T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Thursday, December 6, 2007, Vol. 8, Issue 242 Headlines A R G E N T I N A ALITALIA SPA: Group Net Debt Stands at EUR1.18 Bil. in October COSTANERA GESTION: Proofs of Claim Verification Ends Feb. 27 CUEROMAX SA: Proofs of Claim Verification Deadline Is March 14 DALAFER SA: Proofs of Claim Verification Is Until Feb. 5, 2008 KONINKLIJKE AHOLD: Completes Tops Market Sale to Morgan Stanley LOGISTICA Y TRANSPORTE: Seeks for Reorganization Okay in Court SANTANA SA: Proofs of Claim Verification Deadline Is March 10 * ARGENTINA: Sells Boden 2015 Bonds to Venezuela for US$604 Mil. B E L I Z E CONTINENTAL AIRLINES: Names John Slater LatAm Managing Director B E R M U D A AIRCASTLE BERMUDA: Holding Final Shareholders Meeting Tomorrow AIRCASTLE BERMUDA HOLDING: Final Shareholders Meeting Tomorrow AIRCASTLE BERMUDA (VIII): Final Shareholders Meeting Is Tomorrow AIRCASTLE BERMUDA (IX): Final Shareholders Meeting Is Dec. 7 ARTISAN EQUITY: Holding Final Shareholders Meeting on Dec. 27 ARTISAN EQUITY: Proofs of Claim Filing Deadline Is Today ARTISAN VENTURES: Sets Final Shareholders Meeting for Dec. 27 ARROWHEAD LTD: Proofs of Claim Filing Deadline Is Today ARTISAN VENTURES: Proofs of Claim Filing Ends Today BD MANAGEMENT: Holding Final Shareholders Meeting Today CABLECOM LIMITED: Sets Final Shareholders Meeting for Dec. 27 FOUNTAINS FSC: Will Hold Final Shareholders Meeting Tomorrow MSD LATIN: Final Shareholders Meeting Is Today OPTIMA SHORT: Holding Final Shareholders Meeting Tomorrow REGGA INSURANCE: Holding Final Shareholders Meeting Today ST. AGATHA: Final Shareholders Meeting Is on Dec. 21 STENA CARRON: Holding Final Shareholders Meeting Today B O L I V I A COEUR D'ALENE: Palmarejo Shareholders Okay Bolnisi Acquisition B R A Z I L AES CORP: Unit To Decrease Concession Area Power Losses To 11.6% BANCO BRADESCO: Selling Equity Interest in Bolsa de Mercadorias BANCO NACIONAL: Discloses Portfolio for Sugar & Alcohol Sector CHEMTURA CORPORATION: Appoints Lynn Schefsky as Secretary COREL CORP: Partners with ConceptShare for Online Collaboration GENERAL MOTORS: Bidding for Undisclosed Stake in OAO AvtoVAZ GREIF INC: Declares US$0.69 Per Share Common Stock Dividends LAZARD LTD: Picks Rodrigo de Rato as Senior Managing Director UAP HOLDING: Selling Stake to Agrium Inc. Through Tender Offer UAP HOLDING: US$2.65-Bln Agrium Deal Cues Moody's Ratings Review VERIFONE HOLDINGS: Restating Financial Statements in Prior Qtrs. * BRAZIL: Petrobras Inks Technological Pact with StatoilHydro C A Y M A N I S L A N D S PACIFIC STAR: Proofs of Claim Filing Ends on Dec. 14 SHINSEI FUNDING: Proofs of Claim Filing Deadline Is Dec. 14 SHINSEI FUNDING CAYMAN: Proofs of Claim Filing Ends on Dec. 14 SPECIAL SELECT: Proofs of Claim Filing Deadline Is Dec. 14 STAR PASSION: Proofs of Claim Filing Deadline Is Dec. 14 STOCKHORN CDO: Proofs of Claim Filing Is Until Dec. 14 TIGRE CRE: Proofs of Claim Filing Is Until Dec. 14 TOPIARY LIMITED: Proofs of Claim Filing Ends on Dec. 14 TRIPLE ONE: Proofs of Claim Filing Deadline Is Dec. 14 VENEZUELA INVESTMENTS: Proofs of Claim Filing Is Until Dec. 14 C H I L E REVLON CONSUMER: Moody's Affirms Ratings, Shifts Outlook to Pos. C O L O M B I A BANCOLOMBIA SA: Donates COP14.7 Bln, Expects to Get Tax Benefits KNOLL INC: Paying US$0.12 Per Share Cash Dividend on Dec. 28 SOLUTIA INC: Noteholders To Appeal Ruling on Claim * COLOMBIA: Forms Power Firm Empresa de Energia for San Andres D O M I N I C A N R E P U B L I C GUESS INC: Earns US$58.3 Million in Third Quarter Ended Nov. 3 H O N D U R A S * HONDURAS: Pres. Names Jorge Rosa as Temporary Hondutel Head M E X I C O ARROW ELECTRONICS: Combines Two Units Into US$1-Bln Software Biz ACXIOM CORPORATION: Inks Strategic Deal with Search Initiatives CLEAR CHANNEL: Board Declares US$0.1875 Per Share Dividend CLEAR CHANNEL: Gets Okay for US$1.3-Billion Sale to Newport TV CLEAR CHANNEL: Provides Update on Bain Capital/THLP Merger INTERSTATE HOTELS: Closes US$118-Million Buyout of Three Hotels MAZDA MOTOR: Planned Sales Consolidation Will Not Push Through WESCO INTERNATIONAL: Acquires Assets of Monti Electric Supply P E R U FREEPORT-MCMORAN: Common Stock Dividend Up to US$1.75 Per Share P U E R T O R I C O ADELPHIA COMMUNICATIONS: Court Awards Comcast US$9 Million AFC ENTERPRISES: Board Okays US$50-Mln Share Repurchase Increase APARTMENT INVESTMENT: Corrects End of Dividend Period to Jan. 15 DORAL FINANCIAL: Sterne Puts Sell Rating on Firm's Shares SIMMONS BEDDING: Names Steve Fendrich as Chief Operating Officer V E N E Z U E L A CHRYSLER LLC: Implements Downsizing Plan, Workers Leave CMS ENERGY: Ford Deal Termination Won't Affect Fitch Ratings PETROLEOS DE VENEZUELA: Wants 190 Oil Rigs by End of Next Year * VENEZUELA: Buying Argentina's Boden 2015 Bonds for US$604 Mil. * VENEZUELA: Fitch Won't Change Ratings After Referendum * VENEZUELA: Referendum May Have Long Term Impacts, Moody's Says - - - - - ================= A R G E N T I N A ================= ALITALIA SPA: Group Net Debt Stands at EUR1.18 Bil. in October -------------------------------------------------------------- Alitalia Group's net debt as of Oct. 31, 2007, amounted to EUR1.18 billion, showing a slight increase in net indebtedness of EUR11 million (+0.9%) compared to the situation on Sept. 30, 2007, announced on Oct. 31, 2007. The net debt of the parent company Alitalia including short-term financial credits for subsidiaries on Oct. 31, 2007 (including short-term financial credits of subsidiaries) amounted to EUR1.179 billion showing a slight increase of EUR10 million (+0.9%) compared to net debt as of Sept. 30, 2007. The Group's cash-to-hand and short-term financial credits as of Oct. 31, 2007, at the Group level and for Alitalia, amounted to EUR428 million and EUR431 million respectively. It should be noted that as of Oct. 31, 2007, there were several leasing contracts at the Group level whose capital share, including lease closure value, amounted to EUR97 million. By comparison, the same figure as of Sept. 30, 2007, amounted to EUR98 million; the corresponding figures for the parent company on Sept. 30, 2007, amounted to EUR85 million and EUR10 million respectively. It should also be noted that existing debts to banks are almost entirely backed up by real guarantees (mortgages on aircraft) or by personal guarantees (mainly guarantees issued by banks for export credit). The relative financing contracts contain standard legal clauses relating to withdrawal. None of the contracts refer to specific requirements regarding assets or economic/financial aspects, in order to maintain the credit line. During October 2007, repayments were made of medium/long-term financing amounting to about EUR2 million. Regarding debts of a financial, fiscal and social welfare nature, there were no outstanding sums or payment irregularities on Oct. 31, 2007, both for the parent company and for the other companies in the Group. As far as debts of a commercial nature are concerned, there were no outstanding sums or payment irregularities on Oct. 31, 2007, both for the parent company and for other Group companies, except for those relating to disputed situations. Regarding the latter, it should be noted that the controversy over an outstanding sum owed to one airport management company for disputed debts (as reported in previous communiques) was finally settled in November 2007 through a transaction agreement. In addition, decisions are still pending for the petitions filed by Alitalia regarding: -- an injunction related to supposed different pricing policies, issued by a carrier for EUR2.6 million; -- another injunction issued by a supplier of on-board movies for EUR1.2 million (two decrees); -- a further injunction has been issued by an IT services supplier for EUR812,000; -- an injunction has been issued by an Italian subsidiary of an air carrier bankruptcy for EUR288,000; -- another injunction has been issued by a maintenance services supplier for EUR492,000; -- an injunction has been issued by the special manager of a firm for presumed debts relating to air ticket sales, for EUR3.2 million; and -- injunctions issued by various suppliers for a total of EUR119,000 (five decrees). There are no other injunction orders or executive actions undertaken by creditors notified as of Oct. 31, 2007, nor are there any threats by suppliers to suspend operations. 