T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Thursday, December 13, 2007, Vol. 8, Issue 247 Headlines A R G E N T I N A ARES NASIM: Trustee Verifies Proofs of Claim Until March 14 BANCO PATAGONIA: Cancels 107,900 Brazilian Depositary Receipts BRANDO HNOS: Proofs of Claim Verification Deadline Is March 12 GERIATRICO LOS NONOS: Proofs of Claim Verification Ends March 25 INSTARG SIAP: Trustee Verifies Proofs of Claim Until Feb. 19 MACE SA: Proofs of Claim Verification Is Until March 19, 2008 WR GRACE: Filing Opposition to Daubert Briefs Ends Dec. 21 WR GRACE: Rehearing Plea on Libby Conspiracy Charge Denied B A H A M A S ISLE OF CAPRI: Names Dale Black Sr. VP & Chief Financial Officer PETROLEOS DE VENEZUELA: Finalizing Talks for Unit Sale to Aegean B E R M U D A GLOBE TRANSPORT: Liquidator Filing for Dissolution by Dec. 24 SEA CONTAINERS: SCSL Panel Setting Record Staring on Progress SEA CONTAINERS: Wins GE Seaco Arbitration Case B R A Z I L ARROW ELECTRONICS: Deploys Triad Semiconductor's ASICs Business ATARI INC: Amends Credit Facility to Boost Borrowing by US$4 Mln BANCO PINE: Joins International Finance's Global Trade Program BASELL AF: Fitch Cuts Long-Term Issuer Default Rating to B+ CA INC: Lewis Ranieri Ends Six-Year Tenure on Board of Directors FERRO CORPORATION: Closes Restructuring of Electronic Operations GERDAU SA: Brascan Puts Outperform Rating on Firm's Shares HAYES LEMMERZ: Posts US$62.7-Mln Net Loss for Qtr. Ended Oct. 31 JBS SA: Moody's Puts Ratings on Review for Possible Downgrade LYONDELL CHEMICAL: Fitch Cuts Long-Term Issuer Rating to B+ REALOGY CORP: Real Estate Downturn Cues Moody's Negative Outlook STRATUS TECH: Partners with Firetide to Deploy Broadband Network * BRAZIL: Petrobras Inks Construction Pact with Atlantico Sul * BRAZIL: Petrobras Inks Pact with Atlantico for P-55 Project C A Y M A N I S L A N D S ASTPRELUDE FUND: Sets Final Shareholders Meeting for Dec. 14 ENGLEFIELD CAYMAN: Final Shareholders Meeting Is on Dec. 14 IFL CONTINUUM: Proofs of Claim Filing Deadline Is Dec. 14 MACQUARIE FINANCIAL: Sets Final Shareholders Meeting for Dec. 14 SLE LIMITED: Final Shareholders Meeting Is on Dec. 14 STAR PASSION: Will Hold Final Shareholders Meeting on Dec. 14 TIGRE CRE: Holding Final Shareholders Meeting on Dec. 14 TOPIARY LIMITED: Sets Final Shareholders Meeting for Dec. 14 TOR FINANCE: Holding Final Shareholders Meeting on Dec. 14 WEST GATE: Will Hold Final Shareholders Meeting on Dec. 14 WEST GATE LONG-SHORT: Final Shareholders Meeting Is on Dec. 14 C H I L E FREEPORT-MCMORAN: Denies Interest in Acquisitions C O L O M B I A BANCOLOMBIA SA: Earns COP73.8 Billion in November 2007 CUMMINS INC: Board Declares Two-for-One Common Stock Split GRAN TIERRA: Begins Costayaco-2 Drilling in Colombia * COLOMBIA: Rejects Depositing Reserves in Bank of the South C O S T A R I C A * COSTA RICA: Recope To Launch Tender for Fuel Terminal Project D O M I N I C A N R E P U B L I C ALCATEL-LUCENT: Extends Contract with MetroPCS to 3-1/2 Years ALCATEL-LUCENT: To Resell InfoExpress' NAC & Firewall Business E C U A D O R PETROECUADOR: Eyes 7.3% Growth in Oil Output by December 2008 PETROECUADOR: Gov't Creates 5 Teams for Oil Contract Revision PETROECUADOR: Sells Napo Crude to Trafigura & Valero G U A T E M A L A AFFILIATED COMPUTER: Amends Chairperson's Employment Agreement M E X I C O ACCELLENT INC: S&P Puts B Corp. Credit Rating on Negative Watch AMSCAN HOLDINGS: S&P Affirms Corporate Credit Rating at B ATARI INC: Completes Several Restructuring Initiatives CARDTRONICS INC: Prices Initial Public Offering of US$10 A Share CKE RESTAURANTS: Paying US$0.06 Per Share Common Stock Dividend ELECTRONIC DATA: Moody's Places Ratings on Review for Upgrade FENDER MUSICAL: Moody's Shifts Outlook to Negative After Buyout GRUPO GIGANTE: Asset Sale Prompts Fitch's Watch Evolving GRUPO TMM: Names Fernando Sanchez Ugarte Effective Jan. 15 NUANCE COMM: To Offer 15 Million Shares of Common Stock OCEANIA CRUISES: S&P Shifts Outlook, Affirms B Corp. Credit Rtng WENDY'S INTERNATIONAL: Gives Update on Strategic Review Process WENDY'S INT'L: Ian Rowden Steps Down as Chief Marketing Officer WENDY'S INTERNATIONAL: Says Financial Performance is "Improving" US STEEL: Prices US$500-Million Offering of 7% Senior Notes N I C A R A G U A XEROX CORP: S&P Lifts Rating on Preferred Trust to BBB- from BB P A N A M A CHIQUITA BRANDS: May Benefit from WTO's Ruling on EU Tariffs P U E R T O R I C O CARLOS CARABALLO: Case Summary & 21 Largest Unsec. Creditors LIN TV: Files Complaint Against Atlantic for Flagrant Violation MUSICLAND HOLDING: Panel Wants to Avoid Payments to 10 Creditors ROYAL CARIBBEAN: New Joint Venture with TUI AG Forms TUI Cruises SEARS HOLDINGS: Inks Privacy Contract with Restoration Hardware SUPERMERCADOS BONANZA: Files Schedules of Assets & Liabilities SUPERMERCADOS BONANZA: Section 341(a) Meeting Reset to Jan. 14 V E N E Z U E L A CITGO PETROLEUM: Launches Heating Oil Program in Boston PETROLEOS DE VENEZUELA: Cardon Plant Remains Closed * LatAm Exports Up by 11% to US$715 Billion in 2007 - - - - - ================= A R G E N T I N A ================= ARES NASIM: Trustee Verifies Proofs of Claim Until March 14 ----------------------------------------------------------- Pedro Alfredo Valle, the court-appointed trustee for Ares Nasim S.R.L.'s reorganization proceeding, verifies creditors' proofs of claim until March 14, 2008. Mr. Valle will present the validated claims in court as individual reports on April 25, 2008. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by Ares Nasim 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 Ares Nasim's accounting and banking records will be submitted in court on June 9, 2008. Creditors will vote to ratify the completed settlement plan during the assembly on Nov. 11, 2008. The trustee can be reached at: Pedro Alfredo Valle Avenida de Mayo 1260 Buenos Aires, Argentina BANCO PATAGONIA: Cancels 107,900 Brazilian Depositary Receipts -------------------------------------------------------------- Banco Patagonia said in a statement that it has canceled 107,900 Brazilian Depositary Receipts on the Sao Paulo stock exchange Bovespa from Nov. 12 to Nov. 30. Business News Americas relates that Banco Patagonia had about 6.03 million Brazilian Depositary Receipts as of Nov. 30. Banco Patagonia conducted an initial public offering on the Buenos Aires, Sao Paulo and New York stock exchanges in July 2007. It raised about ARS807 million, BNamericas states. Banco Patagonia specializes in public offerings of securitizations. It became Argentina's fifth largest locally owned private bank through its purchase of Lloyds TSB Argentina in late 2004. The bank operates through 139 branches and has 202 ATM machines. * * * As reported in the Troubled Company Reporter-Latin America on May 4, 2007, Moody's Investors Service upgraded Banco Patagonia SA's local currency deposit rating is upgraded to Ba1 from Ba3. Moody's confirmed that it raised its bank financial strength rating on Banco Patagonia to D from E+, in connection with the rating agency's implementation of its refined joint default analysis and updated BFSR methodologies for banks in Argentina. Its foreign currency deposit rating was affirmed at Caa1, with positive outlook. The company's long-term Argentine national scale rating for local currency deposits is raised to Aa1.ar from Aa2.ar. and its long term foreign currency deposit rating in national scale was affirmed at Ba1.ar. The foreign currency subordinated debt rating was upgraded to B2 from Caa1. The outlook on the debt rating was positive. The national scale rating for foreign currency subordinated debt was raised to Aa3.ar from Ba1.ar. BRANDO HNOS: Proofs of Claim Verification Deadline Is March 12 -------------------------------------------------------------- Mirta A. Calfun de Bendersky, the court-appointed trustee for Brando Hnos. S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until March 12, 2008. Ms. Calfun de Bendersky will present the validated claims in court as individual reports on April 23, 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 Brando Hnos. and its creditors. Inadmissible claims may be subject for appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of Brando Hnos.'s accounting and banking records will be submitted in court on June 4, 2008. Ms. Calfun de Bendersky is also in charge of administering Brando Hnos.'s assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Mirta A. Calfun de Bendersky Humahuaca 4165/67 Buenos Aires, Argentina GERIATRICO LOS NONOS: Proofs of Claim Verification Ends March 25 ---------------------------------------------------------------- Hector Julio Grisolia, the court-appointed trustee for Geriatrico Los Nonos S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of claim until March 25, 2008. Mr. Grisolia 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 Geriatrico Los Nonos 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 Geriatrico Los Nonos' accounting and banking records will be submitted in court. Infobae didn't state the reports submission deadlines. Mr. Grisolia is also in charge of administering Geriatrico Los Nonos' assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Hector Julio Grisolia J. Salguero 2533 Buenos Aires, Argentina INSTARG SIAP: Trustee Verifies Proofs of Claim Until Feb. 19 ------------------------------------------------------------ Daniel Jaime Berchatzky, the court-appointed trustee for Instarg Siap S.A.'s reorganization proceeding, verifies creditors' proofs of claim until Feb. 19, 2008. Mr. Berchatzky will present the validated claims in court as individual reports on April 1, 2008. The National Commercial Court of First Instance in La Plata, 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 Instarg Siap 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 Instarg Siap's accounting and banking records will be submitted in court on May 15, 2008. The debtor can be reached at: Instarg Siap S.A. Calle 36, Numero 850 La Plata, Buenos Aires Argentina The trustee can be reached at: Daniel Jaime Berchatzky Calle 47, Numero 915 La Plata, Buenos Aires Argentina MACE SA: Proofs of Claim Verification Is Until March 19, 2008 ------------------------------------------------------------- Elina Monica Fernandez, the court-appointed trustee for Mace S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until March 19, 2008. Ms. Fernandez will present the validated claims in court as individual reports on April 30, 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 Mace 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 Mace's accounting and banking records will be submitted in court on June 11, 2008. Ms. Fernandez is also in charge of administering Mace's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Elina Monica Fernandez Reconquista 1011 Buenos Aires, Argentina WR GRACE: Filing Opposition to Daubert Briefs Ends Dec. 21 ---------------------------------------------------------- The Hon. Judith Fitzgerald of the U.S. Bankruptcy Court for the District of Delaware directed parties-in-interest to file oppositions to the initial Daubert briefs and submit a list of trial exhibits and witnesses, and pre-trial briefs by Dec. 21, 2007. The Official Committee of Asbestos Personal Injury Claimants and David Austern, the Court-appointed Future Claims Representative have notified Judge Fitzgerald at an omnibus hearing that they would provide a written statement providing the subject areas of expected testimony of each of Stephen Snyder, Peter Kraus, John Cooney and Theodore Goldberg. The Court authorized the PI Committee to file under seal the unredacted versions of the expert rebuttal reports of Dr. Peterson and Mr. Snyder. The Court also directed the Owens Corning/Fibreboard Asbestos PI Trust to produce the electronic datasets, claimant information, claims processing information and other information to the Debtors. The Owens Corning information will be used