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
Wednesday, November 28, 2007, Vol. 8, Issue 236
Headlines
A N T I G U A A N D B A R B U D A
DIGICEL GROUP: Asks Gov't To Set Up Regulation for Programs
DIGICEL GROUP: Launches Branch in Barbuda
A R G E N T I N A
DANA CORPORATION: Earns US$23 Million in Month Ended Sept. 30
FIDEICOMISO FINANCIERO: Moody's Puts Ba1 Global Currency Rating
FIDEICOMISO (SECUPYME XXIX): Moody's Puts B1 Global Curr. Rating
MOLINOS CERRIBAL: Files for Reorganization in Buenos Aires Court
PRODUCTOS TEXTILES: Trustee Filing Individual Reports on April 8
PRONTOMEC SRL: Proofs of Claim Verification Ends March 10, 2008
B A H A M A S
COMPLETE RETREATS: Preferred Retreats Files May 2007 Report
COMPLETE RETREATS: Private Retreats Files May 2007 Report
B E R M U D A
BUCKLEY CONSULTING: Proofs of Claim Filing Ends on Nov. 29
BUCKLEY CONSULTING: Holds Final Shareholders Meeting on Dec. 18
CASTLE BAY: Will Hold Final Shareholders Meeting on Dec. 12
CHATSWORTH HOLDINGS: Holds Final Shareholders Meeting on Dec. 12
GRIFFIN (BERMUDA): Proofs of Claim Filing Deadline Is Nov. 29
GRIFFIN (BERMUDA): Sets Final Shareholders Meeting for Dec. 18
KENT EQUITY: Sets Final Shareholders Meeting for Dec. 12
MONTPELIER RE: Opens New US Direct Property Facultative Business
NORDIC TRADING: Final Shareholders Meeting Is on Dec. 14
SEA CONTAINERS: SeaCon Ltd. Files Sept. 2007 Operating Report
SEA CONTAINERS: Carribean Files Sept. 2007 Operating Report
SUNDANCE SALES: Proofs of Claim Filing Deadline Is Nov. 29
SUNDANCE SALES: Sets Final Shareholders Meeting for Dec. 18
TARPON CO: Proofs of Claim Filing Deadline Is Dec. 11
TARPON CO: Will Hold Final Shareholders Meeting on Dec. 31
THERADEX HOLDINGS: Proofs of Claim Filing Is Until Nov. 29
THERADEX HOLDINGS: Final Shareholders Meeting Is on Dec. 18
ZHUANG PP: Proofs of Claim Filing Deadline Is Nov. 29
ZHUANG PP: Sets Final Shareholders Meeting for Dec. 18
ZI OZTIME: Sets Final Shareholders Meeting for Dec. 12
B R A Z I L
AMC ENTERTAINMENT: Taps Scott Wall as VP; Promotes Five Officers
BANCO NACIONAL: OKs BRL151-Million Loan to Angelica Agroenergia
BRASKEM SA: S&P Places BB Corp. Credit Rating on Positive Watch
EMBRATEL PARTICIPACOES: Launches Star One C1 Satellite
FORD MOTOR: Retirees' Health-Fund Risk Greater than GM Workers'
GENERAL MOTORS: Retirees' Fund Risk Lesser than Ford Workers'
JAPAN AIRLINES: Selects Five Preferred Bidders for JALCard
RHODIA SA: Strong Performance Cues Moody's to Affirm Ba3 Rating
SANYO ELECTRIC: Cooked Books to Pay Dividend, Sources Say
* BRAZIL: Petrobras Launches Production Test at P-52 Platform
C A Y M A N I S L A N D S
ATLAS GLOBAL: Will Hold Final Shareholders Meeting on Dec. 7
BROOKINVEST HOLDINGS: Final Shareholders Meeting Is on Dec. 5
CARIBE M & I: Proofs of Claim Filing Deadline Is Dec. 5
CARIBE M & I: Sets Final Shareholders Meeting for Dec. 5
CRESCENT AIR: Sets Final Shareholders Meeting for Dec. 6
ENGLEFIELD CAYMAN: Proofs of Claim Filing Is Until Dec. 5
MONITOR OIL: Files for Bankruptcy Protection in New York
MONITOR OIL: Voluntary Chapter 11 Case Summary
REVA INTERNATIONAL: Proofs of Claim Filing Deadline Is Dec. 11
SEACAT LIMITED: Proofs of Claim Filing Ends on Dec. 5
TRADE LINK: Proofs of Claim Filing Deadline Is Dec. 5
WHITEHALL STATION: Proofs of Claim Filing Deadline Is Dec. 6
C H I L E
AES GENER: Launches Torquemada Substation in Concon
GMAC LLC: Moody's Reviews Ba2 Rating for Possible Downgrade
TECH DATA: Picks Joe Quaglia as Senior VP for Marketing Unit
C O L O M B I A
QUEBECOR WORLD: To Suspend Dividends on Preferred Shares
SOLUTIA INC: Plaintiffs in SIP Plan Suit Appeal Case Dismissal
SOLUTIA INC: Ruling on Sinorgchem's Exclusion Bid Still Pending
D O M I N I C A N R E P U B L I C
GUESS? INC: Taps Massimo Macchi as President of Guess Europe
E C U A D O R
PETROECUADOR: Daily Output Drops to 155K Barrels Due to Protests
E L S A L V A D O R
AES CORP: Court To Hear Firm's Plea To Lift NatGas Project Ban
H O N D U R A S
* HONDURAS: High Oil Prices Spurs Gov't to Import from Venezuela
J A M A I C A
AIR JAMAICA: Increasing Jamaican Flights for Holiday Season
NATIONAL WATER: Reopens Gayle Spring Facility
SUGAR COMPANY: Gov't Opens Talks with 8 Firms on Factory Sale
M E X I C O
AMERICAN AXLE: Moody's Affirms Corporate Family Rating at Ba3
AXTEL SA: Launches Offices in Pachuca
BRISTOW GROUP: Renegotiates Contract w/ Major Nigerian Customer
ADVANCED MICRO: Advances Phil Rogers to Corporate Fellow
