T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Tuesday, December 4, 2007, Vol. 8, Issue 240 Headlines A R G E N T I N A ALITALIA SPA: Bidders Have Until Dec. 6 to Submit Offers BANCO DE LA PROVINCIA: Moody's Withdraws Assigned Ratings CIRCULO 9: Seeks for Reorganization Okay from Buenos Aires Court DANA CORP: Creditors Committee Backs Appaloosa Settlement Pact DANA CORP: Indiana & Pine Tree Object to Plan Confirmation DANA CORP: Noteholders Balk at Appaloosa Settlement Agreement ESHRIKE SRL: Proofs of Claim Verification Is Until March 3, 2008 MAR DEL PLATA: Files for Reorganization Petition in Buenos Aires MAYA-QUINTANA SA: Trustee Verifies Claims Until March 28, 2008 NIPPON SHEET: To Sell 50% Stake in NH Techno Glass, Nikkei Says POLI REC: Proofs of Claim Verification Deadline Is Feb. 15, 2008 PURA SA: Proofs of Claim Verification Ends on Dec. 27 QUEBECOR MEDIA: Issues Statement Regarding Spectrum Auction SEROGEN SRL: Proofs of Claim Verification Deadline Is March 7 B A R B A D O S DIGICEL GROUP: Phone Card Promotion Angers Subscribers B E R M U D A MEDAMERICA INT'L: Proofs of Claim Filing Deadline Is Dec. 21 MEDAMERICA INT'L: Sets Final Shareholders Meeting for Dec. 24 OVERSEAS PARTNERS: Sets Final Shareholders Meeting for Dec. 28 SAMARITAN HEALTH: Proofs of Claim Filing Ends on Dec. 21 SAMARITAN HEALTH: Will Hold Last Shareholders Meeting on Dec. 24 SEA CONTAINERS: Marathon Discloses 10.7% Equity Stake SEA CONTAINERS: SCSL Panel Has Attride-Stirling as Counsel UNITED CARE: Proofs of Claim Filing Is Until Dec. 21 UNITED CARE: Sets Final Shareholders Meeting for Dec. 24 B R A Z I L AMR CORP: Low Stock Price Cues FL Group to Cut Stake by 8% BRASKEM SA: Inks Pact with Petrobras, Petroquisa & Odebrecht COMPANHIA ENERGETICA: Gets Outperform Rating from Credit Suisse DELPHI CORP: Delays Hearing on Chapter 11 Disclosure Statement DELPHI CORP: Reserves US$120MM at 3Q07 for Probe & Cleanup DRESSER-RAND: Employees Back to Work at Painted Post Facility GENERAL MOTORS: Still Open to Future Tie-Up with Proton Holdings MYERS INDUSTRIES: Quells Market Rumor on GS Capital Backing Out SANYO ELECTRIC: Fitch Holds BB+ Ratings on Negative Watch SANYO ELECTRIC: Ties Up with Aeon to Develop Home Electronics SANYO ELECTRIC: To Make New Fuel Cell Company with Nippon Oil SANYO ELECTRIC: Unveils 2008-2010 Midterm Business Plan C A Y M A N I S L A N D S BAMBOO SHIPHOLDING: Proofs of Claim Filing Ends on Dec. 14 BERNARD NATIONAL: Proofs of Claim Filing Is Until Dec. 14 BLUE AND RED: Proofs of Claim Filing Deadline Is Dec. 14 BRAZIL REPACKAGED: Proofs of Claim Filing Ends on Dec. 14 CSFUND-THREE HOLDINGS: Proofs of Claim Filing Is Until Dec. 14 DUKE FUNDING: Proofs of Claim Filing Deadline Is Dec. 14 FLAGSHIP CLO: Proofs of Claim Filing Is Until Dec. 14 FORTIS HEDGE: Proofs of Claim Filing Deadline Is Dec. 14 GEMINI SHIPFINANCE: Proofs of Claim Filing Is Until Dec. 14 GEMINI SHIPHOLDING: Proofs of Claim Filing Deadline is Dec. 14 PARMALAT SPA: NY Court Gives No Decision on Class Action Appeal C H I L E FRESH DEL MONTE: Names Elias Hebeka as Director on Board INGRAM MICRO: Reaffirms Guidance in Fourth Qtr. Ending Dec. 29 TECH DATA: Moody's Affirms Ratings, Shifts Outlook to Stable C O L O M B I A BRIGHTPOINT INC: Appoints Three Executive Officers ECOPETROL: Eyes 3% Production Increase by 2011 ECOPETROL: Claims New Bogota Stock Exchange Listing Impressive SOLUTIA INC: Court Confirms Consensual Reorganization Plan D O M I N I C A N R E P U B L I C BANCO INTERCONTINENTAL: Defense Appealing Marcos Cocco's Case E L S A L V A D O R DIGICEL GROUP: Inks Prepaid Phone Recharging Agreement with HSBC M E X I C O BELL MICROPRODUCTS: Taps P. Cook as UK Commercial Sales Director ENTRAVISION COMMS: Inks US$24-Million Purchase Deal for WNUE-FM KEY ENERGY: Closes US$400 Mil. Senior Credit Facility on Nov. 29 NUANCE COMMUNICATIONS: Completes Viecore Acquisition RADIOSHACK CORP: Names P. Whitsett EVP, Gen. Merchandise Manager RYERSON INC: Plans to Restructure Chicago Business by Late 2008 RYERSON INC: To Gradually Restructure Chicago Operations by 2008 WARNER MUSIC: Sept. 30 Balance Sheet Upside-Down by US$36 Mil. P A N A M A * PANAMA: World Bank Board Grants US$75 Million Financing P U E R T O R I C O BURGER KING: Board Declares US$0.0625 Per Share Common Stock SEARS HOLDINGS: Net Income Drops to US$2MM in Third Quarter 2007 WESCO INT'L: Moody's Affirms Corporate Family Rating at Ba3 S U R I N A M E DIGICEL LTD: Opens New Facility in Suriname V E N E Z U E L A CHRYSLER LLC: Likely to Lose US$1 Bil. in 2007, Sales Exec. Says PEABODY ENERGY: Names Director of International Gov't Relations PETROLEOS DE VENEZUELA: Commences Tender Offer for Cerro Bonds * VENEZUELA: Constitutional Reforms Won't Affect Debt Payment * Large Companies with Insolvent Balance Sheets - - - - - ================= A R G E N T I N A ================= ALITALIA SPA: Bidders Have Until Dec. 6 to Submit Offers -------------------------------------------------------- The Board of Directors of Alitalia S.p.A. informed that during a meeting on Nov. 28, 2007, based on information provided by advisor Citi, the Board took note of the outcome of interviews and contacts with those taking part in the Company's project to rapidly select industrial and financial subjects committed to restructuring, developing and re-launching Alitalia and, accordingly, to acquire a majority shareholding in the Company. In particular, advisor Citi stated that contacts and discussions with the subjects involved are still being pursued; consequently it is foreseen that any possible proposals should be made by Dec. 6, 2007. The Company will immediately announce the number of proposals received and the names of the subjects who have made them. As reported in the TCR-Europe on Nov. 29, 2007, Italian Prime Minister Romano Prodi believes a buyer will be chosen for the government's 49.9% stake in Alitalia by Dec. 25, 2007. Transport Minister Alessandro Bianchi said on Nov. 26, 2007, that Italy has no plans to postpone the stake sale to 2008. Three parties remain in contention for Italy's controlling stake in Alitalia: -- Air France-KLM, -- Deutsche Lufthansa AG, and -- AP Holding S.p.A. OAO Aeroflot will not participate in the process while Cordata Baldassarre's bid was deemed "no longer compatible" to the sale. TPG Capital, meanwhile, was unable to finalize an Italian-led consortium, but will continue to follow the developments of the sale. Alitalia has extended to Dec. 5, 2007, the deadline for submission of non-binding offers and may commence exclusive negotiations with the chosen bidder within the first half of December 2007. About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/-- provides air travel services for passengers and air transport of cargo on national, international and inter-continental routes. The Italian government owns 49.9% of Alitalia. The company has operations in Argentina. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia posted EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked annual net losses of EUR520 million in 2003, EUR813 million in 2004, EUR168 million in 2005, and EUR625.6 million in 2006. Italian Transport Minister Alessandro Bianchi has warned that Alitalia may file for bankruptcy if the current attempt to sell the government's 49.9% stake fails. BANCO DE LA PROVINCIA: Moody's Withdraws Assigned Ratings --------------------------------------------------------- Moody's Investors Service has withdrawn all of its ratings for Banco de la Provincia de Buenos Aires for business reasons. Banco de la Provincia de Buenos Aires is a universal bank, and it held ARS25.7 billion in assets and ARS19.6 billion in deposits as of September 2007. These ratings were withdrawn: -- Bank financial strength rating: E+ , Stable Outlook -- Long term local currency deposit rating: Ba2, Stable Outlook -- Short term local currency deposit rating: Not Prime -- National Scale Rating for local currency deposits: Aa2.ar -- Long term foreign currency deposit rating: Caa1, Positive Outlook -- Short term foreign currency deposit rating: Not Prime -- National Scale Rating for foreign currency deposits: Ba1.ar Banco de la Provincia de Buenos Aires is Argentina's oldest bank. It is the fifth largest in terms of assets and third in terms of deposits; by 2002 they were valued at US$3.51 billion and US$1.57 billion, respectively. That same year loans were US$1.79 billion and equity US$311 million. Banco de la Provincia's focus is mainly on the province's small- and mid- sized enterprises and the retail segment. The bank has some 350 branches throughout Buenos Aires, which represents approximately 40% of Argentina's gross domestic product. CIRCULO 9: Seeks for Reorganization Okay from Buenos Aires Court ---------------------------------------------------------------- Circulo 9 de Julio Social y Deportivo Asociacion Civil has requested for reorganization approval after failing to pay its liabilities since Aug. 1, 2007. The reorganization petition, once approved by the court, will allow Circulo 9 de Julio to negotiate a settlement with its creditors in order to avoid a straight liquidation. The case is pending in the National Commercial Court of First Instance No. 6 in Buenos Aires. Clerk No. 11 assists the court in this case. The debtor can be reached at: Circulo 9 de Julio Social y Deportivo Asociacion Civil Avenida Juan Bautista Alberdi 568 Buenos Aires, Argentina DANA CORP: Creditors Committee Backs Appaloosa Settlement Pact -------------------------------------------------------------- The Official Committee of Unsecured Creditors supports Dana Corp. and its debtor-affiliates' settlement with Appaloosa Management, L.P. As reported in the Troubled Company Reporter on Nov. 28, 2007, the Debtors asked the Court to approve a settlement that resolves their disputes with Appaloosa, which had lost a bid to provide equity exit financing to the company. Under the settlement, Dana agreed to reimburse up to US$2,000,000 for out- of-pocket expenses Appaloosa Management incurred in the Chapter 11 cases, in exchange for its support to Dana's Joint Plan of Reorganization. The Creditors Committee was party to the Settlement and was involved in the negotiation of its terms. It believes that the provisions of the Settlement are fair, reasonable, and appropriate under the circumstances. Among other things, the Settlement will resolve potential obstacles to confirmation of the Debtors' plan of reorganization and permit Appaloosa to acquire unsecured claims prior to the Trade Claims Record Date, the Creditors Committee says. Moreover, while the Creditors Committee has agreed to support US$2,000,000 in reasonable fees and expenses incurred by Appaloosa in the Debtors' bankruptcy cases, the panel says Appaloosa must still file an application that will be subject to Court review and approval pursuant to Section 503(b) of the Bankruptcy Code. About Dana 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. 62; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). DANA CORP: Indiana & Pine Tree Object to Plan Confirmation ---------------------------------------------------------- As of Nov. 27, 2007, two parties have filed objections to confirmation of Dana Corp. and its debtor-affiliates' Third Amended Joint Plan of Reorganization. Objections are due Nov. 28. The Debtors will submit the Plan for confirmation on Dec. 10, 2007. (a) Indiana Environment Department The Indiana Department of Environmental Management objects to all portions of the Plan as might be construed to limit or prohibit its exercise of police or regulatory powers, if and as necessary, to compel Dana Corp. to address ongoing environmental violations existing at sites located in the State as a result of the company's prior operations at those sites. The Department has filed a US$14,000,000 claim against the Debtors based on the Sites and, to the extent quantifiable, the estimated cleanup costs at each site. Elizabeth A. Whelan, Esq., the state's Deputy Attorney General, relates that the Debtors and the Department have been exchanging cleanup information in a good faith attempt to resolve potentially disputed claims. The goal of the settlement discussions is to reach an agreed- upon dollar value of the Department's claims, thus allowing payment pursuant to the terms of the Plan, Ms. Whelan says. (b) Pine Tree ISD, et al. Pine Tree Independent School District, Longview Independent School District, Hallsville Independent School District, and the county of Harrison, each have claims against the Debtors, which are included in the class of claims described as Class 2A Claims under the Third Amended Joint Plan of Reorganization. Michael Reed, Esq., at McCreary, Veselka, Bragg & Allen, P.C., in Round Rock, Texas, relates that the secured claims arise from property taxes for the tax years 2005-2007 due on the Debtors' real and business personal property located in Texas. According to the laws of the state of Texas, the tax liens securing property taxes are superior claims over any other claim or lien against the property. Mr. Reed points out that the Plan provisions dealing with the secured claims fail to provide fair and equitable treatment to the Creditors' secured claims as required by Section 1129(b)(1) and (2)(A) of the Bankruptcy Code, in that their secured claims are entitled to express retention of all property tax liens, including those for postpetition taxes, until all taxes, penalties and interest protected by those liens have been paid. Mr. Reed also points out that the Plan fails to provide for interim interest as required by Section 506(b), at the statutory rate provided in Section 511, being 1% per month as required by the Texas Property Tax Code. The interest must be paid in cash in full as a component part of the Creditors' Tax Claims, calculated through the Effective Date of the plan and to be paid on the Effective Date, he contends. To the extent the Tax Claims not be paid for any reason, on the Effective Date, Mr. Reed asserts that post-Effective Date interest at the same statutory rate of 1% per month must be provided for the Claims. To the extent that prepetition penalty has attached to any of the Tax Claims, that prepetition penalty is entitled to be considered a part of the Claims and must be paid in cash, in full on the Effective Date, he further asserts. Furthermore, to the extent any claims for administrative expense are not timely paid as provided in the Plan, the Tax Claims will be entitled to interest and penalty to be paid in full in cash on the ultimate resolution and payment of these claims as provided in Section 503. Pine Tree, et al., also object to the bar date for objections to claims being 150 days after the Effective Date. About Dana 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. 63; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). DANA CORP: Noteholders Balk at Appaloosa Settlement Agreement ------------------------------------------------------------- The Ad Hoc Committee of Dana Noteholders tells the U.S. Bankruptcy Court for the Southern District of New York that, initially, Dana Corp. and its debtor-affiliates have brought the Appaloosa settlement to the panel but it was summarily rejected because the panel saw that the settlement was nothing more than a gift in exchange for the removal of a hollow threat, which in this case, is Appaloosa's appeal. The Ad Hoc Committee, whose membership currently consists of holders of approximately US$1,400,000,000 of Dana Corp.'s unsecured bonds, believes that it is inappropriate at this point for the Creditors Committee to support an application by Appaloosa under Section 503(b) for reimbursement of its expenses, particularly when the contents of those fee applications are unknown. The Ad Hoc Committee contends that those fee applications cannot be supported on the bases of Appaloosa having made a "substantial contribution" to the Debtors' bankruptcy cases. Furthermore, the Ad Hoc Committee points out that the Debtors and the Creditors Committee, who is not a party to the Plan Support Agreement, cannot unilaterally waive Appaloosa's breach of the Plan Support Agreement to permit it to participate in the Series B preferred offering because the terms of the Plan Support Agreement require the consent of all its parties. As reported in the Troubled Company Reporter on Nov. 28, 2007, the Debtors asked the Court to approve a settlement that resolves their disputes with Appaloosa, which had lost a bid to provide equity exit financing to the company. Under the settlement, Dana agreed to reimburse up to US$2,000,000 for out- of-pocket expenses Appaloosa Management incurred in the Chapter 11 cases, in exchange for its support to Dana's Joint Plan of Reorganization. About Dana 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. 62; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). ESHRIKE SRL: Proofs of Claim Verification Is Until March 3, 2008 ---------------------------------------------------------------- Juan Castronuovo, the court-appointed trustee for Eshrike SRL's bankruptcy proceeding, verifies creditors' proofs of claim until March 3, 2008. Mr. Castronuovo will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 17 in Buenos Aires, with the assistance of Clerk No. 33, 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 Eshrike 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 Eshrike's accounting and banking records will be submitted in court. La Nacion didn't state the reports submission deadlines. Mr. Castronuovo is also in charge of administering Eshrike's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Eshrike SRL Charcas 4181 Buenos Aires, Argentina The trustee can be reached at: Juan Castronuovo Cerrito 1116 Buenos Aires, Argentina MAR DEL PLATA: Files for Reorganization Petition in Buenos Aires ---------------------------------------------------------------- Mar del Plata S.A. has requested for reorganization approval after failing to pay its liabilities. The reorganization petition, once approved by the court, will allow Mar del Plata 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: Mar del Plata S.A. Cordoba 1539 Buenos Aires, Argentina MAYA-QUINTANA SA: Trustee Verifies Claims Until March 28, 2008 -------------------------------------------------------------- Lidia Ramon Martin, the court-appointed trustee for Maya- Quintana SA's reorganization proceeding, verifies creditors' proofs of claim until March 28, 2008. Ms. Martin will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 12 in Buenos Aires, with the assistance of Clerk No. 24, 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 Maya-Quintana 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 Maya-Quintana's accounting and banking records will be submitted in court. La Nacion didn't state the reports submission deadlines. Creditors will vote to ratify the completed settlement plan during the assembly on Dec. 5, 2008. The debtor can be reached at: Maya-Quintana SA Coronel Pagola 4170/72 Buenos Aires, Argentina The trustee can be reached at: Lidia Ramon Martin Avenida Cordoba 1352 Buenos Aires, Argentina NIPPON SHEET: To Sell 50% Stake in NH Techno Glass, Nikkei Says --------------------------------------------------------------- Nippon Sheet Glass Co., Ltd., is looking to sell its 50% stake in a joint venture with Hoya Corp., as it quits production of motherglass used in liquid crystal display televisions, Reuters, citing the Nikkei business daily, reports. The Nikkei, according to Reuters, stated that Tokyo-based Nippon Sheet plans to sell its stake in NH Techno Glass Corp due to plunging prices and the burden of large upfront investments. The report added that the sale was likely to fetch tens of billions of yen and will draw bids from both foreign and domestic funds. However, Nippon Sheet, in a company statement, said that the Nikkei report was not based on any public announcement made by the glass maker. Nippon Sheet admits that although it has been considering every possibility and option in its all business areas to improve profit performance, including structural reforms, withdrawals through divesture and business alliance, it confirms it has not made any decision on this matter. About Nippon Sheet Headquartered in Tokyo, Nippon Sheet Glass Company, Limited -- http://www.nsg.co.jp-- Company operates in four business divisions. Its Glass and Construction Material division manufactures, processes and sells various types of glasses, such as float plate, polished wire, heat absorbing, heat reflecting, reinforced, laminated, double-layer, vacuum, fireproof, template, mirror and ornamental glass, as well as sashes. It also supplies construction materials, and interior accessories for stores. The Information and Electronics division offers optical products, fine glass products, industrial glass products, liquid crystal display (LCD) products and others. Its Glass Fiber division is engaged in the manufacture, processing and sale of special glass fiber products, air filter-related items and others. The Others division is involved in the facility engineering and the test analysis businesses, among others. The company has operations in Argentina, the United States, and Austria. Standard & Poor's Ratings Services affirmed on June 20, 2006, its BB+ long-term corporate credit and long-term senior unsecured debt ratings on Nippon Sheet Glass Co. Ltd., following the company's successful acquisition of U.K.