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. COSTANERA GESTION: Proofs of Claim Verification Ends Feb. 27 ------------------------------------------------------------ Ricardo Adrogue, the court-appointed trustee for Costanera Gestion SA's bankruptcy proceeding, verifies creditors' proofs of claim until Feb. 27, 2008. Mr. Adrogue will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 11 in Buenos Aires, with the assistance of Clerk No. 21, 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 Costanera Gestion 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 Costanera Gestion's accounting and banking records will be submitted in court. La Nacion didn't state the reports submission deadlines. Mr. Adrogue is also in charge of administering Costanera Gestion's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Costanera Gestion SA Lavalle 1454 Buenos Aires, Argentina The trustee can be reached at: Ricardo Adrogue Bouchard 468 Buenos Aires, Argentina CUEROMAX SA: Proofs of Claim Verification Deadline Is March 14 -------------------------------------------------------------- Rodolfo Fernando Daniel Torella, the court-appointed trustee for Cueromax S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until March 14, 2008. Mr. Torella will present the validated claims in court as individual reports on April 25, 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 Cueromax 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 Cueromax's accounting and banking records will be submitted in court on June 9, 2008. Mr. Torella is also in charge of administering Cueromax's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Rodolfo Fernando Daniel Torella Arcos 3726 Buenos Aires, Argentina DALAFER SA: Proofs of Claim Verification Is Until Feb. 5, 2008 -------------------------------------------------------------- Jorge Basile, the court-appointed trustee for Dalafer S.A.'s reorganization proceeding, verifies creditors' proofs of claim until Feb. 5, 2008. Mr. Basile will present the validated claims in court as individual reports on March 18, 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 Dalafer 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 Dalafer's accounting and banking records will be submitted in court on April 29, 2008. The trustee can be reached at: Jorge Basile J. E. Uriburu 782 Buenos Aires, Argentina KONINKLIJKE AHOLD: Completes Tops Market Sale to Morgan Stanley --------------------------------------------------------------- Koninklijke Ahold N.V. has successfully completed the sale of Tops Markets, LLC, to Morgan Stanley Private Equity. This follows the agreement announced on Oct. 11, 2007, on a purchase price of US$310 million. The final purchase price is subject to customary price adjustments. Closing of the transaction was subject to the fulfillment of customary conditions, including anti-trust clearance and a financing condition. Capitalized lease obligations will remain with Tops, although Ahold will retain contingent liability for the majority of these lease obligations. The divestment of Tops is part of Ahold's strategy resulting from its retail review announced in November 2006. Tops operates stores in western New York, mid-state New York including the Rochester area, and northwestern Pennsylvania under the banners of Tops Markets and Martin's Super Food Stores. Tops currently employs approximately 10,000 full- and part-time employee About Ahold Headquartered in Amsterdam, Koninklijke Ahold N.V. (fka Royal Ahold) -- http://www.ahold.com/-- retails food through supermarkets, hypermarkets and discount stores in North and South America, Europe. It has operations in Argentina. The company's chain stores include Stop & Shop, Giant, TOPS, Albert Heijn and Bompreco. Ahold also supplies food to restaurants, hotels, healthcare institutions, government facilities, universities, stadiums, and caterers. * * * As of Nov. 19, 2007, Koninklijke Ahold carries BB+ Issuer Default and senior unsecured ratings from Fitch Ratings. Fitch said the outlook is positive. Its short-term rating is B. LOGISTICA Y TRANSPORTE: Seeks for Reorganization Okay in Court -------------------------------------------------------------- Logistica y Transporte SA has requested for reorganization approval after failing to pay its liabilities since Sept. 15, 2007. The reorganization petition, once approved by the court, will allow Logistica y Transporte 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. 7 in Buenos Aires. Clerk No. 13 assist in this case. The debtor can be reached at: Logistica y Transporte SA Parana 693 Buenos Aires, Argentina SANTANA SA: Proofs of Claim Verification Deadline Is March 10 ------------------------------------------------------------- Sara Rey de Lavolpe, the court-appointed trustee for Santana SA's bankruptcy proceeding, verifies creditors' proofs of claim until March 10, 2008. Ms. de Lavolpe will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 7 in Buenos Aires, with the assistance of Clerk No. 14, 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 Santana 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 Santana's accounting and banking records will be submitted in court. La Nacion didn't state the reports submission deadlines. Ms. de Lavolpe is also in charge of administering Santana's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Santana SA Tucuman 1673 Buenos Aires, Argentina The trustee can be reached at: Sara Rey de Lavolpe Cerrito 1136 Buenos Aires, Argentina * ARGENTINA: Sells Boden 2015 Bonds to Venezuela for US$604 Mil. ---------------------------------------------------------------- El Universal relates that Argentina has sold Boden 2015 bonds to Venezuela. The bonds, with a face value of US$604 million, is part of a last month's deal, which moved to over US$5 billion the sale of Argentinean securities to the Venezuelan State over the past three years. According to the report, the Argentinean government has received US$500 million after the transaction and added that the money had entered the Treasury on Nov. 19. The resolution, which was released on Dec. 4, has disclosed that the operation would be conducted in the future, El Universal states. However, a Minister of Economy spokesman has clarified that it was the formalization, 12 days after, of an announcement made last November, Reuters says. * * * Fitch Ratings assigned these ratings on Argentina: Rating Rating Date ------ ----------- Country Ceiling B+ Aug. 1, 2006 Local Currency Long Term Issuer B Aug. 1, 2006 Short Term IDR B Dec. 14, 2005 Long Term IDR RD Dec. 14, 2005 =========== B E L I Z E =========== CONTINENTAL AIRLINES: Names John Slater LatAm Managing Director --------------------------------------------------------------- Continental Airlines Inc. has named John Slater as managing director, Latin America, effective Jan. 1, 2008. Formerly Continental's managing director of Distribution Planning and Electronic Commerce, Mr. Slater replaces Pete Garcia, who will retire on Dec. 31, 2007, after close to 30 years of outstanding service to the airline. Mr. Slater will report to Continental's senior vice president worldwide sales, Dave Hilfman. "John has the energy, experience and forward-thinking leadership skills to ensure that Latin America and the Caribbean remain a top priority for Continental," said Mr. Hilfman. "Like Pete, John is a dynamic leader who will ensure we continue to expand our presence and sales throughout Latin America and the Caribbean, which now comprise more than half of our international destinations." Mr. Slater previously managed the development, design and support for continental.com and formulated the airline's global distribution strategy. He has held various senior-level positions in flight operations, customer service, sales and marketing since he joined the airline in 1986, including senior director of sales for the Midwest Sales Division in Cleveland, Ohio. Mr. Slater began his airline career with People Express Airlines in 1982 and assisted with the merger with Continental in 1986. "Pete Garcia did a fantastic job leading our Latin American expansion and has had a very distinguished career here at Continental," said chairperson and Chief Executive Officer, Larry Kellner. "We're proud of his many accomplishments and wish him well." Mr. Garcia is starting a consulting practice, which will focus on increasing business opportunities among countries throughout the Americas and Continental will be his first client. Continental was named "Best Airline to Latin America" in Latin Trade Magazine's "Best of Latin America" Readers Choice Poll of 2007. Continental's Latinization services include bilingual flight attendants on many flights to Latin America; and bilingual airport personnel, reservations agents and signage. Spanish- language functions on the continental.com website include flight booking, check-in, seat selection, flight and gate information, and OnePass frequent flyer program enrollment. Passengers also may make reservations in Spanish at 1-800-537-9222. About Continental Airlines Continental Airlines Inc. (NYSE: CAL) -- http://continental.com/ -- is the world's fifth largest airline. Continental, together with Continental Express and Continental Connection, has more than 3,100 daily departures throughout Belize, Mexico, Europe and Asia, serving 154 domestic and 138 international destinations including Honduras and Bonaire. More than 400 additional points are served via SkyTeam alliance airlines. With more than 44,000 employees, Continental has hubs serving New York, Houston, Cleveland and Guam, and together with Continental Express, carries about 67 million passengers per year. * * * As of March 2007, Continental Airlines carries Moody's Investors Service's B2 corporate family rating. The company also carries Moody's B3 senior unsecured rating and Caa1 preferred stock rating. ============= B E R M U D A ============= AIRCASTLE BERMUDA: Holding Final Shareholders Meeting Tomorrow -------------------------------------------------------------- Aircastle Bermuda Holding VI Limited will hold its final shareholders meeting on Dec. 7, 2007, at 9:30 a.m. at: Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. AIRCASTLE BERMUDA HOLDING: Final Shareholders Meeting Tomorrow -------------------------------------------------------------- Aircastle Bermuda Holding VII Limited will hold its final shareholders meeting on Dec. 7, 2007, at 9:30 a.m. at: Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. AIRCASTLE BERMUDA (VIII): Final Shareholders Meeting Is Tomorrow ---------------------------------------------------------------- Aircastle Bermuda Holding VIII Limited will hold its final shareholders meeting on Dec. 7, 2007, at 9:30 a.m. at: Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. AIRCASTLE