T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Friday, December 14, 2007, Vol. 8, Issue 248 Headlines A R G E N T I N A BILLINGHURST BIENES: Proofs of Claim Verification Is on March 18 BNP PARIBAS: Moody's Assigns First-Time Low-B and Junk Ratings DANA CORP: Addresses Objections to Confirmation of Plan DANA CORP: Bankruptcy Court to Confirm Reorganization Plan DANA CORP: Names Post-Bankruptcy Board of Directors DYNAMOTIVE ENERGY: Hires Thomas Bouchard as CEO Effective Jan. 2 EVOLUCION TEXTIL: Proofs of Claim Verification Is Until March 20 INSTAL TUBE: Proofs of Claim Verification Deadline Is Feb. 5 MAPFRE SEGUROS: Moody's Reviews Ratings for Possible Upgrade MOVILES BUENOS: Proofs of Claim Verification Ends on March 10 POTENCIAL TRUST: Proofs of Claim Verification Is Until March 28 SHAMA SA: Proofs of Claim Verification Is Until Feb. 11 VISUAL HEALTH: Proofs of Claim Verification Deadline Is April 14 B A H A M A S HARRAH'S ENT: Gets La. & Iowa Regulators Okay on Apollo/TPG deal B E R M U D A SEA CONTAINERS: Wins GE Seaco Arbitration Case ROCHA CONSTRUCTION: Receiver Filing For Dissolution by Dec. 24 B R A Z I L DRI CORP: Earns US$499,000 in Third Quarter Ended Sept. 30 FERRO CORP: Declares 14.5 Cents Per Share Quarterly Dividend FERRO CORP: Adds Steps in Inorganic Specialties Restructuring FORD MOTOR: Idles Light Truck Plants Two Weeks Ahead of Schedule GOL LINHAS: Board Approves Dividend Interest Payments to Holders KENDLE INT'L: S&P Revises Outlook to Positive From Stable NAVISTAR INT'L: Military Unit Bags US$151.9-Million Contract TECUMSEH PRODUCTS: Completes US$10-Mln Auto & Specialty Biz Sale TEREX CORP: Acquires Majority Stake in India Joint Venture C A Y M A N I S L A N D S ALTERNATIVE MULTI-STRATEGIES: Shareholders Meeting Is on Dec. 17 BROCKTON CAPITAL: Proofs of Claim Filing Ends Tomorrow COMPOUND CAPITAL: Proofs of Claim Filing Deadline Is Tomorrow CV GROWTH: Will Hold Final Shareholders Meeting on Dec. 17 FAIRFIELD FALCON: Sets Final Shareholders Meeting for Dec. 17 FIRST REINSURANCE: Proofs of Claim Filing Is Until Tomorrow FIRST REINSURANCE CO: Proofs of Claim Filing Ends Tomorrow O'CONNOR EVT: Sets Final Shareholders Meeting for Dec. 17 O'CONNOR GLOBAL: Holding Final Shareholders Meeting on Dec. 17 O'CONNOR EUROPEAN: Sets Final Shareholders Meeting for Dec. 17 O'CONNOR GLOBAL FUNDAMENAL: Shareholders Meeting Is on Dec. 17 O'CONNOR GLOBAL QUANTITATIVE: Shareholders Meeting Is on Dec. 17 O'CONNOR GLOBAL QUANTITATIVE EQUITY: Final Meeting Is Dec. 17 SOUTH AFRICA CAPITAL: Final Shareholders Meeting Is on Dec. 17 WALTON SCDO: Proofs of Claim Filing Deadline Is Tomorrow C H I L E BOSTON SCIENTIFIC: Celsion Buys 659,738 Shares of Common Stock SCL TERMINAL: Moody's Lifts Senior Unsecured Debt Rating to Ba1 C O L O M B I A AES GENER: Performs Capital Raise for 674.6M Shares on Jan. 18 AES GENER: Inks Supply Contracts with Anglo American Chile UNIFI INC: Weak Liquidity Cues Moody's Junk Ratings C O S T A R I C A HILTON HOTELS: Signs Management Agreement with Amplio E C U A D O R * ECUADOR: Gov't. Eyes Oil Tender Absent International Funding G U A T E M A L A LAND O'LAKES: S&P Upgrades Corporate Credit Rating to BB H O N D U R A S CHOICE HOTELS: Paying US$0.17 Per Share Cash Dividend on Jan. 18 M E X I C O ACCELLENT INC: Robert Kirby Replaces Michael Marks on Board BELL MICRO: Signs Agreement to Distribute ATEN Product Lines CKE RESTAURANTS: Earns US$6.2 Million in Third Quarter 2007 CEMEX SAB: Plans Layoffs After Rinker Acquisition CINEMARK HOLDINGS: S&P Affirms B Corporate Credit Rating CLEAR CHANNEL: Extends Merger Pact Termination Date to June 12 DURA AUTOMOTIVE: Resolves Objections to Plan Confirmation DURA AUTOMOTIVE: Ct. Defers Plan Confirmation Hearing to Dec. 17 DURA AUTOMOTIVE: Extends Marketing Period for US$425M Exit Loan GRUPO GIGANTE: Gets Requisite Consents to Amend Indenture MOVIE GALLERY: Can Execute Amendments Under Restructuring Pacts MOVIE GALLERY: Lease Action Directives on Auction Protocols Set MOVIE GALLERY: Will Close Down Moviebeam Service on December 15 PQ CORP: Carlyle Deal Cues S&P to Withdraw B Corp. Credit Rating UNITED RENTALS: Tender Offer Expiration Date Extended to Dec. 21 P A N A M A NCO GROUP: Signs Definitive Agreement to Acquire Outsourcing Co. NCO GROUP: S&P Puts B+ Counterparty Credit Rating on Watch P E R U LEVI STRAUSS: Taps T. Gary Rogers as Board Chairman P U E R T O R I C O ADELPHIA COMMS: Distributes US$311 Mln Cash and 1,714,365 Shares MACY'S INC: Deirdre Connelly Joins Board of Directors PEP BOYS: Irvin Reid Joins Board of Directors V E N E Z U E L A ARVINMERITOR INC: Signs Deal to Acquire Mascot Truck PETROLEOS DE VENEZUELA: Advancing Plans for NatGas Project Dev't - - - - - ================= A R G E N T I N A ================= BILLINGHURST BIENES: Proofs of Claim Verification Is on March 18 ---------------------------------------------------------------- Billinghurst Bienes Raices SRL, the court-appointed trustee for Visual Health Institute S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of claim until March 18, 2008. Mr. Contador will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 11 in Buenos Aires, with the assistance of Clerk No. 20, 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 Billinghurst Bienes 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 Billinghurst Bienes' accounting and banking records will be submitted in court. La Nacion didn't state the reports submission deadlines. Mr. Contador is also in charge of administering Billinghurst Bienes' assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Billinghurst Bienes Raices SRL Billinghurst 2129, Buenos Aires, Argentina The trustee can be reached at: Daniel Contador Tucuman 1657 Buenos Aires, Argentina BNP PARIBAS: Moody's Assigns First-Time Low-B and Junk Ratings -------------------------------------------------------------- Moody's Investors Service has assigned first-time ratings to BNP Paribas -- Argentine Branch. These are long- and short-term local-currency deposit ratings of Ba1 and Not Prime, and long- and short-term foreign-currency deposit ratings of Caa1 and Not Prime, respectively. Moody's also assigned the bank national scale ratings of Aaa.ar for local currency and Ba1.ar for foreign currency deposits. The local currency deposit ratings have a stable outlook, and those for foreign currency deposits have a positive one, in line with that of the sovereign ceiling for Argentina. Moody's noted that the ratings are constrained by Argentina's local- and foreign-currency country ceilings for bank deposits. As a branch of BNP Paribas of France (rated by Moody's at Aa1/ P-1), the bank is not assigned a bank financial strength rating. Moody's Ba1 for long-term local currency deposits of the branch in Argentina reflects the risk of the head office, but constrained by the country ceiling. The rating agency also points out that BNP Paribas' extensive track record of operations in the Argentine financial market, where it has had a presence since 1929, reinforces management's deep knowledge of the local environment, its product development and distribution capabilities. The Argentine branch also benefits from the head office's financial and management support, including its risk management and controls infrastructure. BNP Paribas (Argentina) had total assets of ARS1 billion (approximately US$326 million) and equity of ARS79.3 million (US$25.2 million). These ratings were assigned to BNP Paribas Argentine Branch: -- Global long-term local-currency deposit rating: Ba1, stable outlook -- Short-term local-currency deposit rating: Not Prime -- National scale rating for local currency deposits: Aaa.ar -- Global long-term foreign-currency deposit rating: Caa1, positive outlook -- Short-term foreign currency deposit rating: Not Prime -- National scale rating for foreign currency deposits: Ba1.ar BNP Paribas, one of Europe's largest banks, operates some 2,200 retail branches in France and has operations in about 85 other countries, including Argentina. DANA CORP: Addresses Objections to Confirmation of Plan ------------------------------------------------------- Dana Corp. and its debtor-affiliates received only 11 timely objections to confirmation of their Joint Plan of Reorganization -- a remarkably small number considering the size and scope of the Debtors' Chapter 11 cases, Corinne Ball, Esq., at Jones Day, in New York, tells the U.S. Bankruptcy Court for the . She relates that the Debtors have endeavored to resolve the objections consensually, hence, only four objections remain unresolved. These are the Ad Hoc Committee of Asbestos Personal Injury Claimants together with Jose Angel Valdez' objections, the Lead Plaintiffs' objection and Ogre Holdings' objection. Thus, the Debtors have chosen to respond to these four objections. A. Ogre Holdings Ogre Holdings, Inc.'s objection to the allegedly discriminatory treatment accorded Tort Claim classified in Class 5B has been addressed by a proposed modification of the the Plan, which will more accurately effect the Debtors' intent of preventing a double recovery to holders of Tort Claims, Ms. Ball points out. In addition, Ms. Ball says that Ogre Holdings' allegation the the Plan has not been proposed in good faith within the meaning of Section 1129(a)(3) of the Bankruptcy Code has no basis in law. B. Lead Plaintiffs In their objection, the Lead Plaintiffs asserted that: (i) the Plan contains impermissibly broad releases and injunctions; and (ii) the Plan should not impact the rights of the Lead Plaintiffs or the securities class, either through injunctive relief or discharge, to pursue their securities claims to the extent of the proceeds of certain liability insurance policies the Debtors maintain in favor of their directors and officers. According to Ms. Ball, the Debtors have addressed the Lead Plaintiffs' first objection. With regard to the second objection, she adds that it has been partially addressed through a proposed addition to the Confirmation Order, which will assure that nothing in the Plan or its confirmation will prevent the Lead Plaintiffs from accessing the insurance available to the non-Debtor defendants in the Securities Litigation. C. Asbestos Claimants The Ad Hoc Committee and Jose Angel