T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Tuesday, December 11, 2007, Vol. 8, Issue 245 Headlines A R G E N T I N A ADISA SA: Proofs of Claim Verification Deadline Is Feb. 15, 2008 ALITALIA SPA: Won't Cancel Flights on Dec. 14 Despite Strike ASOCIACION ARGENTINA: Claims Verification Is Until Feb. 27, 2008 COBESAL SA: Proofs of Claim Verification Deadline Is Feb. 26 COOPERATIVA DE TRABAJOS: Claims Verification Deadline Is Feb. 25 COSTANERA GESTION: Proofs of Claim Verification Ends on Feb. 27 COSTANZA Y PORTAS: Creditors To Vote Dec. 13 on Settlement Plan CUEROMAX SA: Proofs of Claim Verification Deadline Is March 14 DANA CORP: Announces Selection List for Board of Directors DANA CORP: Personal Injury Committee Objects to Plan DEL PLATA: Reorganization Proceeding Concluded FERIAS DEL PILAR: Proofs of Claim Verification Ends Feb. 14 HELVENS SA: Files for Reorganization in Buenos Aires Court INTERBAND SA: Proofs of Claim Verification Deadline Is March 3 ROBERTO DEMINGE: Proofs of Claim Verification Is Until March 3 SOISA SA: Proofs of Claim Verification Deadline Is Feb. 13, 2008 TELECOM ARGENTINA: Launching Videocall Service in Argentina * ARGENTINA: Will Develop Uruguay's Liquefied NatGas Plant B E R M U D A AMSTELVEEN FSC: Holding Final Shareholders Meeting Tomorrow CONCOMBER LTD: Final Shareholders Meeting Is Today NIGHT WATCH: Holding Final Shareholders Meeting Tomorrow REFCO INC: Ingram Micro Faces Trustee's Suit in Illinois Court REFCO INC: Mayer Brown Wants US$245-Million Lawsuit Dismissed TREMONT LIFE: Will Hold Final Shareholders Meeting Tomorrow TREMONT SERVICES: Final Shareholders Meeting Is Tomorrow ZEN LIMITED: Holding Final Shareholders Meeting Tomorrow B O L I V I A COEUR D'ALENE: Okays US$1.1-Bln Merger with Bolnisi & Palmarejo B R A Z I L AES CORP: Unit Selling Up To BRL200MM Non-Convertible Debentures BROWN SHOE: Pays US$0.07 Per Share Quarterly Dividend on Jan. 2 CHRYSLER LLC: November Certified Pre-Owned Vehicle Sales Down 2% COMMSCOPE INC: Reaches Agreement with DOJ to Complete Andrew Buy FIAT SPA: Commits EUR70 Mil. for Pomigliano Plant Integration FORD MOTOR: American Jaguar Dealers Prefer Sale to U.S. Bidder FORD MOTOR: U.K. Marques' Final Bidders are Tata, Mahindra & OEP MAGNA INT'L: Unit Makes Mini Sports Activity Vehicle for BMW SANYO ELECTRIC: To Open Lab Aimed at Reducing Solar Power Cost TAM SA: Reports International Market Share of 73.2% in November TIMKEN CO: Enters Into Joint Venture with Xiangtan Electric UNITED AIRLINES: Board OKs US$250 Mil. Shareholders Distribution UNITED AIRLINES: Fitch Says Cash Payment Won't Affect Ratings * BRAZIL: Petrobras Ink Ethanol Export Deal with Samsung C A Y M A N I S L A N D S BATTERY PARK: Sets Final Shareholders Meeting for Dec. 14 BATTERY PARK EMERGING: Final Shareholders Meeting Is on Dec. 14 BFC BANK: Will Hold Final Shareholders Meeting on Dec. 14 FIRST DORMY: Final Shareholders Meeting Is on Dec. 14 MORNINGSIDE PARK: Sets Final Shareholders Meeting for Dec. 14 PARMALAT SPA: NJ Court Denies Citibank's Motion for Leave RGC INT'L: Will Hold Final Shareholders Meeting on Dec. 14 SAPPHIRE SEGREGATED: Final Shareholders Meeting Is on Dec. 14 SCHINDLER FINANCE: Holding Final Shareholders Meeting on Dec. 14 SEAGATE TECHNOLOGY: Signs Agreement to Acquire MetaLINCS WEST GATE: Will Hold Final Shareholders Meeting on Dec. 14 YAMA HOLDINGS: Sets Final Shareholders Meeting for Dec. 14 C H I L E CONSTELLATION BRANDS: Launches Exchange Offer for US$700MM Notes SCOTIABANK SUD: Moody's Withdraws Assigned Ratings C O L O M B I A BANCOLOMBIA: Sells Mortgage Loans to Titularizadora for COP176MM ECOPETROL: Plant Contracts Chicago Bridge for Expansion Project INTERCONEXION ELECTRICA: Receives Offers for 178 Million Shares C O S T A R I C A BANCO DE COSTA RICA: Launching New System to Combat Thefts BANCO DE COSTA RICA: Fitch Affirms Low B Issuer Default Ratings D O M I N I C A N R E P U B L I C ALCATEL-LUCENT: Signs EUR90 Mil. Turnkey Deal w/ Tele Greenland E C U A D O R * ECUADOR: Deciding on America Movil Operation on Jan. 4, 2008 * ECUADOR: Gets US$15.3-Mil. Loan to Develop Irrigation Systems G U A T E M A L A BRITISH AIRWAYS: Nears Profit Target, To Pay First Dividend GOODYEAR TIRE: Concludes Exchange Offer for Convertible Notes J A M A I C A SUGAR CO: Minister Working with Investors To Reduce Cane Fires M E X I C O BEARINGPOINT INC: Moody's Confirms B2 Corporate Family Rating BEARINGPOINT INC: Sept. 30 Balance Sheet Upside-Down by US$362MM MOVIE GALLERY: Committee Wants to Hire CRG as Financial Advisor KRISPY KREME: Posts US$798,000 Net Loss in Quarter Ended Oct. 28 MOVIE GALLERY: Panel Hires Imperial Capital as Financial Advisor REMY WORLDWIDE: Wants Court to Close 27 Bankruptcy Cases TREOFAN GERMANY: Sales Up 5.4% in 2007 Third Quarter TREOFAN GERMANY: Moody's Cuts Corporate Family Rating to Caa2 U.S. STEEL: S&P Assigns BB+ Rating on US$400MM Sr. Unsec. Notes P A N A M A CHIQUITA BRANDS: Reaches Settlement with Panamanian Farmers P E R U * PERU: Miners Warn of Strike Over Pay & Benefits P U E R T O R I C O HORIZON LINES: Hosts Army National Guard Exercise in Puerto Rico MOTHERS WORK: November Net Sales Up 2.3% to US$46.5 Million PULTE HOMES: Pays US$0.04 Per Share Quarterly Dividend on Jan. 3 SALLY HOLDINGS: Moody's Drops Rating on US$430MM Sr. Notes to B3 U R U G U A Y * URUGUAY: Argentina To Develop Nation's Liquefied NatGas Plant V E N E Z U E L A BANCO DEL CARIBE: Fitch Lowers Issuer Default Ratings to B CHRYSLER LLC: S&P Retains 'B' Rating on US$2-Billion Loan PETROLEOS DE VENEZUELA: Belarus Neft To Operate 3 More Blocks SANLUIS CORP: Rep Uno Extends Expiration Date on Tender Offer * Large Companies with Insolvent Balance Sheets - - - - - ================= A R G E N T I N A ================= ADISA SA: Proofs of Claim Verification Deadline Is Feb. 15, 2008 ---------------------------------------------------------------- Ana Maria Varela, the court-appointed trustee for Adisa S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until Feb. 15, 2008. Ms. Varela will present the validated claims in court as individual reports on April 3, 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 Adisa 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 Adisa's accounting and banking records will be submitted in court on May 16, 2008. Ms. Varela is also in charge of administering Adisa's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Ana Maria Varela Talcahuano 768 Buenos Aires, Argentina ALITALIA SPA: Won't Cancel Flights on Dec. 14 Despite Strike ------------------------------------------------------------ Alitalia S.p.A. says the Fta Cisal Assovolo union organization, which called for the flight attendants' strike for Dec. 14, does not have the requisites for official recognition by the Company, and has never taken part in any negotiations. It should also be pointed out that only a small number of Alitalia flight attendants are Fta Cisal members. For this reason, Alitalia is not planning to cancel any flights on Dec. 14 due to the strike called by the Fta Cisal Assovolo union. About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/-- provides air travel services for passengers and air transport of cargo on national, international and inter-continental routes. The Italian government owns 49.9% of Alitalia. The company has operations in Argentina. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia posted EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked annual net losses of EUR520 million in 2003, EUR813 million in 2004, EUR168 million in 2005, and EUR625.6 million in 2006. Italian Transport Minister Alessandro Bianchi has warned that Alitalia may file for bankruptcy if the current attempt to sell the government's 49.9% stake fails. ASOCIACION ARGENTINA: Claims Verification Is Until Feb. 27, 2008 ---------------------------------------------------------------- Liliana Cecilia Bozzano, the court-appointed trustee for Asociacion Argentina de Trabajadores Autonomos' bankruptcy proceeding, verifies creditors' proofs of claim until Feb. 27, 2008. Ms. Bozzano will present the validated claims in court as individual reports on April 14, 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 Asociacion Argentina 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 Asociacion Argentina's accounting and banking records will be submitted in court on May 27, 2008. Ms. Bozzano is also in charge of administering Asociacion Argentina's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Liliana Cecilia Bozzano Viamonte 1446 Buenos Aires, Argentina COBESAL SA: Proofs of Claim Verification Deadline Is Feb. 26 ------------------------------------------------------------ Rosa Isabel Santos, the court-appointed trustee for Cobesal S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until Feb. 26, 2008. Ms. Santos will present the validated claims in court as individual reports on April 8, 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 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 20, 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: Rosa Isabel Santos Darwin 599 Buenos Aires, Argentina COOPERATIVA DE TRABAJOS: Claims Verification Deadline Is Feb. 25 ---------------------------------------------------------------- Gabriel Ail, the court-appointed trustee for Cooperativa de Trabajos Lacteos Monte Casino Ltda.'s bankruptcy proceeding, verifies creditors' proofs of claim until Feb. 25, 2008. Mr. Ail will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 20 in Buenos Aires, with the assistance of Clerk No. 39, 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 Cooperativa de Trabajos 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 Cooperativa de Trabajos' accounting and banking records will be submitted in court. La Nacion didn't state the reports submission deadlines. Mr. Ail is also in charge of administering Cooperativa de Trabajos' assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Cooperativa de Trabajos Lacteos Monte Casino Ltda. Alcaraz 4316 Buenos Aires, Argentina The trustee can be reached at: Gabriel Ail Cordoba 1352 Buenos Aires, Argentina COSTANERA GESTION: Proofs of Claim Verification Ends on Feb. 27 --------------------------------------------------------------- Ricardo Adrogue, the court-appointed trustee for Costanera Gestion S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until Feb. 27, 2008. Mr. Adrogue will present the validated claims in court as individual reports on April 9, 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 