UNITED RENTALS: Should Honor Merger Pact Terms, Cerberus Says
P A N A M A
CHIQUITA BRANDS: Producers Awaiting Unfair Practices Reports
P A R A G U A Y
* PARAGUAY: Obtains US$6.3-Mln Loan for Economic Census Support
P E R U
LEVI STRAUSS: Forms Joint Venture Partnership with Nike Unit
P U E R T O R I C O
GENESCO INC: Gets U.S. Attorney's Subpoena on Finish Line Merger
MYLAN INC: Hires Steven Zylstra as VP for Public Relations
U R U G U A Y
EXIDE TECH: Posts US$14.8-Million Net Loss in Second Quarter
V E N E Z U E L A
PETROLEOS DE VENEZUELA: Reports 141 Operational Oilrigs
* VENEZUELA: Honduras To Avail of PetroCaribe Oil Program
* Large Companies with Insolvent Balance Sheets
- - - - -
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A N T I G U A A N D B A R B U D A
===================================
DIGICEL GROUP: Asks Gov't To Set Up Regulation for Programs
-----------------------------------------------------------
Digicel's general manager Darren Derrick has asked the Antigua
and Barbuda government to put interim regulation in place for
the legalization of the use of Voice over Internet Protocol
communication programs, Patricia Campbell of The Antigua Sun
reports.
According to The Sun, the new legislation would provide a
framework to legalize the programs in Antigua and Barbuda. The
legislation has been delayed.
Mr. Derrick told The Sun that without the new legislation,
citizens are being made to feel like criminals whenever they use
Internet-based voice communications.
The Sun notes that the Telecommunications Division disclosed
early this year a crackdown on Voice over Internet Protocol use,
citing its illegality under the current legislation. The
crackdown has been poorly accepted by the public, as the law
"criminalizes the use of common Internet-based programs to call
numbers overseas much less expensive rates than those offered by
the local telecommunications companies."
The report says that the Telecommunications Division's move "has
generally been seen as an effort to build support for the new
Telecommunications Act in the face of strenuous objections from
the Antigua Public Utilities Authority."
Mr. Derrick commented to The Sun, "While the 1961 Act remains on
the books and there is no new Telecoms Act, the general public
is still under the other legislation which outlaws VoIP [Voice
over Internet Protocol]. So, you have a number of truly law
abiding citizens who are essentially restricted from using
technology to their benefit or made criminals by going out and
using these grey market services such as Vonage and Skype and
the like."
Mr. Derrick told The Sun that the Telecoms Act, which made the
use of such services illegal, should be repealed in the interim
regulation "while the government decides how it will proceed
with the new bill."
The bill would be presented before Parliament this month, The
Sun says, citing Mr. Derrick. It was "technology neutral,"
dealing with the "provision of services without getting into the
specific applications of the services."
"Once you are licensed for those services, whatever technology
may take advantage of those services or those media, in the case
of the fiber optics, will be allowed. As is the case all over
the word, you don't get into dictating technology," Mr. Derrick
told The Sun.
Digicel Ltd. is a wireless services provider in the Caribbean
region founded in 2000, and controlled by Denis O'Brien. The
company started operations in Jamaica in April 2001 and now
offers GSM mobile services in Caribbean countries including
Jamaica, St. Lucia, St. Vincent, Aruba, Grenada, Barbados,
Bermuda, Cayman, and Curacao among others. Digicel finished
FY2005 with 1.722 million total subscribers -- 97% pre-paid --
estimated market share of 67% and revenues and EBITDA of US$478
million and US$155 million, respectively.
* * *
As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2007, Fitch Ratings took these rating actions for
Digicel Group Ltd., Digicel Ltd. and Digicel International
Finance Ltd.:
Digicel Group Ltd.
-- Proposed US$1.4 billion senior subordinated notes
due 2015 assigned 'CCC+/RR5'
Digicel Ltd.
-- Foreign currency Issuer Default Rating downgraded
to 'B-' from 'B'; and
-- US$450 million senior notes due 2012 downgraded
to 'B-/RR4' from'B/RR4'.
Digicel International Finance Ltd.
--US$850 million senior secured credit facility
assigned 'B/RR3'.
Fitch said the outlook on all ratings is stable.
