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 Monday, December 17, 2007, Vol. 8, Issue 249 Headlines A R G E N T I N A ALITALIA SPA: Air France Sees Profitable Italian Carrier AMTRAX: Proofs of Claim Verification Deadline Is March 25, 2008 DANA CORP: Wants to Sell Cape Girardeau Property for US$2.8 Mil. DANA CORP: Wants to Sell Stateville Property for US$9.6 Million GRUPO GARDA: Proofs of Claim Verification Ends March 26, 2008 LOS QUERANDIES: Proofs of Claim Verification Ends March 5, 2008 NURTEX SRL: Files for Reorganization in Buenos Aires Court SCO GROUP: Can Hire Boies Schiller as Special Litigation Counsel SECURICOR SA: Proofs of Claim Verification Ends on March 4, 2008 SEROGEN SRL: Proofs of Claim Verification Deadline Is Feb. 22 SUN MICROSYSTEMS: Acquires EFTPOS Services Business from PCI SUN MICROSYSTEMS: To Create Web 2.0 Architecture for Japan Gov't TELECOMPRAS SA: Proofs of Claim Verification Deadline Is Feb. 21 TERRAMED SRL: Files for Reorganization in Buenos Aires Court B E R M U D A DARRELL CONTRACTING: Receiver To File for Dissolution by Dec. 24 SAXON HOLDINGS: Proofs of Claim Filing Deadline Is Dec. 27 SAXON HOLDINGS: Sets Final Shareholders Meeting for Jan. 17 B O L I V I A EXIDE TECH: Plans Capacity Expansion at Tudor India Location B R A Z I L BANCO NACIONAL: Disbursements Top BRL66.7 Bil. in Twelve Months BANCO NACIONAL: Petrobras Closes BRL2.49-Billion Funding Deal BASELL AF: Lyondell & Equistar Get Consents to Amend Indenture COMPANHIA SIDERURGICA: To Ink Letter of Intent with Minas Gerais DELHI CORP: Court Okays Equity Purchase & Commitment Agreement DELPHI CORP: Court Approves Modified Disclosure Statement DELPHI CORP: Court Sets Plan Confirmation Hearing on January 17 LYONDELL CHEMICAL: Gets Requisite Consents to Amend Indenture * BRAZIL: Petrobras & REFAP Commence Marketing of Biodiesel * BRAZIL: Petrobras Closes BRL2.49-Bln Funding Deal with BNDES * BRAZIL: Petrobras to Create Mix Corporation with PDVSA C A Y M A N I S L A N D S BLACKROCK FIXED: Holding Final Shareholders Meeting Today COPPER RIVER: To Hold Final Shareholders Meeting Today FREE SPIRIT: Will Hold Final Shareholders Meeting Today DELTAMAR LIMITED: Proofs of Claim Filing Deadline Is Today DREMAN HIGH: Final Shareholders Meeting Is Today GREAT WEST: Final Shareholders Meeting Is Today GRIFFIN MANAGEMENT: Will Hold Final Shareholders Meeting Today ISLAND VISION: Holding Final Shareholders Meeting Today JUNO FUND: Will Hold Final Shareholders Meeting Today MEANDERING MOOSE: Holding Final Shareholders Meeting Today MUSTANG SCDO: Final Shareholders Meeting Is Today O'CONNOR GLOBAL: Will Hold Final Shareholders Meeting Today PARK TOWN: To Hold Final Shareholders Meeting Today PARMALAT SPA: Faces Antitrust Probe Over Newlat Sale Delays SPINNING GLOBE: Will Hold Final Shareholders Meeting Today STILL EAGLE: Will Hold Final Shareholders Meeting Today STONE CHALICE: Final Shareholders Meeting Is Today THUNDER CLOUD: Final Shareholders Meeting Is Today UBS GLOBAL: Final Shareholders Meeting Is Today UBS NEUTRAL: Will Hold Final Shareholders Meeting Today UBS NEUTRAL ALPHA: Holding Final Shareholders Meeting Today UBS NEUTRAL (AUSTRALIAN): Final Shareholders Meeting Is Today C H I L E EASTMAN KODAK: Board Picks Three Officers as Vice Presidents C O L O M B I A BURGER KING: Launches First Restaurant in Colombia G U A T E M A L A MILLICOM INTERNATIONAL: Comments on Colombia Regulatory Changes H O N D U R A S * HONDURAS: Will Name New Hondutel Head M E X I C O DURA AUTOMOTIVE: Extends Marketing Period for US$425MM Exit Loan FGX INT'L: Sept. 29 Balance Sheet Upside-Down by US$78.04 Mil. FORD MOTOR: Russian Authorities Ban Pickets JETBLUE AIRWAYS: Sells 19% Stake to Lufthansa for US$300 Million KANSAS CITY SOUTHERN: Recommends Site 3 for Rail Bridge Location P E R U FREEPORT-MCMORAN: Discloses New Operations Management Structure P U E R T O R I C O LIN TV: May Not Reach Retransmission Agreement with Cable One ROYAL CARIBBEAN: Forms TUI Cruises in New Venture with TUI AG V E N E Z U E L A PETROLEOS DE VENEZUELA: To Create Mix Corporation with Petrobras * VENEZUELA: Mr. Chavez To Assess Bilateral Pacts with Mr. Lula * Large Companies with Insolvent Balance Sheets - - - - - ================= A R G E N T I N A ================= ALITALIA SPA: Air France Sees Profitable Italian Carrier -------------------------------------------------------- Air France-KLM says its planned takeover of Alitalia S.p.A. could bring the Italian carrier back into profitability. "Air France-KLM wishes to share with Alitalia the benefits of the profitable growth strategy it has successfully implemented over the last four years," the French carrier said in a statement. "As for Alitalia, by joining Air France-KLM, it would be part of the world's leading air transport group, thus strengthening its position." Air France said it aims to have Alitalia win back the Italian market by developing its network and asserting its Italian brand and identity. The French carrier said it would propose a large number of European and intercontinental destinations to and from Rome- Fiumicino Airport, which would be organized as a hub in the same way as Paris-Charles de Gaulle and Schiphol. Air France also plans to operate medium and long-haul direct services to and from Milan, "with enhanced service quality to better meet the needs of business customers." Jean-Cyril Spinetta, Air France CEO, said its business plan -- which he described as clearer than AirOne S.p.A.'s -- "will be a success," Reuters reports. "I am convinced that the creative talent and Italian experience will carry Alitalia to a new stage in its history," Mr. Spinetta was quoted by Thomson Financial as saying. Air France and AirOne Alitalia chairman Maurizio Prato told Italian daily Corriere della Sera that Air France's business plan is clearer than AirOne. Mr. Prato noted that the French carrier's plan mirrored Alitalia's turnaround. "For AirOne, aside from some generic statements about remaining at both hubs, increasing the fleet and renewing it, we still need to understand how the plan actually functions," Mr. Prato told Corriere della Sera. Italian industry minister Pier Luigi Bersani, however, said that Mr. Prato's comments reflect the decision on the sale. "We should be looking at the offers, not interviews," Mr. Bersani was quoted by Bloomberg News as saying. Intesa Sanpaolo S.p.A., AirOne's financial backer, said selling Alitalia to Air France would be like "throwing [the national carrier] away," Bloomberg News relates. "It's a choice that is a lot like giving up," Corrado Passera, Intesa Sanpaolo CEO, was quoted by Bloomberg News as saying. "[Air One's offer] is the only concrete solution to avoid ceding a national strategic asset and at the same time guarantee a turnaround of the airline," AirOne Chairman Carlo Toto said in an e-mailed statement to Bloomberg News. As reported in the TCR-Europe on Dec. 7, 2007, Alitalia received non-binding proposals for the Italian government's 49.9% stake from: -- Air France-KLM, -- AP Holding S.p.A., and -- Cordata Baldassarre. About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/-- provides air travel services for passengers and air transport of cargo on national, international and inter-continental routes. The Italian government owns 49.9% of Alitalia. The company has operations in Argentina. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia posted EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked annual net losses of EUR520 million in 2003, EUR813 million in 2004, EUR168 million in 2005, and EUR625.6 million in 2006. Italian Transport Minister Alessandro Bianchi has warned that Alitalia may file for bankruptcy if the current attempt to sell the government's 49.9% stake fails. AMTRAX: Proofs of Claim Verification Deadline Is March 25, 2008 --------------------------------------------------------------- Pedro Mazzola, the court-appointed trustee for Amtrax S.A.'s bankruptcy proceeding, verifies creditors'proofs of claim until March 12, 2008. Mr. Mazzola will present the validated claims in court as individual reports. