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 Friday, December 7, 2007, Vol. 8, Issue 243 Headlines A R G E N T I N A BANCO PATAGONIA: Banco Itau Denies Takeover Plan on Bank BITTAR HNOS: Proofs of Claim Verification Deadline Is March 3 ARROW ELECTRONICS: SiliconExpert to Manage Components Database BR MALLS: Acquires Ownership Interest in Three Shopping Malls BUNGE LTD: North American Unit Names R. Perry VP & Gen. Manager BUREAU EDITOR: Proofs of Claim Verification Is Until March 6 COBESAL SA: Proofs of Claim Verification Ends on Feb. 26, 2008 CURTIVENCA SA: Proofs of Claim Verification Deadline Is March 6 DANILOR SA: Proofs of Claim Verification Is Until Feb. 29, 2008 FARMACIA MEDRANO: File for Reorganization Petition in Court DYNAMOTIVE ENERGY: Incurs US$3.2 Million Net Loss in Third Qtr. DYNAMOTIVE ENERGY: To Invest US$24 Mln for Biofuel Plant Project GROUP JOI: Proofs of Claim Verification Ends on Feb. 29, 2008 HOTELES LAR: Proofs of Claim Verification Ends on Feb. 7, 2008 INDUSTRIAS METALURGICAS: Gets US$50-Mil. Loan from Andean Dev't SIDECSA SA: Proofs of Claim Verification Deadline Is Feb. 14 URS CORP: Acquisition Cues Moody's To Lower Corp. Rating to Ba2 WR GRACE: Names Fred Festa as Board of Directors Chairman B E R M U D A AOF FUND: Proofs of Claim Filing Deadline Is Dec. 24 AOF FUND: Final Shareholders Meeting Is on Dec. 24 ARROWHEAD LTD: Will Hold Final Shareholders Meeting on Dec. 27 BORG TANKERS: Proofs of Claim Filing Is Until Dec. 27 BORG TANKERS: Will Hold Final Shareholders Meeting on Dec. 27 COMMSCOPE INC: Sees Positive 2007 Fourth Quarter Results CONCORDIA AMERICAS: Proofs of Claim Filing Deadline Is Dec. 15 CONCORDIA AMERICAS: Sets Final Shareholders Meeting for Jan. 7 DELPHI CORP: Gets Committees' Support on Plan Amendments LSF AGGREGATION: Proofs of Claim Filing Deadline Is Dec. 14 LSF AGGREGATION: Will Hold Final Shareholders Meeting on Dec. 31 LSF LUX: Proofs of Claim Filing Ends on Dec. 14 LSF LUX: Will Hold Final Shareholders Meeting on Dec. 31 LSF5 FIXED: Proofs of Claim Filing Is Until Dec. 14 LSF5 FIXED: Holding Final Shareholders Meeting on Dec. 31 MOLINOS HOLDINGS: Proofs of Claim Filing Deadline Is Dec. 14 MOLINOS HOLDINGS: Sets Final Shareholders Meeting for Dec. 31 MUTUAL ARGENTINA: Proofs of Claim Filing Ends on Dec. 14 MUTUAL ARGENTINA: Sets Final Shareholders Meeting for Dec. 31 RENAISSANCE CAPITAL: Fitch Affirms BB- Issuer Default Ratings VGMMF, LTD: Proofs of Claim Filing Deadline Is Dec. 19 VGMMF, LTD: Sets Final Shareholders Meeting for Jan. 10, 2008 B O L I V I A * BOLIVIA: To Sign Dec. 9 Bank of South's Foundation Act B R A Z I L ADVANCED MEDICAL: Messrs. Heinrich & Morfit Joins Board ARROW ELECTRONICS: SiliconExpert to Manage Components Database BANCO NACIONAL: Okays BRL159-Million Funding for Coelba BR MALLS: Acquires Ownership Interest in Three Shopping Malls BRASIL TELECOM: Alcatel-Lucent Installing Network Overlay CA INC: Una O'Neill Promoted to Executive Vice President COSAN SA: Shareholders Approve BRL1.74-Bil. Capital Raise FORD MOTOR: November 2007 Truck Sales in Canada Up 3 Percent GERDAU SA: Invests Over US$400 Mil. on Heavy Plate Rolling Plant GREIF INC: Reports Net Income of US$190.2 Mln in 2007 Fiscal Yr. NET SERVICOS: Eyes Subscriber Growth in Broadband-Voice Segment VERIFONE INC: Moody's Reviews Sr. Debt Ratings for Downgrade C A Y M A N I S L A N D S DR GIGATREND: Holding Final Shareholders Meeting on Dec. 14 FRM GARTMORE: Final Shareholders Meeting Is on Dec. 14 IBROX PARK: Sets Final Shareholders Meeting for Dec. 14 KANAZAWA HOLDING: Sets Final Shareholders Meeting for Dec. 14 MUSIC PARTNERS: Will Hold Final Shareholders Meeting on Dec. 14 OGRE FINANCE: Sets Final Shareholders Meeting for Dec. 14 PINNAKELL ASIA: Sets Final Shareholders Meeting for Dec. 14 PINNAKELL ASIA ABSOLUTE: Holds Shareholders Meeting on Dec. 14 PROCYON FUND: Will Hold Final Shareholders Meeting on Dec. 14 RYE SELECT: Sets Final Shareholders Meeting for Dec. 14 C H I L E SHAW GROUP: Unable to Complete Form 10-K Filing with SEC C O L O M B I A GMAC LLC: Fin'l Unit Names Samuel Ramsey as Chief Risk Officer * COLOMBIA: Gets US$300-Mln Loan to Promote Biz Competitiveness C O S T A R I C A * COSTA RICA: Obtains US$381 Million Guaranteed Loan Operation D O M I N I C A N R E P U B L I C ALCATEL-LUCENT: Installing Network Overlay for Brasil Telecom G U A T E M A L A GOODYEAR TIRE: Board Okays Plan to Keep World Base in Akron H A I T I DYNCORP INT'L: Bags Logistics Services Contract from IMG J A M A I C A AIR JAMAICA: Government To Complete Sale in 16 Months M E X I C O ATHLETES WORLD: Forzani Group To Close 37 Stores AXTEL SA: To Use Comision Federal's Fiber Optic Infrastructure BANCO DEL BAJIO: Fitch Affirms Low B Currency Default Ratings CKE RESTAURANTS: Sells Hardee's Restaurants on Refranchise Plan DURA AUTOMOTIVE: Closes North American Unit Sale to Autoline EL POLLO: Moody's Reviews Debt Ratings for Possible Downgrade EMPRESAS ICA: Inks Contract for New Stadium Construction FEDERAL-MOGUL: Court Dismisses 75 Chapter 11 Cases GLOBAL POWER: Wants Removal Period Extended to Effective Date ICONIX BRAND: Moody's Affirms Corporate Family Rating at B1 INTERSTATE HOTELS: Inks US$207.8-Mln Venture with Harte Holdings SR TELECOM: SymmetryMX Receives WiMax Forum Certification US STEEL: Prices US$500 Million of 7% Senior Unsecured Notes N I C A R A G U A * NICARAGUA: Buying Back US$1.3 Billion of Foreign Debts * NICARAGUA: World Bank Supports US$1.3-Million Buy-Back P A N A M A BANCO LATINOAMERICA: Carlos Yap to Resign as Chief Fin'l Officer P U E R T O R I C O DYNCORP INT'L: Bags Logistics Services Contract from IMG DIRECTV GROUP: Extends Agreement with NDS Group NUTRITIONAL SOURCING: Exclusive Plan Filing Date Moved to Mar. 3 UNIVISION COMM: Names Bert Gomez as VP for Government Relations U R U G U A Y * URUGUAY: U.S. Agency Seeking Offers for Feasibility Study V E N E Z U E L A HERCULES OFFSHORE: Bags Contracts for Two Jackup Rigs in India PETROLEOS DE VENEZUELA: Forms Joint Venture with Belarusneft PETROLEOS DE VENEZUELA: Shuts Down Cardon Due to Power Failure * VENEZUELA: To Sign Dec. 9 Bank of South's Foundation Act - - - - - ================= A R G E N T I N A ================= BANCO PATAGONIA: Banco Itau Denies Takeover Plan on Bank -------------------------------------------------------- Argentina's Banco Patagonia won't be taken over by Banco Itau, news daily El Cronista reports, citing Banco Itau Chief Executive Officer Roberto Setubal. Mr. Setubal told El Cronista that Banco Itau will concentrate on organic growth in Brazil. He also denied any plans of buying any other bank in Latin America. Business News Americas relates that Banco Patagonia's share price increased over the last few months due to rumors that it would be receive a tender offer from Banco Itau. As reported in the Troubled Company Reporter-Latin America on Oct. 18, 2007, Banco Patagonia itself denied that it was being considered for a takeover bid by Banco Itau. Banco Itau doesn't have any ongoing talks to buy Banco Patagonia or any other entity in the region, BNamericas states, citing Mr. Setubal. About Banco Itau Banco Itau Holding Financeira SA -- http://www.itau.com.br/-- is a private bank in Brazil. The company has four principal operations: banking -- including retail banking through its wholly owned subsidiary, Banco Itau SA(Itau), corporate banking through its wholly owned subsidiary, Banco Itau BBA SA (Itau BBA) and consumer credit to non-account hold customers through Itaucred -- credit cards, asset management and insurance, private retirement plans and capitalization plans, a type of savings plan. Itau Holding provides a variety of credit and non-credit products and services directed towards individuals, small and middle market companies and large corporations. Banco Patagonia specializes in public offerings of securitizations. It became Argentina's fifth largest locally owned private bank through its purchase of Lloyds TSB Argentina in late 2004. The bank operates through 139 branches and has 202 ATM machines. * * * As reported in the Troubled Company Reporter-Latin America on May 4, 2007, Moody's Investors Service upgraded Banco Patagonia SA's local currency deposit rating is upgraded to Ba1 from Ba3. Moody's confirmed that it raised its bank financial strength rating on Banco Patagonia to D from E+, in connection with the rating agency's implementation of its refined joint default analysis and updated BFSR methodologies for banks in Argentina. Its foreign currency deposit rating was affirmed at Caa1, with positive outlook. The company's long-term Argentine national scale rating for local currency deposits is raised to Aa1.ar from Aa2.ar. and its long term foreign currency deposit rating in national scale was affirmed at Ba1.ar. The foreign currency subordinated debt rating was upgraded to B2 from Caa1. The outlook on the debt rating was positive. The national scale rating for foreign currency subordinated debt was raised to Aa3.ar from Ba1.ar. BITTAR HNOS: Proofs of Claim Verification Deadline Is March 3 ------------------------------------------------------------- Marcela Zamora, the court-appointed trustee for Bittar Hnos. S.H.'s bankruptcy proceeding, verifies creditors' proofs of claim until March 3, 2008. Ms. Zamora will present the validated claims in court as individual reports on April 14, 2008. The National Commercial Court of First Instance in Mendoza will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by Bittar Hnos. 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 Bittar Hnos.'s accounting and banking records will be submitted in court on May 27, 2008. Ms. Zamora is also in charge of administering Bittar Hnos.'s assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Marcela Zamora Rioja 80, Ciudad de Mendoza Mendoza, Argentina ARROW ELECTRONICS: SiliconExpert to Manage Components Database -------------------------------------------------------------- SiliconExpert Technologies will support Arrow Electronics, Inc. in managing its global components database. Under this agreement, Arrow Electronics and SiliconExpert have joined forces to create the next generation of Arrow's component information database, Ubiquidata. As one of the industry's most complete, accurate and up-to-date sources of global component information, Ubiquidata will further extend the company's lead in connecting customers with the right technology and managing the global supply chain. "This will enable Arrow to maximize its customer service leadership position as SiliconExpert is a leading provider of component data management services," said Arrow's Global Components unit president of global alliance and supply chain, Brian McNally. "We are excited to empower the components database of an industry leader such as Arrow. SiliconExpert's comprehensive Parts Database combined with Arrow's global reach will prove to be a beneficial relationship for all stakeholders," said Omar Ahmad, SiliconExpert's chief executive officer and president. About SiliconExpert Technologies SiliconExpert Technologies, Inc., -- http://www.siliconexpert.com-- a Santa Clara, Calif.