. Fitch has placed these ratings on Rating Watch Negative: Lyondell: -- Issuer Default Rating 'BB-'; -- Senior secured credit facility and term loan 'BB+'; -- Senior secured notes 'BB+'; -- Senior unsecured notes 'BB-'; -- Debentures 'BB-'. NET SERVICOS: Repays BRL50 Million of Vivax's BRL220-Mil. Debt -------------------------------------------------------------- Net Servicos de Comunicacao SA said in a statement that it has paid BRL50 million of the BRL220-million debt its subsidiary Vivax owes. Net Servicos told Business News Americas that it decided to pay Vivax's debt due to the liquidity of its balance sheet. Net Servicos's net profit increased 341% to BRL51 million in the third quarter 2007, from BRL12 million in the the third quarter 2006, BNamericas states. Headquartered in Sao Paulo, Brazil, NET Servicos de Comunicacao -- http://Nettv.globo.com/NETServ/br/home/indexNet.jsp?id=1-- is a subscriber TV multi-operator in Brazil, as it operates the NET brand in major cities, including operations in the 4 largest cities: Sao Paulo, Rio de Janeiro, Belo Horizonte and Porto Alegre. NET also offers Broadband Internet services through its NET VIRTUA brand name. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 23, 2007, Moody's Investors Service upgraded Net Servicos de Comunicacao S.A.'s corporate family rating to Ba2 from B1 on its global local currency scale and to Aa3.br from Baa2.br on its Brazilian national scale rating. Moody's said the rating outlook is stable. This rating action concludes the review process initiated on Oct. 17, 2006. SCO GROUP: Court OKs Dorsey & Whitney as Special Corp. Counsel -------------------------------------------------------------- The SCO Group Inc. and SCO Operations Inc. obtained authority from the United States Bankruptcy Court for the District of Delaware to employ Dorsey & Whitney LLP as their special corporate and securities counsel, nunc pro tunc to Sept. 14, 2007. As reported in the Troubled Company Reporter on Nov. 1, 2007, Dorsey & Whitney is expected to: a. advise and counsel the Debtors with respect to their responsibilities in complying with the requirements of regulatory authorities and general corporate matters; b. give advice with respect to continued compliance with securities matters, specifically with respect to the Debtors' continued compliance with the Securities Act of 1033 and the Securities and Exchange Act of 1934, including the preparation and filing of quarterly and annual reports required by federal law that will be necessary during the pendency of the cases; c. give advice with respect to general corporate governance, transactional, finance, labor and employment, and other related general outside counsel matters; and d. assist lead bankruptcy counsel as may be needed to protect the interests of the estates in all matters pending before the Court. The Debtors will pay the firm at its standard hourly rate. Professional Designation Rate ------------ ----------- ---- Nolan S. Taylor, Esq. Partner US$440 Devan Padmanabhan, Esq. Partner US$495 Eric Lopez Schnabel, Esq. Partner US$450 Samuel P. Gardner, Esq. Partner US$330 David Marx, Esq. Associate US$270 In addition, Dorsey had unbilled fees and expenses owed by the Debtors totaling US$53,128 and other expenses already billed totaling US$1,622. Prior to the bankruptcy filing, Dorsey received a US$100,000 retainer, however Dorsey was not able to issue an invoice for its unbilled expenses. The Debtors and Dorsey has requested for authority to apply the unbilled claim against the retainer and the remainder of the retainer against fees approved for payment pursuant to Court orders. The Debtors believe that the employment of Dorsey & Whitney is necessary and in the best interest of the Debtors' estates. The firm can be reached at: Nolan S. Taylor, Esq. Dorsey & Whitney LLP 170 South Main Street, suite 900 Salt Lake, Utah http://www.dorsey.com/ About The SCO Group Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX) fka Caldera International Inc. -- http://www.sco.com/-- provides software technology for distributed, embedded and network-based systems, offering SCO OpenServer for small to medium business and UnixWare for enterprise applications and digital network services. The company has office locations in Australia, Austria, Argentina, Brazil, China, Japan, Poland, Russia, among others. The company and its affiliate, SCO Operations Inc., filed for Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead Case No. 07-11337). Paul Steven Singerman, Esq. and Arthur J. Spector, Esq. at Berger Singerman