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by Amtrax 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 Amtrax's accounting and banking records will be submitted in court. Infobae didn't state the reports submission deadline. Mr. Mazzola is also in charge of administering Brando Hnos.'s assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Pedro Mazzola Cramer 1859 Buenos Aires, Argentina DANA CORP: Wants to Sell Cape Girardeau Property for US$2.8 Mil. ---------------------------------------------------------------- Dana Corp. and its debtor-affiliates ask authority from the U.S. Bankruptcy Court for the to sell a 15-acre parcel of real estate and a 150,000 square-foot building located at 2075 Corporate Circle in Cape Girardeau, Missouri, to Schaefer's Power Panels, Inc., for US$2,841,750. The Debtors currently use the property for manufacturing, and they are in the process of closing the manufacturing operations, Corinne Ball, Esq., at Jones Day, in New York relates. In accordance with an Asset Purchase Agreement, Schaefer will bear the cost of the title commitment, inspection and any survey and the other half of Dana Corp.'s escrow and closing fees. At closing, the Debtors will pay all real estate taxes and installments of assessments that are due and payable as of the closing date that are not prepetition taxes. The Debtors will have the right to occupy the property until Jan. 31, 2008, under a rent free leaseback where they will be responsible for all utility and custodial services and any repair liabilities up to US$5,000 in aggregate. Furthermore, the Debtors propose to pay broker commissions of US$107,061 to Signature Associates and US$128,475 to Lorimont Place, Ltd. The Debtors represent that Signature served as a primary broker on the proposed sale, and Lorimont worked with Signature as a cooperating broker. Thus, the Debtors seek the Court's authority to pay Lorimont's commission. 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: Wants to Sell Stateville Property for US$9.6 Million --------------------------------------------------------------- Dana Corp. and its debtor-affiliates seek authority from the U.S. Bankruptcy Court for the to sell a 96-acre parcel of real estate located at 1293 Glenway Drive in Statesville, North Carolina, including all personal property, furnishings, fixtures and equipment, to Doosan Infracore America Corporation for US$9.6 million. Corinne Ball, Esq., at Jones Day, in New York relates that the Debtors have closed the manufacturing operations located in the property. At closing, the Debtors will pay all real estate taxes and installments of assessments that are due and payable as of the closing that are not prepetition taxes. Doosan will pay all prepetition taxes and will be entitled to credit those against the purchase price. Pursuant to the Asset Purchase Agreement, the Debtors propose to pay broker commissions of US$360,000 to Signature Associates and US$200,000 to Binswanger Corporation and Stiles and Company. Binswanger worked with Signature to represent the Debtors on the proposed sale while Stiles represented Doosan. The Debtors will assume and assign to Doosan the existing phone system lease related to the Statesville property with LaSalle Systems Leasing, Inc. at the closing of the proposed sale. 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) GRUPO GARDA: Proofs of Claim Verification Ends March 26, 2008 ------------------------------------------------------------- Cecilia Beatriz Montelvetti, the court-appointed trustee for Grupo Garda S.A.'s bankruptcy proceeding, verifies creditors'proofs of claim until March 26, 2008. Ms. Montelvetti will present the validated claims in court as individual reports. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by Grupo Garda 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 Grupo Garda's accounting and banking records will be submitted in court. Infobae didn't state the reports submission deadline. Ms. Montelvetti is also in charge of administering Grupo Garda's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Cecilia Beatriz Montelvetti Gral. Urquiza 2134 Buenos Aires, Argentina LOS QUERANDIES: Proofs of Claim Verification Ends March 5, 2008 --------------------------------------------------------------- Nora Lujan Otegui, the court-appointed trustee for Los Querandies S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until March 5, 2008. Ms. Otegui will present the validated claims in court as individual reports. The National Commercial Court of First Instance in Pergamino, 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 Los Querandies 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 Los Querandies' accounting and banking records will be submitted in court. Infobae didn't state the reports submission deadline. Ms. Otegui is also in charge of administering Los Querandies' assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Los Querandies S.A. Juan Manuel de Rosas y Ruta 32, Pergamino Buenos Aires, Argentina The trustee can be reached at: Nora Lujan Otegui Merced 723, Pergamino Buenos Aires, Argentina NURTEX SRL: Files for Reorganization in Buenos Aires Court ---------------------------------------------------------- Nurtex S.R.L. has requested for reorganization approval after failing to pay its liabilities. The reorganization petition, once approved by the court, will allow Nurtex to negotiate a settlement with its creditors in order to avoid a straight liquidation. The case is pending in the National Commercial Court of First Instance in Buenos Aires. The debtor can be reached at: Nurtex S.R.L. Boedo 1338/1342, Unidad 1 Planta Baja, Buenos Aires Argentina SCO GROUP: Can Hire Boies Schiller as Special Litigation Counsel ---------------------------------------------------------------- The SCO Group Inc. and SCO Operations Inc. obtained authority from the United States Bankruptcy Court for the District of Delaware to employ Boies, Schiller & flexner LLP as special litigation counsel. As reported in the Troubled Company Reporter on Nov. 1, 2007, Boies Schiller will assist the Debtors in connection with the continuation of the SCO Litigation. The SCO Litigation consists of these pending matters: -- SCO Group v. International Businesses Machines Corp. pending in the U.S. District Court for the District of Utah; -- SCO Group v. Novell Inc. pending in the U.S. District Court for the District of Utah; -- Red Hat Inc. v. SCO Group pending in the U.S. District Court for the District of Delaware; -- SCO Group v. Autozone Inc. pending in the U.S. District Court for the District of Nevada; -- SCO Group v. DaimlerChrysler Corporation pending in the State of Michigan, Circuit Court for the County of Oakland; -- Gray Litigation: Wayne R. Gray v. Novell, SCO Group and X/Open Company Ltd. pending in the U.S. District Court for the Middle District of Florida; and -- SuSE Linux GmbH v. SCO Group pending before the International Court of Arbitration. Specifically, the firm is expected to: a. give advice to the Debtors with respect to the SCO Litigation; b. prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the prosecution, defense or appeal of administration of the SCO Litigation; c. represent the Debtors at all trials, hearings or arbitration proceedings with respect to the SCO Litigation; and d. protect the interests of the Debtors with respect to the SCO Litigation. Subject to the Court's approval, the Debtors will pay the firm at its standard hourly rate with respect to the Gray Litigation and 50% of its standard hourly rates with respect to the SuSE Arbitration and continue the terms of their pre-bankruptcy engagement on other SCO Litigation. The Debtors believe that the employment of the firm is necessary and in the best interest of the Debtors' estates. To the best of the Debtors' knowledge, Boies Schiller does not represent or hold any interest adverse to the Debtors or their estates. The firm can be reached at: Stuart H. Singer, Esq. Boies, Schiller & flexner LLP 333 Main St. Armonk, NY 10504-1812 Tel: (914) 749-8200 Fax: (914) 749-8300 http://www.bsfllp.com/ Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX) fka Caldera International Inc. -- http://www.sco.com/-- provides software technology for distributed, embedded and network-based systems, offering SCO OpenServer for small to