BERMUDA (IX): Final Shareholders Meeting Is Dec. 7 ------------------------------------------------------------ Aircastle Bermuda Holding IX Limited will hold its final shareholders meeting on Dec. 7, 2007, at 9:30 a.m. at: Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. ARTISAN EQUITY: Holding Final Shareholders Meeting on Dec. 27 ------------------------------------------------------------- Artisan Equity Limited will hold its final shareholders meeting on Dec. 27, 2007, at 10:00 a.m. at: Cox Hallett Wilkinson Milner House, 18 Parliament Street Hamilton HM12, 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. ARTISAN EQUITY: Proofs of Claim Filing Deadline Is Today -------------------------------------------------------- Artisan Equity Limited's creditors are given until Dec. 6, 2007, to prove their claims to Ernest A. Morrison, 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. Artisan Equity's shareholder decided on Nov. 13, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Ernest A. Morrison Milner House, 18 Parliament Street Hamilton, Bermuda ARTISAN VENTURES: Sets Final Shareholders Meeting for Dec. 27 ------------------------------------------------------------- Artisan Ventures Limited will hold its final shareholders meeting on Dec. 27, 2007, at 10:00 a.m. at: Cox Hallett Wilkinson Milner House, 18 Parliament Street Hamilton HM12, 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. ARROWHEAD LTD: Proofs of Claim Filing Deadline Is Today ------------------------------------------------------- Arrowhead Ltd.'s creditors are given until Dec. 6, 2007, to prove their claims to Ernest A. Morrison, 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. Arrowhead's shareholder decided on Nov. 16, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Ernest A. Morrison Milner House, 18 Parliament Street Hamilton, Bermuda ARTISAN VENTURES: Proofs of Claim Filing Ends Today --------------------------------------------------- Artisan Ventures Limited's creditors are given until Dec. 6, 2007, to prove their claims to Ernest A. Morrison, 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. Artisan Ventures' shareholder decided on Nov. 13, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Ernest A. Morrison Milner House, 18 Parliament Street Hamilton, Bermuda BD MANAGEMENT: Holding Final Shareholders Meeting Today ------------------------------------------------------- BD Limited will hold its final shareholders meeting on Dec. 6, 2007, at 9:30 a.m. at: Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. CABLECOM LIMITED: Sets Final Shareholders Meeting for Dec. 27 ------------------------------------------------------------- Cablecom Limited will hold its final shareholders meeting on Dec. 27, 2007, at 9:30 a.m. at: Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. FOUNTAINS FSC: Will Hold Final Shareholders Meeting Tomorrow ------------------------------------------------------------ Fountains FSC Ltd. will hold its final shareholders meeting on Dec. 7, 2007, at 9:30 a.m. at: Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. MSD LATIN: Final Shareholders Meeting Is Today ---------------------------------------------- MSD Latin America Services Ltd. will hold its final shareholders meeting on Dec. 6, 2007, at 9:30 a.m. at: Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. OPTIMA SHORT: Holding Final Shareholders Meeting Tomorrow --------------------------------------------------------- The Optima Short Fund Limited will hold its final shareholders meeting on Dec. 7, 2007, at 9:30 a.m. at: Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. REGGA INSURANCE: Holding Final Shareholders Meeting Today --------------------------------------------------------- Regga Insurance Limited will hold its final shareholders meeting on Dec. 6, 2007, at 9:30 a.m. at: Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. ST. AGATHA: Final Shareholders Meeting Is on Dec. 21 ---------------------------------------------------- St. Agatha Re Ltd. will hold its final shareholders meeting on Dec. 21, 2007, at 10:00 a.m. at: KPMG Advisory Limited Crown House, 4 Par-la-Ville Road Hamilton, Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. STENA CARRON: Holding Final Shareholders Meeting Today ------------------------------------------------------ Stena Carron Limited will hold its final shareholders meeting on Dec. 6, 2007, at 9:30 a.m. at: Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. ============= B O L I V I A ============= COEUR D'ALENE: Palmarejo Shareholders Okay Bolnisi Acquisition -------------------------------------------------------------- Palmarejo Silver and Gold Corporation shareholders has approved a plan of arrangement pursuant to which, among other things, Coeur d'Alene Mines Corporation will acquire all of the outstanding shares of Palmarejo held by shareholders other than Bolnisi and, through its acquisition of Bolnisi Gold NL, all of the Palmarejo shares held by Bolnisi, as more particularly described in the Palmarejo Notice and Management Information Circular dated Oct. 31, 2007. At a meeting of Palmarejo shareholders held earlier today, the arrangement was approved by over 99.99% of the votes cast, and 99.99% of the "minority" votes, excluding those votes required to be excluded by applicable securities laws. Approximately 90.2% of the total eligible Palmarejo shares were voted at the meeting. Under the terms of the arrangement, Palmarejo shareholders will receive 2.715 Coeur shares and US$0.004 for each Palmarejo share. "Today's overwhelming vote in favor of this arrangement demonstrates that our shareholders support Palmarejo joining forces with Coeur," said James Crombie, President and Chief Executive Officer of Palmarejo. "The new Coeur, with the addition of Palmarejo's projects, will enjoy an excellent profile in the industry." On Dec. 4, 2007, Bolnisi shareholders also voted in favor of the resolution to allow the offer by Coeur to acquire all of the shares of Bolnisi by way of a scheme of arrangement to be implemented in accordance with the Merger Implementation Agreement between Bolnisi and Coeur. Under the scheme of arrangement, Bolnisi shareholders will receive 0.682 of a Coeur share and A$0.004 in cash for each Bolnisi share. Coeur announced on Dec. 3, 2007 that it has adjourned its special meeting of shareholders to vote on the amendment of its charter and the issuance of its shares in connection with its proposed acquisition of Bolnisi and Palmarejo to Dec. 7, 2007, at 4:00 p.m. (PST). Coeur has received overwhelming support for the proposals related to the acquisition with in excess of 91% of the votes submitted having voted in favor. Proxies are continuing to be received and votes representing an additional 1.7% of the outstanding shares are needed to achieve quorum and enable the matters to be put to a vote at the meeting. The adjournment will allow Coeur to receive the necessary additional proxies. Palmarejo's application to the Ontario Superior Court of Justice to obtain the final court order approving the arrangement is scheduled for Dec. 5, 2007. Completion of the transaction remains subject to satisfaction of certain conditions set out in the plan of arrangement and the Merger Implementation Agreement between Palmarejo and Coeur. About Palmarejo Silver Palmarejo Silver And Gold Corporation is a silver/gold exploration company listed on the TSX Venture Exchange under the symbol "PJO". Palmarejo's principal activity is to explore and develop gold and silver properties located in the Temoris District of Chihuahua, Mexico within the Sierra Madre Occidental mountain range. Additional information is available on SEDAR and on the Company's website. About Coeur d'Alene Coeur d'Alene Mines Corp. (NYSE:CDE) (TSX:CDM) -- http://www.coeur.com/-- is the world's largest primary silver producer, as well as a significant, low-cost producer of gold. The company has mining interests in Nevada, Idaho, Alaska, Argentina, Chile, Bolivia and Australia. * * * Coeur d'Alene Mines Corp.'s US$180 Million notes due Jan. 15, 2024, carry Standard & Poor's B- rating. =========== B R A Z I L =========== AES CORP: Unit To Decrease Concession Area Power Losses To 11.6% ---------------------------------------------------------------- AES Eletropaulo's corporate revenue manager Charles Capdeville told Business News Americas that power losses in the firm's concession area will decrease to 11.6% of overall distribution in 2007, from 12.0% in 2006. AES Eletropaulo wants to reduce the "rate," planning to bring down power losses in its concession area by 0.4 percentage points a year to 9.7% or 9.8% in the next five years, BNamericas says, citing AES Eletropaulo's loss reduction manager Jose Cavaretti. Mr. Capdeville told BNamericas.com that AES Eletropaulo decreased by a third energy consumption in Paraisopolis, one of Sao Paulo's poorest neighborhoods. BNamericas relates that consumption declined partly due to AES Eletropaulo's Paraisopolis clients, who began paying for power. Mr. Capdeville commented to BNamericas, "We had a 100% loss rate in Paraisopolis. After a major and thorough community awareness program, we were able to reduce power losses to 65% of all consumption." According to BNamericas, Paraisopolis has about 4,365 power- consuming units: -- 80% are residential customers, -- 10% are commercial users, and -- 10% are a mix of residential and commercial clients. Mr. Cavaretti told BNamericas that the firm was able to catalog power users in the community through door-to-door visits, conducting