T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Monday, December 3, 2007, Vol. 8, Issue 239 Headlines A R G E N T I N A CUMMINS INC: Andrew Penca Named as President's Assistant FERRO CORP: Hires Judy DeForest as Chief Tax Officer GRAN TIERRA: Begins Field Explorations in Peru URS CORP: Unveils Washington Stockholders' Elections Results B A H A M A S COMPLETE RETREATS: Legendary Retreats Files May 2007 Report HARRAH'S ENTERTAINMENT: Gets Approval from Missouri Gaming Board B E R M U D A AIG COMMODITY: Proofs of Claim Filing Is Until Dec. 12 AIG COMMODITY: Will Hold Final Shareholders Meeting on Dec. 31 AIG FINANCIAL: Proofs of Claim Filing Deadline Is Dec. 12 AIG FINANCIAL: Holding Final Shareholders Meeting on Dec. 28 AIG PORTFOLIO: Proofs of Claim Filing Is Until Dec. 12 AIG STRATEGIC: Proofs of Claim Filing Ends on Dec. 12 AIG STRATEGIC: Holding Final Shareholders Meeting for Dec. 31 UNITED AIRLINES: Intends to Amend Credit Agreement B O L I V I A * BOLIVIA: Gets US$21-Mln Loan for Community Water Program B R A Z I L ARANTES ALIMENTOS: Fitch Assigns Issuer Default Ratings at B BANCO PATAGONIA: Inks US$5.7MM Service Pact with Int'l Business BRASIL TELECOM: Deutsche Bank Puts Buy Rating on Firm's Shares CA INC: Paying US$0.04 Per Share Quarterly Dividend on Dec. 28 COMPANHIA PARANAENSE: Seeking To Boost Stake in Domino Holdings DRESSER-RAND GROUP: Implements Terms of the New Union Contract EL PASO: To Acquire 50% Interest in Gulf's Liquefied Gas Project EUTELSAT COMM: Inks Broadcasting Deal w/ Telediffusion d'Algerie GENERAL MOTORS: Enters Joint Venture with Shanghai Auto & OnStar GULFMARK OFFSHORE: S&P Raises Corp. Credit Rating to BB- from B+ NRG ENERGY: Named Company of the Year by Platts Global Awards SMITHFIELD FOODS: Reports US$18.7-Million Income from Operations TAM SA: Marco Antonio Bologna Resigns as Chief Executive Officer * BRAZIL: Deciding on Venezuela's Mercosur Membership Next Year * BRAZIL: Fire Breaks Out in Drillship, Injures Seven Workers * BRAZIL: Petroleo Brasileiro's P-52 Starts Production C A Y M A N I S L A N D S ANCC LTD: Proofs of Claim Filing Is Until Dec. 13 ANTICRESIS ONCE: Proofs of Claim Verification Deadline Is Feb. 8 ARDITI Y MENECHINO: Proofs of Claim Verification Ends on Dec. 10 BANNON CAPITAL: Proofs of Claim Filing Ends on Dec. 14 BANNON CAPITAL: Sets Final Shareholders Meeting for Dec. 31 CBI CONSULTING: Proofs of Claim Filing Deadline Is Dec. 13 CBI CONSULTING: Will Hold Final Shareholders Meeting on Dec. 14 CIRCULO DE SUBOFICIALES: Trustee Verifies Claims Until Feb. 19 COOPERATIVA DE VIVIENDA: Claims Verification Deadline Is Dec. 19 DUAIELLO SRL: Proofs of Claim Verification Is Until Feb. 26 FRAVA PETROL: Trustee Verifies Proofs of Claim Until Dec. 7 FUREX SA: Proofs of Claim Verification Ends on March 7 IBROX PARK: Proofs of Claim Filing Deadline Is Dec. 13 HSBC MERGER: Proofs of Claim Filing Ends on Dec. 13 MINERVA INVESTMENTS: Proofs of Claim Filing Deadline Is Dec. 12 MINERVA INVESTMENTS: Sets Final Shareholders Meeting for Dec. 28 MODUS FEEDER: Proofs of Claim Filing Is Until Dec. 13 MODUS FUND: Proofs of Claim Filing Deadline Is Dec. 13 NOTRIN SA: Proofs of Claim Verification Deadline Is Feb. 29 OGRE FINANCE: Proofs of Claim Filing Ends on Dec. 13 PROCYON FUND: Proofs of Claim Filing Is Until Dec. 13 QPASS BERMUDA: Proofs of Claim Filing Deadline Is Dec. 12 QPASS BERMUDA: Sets Final Shareholders Meeting for Dec. 28 UBS GLOBAL: Proofs of Claim Filing Deadline Is Dec. 13 UNIMED SA: Proofs of Claim Verification Deadline Is Feb. 20 VADRA SRL: Poofs of Claim Verification Deadline Is Dec. 10 C H I L E CONSTELLATION BRANDS: Fitch Puts BB- Rating on US$500-Mil. Notes NOVA CHEMICALS: INEOS Targets Joint Venture Synergies by 2008 C O L O M B I A DOLE FOOD: European Union Sanctioning Firm for Banana Cartel SOLUTIA INC: Moody's Assigns B1 Corporate Family Rating E C U A D O R PETROECUADOR: Launches Pre-Bidding Process for Ishpingo Project PETROECUADOR: Rafael Correa Fires Carlos Pareja as Firm's Head * ECUADOR: Guarantess US$62.2-Mln Loan for TAME Aircraft Fleet * ECUADOR: Gets US$295-Million Financing from IDB J A M A I C A NATIONAL COMMERCIAL: Enforces Precautionary Measures for Workers M E X I C O DESARROLLADORA HOMEX: Inaugurates Six Parks in Culiacan City DURA AUTOMOTIVE: Court Postpones Confirmation Hearing ENERSYS INC: To Sell 5,000,000 Common Stock Shares to Jefferies GREENBRIER COS: Promotes Two Finance Exec. to Vice Presidents GRUPO GIGANTE: Launches US$260MM Tender Offer of 8.75% Sr. Notes GRUPO MEXICO: Investing US$180 Mln. To Boost San Luis Operations SPANSION INC: Gets MicroStrategy for Reporting & Analytics Job P A N A M A CHIQUITA BRANDS: Sanctioned for Banana Cartel by European Union P A R A G U A Y MILLICOM INT'L: Morgan Joseph Maintains Buy Rating on Shares P E R U DEL MONTE: European Union Sanctioning Firm for Banana Cartel P U E R T O R I C O ADVANCED AUTO: Darren Jackson Replaces John Brouillard as CEO BURGER KING: Moody's Affirms Ba2 Corporate Family Rating V E N E Z U E L A DEL MONTE: Earns US$25.9 Million in Second Quarter Ended Oct. 28 * BOND PRICING: For the Week Nov. 26 to Nov. 30 - - - - - ================= A R G E N T I N A ================= CUMMINS INC: Andrew Penca Named as President's Assistant -------------------------------------------------------- Cummins Inc. has named Andrew Penca, Commissioner of Indiana Workforce Development, as the company's assistant to President Joe Loughrey, effective Dec. 3. Mr. Penca's duties will be split between Cummins project work and supporting Loughrey's efforts as Chairman of Conexus Indiana, a statewide advanced manufacturing and logistics initiative. Conexus' primary goal is to attract and educate young people in the state as they pursue careers in advanced manufacturing and logistics. Mr. Penca joined Indiana Workforce Development in early 2005 and has served as Commissioner since October 2006. In his role with the state, Mr. Penca was instrumental in working with employers and state and local government officials to develop and implement programs and policies aimed at raising the education and skill levels of Indiana's workforce. Mr. Penca also brings extensive auto-related experience to Cummins. He spent roughly six years at Honda R&D Americas, Inc. in the advanced product planning and concept development department where he served in roles ranging from research analyst to senior specialist. During his time with Honda, he led concept teams responsible for the development of the current Acura TL, Honda Element, and Honda's first ever pickup, the Ridgeline. Mr. Penca, a native of Peoria, Ill., earned his bachelor's degree in Business Administration, with honors in International Management, from Butler University in 1996 and his MBA in finance and accounting from the University of Southern California in 2003. He currently lives in Carmel with his wife, Laurie, and their two sons, Andrew and Landon. About Cummins Headquartered in Columbus, Indiana, Cummins Inc. (NYSE: CMI) -- http://www.cummins.com/-- designs, manufactures, distributes and services engines and related technologies, including fuel systems, controls, air handling, filtration, emission solutions and electrical power generation systems. Cummins has Latin-American operations, particularly in Venezuela, Brazil, Peru, Colombia, and Argentina. Its operations in the Asia-Pacific are found in China, Japan and Korea. Its also has facilities in Europe, particularly in the United Kingdom. * * * Cummins' Junior Convertible Subordinated Debentures carry Fitch's 'BB' rating with a stable outlook. Moody's Investors Service raised Cummins' convertible preferred stock rating to Ba1 from Ba2 and withdrew the company's SGL-1 Speculative Grade Liquidity rating and its Ba1 Corporate Family Rating. FERRO CORP: Hires Judy DeForest as Chief Tax Officer ---------------------------------------------------- Ferro Corporation has appointed Judy DeForest as its Chief Tax Officer. Ms. DeForest has senior management responsibility for Ferro's tax operations and planning and reports to Vice President & Chief Financial Officer Sallie Bailey. She is based at Ferro's worldwide headquarters in Cleveland. Ms. DeForest was most recently with Pittsfield, Massachusetts- based specialty toy retailer KB Toys, Inc., where she was director of tax. In her six years at KB Toys, she was responsible for tax planning and strategy, as well as supervision of the company's transactional and income tax departments. Previous to her corporate experience, Ms. DeForest spent 16 years in positions of increasing responsibility at three major public accounting firms. She was Tax Managing Director and Senior Tax Manager at KPMG in Atlanta before moving to KB Toys. In her roles at KPMG, she provided tax planning and compliance services for multi-national clients in the manufacturing, retail and distribution sectors. Ms. DeForest received her Bachelor of Science degree in Business Administration, with an accounting concentration, from Western New England College. About Ferro Corp. Headquartered in Cleveland, Ohio, Ferro Corporation (NYSE: FOE) -- http://www.ferro.com/-- is a global producer of an array of specialty chemicals including coatings, enamels, pigments, plastic compounds, and specialty chemicals for use in industries ranging from construction, pharmaceuticals and telecommunications. Ferro operates through the following five primary business segments: Performance Coatings, Electronic Materials, Color and Performance Glass Materials, Polymer Additives, and Specialty Plastics. Revenues were USUS$2 billion for the FYE ended Dec. 31, 2006. Ferro Corp. has global locations in Argentina, Australia, Belgium, Brazil, China, among others. * * * As reported in the Troubled Company Reporter-Latin America on May 16, 2007, Moody's Investors Service assigned a B1 corporate family rating to Ferro Corporation. Moody's also assigned a B1 rating to the company's USUS$200 million senior secured notes (issued as unsecured notes in 2001) due in January 2009 and an SGL-3 speculative grade liquidity rating. GRAN TIERRA: Begins Field Explorations in Peru ---------------------------------------------- Gran Tierra Energy Inc. has initiated field operations in Blocks 122 and 128 in northern Peru. Blocks 122 and 128 are both exploration blocks that were awarded to Gran Tierra Energy in 2006. These two