-based Pilkington PLC. POLI REC: Proofs of Claim Verification Deadline Is Feb. 15, 2008 ---------------------------------------------------------------- Martin Alejandro Stolkiner, the court-appointed trustee for Poli Rec S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until Feb. 15, 2008. Mr. Stolkiner 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 Poli Rec 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 Poli Rec's accounting and banking records will be submitted in court on May 20, 2008. Mr. Stolkiner is also in charge of administering Poli Rec's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Poli Rec S.A. Reconquista 887 Buenos Aires, Argentina The trustee can be reached at: Martin Alejandro Stolkiner Avenida Cordoba 1367 Buenos Aires, Argentina PURA SA: Proofs of Claim Verification Ends on Dec. 27 ----------------------------------------------------- Beatriz Susana Stachesky, the court-appointed trustee for Pura S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until Dec. 27, 2007. Ms. Stachesky will present the validated claims in court as individual reports on March 12, 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 Pura 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 Pura's accounting and banking records will be submitted in court on April 23, 2008. Ms. Stachesky is also in charge of administering Pura's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Pura S.A. Carlos Pellegrini 1135 Buenos Aires, Argentina The trustee can be reached at: Beatriz Susana Stachesky Avenida Cordoba 817 Buenos Aires, Argentina QUEBECOR MEDIA: Issues Statement Regarding Spectrum Auction ----------------------------------------------------------- In light of media reports and questions from some Members of Parliament, Quebecor Media Inc. issues this statement: "Quebecor Media Inc. and its subsidiary, Videotron Ltd., fully respected the integrity of the public consultation process concerning the establishment of rules to be applied to the auction of spectrum for mobile wireless services. All representations made to various government authorities were conducted by persons who were duly registered as lobbyists." "In addition, Quebecor Media Inc. confirms that its President and Chief Executive Officer, Mr. Pierre Karl Peladeau, met on two occasions with the Hon. Maxime Bernier when he was Minister of Industry to discuss different issues including the company's perspective on the wireless file, specifically that it is in the interest of Canadian consumers to have greater competition in this area. The meetings were organized by company representatives who were duly recorded in the Lobby Registry, as were Mr. Peladeau and individuals who accompanied him to these meetings. The two meetings took place in the winter and the summer of 2006." "Mr. Peladeau and other senior officials of the company and its subsidiaries also met with other members of the Cabinet, of the public service as well as MPs including members from opposition parties. All individuals involved in the organization of these meetings and in the meetings themselves acted in accordance with the applicable legislation." "Quebecor Media Inc. is pleased with the decision announced earlier this week by the Minister of Industry, the Hon. Jim Prentice, that allows new competitors to enter the wireless market since this decision is clearly in the interest of all Canadian consumers." Quebecor Media Inc., a subsidiary of Mortsel, Belgium-based, Quebecor Inc. -- http://www.quebecor.com/-- owns operating companies in numerous media-related businesses: Videotron Ltd., a cable operator in Quebec and a major Internet Service Provider and provider of telephone and business telecommunications services; Sun Media Corporation, Canada's chain of tabloids and community newspapers; TVA Group Inc., operator of French- language general-interest television network in Quebec, a number of specialty channels, and the English-language general-interest station Sun TV; Canoe Inc., operator of a network of English- and French-language Internet properties in Canada; Nurun Inc., a major interactive technologies and communications agency with offices in Canada, the United States, Europe and Asia; companies engaged in book publishing and magazine publishing; and companies engaged in the production, distribution and retailing of cultural products, namely Archambault Group Inc., chain of music stores in eastern Canada, TVA Films, and Le SuperClub Videotron ltee, a chain of video and video game rental and retail stores. Headquartered in Montreal, Canada, the company has global facilities in India, France and Argentina. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 1, 2007, Moody's Investors Service rated Quebecor Media Inc.'s US$700 million add-on senior unsecured note issue B2. Ratings on the underlying 7.75% senior unsecured notes due in March of 2016 were affirmed at the same B2 level. At the same time, QMI's Ba3 corporate family rating and stable ratings outlook were affirmed. SEROGEN SRL: Proofs of Claim Verification Deadline Is March 7 ------------------------------------------------------------- Reynaldo Cesar Pireni, the court-appointed trustee for Serogen SRL's bankruptcy proceeding, verifies creditors' proofs of claim until March 7, 2008. Mr. Pireni will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 6 in Buenos Aires, with the assistance of Clerk No. 12, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by Serogen 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 Serogen's accounting and banking records will be submitted in court. La Nacion didn't state the reports submission deadlines. Mr. Pireni is also in charge of administering Serogen's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Serogen SRL Avenida General Moscon 2790 Buenos Aires, Argentina The trustee can be reached at: Reynaldo Cesar Pireni Avenida Callao 930 Buenos Aires, Argentina =============== B A R B A D O S =============== DIGICEL GROUP: Phone Card Promotion Angers Subscribers ------------------------------------------------------ The Caribbean Broadcasting Corp. reports that Digicel's phone card promotion has angered some subscribers in Barbados. According to the Caribbean Broadcasting, clients who claimed that they could not find the phone cards sought assistance from the Fair Trading Commission. The report says that the phone cards was supposed to be Digicel's independence giftto its clients. The promotion lets pre-paid subscribers purchase a US$20 phone card for half the price. Howerver, some of the clients were unable to get the offer from any of the Digicel units they visited. Digicel's general manager Roy Gillingham explained in a press statement that the promotion was on a limited number of phone cards and apologized to the clients who were affected. Digicel will "continue to introduce innovative specials, which reward customers for their loyalty," the Caribbean Broadcasting states, citing Mr. Gillingham. 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. ============= B E R M U D A ============= MEDAMERICA INT'L: Proofs of Claim Filing Deadline Is Dec. 21 ------------------------------------------------------------ MedAmerica International Insurance, Ltd.'s creditors are given until Dec. 21, 2007, to prove their claims to Kehinde A. L. George, 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. MedAmerica International's shareholder agreed on Nov. 22, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Kehinde A. L. George Attride-Stirling & Woloniecki Crawford House, 50 Cedar Avenue Hamilton HM 11, Bermuda MEDAMERICA INT'L: Sets Final Shareholders Meeting for Dec. 24 ------------------------------------------------------------- MedAmerica International Insurance, Ltd. will hold its final shareholders meeting on Dec. 24, 2007, at 9:00 a.m., at: Attride-Stirling & Woloniecki Crawford House, 50 Cedar Avenue Hamilton HM 11, 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. OVERSEAS PARTNERS: Sets Final Shareholders Meeting for Dec. 28 -------------------------------------------------------------- Overseas Partners Ltd. will hold its final shareholders meeting on Dec. 28, 2007, at 10:00 a.m., at: PricewaterhouseCoopers Dorchester House, 7 Church Street Hamilton, HM 11, 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. SAMARITAN HEALTH: Proofs of Claim Filing Ends on Dec. 21 -------------------------------------------------------- Samaritan Health Partners Insurance Ltd.'s creditors are given until Dec. 21, 2007, to prove their claims to Kehinde A. L. George, 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. Samaritan Health's shareholder agreed on Nov. 22, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Kehinde A. L. George Attride-Stirling & Woloniecki Crawford House, 