Valdez' objections, among other things, allege that: (i) the Debtors' implementation of the Restructuring Transactions, among other things, leaves Asbestos Personal Injury Claims impaired; and (ii) the Plan does not provide payment to holders of Asbestos Personal Injury Claims once these claims are allowed. There can be no question as to the impairment of Class 3 Asbestos Personal Injury Claims under the Plan, Ms. Ball says. She explains that the Asbestos Personal Injury claimants will be reinstated against a solvent Reorganized Dana in accordance with Section 1124(1) of the Bankruptcy Code. According to Ms. Ball, the Asbestos Personal Injury Claimants may also continue to prosecute, and settle if they so choose, precisely the same claims and cases they possessed before the Petition Date against the same entities with the same insurance resources and significantly improved balance sheets. "At the heart of the objection is the Asbestos Personal Injury Claimants' evident desire to receive a windfall -- that is, more than they could have recovered from the Debtors upon their disputed, contingent, unliquidated and unproven claims if these bankruptcy cases had not been filed -- at the expense of the Debtors' other creditors," Ms. Ball says. Ms. Ball asserts that the Asbestos Personal Injury claimants these Chapter 11 cases to obtain greater rights against the Debtors than they enjoyed before the Petition Date, hence, Court should overrule the Asbestos objections. About Dana Headquartered in Toledo, Ohio, Dana Corporation -- http://www.dana.com/-- designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. Dana has facilities in China in the Asia-Pacific, Argentina in the Latin-American regions and Italy in Europe. The company and its affiliates filed for chapter 11 protection on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Aug. 31, 2007, the Debtors listed US$6,878,000,000 in total assets and US$7,551,000,000 in total debts resulting in a total shareholders' deficit of US$673,000,000. Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represent the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners serves as Dana's Chief Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents the Official Committee of Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the Official Committee of Equity Security Holders. Stahl Cowen Crowley, LLC serves as counsel to the Official Committee of Non-Union Retirees. The Debtors filed their Joint Plan of Reorganization on Aug. 31, 2007. On Oct. 23, 2007, the Court approved the adequacy of the Disclosure Statement explaining their Plan. The Court has set Dec. 10, 2007, to consider confirmation of the Plan. (Dana Corporation Bankruptcy News, Issue No. 65; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) DANA CORP: Bankruptcy Court to Confirm Reorganization Plan ---------------------------------------------------------- During a confirmation hearing on Dec. 12, 2007, for Dana Corp.'s Chapter 11 case, the Honorable Burton R. Lifland of the U.S. Bankruptcy Court for the Southern District of New York disclosed that he will "entertain an appropriate order of confirmation" with respect to the company's Plan of Reorganization. The judge ruled that all Chapter 11 requirements for confirmation have been satisfied. The company is expected to submit the order of confirmation by Dec. 21, 2007. The company is positioned to emerge from bankruptcy by the end of January 2008. "This is another important step toward our emergence as a financially stable company that is positioned to compete vigorously in our global markets," said Dana Chairman and CEO Mike Burns. Headquartered in Toledo, Ohio, Dana Corporation (Pink Sheets: DCNAQ) -- http://www.dana.com/-- designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. Dana has facilities in China in the Asia-Pacific, Argentina in the Latin-American regions and Italy in Europe. The company and its affiliates filed for chapter 11 protection on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Aug. 31, 2007, the Debtors listed US$6,878,000,000 in total assets and US$7,551,000,000 in total debts resulting in a total shareholders' deficit of US$673,000,000. Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represent the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners serves as Dana's Chief Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents the Official Committee of Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the Official Committee of Equity Security Holders. Stahl Cowen Crowley, LLC serves as counsel to the Official Committee of Non-Union Retirees. The Debtors filed their Joint Plan of Reorganization on Aug. 31, 2007. On Oct. 23, 2007, the Court approved the adequacy of the Disclosure Statement explaining their Plan. (Dana Corporation Bankruptcy News, Issue No. 65; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) DANA CORP: Names Post-Bankruptcy Board of Directors --------------------------------------------------- Dana Corporation disclosed the selection of nine individuals who are expected to serve as members of the board of directors of Dana upon emergence from Chapter 11 reorganization. The board will include Dana Chairman and Chief Executive Officer Mike Burns, who is expected to be named Chief Executive Officer. At emergence, it is expected that the offices of Chairman and Chief Executive Officer will be separate. "We are pleased to welcome this group of highly respected individuals to the Dana team and look forward to benefiting from their perspective and guidance as we embark on our new beginning," Mr. Burns said. "The combined experience, business acumen, and high ethical standards represented by this board will provide a sound foundation for our future success." The board, which has been selected by creditors and new investors, assembles distinguished leaders from government, finance, and automotive backgrounds. Collectively, the board represents more than 170 years of automotive industry experience. Proposed New Board of Directors Upon confirmation of the company's Plan of Reorganization by the Court, the board of directors will take office on the effective date of the plan. Joining Mr. Burns on the board will be: Gary L. Convis, 65, retired in 2007 as the Chairman of Toyota Manufacturing, Kentucky and Executive Vice President of Toyota Motor Engineering & Manufacturing North America, Inc., where he had served since 2002. Prior to serving in these roles, Mr. Convis spent 16 years at New United Motor Manufacturing, Inc. Mr. Convis also spent more than 20 years in various roles with General Motors Corporation and Ford Motor Company. Mr. Convis is also a board member of Cooper-Standard Automotive Inc. and Compass Automotive Group, Inc. John M. Devine, 63, is the former Vice Chairman and Chief Financial Officer of General Motors Corporation, where he served from 2001 to 2005. Prior to joining GM, Mr. Devine served as Chairman and Chief Executive Officer of Fluid Ventures, LLC. Previously, he spent 32 years at Ford Motor Company, where he last served as Executive Vice President and Chief Financial Officer. Mr. Devine is also currently a board member of Amerigon Incorporated. Mark T. Gallogly, 50, is Managing Partner of Centerbridge Partners, L.P., a multi-strategy private investment firm. Prior to co-founding Centerbridge, Mr. Gallogly served as a Senior Managing Director of The Blackstone Group from 1994 to 2005, heading the firm's Private Equity Group from 2003 to 2005. Richard A. Gephardt, 66, is a senior counsel in the Government Affairs practice group at DLA Piper, one of the world's largest law firms. Previously, Mr. Gephardt served as a Congressman for Missouri's Third Congressional District for 28 years. He was the leader of the House Democrats for more than a decade, serving as House majority leader from 1989 to 1994 and minority leader from 1995 to 2003. Stephen J. Girsky, 45, is President of Centerbridge Industrial Partners, LLC. Prior to joining Centerbridge, Mr. Girsky was the Special Adviser to the Chief Executive Officer and Chief Financial Officer of General Motors Corporation from 2005 to 2006. Prior to joining GM, Mr. Girsky was managing director at Morgan Stanley and the senior analyst of the Morgan Stanley Global Automotive and Auto Parts Research Team. Terrence J. Keating, 58, is Chairman of Accuride Corporation, one the largest and most diversified manufacturers and suppliers of commercial vehicle components in North America. He has served as CEO and a director of Accuride Corporation since 2002, and was named Chairman of the company earlier this year. He recently announced plans to retire from active employment as an officer of the company at the end of 2008. Mr. Keating also serves as Vice Chairman and a director of the Heavy Duty Manufacturers Association. Mark A. Schulz, 55, is the former President of International Operations of the Ford Motor Company, where he spent 32 years in a variety of global roles. Mr. Schulz serves as a member of several boards, including the National Committee of United States-China Relations, the United States-China Business Council, and the National Bureau of Asian Research. He is also a member of the International Advisory Board for the President of the Republic of the Philippines. Mr. Schulz is also currently a board member of YRC Worldwide Inc. Jerome B. York, 69, has served as Chief Executive Officer of Harwinton Capital LLC, a private investment company that he controls, since 2000. From 2000 to 2003, Mr. York was Chairman and Chief Executive Officer of MicroWarehouse, Inc. From 1995 to 1999, he served as Vice Chairman of Tracinda Corporation. He served as Senior Vice President and Chief Financial Officer of IBM Corporation from 1993 to 1995. Prior to that, Mr. York spent 14 years at Chrysler Corporation serving as its Chief Financial Officer from 1990 to 1993. Mr. York is also currently a director of Apple Inc. and Tyco International Ltd. All-Star Cast The Detroit Free Press notes that Dana is assembling "an all- star board of directors", with former top executives from the world's three biggest automakers, a former adviser to General Motors Corp. CEO Rick Wagoner, and Mr. Wagoner's onetime nemesis, Jerome York. Among the new