mini-audits in over 4,000 homes and 70 shops. The firm distributed about 9,600 efficient light bulbs and some 500 new refrigerators in the community in an effort to encourage conservation. "After a user migrates to our client database, it is hard for them to become delinquent again as we connected Paraisopolis slum to the system with state-of-the-art cables, which make illegal connections more difficult," Mr. Capdeville commented to BNamericas. BNamericas notes that polling institute Ibope 's director Silvia Penteado Cervellini said during a conference in Sao Paulo that a market study by the institute indicated that 62% of Paraisopolis residents accept Eletropaulo's program. Ms. Cervellini explained that the approval rating was taken from interviews with 400 power users. When the institute only considers users who were given brand new refrigerators, this increases to 88%. The residents were positive that the program can lessen the risk of fire and boost efficiency. Paraisopolis was chosen as it is among the poorest areas in AES Eletropaulo's concession area. It also has a mix of residential and commercial users, BNamericas states, citing Mr. Capdeville. About AES Eletropaulo AES Eletropaulo is a power distributor in Sao Paulo. It has 4.6 million clients and serves an estimated 14 million people in its 4,526sq km concession area. In terms of revenues, it is the largest electricity distributor in Latin America. About AES Corp. AES Corp. -- http://www.aes.com/-- is a global power company. The company operates in South America, Europe, Africa, Asia and the Caribbean countries. Specifically, it also has operations in India. Generating 44,000 megawatts of electricity through 124 power facilities, the company delivers electricity through 15 distribution companies. The company's Latin America business group is comprised of generation plants and electric utilities in Argentina, Brazil, Chile, Colombia, Dominican Republic, El Salvador, Panama and Venezuela. As reported in the Troubled Company Reporter-Latin America on Oct. 12, 2007, Moody's Investors Service affirmed The AES Corporation's Corporate Family Rating at B1 and the senior unsecured rating assigned to its new senior unsecured notes offering at B1 following its upsizing to US$2 billion from US$500 million. LGD assessments are subject to change pending the final capital structure. As reported on Oct. 12, 2007, Fitch Ratings assigned a 'BB/RR1' rating to AES Corporation's US$500 million issue of senior unsecured notes due 2017. AES' long-term Issuer Default Rating is rated 'B+' by Fitch. Fitch said the rating outlook is stable. BANCO BRADESCO: Selling Equity Interest in Bolsa de Mercadorias -------------------------------------------------------------- The Bradesco Organization has sold part of its interest in the Capital Stock in Bolsa de Mercadorias & Futuros -- BM&F S.A., within the scope of the Initial Public Offering, generating a pre-tax profit of BRL227 million, informing its shareholders and the market in general. The remaining direct and indirect interest of 2.52%, corresponds to BRL454 million at the price of BRL20.00 per share determined in the bookbuilding procedure. Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE: BBD) -- http://www.bradesco.com.br/-- prides itself on serving low-and medium-income individuals in Brazil since the 1960s. Bradesco is Brazil's largest private bank, with more than 3,000 banking branches, and also a leader in insurance and private pension management. Bradesco has branches throughout Brazil as well as one in New York, and Japan. Bradesco offers Internet banking, insurance, pension plans, annuities, credit card services (including football-club affinity cards for the soccer- mad population), and Internet access for customers. The bank also provides personal and commercial loans, along with leasing services. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 27, 2006, Standard & Poor's Ratings Services maintained the 'BB+' ratings on both of Banco Bradesco SA's foreign and local currency counterparty credit rating, however it changed the ratings outlook to positive from stable on both ratings: -- Foreign currency counterparty credit rating * to BB+/Positive/B from BB+/Stable/B -- Local currency counterparty credit rating * to BB+/Positive/B from BB+/Stable/B -- Brazil national scale rating * to brAA+/Positive/brA-1 from brAA+/Stable/brA- BANCO NACIONAL: Discloses Portfolio for Sugar & Alcohol Sector -------------------------------------------------------------- Banco Nacional de Desenvolvimento Economico e Social Vice President, Armando Mariante, reported on Dec. 3, the portfolio of biofuels, which will add up to Bank financings in the amount of BRL19.7 billion. Mr. Mariante, who was present at the interview with the superintendent of the Industrial area, Jorge Kalache, the head of Biofuels Department (DEBIO), Carlos Eduardo de Siqueira Cavalcanti, and the manager, Paulo Faveret, call the attention to the trend in the worldwide market to replace oil by other energy sources, more environmentally favorable, as the ethanol. The recent creation of DEBIO, according to Mr. Kalache, shows the importance this matter has been gaining within the Bank. This year, disbursements to this sector should reach BRL3.2 billion. Until October, BRL2.9 billion were liberated, equivalent to 5.1% of total BNDES disbursements. In 2004, the Bank liberated BRL605 million to this same segment, 1.2% of the total. "Ethanol production is predominant in new projects. Companies are born with focus on the external market. In previous years these were half in the production of sugar and another half in ethanol," added Mr. Kalache. Carlos Eduardo Siqueira informed that companies have been signaling projects, which may reach over 4 million tons of sugar cane. Another focus of BNDES action in the sector, according to him, is the support to company globalization and technology. The Bank has been monitoring this process and has already started investigating the intentions to invest and export machines and equipment, both to Latin America and Africa. Paulo Faveret emphasized that the grinding increase forecast for the biennium 2008 to 2010, around 100 million tons of sugar cane, is equivalent to a 26% increase as compared to 2005 and 2006 harvest. The 47 ongoing co-generation projects will generate 1.4 thousand MW, throughout the next two years. The biofuel portfolio, comprising all BNDES lines adds up to BRL19,7 billion financings. Out of this total, BRL15.4 billion correspond to projects for the production of sugar and alcohol, BRL2.3 billion for co-generation, BRL1.8 billion for sugar cane cultivation and BRL142.5 million for research and development in the sector. These figures include all Bank lines addressed to the sector, including those carried out by means of indirect operations. That is, via financial agents. The new DEBIO, created in September this year by the Directors of the Bank and exclusively dedicated to sugar and alcohol projects, already relies on a portfolio comprising 77 operations. These projects will demand BRL12.1 billion financings, equivalent to BRL17.3 billion investments, and will represent grinding of 100 million tons of sugar cane. The creation of DEBIO was motivated by the increased number of mill projects addressed to sugar and alcohol production and reveals the priority given by BNDES administration to support a sector which became strategic for the Country, for its competitiveness and the technology developed for the production of ethanol. The investment in sugar cane productive chain started to offer more dynamism since the participation of flex-fuel (biofuels) vehicles in the Brazilian fleet increased. Currently, the volume of flex-fuel cars already represents around 90% of the total sold in the Country. Alcohol is a clean and renewable source fuel, which is added to the mix with gas (anhydrous alcohol), or used in pure (hydrated alcohol) in flex-fuel cars. This scenario is reflected in BNDES disbursements for the sugar- alcohol sector (includes sugar cane cultivation, sugar and alcohol production and co-generation), which showed impressive increase in the last three years. In 2004, BRL604 million were liberated, BRL1 billion in 2005, BRL1.9 billion in 2006, and, until October 2007, the Bank disbursed BRL2.9 billion to the sector. In view of this, liberations reached BRL6.4 billion in the last three years, including direct and indirect operations. BRL4 billion disbursements for the production of sugar and alcohol have accounted for most of the accumulated result. In 2004, BRL333.5 million were liberated, which jumped to BRL1.7 billion only in the first nine months of 2007. This performance represents a result 17% higher than that obtained last year, of BRL 1.3 billion. BNDES liberations, in the period, exclusively for sugar cane cultivation were BRL1.2 billion, and for co- generation, BRL658 million. Approvals have also significantly increased, reaching BRL5.8 billion from 2004 to September 2007. The total approved in 2006 (BRL1 billion) was almost four times higher than that recorded in 2004 (BRL323.3 million). During the first nine months this year, the amount approved (BRL3.3 billion) was 160% higher than in full last year (BRL 1.2 billion). Such performance is mainly determined by the increased approval to sugar and alcohol production projects, which accounted for BRL4.4 billion out of the total BRL5.8 billion. It is worth highlighting, however, that since this year, the Bank started receiving projects for research and development in the sector and