50 Cedar Avenue Hamilton HM 11, Bermuda SAMARITAN HEALTH: Will Hold Last Shareholders Meeting on Dec. 24 ---------------------------------------------------------------- Samaritan Health Partners Insurance Ltd. will hold its final shareholders meeting on Dec. 24, 2007, at 9:30 a.m., at: Attride-Stirling & Woloniecki Crawford House, 50 Cedar Avenue Hamilton HM 11, 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: Marathon Discloses 10.7% Equity Stake ----------------------------------------------------- Marathon Asset Management LLC disclosed in a regulatory filing with the Securities and Exchange Commission dated November 16, 2007, that it beneficially owns 2,790,000 shares of Class A Common Stock of Sea Containers Ltd. The 2,790,000 shares, par value US$0.01 per share, are held by Marathon Special Opportunity Master Fund, Ltd. Marathon Asset serves as the investment manager of the Fund pursuant to an Investment Management Agreement. In its capacity as investment manager of the Fund, Marathon Asset has sole power to vote and direct the disposition of all Class A Common Shares held by the Fund. Thus, for the purposes of Reg. Section 240.13d-3, Marathon Asset is deemed to beneficially own 2,790,000 shares, or 10.7% of the deemed issued and outstanding Sea Containers Class A Common Shares as of November 16, 2007. Marathon Asset's interest in the securities is limited to the extent of its pecuniary interest in the Fund, if any. About Sea Containers Headquartered in Hamilton, Bermuda, Sea Containers Ltd. -- http://www.seacontainers.com/-- provides passenger and freight transport and marine container leasing. Registered in Bermuda, the company has regional operating offices in London, Genoa, New York, Rio de Janeiro, Sydney, and Singapore. The company is owned almost entirely by United States shareholders and its primary listing is on the New York Stock Exchange (SCRA and SCRB) since 1974. On Oct. 3, the company's common shares and senior notes were suspended from trading on the NYSE and NYSE Arca after the company's failure to file its 2005 annual report on Form 10-K and its quarterly reports on Form 10-Q during 2006 with the U.S. Securities and Exchange Commission. Through its GNER subsidiary, Sea Containers Passenger Transport operates Britain's fastest railway, the Great North Eastern Railway, linking England and Scotland. It also conducts ferry operations, serving Finland and Estonia as well as a commuter service between New York and New Jersey in the U.S. Sea Containers Ltd. and two subsidiaries filed for chapter 11 protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156). Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady, Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt & Taylor, represent the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors and the Financial Members Sub-Committee of the Official Committee of Unsecured Creditors of Sea Containers Ltd. is represented by William H. Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris, Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s Official Committee of Unsecured Creditors is represented by attorneys at Willkie Farr & Gallagher LLP. In its schedules filed with the Court, Sea Containers disclosed total assets of US$62,400,718 and total liabilities of US$1,545,384,083. The Debtors' exclusive period to file a chapter 11 plan expires on Dec 21, 2007. (Sea Containers Bankruptcy News, Issue No. 31; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) SEA CONTAINERS: SCSL Panel Has Attride-Stirling as Counsel ---------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware gave the Official Committee of Unsecured Creditors of Sea Containers Services Ltd., authority to retain Attride-Stirling & Woloneicki as its "Bermuda Counsel", nunc pro tunc to Aug. 13, 2007. James C. Carignan, Esq., at Pepper Hamilton LLP, in Wilmington Delaware, relates that the SCSL Committee has selected Attride- Stirling to serve as Bermuda counsel because the firm's attorneys have extensive experience and knowledge in the field of Bermuda insolvencies, Bermuda liquidations, and Bermuda- related banking, finance, litigation, and corporate advisory work, among others. Kehinde A. L. George, head of Insolvency at Attride-Stirling, will coordinate the firm's representation in the Debtors' Chapter 11 cases, Mr. Carignan says. According to Mr. Carignan, Mr. George has over 15 years of experience in insolvency, corporate restructuring, and related matters. As Bermuda Counsel, Attride-Stirling will: (a) provide legal advice with respect to the SCSL Committee's rights, powers , and duties in the Bermuda Proceedings; (b) represent the SCSL Committee at negotiations, hearings, and other Bermuda Proceedings, as required; (c) advise and assist the SCSL Committee in discussions with the provisional liquidators, Debtors and other parties in interest, as well as professionals retained by any of the parties, regarding the overall administration of the Bermuda Proceedings; (d) interface and coordinate with the provisional liquidators and any analogous parties that may be appointed under the laws of the various jurisdictions, as permitted or required; (e) appear before the Bermuda Supreme Court, the Bermuda Court of Appeal, Bermuda Magistrate Courts and Bermuda regulatory bodies, and protecting the interests represented by the SCSL Committee before the courts and regulators, as required; (f) assist the SCSL Committee's investigation of the assets, liabilities, and financial condition of the Debtors, and of the operations of the Debtors' businesses; (g) assist and advise the SCSL Committee with respect to its communications with other creditors as the communications relate to the Bermuda Proceedings; (h) review and analyze on behalf of the SCSL Committee all pleadings, orders, statements of operations, schedules, and other legal documents filed in the Bermuda Proceedings; (i) prepare on behalf of the SCSL Committee all pleadings, motions, orders, reports, and other papers in furtherance of the Committee's interests and objectives in the Bermuda Proceedings; (j) advise the SCSL Committee on matters of Bermuda corporate law and governance; (k) attend to the meetings of SCSL Committee, if requested; and (l) perform all other legal services for the SCSL Committee that may be necessary and proper. Attride-Stirling's professional services will be paid based on its standard hourly rates: Kehinde George -- Partner $550.00 Jan Woloniecki -- Senior Counsel $632.50 Larry Mussenden -- Associate $440.00 The firm will also be reimbursed for necessary out-of-pocket expenses. Mr. George assures the Court that the members and associates of his firm do not represent or hold an interest adverse to the Debtors, their creditors, or any other party-in-interest. Accordingly, Attride-Stirling is a "disinterested person" as that term is defined under the Bankruptcy Code. About Sea Containers Headquartered in Hamilton, Bermuda, Sea Containers Ltd. -- http://www.seacontainers.com/-- provides passenger and freight transport and marine container leasing. Registered in Bermuda, the company has regional operating offices in London, Genoa, New York, Rio de Janeiro, Sydney, and Singapore. The company is owned almost entirely by United States shareholders and its primary listing is on the New York Stock Exchange (SCRA and SCRB) since 1974. On Oct. 3, the company's common shares and senior notes were suspended from trading on the NYSE and NYSE Arca after the company's failure to file its 2005 annual report on Form 10-K and its quarterly reports on Form 10-Q during 2006 with the U.S. Securities and Exchange Commission. Through its GNER subsidiary, Sea Containers Passenger Transport operates Britain's fastest railway, the Great North Eastern Railway, linking England and Scotland. It also conducts ferry operations, serving Finland and Estonia as well as a commuter service between New York and New Jersey in the U.S. Sea Containers Ltd. and two subsidiaries filed for chapter 11 protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156). Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady, Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt & Taylor, represent the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors and the Financial Members Sub-Committee of the Official Committee of Unsecured Creditors of Sea Containers Ltd. is represented by William H. Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris, Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s Official Committee of Unsecured Creditors is represented by attorneys at Willkie Farr & Gallagher LLP. In its schedules filed with the Court, Sea Containers disclosed total assets of US$62,400,718 and total liabilities of US$1,545,384,083. The Debtors' exclusive period to file a chapter 11 plan expires on Dec 21, 2007. (Sea Containers Bankruptcy News, Issue No. 31; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). UNITED CARE: Proofs of Claim Filing Is Until Dec. 21 ---------------------------------------------------- United Care Insurance Company Ltd.'s creditors are given until Dec. 21, 2007, to prove their claims to Kehinde A. L. George, 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. United Care's shareholder agreed on Nov. 22, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Kehinde A. L. George Attride-Stirling & Woloniecki Crawford House, 50 Cedar Avenue Hamilton HM 11, Bermuda UNITED CARE: Sets Final Shareholders Meeting for Dec. 24 -------------------------------------------------------- United Care Insurance Company Ltd. will hold its final shareholders meeting on Dec. 24, 2007, at 9:30 a.m., at: Attride-Stirling & Woloniecki Crawford House, 50 Cedar Avenue Hamilton HM 11, 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. =========== B R A Z I L =========== AMR CORP: Low Stock Price Cues FL Group to Cut Stake by 8% ---------------------------------------------------------- In a regulatory filing with the Securities and Exchange Commission, FL Group hf. disclosed that as of the close of business on Nov. 29, 2007, it beneficially