blocks are on the eastern flank of the Maranon Basin where over one billion barrels of recoverable oil has been discovered to date. Block 122 encompasses approximately 1.2 million acres and Block 128 encompasses approximately 2.2 million acres of land. Gran Tierra Energy is Operator and holds a 100% working interest in both blocks. Approximately 20,000 linear kilometers of new high definition gravity and magnetic data is scheduled to be acquired over the entirety of Blocks 122 and 128 in the coming three months to fulfill the company's work program commitments for the First Exploration Period of each block. This data will be used to define exploration leads over which 2-D seismic data will be acquired in the Second Exploration Period of each block. The Second Exploration Periods for both blocks begins in the second quarter of 2008. Dana Coffield, President and CEO, stated, "With the onset of our operations in Peru, Gran Tierra Energy has begun maturing a vast land position to identify high impact leads and prospects for future drilling. Our lands in Peru are located immediately adjacent to an extremely prolific petroleum basin but have never been tested by drilling. In addition, Peru has one of the most attractive fiscal regimes in Latin America. This exploration program complements our ongoing reserve and production growth that has been achieved through our exploration drilling operations in Colombia and Argentina in 2007." About Gran Tierra Gran Tierra Energy Inc. (OTCBB: GTRE.OB) -- http://www.grantierra.com/-- is an international oil and gas exploration and development company headquartered in Calgary, Canada, incorporated and traded in the United States and operating in South America. The company currently holds interests in producing and prospective properties in Argentina, Colombia and Peru. * * * Management disclosed that the company's ability to continue as a going concern is dependent upon obtaining the necessary financing to acquire oil and natural gas interests and generating profitable operations from its oil and natural gas interests in the future. The company incurred a net loss of US$1.9 million for the nine-month period ended Sept. 30, 2006, and, as of Sept. 30, 2006, had an accumulated deficit of US$4.1 million. URS CORP: Unveils Washington Stockholders' Elections Results ------------------------------------------------------------ URS Corporation announced the results of the elections made by stockholders of Washington Group International, Inc. as to the form of merger consideration to be received in the Nov. 15, 2007 acquisition by URS. The results of the elections are: a) Cash Elections: Washington Group stockholders who validly elected to receive all cash will receive US$95.11656000 in cash for each share of Washington Group common stock with respect to which that election was made; b) Stock Elections: Washington Group stockholders who validly elected to receive all URS common stock will receive 1.14588411 shares of URS common stock and US$29.78008168 in cash for each share of Washington Group common stock with respect to which that election was made; and c) Mixed Elections and Non-Elections: Washington Group stockholders who validly elected the mixed merger consideration or did not make a valid election will receive US$43.80 in cash and 0.90 of a share of URS common stock for each share of Washington Group common stock held immediately prior to the merger. The all-cash and all-stock elections were subject to proration calculations to preserve an overall per share mix of US$43.80 in cash and 0.90 of a share of URS common stock for all outstanding shares of Washington Group common stock taken together. Under the terms of the merger agreement, cash will be issued in lieu of fractional shares. Headquartered in San Francisco, California, URS Corporation (NYSE:URS) -- http://www.urscorp.com/-- offers a comprehensive range of professional planning and design, systems engineering and technical assistance, program and construction management, and operations and maintenance services for transportation, facilities, environmental, water/wastewater, industrial infrastructure and process, homeland security, installations and logistics, and defense systems. The company operates in more than 20 countries with approximately 29,500 employees providing engineering and technical services to federal, state and local governmental agencies as well as private clients in the chemical, pharmaceutical, oil and gas, power, manufacturing, mining and forest products industries. The company also has offices in Argentina, Australia, Belgium, China, France, Germany, and Mexico, among others. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 20, 2007, Standard & Poor's Ratings Services has lowered its corporate credit rating on URS Corp. to 'BB' from 'BB+' and removed the ratings from CreditWatch, where they were placed with negative implications on May 29, 2007. In addition, S&P affirmed the 'BB+' bank loan rating and left the '2' recovery rating unchanged on the company's senior secured debt (composed of a US$700 million revolving credit facility, a USUS$1.1 billion term loan A, and a US$300 million term loan B), and withdrew the ratings on the company's previous USUS$300 million revolving credit facility and US$350 million term loan. ============= B A H A M A S ============= COMPLETE RETREATS: Legendary Retreats Files May 2007 Report ----------------------------------------------------------- Legendary Retreats, LLC Balance Sheet As of May 31, 2007 ASSETS Unrestricted Cash US$0.00 Restricted Cash - -------------- Total Cash 0.00 Accounts Receivable (Net) 0.00 Inventory - Notes Receivable 1,610,000.00 Prepaid Expenses 73,910.42 Other 110,000.00 -------------- Total Current Assets 1,793,910.42 Property, Plant & Equipment 26,935.82 Less: Accumulated Depreciation/Depletion - -------------- Net Property, Plant & Equipment 26,935.82 Due from Insiders - Other Assets - Net of Amortization - Other 17,787,455.72 -------------- Total Assets US$19,608,301.96 LIABILITIES & OWNERS' EQUITY Postpetition Liabilities Accounts Payable 0.00 Taxes Payable - Notes Payable 11,365.58 Professional Fees - Secured Debt - Other 0.00 -------------- Total Postpetition Liabilities 11,365.58 Prepetition Liabilities Secured Debt - Priority Debt - Unsecured Debt 482,432.31 Other 3,887,743.28 -------------- Total Prepetition Liabilities 4,370,175.59 -------------- Total Liabilities 4,381,541.17 Equity Prepetition Owners' Equity 15,289,439.89 Postpetition Cumulative Profit or Loss (62,679.10) Cash funded from UR LLC in excess of P&L losses - -------------- Total Equity 15,226,760.79 -------------- Total Liabilities & Owners' Equity US$19,608,301.96 Legendary Retreats, LLC, reported net income of US$2,562.29 for May 2007. 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 US$308,000,000. (Complete Retreats Bankruptcy News, Issue No. 37 Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). HARRAH'S ENTERTAINMENT: Gets Approval from Missouri Gaming Board ---------------------------------------------------------------- Missouri Gaming Commission has approved Harrah's Entertainment, Inc.'s proposed acquisition of by affiliates of Apollo Management, L.P. and TPG Capital. The transaction remains subject to approval by other jurisdictions in which Harrah's subsidiaries operate and other conditions to closing set forth in the agreement and plan of merger entered into on Dec. 19, 2006. About Harrah's Entertainment Headquartered in Las Vegas, Nevada, Harrah's Entertainment Inc. (NYSE: HET) -- http://www.harrahs.com/-- has grown through development of new properties, expansions and acquisitions, and now owns or manages casino resorts on four continents and hosts over 100 million visitors per year. The company's properties operate under the Harrah's, Caesars and Horseshoe brand names; Harrah's also owns the London Clubs International family of casinos and the World Series of Poker. Harrah's also owns the London Clubs International family of casinos. In January, it signed a joint venture agreement with Baha Mar Resorts Ltd. to operate a resort in Bahamas. * * * Harrah's Entertainment Inc. continues to carry Standard & Poor's "BB" long term foreign and local issuer credit ratings, which were placed in December 2006. ============= B E R M U D A ============= AIG COMMODITY: Proofs of Claim Filing Is Until Dec. 12 ------------------------------------------------------ AIG Commodity Alpha Fund Ltd.'s creditors are given until Dec. 12, 2007, to prove their claims to Robin J. Mayor, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. AIG Commodity's shareholder decided on Nov. 26, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Robin J. Mayor Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, HM DX, Bermuda AIG COMMODITY: Will Hold Final Shareholders Meeting on Dec. 31 -------------------------------------------------------------- AIG Commodity Alpha Fund Ltd. will hold its final shareholders meeting on Dec. 31, 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. AIG FINANCIAL: Proofs of Claim Filing Deadline Is Dec. 12 --------------------------------------------------------- AIG Financial Products Treasury Management Company, Limited's creditors are given until Dec. 12, 2007, to prove their claims to Robin J. Mayor, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. AIG Financial's shareholder decided on Nov. 26, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Robin J. Mayor Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, HM DX, Bermuda AIG FINANCIAL: Holding Final Shareholders Meeting on Dec. 28 ------------------------------------------------------------ AIG Financial Products Treasury Management Company, Limited, will hold its final shareholders meeting on Dec. 28, 2007, at 9:30 a.m. at: Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. AIG PORTFOLIO: Proofs of Claim Filing Is Until Dec. 12 ------------------------------------------------------ AIG Portfolio Diversification Fund Ltd.'s creditors are given until Dec. 12, 2007, to prove their claims to Robin J. Mayor, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. AIG Portfolio's shareholder decided on Nov. 26, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Robin J. Mayor Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, HM DX, Bermuda AIG STRATEGIC: Proofs