directors and officers are former auto auto executives: * Gary Convis was retired chairman of Toyota Motor Corp.'s Toyota Manufacturing, Kentucky; * John Devine is a former vice chairman and chief financial officer of General Motors Corp.; and * Mark Schulz is a former president of International Operations of the Ford Motor Co. Mr. York is a former Chrysler Corp chief financial officer and has been an adviser to investor Kirk Kerkorian. Mr. York resigned from GM's board promptly after talks of a possible tie up with Nissan Motor Co. and Renault SA died down. Mr. Kerkorian's Tracinda Corp., who had pushed for the tie-up, later disposed of his shares in GM, which went as high as 9.9%. Mr. Girsky was a special adviser to the CEO and CFO of GM from 2005 to 2006. Burns Stepping Down as Chairman Mr. Burns is relinquishing his title as chairman of Dana. Mr. Burns is, however, to expected to remain with the company. According to documents submitted to the Court, Michael J. Burns will be the President, Chief Executive Officer and Chief Operating Officer for Dana Holding Corporation and Dana Limited. FutureoftheUnion.com notes that Judge Lifland had authorized the company to pay up to US$6,750,000 in cash and stock to Mr. Burns when the company exits bankruptcy. Buffalo Business First recounts that Mr. Burns was a GM vice president in charge of Delphi Harrison Thermal Systems in Lockport from 1994 to 1996. He left the auto-maker to join Dana in 2004. A complete list of New Dana Holdco's directors and officers is available for free at: http://bankrupt.com/misc/NewDanaHoldco_D&O's.pdf About Dana Headquartered in Toledo, Ohio, Dana Corporation -- http://www.dana.com/-- designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. Dana has facilities in China in the Asia-Pacific, Argentina in the Latin-American regions and Italy in Europe. The company and its affiliates filed for chapter 11 protection on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Aug. 31, 2007, the Debtors listed US$6,878,000,000 in total assets and US$7,551,000,000 in total debts resulting in a total shareholders' deficit of US$673,000,000. Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represent the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners serves as Dana's Chief Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents the Official Committee of Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the Official Committee of Equity Security Holders. Stahl Cowen Crowley, LLC serves as counsel to the Official Committee of Non-Union Retirees. The Debtors filed their Joint Plan of Reorganization on Aug. 31, 2007. On Oct. 23, 2007, the Court approved the adequacy of the Disclosure Statement explaining their Plan. The Court has set Dec. 10, 2007, to consider confirmation of the Plan. (Dana Corporation Bankruptcy News, Issue No. 65; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) DYNAMOTIVE ENERGY: Hires Thomas Bouchard as CEO Effective Jan. 2 ---------------------------------------------------------------- Dynamotive Energy Systems Corporation has appointed Thomas J. Bouchard as Chief Operating Officer. Mr. Bouchard's appointment will be effective Jan. 2, 2008, and he will report directly to Andrew Kingston, Dynamotive's President and Chief Executive Officer. Mr. Bouchard will help lead the ramp up of global operations. Mr. Bouchard, age 47, brings extensive experience from the process manufacturing industry including materials, quality control and packaging industry segments. For over 20 years at General Electric, he successfully held numerous operational and general management positions in its plastics business in the U.S., Canada and Europe. Most recently he was the VP & GM - Americas for Consumer Solutions at MeadWestvaco, and prior to that Mr. Bouchard was the CEO of MetricVision Inc., where he led the successful turnaround and sale of this venture-capital- backed manufacturer and marketer of laser-based quality control products. A member of the Potomac Officers Club, Mr. Bouchard also serves on the board of directors of Sigma Space Corporation and Segmented Sensor Technologies, Inc. He earned a Master of Science degree in Management from Purdue University and a Bachelor's degree in Chemistry from Williams College. Andrew Kingston commented, "Tom Bouchard's track record in making things happen is one of his many strengths and DynaMotive is fortunate to have him join the team." He added: "Tom holds the academic credentials and has the top-drawer, hands-on experience to help us take Dynamotive to the next level of operations and market penetration. We welcome him aboard and look forward to his contribution." About BioOil(R) BioOil(R) is an industrial fuel produced from cellulose waste material. When combusted it produces substantially less smog- precursor nitrogen oxides (NOx) emissions than conventional oil as well as little or no sulfur oxide gases (SOx), which are a prime cause of acid rain. BioOil(R) and BioOil Plus(TM) are price-competitive replacements for heating oils #2 and #6 that are widely used in industrial boilers and furnaces. They have been awarded the coveted EcoLogo in Canada, meaning that they are certified, as meeting the stringent environmental criteria for industrial fuels as measured by Environment Canada's Environmental Choice Program. BioOil(R) can be produced from a variety of residue cellulosic biomass resources and is not dependent on food-crop production. About Dynamotive Energy Dynamotive Energy Systems Corporation (OTC BB: DYMTF.OB) -- http://www.dynamotive.com/-- is an energy solutions provider headquartered in Vancouver, Canada, with offices in the USA, UK and Argentina. Its carbon/greenhouse gas neutral fast pyrolysis technology uses medium temperatures and oxygen-less conditions to turn dry waste biomass and energy crops into BioOil(TM) for power and heat generation. BioOil(TM) can be further converted into vehicle fuels and chemicals. Going Concern Doubt BDO Dunwoody LLP, in Vancouver, Canada, conducted its audit of Dynamotive Energy Systems Corp.'s consolidated financial statements for the years ended Dec. 31, 2006, and 2005, in accordance with Canadian reporting standards, which do not permit a reference to conditions and events casting substantial doubt about the company's ability to continue as a going concern when these are adequately disclosed in the financial statements. Dynamotive Energy incurred a loss of US$14.3 million for the year ended Dec. 31, 2006. The company's ability to continue as a going concern is dependent on achieving profitable operations, commercializing its BioOil production technology and obtaining the necessary financing in order to develop this technology. EVOLUCION TEXTIL: Proofs of Claim Verification Is Until March 20 ---------------------------------------------------------------- Jorge Alberto Vazquez, the court-appointed trustee for Visual Health Institute S.R.L.'s bankruptcy proceeding, will verify creditors' proofs of claim until March 20, 2008. Mr. Vazquez will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 2 in Buenos Aires, with the assistance of Clerk No. 3, 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 Visual Health 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 Visual Health's accounting and banking records will be submitted in court. La Nacion didn't state the reports submission deadlines. Mr. Vazquez is also in charge of administering Visual Health's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Evolucion Textil SRL Sayos 5518 Buenos Aires, Argentina The trustee can be reached at: Jorge Alberto Vazquez Bartolome Mitre 2593 Buenos Aires, Argentina INSTAL TUBE: Proofs of Claim Verification Deadline Is Feb. 5 ------------------------------------------------------------ Hector Rodolfo Arzu, the court-appointed trustee for Instal Tube S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until Feb. 5, 2008. Mr. Arzu will present the validated claims in court as individual reports on March 24, 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 Instal Tube 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 Instal Tube's accounting and banking records will be submitted in court on May 12, 2008. Mr. Arzu is also in charge of administering Instal Tube's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Instal Tube S.A. Brandsen 257/261 Buenos Aires, Argentina The trustee can be reached at: Hector Rodolfo Arzu Junin 55 Buenos Aires, Argentina MAPFRE SEGUROS: Moody's Reviews Ratings for Possible Upgrade ------------------------------------------------------------ Moody's Latin America has placed MAPFRE Argentina ART's and MAPFRE Seguros de Vida's B1 global local currency and Aa3.ar national scale insurance financial strength ratings on review for a possible upgrade. At the same time, Moody's affirmed MAPFRE Argentina Seguros' Ba3 global local currency and Aa2.ar national scale IFS ratings and maintained the stable outlook. The review for upgrade is prompted by MAPFRE Vida's and MAPFRE ART's enhanced earnings, as well as their improved market position and franchise strength achieved in recent years. According to Moody's, the review for possible upgrade will focus primarily on three key considerations, including: 1) the expectations for the insurance operations' continued earnings growth and sustained capitalization; 2) the extent to which the companies will continue growing their market presence and strengthening the MAPFRE brand in the local market and; 3) the strategic and financial integration of the local operations with both their ultimate parent, MAPFRE S.A., and amongst themselves. Moody's added that the review will also consider the risk inherent in the quality of their assets, given the high proportion of investment allocation in speculative-grade instruments, as well as the intrinsic regulatory risks associated with the segments of operations, particularly workers' compensation. The affirmation of MAPFRE Seguros' ratings is supported by the company's increased penetration in the local market, currently with over 8% market share -- compared to 6% in 2003 -- and the support from MAPFRE S.A. The rating agency noted that the increased concentration of business in the softer market segments -- primarily