DIGICEL GROUP: Launches Branch in Barbuda
-----------------------------------------
Digicel has launched a new branch in Barbuda, A. Aisha Caleb-
Browne at The Antigua Sun reports.
According to The Sun, Digicel pulled out all the stops on
Barbuda over the weekend "as it brought its product offerings
even closer home to residents."
Digicel's marketing manager Donovan Whyte told The Sun that the
firm has collaborated with the Barbuda Council for the new
branch. Retail manager Raccel Thomas will run the new branch.
Digicel was the first to come back on stream when the phone
services in Barbuda were out months before, The Sun states,
citing Barbuda parliament member Trevor Walker.
Digicel Ltd. is a wireless services provider in the Caribbean
region founded in 2000, and controlled by Denis O'Brien. The
company started operations in Jamaica in April 2001 and now
offers GSM mobile services in Caribbean countries including
Jamaica, St. Lucia, St. Vincent, Aruba, Grenada, Barbados,
Bermuda, Cayman, and Curacao among others. Digicel finished
FY2005 with 1.722 million total subscribers -- 97% pre-paid --
estimated market share of 67% and revenues and EBITDA of US$478
million and US$155 million, respectively.
* * *
As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2007, Fitch Ratings took these rating actions for
Digicel Group Ltd., Digicel Ltd. and Digicel International
Finance Ltd.:
Digicel Group Ltd.
-- Proposed US$1.4 billion senior subordinated notes
due 2015 assigned 'CCC+/RR5'
Digicel Ltd.
-- Foreign currency Issuer Default Rating downgraded
to 'B-' from 'B'; and
-- US$450 million senior notes due 2012 downgraded
to 'B-/RR4' from'B/RR4'.
Digicel International Finance Ltd.
--US$850 million senior secured credit facility
assigned 'B/RR3'.
Fitch said the outlook on all ratings is stable.
=================
A R G E N T I N A
=================
DANA CORPORATION: Earns US$23 Million in Month Ended Sept. 30
-------------------------------------------------------------
Dana Corporation
Unaudited Condensed Consolidated Balance Sheet
As of September 30, 2007
ASSETS
CURRENT ASSETS
Cash and cash equivalent assets US$1,035,000,000
Accounts receivable
Trade 1,410,000,000
Other 290,000,000
Inventories 843,000,000
Assets of discontinued operations 52,000,000
Other current assets 155,000,000
---------------
Total current assets 3,785,000,000
Investments in equity affiliates 430,000,000
Net property, plant and equipment 1,740,000,000
Other noncurrent assets 1,063,000,000
---------------
TOTAL ASSETS US$7,018,000,000
LIABILITY AND SHAREHOLDERS' DEFICIT
CURRENT LIABILITIES
DIP Financing US$900,000,000
Notes payable, including current portion
of long-term debt 52,000,000
Accounts payable 1,136,000,000
Liabilities of discontinued operations 21,000,000
Other accrued liabilities 833,000,000
---------------
Total current liabilities 2,942,000,000
Liabilities subject to compromise 4,011,000,000
Deferred employee benefits and other
non-current liabilities 493,000,000
Long-term debt 13,000,000
Minority interest in consolidated subsidiaries 95,000,000
---------------
Total liabilities 7,554,000,000
Shareholders' deficit (536,000,000)
----------------
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT US$7,018,000,000
Dana Corporation
Unaudited Condensed Statement of Operations
For the Month Ended September 30, 2007
Net Sales US$732,000,000
Costs and expenses
Costs of sales 690,000,000
Selling, general and administrative expenses 23,000,000
Realignment charges (4,000,000)
Other income, net 12,000,000
---------------
Income (loss) from operations 35,000,000
Interest expense 5,000,000
Reorganization items, net (24,000,000)
---------------
Income (loss) before income taxes 54,000,000
Income tax (expense) benefit (15,000,000)
Minority interest 1,000,000
Equity in earnings of affiliates (5,000,000)
---------------
Income (loss) before continuing operations 63,000,000
Income (loss) from discontinued operations (40,000,000)
---------------
Net income (loss) US$23,000,000
Dana Corporation
Unaudited Condensed Statement of Cash Flow
For the Month Ended September 30, 2007
OPERATING ACTIVITIES
Net income (loss) US$23,000,000
Depreciation and amortization 24,000,000
Loss on sale of business 23,000,000
Non-cash portion of U.K. pension charge 0
Decrease (increase) in working capital (86,000,000)
Unremitted equity earnings in affiliates 5,000,000
Reorganization items, net of payments (30,000,000)
Other 20,000,000
---------------
Net cash flow provided by
(used for) operating activities (21,000,000)
INVESTING ACTIVITIES
Purchases of property, plant and equipment (13,000,000)
Proceeds from sale of assets 0
Other 5,000,000
---------------
Net cash flow provided by
(used for) investing activities (8,000,000)
FINANCING ACTIVITIES
Net change in short-term debt (14,000,000)
Proceeds from DIP Credit Agreement 0
Net cash flow provided by
(used for) financing activities (14,000,000)
---------------
Net increase in cash equivalents (43,000,000)
Cash & cash equivalents, beginning of period 1,078,000,000
---------------
Cash and cash equivalents, end of period US$1,035,000,000
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. 61;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
FIDEICOMISO FINANCIERO: Moody's Puts Ba1 Global Currency Rating
---------------------------------------------------------------
Moody's Latin America has assigned a rating of Aaa.ar (Argentine
National Scale) and of Ba1 (Global Scale, Local Currency) to the
Fixed Rate and Floating Rate Debt Securities of Fideicomiso
Financiero Supervielle Creditos Banex XIX issued by Deutsche
Bank S.A. -- acting solely in its capacity as Issuer and
Trustee. This issuance is not an obligation of Deutsche Bank
S.A. and therefore the rating assigned does not reflect the
credit quality of Deutsche Bank S.A.