PA and Laura Davis Jones, Esq. at Pachulski Stang Ziehl & Jones LLP are co-counsels to the Debtors. Epiq Bankruptcy Solutions, LLC, acts as the Debtors' claims and noticing agent. The United States Trustee failed to form an Official Committee of Unsecured Creditors in these cases due to insufficient response from creditors. The Debtors' exclusive period to file a chapter 11 plan expires on March 12, 2008. The Debtors' schedules of assets and liabilities showed total assets of US$9,549,519 and total liabilities of US$3,018,489. SCO GROUP: Hearing on Asset Sale Protocol Deferred to Dec. 5 ------------------------------------------------------------ The hearing to consider approval of the procedures governing the sale of The SCO Group Inc. and SCO Operations Inc.'s business has been rescheduled to Dec. 5, 2007, at 10:00 a.m. The hearing was originally set for Nov. 16, 2007, at 4:00 p.m. As reported in the Troubled Company Reporter on Nov. 9, 2007, the Debtors sought authority from the U.S. Bankruptcy Court for the District of Delaware to sell certain of their assets to JGD Management Corp. dba York Capital Management, subject to higher and better offers. The assets for sale are: -- the Debtors' Unix operating system; -- certain related claims in litigation; as well as -- certain transfer, cross-license and related agreements pertaining to the Hipcheck product line and Me Inc. Mobile intellectual property owned by Me Inc., a non-debtor affiliate. Pursuant to an asset purchase agreement dated Oct. 22,2007, an earnest money deposit of US$1,800,000 or 5% of the purchase JGD offered to buy the assets for US$36,000,000 and agreed to post price. To participate in the auction, competing bids must accompany a good faith cash deposit of not less than US$1,800,000. In the event a competing bid outbids JGD's offer, JGD will be entitled to an all cash breakup fee of US$780,000 plus reimbursement of expenses incurred up to US$300,000. Court documents did not disclose specific date and place of the auction. IBM and Novell Object The proposed sale is facing opposition from creditors International Business Machines Corporation and Novell Inc. IBM told the Court that the Debtors' proposed procedure for the sale is deficient and that the bidder protections are based on a misleading characterization of the purchase price. IBM argued that the sale is improper and itself cannot be approved because the Debtors propose to sell assets they don't own. Additionally, Novell contended that the sale is "ill-advised at every level." According to Novell, the Debtors have not "established an adequate justification for emergency consideration of the proposed sale on shortened notice, relying instead on unsubstantiated claims of urgent circumstances allegedly dictated by" JGD. About The SCO Group Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX) fka Caldera International Inc. -- http://www.sco.com/-- provides software technology for distributed, embedded and network-based systems, offering SCO OpenServer for small to medium business and UnixWare for enterprise applications and digital network services. The company has office locations in Australia, Austria, Argentina, Brazil, China, Japan, Poland, Russia, among others. The company and its affiliate, SCO Operations Inc., filed for Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead Case No. 07-11337). Paul Steven Singerman, Esq. and Arthur J. Spector, Esq. at Berger Singerman PA and Laura Davis Jones, Esq. at Pachulski Stang Ziehl & Jones LLP are co-counsels to the Debtors. Epiq Bankruptcy Solutions, LLC, acts as the Debtors' claims and noticing agent. The United States Trustee failed to form an Official Committee of Unsecured Creditors in these cases due to insufficient response from creditors. The Debtors' exclusive period to file a chapter 11 plan expires on March 12, 2008. The Debtors' schedules of assets and liabilities showed total assets of US$9,549,519 and total liabilities of US$3,018,489. SCO GROUP: SCO Operations Posts US$731,158 Net Loss for Sept. ------------------------------------------------------------- The SCO Operations Inc. had gross revenues of US$610,605 and gross profit of US$595,807 for the period beginning Sept. 15 through 30. Net loss for the month of September 2007 was US$731,158. As of Sept. 30, 2007, SCO Operations' balance sheet showed total assets of US$15,733,879, total liabilities of US$9,517,924, and total stockholders' equity of US$6,215,955. A full-text copy of SCO Operations' September 15 through 30 operating report is available for free at: http://ResearchArchives.com/t/s?256f Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX) fka Caldera International Inc. -- http://www.sco.com/-- provides software technology for distributed, embedded and network-based systems, offering SCO OpenServer for small to medium business and UnixWare for enterprise applications and digital network services. The company has office locations in Australia, Austria, Argentina, Brazil, China, Japan, Poland, Russia, among others. The company and its affiliate, SCO Operations Inc., filed for Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead Case No. 07-11337). Paul Steven Singerman, Esq. and Arthur J. Spector, Esq. at Berger Singerman PA and Laura Davis Jones, Esq. at Pachulski Stang Ziehl & Jones LLP are co-counsels to the Debtors. Epiq Bankruptcy Solutions, LLC, acts as the Debtors' claims and noticing agent. The United States Trustee failed to form an Official Committee of Unsecured Creditors in these cases due to insufficient response from creditors. The Debtors' exclusive period to file a chapter 11 plan expires on March 12, 2008. The Debtors' schedules of assets and liabilities showed total assets of US$9,549,519 and total liabilities of US$3,018,489. SMOBY-MAJORETTE: MGA Confirms Interest Amidst Financial Woes ------------------------------------------------------------ MGA Entertainment confirmed its interest in Smoby-Majorette after it discovered that Smoby's financial situation was weaker than expected, The Financial Times reports, citing Le Monde as its source. According to the report, a meeting was set for Nov. 14, 2007, to enable MGA management to discuss the future of Smoby with the Commercial Court of Lons-le-Saunier. The court indicated that liquidation has not been ruled out, Financial Times relates. As previously reported, the court placed Smoby-Majorette under receivership on Oct. 9, 2007, which ended the company's bankruptcy protection. The court blamed Smoby's buyer, MGA Entertainment, for failing to revive the company. The company said it plans to appeal the court's decision. Jean-Christophe Breuil, the former chairman and CEO of Smoby- Majorette, is undergoing investigation for allegedly misappropriating funds via foreign dummy companies. In a report by Florentin Collomp for Le Figaro early this month, MGA Entertainment said it is set to prepare a new recovery plan, which could involve: -- conversion of a EUR29 million loan into share capital; and -- an agreement between MGA and Smoby creditors over the repayment of its EUR270 million debt. The court-appointed administrators may decide whether to accept MGA's new recovery plan or to look for potential buyers. Deutsche Bank, Smoby's main creditor, is also contemplating on launching a buyout offer for Smoby, Le Figaro relates. As reported in the TCR-Europe on Oct. 10, 2007, MGA's debt restructuring negotiation with Smoby's creditor banks fell through and it failed to pay the EUR11 million it pledged to invest in Smoby. About Smoby Headquartered in Lavans les Saint-Claude, France, Smoby -- http://www.smoby.fr/-- specializes in the creation, development, production and distribution of toys for children from birth to age 10. Smoby has a presence in over 90 countries globally, with commercial and/or industrial operations in South America, Asia and throughout Europe. The Company's products are sold worldwide through a network of 18 subsidiaries, with 65% of sales generated outside of France. In France, the Company employs 1,300 workers. Its Latin America operations are found in Argentina, Brazil and Mexico. The Commercial Court of Lons-le-Saunier opened bankruptcy proceedings against Smoby on March 19, 2007, upon the Debtor's request. Smoby was hoping to snag an investor who will inject fresh capital yet remain a minority, as the company grapples with a EUR330-million debt. The company reported a net loss of EUR15.87 million for the year ended March 31, 2006, compared with a net profit of EUR1.56 million in 2005. TIMKEN CO: Says SeverCorr Uses Bearing Assemblies as Components --------------------------------------------------------------- The Timken Company reported that its bearing assemblies were used as components in the major production systems supplied by SMS Demag AG for the new SeverCorr steel plant near Columbus, Miss. SeverCorr, a joint venture between Russian and U.S. steelmakers, ranks among the world's most modern producers. Initially, SeverCorr will produce 1.5 million tons annually of high-quality flat-rolled steel for use in the automotive, construction, agricultural and appliance