auto and property insurance -- has increased MAPFRE Seguros' earnings volatility and operating leverage, as well as significantly decreasing the company's return on equity. Argentina's high sovereign risk, characterized by relatively unstable macroeconomic and political environment, is a significant constraint to the IFS ratings of all three companies. Moody's most recent rating action on MAPFRE's operations in Argentina took place on Dec. 7, 2004, when it assigned Ba3/Aa2.ar IFS ratings to MAPFRE Seguros and B1/Aa3.ar IFS ratings to MAPFRE Vida and MAPFRE ART. These ratings were placed on review for possible upgrade: -- MAPFRE Argentina A.R.T. S.A. -- insurance financial strength at B1 (global local currency) and Aa3.ar (Argentina national scale) -- MAPFRE Argentina Seguros de Vida S.A. -- insurance financial strength at B1 (global local currency) and Aa3.ar (Argentina national scale) These ratings were affirmed with a stable outlook: -- MAPFRE Argentina Seguros S.A. -- insurance financial strength rating at Ba3 (global local currency) and Aa2.ar (Argentina national scale); Based in Buenos Aires, MAPFRE Seguros, MAPFRE ART and MAPFRE Vida are wholly-owned subsidiaries of MAPFRE S.A., headquartered in Madrid, Spain. For the first quarter of the 2008 fiscal year, beginning on July 1, 2007, MAPFRE Seguros, MAPFRE ART and MAPFRE Vida reported total gross premium of ARS294.6 million, ARS99.3 million and ARS15.8 million, respectively. In that same period, MAPFRE Seguros and MAPFRE ART posted net losses of ARS10.4 million and ARS3.9 million respectively, while MAPFRE Vida posted net income of ARS0.7 million. On Sept. 30, 2007, MAPFRE Seguros', MAPFRE ART's and MAPFRE Vida's assets totaled ARS668.9 million, ARS273.9 million and ARS70.6 million, respectively, and their shareholders' equity was reported at ARS134.2 million, ARS51.5 million and ARS24.7 million, respectively. MOVILES BUENOS: Proofs of Claim Verification Ends on March 10 ------------------------------------------------------------- Horacio Jose Caliri, the court-appointed trustee for Instal Tube S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until March 10, 2008. Mr. Caliri will present the validated claims in court as individual reports on April 21, 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 Instal Tube 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 Instal Tube's accounting and banking records will be submitted in court on June 3, 2008. Mr. Caliri is also in charge of administering Instal Tube's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Horacio Jose Caliri Lavalle 1206 Buenos Aires, Argentina POTENCIAL TRUST: Proofs of Claim Verification Is Until March 28 --------------------------------------------------------------- Juan Jose Romanelli, the court-appointed trustee for Potencial Trust SA's bankruptcy proceeding, verifies creditors' proofs of claim until March 28, 2008. Mr. Romanelli will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 8 in Buenos Aires, with the assistance of Clerk No. 16, 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 Potencial Trust 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 Potencial Trust's accounting and banking records will be submitted in court. La Nacion didn't state the reports submission deadlines. Mr. Romanelli is also in charge of administering Potencial Trust's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Potencial Trust SA Bolivar 1725 Buenos Aires, Argentina The trustee can be reached at: Juan Jose Romanelli Gandara 2700 Buenos Aires, Argentina SHAMA SA: Proofs of Claim Verification Is Until Feb. 11 ------------------------------------------------------- Osvaldo Norberto Siciliano, the court-appointed trustee for Shama S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until Feb. 11, 2008. Mr. Siciliano will present the validated claims in court as individual reports on March 24, 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 Shama 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 Shama's accounting and banking records will be submitted in court on May 7, 2008. Mr. Siciliano is also in charge of administering Shama's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Osvaldo Norberto Siciliano Hipolito Yrigoyen 1349 Buenos Aires, Argentina VISUAL HEALTH: Proofs of Claim Verification Deadline Is April 14 ---------------------------------------------------------------- Maria Paulina Alva, the court-appointed trustee for Visual Health Institute S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of claim until April 14, 2008. Ms. Alva will present the validated claims in court as individual reports on June 16, 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 Visual Health 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 Visual Health's accounting and banking records will be submitted in court on Aug. 14, 2008. Ms. Alva is also in charge of administering Visual Health's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Maria Paulina Alva Montevideo 536 Buenos Aires, Argentina ============= B A H A M A S ============= HARRAH'S ENT: Gets La. & Iowa Regulators Okay on Apollo/TPG deal ---------------------------------------------------------------- Harrah's Entertainment Inc. received approval from the Louisiana Gaming Control Board and the Iowa Racing and Gaming Commission for the proposed acquisition of Harrah's by affiliates of Apollo Management, L.P. and TPG Capital. The transaction remains subject to approval by other jurisdictions in which Harrah's subsidiaries operate and other conditions to closing set forth in the agreement and plan of merger entered into on Dec. 19, 2006. Harrah's expects the transaction to close in early 2008. About Apollo Management L.P. Based in New York, Apollo Management L.P. is a private equity L.P. firm, founded in 1990 by Leon Black. It also has offices in Los Angeles and London. It has invested over $16 billion in companies inside and outside the of the United States. About TPG Capital Headquartered in Fort Worth, Texas, TPG Capital, also known as Texas Pacific Group -- http://www.texaspacificgroup.com/-- has staked its claim on the buyout frontier. The company, which does not get involved in the day-to-day operations of the companies in which it invests, usually holds onto an investment for at least five years, although consistent moneymakers may be kept indefinitely. About Harrah's Entertainment Headquartered in Las Vegas, Nevada, Harrah's Entertainment Inc.(NYSE: HET) -- http://www.harrahs.com/-- has grown through development of new properties, expansions and acquisitions, and now owns or manages casino resorts on four continents and hosts over 100 million visitors per year. The company's properties operate under the Harrah's, Caesars and Horseshoe brand names; Harrah's also owns the London Clubs International family of casinos and the World Series of Poker. Harrah's also owns the London Clubs International family of casinos. In January, it signed a joint venture agreement with Baha Mar Resorts Ltd. to operate a resort in Bahamas. * * * Harrah's Entertainment Inc. continues to carry Standard & Poor's "BB" long term foreign and local issuer credit ratings, which were placed in December 2006. ============= B E R M U D A ============= 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) ROCHA CONSTRUCTION: Receiver Filing For Dissolution by Dec. 24 -------------------------------------------------------------- Stephen E. Lowe, the official receiver of Rocha Construction & Landscaping 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 Rocha Construction 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 Rocha Construction, 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 Rocha Construction 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. =========== B R A Z I L =========== DRI CORP: Earns US$499,000 in Third Quarter Ended Sept. 30 ---------------------------------------------------------- DRI Corporation reported net income of US$499,000 on net sales of US$13.9 million for the third quarter ended Sept. 30, 2007, compared with a net loss of US$1.0 million on net sales of US$12.4 million in the comparable period last year. The net sales increase resulted from higher U.S. domestic sales of US$1.1 million and an increase in international sales of US$427,000. The increase in U.S. sales was a result of higher sales in TwinVision of North America Inc. and Digital Recorders Inc. Operating income increased to US$906,000 during the three months ended Sept. 30, 2007, versus an operating loss of US$710,000 in the comparable 2006 quarter. The increase in operating income is due to higher sales and lower selling, general and administrative expenses offset by higher cost of sales and higher research and development expenses. Other expense decreased US$153,000 from US$295,000 for the three months ended Sept. 30, 2006, to US$142,000 for the three months ended Sept 30, 2007, mainly due to a US$119,000 increase in foreign currency gain. The company recorded a net income tax expense of US$138,000 for the three months ended Sept. 30, 2007, as compared with net income tax expense of US$59,000 for the three months ended Sept. 30, 2006. On April 30, 2007, the company divested DAC, which comprised all the operations of the law enforcement and surveillance segment of the company. Since the divestiture of DAC occurred on April 30, 2007, there is no income or loss from discontinued operations reported for the third quarter of 2007, whereas income from discontinued operations of US$212,000 were reported for the third quarter of 2006. For the nine months ended Sept. 30, 2007, sales increased by 13.1% to US$40.8 million and net income was US$432,000. This compares to sales of US$36.1 million and a net loss of US$1.9 million for the same period last year. At Sept. 30, 2007, the company's consolidated balance sheet showed US$37.2 million in total assets, US$17.6 million in total liabilities, US$392,000 in minority interest in consolidated subsidiary, and US$19.2 million in total shareholders' equity. Full-text copies of the company's consolidated financial statements for the quarter ended Sept. 30, 2007, are available for free at http://researcharchives.com/t/s?2651 Laurus Credit Agreement The