Moody's also assigned ratings of Ba1.ar (Argentine National
Scale) and Caa1 (Global Scale, Local Currency) to the
subordinated Certificates.
The assigned ratings are based on these factors:
-- The credit quality of the securitized personal loans
-- The ability and willingness of Administracion Nacional to
make monthly pensions
-- The ability of Banco Supervielle to act as the servicer of
the pool.
-- The ability of Deutsche Bank S.A. to act as trustee in this
transaction
-- Initial credit enhancement of 15% for the Fixed Rate and
Floating Rate Debt Securities, provided through
subordination
-- The availability of various reserve accounts, and
-- The legal structure of the transaction.
The Securitized Pool
The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 33,355 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banex
(now Banco Supervielle), in an aggregate amount of
ARS70,001,633.58. Moody's has assigned a local currency deposit
rating of Aa2.ar in the Argentine National Scale to Banco
Supervielle S.A.
These personal loans are granted to pensioners that receive
their monthly pensions from Argentina's National Governmental
Agency of Social Security -- Administracion Nacional de la
Seguridad Social. Banco Banex (now Banco Supervielle S.A.) is
the payment agent for this government entity and deducts the
monthly loan installment directly from the borrower's paycheck.
At closing, about 87.87% of the pool was constituted by loans
granted to Administracion Nacional's pensioners, while the
remaining 12.13% of the pool were loans granted to government
employees of the Province of San Luis.
Moody's considered the risk that a disruption in the flow of
payments from Administracion Nacional to pensioners could
severely affect the performance of the pool. Moody's believes
that the ratings assigned are consistent with this risk.
Structure
Deutsche Bank S.A. (Issuer and Trustee) issued two classes of
Debt Securities (Fixed Rate and Floating Rate) and one class of
Certificates, all denominated in Argentine pesos.
The Fixed Rate Debt Securities will bear a fixed interest rate
of 16%. The Floating Rate Debt Securities will bear a BADLAR
interest rate plus 568 basis points. The Floating Rate Debt
Securities' interest rate will never be higher than 24% or lower
than 12%.
Overall credit enhancement is comprised of 15% subordination for
the Fixed Rate and Floating Rate Debt Securities; various
reserve funds; and excess spread.
Payment of principal on the Floating Rate Debt Securities has a
grace period of 8 months. During the grace period, interest on
the Floating Rate Debt Securities will be paid on a quarterly
basis. Starting on the first principal payment date for the
Floating Rate Debt Securities, interest will be paid monthly.
The Fixed Rate Debt Securities are expected to be paid off in 8
months. The Certificates are entitled to receive repayment of
principal by the legal final maturity date of the transaction
only after Fixed Rate and Floating Rate Debt Securities are paid
in full.
Rating Action
Originator: Banco Banex S.A. (now Banco Supervielle S.A.)
-- ARS26,600,000 in Fixed Rate Debt Securities of Fideicomiso
Financiero Supervielle Creditos Banex XIX, rated Aaa.ar
(Argentine National Scale) and Ba1 (Global Scale, Local
Currency)
-- ARS32,900,000 in Floating Rate Debt Securities of
Fideicomiso Financiero Supervielle Creditos Banex XIX,
rated Aaa.ar (Argentine National Scale) and Ba1 (Global
Scale, Local Currency)
-- ARS10,500,000 in Certificates of Fideicomiso Financiero
Supervielle Creditos Banex XIX, rated Ba1.ar (Argentine
National Scale) and Caa1 (Global Scale, Local Currency)
Issuer: Fideicomiso Financiero Banex Creditos XIX
-- Fixed Rate Debt Securities, Assigned Ba1
-- Floating Rate Debt Securities, Assigned Ba1
-- Certificates, Assigned Caa1
FIDEICOMISO (SECUPYME XXIX): Moody's Puts B1 Global Curr. Rating
----------------------------------------------------------------
Moody's Latin America has assigned a rating of Aa3.ar (Argentine
National Scale) and of B1 (Global Scale, Local Currency) to the
debt securities of Fideicomiso Financiero SECUPYME XXIX issued
by Banco de Valores S.A. -- acting solely in its capacity as
Issuer and Trustee.
The rated securities are backed by a pool of bills of exchange
signed by agricultural producers in Argentina. The bills of
exchange are guaranteed by Garantizar S.G.R., which is a
financial guarantor in Argentina. Garantizar has a rating of
Aa3.ar (Argentine National Scale) and of B1 (Global Scale, Local
Currency).