industries. In April, the company announced plans for a second production line to more than double the mill's capacity. SMS Demag provided melt equipment, hot and cold rolling mills, galvanizing and pickle lines and a temper mill for the new plant. The Timken(R) bearing assemblies are installed in gear units, roller tables and continuous casting equipment, as well as in the roll necks of the hot and cold rolling mills. "Timken experts customized the bearing assemblies to maximize mill performance and product quality," said Michael J. Connors, Timken president for process industries. "It's the combination of global product technology with local service that makes the difference to customers like SMS Demag." About SMS Demag SMS Demag AG belongs to the group of companies headed by SMS GmbH, headquartered in Dusseldorf, Germany. This holding company brings together a group of international plant construction and mechanical engineering companies specializing in processing steel, non-ferrous metals and plastics. In 2006, some 9,000 employees worldwide generated sales of approximately 2.83 billion euros. About SeverCorr SeverCorr is a joint venture of SteelCorr, a group of steel industry veterans, and Severstal, the international steel firm with substantial assets in metallurgy, mining, automobile manufacture, machinery, transportation and other businesses. SeverCorr was organized to build a new state-of-the-art steel mill in the southern United States where demand for high-quality steels has grown rapidly in recent years. About Timken Co. Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR) -- http://www.timken.com/-- is a manufacturer of highly engineered bearings and alloy steels. It also provides related components and services such as bearing refurbishment for the aerospace, medical, industrial and railroad industries. The company has operations in Argentina, Australia, Belgium, Brazil, Canada, China, Czech Republic, England, France, Germany, Hungary, India, Italy, Japan, Korea, Mexico, Netherlands, Poland, Romania, Russia, Singapore, South America, Spain, Taiwan, Turkey, United States, and Venezuela and employs 27,000 employees. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 15, 2007, Moody's Investors Service affirmed Timken's Ba1 corporate family rating and the Ba1 rating on Timken's US$300 million Medium Term Notes, Series A. VALMONT INDUSTRIES: S&P Puts BB Corp. Credit Rating on WatchPos --------------------------------------------------------------- Standard & Poor's Ratings Services has placed its ratings, including its 'BB' corporate credit rating, on Valmont Industries Inc. on CreditWatch with positive implications. "The CreditWatch listing reflects the company's continued improved financial performance due to steady sales growth and continued cost controls," said S&P's credit analyst Thomas Nadramia. "During 2007, despite modest growth in operating margins, EBITDA and operating cash flow have continued to improve. As a result, credit measures have strengthened to a level that we consider to be strong for the current rating." Specifically, at Sept. 30, 2007, total debt to EBITDA, adjusted for pensions and operating leases, was about 1.4, and total debt to capital about 34%. In resolving the CreditWatch listing on the Omaha, Nebraska- based company, S&P will meet with management and review its expectations for operational trends and financial strategies in the near to intermediate term, particularly with respect to acquisitions. "If an upgrade is the ultimate outcome of our review, it would likely be limited to one notch," Mr. Nadramia said. Valmont Industries has a well-established market position in its Engineered Structural Support segment, which provides custom designed metal poles for use in the lighting, traffic, utility, and specialty markets. It also benefits from its significant market positions in its Utility Support Structures and Irrigation Segments. Headquartered in Valley, Nebraska, Valmont Industries Inc. -- http://www.valmont.com/-- is engaged in the manufacture of fabricated metal products, metal and concrete pole and tower structures. The company also operates in Brazil. * BRAZIL: Obtains US$144-Mln Loan to Build Container Port --------------------------------------------------------- The Inter-American Development Bank has approved US$144 million in financing to Itapoa Terminais Portuarios S.A. for the first fully-private greenfield container terminal in Brazil, to be located in the state of Santa Catarina. The project is known as "TECON Santa Catarina" in the