solely in connection with the Grace estimation proceeding. The Debtors will bear the costs incurred by the Owens Corning Trust in extracting the information to be produced. Parties File Daubert Motions The Debtors, the PI Committee, the FCR, and the Official Committee of Equity Security Holders filed motions to exclude or limit, pursuant to Daubert and Rules 702 and 703 of the Federal Rules of Evidence, testimony related to the Debtors' asbestos personal injury liabilities. The Debtors seek to exclude from evidence these expert reports and testimonies: -- The reports, testimony, and opinions of PI Committee experts Mark A. Peterson, the Peterson Rebuttal Report, the Stephen M. Snyder Rebuttal Report, and the Daniel P. Myer and Mark T. Eveland Rebuttal Report; -- The reports, testimony, and opinions of FCR experts Jennifer Biggs, Biggs Supplemental Report, Biggs Rebuttal Report, P.J. Eric Stallard, Stallard Supplemental Report, Marshall Shapo Rebuttal Report, and Jacob Jacoby Rebuttal Report; -- Any opinions, evidence, or testimony seeking to establish exposure to asbestos based on any "settled-dust analysis;" -- Any opinions, evidence, or testimony seeking to establish exposure to asbestos based on any "indirect-preparation method;" -- Any opinions, evidence, or testimony seeking to establish causation of asbestos-related disease based on anecdotal evidence, including but not limited to, case reports or case series; -- Any opinions, evidence, or testimony seeking to establish causation of an asbestos-related disease not supported by epidemiological evidence showing a relative risk greater than 2.0, the confidence interval for which does not include a relative risk of 1.0; -- Any opinions, evidence, or testimony seeking to establish the causation of an asbestos-related disease based on a "no-threshold" or "zero-threshold" theory of causation, including but not limited to, any calculations derived from or relying on those theories to those causation; and -- Any opinions, evidence, or testimony seeking to establish the occurrence or incidence of non-malignant asbestos- related disease based on diagnoses that do not include an exposure history with an appropriate latency period, chest radiograph evidence or small irregular opacities with an appropriate profusion as evaluated under ILO standards, a PFT revealing a restrictive impairment and below-normal diffusion capacity, a physical examination showing signs and symptoms, and a differential diagnosis of asbestosis that reliably rules out alternative causes of the disease. In a memorandum supporting their Daubert Motion, the Debtors assert that the PI Committee and the FCR's expert testimonies are not "fit" under Rule 702 and 408 because the expert testimonies measure the wrong thing -- Grace's hypothetical cost to resolve cases in the state-court tort system rather than Grace's legal liability. The PI Committee and the FCR's experts did not assume that Grace has filed for bankruptcy and, thus neither the company's bankruptcy nor any implications that flow from the application of bankruptcy law or procedures has any impact or effect on the estimates, David M. Bernick, P.C., Esq., at Kirkland & Ellis, LLP, in Chicago, Illinois, points out. Mr. Bernick also asserts that the PI Committee and the FCR's expert opinions are barred under the reliability prong of Rule 702 as the PI Committee and the FCR's experts cannot show that their measurements are performed using "scientifically reliable" methods because they rely on historical settlement amounts rather than on "established, objective methods" of industrial hygience and epidemiology. A full-text copy of the 85-page Debtors' Memorandum is available for free at http://bankrupt.com/misc/grace_daubertmemorandum.pdf Equity Committee Supports Debtors The Equity Committee, which represents holders of more than 70,000,000 shares of Grace common stock, supports the Debtors' Daubert Motion in its entirety. According to Teresa K.D. Currier, Esq., at Buchanan Ingersoll & Rooney, PC, in Wilmington, Delaware, at the current market price of about US$26, the market capitalization of Grace's equity is more than US$1,800,000,000. There's no question about Grace's solvency, she says. The Equity Committee contends that evidence to be presented to the Court in the coming estimation trial will demonstrate that, as a matter of logic and epidemiological science, the number of individuals who could realistically have developed true asbestos-related disease from Grace products is diminishingly small. The Equity Committee says the Court should estimate the Debtors' "real" liability on "legitimate" PI claims caused by Grace product. The Equity Committee adds that the Court should rely on "legitimate and scientifically defensible" methods in estimating the PI liabilities. The Equity Committee tells the Court that it has obtained the expert report of Dr. James Heckman to analyze the expert reports prepared by Dr. Peterson and Ms. Biggs. Dr. Heckman, in his expert report, concludes that Dr. Peterson and Ms. Biggs did not use a reliable methodology but rather "employ simple extrapolation of trends and ad hoc adjustments," which do "not meet the criteria of scientific method." A full-text copy of the 86-page Heckman Report is available for free at http://bankrupt.com/misc/grace_HeckmanRebuttalReport.pdf PI Committee & FCR's Daubert Motions Under Seal In separate filings with the Court, the PI Committee and the FCR sought permission to file their Daubert motions under seal. The PI Committee and the FCR said their Daubert Motions and exhibits contain testimony, documents, reports and other information that are protected from public disclosure by either a Court order or by a confidentiality agreement with the Debtors. Representing the PI Committee, Mark T. Hurford, Esq., at Campbell & Levine, LLC, in Wilmington, Delaware, says the Committee's Daubert Motion quotes and summarizes information that has been identified or marked as confidential by the Debtors. The PI Committee's Daubert Motion sought to exclude from evidence the expert reports prepared by, among others, the Debtors' expert, Drs. B. Thomas Florence, Elizabeth Anderson and Suresh Moolgavkar. The FCR sought to exclude the reports prepared by the Debtors' experts, Drs. Florence, Anderson, Moolgavkar, Peter S.J. Lees, and Richard J. Lee. The PI Committee and the FCR noted that the Debtors have provided them information pursuant to confidentiality agreements. Mr. Hurford points out that Dr. Florence's deposition has been marked confidential by the Debtors and at least one of his expert reports has not been publicly disclosed by the Debtors. The expert reports of Drs. Anderson and Moolgavkar have also not been publicly disclosed. The PI Committee and the FCR said their Daubert Motions have been served to the U.S. Trustee, the Debtors, the Official Committee of Unsecured Creditors, and the Official Committee of Equity Security Holders. Court Won't Admit Further Evidence on Libby Claims Judge Fitzgerald won't permit any evidence to be introduced or accepted for introduction, any further discovery to be conducted, any statements to be made by counsel, or any finding or other determination to be made concerning: (a) medical characteristics of the alleged asbestos diseases of the claimants asserting personal injury resulting from the Debtors' Libby, Montana vermiculite mining operations, including, if any, to which they may have medical characteristics distinct from other asbestos disease; or (b) the portion of the Debtors' aggregate liability that is attributable to claims and demands for Libby Claimant's alleged asbestos disease. Nothing, however, the Court ruled, will prevent introduction into evidence of opinions and testimony contained in the reports and reliance materials of the estimation experts of Jennifer L. Biggs and Dr. Mark Peterson, or the Debtors' rebuttal of the Biggs and Peterson expert reports. Judge Fitzgerald noted that no party in the estimation proceedings has produced an expert report separately quantifying the Debtors' liabilities for the Libby Claimants except for Ms. Biggs who has produced various geographically based calculations and estimates, including a quantification for Libby. The Court, however, finds that Ms. Biggs' quantification is not based on the extent, if any, to which asbestos-related disease diagnosed in the Libby Claimants has medical characteristics distinct from other asbestos-related disease. The introduction in the estimation proceedings, Judge Fitzgerald held, of evidence concerning medical and statistical issues specific to the Libby Claimants would not assist the Court in its estimate of the Debtors' aggregate PI liabilities. Exclusion of medical and statistical evidence, she added, separately addressing Libby Claimants' alleged asbestos disease and claims and demands resulting therefrom "could significantly shorten the estimation proceeding trial -- serving the goal of judicial economy and resulting in material savings to the Debtors' estate and to the parties -- without any adverse effect on the Court's ability to estimate the aggregate liabilities." Drs. Arthur Frank, M. Laurentius Marais, William Wecker, and Alan Whitehouse won't be allowed to testify or be subject to further discovery in the estimation proceeding, and their reports will not be part of the record in the estimation proceeding, Judge Fitzgerald further ruled. In addition, Drs. Elizabeth Anderson, Steven Harber, Daniel Anthony Henry, Grover Hutchins, Richard Lee, John Parker, Suresh Moolgavakar, Joseph Rodricks, and David Weill will not testify or be subject to further discovery in the estimation proceeding concerning the Libby Claimants' alleged asbestos disease and their reports will not be part of the record in the estimation proceeding insofar as they address the Libby Claimants' alleged asbestos disease. Moreover, the persons listed by the Libby Claimants as potential fact witnesses in connection with the estimation proceeding won't be allowed to testify or be subject to further discovery in the estimation proceeding, the Court added. James Jay Flynn, Alan Whitehouse and Patrica Sullivan, as non- expert witnesses, will not be allowed to testify concerning the Libby Claimants' alleged asbestos disease. Judge Fitzgerald further ruled that the Libby Claimants will not appear in, or in connection with, the estimation proceeding as a separate party from the Official Committee of Asbestos Personal Injury Claimants. All parties' rights are reserved on all issues, including but not limited to (i) the medical criteria for the Libby Claimants' alleged asbestos disease, (ii) the extent, if any, to which these alleged disease has medical characteristics distinct from other asbestos disease, and (iii) whether and in what amount any particular claim and demand based on the Libby Claimants' alleged asbestos disease should be allowed. No party, including the Libby Claimants, Judge Fitzgerald held, may challenge the Court's findings and conclusions in the estimation proceedings, including its findings of aggregate asbestos liability, on the grounds that (a) the Libby Claimants did not participate in the estimation proceedings, or (b) the Court did not consider the Libby Claimants' allegations. This Order may not be used for any other purposes other than to exclude medical and statistical evidence separately addressing the Libby Claimants' alleged asbestos disease, and will not be used by any party, including the U.S. Government, for any other purpose or proceeding, including the pending criminal proceeding against the Debtors and its officers in the U.S. District Court for the District of Montana, the Court clarified. In a separate order, Judge Fitzgerald denied the Debtors' request for relief from the pre-trial schedule to the extent that the expert witnesses John Cooney, Peter Kraus, Ted Goldberg, Robert Horkovich, Stephen Snyder and any other attorney listed in the PI