The rating assigned to this transaction is primarily based on
the rating of Garantizar. Therefore, any future change in the
rating of the guarantor may lead to a change in the rating
assigned to this transaction. The rating addresses the payment
of interest and principal on or before the legal final maturity
date of the securities.
Structure
Banco de Valores S.A. (Issuer and Trustee) issued one class of
debt securities denominated in US dollars. The rated securities
will bear a 8.0% annual interest rate.
The rated securities will be repaid from cash flow arising from
the assets of the Trust, constituted by a pool of fixed rate
bills of exchange denominated in US dollars signed by
agricultural producers and guaranteed by Garantizar S.G.R. The
bills of exchange will bear the same interest rate as the rated
securities.
Although the rated securities are denominated in US dollars,
they are payable in Argentine pesos at the exchange rate
published by Banco de la Nacion Argentina as of the day prior to
the date that the funds are initially deposited into the Trust
account. As a result, the dollar is used as a currency of
reference and not as a mean of payment. For that reason, the
transaction is considered to be denominated in local currency.
If, eight days before each payment date, the funds on deposit in
the trust account are not sufficient to make payments to
investors, the Trustee is obligated to request Garantizar to
make payment under the bills of exchange. Garantizar, in turn,
will have five days to make this payment into the trust account.
Under the terms of the transaction documents, the trustee has up
to two days to distribute interest and principal payments to
investors. Interest on the securities will accrue up to the
date on which the funds are initially deposited by either
Garantizar, the exporter, or the individual producers into the
Trust account.
Rating Action
US$1,610,000 in Fixed Rate Debt Securities of Fideicomiso
Financiero SECUPYME XXIX, rated Aa3.ar (Argentine National
Scale) and B1 (Global Scale, Local Currency)
Issuer: Fideicomiso Financiero SECUPYME XXIX
-- VRD, Assigned B1
MOLINOS CERRIBAL: Files for Reorganization in Buenos Aires Court
----------------------------------------------------------------
Molinos Cerribal S.A. has requested for reorganization approval
after failing to pay its liabilities.
The reorganization petition, once approved by the court, will
allow Molinos Cerribal to negotiate a settlement with its
creditors in order to avoid a straight liquidation.
The case is pending in the National Commercial Court of First
Instance in Buenos Aires.
The debtor can be reached at:
Molinos Cerribal S.A.
Avenida Corrientes 119
Buenos Aires, Argentina
PRODUCTOS TEXTILES: Trustee Filing Individual Reports on April 8
----------------------------------------------------------------
Iglesias Martinetti y Asociados, the court-appointed trustee for
Productos Textiles S.A's reorganization proceeding, will present
the validated claims as individual reports in the National
Commercial Court of First Instance in Buenos Aires on
April 8, 2007.
Iglesias Martinetti verifies creditors' proofs of claim until
Feb. 22, 2008. She will file a general report containing an
audit of Productos Textiles' accounting and banking records in
court May 21, 2008.
The informative assembly will be held on Nov. 10, 2008.
Creditors will vote to ratify the completed settlement plan
during the assembly.
The trustee can be reached at:
Iglesias Martinetti y Asociados
Avenida Paseo Colon 505
Buenos Aires, Argentina
PRONTOMEC SRL: Proofs of Claim Verification Ends March 10, 2008
---------------------------------------------------------------
Felisa Mabel Tumilasci, the court-appointed trustee for
Prontomec S.R.L.'s bankruptcy proceeding, verifies creditors'
proofs of claim until March 10, 2008.
Ms. Tumilasci will present the validated claims in court as
individual reports on April 7, 2008. The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Prontomec 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 Prontomec's
accounting and banking records will be submitted in court on
May 20, 2008.
Ms. Tumilasci is also in charge of administering Prontomec's
assets under court supervision and will take part in their
disposal to the extent established by law.