owned 2,658,000 shares of common stock of AMR Corporation. FL Group's stake constitutes approximately 1.1% of outstanding shares of common stock of AMR (based on 249,121,904 shares outstanding on Oct. 12, 2007, as reported in AMR's Quarterly Report on Form 10-Q for the quarter ended Sept. 30, 2007). FL Group previously owned a total of 22,658,000 shares of AMR common stock, which represented approximately 9.1% of the outstanding shares of AMR common stock. The shares included 20,458,000 shares held by FL Group's wholly owned subsidiary, FL Group Holding Netherlands B.V. On Nov. 28, 2007, FL Group's wholly owned subsidiary sold 17,800,000 of the 20,458,000 shares it held. The wholly owned subsidiary holds the remaining 2,658,000 Shares. Swap Transactions On Dec. 4, 2006, FL Group entered into an ISDA Master Agreement with Morgan Stanley & Co. International plc, relating to shares of common stock of AMR. FL Group entered into a series of swap transactions executed in September 2007 under the MSC Master Agreement, relating to a total of 2,200,000 shares of AMR common stock. Under the MSC Master Agreement and confirmation letters relating to the specific transactions effected under the MSC Master Agreement, FL Group had the right to elect to settle the swap transactions by taking delivery of the 2,200,000 shares of common stock. Accordingly, FL Group was deemed to beneficially own the 2,200,000 shares of common stock. The September Swap Transactions were scheduled to expire on Nov. 16, 2007, and were subsequently extended on the same terms. On Nov. 28, 2007, FL Group divested its interest in the 2,200,000 shares, which were the subject of the November 2007 swap extensions. FL Group ceased to be the beneficial owner of more than 5% of AMR common stock on Nov. 28, 2007. Reason for Cutting Stake According to The Wall Street Journal, FL Group cited lack of progress by AMR in boosting shareholder value as the main reason for cutting its stake in the airline company. In September, WSJ said, FL Group urged AMR to consider strategic alternatives, such as divesting itself of assets such as the frequent-flier program or, secondarily, its American Eagle regional airline business. Divesting American Eagle As reported in the Troubled Company Reporter on Nov. 29, 2007, AMR said it plan to divest American Eagle to: -- provide the company with the structure, incentives and opportunities to win new business and provide new opportunities for American Eagle's employees; and -- focus on the company's mainline business, while ensuring continued access to cost-competitive regional feed. American Eagle, which provides regional airline services, operates approximately 300 aircraft, with approximately 1,700 daily flights to more than 150 cities throughout the United States, Canada, the Bahamas, the Caribbean and Mexico. In 2007, American Eagle expects to generate annual revenues of approximately US$2.3 billion. The planned divestiture would include both American Eagle Airlines Inc., which feeds American Airlines hubs throughout North America, and its affiliate, Executive Airlines Inc., which carries the American Eagle name throughout the Bahamas and the Caribbean from bases in Miami and San Juan, Puerto Rico. FL Group Comments WSJ relates that FL Group agrees with AMR's plan, however, it said more was needed to boost the airline company's stock price. "With AMR's focus now on divesting American Eagle, we don't expect them to move on any other strategic initiatives to create shareholder value over the mid-term. As such, we believe there are more interesting investment opportunities for our portfolio at the current time," spokesman Halldor Kristmannsson told WSJ. About AMR Corporation Headquartered in Forth Worth, Texas, AMR Corporation (NYSE: AMR) operates with its principal subsidiary, American Airlines Inc. -- http://www.aa.com/-- a worldwide scheduled passenger airline. At the end of 2006, American provided scheduled jet service to about 150 destinations throughout North America, the Caribbean, Latin America, Europe and Asia, including Belgium, Brazil, Japan, among others. American is also a scheduled airfreight carrier, providing freight and mail services to shippers throughout its system. Its wholly owned subsidiary, AMR Eagle Holding Corp., owns two regional airlines, American Eagle Airlines Inc. and Executive Airlines Inc., and does business as "American Eagle." American Beacon Advisors Inc., a wholly owned subsidiary of AMR, is responsible for the investment and oversight of assets of AMR's U.S. employee benefit plans, as well as AMR's short-term investments. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 30, 2007, following the announcement by AMR Corp. that it intends to divest its American Eagle Holding Corp. subsidiary in 2008, Fitch expects no near-term impact on the debt ratings of AMR and its principal operating subsidiary, American Airlines Inc. Fitch affirmed both entities' Issuer Default Ratings at 'B-' on Nov. 13, 2007, while revising the Rating Outlook for AMR to Positive. BRASKEM SA: Inks Pact with Petrobras, Petroquisa & Odebrecht ------------------------------------------------------------ Braskem S.A. has entered into an agreement with Petroleo Brasileiro S.A., Petrobras Quimica S.A and Odebrecht S.A. with the objective of further consolidating Brazil's national petrochemical industry through the incorporation by Braskem of petrochemical assets held by Petrobras and Petroquisa. According to Braskem CEO Jose Carlos Grubisich, "This decisive step in the consolidation of Brazil's petrochemical sector positions Braskem as a major player in the global petrochemical industry, and provides the company with strong cash flow generation that will enable it to accelerate expansion and internationalization projects." "The implementation of this agreement will enable Braskem to accelerate its strategic goal to become one of the ten leading global petrochemical players," said Mr. Grubisich. The petrochemical assets of Petrobras and Petroquisa to be integrated by Braskem are: * 37.3% of the total capital of Companhia Petroquimica do Sul; * 40% of the total capital of Ipiranga Quimica and Ipiranga Petroquimica; * 40% of the total capital of Petroquimica Paulinia; * 100% of the total capital of Petroquimica Triunfo. Under the agreement, the combined interests of Petrobras and Petroquisa in Braskem will increase from 8.1% to 30% of the voting capital and from 6.8% to 25% of the total capital, excluding the shares held in treasury. The operation should be concluded within six months and will result in the issuance of 103.4 million new Braskem shares, comprising 46.9 million common shares and 56.5 million class "A" preferred shares. The investment agreement was approved by the Board of Directors of the companies involved, and is being communicated to the Brazilian antitrust agency CADE. Braskem (BOVESPA: BRKM5; NYSE: BAK; LATIBEX: XBRK) -- http://www.braskem.com.br/-- is a thermoplastic resins producer in Latin American, and is among the three largest Brazilian- owned private industrial companies. The company operates 13 manufacturing plants located throughout Brazil, and has an annual production capacity of 5.8 million tons of resins and other petrochemical products. The company reported consolidated net revenues of about US$9 billion in the trailing twelve months through Sept. 30, 2007. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 30, 2007, Moody's Investors Service has assigned corporate family ratings of Ba1 on its global scale and Aa2.br on its Brazilian national scale to Braskem S.A. Moody's said the ratings outlook is stable. As reported in the Troubled Company Reporter-Latin America on Nov. 28, 2007, Standard & Poor's Ratings Services has placed its 'BB' corporate credit rating on petrochemical company Braskem S.A. on CreditWatch with positive implications. COMPANHIA ENERGETICA: Gets Outperform Rating from Credit Suisse --------------------------------------------------------------- Credit Suisse analysts have reinitiated coverage of Companhia Energetica de Minas Gerais, assigning an "outperform" rating on its shares, Newratings.com reports. Newratings.com relates that Credit Suisse set the target price for Companhia Energetica's shares at US$28. The analysts said in a research note that Companhia Energetica's stock is "trading at a discount to the sector." According to Newratings.com, the analysts said Companhia Energetica "has among the highest exposure in the sector to the trend of rising energy prices in Brazil." The firm's generation unit would have 10% EBITDA growth in 2006-2012. Companhia Energetica would generate higher-than-sector-average cash flow yields of 12.4% in 2008 and of 10.9% in 2009, Newratings.com states, citing Credit Suisse. Companhia Energetica de Minas Gerais -- http://www.cemig.com.br/ -- is one of the largest and most important electric energy utilities in Brazil due to its strategic location, its technical expertise and its market. Cemig's concession area extends throughout nearly 96.7% of the State of Minas Gerais, Brazil. Cemig owns and operates 52 power plants, of which six are in partnership with private enterprises, relying on a predominantly hydroelectric energy matrix. Electric energy is produced to supply more than 17 million people living in the state's 774 municipalities. In addition to those 52 plants, another three are currently under construction. Cemig is also active in several other states, through ventures for the generation or the commercialization of energy in these Brazilian states: in Santa Catarina (generation), Rio de Janeiro (commercialization and generation), Espirito Santo (generation) and Rio Grande do Sul (commercialization). * * * As reported on March 8, 2007, Moody's Investors Service assigned corporate family ratings of Ba2 on its global scale and Aa3.br on its Brazilian national scale to Companhia Energetica de Minas Gerais aka CEMIG. The rating action triggered the upgrade of CEMIG's outstanding debentures due in 2009 and 2011, and of the BRL250 million 2014 senior unsecured guaranteed debentures of its wholly owned subsidiary, Cemig Distribuicao S.A. to Ba2 from B1 on the global scale and to Aa3.br from Baa2.br on the Brazilian national scale, concluding the review process initiated on Aug. 8, 2006. DELPHI CORP: Delays Hearing on Chapter 11 Disclosure Statement -------------------------------------------------------------- Delphi Corp. and its debtor-affiliates asked the U.S. Bankruptcy Court for the Southern District of New York to to reschedule to Dec. 6, 2007, the hearing to consider approval of the disclosure statement explaining the terms of their Joint Plan of Reorganization. The hearing on the Disclosure Statement, which has been moved three times, was last scheduled for Nov. 29, 2007. Delphi needs to obtain the Court's approval of the document before it could begin soliciting votes from creditors entitled to vote on the Plan. According to Dow Jones Newswire, Delphi spokesman Lindsey Williams said that the delay won't affect the company's plan to emerge from Chapter 11 in the first quarter of 2008. The auto- parts supplier sought a postponement to resolve objections to proposed amendments to the Plan. Delphi on Oct. 30 and Nov. 14 disclosed the potential amendments, which will: (i) reduce the amount of financing it will obtain to exit Chapter 11, (ii) amend terms of its investment agreement with Appaloosa Management L.P.