approvals already reach a total BRL74.6 million in the first nine months of 2007. Co-Generation Investments carried out in sugar cane cultivation for sugar and alcohol production are also, partly destined to co-generation, from sugar cane bagasse, bringing favorable impacts to environment. In many cases, such operations replaced the burning of fossil fuels, as those derivative from oil, by sugar cane bagasse, a residue of sugar and alcohol production, thus contributing for reduced carbon emission in the atmosphere. There are currently 47 projects in the Bank, with potential to reach 1.4 thousand megawatts of electric power, to be made available to the national system. To have an idea about the generation capacity from sugar cane residue, the potential exceeds the initial target stipulated for those projects based on Small Hydroelectric Power Plants of Proinfa, the Program for Incentive to Alternative Electric Power Sources, which was 1.3 thousand MW. Co-generation operations add up to BRL 2.2 billion financings, BRL1.1 billion of which are already contracted. Region The largest investments of the sugar-alcohol sector, that is, over BRL300 million, are concentrated in South Mato Grosso do Sul and South Goias, as well as in the Extreme West of Minas Gerais. This happens as a result of the lower production cost, above all in view of the low cost of leased land. Lower investments, however, frequently destined to the expansion of existing power plants, are concentrated in regions with a significant industrial park, which major example is Sao Paulo. In relation to co-generation, the assessment of project regional distribution shows a significant concentration in the State of Sao Paulo. This happens as a result of the ample installed power plant park and the density of the transmission network. However, new power plant projects are concentrated in Minas Gerais, Mato Grosso do Sul and Goias, states which comprise the sector expansion borders. Disbursements for the Southeastern region have a significant share, which can be explained by the importance of the power plant park in operation in the State of Sao Paulo. However, there is a significant increase in the Midwestern region, mainly in view of the choice of Goias and Mato Grosso do Sul as preferential states to receive investments in new power plants. About BNDES Banco Nacional de Desenvolvimento Economico e Social is Brazil's national development bank. It provides financing for projects within Brazil and plays a major role in the privatization programs undertaken by the federal government. * * * Banco Nacional currently carries a Ba2 foreign long-term bank deposit rating from Moody's, and a BB+ long-term foreign issuer credit rating from Standards and Poor's. The ratings were assigned in August and May 2007, respectively. CHEMTURA CORPORATION: Appoints Lynn Schefsky as Secretary --------------------------------------------------------- Chemtura Corporation disclosed that Lynn A. Schefsky, has added the role of secretary to his current position of senior vice president and general counsel, which he has held since 2004. Mr. Schefsky was named secretary, effective Dec. 1, following the recent retirement of Barry J. Shainman, who had served as secretary since 2000. "We thank Barry for his 18 years of service with Chemtura and its predecessor companies and wish him a long and healthy retirement," said Mr. Schefsky, senior vice president, general counsel and secretary. About Chemtura Corp. Headquartered in Middlebury, Connecticut, Chemtura Corp. (NYSE:CEM) -- http://www.chemtura.com/-- is a global manufacturer and marketer of specialty chemicals, crop protection, and pool, spa and home care products. The company has approximately 6,400 employees around the world and sells its products in more than 100 countries. The company has facilities in Singapore, Australia, China, Hong Kong, India, Japan, South Korea, Taiwan, Thailand, Brazil, Belgium, France, Germany, Mexico, and The United Kingdom. * * * As reported in the Troubled Company Reporter-Latin America on May 18, 2007, Moody's Investors Service lowered Chemtura Corporation's ratings: -- Corporate Family Rating: Ba2 from Ba1 -- Senior notes, US$500 million due 2016: Ba2 from Ba1; LGD4 (53%) -- Senior Unsecured Notes, US$150 million due 2026: Ba2 from Ba1; LGD4 (53%) -- Senior Unsecured Notes, US$400 million due 2009: Ba2 from Ba1; LGD4 (53%) COREL CORP: Partners with ConceptShare for Online Collaboration --------------------------------------------------------------- Corel Corporation has partnered with ConceptShare Inc., an emerging leader in online collaboration. www.CorelDRAWConceptShare.com is launched as the first project in a five-year partnership between the two companies. This new online tool enables designers to easily share their work with other designers, colleagues or clients, providing a more dynamic and collaborative experience, while accelerating the design process. CorelDRAWConceptShare.com helps designers and clients by making it easier to review concepts, make adjustments and complete projects faster. By moving consultations online, CorelDRAWConceptShare.com also saves time and money by eliminating the need to travel for face-to-face meetings. In addition, discussions about visual concepts are centralized, improving information flow and the speed of decision making between designers and their key stakeholders. "CorelDRAW(R) has long been recognized as a premier graphics application that delivers the features and functionality our users need to be more productive in their day-to-day activities," said Gerard Metrailler, Director of Product Management, Graphics for Corel. "We understand the time many users spend trying to collaborate on designs and feel that partnering with ConceptShare, an emerging leader in the online collaboration space, provides our users with the ability to get the feedback they need on all of their designs in an efficient and meaningful way." "We are enthusiastic about our partnership with Corel. The CorelDRAW version of ConceptShare(TM) provides us immediate exposure to millions of CorelDRAW users worldwide and will help to accelerate our growth into international markets," said Bernie Aho, Product Manager and Co-Founder, ConceptShare. "This strategic partnership demonstrates a new model for relationships between web application providers and desktop software companies." About ConceptShare Inc. ConceptShare Inc. -- http://www.conceptshare.com/-- is a world leader in online design collaboration founded in 2006 in Sudbury, Ontario, Canada by a team of designers and industry professionals that understood the pains of the design collaboration process. The company has developed a web application that allows users to easily share, discuss and mark- up designs for review over the web. About Corel Corp. Ottawa, Ontario-based Corel Corporation (NASDAQ: CREL) (TSX: CRE) -- http://www.corel.com/-- is a packaged software company with an estimated installed base of over 40 million users. The company provides productivity, graphics and digital imaging software. Its products are sold in over 75 countries through a scalable distribution platform comprised of original equipment manufacturers, Corel's international websites, and a global network of resellers and retailers. The company's product portfolio features CorelDRAW(R) Graphics Suite, Corel(R) WordPerfect(R) Office, WinZip(R), Corel(R) Paint Shop(R) Pro, and Corel Painter(TM). The company has operations in Germany, Italy, the United Kingdom, Australia, Japan, Korea, Brazil, and Mexico, among others. * * * As reported Troubled Company Reporter-Latin America on Nov. 15, 2007, Standard & Poor's Ratings Services has revised its outlook on Corel Corp. to stable from positive. At the same time, S&P affirmed the ratings, including the 'B' long-term corporate credit rating, on the company. GENERAL MOTORS: Bidding for Undisclosed Stake in OAO AvtoVAZ ------------------------------------------------------------ General Motors Corp. has submitted a formal bid for a stake in Russian carmaker OAO AvtoVAZ, The Wall Street Journal reports. GM spokesman Marc Kempe described the offer as "competitive", without specifying how large a stake the company is bidding or how much it is willing to pay, WSJ relates. Mr. Kempe told WSJ that the bid was part of its effort to extend its presence in Russia, where foreign-brand cars posted a 60% rise in sales. GM expects this year's sales to reach 250,000 vehicles, compared to 132,000 units in 2006, WSJ relates. GM's Chevrolet and Opel brands are Russia's best-selling foreign and fastest-growing brands respectively. WSJ cites some industry analysts as saying that Russia will become Europe's second-biggest car market by number of new cars sold as early as the end of 2007. GM and AvtoVAZ operate a joint venture that manufactures the Chevrolet Niva and the Chevrolet Viva. The companies' relationship, however, soured in 2005 after the Russian government took over AvtoVaz. GM may face Fiat S.p.A. and Renault S.A. in the bidding process, WSJ relates. Fiat has an existing memorandum of understanding with AvtoVaz to explore ways in which the two companies could share technology, parts and platforms. "All of these auto makers are building their sales and production networks [in Russia] organically, but it's not going quickly enough to meet the targets they've set [for Russia]," Ivan Bonchev at Ernst & Young Moscow told WSJ. About AvtoVaz Headquartered in Toliatti, Russia, AvtoVaz OAO -- http://www.lada-auto.ru/-- manufactures passenger cars under brand names LADA, VAZ and