of Claim Filing Ends on Dec. 12 ----------------------------------------------------- AIG Strategic Asset Allocation Fund Ltd.'s creditors are given until Dec. 12, 2007, to prove their claims to Robin J. Mayor, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. AIG Strategic's shareholder decided on Nov. 26, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Robin J. Mayor Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, HM DX, Bermuda AIG STRATEGIC: Holding Final Shareholders Meeting for Dec. 31 ------------------------------------------------------------- AIG Strategic Asset Allocation Fund Ltd. will hold its final shareholders meeting on Dec. 31, 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. UNITED AIRLINES: Intends to Amend Credit Agreement -------------------------------------------------- United Airlines intends to pursue an amendment to its existing credit agreement. The company is presenting the proposal to lenders today and expects a decision later next week. If approved, United Airlines will pay down US$350 million of the term loan under the credit facility and will get the flexibility to implement up to US$500 million of shareholder initiatives. Timing and form of any shareholder initiative ultimately will be determined by UAL's board of directors. The amendment would also provide the company with flexibility for further shareholder initiatives by making additional term loan pre-payments. In the 20 months following its restructuring, United has reduced its total net debt by US$2.7 billion, including a US$1.6 billion reduction of on and off balance sheet debt in the first three quarters of 2007. The airline has generated more than US$2 billion in operating cash flow in the first nine months of the year. About United Airlines United Airlines (Nasdaq: UAUA) -- http://www.united.com/-- is a subsidiary of UAL Corp. It operates more than 3,600 flights a day on United, United Express and TedSM to more than 200 U.S. domestic and international destinations from its hubs in Los Angeles, San Francisco, Denver, Chicago and Washington, D.C. With key global air rights in the Asia-Pacific region, Europe and Latin America (Brazil), United is one of the largest international carriers based in the United States. The airline is also a founding member of Star Alliance, which provides connections for our customers to 855 destinations in 155 countries worldwide. The airline's 55,000 employees reside in every U.S. state and in many countries around the world. * * * As reported in the Troubled Company Reporter on May 3, 2007, Fitch Ratings has affirmed the Issuer Default Ratings of UAL Corp. and its principal operating subsidiary United Airlines Inc. at B-. ============= B O L I V I A ============= * BOLIVIA: Gets US$21-Mln Loan for Community Water Program ---------------------------------------------------------- The Inter-American Development Bank has approved a US$21 million loan for a small community water program in Bolivia. The loan will be financed by US$14.7 million from the Bank's Ordinary Capital and US$6.3 million from the Fund for Special Operations. The purpose of this program is to increase the coverage of sustainable potable water service and wastewater disposal in rural areas. This project will benefit 200,000 new customers living in approximately 500 rural communities. This effort will contribute to the broader goal within the IDB Water Initiative of providing 3,000 new rural communities throughout Latin America and the Caribbean with potable water and sanitation by the year 2011. The IDB and the Government of Bolivia have worked closely with the German Development Bank KfW, which is developing a parallel project that will benefit an additional 200,000 new customers. "More than one million rural residents in Bolivia still lack improved drinking water and basic sanitation," said IDB project team leader, Christopher Jennings. "The proposed IDB program, in conjunction with the KfW operation, will reduce this figure by about 40 percent, making a significant contribution to Bolivia's effort to meet the Millennium Development Goals." An important component of this program is the involvement of the communities, whose input will be essential in the development, construction and operation phases. "A significant percentage of the budget will be allocated to community support activities, which will begin from the time a project is inscribed in the program and confirmed for financing" said Mr. Jennings. "These activities will continue in parallel with project development until the project has been operating for 12 months." From the IDB loan, US$4 million will be allocated to community support activities which will be executed with qualified NGOs or consulting firms. The IDB loan will be executed by Bolivia's Productive and Social Investment Fund. * * * As reported in the Troubled Company Reporter-Latin America on Nov 6, 2007, Standard & Poor's Ratings Services revised its outlook on the Republic of Bolivia to stable from negative. S&P also said that it affirmed its 'B-' long-term and 'C' short-term credit ratings on the sovereign. =========== B R A Z I L =========== ARANTES ALIMENTOS: Fitch Assigns Issuer Default Ratings at B ------------------------------------------------------------ Fitch Ratings has assigned foreign and local currency Issuer Default Ratings of 'B' to Brazil's Arantes Alimentos Ltda. In addition, Fitch has also assigned a national debt rating at 'BBB(bra)'. The rating outlook is stable. The ratings reflect Arantes Alimentos's low cost structure and diversified export revenue base. The company's beef processing business is exposed to volatile beef and cattle markets, which has an impact on its raw material cost structure and end product prices. Volatility is primary driven by supply and demand imbalances which are a result of factors such as sanitary disease, adverse weather conditions, unfavorable global economic conditions, changes in beef consumption habits, government- imposed sanitary and trade restrictions, and competitive pressures from other Brazilian or international beef producers and exporters. Some of these risks are partially mitigated by the company's geographically diversified operational plants, global distribution and customer diversification, and a balanced export revenue base. The company has aggressively grown since returning to the beef processing business in 2005, through acquisitions of new plants and modernization of existing plants. The company's strategy is focused on achieving steady and sustained growth while maintaining the efficiency of its operations and building on its competitive strengths in order to increase its profitability and its market share in the Brazilian and international markets. Near-term growth is based on already acquired capacity while long-term strategy is expected to be achieved through a combination of organic growth, acquisitions, and by purchasing or leasing additional facilities. During the first nine months of 2007, revenues grew by 66%, while EBITDA grew at a slower rate. EBITDA margin declined to 8.2% from 9.5% during the prior comparable period. Margin decline was a result of higher raw material cost, higher domestic volumes coupled with lower domestic prices, which were partially offset by higher international prices, and lower SG&A expenses as a percentage of revenues. The ratings incorporate Arantes Alimentos' highly leveraged capital structure and financing needs in order to fund working capital, and continued near-term large projected capital expenditures in order to add capacity. Credit protection measures worsened during the first nine months of 2007 as EBITDA growth was more than offset by increase in debt related to higher capex and working capital requirements. At Sept. 30, 2007, the company had a ratio of net debt to EBITDA of 4.5 times, not including leased properties as, except for one, all leased property titles are being transferred from the Arantes family to Arantes Alimentos Ltda. EBITDA coverage of interest expense of 7.0 EBITDA is expected to grow by 70% in 2007 to BRL57.2 million from BRL33.7 million in 2006. Pro-forma net debt to EBITDA at the end of 2007 is expected to be 4.3 with pro-forma total debt of about BRL350.6 million, a significant increase from BRL252.8 million at the end of September 2007. Consequently, despite very large expected revenue and EBITDA growth in the next few years, credit-protection measures will likely remain under pressure in the very near term before reaching more comfortable levels. Arantes Alimentos was positioned as the seventh largest Brazilian beef exporter during the first nine months of 2007. The company has an aggregate daily slaughtering capacity of approximately 4,330 head of cattle at the five slaughterhouses it operates in the Brazilian States of Mato Grosso, Goias and Maranhao. The company exports its products to more than 140 customers located in over 35 countries. The foreign market corresponds to about 45% of Arantes Alimentos' sales. The company maintains long-term relationships with leading international beef distributors. Headquartered in Sao Jose do Rio Preto, Brazil, Arantes Alimentos Ltda. started operations in February 2005 and is owned 50/50 by the brothers Aderbal Luiz Arantes Junior and Danilo de Amo Arantes. Based on export sales in 2006, the company is the ninth largest Brazilian beef exporter and had revenues of BRL535 million for the last twelve months ending on Sept. 30, 2007, of which approximately 47% was exported to over 35 countries and 140 customers around the world. BANCO PATAGONIA: Inks US$5.7MM Service Pact with Int'l Business --------------------------------------------------------------- Banco Patagonia has signed with the International Business Machines Corp. a US$5.7-million information technology IT services accord, the International Business said in a press statement. According to the International Business' press statement, the firm will manage: -- consolidation, -- virtualization, -- technology updates, -- implementation of a backup data center, and -- administration and support services for Banco Patagonia's servers. The agreement will provide external storage for Banco Patagonia's main data center, backup data center and all critical services that the International Business provides. The accord is an expansion