Committee's fact witness list make themselves available for deposition. If those witnesses will not voluntarily make themselves available for deposition, the Debtors may ask for reconsideration of the denial of their request, the Court noted. Debtors Seek to Exempt Certain Creditors from Filing Claims Certain individuals have filed claims against the Debtors before the April 2, 2001, Bar Date. The Court established Nov. 15, 2006, as the Bar Date for non-settled prepetition asbestos-related personal injury claims filed against the Debtors. The Debtors and the law firm Thornton & Naumes, who represents the Claimants, have agreed that the claimants do not need to file proofs of claim on or before the November 15 Bar Date because they do not hold any prepetition PI Claim. They also agree that the Claimants are exempt from the PI case management order because they do not hold PI Claims. Accordingly, the Debtors ask the Court to rule that the Thornton Claimants are exempt from the November 15 Bar Date and the PI CMO. A list of the Exempted Claimants is available free of charge at: http://bankrupt.com/misc/grace_ExemptClaimants.pdf About W.R. Grace Headquartered in Columbia, Maryland, W.R. Grace & Co. (NYSE:GRA) -- http://www.grace.com/-- supplies catalysts and silica products, especially construction chemicals and building materials, and container products globally, including Argentina, Australia and Ireland. The Company and its debtor-affiliates filed for chapter 11 protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139). David M. Bernick, Esq., at Kirkland & Ellis, LLP, and Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones, LLP, represent the Debtors in their restructuring efforts. The Debtors hired Blackstone Group, L.P., for financial advice. PricewaterhouseCoopers LLP is the Debtors' accountant. Stroock & Stroock & Lavan, LLP, and Duane Morris, LLP, represent the Official Committee of Unsecured Creditors. The Creditors Committee tapped Capstone Corporate Recovery LLC for financial advice. David T. Austern, the legal representative of future asbestos personal injury claimants, is represented by Orrick Herrington & Sutcliffe LLP and Phillips Goldman & Spence, Pennsylvania. Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, and Marla R. Eskin, Esq., at Campbell & Levine, LLC, represent the Official Committee of Asbestos Personal Injury Claimants. The Asbestos Committee of Property Damage Claimants tapped Martin W. Dies, III, Esq., at Dies & Hile L.L.P., and C. Alan Runyan, Esq., at Speights & Runyan,to represent it. Lexecon, LLC, provided asbestos claims consulting services to the Official Committee of Equity Security Holders. The Debtors' filed their Chapter 11 Plan and Disclosure Statement on Nov. 13, 2004. On Jan. 13, 2005, they filed an Amended Plan and Disclosure Statement. The hearing to consider the adequacy of the Debtors' Disclosure Statement began on Jan. 21, 2005. The Debtors' exclusive period to file a chapter 11 plan expired on July 23, 2007. Estimation of W.R. Grace's asbestos personal injury liabilities will commence on Jan. 14, 2008. (W.R. Grace Bankruptcy News, Issue No. 145; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) WR GRACE: Rehearing Plea on Libby Conspiracy Charge Denied ---------------------------------------------------------- The United States Court of Appeal for the Ninth Circuit denied the request of W.R. Grace & Co. and six of its former executives for an en banc rehearing of the September 2007 decision of a three-judge panel composed of Circuit Judge Betty Fletcher, Harry Pregerson, and Warren Ferguson reinstating conspiracy charges against Grace and its executives relating to the alleged asbestos poisoning in Libby, Montana. In late September, the 9th Circuit panel overturned a decision by District Judge Molloy in the U.S. District Court for the District of Montana and reinstated the conspiracy charges filed by the U.S. Government against Grace and its officers. The Government, in 2005, commenced a criminal case against Grace and its officers for alleged conspiracy in violation of environmental laws and obstruction of federal agency proceedings relating to asbestos poisoning of residents in Libby, Montana. According to Tricia Bishop of The Baltimore Sun, an en banc rehearing would have further delayed the trial of the case. "The denial of an en banc rehearing moves the case a step closer to trial assuming Grace does not ask the [U.S.] Supreme Court to review the issue," Allen M. Bradender, Esq., who is among the Justice Department attorneys prosecuting the case, told Baltimore Sun. "Grace is disappointed, and the company is evaluating its options," Greg Euston, Grace's spokesman related to the Sun. A second Grace request for appeal, which will determine whether certain government witnesses may testify against the company, was granted earlier this year and will be heard next week by the full 11-judge panel of the 9th Circuit Court of Appeals, the Sun says. In its form 10-Q filing with the U.S. Securities and Exchange Commission in August 2007, Grace said it may face as much as US$280,000,000 in fines, if convicted in the criminal case. Its officers may also be sentenced to as many as 15 years in prison if convicted. About W.R. Grace Headquartered in Columbia, Maryland, W.R. Grace & Co. (NYSE:GRA) -- http://www.grace.com/-- supplies catalysts and silica products, especially construction chemicals and building materials, and container products globally, including Argentina, Australia and Ireland. The Company and its debtor-affiliates filed for chapter 11 protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139). David M. Bernick, Esq., at Kirkland & Ellis, LLP, and Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones, LLP, represent the Debtors in their restructuring efforts. The Debtors hired Blackstone Group, L.P., for financial advice. PricewaterhouseCoopers LLP is the Debtors' accountant. Stroock & Stroock & Lavan, LLP, and Duane Morris, LLP, represent the Official Committee of Unsecured Creditors. The Creditors Committee tapped Capstone Corporate Recovery LLC for financial advice. David T. Austern, the legal representative of future asbestos personal injury claimants, is represented by Orrick Herrington & Sutcliffe LLP and Phillips Goldman & Spence, Pennsylvania. Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, and Marla R. Eskin, Esq., at Campbell & Levine, LLC, represent the Official Committee of Asbestos Personal Injury Claimants. The Asbestos Committee of Property Damage Claimants tapped Martin W. Dies, III, Esq., at Dies & Hile L.L.P., and C. Alan Runyan, Esq., at Speights & Runyan,to represent it. Lexecon, LLC, provided asbestos claims consulting services to the Official Committee of Equity Security Holders. The Debtors' filed their Chapter 11 Plan and Disclosure Statement on Nov. 13, 2004. On Jan. 13, 2005, they filed an Amended Plan and Disclosure Statement. The hearing to consider the adequacy of the Debtors' Disclosure Statement began on Jan. 21, 2005. The Debtors' exclusive period to file a chapter 11 plan expired on July 23, 2007. Estimation of W.R. Grace's asbestos personal injury liabilities will commence on Jan. 14, 2008. (W.R. Grace Bankruptcy News, Issue No. 145; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). ============= B A H A M A S ============= ISLE OF CAPRI: Names Dale Black Sr. VP & Chief Financial Officer ---------------------------------------------------------------- Isle of Capri Casinos, Inc. officials have appointed Dale Black to senior vice president and chief financial officer positions, subject to regulatory approval. Mr. Black's responsibilities include overseeing the financial operations of the company's corporate and casino properties, financial strategy, accounting, and tax. Mr. Black joins Isle of Capri Casinos following two years with Trump Entertainment Resorts as executive vice president and chief financial officer. Prior to joining Trump Entertainment Resorts, Mr. Black spent over 12 years at Argosy gaming company in Alton, Illinois, serving as corporate controller from 1993 to 1998, and then as senior vice president and chief financial officer from 1998 until November 2005. While at Argosy, Mr. Black is credited as being instrumental in the turnaround of the regional casino company by building a balance sheet recognized as one of the strongest in the gaming industry. "Dale is well known and well respected in the financial community, and is recognized for his ability to create shareholder value through the development of a strong balance sheet, as well as the development of financial strategies designed to increase free cash flow. His knowledge and skill set will be valuable as we complete our strategic review, and continue the process of identifying targeted growth opportunities for Isle," said president and chief operating officer, Virginia McDowell. A graduate of Southern Illinois University, Mr. Black began his financial career with Arthur Andersen. About Isle of Capri Based in Biloxi, Mississippi and founded in 1992, Isle of Capri Casinos Inc. (Nasdaq: ISLE) -- http://www.islecorp.com/-- owns and operates casinos in Biloxi, Lula and Natchez, Mississippi; Lake Charles, Louisiana; Bettendorf, Davenport, Marquette and Waterloo, Iowa; Boonville, Caruthersville and Kansas City, Missouri and a casino and harness track in Pompano Beach, Florida. The company also operates and has a 57.0% ownership interest in two casinos in Black Hawk, Colorado. Isle of Capri Casinos' international gaming interests include a casino that it operates in Freeport, Grand Bahama, a casino in Coventry, England, and a two-thirds ownership interest in casinos in Dudley and Wolverhampton, England. * * * As reported in the Troubled Company Reporter on June 21, 2007, Standard & Poor's Ratings Services revised its rating outlook on Isle of Capri Casinos Inc. to negative from stable. Ratings on the company, including the 'BB-' corporate credit rating, were affirmed. PETROLEOS DE VENEZUELA: Finalizing Talks for Unit Sale to Aegean ---------------------------------------------------------------- Venezuelan state-run oil firm Petroleos de Venezuela SA has invited Aegean Marine Petroleum Network Company founder Dimitris Melisanidis to Caracas, Venezuela, for the conclusion of the negotiations for the final purchase of The Bahamas Oil Refining Company International Limited aka BORCO, Lededra Marche at the Freeport News reports. As reported in the Troubled Company Reporter-Latin America on Nov. 30, 2007, the sale of BORCO in Grand Bahama could be finalized in 10 days. Morgan Stanley was reportedly the leading bidder for the oil storage and bunkering terminal from Petroleos de Venezuela. Bidders also included: -- Nu Star Energy, -- Glencore, -- Vitol, -- PetroChina, and -- Petrobas. The Freeport News relates that Aegean Marine was the top bidder for the sale of BORCO, offering US$710 million for the unit. A press statement from Manasse Echegeray Energy Consultants says that Aegean Marine had outbid Nu Star and Morgan Stanley in the initial round of bids run by Citigroup. Its bid had been initially rejected. However, Petroleos de Venezuela recognized Aegean Marine offer as the highest one received, after conducting probes, The Freeport News relates. Belkys Reyes, an energy consultant in Caracas who works with Petroleos de Venezuela, confirmed to The Freeport News that Aegean Marine is now the clear front-runner for the purchase of BORCO. The board of Petroleos de Venezuela, Asdrubal Cavez, and Jesus Villanueva are expecting the arrival of Mr. Melisanidis in Caracas next week to conclude all the negotiations, The Freeport News says, citing Mr. Reyes. Mr. Reyes commented to The Freeport News, "If all the financial details of this intricate deal are agreed upon, Aegean will become the new owner of the BORCO Deposit in Freeport, Bahamas." Andean Marine was the first to be invited to discuss final terms of sale. The