NIVA. Through its subsidiaries and associates, the Company manufactures automobile components, distributes automobiles and spare parts and operates automobile service centers. About GM Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- wmanufactures 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 employs about 280,000 people around the world. * * * As reported in the Troubled Company Reporter 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. As reported in the Troubled Company Reporter on Oct. 23, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating and other ratings on General Motors Corp. and removed them from CreditWatch with positive implications, where they were placed Sept. 26, 2007, following agreement on the new labor contract. S&P said the outlook is stable. GREIF INC: Declares US$0.69 Per Share Common Stock Dividends ------------------------------------------------------------ Greif, Inc. Board of Directors has declared quarterly cash dividends of US$0.28 per share of Class A Common Stock and US$0.41 per share of Class B Common Stock. The dividends are payable on Jan. 1, 2008, to shareholders of record at close of business on Dec. 17, 2007. Headquartered in Delaware, Ohio, Greif, Incorporated, (NYSE: GEF, GEF.B) -- http://www.greif.com/-- is a world leader in industrial packaging products and services. The company provides extensive expertise in steel, plastic, fibre, corrugated and multi-wall containers for a wide range of industries. Greif also produces containerboard and manages timber properties in the United States. For fiscal year 2006, the company generated approximately US$2.6 billion in net sales and US$326 million in EBITDA. The company has operations in Australia, Argentina, Brazil, Belgium, China, Malaysia, among others. * * * As reported in the Troubled Company Reporter-Latin America on Jan. 26, 2007, Standard & Poor's Ratings Services assigned its 'BB-' ratings to Greif Inc.'s proposed US$300 million senior unsecured notes due 2017. The proceeds from the notes will be used to retire approximately US$248 million in existing senior subordinated notes due 2012 and for general corporate purposes. The new senior notes issue is contingent upon consummation of the tender offer for the senior subordinated notes. LAZARD LTD: Picks Rodrigo de Rato as Senior Managing Director ------------------------------------------------------------- Lazard Ltd. has appointed Rodrigo de Rato as its Senior Managing Director of Investment Banking, effective Feb. 1, 2008. Mr. Rato was most recently the Managing Director of the International Monetary Fund and was formerly the Minister of Economy for the Government of Spain for eight years. He will be based in Madrid and London. "Mr. Rato brings an abundance of economic knowledge and relationships in both the private and public sectors due to his rich history of high profile finance positions," said Bruce Wasserstein, Chairman and Chief Executive Officer of Lazard. "He will serve as a knowledgeable advisor to our clients, and will play an important strategic role for Lazard on a global level." "Lazard has an outstanding reputation as a trusted, independent advisor known for intellectual rigor, creativity and integrity - qualities that I value deeply and endorse," said Mr. Rato. "I am delighted to be joining Lazard, and look forward to working with the firm's global network of exceptional bankers." "We have known and admired Rodrigo de Rato over the years, both from his tenure at the IMF and during his term as Minister of the Economy for the Government of Spain. We are pleased to bring such high caliber finance expertise into Lazard for the benefit of our clients," said Georges Ralli, Chief Executive Officer of Lazard's European investment banking business. Mr. Rato served as Managing Director of the IMF from June 2004 until Oct. 31, 2007. Prior to the IMF, he was Vice President for Economic Affairs and Minister of Economy for the Government of Spain, a post to which he was appointed in 1996. During that time he also was Governor for Spain, and served on the Boards of Governors of the IMF, the World Bank, the Intra-American Development Bank, the European Investment Bank, and the European Bank for Reconstruction and Development. He regularly attended the European Union's Economics and Finance Ministers meetings, and represented the EU at the Group of Seven Finance Ministers meeting in 2002. He was a member of Spain's parliament from 1982 to 2004. Mr. Rato received a law degree at the Complutense University, an MBA at the University of California, Berkeley, Haas School of Business and a PhD in economics at the University of Madrid. About Lazard Ltd. Lazard Ltd. (NYSE:LAZ) -- http://www.lazard.com/-- is a preeminent financial advisory and asset management firms, that operates from 32 cities across 16 countries in North America, Europe, Asia, Australia and South America. With origins dating back to 1848, the firm provides advice on mergers and acquisitions, restructuring and capital raising, well as asset management services to corporations, partnerships, institutions, governments, and individuals. The company has locations in Australia, Brazil, China, France, Germany, India, Japan, Korea and Singapore. The company's consolidated balance sheet at Sept. 30, 2007, showed US$3.51 billion in total assets, US$3.54 billion in total liabilities, and US$49.0 million minority interest, resulting in a US$74.5 million total shareholders' deficiency. UAP HOLDING: Selling Stake to Agrium Inc. Through Tender Offer -------------------------------------------------------------- UAP Holding Corp. and Agrium Inc. have entered into a definitive agreement for Agrium to acquire UAP. Under the terms of the agreement, a subsidiary of Agrium will commence a tender offer to purchase all of the outstanding common stock of UAP for US$39 per share in cash for an aggregate transaction value of approximately US$2.65-billion, including an estimated US$487 million of assumed debt. The all cash purchase price represents a 27% premium over the volume weighted-average trading price for UAP shares on the NASDAQ for the 20 trading days ended Nov. 30, 2007, and a premium of 30% over the closing price of US$29.91 per share on that date. The boards of directors of both companies have unanimously approved the agreement, and the UAP board of directors has unanimously recommended that the UAP shareholders accept the tender offer. "The addition of UAP's business to our own Retail operations is an excellent strategic fit for Agrium and a significant step in our strategy of continuing to grow and transform the company," Mike Wilson, president and CEO of Agrium, said. "The acquisition will significantly expand our geographic base and our product diversity, and will offer an opportunity to leverage strengths of both companies." "We believe the transaction will enable Agrium to capitalize on the strong outlook for agriculture markets and will allow us to deliver value to both our shareholders and our customers," Mr. Wilson added. "It increases the scale and size of our business, further enhances stability of our earnings profile and strengthens Agrium's ability to serve and grow its customer base. A key factor to our success will be drawing from the extensive experience of employees from both organizations." "We anticipate we will be able to generate annual synergies of approximately US$115-million by 2010, with a majority of this captured in 2009," Mr. Wilson continued. "We expect that these synergies will be achieved primarily by improved margins on all three crop input product groupings, largely through enhanced purchasing efficiencies. This acquisition is expected to be slightly accretive on an earnings per share basis in the first year and significantly accretive thereafter. Agrium has committed bridge and term loan financing in place to fund the acquisition and our plan is to arrange financing of US$1.25- billion in equity, with the balance in public and bank term debt to replace the bridge loan." "This transaction represents an extraordinary opportunity for our shareholders, customers, and employees," Kenny Cordell, CEO and president of UAP, said. "Agrium is well respected in the industry and we believe that the combination of the two organizations will allow for an improved product offering and new services and technologies to be delivered to a broader range of customers." Agrium noted these key benefits of the transaction: -- creates a retailer of crop inputs and services, with broader geographic coverage as a result of combining the complementary footprints of Agrium and UAP; -- expected annual synergies of approximately US$115-million, with approximately US$20-million in 2008, approximately US$80-million in 2009 and approximately US$115-million in 2010 and beyond; -- combined retail earnings before interest, income taxes, depreciation and amortization or EBITDA of US$417-million for the last twelve months excluding synergies, and approximately US$532-million in Retail EBITDA on a combined basis for the last twelve months including the approximately US$115-million in expected annual synergies; -- supports Agrium's strategy of investing through the value chain, diversifying geographically and expanding Agrium's stable earnings base profile; -- expands Agrium's Retail business model to incorporate a mid-tier service, higher-volume business; -- combined total Retail sales of over US$5.2-billion and combined sales of almost US$8-billion on a company wide basis on a last twelve month basis; -- provides Agrium's Retail business with 