-led investors, and (iii) provide for less cash available for use as "currency" in the Plan. The Official Committee of Equity Security Holders, which, together with General Motors Corp. and certain of the Debtors' unions, supported the original terms of the Plan, has expressed opposition to the proposed amendments. Bonnie Steingart, Esq., at Fried, Frank, Harris, Shriver & Jacobson LLP, in New York, notes, among other things, that under the proposed amendments, equity holders will receive less, while Appaloosa, et al., will: -- double their immediate return on their minimum investment of US$975,000,000, from 27.5% to 54.8% under the proposed amendment to the investment agreement; and -- nearly triple their immediate return on their maximum investment of US$2,550,000,000, from 20.8% to 58.5%. The Equity Committee says that the Disclosure Statement is devoid of any legitimate rationale for the grant of that extraordinary windfall to the Plan Investors. The Official Committee of Unsecured Creditors, which members will receive shares of new common stock of reorganized Delphi, also said it will no longer support the Plan. It notes that while proposed recovery to unsecured creditors has been reduced (the original Plan contemplated on providing these claimants a combination of cash and stock), consideration to the Plan Investors has been increased. The Creditors Committee says that unsecured creditors will likely reject the Plan and the Debtors will not be able to have the Plan confirmed absent support from these creditors. General Motors, which will recover US$2,700,000,000 in cash, notes and stock, has expressed support to the potential amendments to the Plan. About Delphi Corp. Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of March 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in total assets and US$23,851,000,000 in total debts. The Debtors' exclusive plan-filing period expires on Dec. 31, 2007. On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan of Reorganization and a Disclosure Statement explaining that Plan. (Delphi Bankruptcy News, Issue No. 98; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) DELPHI CORP: Reserves US$120MM at 3Q07 for Probe & Cleanup ---------------------------------------------------------- Delphi Corp., as of Sept. 30, 2007, had reserves of US$120 million for environmental investigation and remediation compared with US$118 million at Dec. 31, 2006. The company is in various stages of investigation and cleanup at its manufacturing facilities where contamination has been discovered. Additionally, the Company received notices that it is a potentially responsible party in proceedings at various sites, including the Tremont City Landfill Barrel Site located in Tremont, Ohio, which is alleged to involve groundwater contamination. The company said it completed a number of environmental investigations during 2006 as it continues to pursue its transformation plan, which contemplates significant restructuring activity, including the sale or closure of numerous facilities. These assessments identified previously unknown conditions and led to new information that allowed Delphi to update its estimate of required remediation for previously identified conditions and resulted in Delphi recording an adjustment to its environmental reserves. As of Dec. 31, 2006, US$3 million of the company's environmental reserve was recorded in liabilities subject to compromise. The company said the reserves reflect the fact that GM Corp. retained the environmental liability for inactive sites as part of the company's separation from GM. The company was a subsidiary of GM Corp. until its separation in 1999. Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of March 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in total assets and US$23,851,000,000 in total debts. The Debtors' exclusive plan-filing period expires on Dec. 31, 2007. On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan of Reorganization and a Disclosure Statement explaining that Plan. DRESSER-RAND: Employees Back to Work at Painted Post Facility ------------------------------------------------------------- Dresser-Rand Group Inc. has began an orderly process of calling bargaining unit employees back to work after a 17 week work stoppage involving approximately 400 employees at its Painted Post facility in New York State. On Nov. 29, 2007, the company announced that, after reaching impasse in its negotiations with IUE-CWA Local 313, it was implementing the terms of its last offer and inviting bargaining unit employees to return to work. The union offered, on behalf of its membership to end the strike by unconditionally offering to return to work under the terms of the implemented company offer. The company has released its temporary workforce. According to Dan Meisner, "Total production from all sources is expected to continue at pre-strike levels as we replace temporary workers and subcontracted work with returning employees. Approximately 75 employees are expected to return to work on Tuesday, Dec. 4. Additional employees will be scheduled to return to work over the next few days and weeks as we identify and fill vacancies. We look forward to the return of our employees." Doug Rich, Director of Operations, said, "We recognize that this has been a difficult situation for all of us that have been affected by the work stoppage -- our employees who have been on strike and their families, the Painted Post community and our salaried and new employees who have been working tremendous hours to continue providing uninterrupted service to our clients. We now have an opportunity to move forward and forge a bright future by working together in an environment of mutual respect, cooperation and teamwork." 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/--). GENERAL MOTORS: Still Open to Future Tie-Up with Proton Holdings ---------------------------------------------------------------- General Motors Corp. has not ruled out interest in a possible tie-up with Proton Holdings Berhad despite the Malaysian firm's intention to do it alone, Reuters reports, citing a senior GM official. The report recounts that GM and Volkswagen AG had both expressed interest in an equity partnership with Proton. Previous press reports had stated that Proton and Volkswagen may reach a deal before the end of the year. However, Malaysia's state investment arm, Khazanah Nasional Berhad, which controls Proton, shocked investors when it announced that Proton discontinued negotiations with Volkswagen. An improvement in Proton's domestic sales and exports had led to its decision to halt negotiations with Volkswagen. Khazanah Nasional and the Malaysian government have reportedly taken note of the recent positive developments and they believe that Proton's management should be allowed to continue with its plans to further strengthen the company and turn it around. Earlier media reports speculated that talks with GM had also been shelved. "Never say never. But in the meantime, things have moved on," Reuters quotes Steve Carlisle, head of GM's Southeast Asian operations, as telling reporters at the launch of a new Chevrolet vehicle in Malaysia. "Probably by the time we talk again, things will have moved on some more," he added. Mr. Carlisle further stated that GM "will need then to understand what the. . . conditions are, what might be possible and what the situation really is. Then we will make a fresh assessment at that point in time." Reuters says that despite the government's decision, there is speculation that it will look to a local partner to bolster Proton. Reuters notes that Proton's shares have lost a quarter of their value, or about MYR703 million (US$209.6 million), since the government announcement that the company would try to restore its fortunes without outside help. Proton's domestic market share, the report adds, has been cut to more than 30% from around two-thirds of the market in the 1990s. About Proton Holdings Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan Otomobil Nasional Berhad or Proton Holdings Berhad -- http://www.protonedar.com.my/-- is engaged in manufacturing, assembling, trading and provision of engineering and other services in respect of motor vehicles and related products. Its other activities include property development, trading of steel and related products, engine and technologies research, development of automotive related technologies, investment holding, importation and distribution of motor vehicles, related spare parts and accessories, holds intellectual property, provides engineering consultancy, operates single make race series and carries out specific engineering contracts. The Group's operations are carried out in Malaysia, England, Australia, Socialist Republic of Vietnam and the United States of America. 