medium business and UnixWare for enterprise applications and digital network services. The company has office locations in Australia, Austria, Argentina, Brazil, China, Japan, Poland, Russia, the United Kingdom, among others. The company and its affiliate, SCO Operations Inc., filed for Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead Case No. 07-11337). Epiq Bankruptcy Solutions, LLC, acts as the Debtors' claims and noticing agent. The United States Trustee failed to form an Official Committee of Unsecured Creditors in these cases due to insufficient response from creditors. The Debtors' exclusive period to file a chapter 11 plan expires on March 12, 2008. The Debtors' schedules of assets and liabilities showed total assets of US$9,549,519 and total liabilities of US$3,018,489. SECURICOR SA: Proofs of Claim Verification Ends on March 4, 2008 ---------------------------------------------------------------- Carlos Alberto Llorca, the court-appointed trustee for Securicor SA's bankruptcy proceeding, verifies creditors' proofs of claim until March 4, 2008. Mr. Llorca will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 5 in Buenos Aires, with the assistance of Clerk No. 9, 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 Securicor 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 Securicor's accounting and banking records will be submitted in court. La Nacion didn't state the reports submission deadlines. Mr. Llorca is also in charge of administering Securicor's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Securicor SA Teniente General Donato Alvarez 860 Buenos Aires, Argentina The trustee can be reached at: Carlos Alberto Llorca Carlos Pellegrini 385 Buenos Aires, Argentina SEROGEN SRL: Proofs of Claim Verification Deadline Is Feb. 22 ------------------------------------------------------------- Reinaldo Cesar Pireni, the court-appointed trustee for Serogen S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of claim until Feb. 22, 2008. Mr. Pireni will present the validated claims in court as individual reports. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by Serogen 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 Serogen's accounting and banking records will be submitted in court. Infobae didn't state the reports submission deadline. Mr. Pireni is also in charge of administering Serogen's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Reinaldo Cesar Pireni Avenida Callao 930 Buenos Aires, Argentina SUN MICROSYSTEMS: Acquires EFTPOS Services Business from PCI ------------------------------------------------------------ VeriFone Holdings Inc. has acquired the EFTPOS services business of Peripheral Computer Industries to enhance its ability to provide acquirer banks and other organizations with one-stop electronic payments products and services. Local acquirers are increasingly reliant on partners to add value to their product offerings through expanded solutions and managed service offerings while at the same time reducing their cost of ownership. With an expanded services organization, VeriFone Australia now has the ability to provide one-stop shopping with a complete array of APCA-certified products, software solutions and an integrated services capability. APCA - Australian Payments Clearing Association - has defined standards for design, security and functionality in line with global standards. VeriFone has developed a broad portfolio of powerful system solutions and peripherals that have received APCA certification. "PCI has built up one of the largest EFTPOS service companies in Australia, with a superior service infrastructure, strong customer relationship management skills and a large help desk organization," said William C. Nichols, senior vice president, VeriFone Asia Pacific. "With the continuing growth in electronic payments and the industry's need to comply with global security standards such as PCI, EMV and local APCA mandates, these resources will further enhance VeriFone's ability to provide a full complement of integrated point-of-sale payment solutions and services. "With this acquisition VeriFone will provide a variety of value added services to our customers not only in Australia and New Zealand but across the South East Asia market," Mr. Nichols said. "Our Melbourne-based Helpdesk is capable of providing 7x24 coverage. VeriFone is the only company to offer key injection, repairs, installation and maintenance and software development in both Sydney and Melbourne to service local customers." The PCI acquisition will also provide a launch pad for VeriFone's expanded product portfolio of unattended, petro and retail solutions, which have seen considerable success around the globe. Australia is one of the largest EFTPOS markets in Asia, with an installed base of over 500,000 payment systems. VeriFone markets and supports secure technology that enables electronic payment transactions and value-added services at the point of sale throughout Asia and the Pacific Rim region. The company delivers advanced payment solutions based on leading-edge IP technologies such as Ethernet, Wi-Fi, CDMA and GPRS. About VeriFone Holdings Inc. Headquartered in San Jose, Calif., VeriFone Holdings Inc. (NYSE: PAY) -- http://www.verifone.com/-- provides secure electronic payment solutions. VeriFone provides expertise, solutions and services that add value to the point of sale with merchant- operated, consumer-facing and self-service payment systems for the financial, retail, hospitality, petroleum, government and healthcare vertical markets. The company has operations in Argentina, Australia, Brazil, China, France, India, Malaysia, Poland, the United Kingdom, the United States, among others. * * * Verifone Holdings Inc. still carries Moody's Moody's Investors Service 'B1' long-term corporate family rating. Moody's said the rating outlook is stable. SUN MICROSYSTEMS: To Create Web 2.0 Architecture for Japan Gov't ---------------------------------------------------------------- Sun Microsystems Inc. reported that Japan has chosen Sun to create an open, Web 2.0 architecture that will better leverage IT to deliver better government services to citizens. Japan, Singapore and Norway each join the growing list of governments that have already turned to Sun for efficient, scalable architectures that accurately manage global information flow and help maximize productivity. Governments around the globe are looking to use IT to give their constituents a single point of access to available governmental services. Open Source technologies, such as the OpenSolaris operating system, help foster a strong ecosystem of developers and independent software vendors that can be leveraged by governments as it looks to scale the initiative and provide more services to the country. The government of Japan has been keenly exploring ways to provide electronic government services for many years, which led to the formulation of the "New IT Reform Strategy" in January 2006. The strategy has a goal of making 50 percent of all applications and filings for government agencies to be submitted online by 2010, which can only be attained if the service infrastructures are up to speed with taxpayers' expectations. Sun was chosen to create an integrated and inherently secure network, called Trusted Network, which will help enable a true one-stop service infrastructure. The complete Sun solution is comprised of OpenSolaris OS, Sun Java System Identity Manager software, Sun Java Composite Application Platform Suite and Sun Ray thin clients. "Until recently, many government agencies opted not to gamble with any level of open access," said Crawford Beveridge, EVP and Chairman EMEA, APAC and the Americas, Sun Microsystems, Inc. "But in a changing world, providing personalized, citizen- centric and business-centric benefits and services that maximize the value of taxpayers' money is a shining example of the vision for Web 2.0. Sun's extensive expertise, coupled with secure IT systems and software, are helping pave the way for governments to use technology to improve prosperity and welfare for its citizens, allow for a more open and transparent communication between the government and its citizens and can reduce