marketplace. The project consists of the design, construction and operation of the port pursuant to an authorization provided by the Federal Government of Brazil. The facility will include a quay and access bridge, container yard and administration buildings, general installations such as utilities, and all necessary equipment to build and operate a modern container terminal facility. The project will be a first class modern container-handling facility capable of adding an additional 300,000 containers per year in port capacity once the port has reached its full operating potential. According to the team leader, John Graham, "the project will help alleviate increasing waiting times, provide competition in the area of influence regarding handling and storage fees and allow further specialization among the existing ports to handle their most suitable cargo." The package comprises an IDB loan of up to US$57.6 million from the Bank's ordinary capital and approximately US$86.4 million of co-financing from commercial banks. IDB's private sector window serves as a catalyst, not only enabling financing in long tenors, but also mobilizing private funds in the form of co-financings. Required implementation of the IDB Environmental and Social Management System ensures a good management of potential environmental, social, health, safety, and labor impacts. * * * As reported in the Troubled Company Reporter-Latin America on May 14, 2007, Fitch Ratings upgraded Brazil's long-term foreign and local currency sovereign Issuer Default Ratings to 'BB+' from 'BB' and the Country Ceiling to 'BBB-' from 'BB+'. In addition, Fitch affirmed Brazil's Short-term IDR at 'B'. Fitch said the rating outlook is stable. * BRAZIL: Petrobras' Oil & Gas Output Drops 2% in October --------------------------------------------------------- Brazilian state-owned oil firm Petroleo Brasileiro SA aka Petrobras said in a statement that its total oil and gas production declined 2% to 2.23 million barrels of oil equivalent per day in October 2007, compared to 2.28 million barrels of oil equivalent a day in September 2007. According to Petrobras' statement, the firm's October 2007 output decreased 4.8% from 2.34 million barrels of oil equivalent per day in October 2006. Petrobras commented to Business News Americas, "The reduction was due to unplanned maintenance stoppages in the Garoupa and Corvina fields." BNamericas notes that Petrobras had platform problems in the Albacora field. Output is "back on track" in the three fields in the Campos basin. The report says that Petrobras' domestic oil and gas production decreased 1.9% to 2.00 million barrels of oil equivalent in October 2007, from September 2007, and a declined 5% from October 2006. BNamericas relates that Petrobras' overall oil output declined to 1.85 million barrels per day in October 2007, compared to 1.90 million barrels per day in September 2007 and 1.96 million barrels per day in October 2006. Petrobras told BNamericas that the total oil and gas production in the eight nations where Petrobras operates outside Brazil decreased 2.3% to 233,697 barrels of oil equivalent per day in October 2007, from September 2007. Brazilian fields' production increased to about 42.6 million cubic meters per day in October 2007, from 42.3 million cubic meters per day in September 2007. However, the fields' October 2007 production was lesser compared to 44.8 million cubic meters per day in October 2006, BNamericas reports. * * * As reported in the Troubled Company Reporter-Latin America on May 14, 2007, Fitch Ratings upgraded Brazil's long-term foreign and local currency sovereign Issuer Default Ratings to 'BB+' from 'BB' and the Country Ceiling to 'BBB-' from 'BB+'. In addition, Fitch affirmed Brazil's Short-term IDR at 'B'. Fitch said the rating outlook is stable. * BRAZIL: Petroleo Brasileiro Workers Threaten To Strike -------------------------------------------------------- Brazilian state-run oil firm Petroleo Brasileiro SA's unionized employees could hold demonstrations against the company on Nov. 26, 2007, the oil workers federation posted on its Web site. Business News Americas relates that the union is demanding among other things: -- pay increases, -- scholarships for university studies, -- health benefits for workers' parents, and -- special retirement benefits. According to the union's statement, the protest could reduce Petroleo Brasileiro's oil and gas production. The union told BNamericas that the employees will deliberate on the strike after a meeting with Petroleo Brasileiro officials set for Nov. 