company has an asset-based lending agreement with Laurus which provides up to $6.0 million in borrowings under a revolving credit facility. This credit facility is secured by all tangible and intangible assets of the company in the U.S. The Laurus Credit Agreement contains no financial covenants. At Sept. 30, 2007, remaining borrowing availability under the revolving credit facility was approximately $1.5 million. The Laurus Credit Agreement has a maturity date of June 30, 2008. The company anticipates its cash resources will not be sufficient to make payment in full on the outstanding balance of this line of credit at the maturity date. Going Concern Doubt As reported in the Troubled Company Reporter on Apr. 5, 2007, PricewaterhouseCoopers LLP expressed substantial doubt about Digital Recorders Inc.'s ability to continue as a going concern after auditing the company's consolidated financial statements for the years ended Dec. 31, 2006, and 2005. The auditing firm pointed to the company's recurring losses from operations and accumulated deficit. About DRI Corporation Based in DRI Corp. (Nasdaq: TBUS) -- http://www.digrec.com/-- formerly Digital Recorders Inc., is a digital communications technology company in the domestic and international public transportation and transit security markets. Its products include TwinVision(R) and Mobitec(R) electronic destination sign systems, Talking Bus(R) voice announcement systems, Digital Recorders(R) Internet-based passenger information and automatic vehicle location/monitoring systems, and VacTell(TM) video actionable intelligence systems. The company has office in Brazil. FERRO CORP: Declares 14.5 Cents Per Share Quarterly Dividend ------------------------------------------------------------ Ferro Corporation's Board of Directors has declared a regular quarterly dividend of 14.5 cents per share of common stock. The dividend is payable on March 10, 2008, to shareholders of record on Feb. 15, 2008. 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. FERRO CORP: Adds Steps in Inorganic Specialties Restructuring ------------------------------------------------------------- Ferro Corporation has initiated additional steps in the restructuring of its worldwide Inorganic Specialties Group. As a result of this restructuring and the reduction of approximately 50 employee positions, the company expects to record a pre-tax charge for employee severance and pension costs of approximately US$1.6 million in the fourth quarter ended Dec. 31, 2007, and the Company may record additional charges in future periods. These charges are in addition to those included in the fourth quarter earnings estimates that the Company announced on Nov. 9. In addition to the charges announced today, Ferro estimates it may record future severance and pension costs of approximately US$2.3 million through the third quarter of 2008 related to these actions, and potential further reductions of employee positions. A final decision to proceed with actions related to any additional charges will be made after the Company has completed required consultations with employee representatives at the affected sites. These restructuring actions are part of Ferro's ongoing effort to reduce costs in its Inorganics manufacturing operations, including the reduction of annual manufacturing costs in Europe by US$40 million to US$50 million by the end of 2009. 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. FORD MOTOR: Idles Light Truck Plants Two Weeks Ahead of Schedule ---------------------------------------------------------------- Ford Motor Company temporarily closes two light truck plants in Dearborn, Michigan and Louisville, Kentucky on Monday, 14 days earlier than the plants' planned shuttering for the holidays, the Associated Press reports. The measure is a ploy to adjust supply of F-150 pickups and Explorer sport utility vehicles to meet fluctuating demand, according to AP citing company spokeswoman Anne Marie Gattari. Sales of Ford's F-series pickups, AP relates, fell 11.7% to 46,568 in November 2007. As reported in the Troubled Company Reporter on Dec. 7, 2007, Ford disclosed that due to low November sales, Ford plans a 7% car production decrease in the first quarter of 2008, expecting to produce only 685,000 vehicles. Analysts anticipate low annual sales in 2008, a drop in U.S. light vehicle sales to 3% to 15.6 million units, a record low since 1998. Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) -- http://www.ford.com/-- manufactures or distributes automobiles in 200 markets across six continents. With about 260,000 employees and about 100 plants worldwide, the company's core and affiliated automotive brands include Ford, Jaguar, Land Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company provides financial services through Ford Motor Credit Company. The company has operations in Japan in the Asia Pacific region. In Europe, the company maintains a presence in Sweden, and the United Kingdom. The company also distributes its brands in various Latin American regions, including Argentina and Brazil. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 19, 2007, Moody's Investors Service affirmed the long-term ratings of Ford Motor Company (B3 Corporate Family Rating, Ba3 senior secured, Caa1 senior unsecured, and B3 probability of default), but changed the rating outlook to Stable from Negative and raised the company's Speculative Grade Liquidity rating to SGL-1 from SGL-3. Moody's also affirmed Ford Motor Credit Company's B1 senior unsecured rating, and changed the outlook to Stable from Negative. These rating actions follow Ford's announcement of the details of the newly ratified four-year labor agreement with the UAW. GOL LINHAS: Board Approves Dividend Interest Payments to Holders ---------------------------------------------------------------- GOL Linhas Aereas Inteligentes S.A., the parent company of Brazil's low-cost airlines GOL Transportes Aereos S.A. and VRG Linhas Aereas S.A., announces to shareholders that its Board of Directors, at a meeting held on Dec. 11, 2007, approved the payment of interest on stockholder's capital and supplementary dividends, referring to the fourth quarter of the fiscal year of 2007. I - Amount of Interest on Stockholder's Capital and Supplementary Dividends The total amount of interest on stockholder's capital and supplementary dividends is BRL76,519,720.62, corresponding to BRL0.35, per common and preferred shares. From the total amount, it will be paid in the form of interest on stockholder's capital, the gross amount of BRL38,097,542.49, corresponding to the net amount of BRL0.16007, per common and preferred share, and BRL38,422,178.13, in the form of supplementary dividends, corresponding to BRL0.18993, per common and preferred share of the company. II - Date of Credit All outstanding shares on Dec. 24, 2007, inclusive, will be entitled to receive the interest on stockholder's capital and supplementary dividends approved. The credit of the amount of the interest on stockholder's capital and supplementary dividends on the company's accounting records shall be made on Dec. 28, 2007, considering the shareholder position of Dec. 24, 2007. III - Ex-Dividends Date The company's shares will be traded on BOVESPA and NYSE, "ex" dividends as of, and including, Dec. 26, 2007. IV - Withholding Income Tax The amount of the interest on stockholder's capital is subject to withholding income tax at a rate of 15%, except to shareholders that evidence to be exempt or immune, and for those domiciled in a tax heaven jurisdiction, subject to an income tax rate of 25%. V - Evidence of Exemption/immunity Shareholders immune or exempt of withholding income tax shall verify if such condition is stated in their records maintained at the company's shares registrar (Banco Itau S/A.) and, if necessary, must update their records in order to take advantage of the referred benefit, until Dec. 27, 2007. VI - Imputation of Interests on Stockholder's Capital The interest on stockholder's capital, net of withholding income tax, will be imputed to mandatory dividends related to the corporate year of 2007. The payment of interest on stockholder's capital and supplementary dividends is resolved according to the quarterly intercalary dividends policy approved by the meeting of the Board of Directors held on Jan. 29, 2007, in the fixed amount of BRL0.35 per common and preferred share, per quarter, during 2007. Regardless of the fixed amount, it is assured the payment of the minimum dividend of 25% of the corporate year's net profit, and if necessary, the company will make a year-end supplementary dividend payment. VII - Payment of Interest on Stockholder's Capital and Supplementary Dividends The interest on stockholder's capital and supplementary dividends will be paid to shareholders, with no remuneration, on Feb. 1, 2008. Closely held supplementary pension entities, in order to not have income tax withheld, shall send a specific statement to the company, to the address below, before Dec. 27, 2007, with certified signatures and proper documents to evidence authority of signatory. A statement form and further clarifications may be obtained at: GOL Linhas Aereas Inteligentes S.A. IR Department Rua Gomes de Carvalho, no 1.629, Vila Olimpia Sao Paulo - SP - CEP: 04547-006 Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL Linhas Areas Inteligentes S.A. (NYSE: GOL and Bovespa: GOLL4) -- http://www.voegol.com.br-- through its subsidiary, GOL Transportes Aereos S.A., provides airline services in Brazil, Argentina, Bolivia, Uruguay, and Paraguay. The company's services include passenger, cargo, and charter services. As of March 20, 2006, Gol Linhas provided 440 daily flights to 49 destinations and operated a fleet of 45 Boeing 737 aircraft. The company was founded in 2001. * * * As reported in the Troubled Company Reporter-Latin America on July 25, 2007, Fitch Ratings has affirmed the 'BB+' foreign and local currency issuer default ratings of Gol Linhas Aereas Inteligentes S.A. Fitch has also affirmed the outstanding US$200 million perpetual bonds and US$200 million of senior notes due 2017 at 'BB+' as well as the company's 'AA-' (bra) national scale rating. Fitch said the rating