The trustee can be reached at:
Felisa Mabel Tumilasci
Avenida Callao 449
Buenos Aires, Argentina
=============
B A H A M A S
=============
COMPLETE RETREATS: Preferred Retreats Files May 2007 Report
-----------------------------------------------------------
Preferred Retreats, LLC
Balance Sheet
As of May 31, 2007
ASSETS
Unrestricted Cash US$246,031.17
Restricted Cash 326,849.43
--------------
Total Cash 572,880.60
Accounts Receivable (Net) 695,701.98
Inventory 2,044,088.48
Notes Receivable 142,703.55
Prepaid Expenses 1,721,274.43
Other 592,090.83
--------------
Total Current Assets US$5,195,859.27
Property, Plant & Equipment 3,827,112.63
Less: Accumulated Depreciation/Depletion (3,444,881.15)
--------------
Net Property, Plant & Equipment 382,231.48
Due from Insiders 2,222,991.08
Other Assets - Net of Amortization 1,555.00
Other 71,807,427.69
--------------
Total Assets US$80,182,945.12
LIABILITIES & OWNERS' EQUITY
Postpetition Liabilities
Accounts Payable US$6,171,183.74
Taxes Payable -
Notes Payable 279,547.54
Professional Fees -
Secured Debt -
Other 32,644,414.04
--------------
Total Postpetition Liabilities 39,095,145.32
Prepetition Liabilities
Secured Debt 43,411.29
Priority Debt -
Unsecured Debt 11,113,184.59
Other 155,463,553.67
--------------
Total Prepetition Liabilities 166,620,149.55
--------------
Total Liabilities US$205,715,294.87
--------------
Equity
Prepetition Owners' Equity (90,524,986.16)
Postpetition Cumulative Profit or Loss (35,393,864.29)
Cash funded from UR LLC in excess of P&L losses 386,500.70
--------------
Total Equity (125,532,349.75)
--------------
Total Liabilities & Owners' Equity US$80,182,945.12
Preferred Retreats, LLC
Statement of Operations
May 1 to 31, 2007
Revenues
Gross Revenues (US$0.80)
Less: Returns & Discounts 0.00
--------------
Net Revenue (0.80)
Cost of Goods Sold
Material 0.00
Direct Labor -
Direct Overhead 141,037.31
--------------
Total Cost of Goods Sold 141,037.31
--------------
Gross Profit (141,038.11)
Operating Expenses
Officer/Insider Compensation -
Selling & Marketing 35,306.92
General Administration 18,940.06
Rent & Lease 230,418.02
Other 0.00
--------------
Total Operating Expenses 284,665.00
--------------
Income Before Non-Operating Income & Expenses (425,703.11)
Other Income & Expenses
Non-operating Income -
Non-operating Expense 425,197.63
Interest Expense 1,850,473.69
Depreciation/Depletion 0.00
Amortization -
Other (39,375.37)
--------------
Net Other Income & Expenses 2,315,046.69
Reorganization Expenses
Professional Fees 1,861,116.85
U.S. Trustee Fees -
Other 14,290.00
--------------
Total Reorganization Expenses 1,875,406.85
--------------
Income Tax -
--------------
Net Profit (Loss) (US$4,616,156.65)
Preferred Retreats, LLC
Consolidated Cash Receipts and Disbursements
May 1 to 31, 2007
Cash - Beginning of Month US$2,776,240.66
Receipts from Operations
Cash Sales 12,186.51
Collection of Accounts Receivable
Prepetition -
Postpetition -
--------------
Total Operating Receipts 12,186.51
Non-operating Receipts
Loans & Advances 1,290,796.17
Sale of Assets 81,700,000.00
Other 1,204,447.57
--------------
Total Non-operating Receipts 84,195,243.74
--------------
Total Receipts 84,207,430.25
--------------
Total Cash Available 86,983,670.91
Operating Disbursements
Gross Payroll 499,755.77
Payroll Taxes Paid 0.00
Sales, Use & Other Taxes Paid 1,367,955.88
Secured/Rental/Leases 0.00
Utilities 0.00
Insurance 41,984.20
Mortgages 74,674,893.66
Interest 913,126.68
Employee Expenses 0.00
House Keeping & Contract Labor 0.00
Repairs & Maintenance 0.00
Field Expenses 66,645.82
International Destination Expenses 116,359.88
HOA 111,716.30
Other 341,032.80
--------------
Total Operating Disbursements 78,133,470.99
Reorganization Expenses
Professional Fees 4,573,024.44
U.S. Trustee Fees 37,000.00
Other 1,630,071.24
--------------
Total Reorganization Expenses 6,240,095.68
--------------
Total Disbursements 84,373,566.67
--------------
Net Cash Flow (166,136.42)
--------------
Cash - End of Month US$2,610,104.24
About Complete Retreats
Complete Retreats, LLC, Preferred Retreats, LLC, and their
subsidiaries were founded in 1998. Owned by Robert McGrath and
four minority owners, the companies operate a five-star
hospitality and real estate management business and are a
pioneer and market leader of the "destination club" industry.
Under the trade name "Tanner & Haley Resorts," Complete
Retreats, et al.'s destination clubs have numerous individual
and company members.
Destination club members pay up-front membership deposits,
annual dues, and daily usage fees. In return, members and their
guests enjoy the use of first-class private residences, and
receive an array of luxurious services and amenities in certain
exotic vacation destinations in the United States and locations
around the world, including: Abaco, Bahamas; Cabo San Lucas,
Mexico; Nevis, West Indies; Telluride, Colorado; and Jackson
Hole, Wyoming.
Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245
through 06-50306). Nicholas H. Mancuso, Esq., Jeffrey K. Daman,
Esq., Joel H. Levitin, Esq., David C. McGrail, Esq., Richard A.