Costanera Gestion and its creditors. Inadmissible claims may be subject for appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of Costanera Gestion's accounting and banking records will be submitted in court on May 21, 2008. Mr. Adrogue is also in charge of administering Costanera Gestion's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Ricardo Adrogue Bouchard 468 Buenos Aires, Argentina COSTANZA Y PORTAS: Creditors To Vote Dec. 13 on Settlement Plan --------------------------------------------------------------- Costanza y Portas S.R.L.'s creditors will vote on a settlement plan that the company will lay on the table on Dec. 13, 2007. The court-appointed trustee for Costanza y Portas' reorganization proceeding verified creditors' proofs of claim. The trustee presented the validated claims in court as individual reports and also submitted a general report containing an audit of Costanza y Portas's accounting and banking records. The debtor can be reached at: Costanza y Portas S.R.L. Rosario, Santa Fe Argentina CUEROMAX SA: Proofs of Claim Verification Deadline Is March 14 -------------------------------------------------------------- Rodolfo Torella, the court-appointed trustee for Cueromax SA's bankruptcy proceeding, verifies creditors' proofs of claim until March 14, 2008. Mr. Torella will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 14 in Buenos Aires, with the assistance of Clerk No. 28, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by Cueromax and its creditors. Inadmissible claims may be subject for appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of Cueromax's accounting and banking records will be submitted in court. La Nacion didn't state the reports submission deadlines. Mr. Torella is also in charge of administering Cueromax's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Cueromax SA Sanchez 2052 Buenos Aires, Argentina The trustee can be reached at: Rodolfo Torella Arcos 3726 Buenos Aires, Argentina DANA CORP: Announces Selection List for Board of Directors ---------------------------------------------------------- Dana Corporation has announced the selection of nine individuals who are expected to serve as members of the board of directors of the company upon emergence from Chapter 11 reorganization. The board will include Dana Chairperson and Chief Executive Officer Mike Burns. At emergence, it is expected that the offices of Chairperson and CEO will be separate. "We are pleased to welcome this group of highly respected individuals to the Dana team and look forward to benefiting from their perspective and guidance as we embark on our new beginning," Mr. Burns said. "The combined experience, business acumen, and high ethical standards represented by this board will provide a sound foundation for our future success." The board, which has been selected by creditors and new investors, assembles distinguished leaders from government, finance, and automotive backgrounds. Collectively, the board represents more than 170 years of automotive industry experience. Proposed New Board of Directors Upon confirmation of the company's Plan of Reorganization by the Court, the board of directors will take office on the effective date of the plan. Joining Mr. Burns on the board will be: Gary L. Convis has retired in 2007 as the Chairperson of Toyota Manufacturing, Kentucky and Executive Vice President of Toyota Motor Engineering & Manufacturing North America, Inc., where he had served since 2002. Prior to serving in these roles, Mr. Convis spent 16 years at New United Motor Manufacturing, Inc. Mr. Convis also spent more than 20 years in various roles with General Motors Corporation and Ford Motor Company. Mr. Convis is also a board member of Cooper-Standard Automotive Inc. and Compass Automotive Group, Inc. John M. Devine is the former Vice Chairperson and Chief Financial Officer of General Motors Corporation, where he served from 2001 to 2005. Prior to joining GM, Mr. Devine served as Chairperson and CEO of Fluid Ventures, LLC. Previously, he spent 32 years at Ford Motor Company, where he last served as Executive Vice President and CFO. Mr. Devine is also currently a board member of Amerigon Incorporated. Mark T. Gallogly is Managing Partner of Centerbridge Partners, L.P., a multi-strategy private investment firm. Prior to co- founding Centerbridge, Mr. Gallogly served as a Senior Managing Director of The Blackstone Group from 1994 to 2005, heading the firm's Private Equity Group from 2003 to 2005. Richard A. Gephardt is a senior counsel in the Government Affairs practice group at DLA Piper, one of the world's largest law firms. Previously, Mr. Gephardt served as a Congressman for Missouri's Third Congressional District for 28 years. He was the leader of the House Democrats for more than a decade, serving as House majority leader from 1989 to 1994 and minority leader from 1995 to 2003. Stephen J. Girsky is President of Centerbridge Industrial Partners, LLC. Prior to joining Centerbridge, Mr. Girsky was the Special Adviser to the CEO and CFO of General Motors Corporation from 2005 to 2006. Prior to joining GM, Mr. Girsky was managing director at Morgan Stanley and the senior analyst of the Morgan Stanley Global Automotive and Auto Parts Research Team. Terrence J. Keating is Chairperson of Accuride Corporation, one the largest and most diversified manufacturers and suppliers of commercial vehicle components in North America. He has served as CEO and a director of Accuride Corporation since 2002, and was named Chairperson of the company earlier this year. He recently announced plans to retire from active employment as an officer of the company at the end of 2008. Mr. Keating also serves as Vice Chairperson and a director of the Heavy Duty Manufacturers Association. Mark A. Schulz is the former President of International Operations of the Ford Motor Company, where he spent 32 years in a variety of global roles. Mr. Schulz serves as a member of several boards, including the National Committee of United States-China Relations, the United States-China Business Council, and the National Bureau of Asian Research. He is also a member of the International Advisory Board for the President of the Republic of the Philippines. Mr. Schulz is also currently a board member of YRC Worldwide Inc. Jerome B. York has served as Chief Executive Officer of Harwinton Capital LLC, a private investment company that he controls, since 2000. From 2000 to 2003, Mr. York was Chairperson and CEO of MicroWarehouse, Inc. From 1995 to 1999, he served as Vice Chairperson of Tracinda Corporation. He served as Senior Vice President and Chief Financial Officer of IBM Corporation from 1993 to 1995. Prior to that, Mr. York spent 14 years at Chrysler Corporation serving as its CFO from 1990 to 1993. Mr. York is also currently a director of Apple Inc. and Tyco International Ltd. About Dana Headquartered in Toledo, Ohio, Dana Corporation -- http://www.dana.com/-- designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. Dana has facilities in China in the Asia-Pacific, Argentina in the Latin American regions and Italy in Europe. The company and its affiliates filed for chapter 11 protection on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Aug. 31, 2007 the Debtors listed US$6,878,000,000 in total assets and US$7,551,000,000 in total debts resulting in a total shareholders' deficit of US$673,000,000. Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represent the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners serves as Dana's Chief Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents the Official Committee of Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the Official Committee of Equity Security Holders. Stahl Cowen Crowley, LLC serves as counsel to the Official Committee of Non-Union Retirees. The Debtors filed their Joint Plan of Reorganization on Aug. 31, 2007. On Oct. 23, 2007, the Court approved the adequacy of the Disclosure Statement explaining their Plan. The Court has set Dec. 10, 2007, to consider confirmation of the Plan. DANA CORP: Personal Injury Committee Objects to Plan ---------------------------------------------------- The Ad Hoc Committee of Asbestos Personal Injury Claimants disputes Dana Corp.'s contention that the asbestos personal injury claimants are not impaired by the Third Amended Joint Plan of Reorganization. According to Douglas T. Tabachnik, at Law Offices of Douglas T. Tabachnik, in Freehold, N.J., the Debtors have failed to demonstrate that the asbestos personal injury claimants are not impaired. He elaborates that under the Plan, the Debtors can engage in Court-sanctioned Restructuring Transactions that could readily leave holders of asbestos personal injury claims with little or no meaningful remedy for injuries. A Restructuring Transaction can extinguish a Reorganized Debtor's obligation to pay asbestos injury claims and the successor Acquiring Entity would have no obligation to assume those liabilities, Mr. Tabachnik points out. Accordingly, the Ah Hoc Committee of Asbestos Personal Injury Claimants asserts that the Plan should not be confirmed. Headquartered in Toledo, Ohio, Dana Corporation -- http://www.dana.com/-- designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. Dana has facilities in China in the Asia-Pacific, Argentina in the Latin-American regions and Italy in Europe. The company and its affiliates filed for chapter 11 protection on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Aug. 31, 2007 the Debtors listed US$6,878,000,000 in total assets and US$7,551,000,000 in total debts resulting in a total shareholders' deficit of US$673,000,000. Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represent the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners serves as Dana's Chief Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents the Official Committee of Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the Official Committee of Equity Security Holders. Stahl Cowen Crowley, LLC serves as counsel to the Official Committee of Non-Union Retirees. The Debtors filed their Joint Plan of Reorganization on Aug. 31, 2007. On Oct. 23, 2007, the Court approved the adequacy of the Disclosure Statement explaining their Plan. The Court has set Dec. 10, 2007, to consider confirmation of the Plan. DEL PLATA: Reorganization Proceeding Concluded ---------------------------------------------- Del Plata Consignataria S.A.'s reorganization proceeding has ended. Data published by Infobae on its Web site indicated that the process was concluded after the National Commercial Court of First Instance in Buenos Aires approved the debt agreement signed between the company and its creditors. FERIAS DEL PILAR: Proofs of Claim Verification Ends Feb. 14 ----------------------------------------------------------- Luis Angel Giroud Guillet, the court-appointed trustee for Ferias del Pilar S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until Feb. 14, 2008. Mr. Guillet will present the validated claims in court as individual reports on March 27, 2008. The National Commercial Court of First Instance in San Isidro, 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 Ferias del Pilar 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 Ferias del Pilar's accounting and banking records will be submitted in court on May 9, 2008. Mr. Guillet is also in charge of administering Ferias del Pilar's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Ferias del Pilar S.A. Hipolito Yrigoyen 785, Pilar Buenos Aires, Argentina The trustee can be reached at: Luis Angel Giroud Guillet Rivadavia 479, San Isidro Buenos Aires, Argentina HELVENS SA: Files for Reorganization in Buenos Aires Court ---------------------------------------------------------- Helvens S.A. has requested for reorganization approval after failing to pay its liabilities. The reorganization petition, once approved by the court, will allow Helvens 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: Helvens S.A. Reconquista 1088 Piso 9 Buenos Aires, Argentina INTERBAND SA: Proofs of Claim Verification Deadline Is March 3 -------------------------------------------------------------- The court-appointed trustee for Interband S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until March 3, 2008. Infobae didn't state the name of the trustee. The trustee 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 Interband 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 Interband's accounting and banking records will be submitted in court on May 30, 2008. Ms. Polistina is also in charge of administering Interband's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Interband S.A. Virrey Liniers 489 Buenos Aires, Argentina ROBERTO DEMINGE: Proofs of Claim Verification Is Until March 3 -------------------------------------------------------------- Maria del Carmen Alvarez, the court-appointed trustee for Roberto Deminge S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until March 3, 2008. Ms. Alvarez 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 Roberto Deminge 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 Roberto Deminge's accounting and banking records will be submitted in court. Infobae didn't state the reports submission deadlines. Mr. Alvarez is also in charge of administering Roberto Deminge'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 del Carmen Alvarez San Jose 135 Buenos Aires, Argentina SOISA SA: Proofs of Claim Verification Deadline Is Feb. 13, 2008 ---------------------------------------------------------------- Marta Susana Polistina, the court-appointed trustee for Soisa S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until Feb. 13, 2008. Ms. Polistina will present the validated claims in court as individual reports on March 12, 2008. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by Soisa 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 Soisa's accounting and banking records will be submitted in court on April 29, 2008. Ms. Polistina is also in charge of administering Soisa's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Marta Susana Polistina Cramer 2175 Buenos Aires, Argentina TELECOM ARGENTINA: Launching Videocall Service in Argentina ----------------------------------------------------------- Telecom Argentina said in a statement that it has launched a videocall service for residential and corporate clients in Argentina. The new service is more important in "technological positioning" than as a revenue source for Telecom Argentina, Business News Americas relates, citing Argentine consultancy Carrier y Asociados director Enrique Carrier. Video call services usage in Argentina won't be "massive." The new service also confirms, "the future of fixed line telephony will be based on broadband infrastructure." According to BNamericas, Telecom Argentina invested about ARS16 million in the new service. Published reports say that customers can access the service through an Aladino VT telephone. Telecom Argentina eyes about 50,000 clients to have the service by the end of 2008. Headquartered in Buenos Aires, Telecom Argentina S.A. -- http://www.telecom.com.ar/index-flash.html-- is the fixed-line operator for local and long-distance services in northern and southern Argentina. It also provides cellular and PCS phone services in Argentina, as well as in Paraguay through a 68% stake in Nocleo. France Telecom formerly controlled the company through its Nortel Inversora venture with Telecom Italia. France Telecom sold most of its stake in 2003 to the Werthein Group, an Argentine agricultural concern owned in part by vice chairman Gerardo Werthein. Nortel continues to be Telecom Argentina's largest shareholder with a 55% stake. Nortel is owned by Sofora, a consortium owned by Telecom Italia (50%), the Werthein Group (48%), and France Telecom (2%). * * * As reported on Oct. 11, 2006, Standard & Poor's Ratings Services raised Telecom Argentina S.A.'s counterparty credit rating to B+/Stable/ from B/Stable following the upgrade of the Republic of Argentina to 'B+' from 'B'. * ARGENTINA: Will Develop Uruguay's Liquefied NatGas Plant ---------------------------------------------------------- Argentine officials have signed an accord with their Uruguayan counterparts for the development of a liquefied natural gas regasification plant in Uruguay, Business News Americas reports, citing an official of the Uruguayan industry, energy and mines ministry. BNamericas relates that Argentine planning minister Julio de Vido signed a agreement with Uruguayan industry minister Jorge Lepra to give the two countries 50% of the plant's initial production, which would be at 10 million cubic meters per day. The plant could eventually increase production to 20 million cubic meters per day. Uruguay could sell excess capacity. Published reports say that private and public firms will be able to participate in the construction and operation of the plant. Uruguayan state-run energy firm Ancap's head Daniel Martinez said in October 2007 that the plant could start operating in 2011 or 2012, BNamericas notes. Plans for the project are in the "initial stages," BNamericas states, citing the Uruguayan industry ministry. * * * Fitch Ratings assigned these ratings on Argentina: Rating Rating Date ------ ----------- Country Ceiling B+ Aug. 1, 2006 Local Currency Long Term Issuer B Aug. 1, 2006 Short Term IDR B Dec. 14, 2005 Long Term IDR RD Dec. 14, 2005 ============= B E R M U D A ============= AMSTELVEEN FSC: Holding Final Shareholders Meeting Tomorrow ----------------------------------------------------------- Amstelveen FSC Ltd. will hold its final shareholders meeting on Dec. 12, 2007, at 9:30 a.m. at: Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. CONCOMBER LTD: Final Shareholders Meeting Is Today -------------------------------------------------- Concomber, Ltd., will hold its final shareholders meeting on Dec. 11, 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. NIGHT WATCH: Holding Final Shareholders Meeting Tomorrow -------------------------------------------------------- Night Watch FSC Ltd. will hold its final shareholders meeting on Dec. 12, 2007, at 9:30 a.m. at: Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. REFCO INC: Ingram Micro Faces Trustee's Suit in Illinois Court -------------------------------------------------------------- Ingram Micro Inc. intends to defend against the suit filed by the trustee of the Refco Litigation Trust in Illinois state court in connection with the bankruptcy of Refco, Inc., and its subsidiaries and affiliates. In August 2007, the Trustee sued Grant Thornton LLP, Mayer Brown Rowe & Maw, LLP, Phillip Bennett, and numerous other individuals and entities, including the Company and one of its subsidiaries, claiming damage to the bankrupt Refco entities in the amount of US$2 billion. Of its 44 claims for relief, the complaint contains a single claim against the Company and one of its subsidiaries, alleging that loan transactions between the Company's subsidiary and Refco in early 2000 and early 2001, aided and abetted the common law fraud of Bennett and other defendants, resulting in damage to Refco in August 2004 when it effected a leveraged buyout in which it incurred substantial new debt while distributing assets to Refco insiders. Based in Santa Ana, Calif., Ingram Micro Inc., together with its subsidiaries, distributes information technology products and supply chain solutions worldwide. Its IT products include peripherals, networking, software, and systems. REFCO INC: Mayer Brown Wants US$245-Million Lawsuit Dismissed ------------------------------------------------------------- The United States and United Kingdom partnerships of Mayer Brown have both filed with the U.S. District Court for the Southern District of New York motions to dismiss the US$245,000,000 lawsuit filed in October 2007 by the Refco, Inc. investors, led by giant bond fund Pacific Investment Management Co., Georgina Stanley at Legalweek.com reports. The complaint, which relates to the claim made by former Refco creditor, Thomas H Lee Partners, accused Mayer Brown and its partner, Joseph Collins, of knowingly participating in a fraud that moved bad debt off the company's books at the end of certain financial periods; allegedly costing innocent investors hundreds of millions of dollars. The District Court will rule on the Dismissal Motions early next year, Ms. Stanley says. Mayer Brown is also considering its stand on other Refco disputes, including a US$2,000,000,000 claim filed in August by Marc Kirschner, Plan Administrator for the Refco Capital Markets, Ltd., against a number of the company's advisers. Meanwhile, Ms. Stanley further notes, Mayer Brown has denied an allegation that the firm and its insurers agreed to pay out around US$250,000,000 to settle a 1999 claim relating to advice it gave Commercial Financial Services, saying that it is "not even in the same ball park." "We are confident that the