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 $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. The outlook is stable. MYERS INDUSTRIES: Quells Market Rumor on GS Capital Backing Out --------------------------------------------------------------- Myers Industries Inc. is issuing a statement in response to certain rumors in the market regarding the status of Myers' definitive agreement to be acquired by GS Capital Partners IV, L.P., an affiliate of Goldman Sachs, in a transaction valued at approximately US$1.1 billion, including the assumption of certain debt. Under the terms of the merger agreement, GS Capital will acquire all of the outstanding common stock of Myers for US$22.50 per share in cash. While it has been and remains Myers' policy not to address market rumors, in the interest of its shareholders, management is confirming that Myers has not received any indication from GS Capital that it does not intend to close the transaction in the fourth quarter of 2007 within the time frame provided in the merger agreement. Myers and their advisors continue to work diligently with GS Capital and its advisors toward consummation of the transaction. Myers Industries has no intention, and specifically disclaims any obligation, to provide any update with respect to the matters addressed in this release or to otherwise address any rumors in the market generally, and Myers' policy not to address market rumors remains in place. About Myers Industries Myers Industries, Inc. -- http://www.myersind.com-- is an international manufacturer of polymer products for industrial, agricultural, automotive, commercial, and consumer markets. The Company is also the largest wholesale distributor of tools, equipment, and supplies for the tire, wheel, and undervehicle service industry in the US. The company reported record net sales from continuing operations of USUS$780.0 million in 2006. It has operations in Brazil. * * * As reported in the Troubled Company Reporter-Latin America on Sept. 19, 2007, Standard & Poor's Ratings Services withdrew all ratings on Myers Industries Inc. The withdrawal follows the announcement that private equity sponsor Goldman Sachs Capital Partners would postpone the closing of its acquisition of Myers until the fourth quarter. SANYO ELECTRIC: Fitch Holds BB+ Ratings on Negative Watch --------------------------------------------------------- Fitch Ratings has announced Sanyo Electric Co., Ltd.'s Long-term foreign currency Issuer Default Rating, Long-term local currency IDR and senior unsecured ratings of 'BB+' remain on Rating Watch Negative. Fitch is holding Sanyo Electric's ratings on RWN given that the investigation by Japan's Securities and Exchange Surveillance Commission into the company's past accounting practices is continuing. Fitch originally placed the company's ratings on RWN on Feb. 23, 2007, after the Surveillance Commission started the investigation. Fitch says that although the accounting issue relates to evaluation losses in investments on the parent- alone financial statements and does not affect the consolidated accounts, any negative conclusion by the authority could potentially affect the company's credibility and confidence in its financial disclosure. Sanyo Electic will likely complete the necessary amendments to its past financial figures by the end December 2007. Fitch expects the Surveillance Commission's conclusion on the matter to be made in succession. On Nov. 27, 2007, Sanyo Electric announced its consolidated financial results for the first half of the fiscal year ending March 2008. In addition, the company announced a new three-year 'Mid-term Management Plan', in which the company aims to achieve over JPY100 billion in consolidated operating profit in FYE11 - of which JPY90 billion is considered by the company as a "must accomplish" goal. In the first half of March 2008, its operating performance improved considerably with increased earnings at largely every level. Due to the substantial amount of positive free cash flow generated, the company was able to further reduce its debt and accordingly, its balance sheet has become healthier. Going forward, Fitch expects the main contributor to group earnings will continue to be devices including rechargeable batteries and solar cells, where around 70% of its capital investments for the coming three years will be made. Meanwhile, the company has decided to keep its consumer electronics operations including audio visual and white goods, for which Fitch views their competitiveness against much larger and stronger competitors as uncertain. Sanyo Electric's total debt fell to JPY573.5 billion at the first half of March 2008, JPY105.4 billion lower than the first half of year 2007's amount and compares favourably with JPY1,213.9 billion of debt at the end of Fiscal Year 2005. The company plans to reduce its consolidated debt to JPY530 billion at the end of Fiscal Year 2008. At the end of September 2007, the company had JPY351.1 billion in cash and cash equivalents. As part of its current restructuring plan to further improve its financial profile, the company is also considering the divestment of some divisions including its mobile handset operations. Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. -- http://www.sanyo.com/-- is one of the world's leading manufacturers of consumer electronics products. The company has global operations in Brazil, Germany, India, Ireland, Spain, the United States and the United Kingdom, among others. SANYO ELECTRIC: Ties Up with Aeon to Develop Home Electronics ------------------------------------------------------------- Sanyo Electric Co., Ltd., said it will jointly develop home electronics to sell under Aeon Co.'s private brand to revive its struggling business, Yuko Inoue writes for Reuters. The report states that Aeon, under its "Top Value" brand, will start selling Sanyo's refrigerators, rice cookers and other home electronics at its 500 stores throughout the nation in May. Sanyo, which is in the midst of a turnaround process with the help of shareholder Goldman Sachs, earlier said that it will be focusing on its cash cow operations like rechargeable batteries and lithium-ion batteries but will not withdraw from from its home appliances business, relates Reuters. Reuters quotes Sanyo Electric's president Seiichiro Sano as saying, "We will strengthen ecology-friendly consumer electronics by hearing the voice of Aeon's customers. The partnership with Aeon is a good opportunity for us." In line with this, Aeon, according to the report, will install Sanyo's eco-friendly products like display cases and air conditioners. The Troubled Company Reporter Asia-Pacific reported on Nov. 29, 2007, that Sanyo reported a JPY16.0-billion net profit for the six-month period ended September 30, 2007, of the current fiscal year due to cost reductions and stronger sales in the digital camera and components business. In its three-year midterm business plan, Sanyo aims to achieve a JPY100 billion operating profit by the year ending March 2010. About Sanyo Electric Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. -- http://www.sanyo.com/-- is one of the world's leading manufacturers of consumer electronics products. The company has global operations in Brazil, Germany, India, Ireland, Spain, the United States and the United Kingdom, among others. * * * In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s BB+ long-term foreign and local currency issuer default and senior unsecured ratings on rating watch negative. SANYO ELECTRIC: To Make New Fuel Cell Company with Nippon Oil ------------------------------------------------------------- Sanyo Electric Co., Ltd. and Nippon Oil Corporation have agreed to create a new company for stationary fuel cell systems planned for establishment in April 2008. Sanyo and Nippon Oil, who have been partners in fuel cell development for years, aim to enhance efforts to shorten the development period, improve performance and reliability of the systems, and reduce costs through optimal production efficiency. Kyodo News, in its report, states that the envisioned fuel cells will involve producing electricity by making the oxygen they take in from the atmosphere react chemically with hydrogen extracted from kerosene or liquefied petroleum gas. Fuel cells, Kyodo adds, have drawn close attention in industry circles because the sole byproduct from oxygen-hydrogen reactions is water and they do not emit carbon dioxide, believed to be one of the leading causes of climate change. Sanyo, will first establish and spin off a new company dedicated to stationary fuel cell business and then Nippon Oil will acquire 81% of the shares issued. Kyodo News reports that Sanyo will start the fuel-cell operations as an independent company on April 1. The joint venture will develop, plan, system design and product manage the fuel cell systems. However, the production and assembly will be consigned to Sanyo Tokyo Manufacturing Co., Ltd., then Nippon Oil will purchase the systems from the new company and sell them to customers. The name of the company has yet to be determined. Senior Vice President of Sanyo, Company President of Clean Energy Company, Tadao Shimada is quoted as saying, "Hereafter, by combining the strengths of both companies, and increasing the pace of a low-cost, highly reliable stationary fuel cell system, home-use fuel cell systems will become commercialized more quickly." About Sanyo Electric Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. -- http://www.sanyo.com/-- is one of the world's leading manufacturers of consumer electronics products. The company has global operations in Brazil, Germany, India, Ireland, Spain, the United States and the United Kingdom, among others. * * * In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s BB+ long-term foreign and local currency issuer default and senior unsecured ratings on rating watch negative. SANYO