265 proprietary and private label brands and more than doubles Agrium's seed business. Seed sales have grown by over 16% per year for both Agrium and UAP over the past three years; -- provides a platform to support Agrium's future growth. The tender offer is expected to commence no later than Dec. 10, 2007, and completion of the tender offer is subject to customary conditions, including that shares representing at least a majority of the UAP common stock on a fully diluted basis are validly tendered into the offer, and that customary regulatory approvals are obtained. After completion of the tender offer, UAP will engage in a second-step merger with the subsidiary of Agrium, pursuant to which each share of outstanding UAP common stock not tendered in the tender offer will be converted into the right to receive US$39 in cash. Upon completion of the merger, UAP will become a wholly-owned subsidiary of Agrium. The parties expect to complete the transaction in early 2008. Agrium has engaged RBC Capital Markets as financial advisor and Blake, Cassels & Graydon LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP in connection with the transaction. UAP has engaged J.P. Morgan Securities Inc. as financial advisor, which provided a fairness opinion on the transaction, and Wachtell, Lipton, Rosen & Katz as legal counsel in connection with the transaction. About Agrium Inc. Headquartered in Calgary, Alberta, Agrium Inc. (TSX: AGU) (NYSE: AGU) -- http://www.agrium.com/-- is a retail supplier of agricultural products and services in both North and South America and a producer and marketer of agricultural nutrients and industrial products. Agrium produces and markets three primary groups of nutrients: nitrogen, phosphate and potash well as controlled release fertilizers and micronutrients. Agrium's strategy is to grow through incremental expansion of its existing operations and acquisitions as well as the development, commercialization and marketing of new products and international opportunities. About UAP Holding Corp. Headquartered in Greeley, Colorado, UAP Holdings Corp. (NASDAQ:UAPH) -- http://www.uap.com/-- is the holding company of United Agri Products Inc., an independent distributor of agricultural and non-crop products in the United States and Canada. The airline flies to Brazil, Korea and Germany. UAP HOLDING: US$2.65-Bln Agrium Deal Cues Moody's Ratings Review ---------------------------------------------------------------- Moody's Investors Service placed the ratings (Ba3 CFR) of UAP Holdings Corp.'s subsidiary, UAP Agri Products Inc., under review for possible upgrade. At the same time, Moody's placed Agrium Inc.'s Baa2 senior unsecured rating under review for possible downgrade. The reviews were prompted by the recent announcement that the two companies have entered into a definitive agreement, whereby a wholly-owned subsidiary of Agrium will acquire all of the outstanding shares of UAP at a price of US$39 per share for an aggregate acquisition cost of US$2.65 billion, including US$487 million of debt at UAP. The acquisition will be funded by a committed bridge financing on an interim basis and a plan to arrange financing of US$1.25 billion in equity, with the balance in public and bank term debt. The transaction remains subject to a number of approvals, including regulatory and shareholder. Moody's believes the conclusion of Agrium's review is likely to result in an affirmation of its Baa2 ratings should the transaction close on the terms announced. UAP's review for possible upgrade reflects the potential benefit that is expected to accrue at UAP as a result of the acquisition. Moody's believes UAP's debt may be repaid in full, resulting in a potential ratings withdrawal upon acquisition close in the first quarter of 2008. The following factors were considered by Moody's in reaching its preliminary judgment that the current rating will remain unchanged if the transaction concludes as expected. The transaction will improve Agrium's business profile by adding scale, broader diversification, purchasing power, and stability to earnings. Despite the initial rise in debt to fund the acquisition, Moody's expects management will maintain its historically conservative financial policies and investment discipline. Specifically, Moody's expects the company to reduce leverage and that its Adjusted Debt-to-Capital ratio will be below 40% within the next 12 to 18 months. Moody's notes the increased reliance on retail sales that results from the acquisition of UAP will likely weaken EBITDA margin to the low- to-mid teens. Additional nitrogen fertilizer supply and volatile natural gas costs could also pressure margins in Agrium's wholesale business. Moody's, however, still favorably views the company's selling price advantage in the Pacific Northwest relative to the vast majority of North American ammonia producers. In addition, the transaction is consistent with Agrium's operating strategy and will create the largest North American agricultural distributor while enhancing margin stability. Conversely, the transaction involves substantial execution risk and a reduction in financial flexibility when other recent acquisitions are considered on a combined basis. Specifically, Moody's believes the company will be challenged with blending different retail business philosophies together. Agrium operates a value added services business model whereas UAP manages a low service, high volume model. Furthermore, Moody's expects weak cash flow generation over the next two years due to equity capital contributions for the joint venture nitrogen facility in Egypt. The company will not achieve returns on the non-recourse financing project until after the completion of the facility in 2010. With respect to UAP, management has experienced successive quarters of deteriorating working capital performance. The agricultural market has undergone product mix changes as farmers take advantage of ethanol demand by devoting additional acreage to corn at the expense of other crops, such as cotton, which require more agricultural chemicals. Moody's will continue to monitor UAP's working capital trends during the integration efforts. The review will focus on the final financing arrangements for the acquisition, the strategic fit of the two companies, regulatory approvals, and the level of cash flow that can be generated to meaningfully reduce debt in a reasonable fashion given the cyclicality and price volatility of the company's agricultural products. The timing of the transaction will be executed in an environment where industry fundamentals are very favorable. Recent low levels of grain stock have led to an increase in grain prices. High demand levels due to higher protein consumption (primarily in Asia), expectations of increased corn acreage and crop input use, and ethanol demand represent key drivers for a favorable outlook for both Agrium's wholesale and retail businesses. Currently, crop yields, planted acreage, and farm income are at record levels as strong supply/demand dynamics within Agrium's product lines will help generate robust credit metrics over the intermediate term. The company has indicated that it anticipates generating roughly US$115 million in synergies by 2010. The likelihood of and time frame in which these synergies can be achieved will also be considered under the review. On review for possible downgrade: Issuer: Agrium, Inc. -- Senior unsecured notes and debentures at Baa2; On review for possible upgrade: Issuer: United Agri Products, Inc. Ba3 -- PDR: Ba3 -- Gtd Sr Sec Revolving Credit Facility due 2011, Ba1 (LGD2, 17%) -- Gtd Sr Sec Term Loan due 2012, Ba3 (LGD3, 45%) Agrium Inc., headquartered in Calgary, Alberta, Canada, is a leading global producer and marketer of agricultural nutrients and industrial products and a major retail supplier of agricultural products and services in both North and South America. Agrium produces and markets three primary groups of nutrients: nitrogen, phosphate and potash as well as controlled release fertilizers and micronutrients. UAP serves over 100,000 customers in major crop producing areas of North America and is the largest independent distributor of agricultural inputs in the U.S. and Canada. VERIFONE HOLDINGS: Restating Financial Statements in Prior Qtrs. ---------------------------------------------------------------- VeriFone Holdings Inc. disclosed Monday that following a review by and on the recommendation of management, it has concluded that its unaudited interim consolidated financial statements for the three months ended Jan. 31, 2007, the three and six months ended April 30, 2007, and the three and nine months ended July 31, 2007, should no longer be relied upon, principally due to errors in accounting related to the valuation of in-transit inventory and allocation of manufacturing and distribution overhead to inventory, each of which affects VeriFone's reported costs of net revenues. The restatements are anticipated to correct errors that overstated previously reported inventories in material amounts as of Jan. 31, 2007, April 30, 2007, and July 31, 2007, and understated cost of net revenues in material amounts for the three month periods ended Jan. 31, 2007, April 30, 2007, and July 31, 2007. Accordingly, the company cautioned investors not to rely on its historical financial statements and earnings press releases and similar communications for the periods ended Jan. 31, 2007, April 30, 2007, and July 31, 2007. Based on its review to date, management currently anticipates that the restatement will result in