Stieglitz Jr., Esq., at Dechert LLP, are representing the
Debtors in their restructuring efforts. Xroads Solutions Group,
LLC, is the Debtors financial and restructuring advisor. When
the Debtors filed for chapter 11 protection, they listed total
debts of USUS$308,000,000. (Complete Retreats Bankruptcy News,
Issue No.37; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
COMPLETE RETREATS: Private Retreats Files May 2007 Report
---------------------------------------------------------
Private Retreats, LLC
Balance Sheet
As of May 31, 2007
ASSETS
Unrestricted Cash US$0.00
Restricted Cash 1,678.78
--------------
Total Cash 1,678.78
Accounts Receivable (Net) 0.00
Inventory 71,383.95
Notes Receivable 560,981.46
Prepaid Expenses 0.00
Other 0.00
--------------
Total Current Assets 632,365.41
Property, Plant & Equipment 19,195,050.13
Less: Accumulated Depreciation/Depletion (5,918,560.10)
--------------
Net Property, Plant & Equipment 13,276,490.03
Due from Insiders -
Other Assets - Net of Amortization 1,152,200.00
Other 22,310,421.19
--------------
Total Assets US$37,373,155.41
LIABILITIES & OWNERS' EQUITY
Postpetition Liabilities
Accounts Payable -
Taxes Payable -
Notes Payable US$14,901.15
Professional Fees -
Secured Debt -
Other US$1,206,686.82
--------------
Total Postpetition Liabilities 1,221,587.97
Prepetition Liabilities
Secured Debt 186,737.79
Priority Debt -
Unsecured Debt 5,432,514.70
Other 12,508,567.02
--------------
Total Prepetition Liabilities 18,127,819.51
--------------
Total Liabilities 19,349,407.48
Equity
Prepetition Owners' Equity 19,317,216.52
Postpetition Cumulative Profit or Loss (1,293,468.59)
Cash funded from UR LLC in excess of P&L losses -
--------------
Total Equity 18,023,747.93
--------------
Total Liabilities & Owners' Equity US$37,373,155.41
Private Retreats, LLC
Statement of Operations
May 1 to 31, 2007
Revenues
Gross Revenues US$0.00
Less: Returns & Discounts -
--------------
Net Revenue 0.00
Cost of Goods Sold
Material -
Direct Labor -
Direct Overhead -
--------------
Total Cost of Goods Sold 0.00
--------------
Gross Profit 0.00
Operating Expenses
Officer/Insider Compensation -
Selling & Marketing -
General Administration 0.00
Rent & Lease -
Other -
--------------
Total Operating Expenses 0.00
--------------
Income Before Non-Operating Income & Expenses 0.00
Other Income & Expenses
Non-operating Income -
Non-operating Expense -
Interest Expense -
Depreciation/Depletion 0.00
Amortization -
Other (509,145.02)
--------------
Net Other Income & Expenses (509,145.02)
Reorganization Expenses
Professional Fees 0.00
U.S. Trustee Fees -
Other -
--------------
Total Reorganization Expenses 0.00
--------------
Income Tax -
--------------
Net Profit (Loss) US$509,145.02
About Complete Retreats
Complete Retreats, LLC, Preferred Retreats, LLC, and their
subsidiaries were founded in 1998. Owned by Robert McGrath and
four minority owners, the companies operate a five-star
hospitality and real estate management business and are a
pioneer and market leader of the "destination club" industry.
Under the trade name "Tanner & Haley Resorts," Complete
Retreats, et al.'s destination clubs have numerous individual
and company members.
Destination club members pay up-front membership deposits,
annual dues, and daily usage fees. In return, members and their
guests enjoy the use of first-class private residences, and
receive an array of luxurious services and amenities in certain
exotic vacation destinations in the United States and locations
around the world, including: Abaco, Bahamas; Cabo San Lucas,
Mexico; Nevis, West Indies; Telluride, Colorado; and Jackson
Hole, Wyoming.
Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245
through 06-50306). Nicholas H. Mancuso, Esq., Jeffrey K. Daman,
Esq., Joel H. Levitin, Esq., David C. McGrail, Esq., Richard A.
Stieglitz Jr., Esq., at Dechert LLP, are representing the
Debtors in their restructuring efforts. Xroads Solutions Group,
LLC, is the Debtors financial and restructuring advisor. When
the Debtors filed for chapter 11 protection, they listed total
debts of USUS$308,000,000. (Complete Retreats Bankruptcy News,
Issue No.37; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
=============
B E R M U D A
=============
BUCKLEY CONSULTING: Proofs of Claim Filing Ends on Nov. 29
----------------------------------------------------------
Buckley Consulting Limited's creditors are given until
Nov. 29, 2007, to prove their claims to Jennifer Y. Fraser, the
company's liquidator, or be excluded from receiving any
distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
Buckley Consulting's shareholders agreed on Nov. 13, 2007, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.
The liquidator can be reached at:
Jennifer Y. Fraser
Canon's Court
22 Victoria Street, Hamilton
Bermuda
BUCKLEY CONSULTING: Holds Final Shareholders Meeting on Dec. 18
---------------------------------------------------------------
Buckley Consulting Limited will hold its final shareholders
meeting on Dec. 18, 2007, at 10:00 a.m. at:
Canon's Court
22 Victoria 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.
CASTLE BAY: Will Hold Final Shareholders Meeting on Dec. 12
-----------------------------------------------------------
Castle Bay Management, Ltd., will hold its final shareholders
meeting on Dec. 12, 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.
CHATSWORTH HOLDINGS: Holds Final Shareholders Meeting on Dec. 12
----------------------------------------------------------------
Chatsworth Holdings Ltd. will hold its final shareholders
meeting on Dec. 12, 2007, at 10:00 a.m. at:
Sofia House
1st Floor, 48 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.