-based company, is a leading supplier and innovator of best-in-class products and services for enterprise-wide electronic parts management. The company's Parts Database(TM) is one of the most accurate, comprehensive and current in the industry with over 100 million parts. They offer a fully integrated suite of sophisticated component management solutions and services, which addresses the needs of OEMs, suppliers, distributors and EMS providers for efficiency and total quality control. About Arrow Electronics Headquartered in Melville, New York, Arrow Electronics Inc. -- http://www.arrow.com/-- provides products, services and solutions to industrial and commercial users of electronic components and computer products. Arrow serves as a supply channel partner for nearly 600 suppliers and more than 130,000 original equipment manufacturers, contract manufacturers and commercial customers through a global network of over 270 locations in 53 countries and territories. The company operates in France, Spain, Portugal, Denmark, Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden, Italy, Germany, Austria, Switzerland, Belgium, the Netherlands, United Kingdom, Argentina, Brazil, Mexico, Australia, China, Hong Kong, Korea, Philippines and Singapore. * * * Arrow Electronics senior subordinated stock continues to carry Moody's Investors Service's Ba1 rating. The company's senior preferred stock is rated at Ba2. BR MALLS: Acquires Ownership Interest in Three Shopping Malls ------------------------------------------------------------- BR Malls Participacoes S.A., has acquired through one of its controlled subsidiaries, 100% of the capital stock owned by SPE Classic, which holds: i) 1.1% of ownership interest in Shopping Center Iguatemi Belem ii) 3.0% of ownership interest in Shopping Metro Tatuape iii) 5.0% of ownership interest in Shopping Center Sao Luis Shopping Center Iguatemi Belem is located in the city of Belem, state of Para, possesses 18,365 square meters of Gross Leasable Area, 209 stores and 1,000 parking spaces. Following the aforementioned acquisition, BR Malls holds 13.3% of the area of the mall. Shopping Metro Tatuape is located in the city and state of Sao Paulo and connected to the subway station Tatuape. The mall has 33,409 square meters of Gross Leasable Area and is visited by an average of approximately 1.5 million customers per month. Shopping Center Sao Luis is located in the city of Sao Luis, state of Maranhao. The mall has 34,000 square meters of Gross Leasable Area and 115 stores. Following this acquisition, BR Malls now holds interests in 30 shopping malls, effectively expanding its total Gross Leasable Area from 826.9 thousand square meters to 894.3 thousand square meters and its owned area from 369.7 thousand square meters to 372.6 thousand square meters. About BR Malls BR Malls Participacoes SA (Bovespa: BRML3) is an integrated Shopping Mall company in Brazil. The company has stakes in 11 Shopping Centers, 10 of them in operation and one under construction, totalizing 505,000 square meters of Gross Commercial Area and 396,900 square meters of Gross Leaseable Area and approximate 2.2 thousand stores. The company provides management, consulting and leasing services for 37 Shopping Centers, Commercial and Business Centers, totalizing 981,000 square meters of Gross Commercial Area, with approximate 4,100 stores. The company's portfolio of shopping centers has been strategically diversified in its geographic positioning and in its penetration of income segments. The company's principal subsidiaries consist of ECISA Engenharia and ECISA Participacoes, Egec, Dacom, Sisa, Egec Par and GS, Nattca, SPE Indianapolis, Deico and other companies. * * * As reported in the Troubled Company Reporter-Latin America on July 24, 2007, Standard & Poor's Ratings Services assigned its 'BB-' long-term corporate credit rating to BR Malls Participacoes S.A. S&P said the outlook is stable. The company's total debt amounted to US$91 million in March 2007. BUNGE LTD: North American Unit Names R. Perry VP & Gen. Manager --------------------------------------------------------------- Bunge North America, the North American operating arm of Bunge Limited, has promoted Rodney Perry to vice president and general manager of Bunge Oils and Todd Bastean to vice president and general manager of Bunge Milling. As general manager of Bunge Oils, Mr. Perry will be responsible for leading the Oils team working to manage Bunge's assets and organization to provide customers with innovative, functional and competitive products. Mr. Perry has been with the company since 2000 when he joined Bunge Milling as sales manager. Most recently, he served as vice president and general manager of Bunge Milling. Mr. Bastean has been with the company since 1992 and as general manager of Bunge Milling he will oversee all sales, operations and commercial activities. Currently the vice president and general manager of Bunge Biofuels, Mr. Bastean has served in a number of roles including chief administration officer for Bunge Milling. "I have worked with Todd and Rodney for a number of years and am confident in their abilities to help these business units continue to grow," said Bunge North America executive vice president, Fred Luckey. "Both understand the food ingredient industry and the need to balance efficient production while providing quality customer service." About Bunge North America Bunge North America (http://www.bungenorthamerica.com),the North American operating arm of Bunge Limited (NYSE: BG), is a vertically integrated food and feed ingredient company, supplying raw and processed agricultural commodities and specialized food ingredients to a wide range of customers in the livestock, poultry, food processor, foodservice and bakery industries. With headquarters in St. Louis, Missouri, Bunge North America and its subsidiaries operate grain elevators, oilseed processing plants, edible oil refineries and packaging facilities, and corn dry mills in the U.S., Canada and Mexico. About Bunge Limited Headquartered in White Plains, New York, Bunge Ltd. (NYSE: BG) is a global agribusiness company with operations primarily in commodity grain processing and fertilizer production. It has operations in Argentina. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 8, 2007, Standard & Poor's Ratings Services has assigned its 'BB' rating to Bunge Ltd.'s US$750 million of 5.125% cumulative mandatory convertible preference shares. At the same time, S&P affirmed its 'BBB-' long-term corporate credit and other ratings on Bunge. The outlook is stable. Pro forma for the new issue, about US$4.2 billion of debt and preference shares of the company are rated. Proceeds from this issue will be used to repay debt and for general corporate purposes. BUREAU EDITOR: Proofs of Claim Verification Is Until March 6 ------------------------------------------------------------ Alberto Ladaga, the court-appointed trustee for Bureau Editor S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until March 6, 2008. Mr. Ladaga will present the validated claims in court as individual reports on April 22, 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 Bureau Editor 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 Bureau Editor's accounting and banking records will be submitted in court on June 23, 2008. Mr. Ladaga is also in charge of administering Bureau Editor's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Bureau Editor S.A. Ruiz Huidobro 3737 Buenos Aires, Argentina The trustee can be reached at: Alberto Ladaga Vidt 2039 Buenos Aires, Argentina COBESAL SA: Proofs of Claim Verification Ends on Feb. 26, 2008 -------------------------------------------------------------- Rosa Santos, the court-appointed trustee for Cobesal SA's bankruptcy proceeding, verifies creditors' proofs of claim until Feb. 26, 2008. Ms. Santos 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 Cobesal 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 Cobesal's accounting and banking records will be submitted in court on May 5, 2008. Ms. Santos is also in charge of administering Cobesal's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Cobesal SA Viamonte 1620 Buenos Aires, Argentina CURTIVENCA SA: Proofs of Claim Verification Deadline Is March 6 --------------------------------------------------------------- Sandra Claudia D Ambrosio, the court-appointed trustee for Curtivenca S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until March 6, 2008. Ms. Ambrosio will present the validated claims in court as individual reports. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by Curtivenca 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 Curtivenca's accounting and banking records will be submitted in court. Infobae didn't state the reports submission deadlines. Ms. Ambrosio is also in charge of administering Curtivenca's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Sandra Claudia D Ambrosio Sarmiento 1574 Buenos Aires, Argentina DANILOR SA: Proofs of Claim Verification Is Until Feb. 29, 2008 --------------------------------------------------------------- Maria Cenatiempo, the court-appointed trustee for Danilor S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until Feb. 29, 2008. Ms. Cenatiempo will present the validated claims in court as individual reports on April 17, 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 Danilor 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 Danilor's accounting and banking records will be submitted in court on May 30, 2008. Ms. Cenatiempo is also in charge of administering Danilor's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Maria Cenatiempo Avenida de Mayo 1365 Buenos Aires, Argentina FARMACIA MEDRANO: File for Reorganization Petition in Court ----------------------------------------------------------- Farmacia Medrano 533 S.C.S. has requested for reorganization approval after failing to pay its liabilities. The reorganization petition, once approved by the court, will allow Farmacia Medrano 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: Farmacia Medrano 533 S.C.S. Medrano 533 Buenos Aires, Argentina DYNAMOTIVE ENERGY: Incurs US$3.2 Million Net Loss in Third Qtr. --------------------------------------------------------------- Dynamotive Energy Systems Corporation has posted a net loss of US$3.2 million for the third quarter ended Sept. 30, 2007, compared with a net loss of US$3.1 million for the same period in 2006. Excluding stock-based compensation, the net loss for the third quarter ended Sept. 30, 2007, was US$2.1 million, compared with a net