22, 2007. Employees from four Brazilian states voted to strike though they still are at work. * * * As reported in the Troubled Company Reporter-Latin America on May 14, 2007, Fitch Ratings upgraded Brazil's long-term foreign and local currency sovereign Issuer Default Ratings to 'BB+' from 'BB' and the Country Ceiling to 'BBB-' from 'BB+'. In addition, Fitch affirmed Brazil's Short-term IDR at 'B'. Fitch said the rating outlook is stable. =========================== C A Y M A N I S L A N D S =========================== APPAREL BRANDS: Holding Final Shareholders Meeting on Nov. 30 ------------------------------------------------------------- Apparel Brands Holdings Co. will hold its final shareholders meeting on Nov. 30, 2007, at 11:00 a.m., Montevideo time, at: Ruta 8, Km. 17,500 ZonaAmerica, M1 Building Ap. C, Montevideo, Uruguay These agendas will be taken during the meeting: 1) accounting of the winding-up process; 2) considering the performance of the liquidator and his remuneration; and 3) for considering and, if thought fit, passing a resolution pursuant to section 158(1)(b) of the Companies Law (As Amended) that all the books, accounts, papers and documents of the company and of the liquidator be retained for a period of five years from the dissolution of the company, after which they will be destroyed, and the manner in which such books, accounts, papers and documents will be kept. 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. Apparel Brands' shareholders agreed to place the company into voluntary liquidation under The Cayman Islands' Companies Law 2007 Revision). The liquidator can be reached at: Diego Munoz Attention: Richard Addlestone c/o Walkers SPV Limited Walker House, 87 Mary Street George Town, Grand Cayman KY1-9002 Cayman Islands ARSENAL INVESTMENTS: Sets Final Shareholders Meeting for Nov. 30 ---------------------------------------------------------------- Arsenal Investments GP Ltd. will hold its final shareholders meeting on Nov. 30, 2007, at: Citco Trustees (Cayman) Limited Regatta Office Park, West Bay Road Windward One, 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. Arsenal Investments' shareholders agreed to place the company into voluntary liquidation under The Cayman Islands' Companies Law 2007 Revision). The liquidators can be reached at: Jonh Cullinane Derrie Boggess c/o Walkers SPV Limited Walker House, 87 Mary Street George Town, Grand Cayman KY1-9002 Cayman Islands ATLANTIC PACIFIC: Holding Final Shareholders Meeting for Nov. 30 ---------------------------------------------------------------- Atlantic Pacific Cellular will hold its final shareholders meeting on Nov. 30, 2007, at 10:00 a.m., at: 1684 E. Gude Drive, Third Floor Rockville, Maryland, MD 20850 USA These agendas will be taken during the meeting: 1) accounting of the winding-up process; 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. Atlantic Pacific's shareholders agreed to place the company into voluntary liquidation under The Cayman Islands' Companies Law 2007 Revision). The liquidator can be reached at: Marne Elizabeth Martin 1684 East Gude Drive, 3rd Floor Rockville Maryland 20850 USA BOMBAY COMPANY: Can Hire Baker & McKenzie as Special Counsel ------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Texas gave authority to The Bombay Company Inc. and its debtor- affiliates to employ Baker & McKenzie LLP as its special counsel, nunc pro tunc to Oct. 18, 2007. The firm is expected to: a) advise and represent the Debtors in matters relating to the closing of the Debtors' foreign branch offices and cessation of the Debtors' foreign operations in Taiwan, Malaysia, China, Vietnam, and other jurisdictions necessary; b) handle all aspects of the closing of foreign operations, including labor issues, management liability issues, liquidation of assets in those jurisdictions, and general compliance with local law; and c) assist the Debtors in the preservation, marketing and liquidation of foreign trademark and licensing assets. David W. Parham, Esq., a principal at Baker & McKenzie, tells the Court that the firm's professionals bill: Professional Designation Hourly Rate ------------ ----------- ----------- * Dallas, Texas David Parham, Esq. Principal US$525 Jorge Gonzalez, Esq. Partner US$460 Laurie D. Babich, Esq. Associate US$390 Marcos Basso, Esq. Associate US$380 Enrique Flores-Trillo, Esq. Associate US$270 Wendi Wheeler Paraprofessional US$160 * Shanghai, China Danian Zhang, Esq. Principal US$825 Chun Fai Lui, Esq. Associate US$530 Jeffrey P. Wilson, Esq. Associate US$510 Hua Jing &nb