outlook is stable. KENDLE INT'L: S&P Revises Outlook to Positive From Stable --------------------------------------------------------- Standard & Poor's Rating Services has revised its outlook on Kendle International Inc. to positive from stable. S&P also revised its issue rating on the company's amended US$53.5 million revolver to 'BB' with a recovery rating of '1', indicating the expectation of very high (90%-100%) recovery of principal in the event of default. At the same time, S&P affirmed all existing ratings, including its 'B+' corporate credit rating, on the company. The outlook revision reflects the company's progress integrating the operations of Charles River Laboratories International phase II-IV clinical research operations, which was acquired for about US$236 million in August 2006. In addition, the company has generated free cash flow in excess of S&P's expectations since the initial rating. While free cash flow may be used to fund selective acquisitions to expand the company's global reach in the future, cushion exists in the financial risk profile to absorb such transactions. S&P's ratings on the company continue to reflect the company's aggressive leverage, and the challenges of managing a rapidly growing business. These risks partly are offset by the company's strong position in a fairly fragmented market and its global presence. Based in Cincinnati, Kendle International Inc. (Nasdaq: KNDL) -- http://www.kendle.com/-- is a global clinical research organization and provides Phase II-IV clinical development services worldwide. The company's global clinical development business is focused on five regions - North America, Europe, Asia/Pacific, Africa and Latin America including Brazil. NAVISTAR INT'L: Military Unit Bags US$151.9-Million Contract ------------------------------------------------------------ Navistar International Corporation's military affiliate, International Military and Government LLC, has been awarded a contract for US$151.9 million from U.S. Marine Corp. to provide parts and support for MaxxPro(TM) Mine Resistant Ambush Protected Vehicles. This supplements previous parts and components contract awards, now totaling nearly US$300 million. The U.S. Marine Corps has ordered 2,971 MaxxPro MRAP vehicles to date to be delivered by April 2008. Overall, these vehicle, parts and support contracts total more than US$1.8 billion. "With our vehicles now in theater, Navistar's global network provides the U.S. armed forces with the essential support they need to keep the MaxxPro MRAP mission ready," said Archie Massicotte, president of International Military and Government, LLC. Navistar's commercial scale brings the military unique advantages in engineering, manufacturing and parts and service support. The company has nearly 1,000 dealership locations worldwide, including facilities in 75 countries outside North America, including Iraq and Afghanistan. "We are bringing the total package to the military - vehicles, parts and field support," said Tom Feifar, general manager, Global Defense and Export, Navistar Parts. "Our goal is to keep these vehicles up and running so the troops can focus on their mission. It's an honor to be a part of the effort to support our troops." Last year, Navistar built more than 160,000 trucks and school buses and 560,000 diesel engines. "We already have delivered more than 700 MaxxPro MRAP vehicles and 60,000 parts pieces and components since receiving our first contract at the end of May of this year. We are on our way to building 500 vehicles per month by February," concluded Massicotte. Based in Warrenville, Illinois, Navistar International Corp. (NYSE:NAV) -- http://www.nav-international.com/-- is the parent company of Navistar Financial Corp. and International Truck and Engine Corp. The company produces International brand commercial trucks, mid-range diesel engines and IC brand school buses, Workhorse brand chassis for motor homes and step vans, and is a private label designer and manufacturer of diesel engines for the pickup truck, van and SUV market. The company also provides truck and diesel engine parts and service sold under the International brand. A wholly owned subsidiary offers financing services. The company has operations in Brazil, Iceland and India. * * * As reported in the Troubled Company Reporter on Oct. 29, 2007, Standard & Poor's Ratings Services said that its 'BB-' corporate credit ratings on North American truck and diesel engine producer Navistar International Corp. and subsidiary Navistar Financial Corp. remain on CreditWatch with negative implications, where they were placed on Jan. 17, 2006. TECUMSEH PRODUCTS: Completes US$10-Mln Auto & Specialty Biz Sale ---------------------------------------------------------------- Tecumseh Products Company has completed the sale of its automotive & specialty business operations, to be known as Von Weise USA Inc., to an affiliate of Sun Capital Partners Inc. The purchase price was US$10 million in cash. The transaction included Tecumseh's facilities in Eaton Rapids, Michigan; Nappanee, Indiana; Juarez, Mexico; and Cambridge, Ontario. The automotive & specialty business, which operated under the "Fasco" name prior to the sale of other divisions of the Electrical Components business segment to Regal Beloit Corporation, is conducting business as "Von Weise USA Inc." in the U.S., "TPC Motores de Mexico, S. de R.L. de C.V." in Mexico, and "Von Weise of Canada Company" in Canada, and will be doing business henceforth under the Von Weise brand. Rothschild Inc. served as financial advisor to Tecumseh. About Sun Capital Partners Inc. Sun Capital Partners Inc. is a private investment firm focused on leveraged buyouts, equity, debt, and other investments in companies that can benefit from its in-house operating professionals and experience. Sun Capital affiliates have invested in and managed more than 170 companies worldwide since Sun Capital's inception in 1995. Sun Capital has offices in Boca Raton, Los Angeles, and New York, and affiliates with offices in London, Tokyo, and Shenzhen. About Tecumseh Products Company Headquartered in Tecumseh, Michigan, Tecumseh Products Company (Nasdaq: TECUA, TECUB) -- http://www.tecumseh.com/-- manufactures hermetic compressors for air conditioning and refrigeration products, gasoline engines and power train components for lawn and garden applications, submersible pumps, and small electric motors. The company has offices in Italy, United Kingdom, Brazil, France, and India. In March of 2007, the company's Brazilian engine subsidiary, TMT Motoco, was granted permission by the Brazilian courts to pursue a judicial restructuring, similar to a U.S. filing for Chapter 11 bankruptcy protection. The TMT Motoco filing in Brazil constituted an event of default with our domestic lenders. On April 9, 2007, the company obtained amendments to its First and Second Lien Credit Agreements that cured the cross-default provisions triggered by the filing in Brazil. TEREX CORP: Acquires Majority Stake in India Joint Venture ---------------------------------------------------------- Terex Corporation has acquired a controlling share of its ongoing joint venture, Terex Vectra Equipment, which builds loader-backhoes, skid steer loaders and compaction rollers at a facility occupying 36 acres in Greater Noida, Utter Pradesh, India. Terex now owns 70% of the venture, which began operations in 2003. "As India's impressive and steady infrastructure development has progressed, Terex Vectra has seen a significant increase in sales, particularly in loader-backhoes, a large and rapidly growing market in that country," said Robert Isaman, president, Terex Construction. "The acquisition of majority ownership of Terex Vectra is a logical step in our strategy of expanding the Terex market presence in India and we are encouraged by our early successes. The increased ownership also provides Terex with control over operations and manufacturing, which will allow us to accelerate our integration strategy and business systems implementation." Headquartered in Westport, Connecticut, Terex Corporation (NYSE:TEX) - http://www.terex.com/-- manufactures a broad range of equipment for use in various industries, including the construction, infrastructure, quarrying, surface mining, shipping, transportation, refining, and utility industries. Terex offers a complete line of financial products and services to assist in the acquisition of Terex equipment through Terex Financial Services. The company operates in five business segments: Aerial Work Platforms, Construction, Cranes, Materials Processing & Mining, and Roadbuilding, Utility Products and Other. The company has operations in Australia, Brazil, China, Japan, Germany, United Kingdom, among others. * * * In August 2007, Moody's placed the company's long-term corporate family rating and probability of default rating at Ba2, bank loan debt rating at Ba1, and senior subordinate rating at Ba3. These ratings still hold to date. Moody's said the outlook is stable. Standard & Poor's placed the company's long-term foreign and local issuer credits at BB, which still hold to date. S&P said the rating's outlook is stable. =========================== C A Y M A N I S L A N D S =========================== ALTERNATIVE MULTI-STRATEGIES: Shareholders Meeting Is on Dec. 17 ---------------------------------------------------------------- Alternative Multi-Strategies Fund will hold its final shareholders meeting on Dec. 17, 2007, at 10:00 a.m. at: Banque Privee Edmond de Rothschild Europe 20 Boulevard Emmanuel Servais L-2535 Luxembourg 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 three 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. Alternative Multi-Strategies' shareholders agreed on Oct. 29, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Banque Privee Edmond De Rothschild Europe 20 Boulevard Emmanuel Servais L-2535 Luxembourg BROCKTON CAPITAL: Proofs of Claim Filing Ends Tomorrow ------------------------------------------------------ Brockton Capital Fund I GP (Cayman) Limited's creditors are given until Dec. 15, 2007, to prove their claims to John Cullinane and Derrie Boggess, 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. Brockton