firm will not have trouble getting insurance coverage," Ms. Stanley quoted Mayer brown counsel Mark McLaughlin as saying. "We will defend all the cases vigorously." About Refco Inc. Based in New York, Refco Inc. -- http://www.refco.com/-- is a diversified financial services organization with operations in 14 countries and an extensive global institutional and retail client base. Refco's worldwide subsidiaries are members of principal U.S. and international exchanges, and are among the most active members of futures exchanges in Chicago, New York, London and Singapore. In addition to its futures brokerage activities, Refco is a major broker of cash market products, including foreign exchange, foreign exchange options, government securities, domestic and international equities, emerging market debt, and OTC financial and commodity products. Refco is one of the largest global clearing firms for derivatives. The Company and 23 of its affiliates filed for chapter 11 protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006). J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Luc A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP, represents the Official Committee of Unsecured Creditors. Refco reported US$16.5 billion in assets and US$16.8 billion in debts to the Bankruptcy Court on the first day of its chapter 11 cases. The Court confirmed the Modified Joint Chapter 11 Plan of Refco Inc. and certain of its direct and indirect subsidiaries, including Refco Capital Markets Ltd. and Refco F/X Associates LLC, on Dec. 15, 2006. That Plan became effective on Dec. 26, 2006. Refco Commodity's exclusive period to file a chapter 11 plan expired on Feb. 13, 2007. (Refco Bankruptcy News, Issue No. 73 Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). TREMONT LIFE: Will Hold Final Shareholders Meeting Tomorrow ----------------------------------------------------------- Tremont Life Holdings, Ltd., will hold its final shareholders meeting on Dec. 12, 2007, at 9:30 a.m. at: Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. TREMONT SERVICES: Final Shareholders Meeting Is Tomorrow -------------------------------------------------------- Tremont Services Limited will hold its final shareholders meeting on Dec. 12, 2007, at 9:30 a.m. at: Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. ZEN LIMITED: Holding Final Shareholders Meeting Tomorrow -------------------------------------------------------- Zen Limited will hold its final shareholders meeting on Dec. 12, 2007, at 9:30 a.m. at: Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. ============= B O L I V I A ============= COEUR D'ALENE: Okays US$1.1-Bln Merger with Bolnisi & Palmarejo --------------------------------------------------------------- Coeur d'Alene Mines Corporation's shareholders have overwhelmingly approved the proposals related to the acquisitions of Bolnisi Gold NL and Palmarejo Silver and Gold Corporation at a Special Meeting held last week in Coeur d'Alene, Idaho. "We are extremely pleased with the outcome of today's vote and the addition to Coeur of the Palmarejo silver and gold project, which is expected to increase company-wide silver production to nearly 30 million ounces by 2009, and at very low costs," said Dennis E. Wheeler, Coeur's Chairman, President and Chief Executive Officer. "The addition of the Palmarejo project to the company's existing asset mix will transform Coeur into a high-growth, low-cost, long-life, and sustainable world-leading silver company with exciting exploration potential. We would like to thank our shareholders for their support and we look forward to delivering the benefits of this transaction." The final tabulation indicates that more than 88% of the shares voted were cast in support of the proposals on which the company's shareholders were asked to vote. Earlier this week, shareholders for both Bolnisi and Palmarejo voted overwhelmingly in favor of the transaction. As a result of this transaction, Coeur's Australian-listed CHESS Depositary Interests will be added to Australia 's S&P/ASX 200 indices. The Palmarejo project is expected to begin production in early 2009 at an annualized rate of approximately 10.4 million ounces of silver and 115,000 ounces of gold per year with cash costs, net of gold bi-product, of an estimated (US$0.41) per ounce of silver and an initial mine life of nine years. Exploration continues on the large land package, with current measured and indicated mineral resources of 88.7 million silver ounces and 1.0 million measured and indicated gold ounces and an additional 61.4 million ounces of inferred silver mineral resources and 0.7 million inferred gold ounces. About Coeur d'Alene Coeur d'Alene Mines Corp. (NYSE:CDE) (TSX:CDM) -- http://www.coeur.com/-- is the world's largest primary silver producer, as well as a significant, low-cost producer of gold. The company has mining interests in Nevada, Idaho, Alaska, Argentina, Chile, Bolivia and Australia. * * * Coeur d'Alene Mines Corp.'s US$180 Million notes due Jan. 15, 2024, carry Standard & Poor's B- rating. =========== B R A Z I L =========== AES CORP: Unit Selling Up To BRL200MM Non-Convertible Debentures ---------------------------------------------------------------- AES Corp.'s Brazilian power distributor AES Eletropaulo said in a filing with securities regulator Comissao de Valores Mobiliarios that it has began selling non-convertible debentures of up to BRL200 million. According to AES Eletropaulo's filing, the firm will use the proceeds from the sale in distribution operations. AES Eletropaulo told Business News Americas that "the 11-year notes will yield Brazil's interbank lending rate, plus 1.75% a year." Investors will get the proceeds every six months beginning May next year, BNamericas states. About AES Eletropaulo AES Eletropaulo is a distributor serving in Sao Paulo, Brazil. It has 4.6 million clients and serves an estimated 14 million people in its 4,526sq km concession area. In terms of revenues, it is the largest electricity distributor in Latin America. About AES Corp. AES Corp. -- http://www.aes.com/-- is a global power company. The company operates in South America, Europe, Africa, Asia and the Caribbean countries. Specifically, it also has operations in India. Generating 44,000 megawatts of electricity through 124 power facilities, the company delivers electricity through 15 distribution companies. The company's Latin America business group is comprised of generation plants and electric utilities in Argentina, Brazil, Chile, Colombia, Dominican Republic, El Salvador, Panama and Venezuela. As reported in the Troubled Company Reporter-Latin America on Oct. 12, 2007, Moody's Investors Service affirmed The AES Corporation's Corporate Family Rating at B1 and the senior unsecured rating assigned to its new senior unsecured notes offering at B1 following its upsizing to US$2 billion from US$500 million. LGD assessments are subject to change pending the final capital structure. As reported on Oct. 12, 2007, Fitch Ratings assigned a 'BB/RR1' rating to AES Corporation's US$500 million issue of senior unsecured notes due 2017. AES' long-term Issuer Default Rating is rated 'B+' by Fitch. Fitch said the rating outlook is stable. BROWN SHOE: Pays US$0.07 Per Share Quarterly Dividend on Jan. 2 --------------------------------------------------------------- The Board of Directors of Brown Shoe Company, Inc. has declared a quarterly dividend of US$0.07 per share, payable Jan. 2, 2008 to shareholders of record on Dec. 20, 2007. This dividend will be the 340th consecutive quarterly dividend paid by the company. Headquartered in St. Louis, Missouri, Brown Shoe Company Inc. (NYSE:BWS) -- http://www.brownshoe.com/-- is a US$2.4 billion footwear company with global operations including Brazil, Italy, China, Hong Kong, and Taiwan. Brown Shoe's Retail division operates Famous Footwear, the 1,000-store chain that sells brand name shoes for the family, approximately 300 specialty retail stores in the U.S. and Canada under the Naturalizer, FX LaSalle, and Franco Sarto names, and Shoes.com, the company's e-commerce subsidiary. Brown Shoe, through its wholesale divisions, owns and markets footwear brands including Naturalizer, LifeStride, Via Spiga, Nickels Soft, Connie and Buster Brown; it also markets licensed brands including Franco Sarto, Dr. Scholl's, Etienne Aigner, and Carlos by Carlos Santana and Barbie, Disney and Nickelodeon character footwear for children. * * * On April 2007, Moody's Investors Service changed the outlook of Brown Shoe Company, Inc., to positive from stable and affirmed its Ba3 corporate family rating on the company. Moody's Investor Services placed Brown Shoe Company Inc.'s probability of default rating at 'Ba3' in September 2006. Moody's said the rating still hold to date with a positive outlook. CHRYSLER LLC: November Certified Pre-Owned Vehicle Sales Down 2% ---------------------------------------------------------------- Chrysler LLC has reported that its Five Star(R) dealers sold 9,280 Certified Pre-owned Vehicles in November 2007, a 2% decline from a record November 2006 when 9,437 units were sold. During November 2007 certified-used Chrysler brand sales rose 2% to 2,936 units; Jeep(R) brand sales declined 7% to 2,442 units and Dodge brand sales dipped 1% to 3,902 units. Year-to-date Certified Pre-owned Vehicles sales were the highlight this month with sales rising 6 percent to a record 113,186 units, surpassing last year's year-to-date total of 107,236 units. Chrysler brand car sales, Dodge brand car sales and Dodge truck sales all experienced increases during 2007; Chrysler 300/300C sales rose 39 percent to 6,199 units; Dodge Charger sales surged 129% to 3,809 units and Dodge Ram pickup truck sales increased 5% to 10,055 units. "There are many rewards of the CPOV program which is why heading into the last month of this year, Chrysler has been the fastest growing CPOV brand since 2002," said Director for Remarketing, Peter Grady. "One reward for both the customer and dealer is that once a customer purchases a certified-used Chrysler, Jeep or Dodge product, the warranty provided by the CPOV program allows the dealer staff to cultivate a relationship with the customer when the vehicle is brought in for routine service. This results in a more pleasant experience for the customer which ultimately benefits the dealer." In addition, the company will announce plans to expand its partnership with ADESA to benefit Chrysler, Jeep and Dodge dealers with remarketing needs. About Chrysler Headquartered in Auburn Hills, Michigan, Chrysler LLC -- http://www.chrysler.com/-- a unit of Cerberus Capital Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R) brand vehicles and products. The company has dealers worldwide, including Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil, Venezuela, China, Japan and Australia. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 13, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating on Chrysler LLC and DaimlerChrysler Financial Services Americas LLC and removed it from CreditWatch with positive implications, where it was placed Sept. 26, 2007. S&P said the outlook is negative. COMMSCOPE INC: Reaches Agreement with DOJ to Complete Andrew Buy ---------------------------------------------------------------- CommScope, Inc., has reached an agreement with the United States Department of Justice that will allow it to complete its proposed acquisition of Andrew Corporation. Under the terms of the agreement with the DOJ, which was filed December 6, in the U.S. District Court for the District of Columbia, the companies will be required to divest certain non- core assets, including Andrew's non-controlling minority interest in Andes Industries, Inc., a supplier of last-mile products for broadband communications networks, and other related assets. The carrying value of the assets to be divested was less than US$25 million as of Sept. 30, 2007. It is expected that the divestitures will be completed after CommScope completes the acquisition of Andrew Corp. This agreement is subject to the Court's approval. In addition to the DOJ, the proposed Andrew transaction was cleared by the European Commission as well as other required regulatory authorities. The Andrew stockholders will vote on the transaction on Dec. 10, 2007. The company expects to close the transaction by year-end, subject to the satisfaction of other customary conditions. About CommScope Based in Hickory, North Carolina, CommScope Inc. (NYSE: CTV) -- http://www.commscope.com/-- is a world leader in infrastructure solutions for communication networks. Through its SYSTIMAX(R) Solutions(TM) and Uniprise(R) Solutions brands, CommScope is the global leader in structured cabling systems for business enterprise applications. It is also the world's largest 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 on Oct. 19, 2007, Standard & Poor's Ratings Services affirmed its ratings on CommScope Inc. and Westchester, Illinois-based 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 following its acquisition and debt refinancing. S&P said the outlook is stable. FIAT SPA: Commits EUR70 Mil. for Pomigliano Plant Integration ------------------------------------------------------------- Fiat S.p.A. decided to commit itself to complete the integration of the Pomigliano plant into the Fiat Group Automobiles manufacturing system. According to the company, the commitment will be realized through a plan of technological investments worth a total of EUR70 million. The investments will be flanked by intensive training programs for employees and they are in addition to the other EUR40 million in extra costs stemming from the suspension of production necessary to realize the plan. Fiat's objective is to bring this plant to best-in-class performance levels and ensure that it will be able to meet the conditions necessary for the allocation of production of new future models. Normal working activities at the plant will be suspended for around two months, from Jan. 7 to March 2, 2008, in order to process in accordance with the world class manufacturing principles currently applied at all the group's facilities. In the same period, employees will receive training. Fiat group will bear all costs of the temporary shutdown, including wages and associated social security contributions. As regards the manufacturing process, the plant organization will be thoroughly rationalized, eliminating the trim shop and incorporating all vehicle prep areas in the final assembly line. Closure panel hemming, Alfa 159 body framing and all quality activities will be housed in a single building. In the next twelve to fifteen months, the company will make investments aimed at boosting efficiency at the plant and improving workers' safety and the facilities provided to them. The work called for by the plan will be carried out by outside contractors, and is expected to involve over 900 contractor employees. With this initiative, the Fiat underscores its strong determination to do everything possible, in organizational and financial terms, to guarantee that the plant can continue to exist, and continue to grow. At the same time, the contribution of all employees is absolutely essential to achieve our development objectives. Fiat expects that in 2008, once the operation is completed, Pomigliano to have turned into a manufacturing plant which can go head to head with its best competitors. About Fiat S.p.A. Headquartered in Turin, Italy, Fiat S.p.A. -- http://www.fiatgroup.com/-- manufactures and sells automobiles, commercial vehicles, and agricultural and construction equipment. It also manufactures, for use by the company's automotive sectors and for sale to third parties, other automotive-related products and systems, principally power trains (engines and transmissions), components, metallurgical products and production systems. Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano. Fiat operates in Argentina, Australia, Austria, Belgium, Brazil, Bulgaria, China, Czech Republic, Denmark, France, Germany, Greece, Hungary, India, Ireland, Italy, Japan, Lituania, Netherlands, Poland, Portugal, Romania, Russia, Singapore, Spain, among others. * * * As of Dec. 10, 2007, Fiat S.p.A. carries Moody's long-term corporate family rating of Ba1 and probability of default rating of Ba1 with positive outlook. The company also carries Standard & Poor's BB+ on long-term foreign issuer credit rating, BB+ on long-term local issuer credit rating, B on short-term foreign issuer and local issuer credit ratings. FORD MOTOR: American Jaguar Dealers Prefer Sale to U.S. Bidder -------------------------------------------------------------- American dealers of Ford Motor Company's Premier Automotive Brand, Jaguar, prefer U.S. group, J.P. Morgan Chase & Co.'s One Equity Partners LLC, bidding over the luxury car unit, Stephen Power in Frankfurt and Eric Bellman in Mumbai of the Wall Street Journal report. Ken Gorin, chairman of the Jaguar Business Operations Council, says he is wary over the perception on Jaguar if owned by companies out of India, such as final bidders Tata Motors Ltd. and Mahindra & Mahindra Ltd., WSJ relates. Although, he insists that the particularity is on the unique image projection of Jaguar as a luxury brand, and not on the management capabilities of the Indian bidders. The choice of U.S. dealers, WSJ relates, may have something to do with Jacques Nasser, managing director of One Equity Partners. Mr. Nasser was Ford's CEO from 1999 to 2001, who advocated the investment on Ford's Europeam luxury brands. As reported in the Troubled Company Reporter on Nov. 13, 2007, Ford continues to explore in greater detail the potential sale of its Premier Automotive Group brands, Jaguar and Land Rover, with interested parties and anticipates these discussions will culminate in an agreement no later than early next year. In early September 2007, Tata Motors, Mahindra & Mahindra and One Equity Partners, led by former Ford CEO Jacques Nasser, have advanced into the second round of Ford's auction process for its Jaguar and Land Rover marques. 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. FORD MOTOR: U.K. Marques' Final Bidders are Tata, Mahindra & OEP ---------------------------------------------------------------- Tata Motors Ltd., Mahindra & Mahindra Ltd. and One Equity Partners LLC have submitted their final bids for Ford's Motor Company's British Marques brands, according to various reports. Sources say that there are speculations that the sale is likely to range from US$1.5 billion to US$2 billion. As reported in the Troubled Company Reporter on Oct. 1, 2007, Terra Firma Capital Partners Limited joined the bid for Ford's Jaguar and Land Rover brands. Previously reported on Sept. 27, 2007, Ford's British Marques still has four potential buyers left after two Indian firms, Mahindra & Mahindra and Cerberus Capital Management LP, quit the buying race. Citing Reuters, the TCR further names the four remaining suitors as Ripplewood Holdings LLC, Tata Motors Limited, TPG Capital L.P. also known as Texas Pacific Group, and One Equity Partners LLC, but these firms are yet to complete the due diligence. In early September 2007, Tata Motors, Mahindra & Mahindra and One Equity Partners, led by former Ford CEO Jacques Nasser, have advanced into the second round of Ford's auction process for its Jaguar and Land Rover marques. 