administrative costs of providing services." Sun has achieved great momentum in the eGovernment space, with wins such as: Norway MyGov is part of the Norwegian government's "eNorway 2009" initiative designed to provide the country's 4.5 million citizens with a single Web-based access point for all government services. Leveraging a reliable and robust operating platform comprised of the Sun Java Enterprise System, Sun identity management solutions, x64 (x86 64-bit) and UltraSPARC T1 processor-based Sun Fire servers running the Solaris 10 Operating System, MyGov helps citizens to have secure, browser- based public access to government services through a secure and personalized portal interface. Just recently, MyGov's self- service citizen portal, called Mypage, was named a winner at the European eGovernment Awards for "participation and transparency empowering citizens and business to influence open government, policy-making and the way public administrations operate and deliver services." Mypage offers more than 300 services for citizens, and has more than 200,000 registered users it its first four months of operation. The complete end-to-end Sun solution helps the government to drive innovation and provide an online platform where the citizens can handle their healthcare, order tax cards, register and manage motor vehicles, manage their student loans, communicate with public officials and conduct other civic initiatives and services. Singapore Sun ally Ecquaria was awarded the contract to develop the NSS (New Singapore Shares) Web site and eServices to help eligible citizens to check their NSS allotment in real-time and instruct the Central Provident Fund Board to exchange their NSS for cash. Ecquaria leveraged Public eServices Infrastructure, a ready government services delivery infrastructure jointly developed by the government and a consortium consisting of Sun, Ecquaria and other vendors. The NSS website and eServices were successfully developed and launched in just three short weeks. The solution is comprised on Java-based technologies, Sun UltraSPARC-based servers and the Solaris 10 Operating System. About Sun Microsystems Headquartered in Santa Clara, California, Sun Microsystems Inc. (NASDAQ: SUNW) -- http://www.sun.com/-- provides network computing infrastructure solutions that include computer systems, data management, support services and client solutions and educational services. It sells networking solutions, including products and services, in most major markets worldwide through a combination of direct and indirect channels. Sun Microsystems conducts business in 100 countries around the globe, including Brazil, Argentina, India, Hungary, United Kingdom, among others. * * * Sun Microsystems Inc. carries Moody's "Ba1" probability of default and long-term corporate family ratings with a stable outlook. The ratings were placed on Sept. 22, 2006, and Sept. 22, 2005, respectively. Sun Microsystems also carries Standard & Poor's "BB+" long-term foreign and local issuer credit ratings, which were placed on March 5, 2004, with a stable outlook. TELECOMPRAS SA: Proofs of Claim Verification Deadline Is Feb. 21 ---------------------------------------------------------------- Carlos Alberto Menendez, the court-appointed trustee for Telecompras S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until Feb. 21, 2008. Mr. Menendez will present the validated claims in court as individual reports on April 8, 2008. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by Telecompras 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 Telecompras' accounting and banking records will be submitted in court. Mr. Menendez is also in charge of administering Telecompras' assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Telecompras S.A. Avenida Rivadavia 8346 Buenos Aires, Argentina The trustee can be reached at: Carlos Alberto Menendez Ventura Bosch 7098 Buenos Aires, Argentina TERRAMED SRL: Files for Reorganization in Buenos Aires Court ------------------------------------------------------------ Terramed S.R.L. has requested for reorganization approval after failing to pay its liabilities. The reorganization petition, once approved by the court, will allow Terramed to negotiate a settlement with its creditors in order to avoid a straight liquidation. The case is pending in the National Commercial Court of First Instance in Buenos Aires. The debtor can be reached at: Terramed S.R.L. Terrada 1242 Buenos Aires, Argentina ============= B E R M U D A ============= DARRELL CONTRACTING: Receiver To File for Dissolution by Dec. 24 ---------------------------------------------------------------- Stephen E. Lowe, the official receiver of Darrell Contracting Services Ltd. 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 Darrell Contracting 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 Darrell Contracting, 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 Darrell Contracting 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. SAXON HOLDINGS: Proofs of Claim Filing Deadline Is Dec. 27 ---------------------------------------------------------- Saxon Holdings Ltd.'s creditors are given until Dec. 27, 2007, to prove their claims to Robin J. Mayor, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Saxon Holdings's shareholder decided on Dec. 11, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Robin J. Mayor Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, HM DX, Bermuda SAXON HOLDINGS: Sets Final Shareholders Meeting for Jan. 17 ----------------------------------------------------------- Saxon Holdings Ltd. will hold its final shareholders meeting on Jan. 17, 2008, at 9:30 a.m. at: Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. ============= B O L I V I A ============= EXIDE TECH: Plans Capacity Expansion at Tudor India Location ------------------------------------------------------------ Exide Technologies is planning for the capacity expansion at its transportation manufacturing facility in Gujarat, (Ahmedabad) India. The Company is investing in equipment upgrades, line expansions, infrastructure and utilities at its Tudor India Ltd. location in its efforts to increase operational capacity from 600,000 batteries up to 1,000,000 batteries per year. Best known for the production of the Prestolite(R) brand of lead-acid batteries for both automotive and inverter applications, TIL is the Indian arm of Chloride Motive Power Batteries, UK, a wholly owned subsidiary of Alpharetta-Georgia based Exide Technologies. Most recently, TIL increased its capacity in FY07 resulting in growth in its financial performance. For the half year ending Sept. 30, 2007, TIL registered a 44 percent increase in net sales to US$15 million as compared to the same period for the previous year. The newest planned capacity expansion, expected to be completed by June 2008, also will allow for the operation's production of innovative state-of-the-art products in wet form for original equipment and aftermarket customers in the region. "We expect that the planned capacity increase at TIL will allow Exide to further increase its share and brand image in the rapidly developing Asia Pacific battery market," said Luke Lu President - Asia Pacific for Exide Technologies. "The expansion is part of our Company's overall strategy that focuses on taking advantage of profitable growth opportunities - both in manufacturing and global sourcing - particularly in India and China." In 1997, TIL was the first company to introduce maintenance free lead-acid batteries designed with polyethylene separators, cold forged terminals and bone dry charged batteries in India, and offer the products for most types of vehicles manufactured in India, including cars, light and heavy commercial vehicles, sport utility vehicles, and tractors. With 16 branches and a wide dealer network of approximately 230 distributors in India, TIL is well equipped to serve a broad range of customers in the global marketplace. The operation supplies batteries to both original equipment and aftermarket customers including American Power Conversion; Ashok Leyland; Atlas Capco; Caterpillar; Indo Farm Equipment, International Tractors, Mahindra & Mahindra Tractors; Reliance; Sudir Genset; Supernova; Tatra; Voltas; and Volvo. About Exide Technologies Headquartered in Princeton, New Jersey, Exide Technologies (NASDAQ: XIDE) -- http://www.exide.com/-- manufactures and distributes lead acid batteries and other related electrical energy storage products. The company has operations in 89 countries, including, Argentina, Belize, Bolivia, Brazil, Chile, Colombia, Costa Rica, Ecuador, El Salvador, Guatemala, Panama, Paraguay, Peru, Uruguay and Venezuela. The company filed for chapter 11 protection on Apr. 14, 2002 (Bankr. Del. Case No. 02-11125). Matthew N. Kleiman, Esq., and Kirk A. Kennedy, Esq., at Kirkland & Ellis, represented the Debtors in their successful restructuring. The Court confirmed Exide's Amended Joint Chapter 11 Plan on April 20, 2004. The plan took effect on May 5, 2004. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 23, 2007, Standard & Poor's Ratings Services has raised its corporate credit rating on Exide Technologies to 'B-' from 'CCC+' because of the company's improved financial results, which the company has achieved despite sharply higher lead prices. S&P said the outlook is stable. Moody's Investor Service placed Exide Technologies' senior secured debt and probability of default ratings at 'Caa1' in September 2006. The ratings still hold to date with a stable outlook. =========== B R A Z I L =========== BANCO NACIONAL: Disbursements Top BRL66.7 Bil. in Twelve Months --------------------------------------------------------------- Banco Nacional de Desenvolvimento Economico e Social's disbursements the reached BRL66.7 billion in the last twelve months ended in November, representing a 35% increase as compared to the same period last year. Approvals followed the same acceleration pace, totaling BRL89 billion -- a 33% high -- and keeping the hiatus relative to releases observed during the year. Inquiries for new BNDES financings between December 2006 and November 2007 were BRL133.1 billion (a 30% increase) and the framings, BRL109.8 billion (a 20% high). The infrastructure sector continues being the main responsible for the difference between the disbursement and approval values. Projects in this area received BRL25.7 billion in the last 12 months, equivalent to a 44% expansion. Approvals grew 75%, totaling BRL39 billion in the period. The largest demands came from the electrical energy, with projects approved in the amount of BRL9.8 billion (a 112% expansion), and transportation, of BRL16.7 billion (an 88% high). For construction, BRL4 billion were approved (a 78% high). Disbursements for the industry in the last 12 months ended in November grew 21%, totaling BRL30 billion. Approvals, in the amount of BRL37.5 billion, represented a 6% high, with special mention to agro-industry (BRL7.8 billion, a 140% high), mechanics (BRL3.7 billion and a 102% high) and the mining industry (BRL2.2 billion, or a 740% increase). Agribusiness has accelerated its growth pace during the year, recording a 43% increase in disbursements (BRL4.9 billion) and 21% in approvals (BRL4.9 billion). Annual Result Disbursements accumulated from January to November this year added up to BRL56.6 billion, a sum 34.2% higher than in the same period last year. Approvals, at BRL76.9 billion, exceeded by 23.6% the amount recorded in the same period in 2006. Framings added up to BRL99.6 billion (a 16.9% high) while consultations were 118 billion (a 29.8% high). The industrial and infrastructure sectors were responsible for most of the bank's disbursements in 2007, in the amount of BRL23.8 billion (a 13% high) and BRL23.7 billion (a 58% high), respectively. BRL4.4 billion was released for the agribusiness (an 50.6% increase) and for commerce and services BRL4.7 billion (an additional 88.6%). During the year, in industry, the highlights in disbursements were on account of the agro-industry (BRL4.5 billion, a 39% high), metallurgy (BRL3.2 billion, a 91.5% high), chemical and petrochemical (BRL3.7 billion, a 91.7% high) areas. In infrastructure, the areas of land transportation (BRL9.8 billion, a 52% high) and electrical energy (BRL4.9 billion, a 78.5% high) have led disbursements. As for approvals, the infrastructure sector surpassed industry, in terms of the value of projects approved during the year, totaling BRL34.9 billion (a 74.9% high). BRL31.7 billion were approved for the industry (a 5.9% drop, as compared to the previous period), but with a 69.4% growth in the volume of operations carried out by the Bank, which totaled 22 thousand between January and November 2007. Porte Disbursements for micro, small and medium-sized companies (MPMEs) and for individuals reached BRL15.8 billion in the last 12 months ended in November, an amount 44% higher than in the same period last year. A total of 185.6 thousand operations were carried out, which represents a volume 86% higher than that recorded between December 2005 and November 2006. About BNDES Banco Nacional de Desenvolvimento Economico e Social is Brazil's national development bank. It provides financing for projects within Brazil and plays a major role in the privatization programs undertaken by the federal government. * * * Banco Nacional currently carries a Ba2 foreign long-term bank deposit rating from Moody's, and a BB+ long-term foreign issuer credit rating from Standards and Poor's. The ratings were assigned in August and May 2007, respectively. BANCO NACIONAL: Petrobras Closes BRL2.49-Billion Funding Deal ------------------------------------------------------------- Petroleo Brasileiro SA has closed a funding deal worth BRL$2.49 billion, granted by the National Economic and Social Development Bank (BNDES), for the Transportadora Urucu-Manaus S.A. special purpose company, in charge of building the 383-km long, 20-inch in diameter natural gas transportation pipeline to connect Coari to Manaus, and of building distribution branches to supply seven municipalities located along the gas pipeline's course. The funds will also be used to build the 279-km, long 10-inch nominal diameter liquefied petroleum gas (LPG) pipeline that will connect the Arara Pole, in Urucu, to the Solimoes Terminal, in Coari, State of Amazonas. The natural gas will be used initially for thermoelectric power generation in the city of Manaus, substituting for the fuel oil generators that are currently used for this purpose. Later, it will also supply the region's industrial, vehicle, commercial, and residential sectors. The gas pipeline will have two delivery points in Manaus, seven distribution branches totaling 126 Km in length, to deliver gas to municipalities located near the gas pipeline, and two intermediary gas-compression stations. The project also foresees the re-adaptation of an existing 18-inch nominal diameter pipeline between Urucu and Coari, which will be interconnected to the 20-inch one, allowing for natural gas production outflow. About Petrobras Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp -- was founded in 1953. The company explores, produces, refines, transports, markets, distributes oil and natural gas and power to various wholesale customers and retail distributors in Brazil. Petrobras has operations in China, India, Japan, and Singapore. About BNDES Banco Nacional de Desenvolvimento Economico e Social is Brazil's national development bank. It provides financing for projects within Brazil and plays a major role in the privatization programs undertaken by the federal government. * * * Banco Nacional currently carries a Ba2 foreign long-term bank deposit rating from Moody's, and a BB+ long-term foreign issuer credit rating from Standards and Poor's. The ratings were assigned in August and May 2007, respectively. BASELL AF: Lyondell & Equistar Get Consents to Amend Indenture -------------------------------------------------------------- Lyondell Chemical Company and its subsidiaries Equistar Chemicals, LP and Equistar Funding Corporation disclosed that as of 5:00 p.m. EST on Dec. 5, 2007, a total of approximately US$3.97 billion in aggregate principal amount of the outstanding debt securities issued by Lyondell or the Equistar Issuers, as applicable, has been tendered pursuant to the previously announced cash tender offers and consent