loss of US$2.4 million for the same quarter in 2006. Total non-cash expenses for the third quarter were US$1.1 million in 2007 (US$0.7 million in 2006). Dynamotive President and Chief Executive Officer, Andrew Kingston said: "During the third quarter, the company continued start-up operations of its new 200 tpd plant in Guelph Ontario and the upgrading of its first commercial BioOil plant in West Lorne, Ontario. The Company also continued project development activities through its Canadian, US and Latin American subsidiaries and supporting activities by agents and partners in Europe, Far East and Australia. Further activities included continued research in the upgrading of BioOil and market testing for our fuel." "The Company's commercial activities were adversely affected during the quarter due to delays in the start-up of the Guelph plant resulting from the need for completion of non-core systems and civil works, as well as delays in the supply of equipment which were beyond management control. Notwithstanding this, the Guelph plant operated at capacity (within the operating restrictions established by permitting authorities) and an important number of demonstrations to potential customer were conducted in the period. The plant is now in operation and related business activities are accelerating as the plant demonstrates its viability." Other recent Dynamotive highlights: -- Signed letter of agreement with Mitsubishi Corporation identifying how the two companies can proceed on mutual development strategies. -- Completed construction of 200 tonne-per-day biofuels plant in Guelph, Ontario, start-up commenced. -- Upgrade work on West Lorne biofuels plant nearing completion. -- Development of six plants in Argentina announced and began moving forward. -- Reached agreement with Ontario Power Authority to supply renewable power from West Lorne biofuel plant. -- Announced development and launch of high energy content biofuel, BioOil Plus(TM). -- Initiated tests in Iowa to use char (biochar) for soil enrichment and crop productivity enhancement, as well as carbon sequestration. -- Appointed Wayne Keast of the Consensus Business Group to Dynamotive's Board of Directors. In early October, shortly after the quarter end, Dynamotive's balance sheet was strengthened with the completion of a US$10.5 million private placement financing. The company continues to hold minimal long-term debt. About Dynamotive Energy Dynamotive Energy Systems Corporation (OTC BB: DYMTF.OB) -- http://www.dynamotive.com/-- is an energy solutions provider headquartered in Vancouver, Canada, with offices in the USA, UK and Argentina. Its carbon/greenhouse gas neutral fast pyrolysis technology uses medium temperatures and oxygen-less conditions to turn dry waste biomass and energy crops into BioOil(TM) for power and heat generation. BioOil(TM) can be further converted into vehicle fuels and chemicals. Going Concern Doubt BDO Dunwoody LLP, in Vancouver, Canada, conducted its audit of Dynamotive Energy Systems Corp.'s consolidated financial statements for the years ended Dec. 31, 2006, and 2005, in accordance with Canadian reporting standards, which do not permit a reference to conditions and events casting substantial doubt about the company's ability to continue as a going concern when these are adequately disclosed in the financial statements. Dynamotive Energy incurred a loss of US$14.3 million for the year ended Dec. 31, 2006. The company's ability to continue as a going concern is dependent on achieving profitable operations, commercializing its BioOil production technology and obtaining the necessary financing in order to develop this technology. DYNAMOTIVE ENERGY: To Invest US$24 Mln for Biofuel Plant Project ---------------------------------------------------------------- Dynamotive Energy Systems Corporation and its subsidiary, Dynamotive USA, Inc., is planning to invest US$24 million to build the first fully commercial industrial biofuel plant in the U.S. The facility will be located on a site in Willow Springs, approximately 180 miles southwest of St. Louis. The site secured was chosen for its ready access to rail transport, proximity to biomass and the potential to host up to four additional facilities. The modular, second-generation biomass-to-biofuel plant is designed to use Dynamotive's proprietary "fast pyrolysis" process to convert 200 tons per day of wood by-products and residues from nearby sawmills into 34,000 gallons per day of BioOil(R). Commercial terms have been agreed and signed with local feedstock providers to supply the plant. Development and construction of the plant will be implemented by Dynamotive's U.S. management, supported by Dynamotive's engineering team and its partners. Opportunities exist for a significant expansion of Dynamotive's operations, with more than 1.1 million dry long tons of biomass per year in Missouri alone. As a result, other, similar projects in the state are currently under review. The BioOil produced at the Willow Springs complex is expected to be sold to commercial and industrial users in the region through a major local distributor of renewable fuels. An initial burn of BioOil from Dynamotive's commercial plant at Guelph, Ontario, is being scheduled at a major industrial facility with this distributor. The initial burn would be preparatory to its adoption of BioOil as a primary fuel, and the opening of the Midwest market for the product. It is expected that up to 5,000 tons of BioOil will be made available to Midwest consumers over the next year from Dynamotive's and Evolution Biofuels' plant while the Willow Springs facility is under construction. The fuel provided is expected to be priced competitively to #2 heating oil, a light industrial fuel. Lt. Col. (Ret.) William C. Holmberg, Chairman of the Washington- based Biomass Coordinating Council and a pioneer of the renewable fuels industry, hailed the plant announcement as "an important step towards releasing America from the bonds of foreign oil, and achieving a sustainable energy future." Mr. Holmberg pointed out that "the commercialization of BioOil adds another element to our arsenal of renewable fuels that can help address a previously neglected segment of our oil use: industrial boiler fuels. As such it complements, rather than competes with, fuel ethanol and biodiesel." Dynamotive's President and Chief Executive Officer Andrew Kingston noted: "This first U.S. project will demonstrate the viability of our technology in the U.S. market and the enormous potential of BioOil to help America make the transition to clean, renewable fuels that do not depend on food crops for their production. We are pleased to announce this project and would like to take this opportunity to thank all stakeholders involved for their magnificent support this year. Missouri has provided a unique platform to showcase our technology and its capabilities. We are committed to this project and look forward to developing further plants in the near future." All of the above transactions currently remain subject to negotiation and execution of definitive agreements and to securing sufficient project capital. Accordingly, there can be no certainty in respect of the Company's ultimate participation rights in the project, nor of actual completion of them at this time. About BioOil(R) BioOil(R) is an industrial fuel produced from cellulose waste material. When combusted it produces substantially less smog- precursor nitrogen oxides emissions than conventional oil as well as little or no sulfur oxide gases, which are a prime cause of acid rain. BioOil(R) and BioOil Plus(TM) are price- competitive replacements for heating oils #2 and #6 that are widely used in industrial boilers and furnaces. They have been awarded the coveted EcoLogo in Canada, meaning that they are certified, as meeting the stringent environmental criteria for industrial fuels as measured by Environment Canada's Environmental Choice Program. BioOil(R) can be produced from a variety of residue cellulosic biomass resources and is not dependent on food-crop production. About Dynamotive Energy Dynamotive Energy Systems Corporation (OTC BB: DYMTF.OB) -- http://www.dynamotive.com/-- is an energy solutions provider headquartered in Vancouver, Canada, with offices in the USA, UK and Argentina. Its carbon/greenhouse gas neutral fast pyrolysis technology uses medium temperatures and oxygen-less conditions to turn dry waste biomass and energy crops into BioOil(TM) for power and heat generation. BioOil(TM) can be further converted into vehicle fuels and chemicals. Going Concern Doubt BDO Dunwoody LLP, in Vancouver, Canada, conducted its audit of Dynamotive Energy Systems Corp.'s consolidated financial statements for the years ended Dec. 31, 2006, and 2005, in accordance with Canadian reporting standards, which do not permit a reference to conditions and events casting substantial doubt about the company's ability to continue as a going concern when these are adequately disclosed in the financial statements. Dynamotive Energy incurred a loss of US$14.3 million for the year ended Dec. 31, 2006. The company's ability to continue as a going concern is dependent on achieving profitable operations, commercializing its BioOil production technology and obtaining the necessary financing in order to develop this technology. GROUP JOI: Proofs of Claim Verification Ends on Feb. 29, 2008 ------------------------------------------------------------- Ruben Angel Scaletta, the court-appointed trustee for Group Joi S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until Feb. 29, 2008. Mr. Scaletta will present the validated claims in court as individual reports on April 15, 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 Group Joi 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 Group Joi's accounting and banking records will be submitted in court on May 29, 2008. Mr. Scaletta is also in charge of administering Group Joi's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Group Joi S.A. Tomas Manuel de Anchorena 345/7 Buenos Aires, Argentina The trustee can be reached at: Ruben Angel Scaletta Piedras 1077 Buenos Aires, Argentina HOTELES LAR: Proofs of Claim Verification Ends on Feb. 7, 2008 -------------------------------------------------------------- Walter Calleja, the court-appointed trustee for Hoteles Lar S.A.I.C.F. e I.'s bankruptcy proceeding, verifies creditors' proofs of claim until Feb. 7, 2008. Mr. Calleja will present the validated claims in court as individual reports on March 20, 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 Hoteles Lar 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 Hoteles Lar's accounting and banking records will be submitted in court on May 5, 2008. Mr. Calleja is also in charge of administering Hoteles Lar's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Walter