reductions to previously reported inventories of approximately US$7.7 million, US$16.5 million and US$30.2 million as of Jan. 31, 2007, April 30, 2007, and July 31, 2007, respectively, and reductions to previously reported pre tax income of approximately US$8.9 million, US$7.0 million and US$13.8 million for the three month periods ended Jan. 31, 2007, April 30, 2007, and July 31, 2007, respectively. VeriFone is currently evaluating the anticipated effect of the restatement on after-tax income for those periods. The company said that these estimates include corrections of other unrelated errors detected in the course of VeriFone's review to date, are based on currently available information and are subject to change during the course of the company's restatement process. While VeriFone is not currently aware of other accounting errors requiring adjustment to any prior period financial statements, there can be no assurances that VeriFone or its independent registered public accounting firm will not find additional accounting errors requiring further adjustments in those or earlier periods. VeriFone today also announced that it expects to report total revenues for the three and twelve months ended Oct. 31, 2007, of approximately US$238 million and US$904 million, respectively. VeriFone's management and the Audit Committee of its Board of Directors have determined to delay the release of full fourth quarter 2007 financial results that were scheduled to be released on Dec. 6, 2007, pending completion of the assessment of these errors and the restatements. "I am very disappointed to have to bring you this news and am committed to ensuring that we promptly and thoroughly remedy this situation and move forward with the business of delivering value to our shareholders. I am committed to regaining your confidence in VeriFone," said Douglas G. Bergeron, chairman and chief executive officer. VeriFone concluded that a restatement of its interim unaudited financial statements is required as a result of an internal review of in-transit inventory balances conducted in preparation for VeriFone's fiscal 2007 audit. In reaching the conclusion to restate its financial results, VeriFone's management and the Audit Committee discussed the matters described in this press release with VeriFone's independent registered public accounting firm. Upon completion of its assessment of these errors, VeriFone intends to file amended Quarterly Reports on Form 10-Q for the periods described above that will restate the previously issued financial statements included therein. VeriFone currently estimates that it will file these amended quarterly reports, together with its Annual Report on Form 10 K for the fiscal year ended Oct. 31, 2007, in January 2008. However, VeriFone cannot be certain how much time will ultimately be required for it to complete the restatement process. About VeriFone Holdings Inc. Headquartered in San Jose, Calif., VeriFone Holdings Inc. (NYSE: PAY) -- http://www.verifone.com/-- provides secure electronic payment solutions. VeriFone provides expertise, solutions and services that add value to the point of sale with merchant- operated, consumer-facing and self-service payment systems for the financial, retail, hospitality, petroleum, government and healthcare vertical markets. The company has operations in Argentina, Australia, Brazil, China, France, India, Malaysia, Poland, the United Kingdom, the United States, among others. * * * Verifone Holdings Inc. still carries Moody's Moody's Investors Service 'B1' long term corporate family rating. Moody's said the rating outlook is stable. * BRAZIL: Petrobras Inks Technological Pact with StatoilHydro ------------------------------------------------------------- Petroleo Brasileiro SA aka Petrobras has signed a new exploration and production technology sharing and development agreement with Norwegian outfit StatoilHydro. The agreement will allow both companies to improve their operating techniques for deepwater production, for oil & gas processing, distance follow-up using digital means, among others, and will be in effect for five years. The two companies are part of the world's deepwater exploration and production pioneers. They intend to collaborate in overcoming the increasing hurdles involved this activity, such as, for example, maritime drilling at great depths and the need to increase oil reservoir recovery factors, i.e., extracting more oil and gas from production fields. The agreement that was signed today gives continuity to the previous separate ones Petrobras held with Statoil and Norsk Hydro. After the two companies' merged, in October, Petrobras continued sharing technologies with the new corporation. The executive manager for Production Engineering from the Exploration & Production area, Jose Miranda Formigli; the general manager for Production Process Technology, Tuerte Amaral Rolim; and the general manager for Reserves and Reservoirs, Alberto Sampaio de Almeida, attended the event representing Petrobras. Meanwhile, StatoilHydro was represented by its vice- president for E&P for the South Atlantic, Kjetil Baraten Solbrakke, and by the president of its Brazilian division, Jorge Camargo. Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp -- was founded in 1953. The company explores, produces, refines, transports, markets, distributes oil and natural gas and power to various wholesale customers and retail distributors in Brazil. Petrobras has operations in China, India, Japan, and Singapore. * * * As reported in the Troubled Company Reporter-Latin America on May 14, 2007, Fitch Ratings upgraded Brazil's long-term foreign and local currency sovereign Issuer Default Ratings to 'BB+' from 'BB' and the Country Ceiling to 'BBB-' from 'BB+'. In addition, Fitch affirmed Brazil's Short-term IDR at 'B'. Fitch said the rating outlook is stable. =========================== C A Y M A N I S L A N D S =========================== PACIFIC STAR: Proofs of Claim Filing Ends on Dec. 14 ---------------------------------------------------- Pacific Star Fund Ltd.'s creditors are given until Dec. 14, 2007, to prove their claims to G. James Cleaver and Richard E. L Fogerty, 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. Pacific Star's shareholder decided on Oct. 31, 2007, to place the company into voluntary liquidation under The Companies Law 2004 Revision) of the Cayman Islands. The liquidators can be reached at: G. James Cleaver Richard E. L Fogerty Kroll (Cayman) Limited P.O. Box 1102, George Town Grand Cayman, KY1-1102, Cayman Islands Contact for inquiries: Marc Randall Kroll (Cayman) Limited 4th Floor, Bermuda House Dr. Roy's Drive, Grand Cayman Cayman Islands Telephone: 1(345) 946-0081 Fax: 1(345) 946-0082 SHINSEI FUNDING: Proofs of Claim Filing Deadline Is Dec. 14 ----------------------------------------------------------- Shinsei Funding Cayman 1's creditors are given until Dec. 14, 2007, to prove their claims to Martin Couch 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. Shinsei 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: Martin Couch Emile Small Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands SHINSEI FUNDING CAYMAN: Proofs of Claim Filing Ends on Dec. 14 -------------------------------------------------------------- Shinsei Funding Cayman 2's creditors are given until Dec. 14, 2007, to prove their claims to Martin Couch 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. Shinsei 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: Martin Couch Emile Small Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands SPECIAL SELECT: Proofs of Claim Filing Deadline Is Dec. 14 ---------------------------------------------------------- The Special Select Fund's creditors are given until Dec. 14, 2007, to prove their claims to Carrie Bunton 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. The Special Select'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: Carrie Bunton Emile Small Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands STAR PASSION: Proofs of Claim Filing Deadline Is Dec. 14 -------------------------------------------------------- Star Passion SPC's creditors are given until Dec. 14, 2007, to prove their claims to Jan Neveril 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. Star Passion'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: Jan Neveril Richard Gordon Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands STOCKHORN CDO: Proofs of Claim Filing Is Until Dec. 14 ------------------------------------------------------ Stockhorn CDO, Limited's creditors are given until Dec. 14, 2007, to prove their claims to Andrew Dean 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. Stockhorn CDO'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 Emile Small Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands TIGRE CRE: Proofs of Claim Filing Is Until Dec. 14 -------------------------------------------------- Tigre CRE HG 2007-1. Ltd.'s creditors are given until Dec. 14, 2007, to prove their claims to Martin Couch and Sarah Kennedy, 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. Tigre CRE's shareholders agreed on Oct. 24, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Martin Couch Sarah Kennedy Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands TOPIARY LIMITED: Proofs of Claim Filing Ends on Dec. 14 ------------------------------------------------------- Topiary Limited's creditors are given until Dec. 14, 2007, to prove their claims to Hugh Thompson and Sarah Kennedy, 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