Capital's shareholder agreed on Oct. 16, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: John Cullinane Derrie Boggess c/o Walkers SPV Limited Walker House, 87 Mary Street George Town, Grand Cayman KY1-9002 Cayman Islands Phone: (345) 914-6305 COMPOUND CAPITAL: Proofs of Claim Filing Deadline Is Tomorrow ------------------------------------------------------------- Compound Capital Growth, Ltd.'s creditors are given until Dec. 15, 2007, to prove their claims to John Cullinane and Derrie Boggess, 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. Compound Capital's shareholder agreed on Nov. 14, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: John Cullinane Derrie Boggess c/o Walkers SPV Limited Walker House, 87 Mary Street George Town, Grand Cayman, KY1-9002 Cayman Islands Phone: (345) 914-6305 CV GROWTH: Will Hold Final Shareholders Meeting on Dec. 17 ---------------------------------------------------------- CV Growth Fund will hold its final shareholders meeting on Dec. 17, 2007, at 10:00 a.m. at: KPMG 2nd Floor, Century Yard Cricket Square, P.O. Box 493 Grand Cayman KY1-1106, Cayman Islands These agenda will be taken during the meeting: 1) approval of the conduct of the liquidation by liquidators S.L.C. Whicker and K.D. Blake; 2) accounting of the winding-up process; 3) authorization 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. CV Growth's shareholders agreed on Nov. 1, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. FAIRFIELD FALCON: Sets Final Shareholders Meeting for Dec. 17 ------------------------------------------------------------- Fairfield Falcon Pacific Japan Equity Fund Ltd. will hold its final shareholders meeting on Dec. 17, 2007, at: 36A Dr Roy's Drive Grand Cayman, Cayman Islands These agenda will be taken during the meeting: 1) accounting of the winding-up process; and 2) authorizing the liquidator to retain the records of the company for a period of five years from the dissolution of the company, after which they may be destroyed. A member entitled to attend and vote at the meeting will be allowed to appoint a proxy, who need not be a member, in his stead. Fairfield Falcon's shareholder agreed on Oct. 31, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Andrew Hersant Chris Humphries Stuarts Walker Hersant Attorneys-at-Law Dr. Roy's drive, P.O. Box 2510 Grand Cayman KY1-1104, Cayman Islands FIRST REINSURANCE: Proofs of Claim Filing Is Until Tomorrow ----------------------------------------------------------- First Reinsurance Company of Florida, Ltd.'s creditors are given until Dec. 15, 2007, to prove their claims to Global Captive Management, Ltd., the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. First Reinsurance's shareholder 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: Global Captive Management, Ltd. Attention: Peter Mackay Building 3, 2nd Floor Governors Square, 23 Lime Tree Bay P.O. Box 1363, Grand Cayman KY1 1108 Cayman Islands Telephone: (345) 949 7966 FIRST REINSURANCE CO: Proofs of Claim Filing Ends Tomorrow ---------------------------------------------------------- First Reinsurance Company of Southern California, Ltd.'s creditors are given until Dec. 15, 2007, to prove their claims to Global Captive Management, Ltd., the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. First Reinsurance's shareholder 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: Global Captive Management, Ltd. Attention: Peter Mackay Building 3, 2nd Floor Governors Square, 23 Lime Tree Bay P.O. Box 1363, Grand Cayman KY1 1108 Cayman Islands Telephone: (345) 949 7966 O'CONNOR EVT: Sets Final Shareholders Meeting for Dec. 17 --------------------------------------------------------- O'Connor EVT Limited will hold its final shareholders meeting on Dec. 17, 2007, at 9:30 a.m. at: Deloitte Fourth Floor, Citrus Grove P.O. Box 1787, George Town Grand Cayman, Cayman Islands These agenda will be taken during the meeting: 1) accounting of the winding-up process; and 2) authorizing the liquidators to retain the records of the company for a period of five years from the dissolution of the company, after which they may be destroyed. O'Connor EVT's shareholders agreed on Nov. 13, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Stuart Sybersma Attention: Jessica Turnbull Deloitte P.O. Box 1787, George Town Grand Cayman, Cayman Islands Telephone: (345) 949-7500 Fax: (345) 949-8258 O'CONNOR GLOBAL: Holding Final Shareholders Meeting on Dec. 17 -------------------------------------------------------------- O'Connor Global Fundamental Long/Short (Yen) Limited will hold its final shareholders meeting on Dec. 17, 2007, at 10:15 a.m. at: Deloitte Fourth Floor, Citrus Grove P.O. Box 1787, George Town Grand Cayman, Cayman Islands These agenda will be taken during the meeting: 1) accounting of the winding-up process; and 2) authorizing the liquidators to retain the records of the company for a period of five years from the dissolution of the company, after which they may be destroyed. O'Connor Global's shareholders agreed on Nov. 13, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Stuart Sybersma Attention: Jessica Turnbull Deloitte P.O. Box 1787, George Town Grand Cayman, Cayman Islands Telephone: (345) 949-7500 Fax: (345) 949-8258 O'CONNOR EUROPEAN: Sets Final Shareholders Meeting for Dec. 17 -------------------------------------------------------------- O'Connor European Statistical Long/Short Master Limited will hold its final shareholders meeting on Dec. 17, 2007, at 11:15 a.m. at: Deloitte Fourth Floor, Citrus Grove P.O. Box 1787, George Town Grand Cayman, Cayman Islands These agenda will be taken during the meeting: 1) accounting of the winding-up process; and 2) authorizing the liquidators to retain the records of the company for a period of five years from the dissolution of the company, after which they may be destroyed. O'Connor European's shareholders agreed on Nov. 13, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Stuart Sybersma Attention: Jessica Turnbull Deloitte P.O. Box 1787, George Town Grand Cayman, Cayman Islands Telephone: (345) 949-7500 Fax: (345) 949-8258 O'CONNOR GLOBAL FUNDAMENAL: Shareholders Meeting Is on Dec. 17 -------------------------------------------------------------- O'Connor Global Fundamental Long/Short (Europe) Limited will hold its final shareholders meeting on Dec. 17, 2007, at 10:30 a.m. at: Deloitte Fourth Floor, Citrus Grove P.O. Box 1787, George Town Grand Cayman, Cayman Islands These agenda will be taken during the meeting: 1) accounting of the winding-up process; and 2) authorizing the liquidators to retain the records of the company for a period of five years from the dissolution of the company, after which they may be destroyed. O'Connor Global's shareholders agreed on Nov. 13, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Stuart Sybersma Attention: Jessica Turnbull Deloitte P.O. Box 1787, George Town Grand Cayman, Cayman Islands Telephone: (345) 949-7500 Fax: (345) 949-8258 O'CONNOR GLOBAL QUANTITATIVE: Shareholders Meeting Is on Dec. 17 ---------------------------------------------------------------- O'Connor Global Quantitative Equity (Europe) Limited will hold its final shareholders meeting on Dec. 17, 2007, at 10:45 a.m. at: Deloitte Fourth Floor, Citrus Grove P.O. Box 1787, George Town Grand Cayman, Cayman Islands These agenda will be taken during the meeting: 1) accounting of the winding-up process; and 2) authorizing the liquidators to retain the records of the company for a period of five years from the dissolution of the company, after which they may be destroyed. O'Connor Global's shareholders agreed on Nov. 13, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Stuart Sybersma Attention: Jessica Turnbull Deloitte P.O. Box 1787, George Town Grand Cayman, Cayman Islands Telephone: (345) 949-7500 Fax: (345) 949-8258 O'CONNOR GLOBAL QUANTITATIVE EQUITY: Final Meeting Is Dec. 17 ------------------------------------------------------------- O'Connor Global Quantitative Equity II Master Limited will hold its final shareholders meeting on Dec. 17, 2007, at 11:00 a.m. at: Deloitte Fourth Floor, Citrus Grove P.O. Box 1787, George Town Grand Cayman, Cayman Islands These agenda will be taken during the meeting: 1) accounting of the winding-up process; and 2) authorizing the liquidators to retain the records of the company for a period of five years from the dissolution of the company, after which they may be destroyed. O'Connor Global's shareholders agreed on Nov. 13, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Stuart Sybersma Attention: Jessica Turnbull Deloitte P.O. Box 1787, George Town Grand Cayman, Cayman Islands Telephone: (345) 949-7500 Fax: (345) 949-8258 SOUTH AFRICA CAPITAL: Final Shareholders Meeting Is on Dec. 17 -------------------------------------------------------------- South Africa Capital Growth Fund, Ltd., will hold its final shareholders meeting on Dec. 17, 2007, at 9:30 a.m. at: Caledonian House 69 Dr. Roy's Drive, Grand Cayman Cayman Islands These agenda will be taken during the meeting: 1) approval of the conduct of the liquidation by liquidators S.L.C. Whicker and K.D. Blake; 2) approval of the report of the liquidator; and 3) approval of the remuneration of the liquidator. 