Calleja Lambare 1140 Buenos Aires, Argentina INDUSTRIAS METALURGICAS: Gets US$50-Mil. Loan from Andean Dev't --------------------------------------------------------------- A spokesperson from Industrias Metalurgicas Pescarmona S.A.I.C. y F told Business News Americas that it has secured a US$50-million loan from the Andean Development Corporation to help it develop renewable projects. BNamericas relates that Industrias Metalurgicas will use the loan for the development of a wind turbine factory being built in Pernambuco, Brazil. The spokesperson explained to BNamericas that the factory will be able to produce 200 wind turbines yearly. The turbines will be able to generate 1.8 megawatts. According to BNamericas, Industrias Metalurgicas' Latin Americas "project backlog" in Latin America totals US$1.7 billion. Industrias Metalurgicas said in a statement that the new emphasis on controlling carbon emissions and high oil and gas prices indicates an opportunity for the firm. Industrias Metalurgicas is developing wind power generation parks of 320 megawatts in Brazil, BNamericas states. Industrias Metalurgicas Pescarmona SA aka IMPSA -- http://www.impsa.com.ar/-- is one of the largest worldwide providers of integrated energy solutions for hydropower and wind energy projects through the production of capital goods and by investing in power generation projects. The company has offices in Malaysia, China, and Argentina. As reported in the Troubled Company Reporter-Latin America on Oct. 24, 2007, Standard & Poor's Ratings Services affirmed its 'B' long-term corporate credit rating on Industrias Metalurgicas Pescarmona S.A.I.C. y F, aka IMPSA. Standard & Poor's said that the outlook remains stable. Oct. 16, 2007, Fitch Ratings assigned a 'B' rating to Industrias Metalurgicas Pescarmona S.A.I.C. Y F proposed US$250 million amortizing notes due in 2014. These notes were assigned a Recovery Rating of 'RR4', which is consistent with an anticipated recovery of 30%-50% in the event of a default. Fitch maintains a foreign and local currency Issuer Default Rating of 'B'. Fitch said the rating outlook is stable. SIDECSA SA: Proofs of Claim Verification Deadline Is Feb. 14 ------------------------------------------------------------ Sergio Leonardo Novick, the court-appointed trustee for Sidecsa S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until Feb. 14, 2008. Mr. Novick will present the validated claims in court as individual reports. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by Sidecsa 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 Sidecsa's accounting and banking records will be submitted in court on May 5, 2008. Mr. Novick is also in charge of administering Sidecsa's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Sergio Leonardo Novick Libertad 359 Buenos Aires, Argentina URS CORP: Acquisition Cues Moody's To Lower Corp. Rating to Ba2 --------------------------------------------------------------- Moody's Investors Service has downgraded the Corporate Family Rating of URS Corporation to Ba2 from Ba1 following the company's acquisition of Washington Group International, Inc. The ratings outlook is stable. This rating action concludes the review for possible downgrade initiated on May 30, 2007 following the announcement of URS Corp.'s definitive agreement for the acquisition of Washington Group in a cash and stock transaction valued at approximately US$2.6 billion. Moody's took these rating actions: -- Corporate Family Rating to Ba2 from Ba1 -- Probability of Default Rating to Ba2 from Ba1 These ratings, which were prospectively assigned to debt issued at URS Corp. are now made definitive: -- US$700 million senior secured first lien revolver due 2012, to Ba1 (LGD 3, 34%) from (P) Ba1 (LGD 3, 34%) -- US$1,100 million senior secured first lien term loan A due 2012, to Ba1 (LGD 3, 34%) from (P) Ba1 (LGD 3, 34%) -- US$300 million senior secured first lien term loan B due 2013, to Ba1 (LGD 3, 34%) from (P) Ba1 (LGD 3, 34%) -- The Speculative Grade Liquidity Rating to SGL-2 from SGL-1 These ratings are withdrawn: -- US$300 million senior secured revolver due 2010, Baa3 (LGD 2, 20%) (facility cancelled); -- US$350 million senior secured term loan B due 2011, Baa3 (LGD 2, 20%) (facility repaid); The rating outlook is stable. The downgrade of the Corporate Family Rating to Ba2 following the completion of the transaction reflects the weakened credit metrics, change in operating profile, and integration risk associated with the acquisition of Washington Group International. The credit metrics will be weak for the rating category and the rating contemplates significant debt reduction, synergy savings and substantial realization of the contract backlog over the intermediate term as well as an absence of unexpected costs relating to integration. Strengths in URS Corp.'s pro-forma competitive profile include annual revenues of approximately US$8.4 billion, increasing breadth of services offered and exposure to Washington Group's fast-growing global markets. The acquisition will also add additional diversity to the company's end markets and increase the company's industry- leading global scale and nuclear power capability. Based in Boise, Idaho, Washington Group International, Inc. provides design, engineering, construction, facilities and operations management, environmental remediation, and mining services to public and private sector clients in the United States and internationally. It operates through six segments: Power, Infrastructure, Mining, Industrial/Process, Defense, and Energy & Environment. Revenues for the twelve months ended Sept. 30, 2007 were approximately US$3.7 billion. Following the acquisition, Washington Group became a division of URS Corp. (Washington Division). Headquartered in San Francisco, California, URS Corporation (NYSE:URS) -- http://www.urscorp.com/-- offers a comprehensive range of professional planning and design, systems engineering and technical assistance, program and construction management, and operations and maintenance services for transportation, facilities, environmental, water/wastewater, industrial infrastructure and process, homeland security, installations and logistics, and defense systems. The company operates in more than 20 countries with approximately 29,500 employees providing engineering and technical services to federal, state and local governmental agencies as well as private clients in the chemical, pharmaceutical, oil and gas, power, manufacturing, mining and forest products industries. The company also has offices in Argentina, Australia, Belgium, China, France, Germany, and Mexico, among others. WR GRACE: Names Fred Festa as Board of Directors Chairman --------------------------------------------------------- W.R. Grace & Co. has appointed Chief Executive Officer Fred Festa as its Board of Directors chairman effective Jan. 1, 2008. He succeeds Paul Norris, who has served as non- executive Chairman since May 31, 2005. Mr. Festa joined Grace as President and COO in November 2003 and was appointed Chief Executive Officer in May 2005, succeeding Mr. Norris in that role. He will continue in his roles as President and CEO. "Our business has excelled under Fred's leadership," Mr. Norris said. "We are more global, more innovative and more productive today than we have been at any time in the last 10 years. Our revenues are strong and we enjoy the continued support of our customers around the world." "Over the last several years, we have followed a plan to build our company through new products and new markets that offer us maximum growth opportunities while also paying close attention to our productivity initiatives to keep our costs low," Mr. Festa said. "We have done well by this strategy and we will continue to pursue it." Mr. Norris joined Grace as President and CEO in November 1998 and was appointed Chairman in January 1999. He continues to remain on Grace's Board as a non-executive member. About W.R. Grace Headquartered in Columbia, Maryland, W.R. Grace & Co. (NYSE:GRA) -- http://www.grace.com/-- supplies catalysts and silica products, especially construction chemicals and building materials, and container products globally, including Argentina, Australia and Ireland. The Company and its debtor-affiliates filed for chapter 11 protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139). David M. Bernick, Esq., at Kirkland & Ellis, LLP, and Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones, LLP, represent the Debtors in their restructuring efforts. The Debtors hired Blackstone Group, L.P., for financial advice. PricewaterhouseCoopers LLP is the Debtors' accountant. Stroock & Stroock & Lavan, LLP, and Duane Morris, LLP, represent the Official Committee of Unsecured Creditors. The Creditors Committee tapped Capstone Corporate Recovery LLC for financial advice. David T. Austern, the legal representative of future asbestos personal injury claimants, is represented by Orrick Herrington & Sutcliffe LLP and Phillips Goldman & Spence, Pennsylvania. Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, and Marla R. Eskin, Esq., at Campbell & Levine, LLC, represent the Official Committee of Asbestos Personal Injury Claimants. The Asbestos Committee of Property Damage Claimants tapped Martin W. Dies, III, Esq., at Dies & Hile L.L.P., and C. Alan Runyan, Esq., at Speights & Runyan,to represent it. Lexecon, LLC, provided asbestos claims consulting services to the Official Committee of Equity Security Holders. The Debtors' filed their Chapter 11 Plan and Disclosure Statement on Nov. 13, 2004. On Jan. 13, 2005, they filed an Amended Plan and Disclosure Statement. The hearing to consider the adequacy of the Debtors' Disclosure Statement began on Jan. 21, 2005. The Debtors' exclusive period to file a chapter 11 plan expired on July 23, 2007. Estimation of W.R. Grace's asbestos personal injury liabilities will commence on Jan. 14, 2008. ============= B E R M U D A ============= AOF FUND: Proofs of Claim Filing Deadline Is Dec. 24 ---------------------------------------------------- AOF Fund Management, Ltd.'s creditors are given until Dec. 24, 2007, to prove their claims to Robin J. Mayor, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. AOF Fund'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: Robin J. Mayor Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, HM DX, Bermuda AOF FUND: Final Shareholders Meeting Is on Dec. 24 -------------------------------------------------- AOF Fund Management, Ltd., will hold its final shareholders meeting on Dec. 24, 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. ARROWHEAD LTD: Will Hold Final Shareholders Meeting on Dec. 27 -------------------------------------------------------------- Arrowhead Ltd. 