solicitations. As a result, Lyondell and the Equistar Issuers have received the required consents from holders to amend each of the indentures governing the applicable Notes. Upon Lyondell and the Equistar Issuers accepting for purchase at least a majority in aggregate principal amount of the applicable Notes outstanding, each of the supplemental indentures effecting the proposed amendments as described in the Offer to Purchase and Consent Solicitation Statement dated Nov. 20, 2007, will become operative. The Offer for each series of Notes will expire at 12:01 a.m. EST on Dec. 20, 2007, unless extended or earlier terminated by Lyondell or the Equistar Issuers, as applicable, in their sole discretion. Withdrawal rights with respect to the Notes and revocation rights with respect to corresponding consents have expired. Accordingly, holders may not withdraw any Notes previously or hereafter tendered, except as contemplated in the applicable Offers. The total consideration was determined as of 2:00 p.m. EST on Dec. 5, 2007. The total consideration per US$1,000 principal amount of the Notes validly tendered at or prior to the Consent Payment Deadline, not validly withdrawn and accepted for payment is set forth in Table 1, of which US$30 is the consent payment. The tender offer consideration per US$1,000 principal amount of the Notes validly tendered after the Consent Payment Deadline, not validly withdrawn and accepted for payment equals the Total Consideration minus the US$30 consent payment. In each case, accrued and unpaid interest on the Notes will be paid in cash from the most recent interest payment date applicable to the Notes to, but not including, the applicable payment date for the Offers. The applicable payment date for Notes tendered on or prior to the Consent Payment Deadline is expected to be on or about Dec. 20, 2007. The applicable payment date for Notes tendered after the Consent Payment Deadline and on or prior to the Expiration Date is expected to be on or about Dec. 21, 2007. Table 1 - Results to Date and Pricing Information for the Offers Lyondell's Notes Percentage Tender Tender of Principal CUSIP Security Offer Total Offer Amount Number Description Yield Consideration Consideration Tendered ------ ----------- ----- ------------- ------------- -------- 10.500% 552078AV9 Senior 3.764% US$1,081.17 US$1,051.17 99.76% Secured Notes due 2013 8.000% 552078AW7 Senior Notes 3.429% US$1,154.78 US$1,124.78 99.67% due 2014 8.250% 552078AX5 Senior Notes 3.601% US$1,197.17 US$1,167.17 99.85% due 2016 6.875% 552078AY3 Senior Notes 3.788% US$1,155.31 US$1,125.31 99.99% due 2017 Equistar Issuers' Notes Percentage Tender Tender of Principal CUSIP Security Offer Total Offer Amount Number Description Yield Consideration Consideration Tendered ------ ----------- ----- ------------- ------------- -------- 10.125% 29444NAF9 Senior Notes 3.857% US$1,042.60 US$1,012.60 97.96% due 2008 8.750% 29444NAD4 Notes due 3.519% US$1,058.51 US$1,028.51 97.55% 2009 10.625% 29444NAH5 Senior Notes 3.761% US$1,050.65 US$1,020.65 97.95% due 2011 The Offers and Consent Solicitations are subject to the satisfaction of certain conditions, including the proposed merger of Lyondell with BIL Acquisition Holdings Limited, a Delaware corporation and wholly owned subsidiary of Basell AF S.C.A., a Luxembourg company. The complete terms and conditions of the Offers and Consent Solicitations are set forth in the Offer and Consent Statement, which has been sent to holders of the Notes. Holders are urged to carefully read the Offer and Consent Statement and related materials. Goldman, Sachs & Co. and Merrill Lynch & Co. are the dealer managers for the Offers and solicitation agents for the Consent Solicitations. Questions regarding the Offers and Consent Solicitations may be directed to Goldman, Sachs & Co. at (877) 686-5059 (toll-free) or (212) 357-0775 (collect), and Merrill Lynch & Co. at (888) 654-8637 (toll-free) or (212) 449-4914 (collect). Copies of the Offer and Consent Statement and related materials may be obtained from the Information Agent, D. F. King & Co., Inc. at (800) 290-6429 (U.S. toll free) or (212) 269-5550 (Banks and Brokers). As previously disclosed in the TCR-Europe on Nov. 30, 2007, Lyondell disclosed that, at a Special Meeting of Shareholders held on Nov. 20, 2007, shareholders approved the Agreement and Plan of Merger, dated as of July 16, 2007, among Basell AF, BIL Acquisition Holdings Limited and Lyondell pursuant to which Basell will acquire all of Lyondell's outstanding common shares for cash consideration of US$48 per share. About Lyondell Headquartered in Houston, Texas, Lyondell Chemical Company (NYSE:LYO) -- http://www.lyondell.com/-- is North America's third-largest independent, publicly traded chemical company. Lyondell manufactures chemicals and plastics, a refiner of heavy, high-sulfur crude oil and a significant producer of fuel products. Key products include ethylene, polyethylene, styrene, propylene, propylene oxide, gasoline, ultra low-sulfur diesel, MTBE and ETBE. The company also has locations in Austria, France, Italy, The Netherlands, Belgium, Germany, Spain, United Kingdom, Brazil, China, Japan, Taiwan, India and Singapore. About Basell Basell -- http://www.basell.com/-- produces polypropylene and advanced polyolefin products, supplies polyethylene and catalysts, and provides technical services for its proprietary technologies. Basell, together with its joint ventures, has manufacturing facilities in 19 countries and sells products in more than 120 countries. Basell is privately owned by Access Industries. Basell has regional offices in Belgium, Germany, the United States, Brazil and Hong Kong, as well as sales offices in the major markets around the globe. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 13, 2007, Fitch Ratings has downgraded Basell AF SCA's and Lyondell Chemical Co.'s Long-term Issuer Default ratings to 'B+' from 'BB-' and removed them from Rating Watch Negative where they were originally placed on July 17, 2007. Stable Outlooks are assigned to the Long-term IDRs. Basell's Short-term IDR is also affirmed at 'B'. In July 2007, Moody's Investors Service maintains all ratings of Basell group under review for downgrade following the announcement by the company on July 17, 2007 that it has signed a definitive agreement to acquire Lyondell (Ba3/stable outlook) in a transaction valued at approximately US$19 billion, including the assumption of debt. COMPANHIA SIDERURGICA: To Ink Letter of Intent with Minas Gerais ---------------------------------------------------------------- Companhia Siderurgica Nacional told Business News Americas that it has to sign a letter of intent with the Minas Gerais state government this week. BNamericas relates that Companhia Siderurgica has some operations in Minas Gerais. The most prominent of those operations is a steel sheet mill in Congonhas and an expansion at the Casa de Pedra iron ore mine. Companhia Siderurgica denied to BNamericas reports that it is getting ready to sign a contract for the construction of a new plant. Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional S.A. -- http://www.csn.com.br/-- produces, sells, exports and distributes steel products, like hot-dip galvanized sheets, tin mill products and tinplate. The company also runs its own iron ore, manganese, limestone and dolomite mines and has strategic investments in railroad companies and power supply projects. The group also operates in Brazil, Portugal and the U.S. * * * As reported in the Troubled Company Reporter-Latin America on July 26, 2007, Standard & Poor's Ratings Services affirmed its 'BB' long-term corporate credit rating on Brazil-based steel maker Companhia Siderurgica Nacional. S&P said the outlook is stable. DELHI CORP: Court Okays Equity Purchase & Commitment Agreement -------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York approved the Amendment to the New Equity Purchase and Commitment Agreement, as modified, among the Debtors, Appaloosa Management L.P., Harbinger Capital Partners Master Fund I, Ltd., Pardus Capital Management, L.P., Merrill Lynch, Pierce, Fenner & Smith, Inc., UBS Securities LLC, and Goldman Sachs & Co. The Debtors and the Appaloosa Plan Investors subsequently entered into the EPCA Amendment on Dec. 10, 2007. A full-text copy of the EPCA Amendment is available for free at: http://ResearchArchives.com/t/s?2662 Except as provided in the EPCA Amendment, the Aug. 2, 2007 New EPCA remains in full force and effect, the Court clarifies. The Honrable Robert Drain has permitted the Debtors and the Plan Investors to make non-material modifications to the EPCA Amendment without further Court order as long as those modifications are not opposed by either the Official Committee of Unsecured Creditors or the Official Committee of Equity Security Holders. The EPCA Amendment revises a number of provisions in the New EPCA to reflect events and developments since Aug. 3, 2007, including those relating to Court approvals in connection with the EPCA Amendment; Delphi's delivery of a revised disclosure letter and a revised business plan; updates and revisions to representations and warranties; the Debtors' agreements with principal labor unions; the execution and amendment of certain settlement agreements with General Motors Corp.; the execution of a best efforts financing letter; and the filing of the First Amended Plan of Reorganization and Disclosure Statement. The EPCA Amendment no longer outlines Delphi's proposed framework for a plan of reorganization but instead, except for corporate governance matters, relies upon the First Amended Plan for that function, David M. Sherbin, Delphi Corp. Vice President, General Counsel and Chief Compliance Officer, relates. Furthermore, the EPCA Amendment revises provisions relating to the Discount Rights Offering, including the replacement of existing common stockholders with unsecured creditors, under the Plan. The EPCA Amendment further reflects certain economic changes for recoveries provided under the Plan, and a post- emergence capital structure that includes Series C Preferred Stock to be issued to GM. The EPCA Amendment also removes or narrows the scope of certain conditions to closing in the New EPCA to provide greater certainty to the consummation of the transaction, including: * the no-strike conditions to include only strikes that occur after Oct. 29, 2007; * the capitalization condition to reduce the net debt required for the Debtors on the closing date; and * to exclude from the condition relating to the approval of material investment documents, numerous documents, which have already been delivered by the Debtors to the Plan Investors like the Plan, the Disclosure Statement, the settlement agreements with GM, and the business plan. Certain conditions to closing, however, were added by the EPCA Amendment, including those requiring: -- the release and exculpation of each Plan Investor as set forth in the EPCA Amendment; -- that Delphi will have undrawn availability of US$1,400,000,000 under the asset backed revolving loan facility, subject to certain exclusions; -- an interest expense condition that limits the Reorganized Debtors' pro forma interest expense on its indebtedness during 2008 to US$585,000,000; -- that scheduled Pension Benefit Guarantee Corporation liens be withdrawn; and -- that the aggregate amount of trade and unsecured claims be no more than US$1,450,000,000, subject to certain waivers and exclusions. Delphi Amends Rights Agreement to Accommodate Appaloosa Investors Pursuant to the Rights Agreement dated as of Feb. 1, 1999, as amended, between Delphi Corp. formerly known as Delphi Automotive Systems Corp., and Computershare Trust Company, N.A., as successor Rights Agent, one Right is issued and attached to each outstanding share of Delphi's common stock. The Rights constitute a separate class of securities registered under the Securities Act of 1933, as amended, and entitle the holder of the Right, in certain circumstances, to purchase from Delphi a unit consisting of one one-hundredth of a share of Series A Junior Preferred Stock, par value US$0.10 per share, at an exercise price of US$65 per Right, subject to adjustment in certain events, Mr. Sherbin relates. On Dec. 10, 2007, Delphi amended the Rights Agreement to exempt the Appaloosa Plan Investors, as well as the Investors' assignees or transferees, from the definition of "Acquiring Person" as that term is defined in the Rights Agreement, solely as a result of transactions contemplated by the New EPCA, as amended by the EPCA Amendment. As a result, the Plan Investors' entry into the EPCA Amendment and the consummation of the transactions contemplated by the New EPCA will not trigger the Series A Preferred Stock purchase rights under the Rights Agreement, Mr. Sherbin explains. A full-text copy of the Rights Agreement, as amended on Dec. 10, 2007, is available for free at: http://ResearchArchives.com/t/s?2661 Based on information supplied by the Plan Investors to the SEC in Schedules 13D, reviewed by the Debtors as of Nov. 8, 2007, the Plan Investors hold an aggregate of 125,644,421 shares of Delphi common stock: Plan Investor Shares Held ------------- ----------- Appaloosa Management L.P. 52,000,000 Harbinger Capital Partners Master Fund I, Ltd. 26,450,000 Pardus Special Opportunities Master Fund L.P. 26,400,000 Goldman, Sachs & Co. 14,892,921 UBS Securities LLC 4,419,294 Merrill Lynch, Pierce, Fenner & Smith Inc. 1,482,206 About Delphi Corp. Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of March 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in total assets and US$23,851,000,000 in total debts. The Debtors' exclusive plan-filing period expires on Dec. 31, 2007. On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan of Reorganization and a Disclosure Statement explaining that Plan. (Delphi Bankruptcy News, Issue No. 102; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) DELPHI CORP: Court Approves Modified Disclosure Statement --------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York entered an order formally approving Delphi Corp. and its debtor- affiliates' Disclosure Statement, as modified, on Dec. 10, 2007. As previously reported, the Court directed the Debtors to make certain changes to the Disclosure Statement at the hearing to consider confirmation of the Disclosure Statement, which hearing concluded on Dec. 7, 2007. Accordingly, the Debtors amended the Joint Plan of Reorganization and Disclosure Statement and subsequently filed a First Amended Plan of Reorganization and accompanying Disclosure Statement on Dec. 10, 2007. The Court approved the First Amended Disclosure Statement on the same date, Dec. 10, 2007. The modifications reflected in the First Amended Plan and the First Amended Disclosure Statement do not materially impact the terms of the Plan. Delphi Corp. Vice President and Chief Restructuring Officer John D. Sheehan relates that the First Amended Plan continues to provide for full recoveries for unsecured creditors at a negotiated Plan enterprise value and fair consideration for holders of Existing Common Stock. In particular, the Plan provides that Holders of Allowed General Unsecured Claims will receive New Common Stock and Discount Rights equal to 100% of their Allowed General Unsecured Claim plus applicable Postpetition Interest through the earlier of Jan. 31, 2008, and the Plan Confirmation Date. The distribution of New Common Stock to holders of General Unsecured Claims will equal 77.3% of the holders' Allowed General Unsecured Claim, and the remaining 22.7% of the Claim will be satisfied through the pro rata distribution of Discount Rights, Mr. Sheehan says. The Debtors are currently in the process of arranging for exit financing, comprised of: (1) up to US$2,550,000,000 in equity investments through the Discount Rights Offering and the transactions contemplated by the New Equity Purchase and Commitment Agreement among the Debtors, Appaloosa Management L.P., and the other Plan Investors; and (2) debt financing consisting of: * a US$1,600,000,000 asset-based revolving loan facility; * a US$3,700,000,000 of first-lien funded financing; and * a US$1,500,000,000 of second-lien funded financing of which up to US$750,000,000 will be placed with GM. The Debt Financing will be arranged by JPMorgan Securities Inc., JPMorgan Chase Bank, N.A., and Citigroup Global Markets Inc. The