of the two firms' 10-year, US$15-million technology outsourcing contract in 2005, Business News Americas relates. About International Business International Business Machines Corporation is an information technology company. IBM also provides business, technology and consulting services. The company's major operations comprise a Global Services segment, a Systems and Technology Group, a Software segment and a Global Financing segment. IBM's business comprises three principal business segments: Systems and Financing, Software and Services. The majority of the company's enterprise business, which excludes the Company's original equipment manufacturer technology business, occurs in industries that are grouped into six sectors: financial services, public, industrial, distribution, communications, and small and medium business. About Banco Patagonia Banco Patagonia specializes in public offerings of securitizations. It became Argentina's fifth largest locally owned private bank through its purchase of Lloyds TSB Argentina in late 2004. The bank operates through 139 branches and has 202 ATM machines. * * * As reported in the Troubled Company Reporter-Latin America on May 4, 2007, Moody's Investors Service upgraded Banco Patagonia SA's local currency deposit rating is upgraded to Ba1 from Ba3. Moody's confirmed that it raised its bank financial strength rating on Banco Patagonia to D from E+, in connection with the rating agency's implementation of its refined joint default analysis and updated BFSR methodologies for banks in Argentina. Its foreign currency deposit rating was affirmed at Caa1, with positive outlook. The company's long-term Argentine national scale rating for local currency deposits is raised to Aa1.ar from Aa2.ar. and its long term foreign currency deposit rating in national scale was affirmed at Ba1.ar. The foreign currency subordinated debt rating was upgraded to B2 from Caa1. The outlook on the debt rating was positive. The national scale rating for foreign currency subordinated debt was raised to Aa3.ar from Ba1.ar. BRASIL TELECOM: Deutsche Bank Puts Buy Rating on Firm's Shares -------------------------------------------------------------- Deutsche Bank said in a statement that it has assigned a buy recommendation on Brasil Telecom Participacoes' shares and raised its target price for the firm for next year to US$92 from US$85. Business News Americas relates that Deutsche Bank's target price is based on the assumption that the Brazilian currency will continue to strengthen against the US dollar next year. A stronger Brazilian Real "helps cash flow generation, since part of Brasil Telecom capex is pegged to the US dollar." Brasil Telecom "continues an aggressive growth strategy in both the mobile and broadband markets" and the launch of its Internet Protocol television service Videon in Brasilia, which enhances its portfolio, BNamericas says, citing Deutsche Bank. Brasil Telecom told BNamericas that Videon will be available in other state capitals where the firm operates. Operators are also concentrating on "bundled packages, reducing churn and improving average revenue per unit, "a key element for Deutsche Bank," BNamericas states. Headquartered in Brasilia, Brazil, Brasil Telecom Participacoes SA -- http://www.brasiltelecom.com.br-- is a holding company that conducts substantially all of its operations through its wholly owned subsidiary, Brasil Telecom SA. The fixed-line telecommunications services offered to the company's customers include local services, including all calls that originate and terminate within a single local area in the region, as well as installation, monthly subscription, measured services, public telephones and supplemental local services; intra-regional long- distance services, which include intrastate and interstate calls; interregional and international long-distance services; network services, including interconnection and leasing; data transmission services; wireless services, and other services. * * * To date, Brasil Telecom carries Moody's Investors Service's Ba1 senior unsecured and credit default swap ratings. CA INC: Paying US$0.04 Per Share Quarterly Dividend on Dec. 28 -------------------------------------------------------------- CA Inc.'s Board of Directors has declared a regular, quarterly cash dividend of US$0.04 per share. The dividend will be paid on Dec. 28, 2007 to stockholders of record at the close of business on Dec. 14, 2007. About CA Inc. Headquartered in Islandia, New York, CA Inc. (NYSE:CA) -- http://www.ca.com/-- is an information technology management software company that unifies and simplifies the management ofenterprise-wide IT. Founded in 1976, CA serves customers in more than 140 countries. The company has operations in Brazil, Indonesia, Luxembourg, Philippines and Thailand. * * * As reported in the Troubled Company Reporter-Latin America on June 7, 2007, Standard & Poor's Rating Services affirmed its 'BB' corporate credit and senior unsecured debt ratings on Islandia, New York-based CA Inc. S&P revised the outlook to stable from negative. As reported in the Troubled Company Reporter-Latin America on May 31, 2007, Fitch has affirmed these ratings for CA, Inc.: -- Issuer Default Rating at 'BB+'; -- Senior unsecured revolving credit facility expiring 2008 at 'BB+'; -- Senior unsecured debt at 'BB+'. COMPANHIA PARANAENSE: Seeking To Boost Stake in Domino Holdings --------------------------------------------------------------- Companhia Paranaense de Energia said in a filing with the Sao Paulo stock exchange Bovespa that it is seeking to increase its participation in Domino Holdings. According to Companhia Paranaense's filing, Domino Holdings purchased a 37.9% in Parana's state water utility Companhia de Saneamento do Parana in 1998. The filing says that Companhia Paranaense will buy French company Sanedo's shares in Domino Holdings. The planned purchased has secured approval from Companhia Paranaense's board of directors. Business News Americas relates that Sanedo decided in September 2007 to sell its 30% stake in Domino Holdings. Once Companhia Paranaense acquires Sanedo's shares, it will increase its control in Domino Holdings to 45% from 15%. Published reports say that the operation has a EUR42-million estimated value. Companhia Paranaense wants to boost the Parana state government's participation in Companhia de Saneamento, BNamericas notes. The state is the major shareholder of the two firms. However, a 1998 agreement grants control of Companhia de Saneamento to Domino Holdings. The Parana state has challenged accord in a court of justice, BNamericas states. About Compania de Saneamento Companhia de Saneamento do Parana is a utility company focused on providing basic sanitation services to 344 of the 399 municipalities in the state of Parana in Brazil. The Company treats and distributes clean water to more than 8.3 million inhabitants, as well as collects and disposes of sewage. The services cover 99% of the state's population for water treatment, and 48.7% for sewage collection and treatment. The Company also collects and disposes of non-recyclable and recyclable trash for 80,000 inhabitants. About Companhia Paranaense Headquartered in Parana, Brazil, COPEL aka Companhia Paranaense de Energia SA -- http://www.copel.com/-- (NYSE: ELP/LATIBEX: XCOP/BOVESPA: CPLE3, CPLE5, CPLE6) transmits and distributes electricity to more than 3 million customers in the state of Parana and has a generating capacity of nearly 4,600 megawatts, primarily from hydroelectric plants. COPEL also offers telecommunications, natural gas, engineering, and water and sanitation services. The company restructured its utility operations in 2001 into separate generation, transmission, and distribution subsidiaries to prepare for full privatization, which has been indefinitely postponed. In response, COPEL is re-evaluating its corporate structure. The government of Parana controls about 59% of COPEL. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 13, 2006, Moody's America Latina upgraded the corporate family rating of Companhia Paranaense de Energia aka Copel to Ba2 from Ba3 on its global scale and to Aa2.br from A3.br on its Brazilian national scale. Moody's said the rating outlook is stable. This rating action concludes the review process initiated on July 26, 2006. Moody's upgraded these ratings: -- Corporate Family Rating: to Ba2 from Ba3 (Global Local Currency) and to Aa2.br from A3.br (Brazilian National Scale); -- BRL500 million Senior Unsecured Guaranteed Debentures due 2007: to Ba2 from Ba3 (Global Local Currency) and to Aa2.br from A3.br (Brazilian National Scale); and -- BRL400 million Senior Secured Guaranteed Debentures due 2009: to Ba1 from Ba2 (Global Local Currency) and to Aa1.br from A1.br (Brazilian National Scale). DRESSER-RAND GROUP: Implements Terms of the New Union Contract --------------------------------------------------------------- Dresser-Rand Group Inc., after reaching impasse in its negotiations with the IUE-CWA Local 313 union representatives for the company's Painted Post facility in New York State, the company has implemented the terms of its last offer and has invited bargaining unit employees to immediately return to work. At the time of the strike on Aug. 4, 2007, there were approximately 400 bargaining unit employees. However, since the strike began, the company has hired over 90 permanent replacement workers, subcontracted approximately 35% of its work, and continued to augment production with approximately 130 temporary employees. It is anticipated that temporary employees will continue to be reduced by additional new hires, employees returning to work, and increased subcontracting. "This is a major event in the evolution of this facility because the contract language governing our operating policies is now consistent with contemporary standards, and the employee benefits will be more in line with the vast majority of what already exists among Dresser-Rand U.S.