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. BORG TANKERS: Proofs of Claim Filing Is Until Dec. 27 ----------------------------------------------------- Borg Tankers I Limited's creditors are given until Dec. 27, 2007, to prove their claims to Robin J. Mayor, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Borg Tankers' shareholders agreed on Nov. 20, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Robin J. Mayor Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, HM DX, Bermuda BORG TANKERS: Will Hold Final Shareholders Meeting on Dec. 27 ------------------------------------------------------------- Borg Tankers I 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. COMMSCOPE INC: Sees Positive 2007 Fourth Quarter Results -------------------------------------------------------- CommScope Inc. raised its fourth quarter 2007 financial guidance. CommScope chairman and chief executive officer, Frank Drendel, will review the company's growth opportunities, the increased fourth quarter 2007 financial guidance and the pending Andrew Corporation acquisition when he meets with investors at Lehman Brothers' 2007 Global Technology Conference at the Fairmont Hotel in San Francisco, California on Dec. 5, 2007. Due to positive trends in sales, orders and operations, CommScope management expects fourth quarter revenue to be in the US$435 - US$445 million range, and operating income to increase by 30% to 45% year over year, based on the expected operating margin of 11.5% to 12.5%, excluding special items. The company's previous fourth quarter 2007 guidance was sales of US$420 - US$440 million and operating margin of 11% to 12%, excluding special items. Based in Hickory, North Carolina, CommScope Inc. (NYSE: CTV) -- http://www.commscope.com/-- is into infrastructure solutions for communication networks. CommScope's structured cabling systems for business enterprise applications includes SYSTIMAX(R) Solutions(TM) and Uniprise(R) Solutions brands. It is also the manufacturer of coaxial cable for Hybrid Fiber Coaxial applications. CommScope has facilities in Brazil, Australia, China and Ireland. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 19, 2007, Standard & Poor's Ratings Services affirmed its ratings on CommScope Inc. and Andrew Corp. and removed them from CreditWatch, where they were placed on June 27, 2007, with negative implications. S&P also affirmed the 'BB-' corporate credit and 'B' subordinated debt ratings for both companies. The ratings on Andrew will be withdrawn after its acquisition and debt refinancing. S&P said the outlook is stable. CONCORDIA AMERICAS: Proofs of Claim Filing Deadline Is Dec. 15 -------------------------------------------------------------- Concordia Americas Offshore Management, Ltd.'s creditors are given until Dec. 15, 2007, to prove their claims to Glen Griffin, 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. Concordia Americas' shareholders agreed on Nov. 19, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Glen Griffin 12 Bermudiana Road 3rd Fl., Hamilton HM 11 Bermuda CONCORDIA AMERICAS: Sets Final Shareholders Meeting for Jan. 7 -------------------------------------------------------------- Concordia Americas Offshore Management, Ltd., will hold its final shareholders meeting on Jan. 7, 2008, at 10:00 a.m. at: Mello Jones & Martin Thistle House, 4 Burnaby 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. Concordia Americas' shareholders agreed on Nov. 19, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Glen Griffin 12 Bermudiana Road 3rd Fl., Hamilton HM 11 Bermuda DELPHI CORP: Gets Committees' Support on Plan Amendments -------------------------------------------------------- Delphi Corp. said it has reached agreements in principle with its Official Committee of Unsecured Creditors, its Official Committee of Equity Security Holders, General Motors Corp. and its Plan Investors on amendments to its Joint Plan of Reorganization, Global Settlement Agreement and Master Restructuring Agreement between Delphi and GM, and the Investment Agreement with Delphi's Plan Investors led by an affiliate of Appaloosa Management L.P. Delphi filed potential amendments to all four documents on Monday evening in the United States Bankruptcy Court for the Southern District of New York as revisions to the company's Disclosure Statement and appendices to the company's Disclosure Statement. Delphi expects to make further amended filings prior to the resumption on Dec. 6, 2007 of the Disclosure Statement hearing commenced in Oct. 2007. These filings will include further changes required to reflect the agreements in principle with Delphi's key stakeholders and executed signature pages with respect to the Company's agreements with GM and the Plan Investors. These agreements currently remain subject to proposed amendments announced on Nov. 14, which are also subject to Bankruptcy Court approval. The potential amendments primarily reflect changes required by Delphi's Statutory Committees to obtain their support of Delphi's Plan and related Disclosure Statement. In the event these amendments do not become effective, the original underlying agreements as approved by the Bankruptcy Court on Aug. 2 remain in effect. The company continues to pursue emergence from Chapter 11 during the first quarter of 2008. The potential amendments to the Disclosure Statement and certain Appendices (which include amendments to the POR, the GM Global Settlement Agreement, the GM Master Restructuring Agreement and the Investment Agreement) will be available on http://www.delphidocket.com/ 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 will expire 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. 100; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) LSF AGGREGATION: Proofs of Claim Filing Deadline Is Dec. 14 ----------------------------------------------------------- LSF Aggregation Holdings, Ltd.'s creditors are given until Dec. 14, 2007, to prove their claims to Robin J. Mayor, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. LSF Aggregation's shareholder decided on Nov. 29, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Robin J. Mayor Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, HM DX, Bermuda LSF AGGREGATION: Will Hold Final Shareholders Meeting on Dec. 31 ---------------------------------------------------------------- LSF Aggregation Holdings, Ltd., will hold its final shareholders meeting on Dec. 31, 2007, at 9:30 a.m. at: Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. LSF LUX: Proofs of Claim Filing Ends on Dec. 14 ----------------------------------------------- LSF Lux Holdings VIII, Ltd.'s creditors are given until Dec. 14, 2007, to prove their claims to Robin J. Mayor, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. LSF Lux's shareholder decided on Nov. 29, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Robin J. Mayor Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, HM DX, Bermuda LSF LUX: Will Hold Final Shareholders Meeting on Dec. 31 -------------------------------------------------------- LSF Lux Holdings VIII Ltd., will hold its final shareholders meeting on Dec. 31, 2007, at 9:30 a.m. at: Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. LSF Lux's shareholder decided on Nov. 29, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. LSF5 FIXED: Proofs of Claim Filing Is Until Dec. 14 --------------------------------------------------- LSF5 Fixed Income, Ltd.'s creditors are given until Dec. 14, 2007, to prove their claims to Robin J. Mayor, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. LSF5 Fixed's shareholder decided on Nov. 29, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Robin J. Mayor Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, HM DX, Bermuda LSF5 FIXED: Holding Final Shareholders Meeting on Dec. 31 --------------------------------------------------------- LSF5 Fixed Income, Ltd., will hold its final shareholders meeting on Dec. 31, 2007, at 9:30 a.m. at: Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. MOLINOS HOLDINGS: Proofs of Claim Filing Deadline Is Dec. 14 ------------------------------------------------------------ Molinos Holdings Limited's creditors are given until Dec. 14, 2007, to prove their claims to Robin J. Mayor, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Molinos Holdings' shareholder decided on Nov. 29, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Robin J. Mayor Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, HM DX, Bermuda MOLINOS HOLDINGS: Sets Final Shareholders Meeting for Dec. 31 ------------------------------------------------------------- Molinos Holdings Limited will hold its final shareholders meeting on Dec. 31, 2007, at 9:30 a.m. at: Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. MUTUAL ARGENTINA: Proofs of Claim Filing Ends on Dec. 14 -------------------------------------------------------- Mutual Argentina Holdings Limited's creditors are given until Dec. 14, 2007, to prove their claims to Robin J. Mayor, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Mutual Argentina's shareholder decided on Nov. 29, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Robin J. Mayor Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, HM DX, Bermuda MUTUAL ARGENTINA: Sets Final Shareholders Meeting for Dec. 31 ------------------------------------------------------------- Mutual Argentina Holdings Limited will hold its final shareholders meeting on Dec. 31, 2007, at 9:30 a.m. at: Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. RENAISSANCE CAPITAL: Fitch Affirms BB- Issuer Default Ratings ------------------------------------------------------------- Fitch Ratings has affirmed Renaissance Capital Holdings Limited's ratings at Long-term Issuer Default and senior unsecured debt 'BB-', Short-term IDR 'B', Individual 'C/D' and Support '5'. The Support Rating Floor is affirmed at 'No Floor'. The Outlook for the Long-term IDR is Stable. The ratings of its subsidiary, Renaissance UK Holdings Limited, are affirmed at Long-term IDR 'BB-' with Stable Outlook, Short-term IDR 'B' and Support '3'. Fitch has withdrawn Renaissance UK's Individual rating of 'C/D'. The ratings of Renaissance Capital reflect its strong investment banking franchise in Russia, strong, although concentrated, performance, moderate leverage and good risk management. They also take into account the company's reliance on the high-risk profile markets, mainly Russia, which could make for volatile revenues and earnings over the long term, as well as a complex group structure. The ratings are presently modestly constrained by Renaissance Capital's affiliation with lower rated consumer finance bank CB Renaissance Capital (IDR 'B-') and the Renaissance Partners merchant banking/private equity business. The ratings of Renaissance UK reflect Fitch's view that Renaissance Capital would have a strong propensity to support Renaissance UK if needed, and the high level of integration between