final overall price for BORCO could exceed US$1 billion, Manasse Echegeray said in a statement. About Aegean Marine Headquartered in Athens, Greece, Aegean Marine Petroleum Network, Inc. is a marine fuel logistics company that physically supplies and markets refined marine fuel and lubricants to ships in port and at sea. As a physical supplier, the company purchases marine fuel from refineries, oil producers and other sources, and resells and delivers these fuels using its bunkering tankers to a base of end users. About BORCO Bahamas Oil Refining Company International Limited aka BORCO was purchased by Petroleos de Venezuela in 1990 and runs a terminal with 20 million barrels crude oil and products. It had shut down its refining operations in mid-1985 in response to the oil glut on the world market. BORCO continued its oil transshipment operations, however, importing large quantities of oil from the Middle East and Africa for transshipment and for domestic use. In the Bahamas, oil exploration by several international companies began in the early 1980s; marine geologists believed vast deposits of oil and natural gas might be found. About Petroleos de Venezuela Petroleos de Venezuela SA -- http://www.pdv.com/-- is Venezuela's state oil company in charge of the development of the petroleum, petrochemical and coal industry, as well as planning, coordinating, supervising and controlling the operational activities of its divisions, both in Venezuela and abroad. The company has a commercial office in China. As reported on March 28, 2007, Standard & Poor's Ratings Services assigned its 'BB-' senior unsecured long-term credit rating to Petroleos de Venezuela S.A.'s US$2 billion notes due 2017, US$2 billion notes due 2027, and US$1 billion notes due 2037. ============= B E R M U D A ============= GLOBE TRANSPORT: Liquidator Filing for Dissolution by Dec. 24 ------------------------------------------------------------- Stephen E. Lowe, the official receiver of Glob Transport and Trading Company Limited, will file in the Registrar of Companies for the dissolution of the company by Dec. 24, 2007. In line with Section 199A of the Companies Act 1981, Mr. Lowe is satisfied that the realizable assets of Globe Transport are insufficient to cover the expenses of the winding up and that the affairs of the company do not require any further investigation. Mr. Lowe no longer performs any duties imposed upon him in relation to Globe Transport, its creditors or contributors by virtue of any provision of The Companies Act, other than his duty to apply to the Registrar of Companies for the early dissolution of the company. The Registrar of Companies will dissolve Globe Transport three months after receipt of Mr. Lowe's application. Under Section 199B of the Companies Act, any creditor or shareholder with grounds to believe that: -- the realizable assets of the company are sufficient to cover the expenses of the winding up; -- the affairs of this company do require further investigation; or -- for any other reason the early dissolution of the company is inappropriate, the creditor of shareholder may apply to the Minister of Finance to: -- allow the winding up of the company to proceed as if this notice had not been issued; and -- defer the date on which the dissolution of the company is to take effect. SEA CONTAINERS: SCSL Panel Setting Record Staring on Progress ------------------------------------------------------------- The Official Committee of Unsecured Creditors of Sea Containers Services Ltd. disagrees with Sea Containers Ltd. and its debtor- affiliates' statement that Sea Containers Ltd. has made substantial progress towards finalizing a Reorganization Plan. As reported in the Troubled Company Reporter on Nov. 29, 2007, the Debtors asked the Court to further extend their exclusive periods to file a Chapter 11 plan through and including Feb. 20, 2008, and to solicit acceptances of that plan through and including April 19, 2008. Sean T. Greecher Esq., at Young Conaway Stargatt & Taylor, LLP, related that since their last request to extend the exclusive periods, the Debtors have made substantial progress towards developing a viable chapter 11 plan. "The Exclusivity Motion contains a number of overly optimistic statements regarding the plan negotiation process and the potential for settlement of inter-debtor disputes," David B. Stratton, Esq., at Pepper Hamilton LLP, in Wilmington Delaware, says. Mr. Stratton informs the Court that the Debtors' statement claiming that they are "in the late stages", and are about to reach a "final settlement" with regard to the inter-debtor dispute resolution process, does not reflect the current posture of negotiations, or the pendency of claims litigation. Currently, he says, the Official Committee of Unsecured Creditors of Sea Containers Ltd. continue to assert its objection against the claims of the Sea Containers 1983 and 1990 Pension Schemes, and continues to seek discovery from the U.K Pension Schemes and the SCSL Committee via document requests. Unfortunately, the Discovery Requests have been going through a lot of objections, responses and extensions. The deadlines, Mr. Stratton says, "loom as ominous clouds over the negotiating table". While the SCSL Committee has continued to negotiate in good faith, and believes that there has been some progress on inter- debtor issues to date, it has yet to receive a settlement proposal before it could agree that indeed a Reorganization Plan is "within reach," Mr. Stratton tells the Court. "At this juncture, there is no cause to conclude that there is light at the end of Sea Containers' tunnel," Mr. Stratton says. The SCSL Committee does not object to the extension of the Debtors' exclusive periods to file and solicit votes for the Chapter 11 plan; it simply wants to ensure the the record is balanced and not misleading, Mr. Stratton explains. About Sea Containers Headquartered in Hamilton, Bermuda, Sea Containers Ltd. -- http://www.seacontainers.com/-- provides passenger and freight transport and marine container leasing. Registered in Bermuda, the company has regional operating offices in London, Genoa, New York, Rio de Janeiro, Sydney, and Singapore. The company is owned almost entirely by United States shareholders and its primary listing is on the New York Stock Exchange (SCRA and SCRB) since 1974. On Oct. 3, the company's common shares and senior notes were suspended from trading on the NYSE and NYSE Arca after the company's failure to file its 2005 annual report on Form 10-K and its quarterly reports on Form 10-Q during 2006 with the U.S. Securities and Exchange Commission. Through its GNER subsidiary, Sea Containers Passenger Transport operates Britain's fastest railway, the Great North Eastern Railway, linking England and Scotland. It also conducts ferry operations, serving Finland and Estonia as well as a commuter service between New York and New Jersey in the U.S. Sea Containers Ltd. and two subsidiaries filed for chapter 11 protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156). Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady, Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt & Taylor, represent the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors and the Financial Members Sub-Committee of the Official Committee of Unsecured Creditors of Sea Containers Ltd. is represented by William H. Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris, Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s Official Committee of Unsecured Creditors is represented by attorneys at Willkie Farr & Gallagher LLP. In its schedules filed with the Court, Sea Containers disclosed total assets of US$62,400,718 and total liabilities of US$1,545,384,083. The Debtors' exclusive period to file a chapter 11 plan expires on Dec 21, 2007. (Sea Containers Bankruptcy News, Issue No. 32; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) SEA CONTAINERS: Wins GE Seaco Arbitration Case ---------------------------------------------- Sea Containers Ltd., which owns half of the common equity in GE SeaCo SRL, one of the world's largest container leasing companies has won the arbitration case brought against it by GE Capital, the co-owner of GE SeaCo. In September last year, GE Capital of Stamford, Connecticut, contended that when Mr. James Sherwood, the company's founder, stood down from his duties as Chairman of the Board of Directors of Sea Containers in March 2006, there had been a change of control at Sea Containers that allowed GE to buy out Sea Containers' interests in GE SeaCo. Sea Containers welcomes the decision by the Arbitrator of the Commercial Arbitration Tribunal in the International Institute for Conflict Prevention and Resolution. The Arbitrator found that, for numerous reasons, when Mr. Sherwood stepped down from his position at Sea Containers, there was no change of control that might have triggered any right of GE Capital to purchase Sea Containers' interest in GE SeaCo. The favorable arbitration ruling is a major step forward in Sea Containers' efforts to advance its financial reorganization. Sea Containers looks forward to working with GE Capital to maximize the value of GE SeaCo. Headquartered in Hamilton, Bermuda, Sea Containers Ltd. -- http://www.seacontainers.com/-- provides passenger and freight transport and marine container leasing. Registered in Bermuda, the company has regional operating offices in London, Genoa, New York, Rio de Janeiro, Sydney, and Singapore. The company is owned almost entirely by United States shareholders and its primary listing is on the New York Stock Exchange (SCRA and SCRB) since 1974. On Oct. 3, the company's common shares and senior notes were suspended from trading on the NYSE and NYSE Arca after the company's failure to file its 2005 annual report on Form 10-K and its quarterly reports on Form 10-Q during 2006 with the U.S. Securities and Exchange Commission. Through its GNER subsidiary, Sea Containers Passenger Transport operates Britain's fastest railway, the Great North Eastern Railway, linking England and Scotland. It also conducts ferry operations, serving Finland and Estonia as well as a commuter service between New York and New Jersey in the U.S. Sea Containers Ltd. and two subsidiaries filed for chapter 11 protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156). Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady, Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt & Taylor, represent the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors and the Financial Members Sub-Committee of the Official Committee of Unsecured Creditors of Sea Containers Ltd. is represented by William H. Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris, Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s Official Committee of Unsecured Creditors is represented by attorneys at Willkie Farr & Gallagher LLP. In its schedules filed with the Court, Sea Containers disclosed total assets of US$62,400,718 and total liabilities of US$1,545,384,083. The Debtors' exclusive period to file a chapter 11 plan expires on Dec 21, 2007. (Sea Containers Bankruptcy News, Issue No. 32; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) =========== B R A Z I L =========== ARROW ELECTRONICS: Deploys Triad Semiconductor's ASICs Business --------------------------------------------------------------- The North American Components business of Arrow Electronics, Inc., will make Triad Semiconductor, Inc.'s mixed-signal via- configurable array ASICs available through Arrow's North American sales and design centers. Arrow Electronics will provide technical sales and support and product logistics for Triad Semiconductor's mixed-signal ASIC customers. Triad's patent-pending approach significantly reduces engineering labor and fabrication costs for high- performance ASIC designs, and can speed "time-to-prototype" by more than half a year. "As designs become more highly integrated, many of our customers have been asking for mixed-signal ASIC support," said director of the customer logic solutions group of Arrow's North America Components business, Chris Miller. "Over the last 6 months, we've seen a significant interest in Triad's technology. Customers appreciate how Triad has addressed their analog integration challenge with a competitive and flexible single- mask configurable technology. Customers are seeing the benefits with a lower NRE, faster time to production, along with the ability to make design changes quickly and inexpensively." "Arrow is the ideal strategic design and distribution partner, with its outstanding design support and unparalleled reach to 40,000 customers throughout North America," said Triad Semiconductor chief executive officer, Lynn Hayden. "Our combined efforts short circuit the time, cost and risk associated with full-custom layout, letting companies in the medical, industrial, communications, sensor and other sectors achieve cost-effective, high-performance mixed-signal ASIC designs." About Triad Semiconductor Triad Semiconductor -- http://www.triadsemi.com-- is a fabless ASIC company that develops, prototypes and produces mixed-signal ASICs for production volumes from the low thousands to millions. Its patent-pending Via Configurable Array technology creates ASIC arrays with silicon-proven analog and digital functions, reducing the time, cost and risk associated with full custom layout. Triad's via-only routing also significantly reduces engineering effort and fabrication time, resulting in fast-turn prototypes and design changes at minimal cost. Founded in 2003 and privately held, Triad is headquartered in Winston Salem, North Carolina. About Arrow Electronics Headquartered in Melville, New York, Arrow Electronics Inc. -- http://www.arrow.com/-- provides products, services and solutions to industrial and commercial users of electronic components and computer products. Arrow serves as a supply channel partner for nearly 600 suppliers and more than 130,000 original equipment manufacturers, contract manufacturers and commercial customers through a global network of over 270 locations in 53 countries and territories. The company operates in France, Spain, Portugal, Denmark, Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden, Italy, Germany, Austria, Switzerland, Belgium, the Netherlands, United Kingdom, Argentina, Brazil, Mexico, Australia, China, Hong Kong, Korea, Philippines and Singapore. * * * Arrow Electronics senior subordinated stock continues to carry Moody's Investors Service's Ba1 rating. The company's senior preferred stock is rated at Ba2. ATARI INC: Amends Credit Facility to Boost Borrowing by US$4 Mln ---------------------------------------------------------------- Atari Inc. has entered into an amendment to the Senior Secured Credit Facility with BlueBay High Yield Investments (Luxembourg) S.A.R.L. that will increase its borrowing capacity under the facility from US$10 million to US$14 million. The additional US$4 million in availability under the Credit Facility will enable Atari Inc. to meet its holiday season financing needs. BlueBay is a significant shareholder of Infogrames Entertainment S.A., Atari Inc.'s majority stockholder. Simultaneously with and as a condition to the increase in the availability under the Credit Facility, Atari Inc. terminated its existing distribution agreements with Infogrames and has entered into a new distribution agreement covering the distribution by Atari Inc. of interactive entertainment software games produced or acquired by Infogrames and its affiliates in North America. This new distribution agreement covers the distribution of Infogrames' products in North America for the next three years, subject to reduction to two years if certain performance targets are not met, and has provisions for automatic renewals on an annual basis unless terminated by either party in accordance with the agreement. The new distribution agreement provides that Atari Inc. will retain 30% of the net receipts from the distribution of Infogrames' products as consideration for its services. The agreement also provides that the parties will enter into an agreement on the same terms for the distribution by Infogrames of Atari, Inc.'s products outside North America. Additionally, as part of this agreement, Atari Inc. has licensed back to Infogrames the use of the "Atari" trademark in North America in connection with the URL http://www.atari.com/for the purposes of an online initiative to be lead by Infogrames. In light of the repositioning of Atari Inc.'s business and the new distribution arrangements, Atari Inc. has also terminated its existing corporate management and service contracts with Infogrames. This is anticipated to enable Atari Inc. to further streamline its corporate structure. Atari Inc. will provide certain administrative functions to Infogrames on a transitional basis over an approximate 7 to 10 month period for an annualized fee of approximately US$2.6 million. In addition, the parties terminated the agreement under which Infogrames provided certain management services to Atari Inc. It is expected that the termination of this agreement will result in annualized cost savings to Atari Inc. of approximately US$3 million. As part of the termination of the corporate management service contracts and the reduction of production and development activities at Atari Inc., Atari Inc. agreed to the transfer of certain employees, with such employees' acceptance, from the production and development businesses of Atari Inc. to Infogrames. Atari Inc. disclosed a reduction in its workforce, which included the production and development employees being transferred to Infogrames, that is expected to result in savings on current payroll and related costs of an estimated US$5.3 million per year of which US$1.3 million relates to the transfer of employees to Infogrames. About Atari Inc. Headquartered in New York, Atari Incorporated, (NASDAQ: ATAR) -- http://www.atari.com/-- develops interactive games for all platforms and is a third-party publisher of interactive entertainment software in the U.S. Atari Inc. is a majority- owned subsidiary of France-based Infogrames Entertainment SA, an interactive games publisher in Europe. Atari has offices in Brazil, the United Kingdom and Japan. Going Concern Doubt New York-based Deloitte & Touche LLP expressed substantial doubt about Atari's ability to continue as a going concern after auditing the company's consolidated financial statements for the year ended March 31, 2007. The auditing firm pointed to the company's significant operating losses. BANCO PINE: Joins International Finance's Global Trade Program -------------------------------------------------------------- Banco Pine has joined the International Finance Corp.'s global trade finance program as an issuing bank, the IFC said in a statement. According to the IFC's statement, Banco Pine provided a US$2- million, 180-day loan to a midsize Brazilian firm selling goods to Canada and the US. Business News Americas relates that Banco Pine concentrates on middle-market and payroll loans. The IFC's global trade finance program ensues funding for banks for short-term pre-export financing, BNamericas notes. The program also eases access to foreign markets for midsize banks in emerging markets. It has backed US$472 million in financing since February 2006 for: -- BicBanco, -- Daycoval, -- Indusval, -- Banco Portugues de Negocios, and -- Nuevo Banco Comercial. Headquartered in Sao Paulo, Banco Pine was established in 1997 by the brothers Nelson and Noberto Pinheiro after the sale in 1996 of their participation in another family institution. A comprehensive corporate and operational restructuring was implemented and in the first half of 2005 Noberto Pinheiro became the bank's majority shareholder. In April 2007, Banco Pine went public by placing non-voting preferred shares at the Bovespa Level 1 on the New Brazilian Stock Market. These shares enjoy a tag-along privilege, giving minority shareholders 100% of the value of the block of controlling shares in the event of the sale of the institution. * * * As reported in the Troubled Company Reporter-Latin America on June 26, 2007, Standard & Poor's Ratings Services raised its long-term counterparty credit rating on Banco Pine S.A. to 'BB-' from 'B+'. The rating was removed from CreditWatch Positive where it was placed June 11, 2007. S&P said the outlook is stable. * * * As reported in the Troubled Company Reporter-Latin America on May 18, 2007, Fitch Ratings upgraded the National ratings of Banco Pine S.A. as: -- Long-term National rating to 'A-(bra)' from 'BBB(bra)'; -- Short-term National rating to 'F2(bra)' from 'F3(bra)'. Fitch also affirms these ratings: -- Long-term Foreign Currency Issuer Default Rating 'B+' -- Short-term Foreign Currency rating 'B'; -- Long-term Local Currency Issuer Default Rating 'B+'; -- Short-term Local Currency rating 'B'; -- Individual 'D' -- Support '5'. BASELL AF: Fitch Cuts Long-Term Issuer Default Rating to B+ ----------------------------------------------------------- Fitch Ratings has downgraded Basell AF SCA's and Lyondell Chemical Co.'s Long-term Issuer Default ratings to 'B+' from 'BB-' and removed them from Rating Watch Negative where they were originally placed on July 17, 2007. Stable Outlooks are assigned to the Long-term IDRs. Basell's Short-term IDR is also affirmed at 'B'. Fitch has also downgraded Basell's senior notes and Millenium America Inc's senior notes to 'B-/RR6' from 'B+' and 'BB/RR2', respectively, as well as assigned a 'B/RR5'rating to Lyondell Basell Finance Co.'s bridge facility. Fitch has taken further rating action involving various subsidiaries and debt instruments. Fitch's ratings actions follow substantial re-leveraging to facilitate the fully debt-funded merger of chemical companies Basell and Lyondell. Fitch believes that credit metrics of the combined new group, including net total leverage of approximately 4.9, cash interest cover of approximately 2.4, (ratios based on the pro forma unadjusted LTM on Sept. 7, 2007 EBITDA of US$4.9 billion) and available liquidity are commensurate with the Long-term IDRs of 'B+'. The group's credit profile will be supported by potential synergies and pricing power advantages gained from improved vertical integration and size increases, which may prove crucial as the global chemical industry continues to face serious challenges from volatile feedstock costs and economical uncertainties in its end markets. Following a special meeting of shareholders on Nov. 20, 2007, Lyondell announced that shareholders approved the agreement and plan of merger, dated 16 July 2007, between Basell and Lyondell, pursuant to which Basell will acquire all of Lyondell's outstanding common shares for cash consideration of US$48 per share. The closing of the transaction is anticipated to occur on or about Dec. 20, 2007. After completion of the acquisition, Basell will be renamed LyondellBasell Industries AF SCA. LyondellBasell Industries will form the world's third-largest independent chemical company with combined revenues of around US$42.8 billion and around 15,000 employees worldwide. The ratings are: Basell AF SCA and subsidiaries, to be renamed LyondellBasell Industries AF SCA: -- Long-term IDR: downgraded to 'B+' from 'BB-'; removed from RWN; Stable Outlook assigned -- Senior secured credit facilities: affirmed at 'BB+' and withdrawn Senior notes: downgraded to 'B-/RR6' from 'B+' Lyondell Chemicals Co. and subsidiaries: -- Long-term IDR: downgraded to 'B+' from 'BB-'; removed from RWN; Stable Outlook assigned -- Senior secured facilities: affirmed at 'BB+' and withdrawn -- Senior secured notes: affirmed at 'BB+' and withdrawn -- Senior unsecured notes: affirmed at 'BB-' and withdrawn -- Senior unsecured debentures: upgraded to 'BB+/RR1' from 'BB-' Lyondell Basell Finance Co: -- Bridge facility: 