GRIFFIN (BERMUDA): Proofs of Claim Filing Deadline Is Nov. 29
-------------------------------------------------------------
Griffin (Bermuda) Limited's creditors are given until
Nov. 29, 2007, to prove their claims to Jennifer Y. Fraser, the
company's liquidator, or be excluded from receiving any
distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
Griffin (Bermuda)'s shareholders agreed on Nov. 13, 2007, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.
The liquidator can be reached at:
Jennifer Y. Fraser
Canon's Court
22 Victoria Street, Hamilton
Bermuda
GRIFFIN (BERMUDA): Sets Final Shareholders Meeting for Dec. 18
--------------------------------------------------------------
Griffin (Bermuda) Limited will hold its final shareholders
meeting on Dec. 18, 2007, at 12:00 p.m. at:
Canon's Court
22 Victoria 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.
KENT EQUITY: Sets Final Shareholders Meeting for Dec. 12
--------------------------------------------------------
Kent Equity International Ltd. will hold its final shareholders
meeting on Dec. 12, 2007, at 10:30 a.m. at:
Wakefield Quin
Chancery Hall, 52 Reid 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.
MONTPELIER RE: Opens New US Direct Property Facultative Business
----------------------------------------------------------------
Montpelier Re Holdings Ltd. has expanded the U.S. with the
launch of Montpelier Underwriting Inc.'s new Direct Property
Facultative division. This launch follows closely on the August
start of both its Brokered Property Facultative and Property
Treaty divisions. All three have been established to write
business on behalf of Montpelier Syndicate 5151 at Lloyd's of
London.
The DPF division will open its first office in Kansas City.
Doug Johnson, Vice President and Manager of the Western Region,
with over 16 years of profitable underwriting experience to his
credit, most recently as VP and Manager of the Kansas City
office of Catlin (formerly Wellington) Underwriting Inc., will
be the leader of this office. Previously he was employed by
Employers Re and Lumberman's Underwriting Alliance. Doug
Dudleston has also joined the company as Vice President and
Senior Underwriter. Mr. Dudleston was previously employed by
Catlin, Westrope Associates, Employers Re and Kemper.
MUI's DPF division will underwrite largely non-catastrophe,
property business. This business is characterized by large
limits, low frequency and is produced directly from US insurers.
Stan Kott, CEO of MUI, said: "This is exciting news for our US
operation. Doug Johnson and Doug Dudleston bring experience and
expertise plus a commitment to provide the very best response
and service standards to their clients. We have known and
worked with both Dougs for several years. This continues our
aim to underwrite business we know and understand with people we
know and trust. We continue to assemble an excellent team of
reinsurance professionals and are cautiously and patiently
implementing our business plan."
Headquartered in Bermuda, Montpelier Re Holdings Ltd., through
its operating subsidiary Montpelier Reinsurance Ltd., is a
premier provider of global property and casualty reinsurance and
insurance products. During the year ended Dec. 31, 2005,
Montpelier underwrote US$978.7 million in gross premiums
written. Shareholders' equity at Dec. 31, 2005, was US$1.1
billion.
* * *
As reported in the Troubled Company Reporter on Dec. 19, 2006,
A.M. Best affirms these ratings on Montpelier Re Holdings:
Montpelier Re Holdings Ltd.
-- "bbb-" on senior unsecured debt;
-- "bb+" on subordinated debt; and
-- "bb" on preferred stock.
MRH Capital Trust I and II (guaranteed by Montpelier Re
Holdings Ltd.)
-- "bb" on preferred securities.
NORDIC TRADING: Final Shareholders Meeting Is on Dec. 14
--------------------------------------------------------
Nordic Trading Ltd. will hold its final shareholders meeting on
Dec. 14, 2007, at 10:00 a.m. at:
Sofia House
1st Floor, 48 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.
SEA CONTAINERS: SeaCon Ltd. Files Sept. 2007 Operating Report
-------------------------------------------------------------
Sea Containers, Ltd.
Unaudited Balance Sheet
As of September 30, 2007
Assets
Current Assets
Cash and cash equivalents US$42,482,514
Trade receivables, less allowances
for doubtful accounts 394,923
Due from related parties 711,255
Prepaid expenses and other current as 540,013
------------
Total current assets 44,128,705
Fixed assets, net -
Long-term equipment sales receivable, net -
Investments in group companies 143,546,856
Intercompany receivables -
Investment in equity ownership interests 220,170,010
Other assets 3,941,292
------------
Total assets US$411,786,863
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable 5,424,386
Accrued expenses 55,840,265
Current portion of long-term debt 172,107,141
Current portion of senior notes 385,351,436
------------
Total current liabilities 618,723,228
Total shareholders' equity (206,936,365)
------------
Total liabilities and shareholders' equity US$411,786,863
Sea Containers, Ltd.
Unaudited Statement of Operations
For the Month Ended September 30, 2007
Revenue (947,966)
Costs and expenses:
Operating income 167,601
Selling, general and
administrative expenses (3,488,212)
Professional fees (3,752,843)
Charges to provide against
intercompany accounts (1,233,807)
Impairment of investment in subsidy Co. -
Forgiveness of intercompany debt -
Depreciation and amortization -
&