ELECTRIC: Unveils 2008-2010 Midterm Business Plan ------------------------------------------------------- Sanyo Electric Co., Ltd., announces a new "Mid-term Business Strategy", in preparation for a new three-year 'Mid-term Management Plan' which will be outlined in more detail at a future date for the period of FY2008 to FY2010. Sanyo, as outlined in its current 'Mid-term Management Plan' implemented from FY2005 to FY2007, has been focusing on structural transformation aimed at revitalizing and reforming the company and, as a result, the fruits of these activities are certainly beginning to show in earning power, financial strength, etc. Looking forward to the next three-year period, Sanyo will be fully revitalized as it makes advances to furthering its aim to become a truly global company, based on the 'Master Plan.' The 'Master Plan' is a summary of the future direction of the Sanyo Group and includes: 1) management goals set in the new 'Mid-term Management Plan'; 2) emphasized and concentrated investments based on Group-wide business strategy; 3) improve earning power of the finished goods business and creating the necessary structure to strengthen business expansion overseas; 4) maintain a sound financial structure through thorough cash flow management. Based on the objectives outlined in the 'Master Plan', Sanyo will create a new three-year 'Mid-term Management Plan'. In the new plan, each business will be converted into a profitable business entity, enabling Sanyo to grow and progress as it becomes a truly global company. Outline of the 'Master Plan' for FY2008-FY2010 Mid-term Management Policies Establish the foundation for a highly profitable company capable of regaining public trust and reputation while becoming 'a leading provider of Environment- and Energy-related products'. Goals of Mid-term Management 1. Set a goal/challenge to achieve JPY100 billion or more in consolidated operating profit by the end of FY2010. Consolidated sales of JPY2,250 billion, consolidated operating profit of JPY90 billion (operating profit ratio of 4%); 2. In 1,000 days (three years), convert each business into a profitable business entity. Essential Business Strategies 1. Business Grouping Sanyo will classify its group business fields into the following three categories according to the business direction and associated technology: 'Energy', 'Electronics', and 'Ecology'. These three business areas will become the engine for fulfilling the revitalization of Sanyo, and pave the way for the challenge of FY2010 to be the most profitable year in Sanyo's history. 2. An image of Sanyo's overall business strategy is available at the company's Web site: http://ResearchArchives.com/t/s?25e5 3. Individual Business Strategy Considering the company's customers, the marketplace, and various business models, etc. from an overall Group Management Strategy point of view, the company will divide its business fields into two groups: the 'Component Business Group' and the 'Finished Goods Business Group'. Business strategies applicable to either group will be implemented. Component Business Group Over three years, a facilities investment of JPY350 billion will be conducted; however, approximately 70% of these investments will be concentrated on rechargeable batteries, solar, and electronic devices. Rechargeable battery business Implement an investment of an approximately JPY100 billion over the next three years to expand lithium-ion battery production capacity and challenge the HEV market in earnest in the near future, aiming for further growth. Solar business Implement an investment total of approximately JPY80 billion over the next three years, and increase production capacity by 2010 to 650 MW. Electronic device business Emphasize investments in top share products such as condensers, optical pickups, vibration motors (for mobile handsets), etc. Semiconductor business Through the fruits of structural transformation, it has been converted into a unit able to produce a positive operating profit; however, in order to hereafter create a stable revenue base, Sanyo will make use of its proprietary know-how in analog technology and the like to further streamline and improve operations. Finished Goods Business Group Sanyo will pursue the optimization of domestic businesses and strengthening overseas expansion to stabilize and secure profit. As for strengthening overseas expansion and development, along with setting sales goals of Sanyo-branded finished goods, an executive-class staff member will be placed in each region overseas, enabling the global sales structure to be made more robust. Digital business Strengthen business-to-business operations (OEM, etc.) and other special client arrangements. Commercial business Along with increasing profitability by pursuing thorough optimization in the domestic market, resources will be shifted to focus on opportunities overseas to expand and grow the business. White goods/Home electronics business Along with strengthening product appeal based on Sanyo's unique technology such as those related to the environment, sales and distribution costs will be reevaluated, and through optimizing sales companies and sales networks overseas, the sales division will be able to act more effectively, raising profitability. 4. Financial Strategy With the efforts made over the past three years to achieve financial stability, interest-bearing debt is expected to be reduced to JPY530 billion by March 2008, JPY720 billion down from the first half of FY2005. Sanyo will enhance its efforts toward cash flow-focused management over the next three years. About Sanyo Electric Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. -- http://www.sanyo.com/-- is one of the world's leading manufacturers of consumer electronics products. The company has global operations in Brazil, Germany, India, Ireland, Spain, the United States and the United Kingdom, among others. * * * In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s BB+ long-term foreign and local currency issuer default and senior unsecured ratings on rating watch negative. =========================== C A Y M A N I S L A N D S =========================== BAMBOO SHIPHOLDING: Proofs of Claim Filing Ends on Dec. 14 ---------------------------------------------------------- Bamboo Shipholding Corporation's creditors are given until Dec. 14, 2007, to prove their claims to Kareem Robinson and Giles Kerley, 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. Bamboo Shipholding's shareholders agreed on Nov. 1, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Kareem Robinson Giles Kerley Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands BERNARD NATIONAL: Proofs of Claim Filing Is Until Dec. 14 --------------------------------------------------------- Bernard National Senior Funding, Ltd.'s creditors are given until Dec. 14, 2007, to prove their claims to Hugh Thompson and Emile Small, 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. Bernard National's shareholders agreed on Nov. 1, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Hugh Thompson Emile Small Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands BLUE AND RED: Proofs of Claim Filing Deadline Is Dec. 14 -------------------------------------------------------- Blue And Red Corporation's creditors are given until Dec. 14, 2007, to prove their claims to Joshua Grant and Richard Gordon, 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. Blue And Red's shareholder decided on Oct. 26, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Joshua Grant Richard Gordon Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands BRAZIL REPACKAGED: Proofs of Claim Filing Ends on Dec. 14 --------------------------------------------------------- Brazil Repackaged Bonds Limited's creditors are given until Dec. 14, 2007, to prove their claims to Carlos Farjallah and Giles Kerley, 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. Brazil Repackaged's shareholders agreed on Nov. 1, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Carlos Farjallah Giles Kerley Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands CSFUND-THREE HOLDINGS: Proofs of Claim Filing Is Until Dec. 14 -------------------------------------------------------------- CSFUND-Three Holdings' creditors are given until Dec. 14, 2007, to prove their claims to Carlos Farjallah and Emile Small, 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. CSFUND-Three Holdings' shareholders agreed on Nov. 1, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Carlos Farjallah Emile Small Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands DUKE FUNDING: Proofs of Claim Filing Deadline Is Dec. 14 -------------------------------------------------------- Duke Funding I, Ltd.' creditors are given until Dec. 14, 2007, to prove their claims to Steven O'Connor and Emile Small, 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. Duke Funding's shareholders agreed on Nov. 1, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Steven O'Connor Emile Small Maples Finance Limited P.O. Box 109 3, George Town Grand Cayman, Cayman Islands FLAGSHIP CLO: Proofs of Claim Filing Is Until Dec. 14 ----------------------------------------------------- Flagship CLO II's creditors are given until Dec. 14, 2007, to prove their claims to Andrew Dean and Jan Neveril, 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. Flagship CLO's shareholders agreed on Nov. 1, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Andrew Dean Jan Neveril Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands FORTIS HEDGE: Proofs of Claim Filing Deadline Is Dec. 14 -------------------------------------------------------- Fortis Hedge Global Fixed Income Master Limited's creditors are given until Dec. 14, 2007, to prove their claims to Richard Gordon and Joshua Grant, 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. Fortis Hedge's shareholders agreed on Oct. 25, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Richard Gordon Joshua Grant Maples Finance Limited P.O. Box 1093, George Town &nb