-based union and non-union employees," said Dresser-Rand President and Chief Executive Officer, Vincent R. Volpe, Jr. "While it is unfortunate that we collectively had to endure a sixteen week strike, it is equally clear that this was an investment in the future of the Painted Post facility. Throughout the course of the strike, our replacement workers and our salaried employees, as well as the strikers who returned to work, did an outstanding job because of their dedication and their extended work hours in helping the business move forward," said Mr. Volpe. On Nov. 13, 2007, the Union and the company agreed to meet for 3 more days of bargaining and then to meet every day beginning Nov. 26, 2007, in continuous negotiating sessions on consecutive days thereafter. On Nov. 19, 2007, the union made an offer to return to work under the expired contract. This followed 32 sessions of negotiations between the company and the union and a sixteen-week strike. The company elected not to accept the union's offer. During the first two days of negotiations following the Thanksgiving holiday, both parties expressed their unwillingness to change their negotiating position. The union then informed the company that it was unavailable to meet for the remainder of the week, and ended the negotiations at approximately noon on Nov. 27, 2007. According to Vice President and Chief Administrative Officer Elizabeth Powers, "The Union has filed several unfair labor practice charges against the company which will be decided over the course of the next several months. The company has fully cooperated with the National Labor Relations Board's investigation of these charges. However, the company, together with our external labor counsel, are confident that every precaution has been taken to ensure that the company has followed the law properly and fully respected the rights of the Union, the employees, and the bargaining process." Over the sixteen week strike, Painted Post shipped 42 complete compressor units, the majority of which were delivered on time or early to clients. During the months of the strike, from August through November 2007, the parts business in Painted Post exceeded shipment levels compared to August through November 2006. During the strike, Lloyds Registry recertified the Painted Post facility for both ISO 9001 and ISO 14001, despite the fact that the entire workforce of temporary and permanent replacement workers was new. According to Director of Operations for the Painted Post facility, Doug Rich, "The past several weeks have resulted in a culture change and a tremendous amount of teamwork within the facility as all of our employees -- both management and production employees -- have worked together to accomplish our goal of providing uninterrupted service to our clients. We are proud of the effort and results of our employees during this strike." Mr. Volpe said, "We are now looking forward to welcoming back many of our employees into a rejuvenated atmosphere of collaboration and teamwork, where positive energy is expended on satisfying our clients". "This company, with the support of its board and shareholders, never wavered in its resolve to obtain what we considered to be the principal operational objectives that have now been achieved" according to Mr. Volpe. "As a result, clients of our reciprocating compressor products, principally manufactured in Painted Post New York, should be better served." The company currently does not believe that this recent development warrants any change in its earnings guidance for 2007 and 2008 disclosed at its Oct. 31, 2007 conference call which followed the report of the company's third quarter 2007 results. Dresser-Rand Group Inc. (NYSE: DRC) is among the largest suppliers of rotating equipment solutions to the worldwide oil, gas, petrochemical, and process industries. It operates manufacturing facilities in the United States, France, Germany, Norway, India, and Brazil, and maintains a network of 24 service and support centers covering 105 countries. * * * As reported in the Troubled Company Reporter-Latin America on Sept. 7, 2007, Standard & Poor's Ratings Services assigned its bank loan and recovery ratings to the US$500 million senior secured revolving credit facility due 2012 of Dresser-Rand Group Inc. (BB-/Stable/--). EL PASO: To Acquire 50% Interest in Gulf's Liquefied Gas Project ---------------------------------------------------------------- El Paso Corporation subsidiary has entered into an agreement to acquire a 50% interest in the Gulf LNG Clean Energy Project, a planned liquefied natural gas terminal in Pascagoula, Mississippi. A subsidiary of El Paso will operate the facility and will manage its construction. The terminal is expected to be placed in service in late 2011 at an estimated cost of US$1.1 billion. The Crest Group, consisting of Houston-based investors, will own 30 percent of the project, and Sonangol USA will own 20 percent. Sonangol is the state-owned national oil company of Angola, responsible for the development of Angola's hydrocarbon resources. The agreement to acquire an interest in the project from the Crest Group and Sonangol is subject to the clearance of certain customary contractual terms and conditions. "We are pleased to extend our presence and expertise in the LNG terminal business through the Gulf LNG project," said Norman G. Holmes, senior vice president and chief commercial officer of Southern Natural Gas Company, a wholly owned subsidiary of El Paso. "El Paso has a long history with LNG, and we are excited to develop new infrastructure that provides additional sources of natural gas to meet the nation's growing energy needs." The project, which received its Federal Energy Regulatory Commission certificate in February 2007, includes the construction of two, 160,000 cubic meter storage tanks with a combined capacity of 6.6 billion cubic feet; 10 vaporizers, providing a base send-out capacity of 1.3 Bcf/d; and five miles of 36-inch pipeline, connecting the terminal to the Gulfstream, Destin, Florida Gas Transmission, and Transco pipelines. Gulf LNG has negotiated 20-year firm service agreements for all of the capacity of the terminal with a group of LNG producers, including several major oil and gas companies, to support the facility and provide a source of liquefied natural gas. About El Paso Corp. Headquartered in Houston, Texas, El Paso Corporation (NYSE: EP) -- http://www.elpaso.com/-- is an energy company that provides natural gas and related energy products. The company owns North America's interstate pipeline system, which has approximately 55,500 miles of pipe. It also owns approximately 470 billion cubic feet of storage capacity and a liquefied natural gas import facility with 806 million cubic feet of daily base load send out capacity. El Paso's exploration and production business is focused on the exploration for and the acquisition, development and production of natural gas, oil and natural gas liquids in the United States, Brazil and Egypt. It operates in three business segments: Pipelines, Exploration and Production and Marketing. It also has a Power segment, which holds its remaining interests in international power plants in Brazil, Asia and Central America. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 20, 2007, Standard & Poor's Ratings Services has affirmed its 'BB' corporate credit ratings on El Paso Corp. and subsidiaries. S&P said the outlook remains positive. EUTELSAT COMM: Inks Broadcasting Deal w/ Telediffusion d'Algerie ---------------------------------------------------------------- Eutelsat Communications has inked a contract for capacity on its Atlantic Bird(TM) 3 satellite with Telediffusion d'Algerie to broadcast Algeria's national Digital Terrestrial Television package of television and radio channels. The launch of the new platform underpins the Algerian government's objective to manage the transition of the country's broadcasting sector into a fully digital environment. Telediffusion d'Algerie's capacity on Atlantic Bird(TM) 3 will ensure that Digital Terrestrial Television channels benefit from immediate and complete coverage of Algeria. In the initial phase, digital channels will be available for Direct-to-Home satellite reception, and in a second phase channels will also be delivered to DTT transmitters for terrestrial rebroadcasting. The five-year contract between the two companies is for one 36MHz transponder connected to Atlantic Bird(TM) 3's steerable spotbeam, which is centred over Algeria. With this footprint, Telediffusion d'Algerie is equipped to provide high-power coverage of the entire Algerian territory, the Maghreb region and Mediterranean Basin countries for Direct-to-Home reception with 60cm antennas. On Dec. 1, 2007, Telediffusion d'Algerie will initiate free-to- air broadcasting from Atlantic Bird(TM) 3 at 5 degrees West of a package of three television channels (La Chaine 1, Canal Algerie and A3) and four radio stations: CH I, CH II, CH III and Radio Algerie Internationale, with further channels to join the package. Homes equipped with a satellite dish pointing to Atlantic Bird(TM) 3 will have free access to all channels in the package. Delivery of the channels to DTT transmitters via Atlantic Bird(TM) 3 is scheduled to begin in the course of 2008 when the first batch of terrestrial transmitters is activated. Telediffusion's objective is to ensure access to DTT channels for all Algerian homes as quickly as possible, both in urban and the most rural parts of Algeria, which is the largest of the Mediterranean countries and the second largest in Africa after Sudan. This new contract also further consolidates Eutelsat's Atlantic Bird(TM) 3 satellite in Algeria. Telediffusion d'Algerie joins two anchor clients already using the satellite: Algerie Telecom for enterprise networks, broadband access and VOIP, and Orascom Algerie for broadband services for public agencies and enterprises. When the contract was signed, Telediffusion d'Algerie Deputy Chief Executive Officer, Tahar Beddiar commented: "This contract reinforces the relationship of trust between the companies and demonstrates conclusively our satisfaction with the quality of broadcasting service delivered by Eutelsat. The implementation of this contract for direct broadcasting of our platform of television and radio channels is an important step in the deployment of our Digital Terrestrial Television network." Eutelsat's Commercial Director, Olivier Millies-Lacroix added: "We are delighted to be selected by TDA to broadcast Algeria's DTT package. This new contract consolidates our Atlantic Bird(TM) 3 satellite as a core component of broadcasting infrastructure in