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. MAGNA INT'L: Unit Makes Mini Sports Activity Vehicle for BMW ------------------------------------------------------------ Magna International Inc.'s Magna Steyr unit will be responsible for serial development and production of the Mini Sports Activity Vehicle. At current exchange rates, Magna expects its annualized sales associated with the program to be in excess of US$1 billion, once the program reaches full production. The Mini Sports Activity Vehicle will be the second new vehicle program produced by Magna Steyr for BMW Group. Magna Steyr has been the sole production source of the BMW X3 since the launch of the vehicle in 2003, and expects to continue to produce the X3 until the end of the current vehicle program. Magna's co-Chief Executive Officer, Siegfried Wolf, stated: "This is a huge recognition of the work that Magna Steyr has achieved so far through its partnership with BMW Group. Above all, I'm delighted for our employees, as this will allow us to set another milestone in our long-running and successful cooperation with BMW Group. As we have done before, we will work on this vehicle program with our fullest commitment to ensure that we meet BMW Group's high expectations." About Magna International Headquartered in Ontario, Canada, Magna International Inc. (TSX: MG.A, MG.B; NYSE: MGA) -- http://www.magna.com/-- is a an automotive supplier that designs, develops and manufactures automotive systems, assemblies, modules and components, and engineers and assembles complete vehicles, for sale to original equipment manufacturers of cars and light trucks in North America, Europe, Asia, South America and Africa. In South America, it has two operations in Brazil. The company's capabilities include the design, engineering, testing and manufacture of automotive interior systems; seating systems; closure systems; metal body and chassis systems; vision systems; electronic systems; exterior systems; powertrain systems; roof systems; well as complete vehicle engineering and assembly. The company has approximately 83,000 employees in 229 manufacturing operations and 62 product development and engineering centers in 23 countries. * * * As reported in the Troubled Company Reporter on Sept. 24, 2007, Magna International Inc.'s plan of arrangement and agreements relating to the strategic investment in Magna by Open Joint Stock Company Russian Machines became effective on Sept. 20, 2007. SANYO ELECTRIC: To Open Lab Aimed at Reducing Solar Power Cost -------------------------------------------------------------- Sanyo Electric Co. said it will open a laboratory inside its Gifu Prefecture semiconductor plant in April to develop next-generation, thin-film solar cells that require a very small amount of silicon, Kyodo News reports. The "Advanced Photovoltaics Development Center" is aimed at reducing the cost of solar power to match costs as low as electricity charges applied to home-use, Sanyo explains through a company-issued statement. The Kyodo News report explains that at present, solar power costs about JPY250 to JPY300 to generate one watt of electricity when solar cells are used. Sanyo, notes Kyodo News, wants to lower this amount to JPY150 by 2012. Kyodo News added that Sanyo plans to invest some JPY6 billion in the new facility after three years of its establishment. Dr. Shinya Tsuda, Sanyo's vice president and general manager of R&D headquarters, claims "Sanyo considers next-generation thin-film silicon solar cells as the third generation of solar cells following amorphous and HIT solar cells. With this third generation of products, we aim to commercialize them to decrease the cost of solar power generation to match or be comparable to current home electricity bills in the future." Heterojunction with Intrinsic Thin-layer solar cells are developed by Sanyo are composed of crystalline silicon wafers and thin amorphous silicon layers. These uniquely structured cells allow the world's greatest power generation per installation space due to superior technological advantages, including high conversion efficiency and less vulnerability to high temperatures. The company, according to its statement, is optimistic that the global demand for solar power-generation is expected to increase significantly as more and more countries are introducing systems that purchase electricity obtained from renewable sources at preferential conditions. The Osaka-based electronics manufacturer will invest JPY80 billion in HIT solar cells over the next three fiscal year and increase production capacity to 650MW by 2010. About Sanyo Electric Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. -- http://www.sanyo.com/-- is one of the world's leading manufacturers of consumer electronics products. The company has global operations in Brazil, Germany, India, Ireland, Spain, the United States and the United Kingdom, among others. * * * In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s BB+ long-term foreign and local currency issuer default and senior unsecured ratings on rating watch negative. TAM SA: Reports International Market Share of 73.2% in November --------------------------------------------------------------- TAM S.A. has reported operating data for November 2007, as disclosed by the Brazilian National Civil Aviation Agency. According to ANAC, TAM registered 15.5% growth in domestic RPK (demand) compared to the same period last year, and 9.0% increase in domestic ASK (supply). In November, market demand increased 14.3% and market supply increased 8.6%. TAM registered a domestic market share of 49.9%, a 0.5 p.p. increase compared to the same period in 2006. TAM's domestic load factor was 72.1%, 1.8 p.p. higher than the market average 70.4%. In the international market, TAM registered 58.4% growth in RPK and 65.0% in ASK, compared to November 2006. The company attained market share of 73.2%, representing 11.9 p.p. growth year on year. TAM attained 68.0% load factor, 6.1 p.p. higher than the market average of 61.9%. The domestic scheduled yield for November 2007 remained stable with 3Q07. The company's operating data for November: Operating data Nov 2007 Nov 2006 Var. % Domestic Market ASK (millions) - Supply 2,630 2,413 9.0% RPK (millions) - Demand 1,897 1,642 15.5% Load Factor 72.1% 68.0% 4.1 p.p. Market share 49.9% 49.4% 0.5 p.p. International Market ASK (millions) - Supply 1,411 855 65.0% RPK (millions) - Demand 960 606 58.4% Load Factor 68.0% 70.9% -2.9 p.p. Market share 73.2% 61.3% 11.9 p.p. TAM SA (Bovespa: TAMM4 and NYSE: TAM) -- http://www.tam.com.br/ -- operates regular flights to 47 destinations throughout Brazil. It serves 72 different cities in the domestic market through regional alliances. Additionally, it maintains code- share agreements with international airline companies that allow passengers to travel to a large number of destinations throughout the world. TAM was the first Brazilian airline company to launch a loyalty program. The program has over 3.3 million subscribers and has awarded more than 3.6 million tickets. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 27, 2007, Standard & Poor's Ratings Services affirmed its 'BB' long-term corporate credit rating on Brazil-based airline TAM S.A. S&P said the outlook is stable. TIMKEN CO: Enters Into Joint Venture with Xiangtan Electric ----------------------------------------------------------- The Timken Company has entered an agreement with Chinese heavy equipment manufacturer Xiangtan Electric Manufacturing Co. Ltd. to establish a joint venture in China to manufacture ultra- large-bore bearings for main rotor shafts of multi-megawatt wind turbines for the Chinese wind energy market. The joint venture is expected to contribute to China's goal of generating 30 million kilowatts of power from wind energy systems by 2020, providing a renewable energy source for China's rapidly expanding economy. The joint venture will build a new US$38 million facility in Xiangtan, located in China's Hunan province, to collaborate on the manufacture of main-shaft bearings for wind turbines. Timken and XEMC expect to employ more than 110 people in the joint venture. Construction of the new facility is scheduled to begin in 2008. The agreement was unveiled in Beijing at a ceremony attended by China's Ministry of Commerce Vice-Minister, Jiang Zeng Wei, and U.S. Secretary of Commerce Carlos M. Gutierrez, who is visiting China to encourage bilateral trade and investment that will strengthen the U.S. and Chinese economies. "Timken's partnership in China will provide $100 million in exports, while also helping China expand alternative energy, wind power, which helps the planet," said U.S. Secretary of Commerce Carlos M. Gutierrez. Timken power transmission and friction management solutions are particularly well suited to improving the performance, durability and reliability of wind turbine systems. By combining Timken's alloy steel expertise, power-transmission design and precision manufacturing capabilities with XEMC's leadership in heavy-equipment manufacturing in the Chinese market, the joint venture will be well-positioned to meet the needs of China's rapidly growing wind energy industry. Timken will have an ownership stake of 80 percent in the joint venture. "Timken has continued to invest heavily in China since entering this country in 1992, and the joint venture with XEMC is the latest example of our commitment to meet the needs of Chinese customers as they participate in one of the most important economic expansions the world has ever witnessed," said Roger Lindsay, Timken's senior vice president for Asia. "We believe our collaboration with XEMC will contribute to Chinese economic growth while also advancing the use of sustainable energy to the benefit of us all." In addition to Timken's participation in the wind energy industry, the company has developed a wide range of products that contribute to sustainability by improving the operating efficiency and power density of diverse types of machinery. About Timken Co. Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR) -- http://www.timken.com/-- is a manufacturer of highly engineered bearings and alloy steels. It also provides related components and services such as bearing refurbishment for the aerospace, medical, industrial and railroad industries. The company has operations in Argentina, Australia, Belgium, Brazil, Canada, China, Czech Republic, England, France, Germany, Hungary, India, Italy, Japan, Korea, Mexico, Netherlands, Poland, Romania, Russia, Singapore, South America, Spain, Taiwan, Turkey, United States, and Venezuela and employs 27,000 employees. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 15, 2007, Moody's Investors Service affirmed Timken's Ba1 corporate family rating and the Ba1 rating on Timken's US$300 million Medium Term Notes, Series A. UNITED AIRLINES: Board OKs US$250 Mil. Shareholders Distribution ---------------------------------------------------------------- United Airlines' UAL Corporation Board of Directors has approved a special distribution of US$2.15 per share to holders of UAL Corp. common stock, or approximately US$250 million. The distribution will be made on Jan. 23, 2008 to holders of UAL Corporation common stock on Jan. 9, 2008. United also announced that it paid down US$500 million of the term loan under its existing credit agreement. Both the distribution and the term loan prepayment follow the approval by United's lenders of an amendment to the company's credit agreement. Under the amendment, the company can undertake an additional US$250 million in shareholder initiatives without any additional prepayment. In addition, the amendment provides that the company can carry out further shareholder initiatives in an amount equal to future term loan prepayments. "This shareholder distribution underscores our commitment to creating value for our investors," said chairperson, president and Chief Executive Officer, Glenn Tilton. "On behalf of our board of directors, we are pleased to make this decision to provide a distribution to our shareholders while strengthening our balance sheet and investing in our business. We compete for shareholders just as we compete for customers." Since exiting bankruptcy, United has reduced its total net debt by US$2.7 billion through the end of the third quarter. The airline has generated more than US$2 billion in operating cash flow in the first nine months of the year. The company also plans to invest US$4 billion in its business over the next five years. For the 5% Senior Convertible Notes due 2021 (O'Hare Notes), the 4.5% Senior Limited-Subordination Convertible Notes due 2021 (Employee Notes) and the PBGC 2% Convertible Preferred Stock (PBGC Preferred Stock), the conversion price and the ratios will be adjusted in accordance with their respective terms. About United Airlines United Airlines (Nasdaq: UAUA) -- http://www.united.com/-- is a subsidiary of UAL Corp. It operates more than 3,600 flights a day on United, United Express and TedSM to more than 200 U.S. domestic and international destinations from its hubs in Los Angeles, San Francisco, Denver, Chicago and Washington, D.C. With key global air rights in the Asia-Pacific region, Europe and Latin America (Brazil), United is one of the largest international carriers based in the United States. The airline is also a founding member of Star Alliance, which provides connections for its customers to 855 destinations in 155 countries worldwide. The airline's 55,000 employees reside in every U.S. state and in many countries around the world. * * * As reported in the Troubled Company Reporter on May 3, 2007, Fitch Ratings has affirmed the Issuer Default Ratings of UAL Corp. and its principal operating subsidiary United Airlines Inc. at B-. UNITED AIRLINES: Fitch Says Cash Payment Won't Affect Ratings ------------------------------------------------------------- Following the announcement by United Airlines that it intends to pay out a special cash distribution of approximately US$250 million to shareholders while reducing its outstanding term loan balance by US$500 million, Fitch's ratings on United and its parent, UAL Corp., are unaffected. Fitch's Issuer Default Rating on both UAL and United is 'B-', and the secured credit facility is rated 'BB-' with a recovery rating of 'RR1'. The Rating Outlook for UAL and United is Positive. Current ratings reflect the substantial progress made toward balance sheet repair and leverage reduction over the past two years, offset by management's stated intention to return more cash to shareholders through the current US$250 million payment, to be made on Jan. 23, 2007, and potential future cash distributions. The recently negotiated amendment to United's secured bank credit facility allows for an additional US$250 million to be paid out to shareholders without further required reduction of the term loan balance. In addition, lenders have agreed to allow United to pursue further shareholder initiatives as long as a corresponding amount of debt reduction occurs at that time. The credit facility amendment and the distribution announcement appear to reflect management's view that a portion of the carrier's unrestricted cash position (US$4.2 billion as of Sept. 30, 2007) represents excess liquidity that should be allocated to the return of cash to shareholders and the pre- payment of debt. While this will clearly have a positive near- term effect on leverage, the resulting impact of this action on the carrier's liquidity position and free cash flow generation represents a modest credit negative that could limit United's financial flexibility in a potential industry downturn linked to a softening domestic demand outlook and very high jet fuel prices. United has recently adjusted its domestic mainline capacity growth plans for 2008 to reduce scheduled available seat miles by approximately 3%-4% in light of the weaker operating outlook. Other carriers, including Southwest, Continental and Delta have announced similar capacity pullbacks this month. Industry capacity discipline should support domestic unit revenue trends somewhat for 2008, but United and its competitors are likely to experience some margin pressure next year. Fitch expects free cash flow to weaken in 2008, particularly in light of the fact that cash distributions to shareholders could increase beyond the announced US$250 million payment. In Fitch's view, proceeds from any prospective asset divestitures-notably United's maintenance services business and/or the Mileage Plus loyalty program-are likely to be allocated toward both shareholder distributions and debt reduction, but the precise allocation is contingent upon developments in the industry operating environment over the next few quarters. United Airlines (Nasdaq: UAUA) -- http://www.united.com/-- is a subsidiary of UAL Corp. It operates more than 3,600 flights a day on United, United Express and TedSM to more than 200 U.S. domestic and international destinations from its hubs in Los Angeles, San Francisco, Denver, Chicago and Washington, D.C. With key global air rights in the Asia-Pacific region, Europe and Latin America (Brazil), United is one of the largest international carriers based in the United States. The airline is also a founding member of Star Alliance, which provides connections for its customers to 855 destinations in 155 countries worldwide. The airline's 55,000 employees reside in every U.S. state and in many countries around the world. * BRAZIL: Petrobras Ink Ethanol Export Deal with Samsung -------------------------------------------------------- Petroleo Brasileiro SA signed a Memorandum of Understandings with Samsung to carry out ethanol production technical, financial, and commercial studies to supply South Korea market's future demand for the product. The event was held on Dec. 7 at the company's main office building, in Rio de Janeiro. Petrobras' Downstream director, Paulo Roberto Costa, signed on behalf of the company, while Sun Young Kim, president of Samsung do Brasil, signed for Samsung. South Korea is in a rather advanced stage for the adoption of a 10% ethanol mix with gasoline to comply with the commitments it took-on under the Kyoto Protocol, and is currently performing practical testing in a several regions. South Korea is expected to introduce ethanol to its energy matrix in 2009, at a volume of 400 million liters per year. Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp -- was founded in 1953. The company explores, produces, refines, transports, markets, distributes oil and natural gas and power to various wholesale customers and retail distributors in Brazil. Petrobras has operations in China, India, Japan, and Singapore. * * * As reported in the Troubled Company Reporter-Latin America on May 14, 2007, Fitch Ratings upgraded Brazil's long-term foreign and local currency sovereign Issuer Default Ratings to 'BB+' from 'BB' and the Country Ceiling to 'BBB-' from 'BB+'. In addition, Fitch affirmed Brazil's Short-term IDR at 'B'. Fitch said the rating outlook is stable. =========================== C A Y M A N I S L A N D S =========================== BATTERY PARK: Sets Final Shareholders Meeting for Dec. 14 --------------------------------------------------------- Battery Park Emerging Sovereign Opportunity Offshore Fund, Ltd., will hold its final shareholders meeting on Dec. 14, 2007, at 10:00 a.m. at: Deloitte Fourth Floor, Citrus Grove P.O. Box 1787, George Town Grand Cayman, Cayman Islands These agenda will be taken during the meeting: 1) accounting of the winding-up process; and 2) authorizing the liquidator to retain the records of the company for a period of five years from the dissolution of the company, after which they may be destroyed. A member entitled to attend and vote at the meeting will be allowed to appoint a proxy, who need not be a member, in his stead. Battery Park's shareholders agreed on Nov. 13, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Stuart Sybersma Attention: Jessica Turnbull Deloitte P.O. Box 1787, George Town Grand Cayman, Cayman Islands Telephone: (345) 949-7500 Fax: (345) 949-8258 BATTERY PARK EMERGING: Final Shareholders Meeting Is on Dec. 14 --------------------------------------------------------------- Battery Park Emerging Sovereign Opportunity Master Fund, Ltd., will hold its final shareholders meeting on Dec. 14, 2007, at 10:14 a.m. at: Deloitte Fourth Floor, Citrus Grove P.O. Box 1787, George Town Grand Cayman, Cayman Islands These agenda will be taken during the meeting: 1) accounting of the winding-up process; and 2) authorizing the liquidator to retain the records of the company for a period of five years from the dissolution of the company, after which they may be destroyed. A member entitled to attend and vote at the meeting will be allowed to appoint a proxy, who need not be a member, in his stead. Battery Park's shareholders agreed on Nov. 13, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Stuart Sybersma Attention: Jessica Turnbull Deloitte P.O. Box 1787, George Town Grand Cayman, Cayman Islands Telephone: (345) 949-7500 Fax: (345) 949-8258 BFC BANK: Will Hold Final Shareholders Meeting on Dec. 14 --------------------------------------------------------- BFC Bank (Cayman) Ltd. will hold its final shareholders meeting on Dec. 14, 2007, at 2:30 p.m. at: Deloitte Fourth Floor, Citrus Grove P.O. Box 1787, George Town Grand Cayman, Cayman Islands These agenda will be taken during the meeting: 1) accounting of the winding-up process; and 2) authorizing the liquidator to retain the records of the company for a period of six years from the dissolution of the company, after which they may be destroyed. A member entitled to attend and vote at the meeting will be allowed to appoint a proxy, who need not be a member, in his stead. BFC Bank's shareholders agreed on Oct. 30, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Christopher Johnson Attention: Sumitra Devi P.O. Box 2499, George Town Grand Cayman KY1-1104, Cayman Islands Telephone: (345) 946 0820 Fax: (345) 946 0864 FIRST DORMY: Final Shareholders Meeting Is on Dec. 14 ----------------------------------------------------- First Dormy Holdings will hold its final shareholders meeting on Dec. 14, 2007, at 11:00 a.m. at the registered office of the company. These agenda will be taken during the meeting: 1) accounting of the winding-up process; and 2) authorizing the liquidator to retain the records of the company for a period of five years from the dissolution of the