the two. Modest upward pressure on Renaissance's IDR, and on Renaissance UK's IDR via support, could come from the ongoing restructuring intended to improve transparency and simplify the structure of the wider group, lower risks at CB Renaissance Capital and/or from Renaissance Capital's further successful business diversification into regions other than Russia. Evidence of undue pressure on Renaissance Capital's cashflow or financial profile from having to support growth in other parts of the Renaissance group outside Renaissance Capital (ie CB Renaissance Capital or Renaissance Partners) could negatively affect its rating. The same is true of a material shift in risk appetite or a material and sustained downturn in investor sentiment towards Russia, which may impact Renaissance Capital's earnings generation capacity, staff loyalty etc. Renaissance Capital Holdings Ltd. is the investment banking and asset management segment of Renaissance group, which also includes consumer finance and merchant banking. Renaissance Capital Holdings is the ultimate holding company of Renaissance Capital, a leading Russian equity and fixed-income brokerage and advisory house, which provides services to international and domestic investors. Renaissance Capital Holdings reported total consolidated assets of US$3.4 billion and total equity of US$510 million under International Financial Reporting Standards as of June 30, 2006. The Renaissance Capital group was founded in 1995 and is now a leading Russian and Ukrainian investment bank with the holding company (Renaissance Capital) located in Bermuda. Renaissance UK was created in 2000 in the UK for the group's trading operations with non-CIS clients. VGMMF, LTD: Proofs of Claim Filing Deadline Is Dec. 19 ------------------------------------------------------ VGMMF, Ltd.'s creditors are given until Dec. 19, 2007, to prove their claims to Jennifer Y. Fraser, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. VGMMF's shareholders decided on Nov. 29, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Jennifer Y. Fraser Canon's Court, 22 Victoria Street Hamilton, Bermuda VGMMF, LTD: Sets Final Shareholders Meeting for Jan. 10, 2008 ------------------------------------------------------------- VGMMF, LTD., will hold its final shareholders meeting on Jan. 10, 2008, at 10:00 a.m. at: Canon's Court, 22 Victoria Street Hamilton, Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. ============= B O L I V I A ============= * BOLIVIA: To Sign Dec. 9 Bank of South's Foundation Act -------------------------------------------------------- The Venezuelan government, along with the presidents of Argentina, Brazil, Bolivia, Uruguay, Paraguay, an Ecuador, will ink Sunday the agreement formally creating the Bank of the South, Prensa Latina reports. The bank, advocated by Venezuelan President Hugo Chavez, will be established to rival the services offered by the International Monetary Fund and the World Bank, on much lower rates and better financing conditions. The bank will be capitalized using the participating countries' foreign reserves, a system that would give the member nations more leeway with their investments. * * * As reported in the Troubled Company Reporter-Latin America on Nov 6, 2007, Standard & Poor's Ratings Services revised its outlook on the Republic of Bolivia to stable from negative. S&P also said that it affirmed its 'B-' long-term and 'C' short-term credit ratings on the sovereign. =========== B R A Z I L =========== ADVANCED MEDICAL: Messrs. Heinrich & Morfit Joins Board ------------------------------------------------------- Advanced Medical Optics Inc. has elected Daniel J. Heinrich and G. Mason Morfit to its board of directors, increasing the company's board to 10 members. Since 2003, Mr. Heinrich has been senior vice president and chief financial officer of The Clorox Company, the global consumer packaged goods company with approximately US$4.8 billion in annual sales and more than 7,800 employees worldwide. Mr. Morfit is a partner at San Francisco-based ValueAct Capital Partners, a private investment partnership with more than US$6 billion in assets under management on behalf of some of the world's most respected institutional and high-net worth investors. ValueAct Capital is AMO's largest stockholder. "Dan and Mason each bring distinct experiences that will broaden and enrich our board," said Jim Mazzo, chairman and chief executive officer. "Dan's extensive financial expertise and understanding of the global consumer market will be immensely valuable as we execute our complete refractive solution strategy. Mason brings the perspective of a major stockholder with demonstrated governance and capital markets expertise. We are pleased to welcome both gentlemen as new directors and look forward to their contributions." In his current position, Mr. Heinrich serves as a key member of Clorox's executive committee, working closely with that company's board and its committees in establishing financial strategies and targets, reviewing financial and operating performance, ensuring appropriate corporate governance, working closely with the investment community and ensuring strong financial discipline and internal controls. From 2001 to 2003, he served as controller and chief accounting officer for Clorox. His prior experience includes senior-level financial positions with Transamerica Corp., Ford Motor Company's Financial Services Group and Ernst & Young. A certified public accountant, Mr. Heinrich holds an MBA from St. Mary's College and a bachelor's degree from the University of California, Berkeley. Mr. Heinrich's term on AMO's board will expire at the 2010 Annual Stockholders Meeting. He will serve on the AMO board's audit and finance committee. Mr. Morfit currently serves on the boards of directors of MSD Performance, Inc. and Valeant Pharmaceuticals International, Inc., and he is a former director of Solexa, Inc. A chartered financial analyst, he holds a bachelor's degree from Princeton University. Mr. Morfit's term on AMO's board will expire at the 2009 Annual Stockholders Meeting and he will serve on the board's science and technology committee. Headquartered in Santa Ana, California, Advanced Medical Optics -- http://www.amo-inc.com/-- develops, manufactures and markets ophthalmic surgical and contact lens care products. Sales for the twelve months ended June 24, 2005 were approximately US$921 million. The company has operations in Germany, Japan, Ireland, Puerto Rico and Brazil. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 12, 2007, Moody's Investors Service downgraded Advanced Medical Optics, Inc.'s Corporate Family Rating and Probability of Default Rating to B2 from B1. The rating outlook was revised to stable. These rating actions conclude the review process for possible downgrade, which began on May 29, 2007. ARROW ELECTRONICS: SiliconExpert to Manage Components Database -------------------------------------------------------------- SiliconExpert Technologies will support Arrow Electronics, Inc in managing its global components database. Under this agreement, Arrow Electronics and SiliconExpert have joined forces to create the next generation of Arrow's component information database, Ubiquidata. As one of the industry's most complete, accurate and up-to-date sources of global component information, Ubiquidata will further extend the company's lead in connecting customers with the right technology and managing the global supply chain. "This will enable Arrow to maximize its customer service leadership position as SiliconExpert is a leading provider of component data management services," said Arrow's Global Components unit president of global alliance and supply chain, Brian McNally. "We are excited to empower the components database of an industry leader such as Arrow. SiliconExpert's comprehensive Parts Database combined with Arrow's global reach will prove to be a beneficial relationship for all stakeholders," said Omar Ahmad, SiliconExpert's chief executive officer and president. About SiliconExpert Technologies SiliconExpert Technologies, Inc., -- http://www.siliconexpert.com-- a Santa Clara, Calif.-based company, is a leading supplier and innovator of best-in-class products and services for enterprise-wide electronic parts management. The company's Parts Database(TM) is one of the most accurate, comprehensive and current in the industry with over 100 million parts. They offer a fully integrated suite of sophisticated component management solutions and services which addresses the needs of OEMs, suppliers, distributors and EMS providers for efficiency and total quality control. About Arrow Electronics Headquartered in Melville, New York, Arrow Electronics Inc. -- http://www.arrow.com/-- provides products, services and solutions to industrial and commercial users of electronic components and computer products. Arrow serves as a supply channel partner for nearly 600 suppliers and more than 130,000 original equipment manufacturers, contract manufacturers and commercial customers through a global network of over 270 locations in 53 countries and territories. The company operates in France, Spain, Portugal, Denmark, Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden, Italy, Germany, Austria, Switzerland, Belgium, the Netherlands, United Kingdom, Argentina, Brazil, Mexico, Australia, China, Hong Kong, Korea, Philippines and Singapore. * * * Arrow Electronics senior subordinated stock continues to carry Moody's Investors Service's Ba1 rating. The company's senior preferred stock is rated at Ba2. BANCO NACIONAL: Okays BRL159-Million Funding for Coelba ------------------------------------------------------- Banco Nacional de Desenvolvimento Economico e Social SA said in a statement that it has ratified BRL159 million in funding for power distributor Companhia Electricidade Estado da Bahia aka Coelba in Bahia. Banco Nacional told Business News Americas that Coelba will use the money to finance its investment program aimed at adding some 165,680 new customers to Coelba. The program includes expansions and distribution system upgrades. The loan will also be used for the reduction of power theft, BNamericas says, citing Banco Nacional. The loan for Coelba is 60% of the money for its investment plan. The firm will invest 40% from its own funds, BNamericas states. About Coelba Companhia Electricidade Estado da Bahia (Coelba) is engaged in the operation, generation, transmission, sale and distribution of electric energy and other related activities in the state of Bahia, in the north of Brazil. The company's main consumers are residential, followed by commercial, industrial, rural and other. Coelba operates 267 substations and has constructed 22 substations in 2006. The company is controlled by Neoenergia. About Banco Nacional 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. BR