'B/RR5' Equistar Chemicals L.P.: -- Long-term IDR: affirmed at 'B+'; Outlook Stable -- Senior secured credit facility: affirmed at 'BB+/RR1' and withdrawn -- Senior unsecured notes: affirmed at 'BB-/RR3' and withdrawn -- Debentures: upgraded to 'BB+/RR1' from 'BB-/RR3' Millenium Chemicals Inc.: -- Long-term IDR: affirmed at 'B+' with Stable Outlook and withdrawn -- Convertible senior unsecured debentures: affirmed at 'BB/RR2' and withdrawn Millenium America Inc.: -- Long-term IDR: affirmed at 'B+'; Outlook Stable -- Senior unsecured notes: downgraded to 'B-/RR6' from 'BB/RR2' The above ratings are assigned subject to the completion of the transaction as well as review of the final documentation, conforming to present information. Headquartered in The Netherlands, Basell AF SCA -- http://www.basell.com/-- is the producer of polypropylene and advanced polyolefins products, a leading supplier of polyethylene and catalysts, and a global leader in the development and licensing of polypropylene and polyethylene processes. The company, together with its joint ventures, has manufacturing facilities around the world and sells products in more than 120 countries. With research and development activities in Europe, North America and the Asia-Pacific region, Basell is continuing a technological heritage that dates back to the beginning of the polyolefins industry. In 2006, the company reported revenues of EUR10.5 billion and EBITDA of EUR1.1 billion. Basell has regional offices in Belgium, Germany, the United States, Brazil and Hong Kong, as well as sales offices in the major markets around the globe. CA INC: Lewis Ranieri Ends Six-Year Tenure on Board of Directors ---------------------------------------------------------------- CA Inc. reported that Lewis Ranieri, who led CA's Board of Directors through one of the most critical periods in the company's 31-year history, has retired from the Board, effective Dec. 10, 2007. In informing the Board of his decision, Ranieri, 60, cited family circumstances as the reason for ending his six-year tenure on CA's Board of Directors. Mr. Ranieri was re-elected to CA's Board last August with more than 97 percent of votes cast for his election. "I am truly honored to have been part of the turnaround at CA, and feel I leave the company in strong hands with a strong board led by you as its chairman and John Swainson as its CEO," Mr. Ranieri wrote to William E. McCracken, CA's non-executive chairman of the Board. Mr. Ranieri began his service as a director of the Company in 2001, served as lead independent director from May 2002 to April 2004, and served as non-executivechairman of the Board from April 2004 to June 2007. In his role first as lead independent director and then as non- executive chairman, Mr. Ranieri is credited with leading the Board during the investigation of accounting improprieties, negotiating a successful settlement with the government and rebuilding the Company. "The CA that exists today is a direct result of the dedication and commitment of Lewis Ranieri," Mr. McCracken said. "His unselfish leadership was key to restoring confidence in the Company with shareholders, customers and employees." "Lewis made tremendous contributions to this Company, and his leadership has been vital to CA's transformation," Mr. Swainson said. "I am personally grateful for his support and guidance over the years. We wish him the best." The company said it will not replace Mr. Ranieri at this time. With Mr. Ranieri's retirement, CA's Board now numbers 11 members. About CA Inc. Headquartered in Islandia, New York, CA Inc. (NYSE:CA) -- http://www.ca.com/-- is an information technology management software company that unifies and simplifies the management ofenterprise-wide IT. Founded in 1976, CA serves customers in more than 140 countries. The company has operations in Brazil, Indonesia, Luxembourg, Philippines and Thailand. * * * As reported in the Troubled Company Reporter-Latin America on June 7, 2007, Standard & Poor's Rating Services affirmed its 'BB' corporate credit and senior unsecured debt ratings on Islandia, New York-based CA Inc. S&P revised the outlook to stable from negative. As reported in the Troubled Company Reporter-Latin America on May 31, 2007, Fitch has affirmed these ratings for CA, Inc.: -- Issuer Default Rating at 'BB+'; -- Senior unsecured revolving credit facility expiring 2008 at 'BB+'; -- Senior unsecured debt at 'BB+'. FERRO CORPORATION: Closes Restructuring of Electronic Operations ---------------------------------------------------------------- Ferro Corporation has completed the previously announced restructuring of its Electronic Materials Systems operations in the United States. The restructuring included transfer of dielectric materials manufacturing from the Company's production facilities in Niagara Falls, New York, to existing Ferro facilities in Penn Yan, New York and Uden, The Netherlands. As part of the restructuring program, Ferro sold its Niagara Falls manufacturing site and certain industrial ceramics product lines that were based at the Niagara Falls site to TAM Ceramics LLC, an affiliate of All-American Holdings LLC. "We completed the restructuring program on schedule and we continue to estimate annual savings of $7 million to $8 million in 2008 as a result," said Barry Russell, Vice President of Ferro Electronic Material Systems. "We are pleased to reach agreement for the sale of the Niagara Falls manufacturing facility and industrial ceramics products." About Ferro Electronic Ferro Electronic Material Systems has locations in Vista, CA; Penn Yan, NY; South Plainfield, NJ; Cleveland, OH; Haverhill, United Kingdom; Uden, The Netherlands; Hanau, Germany; Tsukuba, Japan; and Suzhou, China. Its products include advanced packaging and thick film conductors; metal pastes and powders for solar energy applications; chemical mechanical planarization (CMP) slurries for semiconductors and advanced integrated circuits; dielectrics used in chip components and multilayer ceramic capacitors (MLCC); and surface finishing materials for LCD, hard disk, and ophthalmic polishing. About Ferro Corp. Headquartered in Cleveland, Ohio, Ferro Corporation (NYSE: FOE) -- http://www.ferro.com/-- is a global producer of an array of specialty chemicals including coatings, enamels, pigments, plastic compounds, and specialty chemicals for use in industries ranging from construction, pharmaceuticals and telecommunications. Ferro operates through the following five primary business segments: Performance Coatings, Electronic Materials, Color and Performance Glass Materials, Polymer Additives, and Specialty Plastics. Revenues were USUS$2 billion for the FYE ended Dec. 31, 2006. Ferro Corp. has global locations in Argentina, Australia, Belgium, Brazil, China, among others. * * * As reported in the Troubled Company Reporter-Latin America on May 16, 2007, Moody's Investors Service assigned a B1 corporate family rating to Ferro Corporation. Moody's also assigned a B1 rating to the company's USUS$200 million senior secured notes (issued as unsecured notes in 2001) due in January 2009 and an SGL-3 speculative grade liquidity rating. GERDAU SA: Brascan Puts Outperform Rating on Firm's Shares ---------------------------------------------------------- Business News Americas reports that Brazilian brokerage Brascan has assigned an "outperform" rating on Gerdau SA's shares. According to Brascan's research note, the brokerage's target price for Gerdau shares is at BRL66.98, while the target price for Metalurgica Gerdau, which controls the assets of Gerdau, is placed at BRL91.52. The targets indicate "respective upsides of 27.1% and 30.7% compared to Dec. 7 prices." Gerdau's potential increases in sales and continued strong cash flow were mainly due to the firm's "aggressive expansion strategy," BNamericas says, citing Brascan. Brascan told BNamericas that Gerda's US acquisitions -- Chaparral Steel and Macsteel -- will provide: -- greater product mix, -- possible synergies, and -- better operating margins. Gerdau is "more exposed to risks relating to the US housing and mortgage markets," BNamericas relates. Brascan is projecting a BRL30.7-billion revenue for Gerdau this year. Gerdau's Ebitda would be BRL6.44 billion, while its net profit would be BRL3.43 billion, BNamericas states. Headquartered in Porto Alegre, Brazil, Gerdau SA -- http://www.gerdau.com.br/-- produces and distributes crude steel and related long rolled products, drawn products, and long specialty products. In addition to Brazil, Gerdau operates in Argentina, Canada, Chile, Colombia, Uruguay and the United States. As reported in the Troubled Company Reporter-Latin America on Nov. 26, 2007, Moody's Investors Service affirmed Gerdau S.A.'s Ba1 corporate family rating and stable outlook, following the announcement of an agreement to acquire the specialty steel operations of Quanex Corporation, mainly represented by its MacSteel division for some US$1.46 billion in cash. All other ratings related to the company were affirmed. Ratings affirmed are: Issuer: Gerdau S.A. -- Ba1 Global Local Currency Corporate Family Rating -- US$600 million Senior Unsecured Guaranteed Perpetual Notes: Ba1 Foreign Currency Rating Issuer: Gerdau Brazil (fictitious entity representing the Brazilian operations of Gerdau S.A. comprising Gerdau Acominas S.A., Gerdau Acos Longos S.A., Gerdau Acos Especiais S.A., and Gerdau Comercial de Acos S.A.). -- Ba1 Global Local Currency Corporate Family Rating Issuer: Gerdau Ameristeel Corporation -- Ba1 Probability of Default Rating -- Ba1 Corporate Family Rating -- US$405 million Senior Unsecured Regular Bond: Ba1, LGD4 59% Issuer: Jacksonville Economic Development Comm. -- US$23 million Senior Unsecured Revenue Bonds guaranteed by Gerdau Ameristeel: Ba1, LGD4 59% Outlook for all ratings: stable HAYES LEMMERZ: Posts US$62.7-Mln Net Loss for Qtr. Ended Oct. 31 ---------------------------------------------------------------- Hayes Lemmerz International, Inc. has reported that sales for the fiscal third quarter ended Oct. 31, 2007 were US$554.9 million, up 20% from US$463.3 million in the year earlier quarter. The sales increase resulted from strong international steel and aluminum wheel sales, material cost recovery and favorable foreign currency fluctuations. For the third quarter, the company reported Adjusted EBITDA of US$55.8 million, an improvement of US$12.0 million or 27% over the year earlier quarter, and earnings from operations before impairments of US$22.2 million, an improvement of US$11.3 million or more than double the year earlier quarter. Free cash flow for the third quarter, excluding the effects of the company's accounts receivables securitization program, was US$26.5 million, an increase of US$26.2 million over the year earlier quarter. Free cash flow for the first nine months of fiscal 2007 was US$8.0 million, an increase of US$14.2 million for the same period last year. "This was a good quarter for the company, even though our net income was negatively impacted by asset impairment and other restructuring charges," said President, Chief Executive Officer and Chairperson of the Board, Curtis Clawson. The company reported a net loss for the third quarter of US$62.7 million, of which US$50.0 million resulted from asset impairments and restructuring charges, compared with a net loss of US$59.6 million a year earlier. "Our third quarter results reflect our success in implementing our strategy of restructuring our business, executing our operating plan and continuing to extend the lead in our global wheel business with international expansions in leading-cost regions," Mr. Clawson added. Hayes Lemmerz sold its automotive brake business in November, continuing to execute its strategy of reducing reliance on Detroit Three business in the United States, focusing its presence in the right geographic regions, and concentrating capital and efforts on its profitable global wheel business. Earlier