company, after which they may be destroyed. A member entitled to attend and vote at the meeting will be allowed to appoint a proxy, who need not be a member, in his stead. First Dormy's shareholders agreed on Oct. 30, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: John Cullinane Derrie Boggess c/o Walkers SPV Limited Walker House, 87 Mary Street George Town, Grand Cayman KY1-9002 Cayman Islands MORNINGSIDE PARK: Sets Final Shareholders Meeting for Dec. 14 ------------------------------------------------------------- Morningside Park, Ltd., will hold its final shareholders meeting on Dec. 14, 2007, at 1:00 p.m. at the registered office of the company. These agenda will be taken during the meeting: 1) accounting of the winding-up process; and 2) authorizing the liquidator to retain the records of the company for a period of five years from the dissolution of the company, after which they may be destroyed. A member entitled to attend and vote at the meeting will be allowed to appoint a proxy, who need not be a member, in his stead. Morningside Park's shareholders agreed on Nov. 2, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: John Cullinane Derrie Boggess c/o Walkers SPV Limited Walker House, 87 Mary Street George Town, Grand Cayman KY1-9002 Cayman Islands PARMALAT SPA: NJ Court Denies Citibank's Motion for Leave --------------------------------------------------------- Parmalat S.p.A communicates that the New Jersey Appellate Division has denied Citibank's motion for leave to appeal the Superior Court's refusal to dismiss the case. In October 2007, the Superior Court of New Jersey has again denied the request of Citigroup, Inc. and certain of its affiliates, including Citibank, N.A., to dismiss the US$10,000,000,000 fraud lawsuit filed by Parmalat Finanziaria S.p.A. Chairman Enrico Bondi, and has rescheduled the trial to begin May 5, 2008. In the complaint, Dr. Enrico Bondi had accused the Citigroup and Citibank in aiding Parmalat's subsidiaries in their fraudulent scheme. Specifically, Dr. Bondi asserted that Citigroup knowingly structured financing for Parmalat subsidiaries to disguise debt and artificially increase cash flow. Eureka PLC, a United Kingdom-based public liability company, is one of the corporations alleged to be affiliated with Citigroup that have participated in the Parmalat scheme. Headquartered in Milan, Italy, Parmalat S.p.A. -- http://www.parmalat.net/-- sells nameplate milk products that can be stored at room temperature for months. It also has about 40 brand product lines, which include yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The company's U.S. operations filed for chapter 11 protection on Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP, represent the Debtors. When the U.S. Debtors filed for bankruptcy protection, they reported more than $200 million in assets and debts. The U.S. Debtors emerged from bankruptcy on April 13, 2005. Parmalat S.p.A. and its Italian affiliates filed separate petitions for Extraordinary Administration before the Italian Ministry of Productive Activities and the Civil and Criminal District Court of the City of Parma, Italy on Dec. 24, 2003. Dr. Enrico Bondi was appointed Extraordinary Commissioner in each of the cases. The Parma Court has declared the units insolvent. On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No. 04-14268, in the United States Bankruptcy Court for the Southern District of New York. Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat Capital Finance Ltd., and Food Holdings Ltd. Dairy Holdings and Food Holdings are Cayman Island special-purpose vehicles established by Parmalat S.p.A. The Finance Companies are under separate winding up petitions before the Grand Court of the Cayman Islands. Gordon I. MacRae and James Cleaver of Kroll (Cayman) Ltd. serve as Joint Provisional Liquidators in the cases. On Jan. 20, 2004, the Liquidators filed Sec. 304 petition, Case No. 04-10362, in the United States Bankruptcy Court for the Southern District of New York. In May 2006, the Cayman Island Court appointed Messrs. MacRae and Cleaver as Joint Official Liquidators. Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon, Herlands Randolph, represent the Finance Companies in the Sec. 304 case. The Honorable Robert D. Drain presides over the Parmalat Debtors' U.S. cases. On June 21, 2007, the U.S. Court Granted Parmalat Permanent Injunction. RGC INT'L: Will Hold Final Shareholders Meeting on Dec. 14 ---------------------------------------------------------- RGC International Investors LDC will hold its final shareholders meeting on Dec. 14, 2007, at 1:30 p.m. at the registered office of the company. These agenda will be taken during the meeting: 1) accounting of the winding-up process; and 2) authorizing the liquidator to retain the records of the company for a period of five years from the dissolution of the company, after which they may be destroyed. A member entitled to attend and vote at the meeting will be allowed to appoint a proxy, who need not be a member, in his stead. RGC International's shareholders agreed on Nov. 2, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: John Cullinane Derrie Boggess c/o Walkers SPV Limited Walker House, 87 Mary Street George Town, Grand Cayman KY1-9002 Cayman Islands SAPPHIRE SEGREGATED: Final Shareholders Meeting Is on Dec. 14 ------------------------------------------------------------- Sapphire Segregated Portfolio Company will hold its final shareholders meeting on Dec. 14, 2007, at 10:00 a.m. at: Avalon Management Limited 3rd Floor, Zephyr House 122 Mary Street, George Town Grand Cayman, Cayman Islands These agenda will be taken during the meeting: 1) accounting of the winding-up process; 2) hearing any explanation thereof; and 3) deciding the manner in which the books, accounts and records of the company should be maintained and subsequently disposed. A member entitled to attend and vote at the meeting will be allowed to appoint a proxy, who need not be a member, in his stead. Sapphire Segregated's shareholders agreed on Oct. 31, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. SCHINDLER FINANCE: Holding Final Shareholders Meeting on Dec. 14 ---------------------------------------------------------------- Schindler Finance (Cayman Island) Limited will hold its final shareholders meeting on Dec. 14, 2007, at 10:30 a.m. at: Deloitte Fourth Floor, Citrus Grove P.O. Box 1787, George Town Grand Cayman, Cayman Islands These agenda will be taken during the meeting: 1) accounting of the winding-up process; and 2) authorizing the liquidator to retain the records of the company for a period of five years from the dissolution of the company, after which they may be destroyed. A member entitled to attend and vote at the meeting will be allowed to appoint a proxy, who need not be a member, in his stead. Schindler Finance's shareholders agreed on Nov. 13, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Stuart Sybersma Attention: Jessica Turnbull Deloitte P.O. Box 1787, George Town Grand Cayman, Cayman Islands Telephone: (345) 949-7500 Fax: (345) 949-8258 SEAGATE TECHNOLOGY: Signs Agreement to Acquire MetaLINCS -------------------------------------------------------- Seagate Technology has signed an agreement to acquire MetaLINCS. MetaLINCS's innovative, patent-pending software helps companies respond to litigation and regulatory issues that require them to search large volumes of electronic data for relevant information. MetaLINCS will become part of the Seagate Services Group and support its mission to help business customers protect and manage valuable company information. Financial terms were not disclosed. According to Gartner analysts Debra Logan and John Bace in the report, "The Emerging E-Discovery Market," published on July 18, 2007, "Changes to the Federal Rules of Civil Procedure, along with the ever-increasing reliance on electronic documentation in business, will have wide-ranging effects on the IT profession and IT vendors in 2007 and 2008. IT will be called on to account for elements of their infrastructure and the location of live and backup data as never before." "Today's announcement represents another strategic step for the Seagate Services Group and further reinforces our commitment to providing customers with innovative technology-based services and solutions that advance their businesses," said Seagate Services Group's senior vice president and general manager, Mark Grace. "The addition of MetaLINCS's solutions will provide our customers with the tools to respond to litigation and compliance requests and help to reduce enterprise E-Discovery costs." MetaLINCS's enterprise-class E-Discovery software automatically analyzes emails, documents and associated metadata, and presents visual analysis of people, conversations, concepts and communication patterns. MetaLINCS's Chief Executive Officer, Ramon Nunez, will join the Seagate Services senior management team and will lead the Seagate Services Group's E-Discovery business unit. "We are thrilled to be joining the Seagate Services Group," said Mr. Nunez. "The synergy of our missions and cultures will further strengthen our focus on helping corporations and law firms leverage E-Discovery for strategic decision-making during large-scale litigation, mergers and acquisitions, and regulatory response projects." MetaLINCS is the most recent acquisition for the Seagate Services Group. In 2007, Seagate purchased EVault, an award winning provider of online backup and archive solutions for small and mid sized enterprises, and in 2005, Seagate purchased Action Front (now Seagate Recovery Services), a provider of data recovery and data migration services. These acquisitions provide Seagate Technology with growing opportunities in the data protection and management solutions market and are highly scalable with the company's technology portfolio and market expertise. With the addition of MetaLINCS's E-Discovery platform, Seagate Services is able to offer corporations, law firms, and litigation service partners a technology leading analytics engine along with one stop sourcing for archive, recovery and collection, review tools and services inclusive of EVault's Insight E-Discovery services. Following the MetaLINCS acquisition, the Seagate Services Group will provide these primary solutions: -- E-Discovery solutions targeted at addressing a growing market need to retrieve and analyze large volumes of data in support of litigation and compliance requirements