the Francophone markets of Europe, the Maghreb and the countries of the Mediterranean Basin. TDA's strategy of deploying capacity on Atlantic Bird(TM) 3 for DTH reception and for delivery of a digital package to DTT retransmitters serving densely populated areas will ensure an efficient and cost- effective transition to a fully digital environment." About Eutelsat Headquartered in Paris, France, Eutelsat Communications (Euronext Paris: ETL) -- http://www.eutelsat.com/-- is the holding company of Eutelsat S.A. The Group is a leading satellite operator with capacity commercialized on 23 satellites providing coverage over the entire European continent, as well as the Middle East, Africa, India and significant parts of Asia and the Americas. One of its worldwide operations is located in Brazil. The Group is one of the world's three leading satellite operators in terms of revenues. Its satellites are used for broadcasting nearly 1,800 TV and 900 radio stations to more than 120 million cable and satellite homes. The Group also provides TV contribution services, corporate networks, mobile positioning and communications, Internet backbone connectivity and broadband access for terrestrial, maritime and in-flight applications. * * * In April 2007, in connection with the implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Telecommunications, Media and Technology sectors, Moody's Investors Service confirmed its Ba2 Corporate Family Rating for Eutelsat Communications S.A. Moody's also assigned a Ba3 probability of default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability of Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. Projected Debt LGD Loss-Given Debt Issue Rating Rating Default ---------- ------- ------ ---------- Senior Unsecured Bank Credit Facility Ba3 LGD4 55% GENERAL MOTORS: Enters Joint Venture with Shanghai Auto & OnStar ---------------------------------------------------------------- General Motors, Shanghai Automotive Industry Corporation Group and OnStar have announced the establishment of a telematics joint venture called Shanghai OnStar Telematics Company Limited. This is OnStar's first venture outside of North America in its 11-year history. The Shanghai-based joint venture will provide a range of OnStar's trademark in-vehicle safety, security and communication services similar to those currently available in the United States and Canada, including advanced automatic crash notification, roadside assistance, remote door unlock, hands- free calling, vehicle diagnostics and turn-by-turn navigation. Shanghai OnStar Telematics expects to begin rolling out its services in 2009, initially for vehicles manufactured and distributed in China by Shanghai General Motors. "We are pleased to bring OnStar to Asia for the first time through Shanghai OnStar Telematics," said OnStar President Chet Huber. "China represents a huge opportunity to bring the safety, security, and societal benefits of OnStar to a whole new audience -- Shanghai GM customers. This new venture builds upon our leading position in North America and the lessons from our more than 83 million customer interactions. In China, we will provide cutting-edge services specifically developed in accordance with the needs of Shanghai GM and its customers." OnStar, a subsidiary of General Motors, and Shanghai Automotive Industry Sales Co. Ltd., a subsidiary of SAIC, each own 40 percent of Shanghai OnStar Telematics. Shanghai GM, a 50-50 joint venture of GM and SAIC, owns the remaining 20 percent. The partners signed an official joint venture agreement during the Shanghai visit of GM Chairperson and Chief Executive Officer Rick Wagoner on Oct. 27. "Over the past decade, GM and SAIC have established eight joint ventures that are engaged in vehicle and powertrain manufacturing, sales and service, automotive engineering and design, automotive financing, and now telematics," said GM China Group President and Managing Director Kevin Wale. "The launch of our new joint venture represents a significant technological step forward in our partnership." "Like our other joint ventures, Shanghai OnStar Telematics will contribute to the ongoing development of China's automotive industry," said SAIC Vice Chairman Chen Hong. "Our goal is to work with our partners to make our newest joint venture the preeminent provider throughout China of world-class, innovative telematics services." About OnStar by GM OnStar-- http://www.onstar.com-- , a wholly-owned subsidiary of General Motors, is the leading provider of in-vehicle safety, security and communication services. OnStar is available on more than 50 MY 2008 GM models and includes one year of service. OnStar provides services to more than 5 million subscribers in the U.S. and Canada. About GM Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- was founded in 1908. GM employs about 280,000 people around the world and manufactures cars and trucks in 33 countries, including the United Kingdom, Germany, France, Russia, Brazil and India. In 2006, nearly 9.1 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 9, 2007, Moody's Investors Service affirmed its rating for General Motors Corporation (B3 Corporate Family Rating, Ba3 senior secured, Caa1 senior unsecured and SGL-1 Speculative Grade Liquidity rating) but changed the outlook to Stable from Positive. In an environment of weakening prospects for US auto sales GM has announced that it will take a non-cash charge of US$39 billion for the third quarter of 2007 related to establishing a valuation allowance against its deferred tax assets (DTAs) in the US, Canada and Germany. As reported in the Troubled Company Reporter on Oct. 23, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating and other ratings on General Motors Corp. and removed them from CreditWatch with positive implications, where they were placed Sept. 26, 2007, following agreement on the new labor contract. S&P said the outlook is stable. GULFMARK OFFSHORE: S&P Raises Corp. Credit Rating to BB- from B+ ---------------------------------------------------------------- Standard & Poor's Ratings Services has raised its corporate credit rating on GulfMark Offshore Inc. to 'BB-' from 'B+'. At the same time, S&P raised the senior unsecured rating on the company to 'B+' from 'B.' The outlook is stable. As of Sept. 30, 2007, the company had about US$160 million of debt. "The upgrade reflects GulfMark's improved credit measures and favorable industry trends that should result in solid financial performance as it expands its fleet," said S&P's credit analyst Paul B. Harvey. "We also considered GulfMark's enhanced fleet quality and ability to readily deploy its vessels in various international markets outside the North Sea." The ratings on GulfMark Offshore are based on its position in the volatile and cyclical marine services industry, its aggressive growth strategy, and regional concentration, with 62% of its fleet based in the North Sea region. Ratings also incorporate GulfMark Offshore's improving fleet composition, low debt leverage, and favorable near-term market conditions. Contracted EBITDA of around US$105 million in 2008 also benefits the ratings. The company has contracted to construct 12 new vessels for roughly US$250 million, to both modernize and grow its fleet. Headquartered in Houston, Texas, Gulfmark Offshore Inc. -- http://www.gulfmark.com/ -- together with its subsidiaries, provides offshore marine services primarily to companies involved in offshore exploration and production of oil and natural gas. The majority of the company's operations are in the North Sea with the balance offshore Southeast Asia and Brazil. NRG ENERGY: Named Company of the Year by Platts Global Awards ------------------------------------------------------------- Houston-based NRG Energy, the international power generator, snared two top awards -- "Energy Company of the Year" and the "Industry Leadership Award" -- at the 9th annual Platts Global Energy Awards. Platts' prestigious "CEO of the Year" award went to Duke Energy's Jim Rogers, known for his advocacy of energy efficiency. "Congratulations to NRG Energy and to Jim Rogers," said Platts President Victoria Chu Pao. "NRG is a true global pioneer, and the judges were impressed by the company's vision, sense of corporate responsibility and leadership. NRG Energy has transformed itself into a powerhouse -- and was recognized as one of the fastest growing companies in the Platts Top 250 awards announced earlier this year." "Duke Energy's Jim Rogers has been a leader, an innovator and an implementer. The judges honored Rogers as a leading voice and visionary for an entire industry," said Ms. Chu Pao. Platts' annual awards showcase extraordinary accomplishments by energy businesses and individuals worldwide. Finalists and winners are determined by an independent international panel of judges. This year's "Energy Company of the Year" winner, NRG Energy, less than two decades old, has one of the industry's most diverse portfolios, with a breadth of interests that span geographies, fuel sources and dispatch mechanisms. In addition to its current US$16 billion environmental and efficiency spending plans, the energy provider is the first independent power producer in the United States in decades to apply to build a nuclear power station. As a leader in demonstrating environmental responsibility, NRG Energy has been spearheading innovative research and development programs, including algae-based CO2 recycling. Duke Energy's Chief Executive Officer James Rogers, winner of this year's "CEO of the Year" award, has been a noted inspirational leader throughout his career. In addition to his role heading the United States' third largest coal burner, Mr. Rogers has served as chairman of the Edison Electric Institute, the national association for investor-owned electric companies, and has led the U.S. Climate Action Partnership, a coalition of businesses and other groups calling for a nationwide limit on CO2 emission. Mr. Rogers' outspoken advocacy of energy efficiency and conservation prompted his appointment as co-chair of two pivotal organizations -- the Alliance to Save Energy and the National Action Plan for Energy Efficiency. He has also participated in President Clinton's Global Initiative meetings. More than 500 top executives from more than a dozen countries