MALLS: Acquires Ownership Interest in Three Shopping Malls ------------------------------------------------------------- BR Malls Participacoes S.A., has acquired through one of its controlled subsidiaries, 100% of the capital stock owned by SPE Classic, which holds: i) 1.1% of ownership interest in Shopping Center Iguatemi Belem ii) 3.0% of ownership interest in Shopping Metro Tatuape iii) 5.0% of ownership interest in Shopping Center Sao Luis Shopping Center Iguatemi Belem is located in the city of Belem, state of Para, possesses 18,365 square meters of Gross Leasable Area, 209 stores and 1,000 parking spaces. Following the aforementioned acquisition, BR Malls holds 13.3% of the area of the mall. Shopping Metro Tatuape is located in the city and state of Sao Paulo and connected to the subway station Tatuape. The mall has 33,409 square meters of Gross Leasable Area and is visited by an average of approximately 1.5 million customers per month. Shopping Center Sao Luis is located in the city of Sao Luis, state of Maranhao. The mall has 34,000 square meters of Gross Leasable Area and 115 stores. Following this acquisition, BR Malls now holds interests in 30 shopping malls, effectively expanding its total Gross Leasable Area from 826.9 thousand square meters to 894.3 thousand square meters and its owned area from 369.7 thousand square meters to 372.6 thousand square meters. About BR Malls BR Malls Participacoes SA (Bovespa: BRML3) is an integrated Shopping Mall company in Brazil. The company has stakes in 11 Shopping Centers, 10 of them in operation and one under construction, totalizing 505,000 square meters of Gross Commercial Area and 396,900 square meters of Gross Leaseable Area and approximate 2.2 thousand stores. The company provides management, consulting and leasing services for 37 Shopping Centers, Commercial and Business Centers, totalizing 981,000 square meters of Gross Commercial Area, with approximate 4,100 stores. The company's portfolio of shopping centers has been strategically diversified in its geographic positioning and in its penetration of income segments. The company's principal subsidiaries consist of ECISA Engenharia and ECISA Participacoes, Egec, Dacom, Sisa, Egec Par and GS, Nattca, SPE Indianapolis, Deico and other companies. * * * As reported in the Troubled Company Reporter-Latin America on July 24, 2007, Standard & Poor's Ratings Services assigned its 'BB-' long-term corporate credit rating to BR Malls Participacoes S.A. S&P said the outlook is stable. The company's total debt amounted to US$91 million in March 2007. BRASIL TELECOM: Alcatel-Lucent Installing Network Overlay --------------------------------------------------------- Brasil Telecom has awarded Alcatel-Lucent a contract to deploy an Internet Protocol/Multi Protocol Label Switching network overlay to support fixed and mobile broadband services, Alcatel- Lucent said in a statement. Business News Americas relates that Brasil Telecom and Alcatel- Lucent think this will be "Brazil's first nationwide, converged network." Alcatel-Lucent posted on its Web site that Brasil Telecom expects the Internet Protocol/Multi Protocol Label Switching software to boost operational simplicity and flexibility. It will also bring down costs and increase revenues by allowing Brasil Telecom to offer value added services like business virtual private networks. It will be a foundation for triple play services. The platform will cover the main cities across 14 states in Brazil. BNamericas notes that the software includes: -- 7750 Service Router, -- 7450 Ethernet Service Switch, and -- 5620 Service Aware Manager. The software will help Brasil Telecom meet Service Level Agreements for business critical services, BNamericas states. About Alcatel-Lucent Headquartered in Paris, France, Alcatel-Lucent (Euronext Paris and NYSE: ALU) -- http://www.alcatel-lucent.com/-- provides solutions that enable service providers, enterprises and governments worldwide to deliver voice, data and video communication services to end users. Alcatel-Lucent maintains operations in 130 countries, including, Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada, United States, Costa Rica, Dominican Republic, El Salvador, Guatemala, Peru, Venezuela, Indonesia, China, Australia, Brunei and Cambodia. On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed their merger transaction, and began operations as a communication solutions provider under the name Alcatel-Lucent on Dec. 1, 2006. About Brasil Telecom Headquartered in Brasilia, Brazil, Brasil Telecom Participacoes SA -- http://www.brasiltelecom.com.br-- is a holding company that conducts substantially all of its operations through its wholly owned subsidiary, Brasil Telecom SA. The fixed-line telecommunications services offered to the company's customers include local services, including all calls that originate and terminate within a single local area in the region, as well as installation, monthly subscription, measured services, public telephones and supplemental local services; intra-regional long- distance services, which include intrastate and interstate calls; interregional and international long-distance services; network services, including interconnection and leasing; data transmission services; wireless services, and other services. * * * To date, Brasil Telecom carries Moody's Investors Service's Ba1 senior unsecured and credit default swap ratings. CA INC: Una O'Neill Promoted to Executive Vice President -------------------------------------------------------- CA Inc. has promoted Una O'Neill to executive vice president and general manager of CA Services and to CA's Executive Leadership Team. She will continue to report to Michael Christenson, CA's chief operating officer. Ms. O'Neill, who joined CA more than 13 years ago, has headed CA Services for the past five years. The organization provides professional services for CA products and solutions including solution approach and design, initial installation and upgrade and optimization of existing implementations. CA Services also provide education and training programs associated with CA products and solutions. "This promotion recognizes two important facts," Mr. Christenson said. "The first is Una's outstanding performance during her tenure as head of CA Services. She has been instrumental in developing and growing our in-house services and education capabilities and, at the same time, developing the programs and training required by our partners who also install and maintain CA software implementations. "The second recognizes the increasingly important role CA Services plays in growing our business," Mr. Christenson said. "CA Services is a key enabler in every stage of the software solution implementation lifecycle and in helping customers achieve the full value and benefit of CA's management software products and solutions." Ms. O'Neill joined CA in 1994 and, prior to leading CA Services, managed pre-sales consulting within Europe, the Middle East and Africa. She previously worked with PricewaterhouseCoopers and received a bachelor's degree in engineering and mathematics from Trinity College in Dublin, Ireland. About CA Inc. Headquartered in Islandia, New York, CA Inc. (NYSE:CA) -- http://www.ca.com/-- is an information technology management software company that unifies and simplifies the management ofenterprise-wide IT. Founded in 1976, CA serves customers in more than 140 countries. The company has operations in Brazil, Indonesia, Luxembourg, Philippines and Thailand. * * * As reported in the Troubled Company Reporter-Latin America on June 7, 2007, Standard & Poor's Rating Services affirmed its 'BB' corporate credit and senior unsecured debt ratings on Islandia, New York-based CA Inc. S&P revised the outlook to stable from negative. As reported in the Troubled Company Reporter-Latin America on May 31, 2007, Fitch has affirmed these ratings for CA, Inc.: -- Issuer Default Rating at 'BB+'; -- Senior unsecured revolving credit facility expiring 2008 at 'BB+'; -- Senior unsecured debt at 'BB+'. COSAN SA: Shareholders Approve BRL1.74-Bil. Capital Raise --------------------------------------------------------- In a meeting Dec. 5, Cosan S.A.'s shareholders agreed to increase capital to BRL2.94 billion from BRL1.2 billion, the company disclosed in a regulatory filing. The new shares will be sold to Cosan Ltd., its Bermuda-based parent, and to current shareholders within 30 days. Rubens Ometto's hold the company will be increased, eroding minority shareholders' stakes, Bloomberg News relates, citing analyst Marc McCarthy at Bear Stearns & Co. The same report suggests that this lead to Cosan's delisting from the market. Mr. Ometto has an indirect majority control on Cosan SA through Cosan Ltd. His current holding is at 51%, which Bloomberg believes would rise to 66% after the issuance of new shares. Separately Dow Jones Newswires thinks that the move is aimed at making Brazil's largest sugar and ethanol company become a global player and to avoid hostile takeovers. As previously reported, the capital raise will entail the issuance of 82.7 million common shares at BRL21 each. Cosan's total capital will become BRL2.92 billion. Headquartered in Sao Paulo, Brazil, Cosan S.A. Industria e Comercio, is the third largest sugar producer in the world. In 2004/2005 it crushed more than 26 million tons of sugar cane in fourteen mills located in the Central South region of Brazil, with sugar sales of 2.3 million tons and ethanol sales of 825 million liters. * * * As of February 2007, Cosan carries Moody's Ba2 global local currency and foreign currency ratings and Standard and Poor's BB corporate credit rating. FORD MOTOR: November 2007 Truck Sales in Canada Up 3 Percent ------------------------------------------------------------ November proved to be another winning month for Ford Motor Company of Canada, Limited, where truck sales increased 3%. Not to be outdone, Ford cars also saw a rise in sales in November -- namely the newly redesigned Ford Focus and Ford Taurus. "Our showrooms are bustling with pre-holiday traffic," Bill Osborne, president and CEO, Ford Motor Company of Canada, Limited said. "The 'Get in and Drive' year-end clearance has given Canadians even more reason to take a second look at the great products Ford has to offer. From the bold new look of the 2008 Ford Focus, to the enduring Ford Ranger and the reliable Ford F-Series work-horse, Ford of Canada provides vehicles to suit any need." Last month, Ford of Canada's overall sales decreased 8.3% to 15,971 units. Total truck sales were up 2.7% at 12,039 units and total car sales of 3,932 units mark a 30.9% decline compared to last November. This shift in car sales volume is partially due to a planned reduction in fleet sales. About Ford Motor Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) -- http://www.ford.com/-- manufactures or distributes automobiles in 200 markets across six continents. With about 260,000 employees and about 100 plants worldwide, the company's core and affiliated automotive brands include Ford, Jaguar, Land Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company provides financial services through Ford Motor Credit Company. The company has operations in Japan in the Asia Pacific region. In Europe, the company maintains a presence in Sweden, and the United Kingdom. The company also distributes its brands in various Latin American regions, including Argentina and Brazil. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 19, 2007, Moody's Investors Service affirmed the long-term ratings of Ford Motor Company (B3 Corporate Family Rating, Ba3 senior secured, Caa1 senior unsecured, and B3 probability of default), but changed the rating outlook to Stable from Negative and raised the company's Speculative Grade Liquidity rating to SGL-1 from SGL-3. Moody's also affirmed Ford Motor Credit Company's B1 senior unsecured rating, and changed the outlook to Stable from Negative. These rating actions follow Ford's announcement of the details of the newly ratified four-year labor agreement with the UAW. GERDAU SA: Invests Over US$400 Mil. on Heavy Plate Rolling Plant ---------------------------------------------------------------- Gerdau told Business News Americas that it will invest over US$400 million for the installation of an 870,000-ton-per-year heavy plate rolling plant at one of its Brazilian operations. The plant would start operating in 2010, BNamericas says, citing Gerdau. Gerdau said in a statement that feasibility studies on the site of the plant are near conclusion. The plates will be sold in and outside Brazil. Headquartered in Porto Alegre, Brazil, Gerdau SA -- http://www.gerdau.com.br/-- produces and distributes crude steel and related long rolled products, drawn products, and long specialty products. In addition to Brazil, Gerdau operates in Argentina, Canada, Chile, Colombia, Uruguay and the United States. As reported in the Troubled Company Reporter-Latin America on Nov. 26, 2007, Moody's Investors Service affirmed Gerdau S.A.'s Ba1 corporate family rating and stable outlook, following the announcement of an agreement to acquire the specialty steel operations of Quanex Corporation, mainly represented by its MacSteel division for some US$1.46 billion in cash. All other ratings related to the company were affirmed. Ratings affirmed are: Issuer: Gerdau S.A. -- Ba1 Global Local Currency Corporate Family Rating -- US$600 million Senior Unsecured Guaranteed Perpetual Notes: Ba1 Foreign Currency Rating Issuer: Gerdau Brazil (fictitious entity representing the Brazilian operations of Gerdau S.A. comprising Gerdau Acominas S.A., Gerdau Acos Longos S.A., Gerdau Acos Especiais S.A., and Gerdau Comercial de Acos S.A.). -- Ba1 Global Local Currency Corporate Family Rating Issuer: Gerdau Ameristeel Corporation -- Ba1 Probability of Default Rating -- Ba1 Corporate Family Rating -- US$405 million Senior Unsecured Regular Bond: Ba1, LGD4 59% Issuer: Jacksonville Economic Development Comm. -- US$23 million Senior Unsecured Revenue Bonds guaranteed by Gerdau Ameristeel: Ba1, LGD4 59% Outlook for all ratings: stable GREIF INC: Reports Net Income of US$190.2 Mln in 2007 Fiscal Yr. ---------------------------------------------------------------- Greif, Inc., has announced results for its fiscal year, which ended on Oct. 31, 2007. Chairperson and chief executive officer, Michael J. Gasser, said, "We are pleased with our record results for fiscal 2007, which included solid organic sales growth and earnings improvement that benefited from geographic and product diversity, in the midst of a challenging business environment. We exited the year with positive momentum in our businesses. Our strong performance reflects disciplined execution of our growth strategy and realization of anticipated synergies. We remain committed to sustaining our performance improvement and achieving our fiscal 2009 financial goals." Special Items and GAAP to Non-GAAP Reconciliation Special items are: (i) for fiscal 2007, restructuring charges of US$21.2 million (US$15.9 million net of tax), debt extinguishment charge of US$23.5 million (US$17.5 million net of tax) and timberland disposals, net of a negative US$0.6 million (negative US$0.5 million net of tax); (ii) for fiscal 2006, restructuring charges of US$33.2 million (US$23.4 million net of tax) and timberland disposals, net of US$41.3 million (US$26.0 million net of tax); (iii) for the fourth quarter of 2007, restructuring charges of US$9.1 million (US$6.9 million net of tax) and timberland disposals, net of a negative US$0.4 million (negative US$0.3 million net of tax); and (iv) for the fourth quarter of 2006, restructuring charges of US$10.4 million (US$7.3 million net of tax) and timberland disposals, net of US$0.1 million (US$0.1 million net of tax). A reconciliation of the differences between all non-GAAP financial measures used in this release with the most directly comparable GAAP financial measures is included in the financial schedules that are a part of this release. Consolidated Results Net Sales Net sales increased 26% to US$3.3 billion in fiscal 2007 compared to US$2.6 billion in fiscal 2006. Of this increase, 14% is due to the acquisitions of Blagden Packaging Group's steel drum manufacturing and closures businesses in the first quarter of 2007 and Delta Petroleum Company, Inc.'s blending and filling businesses in the fourth quarter of 2006, and 4% is from foreign currency translation. The US$693.8 million increase is primarily due to higher sales of Industrial Packaging & Services (US$665.5 million) products, which benefited principally from stronger sales volumes compared to fiscal 2006, and improving fundamentals in Paper, Packaging & Services (US$28.6 million). For the fourth quarter of 2007, net sales increased 20%, which included 10% from the acquisitions of Blagden and Delta and 4% from foreign currency translation, to US$882.3 million from US$735.6 million in the fourth quarter of 2006. Gross Profit Gross profit increased 26% to US$605.4 million in fiscal 2007 compared to US$479.2 million for fiscal 2006. The higher gross profit was attributable to positive contributions from organic growth and acquisitions coupled with the Greif Business System. The gross profit margin was 18.2% of net sales in fiscal 2007 and 2006. Lower labor, transportation and other manufacturing costs as a percentage of net sales resulting from the Greif Business System offset the change in sales mix and increases in raw material costs. For the fourth quarter of 2007, gross profit was US$170.5 million, or 19.3% of net sales, versus US$143.3 million, or 19.5% of net sales, in the fourth quarter of 2006. The 20 basis point decline was due to sales mix and increases in raw material costs, partially offset by benefits from the Greif Business System. Selling, General & Administrative Expenses SG&A expenses, expressed as a percentage of net sales, declined to 9.4% in fiscal 2007 from 9.9% in fiscal 2006. SG&A expenses were US$313.4 million and US$259.1 million for fiscal 2007 and 2006, respectively. The year-over-year dollar increase in SG&A expenses is primarily due to the Blagden and Delta acquisitions and performance-based incentive accruals, which were partially offset by tight controls over SG&A expenses and the positive impact from acquisition integration activities. Fourth quarter of 2007 SG&A expenses were US$83.8 million, or 9.5% of net sales, versus US$66.9 million, or 9.1% of net sales, in the fourth quarter of 2006. The same items from the full- year comparison impacted the quarterly SG&A expenses. Operating Profit Operating profit before special items, expressed as a percentage of net sales, increased to 9.4% for fiscal 2007 from 9.1% the prior year. Operating profit before special items was US$311.5 million for fiscal 2007 compared to US$238.1 million for fiscal 2006. The US$73.4 million increase compared to the prior year was principally due to higher operating profit in all three of the company's business segments, which include Industrial Packaging & Services (US$62.0 million), Paper Packaging & Services (US$7.7 million) and Timber (US$3.7 million). GAAP operating profit was US$289.6 million in fiscal 2007 compared to US$246.2 million in fiscal 2006. For the fourth quarter of 2007 operating profit before special items was US$96.6 million, or 11.0% of net sales, compared to US$78.4 million, or 10.7% of net sales before special items for the same quarter of 2006. This increase was attributable to Industrial Packaging & Services (US$20.4 million). GAAP operating profit was US$87.2 million and US$68.2 million in the fourth quarter of 2007 and 2006, respectively. Net Income and Diluted Earnings Per Share Net income before special items rose 36% to US$190.2 million for fiscal 2007 compared to US$139.6 million in fiscal 2006. Diluted earnings per share before special items were US$3.22 compared to US$2.37 per Class A share and US$4.91 compared to US$3.63 per Class B share for fiscal 2007 and 2006, respectively. The company had GAAP net income of US$156.4 million, or US$2.65 per diluted Class A share and US$4.04 per diluted Class B share, in fiscal 2007 compared to GAAP net income of US$142.1 million, or US$2.42 per diluted Class A share and US$3.69 per diluted Class B share, in fiscal 2006. For the fourth quarter of 2007, net income before special items increased to US$62.2 million compared to US$49.0 million for the same period of 2006. Diluted earnings per share before special items were US$1.05 versus US$0.83 per Class A share and US$1.60 versus US$1.27 per Class B share in the fourth quarter of 2007 and 2006, respectively. For the fourth quarter of 2007, the company reported GAAP net income of US$55.0 million, or US$0.93 per diluted Class A share and US$1.42 per diluted Class B share, versus US$41.7 million, or US$0.71 per diluted Class A share and US$1.08 per diluted Class B share, for the same quarter of 2006. Business Group Results Industrial Packaging & Services The Industrial Packaging & Services segment offers a comprehensive line of industrial packaging products and services, such as steel, fibre and plastic drums, intermediate bulk containers, closure systems for industrial packaging products, polycarbonate water bottles and blending, filling and packaging services. The key factors influencing profitability in the Industrial Packaging & Services segment are: -- Selling prices and sales volumes; -- Raw material costs, primarily steel, resin and containerboard; -- Energy and transportation costs; -- Benefits from executing the Greif Business System; -- Contributions from recent acquisitions; and -- Impact of foreign currency translation. &nbs