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. South Africa Capital's shareholders agreed on Oct. 31, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: CZ Ltd. c/o P.O. Box 1043, Grand Cayman KY1-1102 Cayman Islands Telephone: 949-0050 Fax: 949-8062 WALTON SCDO: Proofs of Claim Filing Deadline Is Tomorrow -------------------------------------------------------- Walton SCDO 2003-1 Ltd.'s creditors are given until Dec. 15, 2007, to prove their claims to Griffin Management Limited, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Walton SCDO's shareholders agreed on Nov. 15, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Griffin Management Limited Attention: Janeen Aljadir Caledonian Bank & Trust Limited Caledonian House, 69 Dr. Roy's Drive P.O. Box 1043, George Town Grand Cayman, Cayman Islands Telephone: (345) 914 -4943 Fax: (345) 814-4859 ========= C H I L E ========= BOSTON SCIENTIFIC: Celsion Buys 659,738 Shares of Common Stock -------------------------------------------------------------- Boston Scientific Corp. has informed Celsion Corporation, is no longer a holder of the company's common stock following an agreement reached on Dec. 7, 2007, that Celsion has closed on the purchase of 659,738 shares of Celsion stock from Boston Scientific Corp. for US$4.00 per share, for an aggregate price of US$2,638,592. Boston Scientific had been a strategic business partner with Celsion, as the US marketer of Prolieve Thermodilatation(R), Celsion's system for the treatment of benign prostatic hyperplasia. In June 2007, Boston Scientific purchased the Prolieve assets from Celsion for US$60 million. "The purchase of our shares from Boston Scientific represented an opportunity to obtain value through a strategic use of our company's capital. The management and the Board of Directors believe this transaction is in the best interest of shareholders," commented Michael H. Tardugno, Celsion's President & Chief Executive Officer. About Celsion Celsion Corp. -- http://www.celsion.com/-- is dedicated to the development and commercialization of oncology drugs including tumor-targeting treatments using focused heat energy in combination with heat activated drug delivery systems. Celsion has research, license or commercialization agreements with leading institutions such as the National Institutes of Health, Duke University Medical Center, University of Hong Kong, North Shore Long Island Jewish Health System. About Boston Scientific Headquartered in Natick, Massachusetts, Boston Scientific Corporation (NYSE: BSX) -- http://www.bostonscientific.com/-- develops, manufactures and markets medical devices used in a broad range of interventional medical specialties. The company has offices in Argentina, Chile, France, Germany, and Japan, among others. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 24, 2007, Standard & Poor's Ratings Services affirmed its ratings on Boston Scientific Corp. (including the 'BB+' corporate credit rating) and removed them from CreditWatch, where they were placed with negative implications Aug. 3, 2007. S&P said the rating outlook is negative. SCL TERMINAL: Moody's Lifts Senior Unsecured Debt Rating to Ba1 --------------------------------------------------------------- Moody's Investors Service has upgraded the public underlying rating of the senior secured debt of SCL Terminal Aereo Santiago S.A. to Ba1 from Ba3 with a Stable Outlook. The debt securities affected include US dollar denominated Rule 144A bonds issued in 1998 and Unidades de Fomento Chilean local currency denominated Notes issued in 2004. Both the 1998 and the 2004 issues are insured by MBIA Insurance Corporation and remain Aaa rated based on the claims paying financial strength of the insurance company. The upgrade reflects continuing improvements in passenger traffic since 2003. The downturn in passenger traffic in 2001/2002 that resulted from the convergence of various economic crises, and the compounding impacts of 9/11, SARs and the wars in the Middle East has been largely abated. The national economy has improved markedly over the last few years as reflected in the Aa3 country ceiling for Chile, the highest in Latin America, and in the A1 domestic currency bond rating for the Government of Chile. Total passenger growth since 2003 has averaged 6.9% per year and is expected to growth about 17% in 2007. The airport is the main gateway for passenger traffic in and out of Chile. SCL Terminal ranks among the top five busiest airports in Latin America and has been recognized by ALTA for service quality and security in 2005 and 2007. With respect to domestic air travel, the next closest airports are La Serena and Concepcion, both of which are at least a 5 to 6 hour drive from Santiago. As the dominant airport in Chile with over 90% market share of international traffic and over 80% of domestic traffic, the airpost is well-positioned to benefit from continuing improvements in the air traffic industry over the long run. As passenger traffic continues to grow and financial metrics strengthen beyond current levels, there may be pressure to upgrade the rating further. SCL Terminal entered into Convenio Complementario No. 2 in 2004 to amend the terms of the 1997 Concession Grant. The 2004 amendments provided some revenue enhancements and tighter operational controls including the MDI mechanism guaranteeing 5% passenger growth per year. If annual enplaned passenger growth falls short of 5% annual growth, the concession company can extend the term of the concession for up to 6.5 years. This provision essentially converts a fixed term concession to a flexible term one based on levels of embarked passengers. In Moody's opinion, Convenio No. 2, which allows the company to request air-side tariff increases two times a year from the government, is indicative of the Chilean government's ongoing strong commitment to ensuring the success of the country's infrastructure concessions. More importantly, the amendment allows the airport to manage and collect concession revenues directly with the exception of Duty Free revenues which are collected by the DGAC and remitted to SCL Terminal. The owners of the concession are experienced in airport management and have logged over six years of operating experience at Santiago Airport. The owners of the concession include Agunsa, the parent company of the largest shipping company in Chile, Grupo Actividades de Construccion y Servicios (ACS), Fomento de Construcciones y Contratos, Inmobiliaria Parque Tres, and YVR Airport Services Ltd., a subsidiary of Vancouver International Airport in Canada. Since the 2004 amendments to the Concession Grant, operating and financial performance has improved. Funds from Operations to debt (FFO/debt) improved from an average of 5% in the period from 2003 to 2005, to 16% in 2006. Debt Service Coverage Ratio remains weak when calculated without the benefit of liquidity enhancements. Un-enhanced Debt Service Coverage Ratio is expected to reach sum sufficiency in 2007, compared to 0.86 times in the last calculation period in 2006. However, a large portion of the 2004 Notes were set aside to provide for Enhanced Debt Service Coverage. When the 2006 Enhanced Debt Service Coverage Ratio is calculated, coverage exceeds 2.0 times. The 1998 and the 2004 securities are parity obligations with similar structural protections including: six month Debt Service Reserve Funds, Debt Payment Accounts that must be funded in an amount at least equal to the next debt service payment, and no permitted restricted payments until both debt issues are fully repaid. The two issues enjoy the benefits of an O&M Reserve of U.F. 800,000, a Liquidity Reserve of U.F. 150,000 and a Working Capital Reserve of U.F. 160,000. In Moody's view, the relative weakness of the current un-enhanced DSCR is counterbalanced by the ability to extend the original terms of the concession and the unique fundamental strengths of the asset which enjoys a virtual monopoly in one of the most stable and well-positioned economies in Latin America. SCL Terminal Aereo Santiago S.A. was formed by an international consortium in 1998 to construct, renovate and operate the Arturo Merino Benitez International Airport in Santiago, Chile. SCL's shareholders are Agunsa (47.02%), Grupo Actividades de Construccion y Servicios (ACS) S.A. (14.77%), Fomento de Construcciones y Contratas S.A. (14.78%), Inmobiliaria Parque Tres (13.43%) and YVR Airport Services Ltd. (10%). =============== C O L O M B I A =============== AES GENER: Performs Capital Raise for 674.6M Shares on Jan. 18 -------------------------------------------------------------- AES Gener said in a stock market filing that it will conduct a capital increase for 674.6 million shares on Jan. 18, 2008. Dow Jones Newswires relates that AES Gener's board will set the share price. AES Gener had said it would bring in some US$350 million through the capital increase, Dow Jones notes. According to AES Gener's filing, shareholders may subscribe to the increase from Dec. 19, 2007, to Jan. 18, 2008. AES Gener told Dow Jones that it will use proceeds in its investment plan and the refinancing of its debt. Analysts expect that parent company AES Corp. won't subscribe to the increase. It sold in October 2007 a 10% stake for about US$310 million on the local market to boost share liquidity, Dow Jones states. AES Gener is the second-largest electricity generation group in Chile in terms of generating capacity (20% market share) with an installed capacity of 2,428 megawatts. Gener serves both the Central Interconnected System or SIC and the Northern Interconnected System or SING through various subsidiaries and related companies, including affiliate Guacolda and the TermoAndes subsidiary. TermoAndes has a generation capacity of 642.8 megawatts, which while located in Argentina serves Chile's SING via InterAndes transmission line. Gener also participates in electricity generation in Colombia through Chivor hydroelectric plant of 1,000 megawatts, and a 25% participation in Itabo's facilities in the Dominican Republic (432.5 megawatts). Gener is 91.2% owned by AES (IDR rated 'B+' by Fitch). * * * To date, AES Gener carries Moody's Ba2 long-term foreign bank deposit rating with a stable outlook. The firm also carries Standard & Poor's BB+ long-term foreign issuer credit rating with a positive outlook. AES GENER: Inks Supply Contracts with Anglo American Chile ---------------------------------------------------------- AES Gener told Reuters that it has signed contracts to supply power to global copper miner Anglo American Plc's Chilean units. Reuters relates that AES Gener said in a statement it would supply 37 megawatts of power to El Soldado mine from 2011 through 2020. The firm will also supply up to 27 megawatts of power to the Chagres smelter from 2010 to 2020. Anglo American Plc had said it would spend about US$1.74 billion to expand its Chilean mine Los Bronces, Reuters states. AES Gener is the second-largest electricity generation group in Chile in terms of generating capacity (20% market share) with an installed capacity of 2,428 megawatts. Gener serves both the Central Interconnected System or SIC and the Northern Interconnected System or SING