gathered in New York City for the gala event tonight at Cipriani Wall Street. The evening dinner and ceremony was preceded by the Platts Lecture, in which industry leaders, market analysts, and academic scholars discussed energy sustainability issues against the backdrop of the global debate about climate change. Mr. Rogers, together with Gene Sperling, former White House National Economic Advisor and former Director of the National Economic Council, were the key speakers at the event. The 2007 Platts Global Energy Awards were co-sponsored for the fifth year by Capgemini and for the second year by Bracewell & Giuliani and also included sponsors: Standard & Poor's, Panasonic Computer Solutions Company and Spectra Energy Corporation. The Global Energy Awards recognize excellence and innovation by companies and executives in more than a dozen sectors within the global energy industry. Platts received more than 200 nominations this year from energy companies around the world. The winners in each awards category are: Commercial Technology of the Year: Shell Global Solutions B.V./Criterion Catalysts & Technologies Community Development Program of the Year: Attock Refinery Limited Downstream Business of the Year: Valero Energy Corporation Energy Company of the Year: NRG Energy Energy Efficiency Initiative of the Year: Toronto Hydro-Electric System Limited-Peaksaver Program Energy Transporter of the Year: Sovcomflot Energy Engineering Project of the Year: Nexen Inc. ENR Energy Construction Project of the Year: Tennessee Valley Authority Green Energy Innovator of the Year: Applied Materials, Inc. Hydrocarbon Producer of the Year: Chesapeake Energy Corporation Industry Leadership Award: NRG Energy Lifetime Achievement Award: Lord Ernest Ronald Oxburgh Marketing Campaign of the Year: E Wie Einfach/E.ON Power Company of the Year: MidAmerican Energy Holdings Company Rising Star Award: AED Oil Limited Risk Management Innovator of the Year: OpenLink Financial CEO of the Year: Duke Energy CEO James Rogers Next year's Platts Global Energy Awards Gala and events will be held on Dec. 3, 2008 in New York City. About Platts Platts -- http://www.platts.com--,a division of The McGraw-Hill Companies, is a global provider of energy and commodities information. With nearly a century of business experience, Platts serves customers across more than 150 countries. From 14 offices worldwide, Platts serves the oil, natural gas, electricity, nuclear power, coal, petrochemical, emissions, and metals markets. Platts' real time news, pricing, analytical services, and conferences help markets operate with transparency and efficiency. Traders, risk managers, analysts, and industry leaders depend upon Platts to help them make better trading and investment decisions. About The McGraw-Hill Companies Founded in 1888, The McGraw-Hill Companies (NYSE: MHP) -- http://www.mcgraw-hill.com-- is a leading global information services provider meeting worldwide needs in the financial services, education and business information markets through leading brands such as Standard & Poor's, McGraw-Hill Education, BusinessWeek and J.D. Power and Associates. The corporation has more than 280 offices in 40 countries. Sales in 2006 were US$6.3 billion. About NRG Energy Hearquartered in Princeton, New Jersey, NRG Energy Inc. (NYSE: NRG) -- http://www.nrgenergy.com/-- owns and operates a diverse portfolio of power-generating facilities, primarily in Texas and the Northeast, South Central and West regions of the U.S. Its operations include baseload, intermediate, peaking, and cogeneration and thermal energy production facilities. NRG also has ownership interests in generating facilities in Australia, Germany and Brazil. * * * Standard & Poor's Ratings Services rates NRG Energy Inc.'s US$4.7 billion unsecured bonds at 'B'. In addition, Standard & Poor's rates NRG Energy Inc.'s corporate credit rating at 'B+'. S&P said the outlook is stable. SMITHFIELD FOODS: Reports US$18.7-Million Income from Operations ---------------------------------------------------------------- Smithfield Foods, Inc. has reported income from continuing operations for the second quarter of fiscal 2008 of US$18.7 million, or US$.14 per diluted share, versus income from continuing operations of US$46.4 million, or US$.41 per diluted share last year. Sales were US$3.5 billion, compared to US$2.8 billion a year ago. Second quarter results include approximately US$13 million of after tax charges related to the previously-announced disease outbreak in the company's Romanian operations and an after tax loss of US$25 million related to the effects of foreign currency fluctuations. These charges and foreign currency losses totaled US$.28 per diluted share. Second quarter results in the pork segment rose significantly, reflecting a significant expansion in packaged meats margins, a much-improved fresh pork environment late in the quarter and the contribution of Premium Standard Farms, acquired in May. Packaged meats profit margins more than doubled. Total volume of key packaged meats categories, including pre-cooked bacon and sausage, boneless and spiral sliced ham and dry sausage, grew 37 percent, primarily the result of the contribution of Armour- Eckrich, acquired in October 2006. These product categories now represent 33 percent of the company's total domestic packaged meats business compared to 29 percent last year. Excluding the impact of Armour-Eckrich, packaged meats volume grew five percent. Smithfield Foods continued acceleration of its marketing programs, accomplishing national rollouts of several Paul Deen brand specialty products. Pre-cooked entrees Healthy Ones and Sizzle 'n Serve also reached national distribution. Beef segment results were below those of a year ago. However, the company believes that it has maintained a strong competitive position even as industry economics remained a challenge. Beef processing posted a slight gain in spite of higher cattle prices. Cattle feeding operations recorded a modest profit although feed costs were well above last year. Hog production profits declined significantly, the result of lower live hog market prices and considerably higher raising costs. Live hog market prices averaged US$46 per hundredweight versus US$50 per hundredweight a year ago. Raising costs rose to US$49 per hundredweight from US$41 per hundredweight last year on higher grain costs. In addition, the company experienced write-downs of US$13 million in Romania due to the liquidation of livestock inventory and cleanup costs associated with the previously-announced outbreak of classical swine fever at three of the company's farms. During the quarter results also were negatively impacted by US$19 million in foreign currency translation losses. In the Other segment, earnings rose at the company's joint venture turkey operation, Butterball, LLC, acquired in October 2006. Increased feed costs at the company's growing operations partially offset strong gains in turkey processing. International meat processing operating earnings rose sharply, as Groupe Smithfield and Poland operations continued their strong contributions. Results of Groupe Smithfield, a 50 percent-owned joint venture formed through an acquisition in August 2006, almost doubled. The Animex meat processing operations in Poland demonstrated continued earnings improvement on higher volumes and margins in packaged meats. The profit increase more than offset the negative impact of US$6 million in foreign currency translation losses. "The decline in earnings this quarter was almost entirely in the hog production segment, as most of our other businesses performed well," said president and chief executive officer, C. Larry Pope. "Unquestionably, the highlight of the quarter was the dramatic improvement in packaged meats margins due to an improved product mix and our continuing effort to drive out costs. Additionally, our international meat processing operations have become consistent, growing contributors to profitability," he said. "We currently are in the middle of our peak holiday ham season. It looks to be another good year for this sector of the business," said Mr. Pope. "Looking forward, the futures markets indicate continued near- term losses in hog production, but an improving environment as we move into our fiscal fourth quarter and beginning of fiscal 2009," said Mr. Pope. "Meanwhile, fresh pork margins remain healthy and I expect a continued strong performance from our packaged meats business," he said. Smithfield Foods, Inc., (NYSE: SFD) -- http://www.smithfieldfoods.com-- headquartered in Smithfield, Virginia, is the largest vertically integrated producer and marketer of fresh pork and processed meat in the US and has operating subsidiaries and joint ventures in France, Poland, Romania, the UK, Brazil, Mexico, and China. * * * As reported in the Troubled Company Reporter-Latin America on June 21, 2007, Standard & Poor's Ratings Services assigned its 'BB' rating to Smithfield Foods Inc.'s shelf drawdown of US$500 million senior unsecured notes due 2017. TAM SA: Marco Antonio Bologna Resigns as Chief Executive Officer ---------------------------------------------------------------- TAM S.A., in compliance with the provisions in article 12 of Comissao de Valores Mobiliarios Rule 358/02, informs its shareholders and the market in general that Marco Antonio Bologna resigned as the company's Chief Executive Officer position on Nov. 28, 2007, to join TAM Empreendimentos e Participacoes S.A.'s holdings, a company belonging to the company's controlling bloc, as special advisor. Captain David Barioni Neto, former Vice-President of Operations, has been appointed new CEO. Captain Fernando Sporleder Junior has been appointed Vice-President of Operations. The changes were approved by the Board within the succession process initiated March this year by TAM SA. About TAM SA TAM SA (Bovespa: TAMM4 and NYSE: TAM) -- http://www.tam.com.br/ -- operates regular flights to 47 destinations throughout Brazil. It serves 72 different cities in the domestic market through regional alliances. Additionally, it maintains code- share agreements with international airline companies that allow passengers to travel to a large number of destinations throughout the world. TAM was the first Brazilian airline company to launch a loyalty program. The program has over 3.3 million subscribers and has awarded more than 3.6 million tickets. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 27, 2007, Standard & Poor's Ratings Services affirmed its 'BB' long-term corporate credit rating on Brazil-based airline TAM S.A. S&P said the outlook is stable. * BRAZIL: Deciding on Venezuela's Mercosur Membership Next Year --------------------------------------------------------------- Brazil will vote on Venezuela's full membership in the South American common market organization Mercosur next year, reporters say, citing the Chamber of Deputies' Speaker Arlindo Chinaglia. The chamber's schedule is filled with other matters up to the year-end, preventing the federal deputies from making a vote, Xinhua News relates, citing Mr. Chinaglia. Mercosur is currently made up of: -- Brazil, -- Argentina, -- Uruguay, and -- Paraguay. "I do not believe that Venezuela's admission will be voted this year," Mr. Chinaglia commented to Xinhua News. According to Xinhua News, the Brazilian congress has been dealing with Venezuela's inclusion in Mercosur since March 2007. The Brazilian government has presented the strongest opposition to Venezuela's membership, as it has rows with Venezuelan President Hugo Chavez. Meanwhile, the Argentine and Uruguayan congresses already ratified Venezuela's inclusion. Paraguay also opposed Venezuela's Mercosur membership, Xinhua News relates. The Constitution and Justice Committee of the Chamber of Deputies already authorized Venezuela's admission to Mercosur last week. After the deputies vote on the membership, it will considered by the Brazilian senators, Xinhua News states. * * * 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: Fire Breaks Out in Drillship, Injures Seven Workers ------------------------------------------------------------- A fire has broken out on the NS15 drillship, which oil services firm Noble do Brasil is operating for Brazilian state-run oil company Petroleo Brasileiro SA, Business News Americas reports. BNamericas relates that the fire began in the evening of Nov. 27, 2007, after a re-entry operation in one of the wells in the Albacora Leste and Marlim Sul fields. The fire has been extinguished and the incident is being probed, Petroleo Brasileiro told BNamericas. According to BNamericas, seven workers were injured in the fire. Petroleo Brasileiro said in a statement that the employees' injuries weren't critical as they received first aid from the drillship's "on-call doctor." Petroleo Brasileiro has checked the well to ensure that an accident won't happen again. Drilling will be interrupted until the situation gets back to normal, BNamericas notes. A Petroleo Brasileiro spokesperson told Reuters, "The wellhead was shut to prevent bigger problems." A team of engineers and safety officials boarded the ship to assess the damage, Reuters states, citing Noble do Brasil spokesperson John Breed. Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp -- was founded in 1953. The company explores, produces, refines, transports, markets, distributes oil and natural gas and power to various wholesale customers and retail distributors in Brazil. Petrobras has operations in China, India, Japan, and Singapore. * * * As reported in the Troubled Company Reporter-Latin America on May 14, 2007, Fitch Ratings upgraded Brazil's long-term foreign and local currency sovereign Issuer Default Ratings to 'BB+' from 'BB' and the Country Ceiling to 'BBB-' from 'BB+'. In addition, Fitch affirmed Brazil's Short-term IDR at 'B'. Fitch said the rating outlook is stable. * BRAZIL: Petroleo Brasileiro's P-52 Starts Production ------------------------------------------------------ Brazilian state-owned oil firm Petroleo Brasileiro SA said in a statement that it has launched production at its 180,000-barrel- per-day P-52 oil platform. Business News Americas relates that the platform is in the Campos basin's Roncador field. It is starting at 20,000 barrels per day. Petroleo Brasileiro told BNamericas that total output capacity will be reached in the second half of 2008. P-52 will be connected to 18 wells and 11 water injectors once it reaches its full capacity. The platform will extract oil and 7.5 million cubic meters per day of gas from depths of 1,800 meters, BNamericas states. Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp -- was founded in 1953. The company explores, produces, refines, transports, markets, distributes oil and natural gas and power to various wholesale customers and retail distributors in Brazil. Petrobras has operations in China, India, Japan, and Singapore. * * * As reported in the Troubled Company Reporter-Latin America on May 14, 2007, Fitch Ratings upgraded Brazil's long-term foreign and local currency sovereign Issuer Default Ratings to 'BB+' from 'BB' and the Country Ceiling to 'BBB-' from 'BB+'. In addition, Fitch affirmed Brazil's Short-term IDR at 'B'. Fitch said the rating outlook is stable. =========================== C A Y M A N I S L A N D S =========================== ANCC LTD: Proofs of Claim Filing Is Until Dec. 13 ------------------------------------------------- ANCC Ltd.'s creditors are given until Dec. 13, 2007, to prove their claims to Stuart K. Sybersma and Ian A.N. Wight, the company's liquidators, 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. ANCC's shareholder decided on Oct. 19, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Stuart K Sybersma Ian A.N. Wight Attention: Jessica Turnbull Deloitte P.O. Box 1787, George Town Grand Cayman, Cayman Islands Telephone: (345) 949 7500 Fax: (345) 949 8258 ANTICRESIS ONCE: Proofs of Claim Verification Deadline Is Feb. 8 ---------------------------------------------------------------- Federico G. Estrada, the court-appointed trustee for Anticresis Once S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until Feb. 8, 2008. Mr. Estrada 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 Anticresis Once and its creditors. Inadmissible claims may be subject for appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of Anticresis Once's accounting and banking records will be submitted in court. Infobae didn't state the reports submission deadlines. Mr. Estrada is also in charge of administering Anticresis Once's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Federico G. Estrada Gral. Peron 1509 Buenos Aires, Argentina ARDITI Y MENECHINO: Proofs of Claim Verification Ends on Dec. 10 ---------------------------------------------------------------- Jose Luis Abuchdid, the court-appointed trustee for Arditi y Menechino S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of claim until Dec. 10, 2007. Mr. Abuchdid 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 Arditi y Menechino 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 Arditi y Menechino's accounting and banking records will be submitted in court. Infobae didn't state the reports submission deadlines. Mr. Abuchdid is also in charge of administering Arditi y Menechino's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Jose Luis Abuchdid Avenida de los Incas 3624 Buenos Aires, Argentina BANNON CAPITAL: Proofs of Claim Filing Ends on Dec. 14 ------------------------------------------------------ Bannon Capital Management Ltd.'s creditors are given until Dec. 14, 2007, to prove their claims to Robin J. Mayor, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Bannon Capital's shareholder decided on Nov. 27, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Robin J. Mayor Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, HM DX, Bermuda BANNON CAPITAL: Sets Final Shareholders Meeting for Dec. 31 ----------------------------------------------------------- Bannon Capital Management Ltd. will hold its final shareholders meeting on Dec. 31, 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. Bannon Capital's shareholder decided on Nov. 27, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Robin J. Mayor Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, HM DX, Bermuda CBI CONSULTING: Proofs of Claim Filing Deadline Is Dec. 13 ---------------------------------------------------------- CBI Consulting Ltd.'s creditors are given until Dec. 13, 2007, to prove their claims to Stuarts Corporate Services Ltd., the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. CBI Consulting's shareholder decided on Oct. 21, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Stuarts Corporate Services Ltd. 4F, Cayman Financial Center 36A Dr. Roy's Drive George Town, P.O. Box 2510 Grand Cayman KY1-1104, Cayman Islands Telephone: (345) 949 3344 Fax: (345) 949 2888 CBI CONSULTING: Will Hold Final Shareholders Meeting on Dec. 14 --------------------------------------------------------------- CBI Consulting Ltd. will hold its final shareholders meeting on Dec. 14, 2007, at 9:00 a.m. at: Stuarts Corporate Services Ltd. 4F, Cayman Financial Center 36A Dr. Roy's Drive, George Town P.O. Box 2510, Grand Cayman KY1-1104 Cayman Islands These agenda will be taken during the meeting: 1) accounting of the winding-up process; and 2) considering and, if thought fit, passing a resolution pursuant to section 158(1)(b) of the Companies Law authorizing the liquidator to retain the books, accounts, papers and documents of the company for a period of five years from the dissolution of the company after which they may be destroyed. A member entitled to attend and vote at the meeting will be allowed to appoint a proxy, who need not be a member, in his stead. CBI Consulting's shareholder decided on Oct. 21, 2007, to place the company into voluntary liquidation under The Cayman Islands' Companies Law 2007 Revision). The liquidators can be reached at: Stuarts Corporate Services Ltd. 4F, Cayman Financial Center 36A Dr. Roy's Drive, George Town P.O. Box 2510, Grand Cayman KY1-1104 Cayman Islands Telephone: (345) 949 3344 Fax: (345) 949 2888 CIRCULO DE SUBOFICIALES: Trustee Verifies Claims Until Feb. 19 -------------------------------------------------------------- Circulo de Suboficiales del Servicio Penitenciario Federal Argentino, the court-appointed trustee for Galvani SA's reorganization proceeding, verifies creditors' proofs of claim until Feb. 19, 2008. Estudio Celia 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 Circulo de Suboficiales and its creditors. Inadmissible claims may be subject for a