in the fiscal year, as previously reported, the company sold its suspension and MGG businesses and its aluminum components facility in Wabash, Indiana. These businesses have been classified as discontinued operations. Adjusted for the sale of its automotive brake business (which is now classified as discontinued operations), Hayes Lemmerz remains on track to meet its guidance for the fiscal year ending Jan. 31, 2008. The company expects revenue of approximately US$2.1 billion (US$2.2 billion including the brake business), and Adjusted EBITDA is expected to be in the range of US$190 million to US$200 million (US$200 million to US$210 million including the brake business). The company expects positive free cash flow. Capital expenditures for the fiscal year are expected to be between US$95 million and US$100 million. About Hayes Lemmerz International Based in Northville, Michigan, Hayes Lemmerz International Inc. (Nasdaq: HAYZ) -- http://www.hayes-lemmerz.com/-- is a supplier of automotive and commercial highway wheels, brakes and powertrain components. The company has 30 facilities and approximately 8,500 employees worldwide. The company has operations in India, Brazil and Germany, among others. * * * As reported on Sept. 26, 2007, Fitch Ratings placed Hayes- Lemmerz International Inc.'s issuer default rating at 'B' with a negative rating watch. JBS SA: Moody's Puts Ratings on Review for Possible Downgrade ------------------------------------------------------------- Moody's Investors Service has placed under review for possible downgrade the B1 global local currency corporate family rating and B1 senior unsecured rating of JBS S.A. The rating action follows Moody's heightened concerns about the company's aggressive acquisition strategy at a time when management is still facing significant challenges related to the Swift turnaround. The action also reflects Moody's concerns with Swift's operating performance. Continued low operating margins at Swift may make it a challenge for the company to maintain consolidated retained cash flow to net debt above 10%, which is the level that Moody's considers necessary for the current rating category. The company has reached an agreement, to be concluded in January 2008, with Cremonini S.p.A. of Italy to acquire 50% of Inalca S.p.A., an Italy-based meat processor, for a total amount of EUR225 million (BRL600 million). Moody's is concerned that this additional acquisition will further strain JBS management's capacity to tightly control operating performance at its multiple international production locations. At the same time, Moody's recognizes that the joint venture with Cremonini gives the company an opportunity to broaden its client base and geographic diversification. While the company had BRL1.6 billion of cash and short-term investments as of Sept. 30, 2007, which would be sufficient to finance this transaction, Moody's highlights the BRL2.4 billion (US$1.3 billion) of the company's short-term debt. While some of the debt maturing at JBS is related to pre-export financing, which Moody's believes can be rolled over, if necessary, the company will have to refinance US$750 million at Swift & Company over the next six months. Ratings affected are: -- B1 Global Local Currency Corporate Family Rating -- B1 Foreign Currency US$300 Million Guaranteed Senior Notes Due 2016 -- B1 Foreign Currency US$275 Million Senior Unsecured Eurobonds Due 2011 The review for possible downgrade will primarily seek to determine whether JBS's growth and acquisition strategy will be compatible with a credit profile that is commensurate with its current B1 rating. More specifically, the review will examine all of the company's operations and business segments on a projected basis and compare expected credit metrics with rated global and domestic industry peers. The review will also review the company's liquidity profile and steps being taken by the company to refinance near term debt maturities. Headquartered in Greeley, Colorado, Swift & Company is one of the world's leading beef and pork processing companies. Its largest business segments are domestic beef processing, domestic pork processing and beef operations in Swift Australia. Swift's parent S&C Holdco 3 is owned by a limited partnership formed by equity sponsors HM Capital Partners LLC (formerly Hicks Muse) and Booth Creek Management Corporation. Consolidated sales for the twelve months ended Feb. 25, 2007, were approximately US$9.5 billion. Headquartered in Sao Paulo, Brazil, JBS is the third largest beef company in the world in terms of cattle slaughtering capacity and the largest beef processor and exporter in Brazil, Argentina and Latin America. With operations in Brazil and Argentina, JBS produces, prepares, packages and delivers fresh, chilled and processed beef and beef by-products to customers both in Brazil and abroad. LYONDELL CHEMICAL: Fitch Cuts Long-Term Issuer Rating to B+ ----------------------------------------------------------- Fitch Ratings has downgraded Basell AF SCA's and Lyondell Chemical Co.'s Long-term Issuer Default ratings to 'B+' from 'BB-' and removed them from Rating Watch Negative where they were originally placed on July 17, 2007. Stable Outlooks are assigned to the Long-term IDRs. Basell's Short-term IDR is also affirmed at 'B'. Fitch has also downgraded Basell's senior notes and Millenium America Inc's senior notes to 'B-/RR6' from 'B+' and 'BB/RR2', respectively, as well as assigned a 'B/RR5'rating to Lyondell Basell Finance Co.'s bridge facility. Fitch has taken further rating action involving various subsidiaries and debt instruments. Fitch's ratings actions follow substantial re-leveraging to facilitate the fully debt-funded merger of chemical companies Basell and Lyondell. Fitch believes that credit metrics of the combined new group, including net total leverage of approximately 4.9, cash interest cover of approximately 2.4, (ratios based on the pro forma unadjusted LTM on Sept. 7, 2007 EBITDA of US$4.9 billion) and available liquidity are commensurate with the Long-term IDRs of 'B+'. The group's credit profile will be supported by potential synergies and pricing power advantages gained from improved vertical integration and size increases, which may prove crucial as the global chemical industry continues to face serious challenges from volatile feedstock costs and economical uncertainties in its end markets. Following a special meeting of shareholders on Nov. 20, 2007, Lyondell announced that shareholders approved the agreement and plan of merger, dated 16 July 2007, between Basell and Lyondell, pursuant to which Basell will acquire all of Lyondell's outstanding common shares for cash consideration of US$48 per share. The closing of the transaction is anticipated to occur on or about Dec. 20, 2007. After completion of the acquisition, Basell will be renamed LyondellBasell Industries AF SCA. LyondellBasell Industries will form the world's third-largest independent chemical company with combined revenues of around US$42.8 billion and around 15,000 employees worldwide. The ratings are: Basell AF SCA and subsidiaries, to be renamed LyondellBasell Industries AF SCA: -- Long-term IDR: downgraded to 'B+' from 'BB-'; removed from RWN; Stable Outlook assigned -- Senior secured credit facilities: affirmed at 'BB+' and withdrawn Senior notes: downgraded to 'B-/RR6' from 'B+' Lyondell Chemical Co. and subsidiaries: -- Long-term IDR: downgraded to 'B+' from 'BB-'; removed from RWN; Stable Outlook assigned -- Senior secured facilities: affirmed at 'BB+' and withdrawn -- Senior secured notes: affirmed at 'BB+' and withdrawn -- Senior unsecured notes: affirmed at 'BB-' and withdrawn -- Senior unsecured debentures: upgraded to 'BB+/RR1' from 'BB-' Lyondell Basell Finance Co: -- Bridge facility: 'B/RR5' Equistar Chemicals L.P.: -- Long-term IDR: affirmed at 'B+'; Outlook Stable -- Senior secured credit facility: affirmed at 'BB+/RR1' and withdrawn -- Senior unsecured notes: affirmed at 'BB-/RR3' and withdrawn -- Debentures: upgraded to 'BB+/RR1' from 'BB-/RR3' Millenium Chemicals Inc.: -- Long-term IDR: affirmed at 'B+' with Stable Outlook and withdrawn -- Convertible senior unsecured debentures: affirmed at 'BB/RR2' and withdrawn Millenium America Inc.: -- Long-term IDR: affirmed at 'B+'; Outlook Stable -- Senior unsecured notes: downgraded to 'B-/RR6' from 'BB/RR2' The above ratings are assigned subject to the completion of the transaction as well as review of the final documentation, conforming to present information. About Lyondell Chemical Headquartered in Houston, Texas, Lyondell Chemical Company (NYSE: LYO) -- http://www.lyondell.com-- is North America's third-largest independent, publicly traded chemical company. Lyondell manufacturers basic chemicals and derivatives including ethylene, propylene, titanium dioxide, styrene, polyethylene, propylene oxide and acetyls. It also refines heavy, high-sulfur crude oil and produces gasoline-blending components. It operates on five continents and employs approximately 11,000 people worldwide. The company also has locations in Austria, France, Italy, The Netherlands, Belgium, Germany, Spain, United Kingdom, Brazil, China, Japan, Taiwan, India and Singapore. REALOGY CORP: Real Estate Downturn Cues Moody's Negative Outlook ---------------------------------------------------------------- Moody's Investors Service has assigned an SGL-3 speculative grade liquidity rating to Realogy Corporation and changed the rating outlook from stable to negative. At the same time, Moody's affirmed the B3 corporate family rating and all other credit ratings. Although Moody's base case forecast anticipates that residential home sale volume and pricing will stabilize beginning in late 2008 or early 2009, the negative rating outlook considers the potential for a more severe and protracted real estate downturn. The SGL-3 speculative grade liquidity reflects an adequate liquidity profile with modestly negative free cash flow from operations and adequate headroom under financial covenants over the next four quarters. If the downturn in the real estate market is more severe than anticipated by Moody's base case forecast over the next four quarters, then Moody's could lower the SGL rating. In such a scenario, free cash flow from operations could turn sharply negative and compliance with the leverage covenant could be challenging. Headquartered in Parsippany, New Jersey, Realogy Corporation (NYSE: H)-- http://www.realogy.com/-- is real estate franchisor and a member of the S&P 500. The company has a diversified business model that also includes real estate brokerage, relocation, and title services. Realogy's world-renowned brands and business units include CENTURY 21(R), Coldwell Banker(R), Coldwell Banker Commercial(R), ERA(R), Sotheby's International Realty(R), NRT Incorporated, Cartus, and Title Resource Group. Realogy has more than 15,000 employees worldwide. The company operates in Australia, Brazil and France. STRATUS TECH: Partners with Firetide to Deploy Broadband Network ---------------------------------------------------------------- Stratus Technologies Group has entered into partnership with Firetide Inc. to deploy a wireless broadband network in Doral, Fla. Doral, a city in Miami-Dade County, takes its name from the famous golf and spa resort located within its municipal boundaries and is home to 35,000 residents, the United States Southern Command headquarters, the Federal Reserve Bank, and many Fortune 500 companies. The City's wireless mesh network will provide Internet access and services including email, VoIP, and Internet Protocol Televisionto residents and businesses, Doral municipal government, and its new police department. After evaluating a number of integrators and mesh hardware vendors, the City of Doral awarded the contract to Stratus Technologies Group, which will spearhead the City-wide project that brings together a team of 10 leading technology companies including Firetide. The wireless broadband network will be designed by Stanford alumnus Dr. Rafael Marrero-Gonzalez, chief scientist, Stratus Technologies Group. The network will be based on the Firetide wireless mesh infrastructure, including 500-plus Firetide HotPort(R) mesh nodes and Firetide HotPoint(R) access points covering 15 square miles. "Our municipal wireless broadband network will foster social mobility, fuel continued economic growth, and promote innovation in an affordable manner for our citizens and businesses," said Doral City Manager Sergio Purrinos. "Stratus and Firetide demonstrated to us that they have the most comprehensive solution involving the best partners in the industry, and they know the most effective way to approach this project. We look forward to a long and mutually rewarding relationship as we move ahead deploying the network." The project will be rolled out in three phases. In the first phase, Internet access and email service will be implemented; in Phase Two, VoIP will be deployed; and in the third phase, IPTV. Future projects will include adding public safety capabilities to the network such as video surveillance, and using the wireless network to support mobile City operations. "We are excited to be working with such a strong team of leading business and technical people and an all-star group of external partners such as Firetide," said Jorge Reyes, CEO and president of Stratus Technologies Group. "With our unique understanding of Doral's technological requirements, and our first-hand knowledge of the City's demographics and potential business opportunities, we are confident that this project will deliver to the City exactly what it needs." "This deployment is the result of a strong collaborative effort between Stratus and Firetide to provide a wireless network that supports Doral's requirements now and well into the future," said Bo Larsson, CEO of Firetide. "With Firetide as the wireless network infrastructure, the City's businesses and residents can be confident that the network is secure, highly reliable, and can grow as their needs grow. We are pleased that both Stratus and Doral have placed their trust in Firetide." About Firetide Headquartered in Los Gatos, Calif., Firetide -- http://www.firetide.com/-- is the leading provider of mesh networks that enable concurrent video, voice, and data for municipal, public safety, and enterprise applications. Firetide HotPort mesh nodes, HotPoint access points, and HotView network management platform provide a reliable high performance wireless infrastructure for video surveillance, Internet access, public safety networks, and temporary networks wherever rapid deployment, mobility, and ease of installation are required. About Stratus Technologies Stratus Technologies is a global solutions provider focused exclusively on helping its customers achieve and sustain the availability of information systems that support their critical business processes. Based upon its 25 years of expertise in server and services technology for continuous availability, Stratus is a trusted solutions provider to customers in telecommunications, financial services, banking, manufacturing, life sciences, public safety, transportation & logistics, and other industries. * * * As reported in the Troubled Company Reporter on Mar. 1, 2006, Moody's Investors Service affirmed Stratus Technologies corporate family rating of B2 and assigned B1 rating to its proposed first lien term loan and Caa1 rating to its proposed second lien term loan. Net proceeds from the US$175 million first lien term loan and US$125 million second lien term loan will be used to refinance existing US$145 million senior notes and repurchase US$130 million preferred stock held largely by the company's sponsors. Moody's said the rating outlook is stable. This rating was affirmed: * B2 corporate family rating These ratings were assigned: * US$30 million revolving credit facility due 2011 -- B1 * US$175 million first lien term loan due 2011 -- B1 * US$125 million second lien term loan due 2012 -- Caa1 This rating will be withdrawn: * US$170 million senior unsecured note due 2008 - B3 * BRAZIL: Petrobras Inks Construction Pact with Atlantico Sul ------------------------------------------------------------- Petroleo Brasileiro SA has signed an agreement with the Atlantico Sul Shipyard for the construction of the hull for platform P-55, to be installed in the Roncador field. Pernambuco State Governor, Eduardo Campos, and Petrobras directors Renato Duque, for the Service, and Guilherme Estrella, for the Exploration and Production areas, attended the ceremony. Petrobras' executive manager for Engineering, Pedro Barusco and Paulo Hadad and Erik Guadalupe for the Atlantico Sul Shipyard, were responsible for the contract signing. The P-55's hull blocks will be built at the Atl�ntico Sul Shipyard, in Suape. Meanwhile, the hull will be assembled and piping and auxiliary structures will be made at the Rio Grande dry dock. The executive project and equipment and material procurement will begin in January; piping construction services will be kicked-off in August, in Rio Grande do Sul; and, finally, block manufacturing is expected to begin in November, in Pernambuco. P-55 Hull Summary: Total weight: 22,000 tons Production capacity: 180,000 barrels of oil per day Dimensions: base: 94 x 94 meters; height: 44 meters Job generation: 1,100 (Rio Grande do Sul) and 1,100 (Pernambuco) Contractor: Atlantico Sul Shipyard (composed of Queiroz Galvao, Camargo Correa, and Estaleiro PJMR) Investment: US$392.6 million Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp -- was founded in 1953. The company explores, produces, refines, transports, markets, distributes oil and natural gas and power to various wholesale customers and retail distributors in Brazil. Petrobras has operations in China, India, Japan, and Singapore. * * * As reported in the Troubled Company Reporter-Latin America on May 14, 2007, Fitch Ratings upgraded Brazil's long-term foreign and local currency sovereign Issuer Default Ratings to 'BB+' from 'BB' and the Country Ceiling to 'BBB-' from 'BB+'. In addition, Fitch affirmed Brazil's Short-term IDR at 'B'. Fitch said the rating outlook is stable. * BRAZIL: Petrobras Inks Pact with Atlantico for P-55 Project ------------------------------------------------------------- Brazilian state-run oil company Petroleo Brasileiro SA aka Petrobras said in a statement that it has signed a contract with Atlantico Sul shipyard for the construction of the P-55 oil platform hull. Business News Americas relates that the hull will be part of a platform in the Campos basin's Roncador field. It will be constructed in Pernambuco and Rio Grande do Sul. Petrobras will begin acquiring equipment for P-55 in January 2008, while pipes for the hull will be manufactured in August 2008. Petrobras told BNamericas that P-55 will be able to produce 180,000 barrels per day at full capacity. Investments in the platform will total US$393 million. * * * 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 =========================== ASTPRELUDE FUND: Sets Final Shareholders Meeting for Dec. 14 ------------------------------------------------------------ Astprelude Fund Ltd. will hold its final shareholders meeting on Dec. 14, 2007, at 10:00 a.m. at the registered office of the company. These agenda will be taken during the meeting: 1) accounting of the winding-up process; 2) authorizing the conduct of the liquidation by liquidators S.L.C. Whicker and K.D. Blake; 3) approval of the quantum of the liquidators' remuneration, that being fixed by the time properly spent by the liquidators and their staff; and 4) authorizing the liquidators to retain the records of the company and of the liquidators 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. Astprelude Fund's shareholders agreed on Nov. 1, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: K.D. Blake Attention: Gundega Tamane P.O. Box 493, Grand Cayman KY1-1106 Cayman Islands Telephone: 345-945-4309/ 345-949-4800 Fax: 345-949-7164 / 345-949-7164 ENGLEFIELD CAYMAN: Final Shareholders Meeting Is on Dec. 14 ----------------------------------------------------------- Englefield Cayman Limited will hold its final shareholders meeting on Dec. 14, 2007, at 9:00 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 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. Englefield Cayman's shareholders agreed on Nov. 9, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Russell Smith Attention: Sumitra Devi P.O. Box 2499, George Town Grand Cayman KY1-1104, Cayman Islands Telephone: (345) 946 0820 Fax: (345) 946 0864 IFL CONTINUUM: Proofs of Claim Filing Deadline Is Dec. 14 --------------------------------------------------------- IFL Continuum Fund, Ltd.'s creditors are given until Dec. 14, 2007, to prove their claims to Joshua Grant and Richard Gordon, the company's liquidators, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. IFL Continuum's shareholder decided on Oct. 12, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Joshua Grant Richard Gordon Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands MACQUARIE FINANCIAL: Sets Final Shareholders Meeting for Dec. 14 ---------------------------------------------------------------- Macquarie Financial Infrastructure Alliance will hold its final shareholders meeting on Dec. 14, 2007, at: Maples Finance Limited Boundary Hall, Cricket Square George Town, Grand Cayman Cayman Islands These agenda will be taken during the meeting: 1) accounting of the winding-up process; and 2) giving any explanation thereof. 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. Macquarie Financial's shareholders agreed on Nov. 1, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Guy Major Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands SLE LIMITED: Final Shareholders Meeting Is on Dec. 14 ----------------------------------------------------- SLE Limited will hold its final shareholders meeting on Dec. 14, 2007, at: Maples Finance Limited Boundary Hall, Cricket Square George Town, Grand Cayman Cayman Islands These agenda will be taken during the meeting: 1) accounting of the winding-up process; and 2) giving any explanation thereof. 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. SLE Limited's shareholders agreed on Oct. 9, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Richard Gordon Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands STAR PASSION: Will Hold Final Shareholders Meeting on Dec. 14 ------------------------------------------------------------- Star Passion SPC will hold its final shareholders meeting on Dec. 14, 2007, at: Maples Finance Limited Boundary Hall, Cricket Square George Town, Grand Cayman Cayman Islands These agenda will be taken during the meeting: 1) accounting of the winding-up process; and 2) giving any explanation thereof. 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. Star Passion's shareholders agreed on Nov. 1, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Jan Neveril Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands TIGRE CRE: Holding Final Shareholders Meeting on Dec. 14 -------------------------------------------------------- Tigre CRE HG 2007-1. Ltd. will hold its final shareholders meeting on Dec. 14, 2007, at: Maples Finance Limited Boundary Hall, Cricket Square George Town, Grand Cayman Cayman Islands These agenda will be taken during the meeting: 1) accounting of the winding-up process; and 2) giving any explanation thereof. 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. Tigre CRE's shareholders agreed on Oct. 24, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Martin Couch Sarah Kennedy Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands TOPIARY LIMITED: Sets Final Shareholders Meeting for Dec. 14 ------------------------------------------------------------ Topiary Limited will hold its final shareholde