Debtors believe that the Exit Financing will enable them to honor their obligations under the Plan, and transition out of bankruptcy and into successful operation post-emergence. A full-text copy of the First Amended Plan is available for free at http://bankrupt.com/misc/Delphi_1stAmendedReorgPlan.pdf A full-text copy of the First Amended Disclosure Statement is available for free at http://bankrupt.com/misc/Delphi_1stAmendedDS.pdf The Debtors maintain that the Plan provides for an equitable and early distribution to creditors and shareholders, preserves the value of Delphi's business as a going concern, and preserves the jobs of employees. The Debtors aver that any alternative to confirmation of the Plan, such as liquidation or attempts by another party-in-interest to file a plan, will result in significant delays, litigation, and costs, as well as the loss of jobs. Moreover, the Debtors believe that their creditors and shareholders will receive greater and earlier recoveries under the Plan than those that would be achieved in liquidation or under an alternative plan. The Plan continues to be supported by General Motors Corp., the Plan Investors, and both the Official Committee of Unsecured Creditors and the Official Committee of Equity Security Holders, according to Mr. Sheehan. Court Decree The Honorable Robert Drain finds that the Disclosure Statement complies with the provisions of the Bankruptcy Code and the Federal Rules of Bankruptcy Procedure. In particular, the Disclosure Statement contains adequate information within the meaning of Section 1125(a) of the Bankruptcy Code. The Disclosure Statement also complies with the requirements of Bankruptcy Rule 3016(c) by sufficiently describing in specific and conspicuous bold language the provisions of the Joint Plan of Reorganization that provide for releases and injunctions against conduct not otherwise enjoined under the Bankruptcy Code. Moreover, the Disclosure Statement sufficiently identifies the persons and entities that are subject to those releases and injunctions. To the extent not already withdrawn or reflected in changes to the Disclosure Statement, all objections filed or otherwise asserted against the Disclosure Statement are overruled. About Delphi Corp. Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of March 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in total assets and US$23,851,000,000 in total debts. The Debtors' exclusive plan-filing period expires on Dec. 31, 2007. On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan of Reorganization and a Disclosure Statement explaining that Plan. (Delphi Bankruptcy News, Issue No. 102; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) DELPHI CORP: Court Sets Plan Confirmation Hearing on January 17 --------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York will convene a hearing to consider confirmation of Delphi Corp. and its debtor-affiliates' First Amended Joint Plan of Reorganization, dated Dec. 10, 2007, on Jan. 17, 2008, at 10:00 a.m. prevailing Eastern time. Objections to confirmation of the Plan must: -- be served by Jan. 11, 2008, at 4:00 p.m. prevailing Eastern time; -- be in writing; -- comply with the Bankruptcy Rules and the Local Bankruptcy Rules for the Southern District of New York; -- set forth the name of the objector and the nature and amount of any claim or interest asserted by that objector against or in the Debtors or the Debtors' estates and property; -- state with particularity the legal and factual bases for the objection; and -- be filed with the Court and served on: * the Debtors' counsel: Skadden, Arps, Slate, Meagher & Flom LLP 333 West Wacker Drive, Suite 2100 Chicago, Illinois 60606 (800) 718-5305 Att'n: John Wm. Butler, Jr. Att'n: George N. Panagakis Att'n: Ron E. Meisler Att'n: Nathan L. Stuart -- and -- Skadden, Arps, Slate, Meagher & Flom LLP Four Times Square New York, New York 10036 Att'n: Kayalyn A. Marafioti Att'n: Thomas J. Matz * the U.S. Trustee The Office of the U.S. Trustee 33 Whitehall Street, Suite 2100 New York, New York 10004 Att'n: Alicia M. Leonhard * Counsel for the Official Committee of Unsecured Creditors Latham & Watkins LLP 885 Third Avenue New York, New York 10022 Att'n: Robert J. Rosenberg Att'n: Mitchell A. Seider Att'n: Mark A. Broude * Counsel for the Official Committee of Equity Security Holders Fried, Frank, Harris, Shriver & Jacobson LLP One New York Plaza New York, New York 10004 Att'n: Brad E. Scheler Att'n: Bonnie K. Steingart Att'n: Vivek Melwani * Counsel for JPMorgan Chase Bank, N.A., and the other postpetition lenders Davis Polk & Wardwell 450 Lexington Avenue New York, New York 10022 Att'n: Donald S. Bernstein Att'n: Brian M. Resnick * Counsel for Plan Investor A-D Acquisition Holdings, LLC White & Case LLP Wachovia Financial Center 200 South Biscayne Boulevard Suite 4900, Miami, Florida 33131 Att'n: Thomas E. Lauria Att'n: Michael C. Shepherd -- and -- White & Case LLP 1155 Avenue of the Americas New York, New York 10036 Att'n: Gerard H. Uzzi Att'n: Glenn M. Kurtz Att'n: Douglas P. Baumstein * Counsel for General Motors Corp. Weil, Gotshal & Manges LLP 767 Fifth Avenue New York, New York 10153 Att'n: Jeffrey L Tanenbaum Att'n: Michael P. Kessler Att'n: Robert J. Lemons About Delphi Corp. Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of March 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in total assets and US$23,851,000,000 in total debts. The Debtors' exclusive plan-filing period expires on Dec. 31, 2007. On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan of Reorganization and a Disclosure Statement explaining that Plan. (Delphi Bankruptcy News, Issue No. 102; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) LYONDELL CHEMICAL: Gets Requisite Consents to Amend Indenture ------------------------------------------------------------- Lyondell Chemical Company and its subsidiaries Equistar Chemicals, LP and Equistar Funding Corporation disclosed that as of 5:00 p.m. EST on Dec. 5, 2007, a total of approximately US$3.97 billion in aggregate principal amount of the outstanding debt securities issued by Lyondell or the Equistar Issuers, as applicable, has been tendered pursuant to the previously announced cash tender offers and consent solicitations. As a result, Lyondell and the Equistar Issuers have received the required consents from holders to amend each of the indentures governing the applicable Notes. Upon Lyondell and the Equistar Issuers accepting for purchase at least a majority in aggregate principal amount of the applicable Notes outstanding, each of the supplemental indentures effecting the proposed amendments as described in the Offer to Purchase and Consent Solicitation Statement dated Nov. 20, 2007, will become operative. The Offer for each series of Notes will expire at 12:01 a.m. EST on Dec. 20, 2007, unless extended or earlier terminated by Lyondell or the Equistar Issuers, as applicable, in their sole discretion. Withdrawal rights with respect to the Notes and revocation rights with respect to corresponding consents have expired. Accordingly, holders may not withdraw any Notes previously or hereafter tendered, except as contemplated in the applicable Offers. The total consideration was determined as of 2:00 p.m. EST on Dec. 5, 2007. The total consideration per US$1,000 principal amount of the Notes validly tendered at or prior to the Consent Payment Deadline, not validly withdrawn and accepted for payment is set forth in Table 1, of which US$30 is the consent payment. The tender offer consideration per US$1,000 principal amount of the Notes validly tendered after the Consent Payment Deadline, not validly withdrawn and accepted for payment equals the Total Consideration minus the US$30 consent payment. In each case, accrued and unpaid interest on the Notes will be paid in cash from the most recent interest payment date applicable to the Notes to, but not including, the applicable payment date for the Offers. The applicable payment date for Notes tendered on or prior to the Consent Payment Deadline is expected to be on or about Dec. 20, 2007. The applicable payment date for Notes tendered after the Consent Payment Deadline and on or prior to the Expiration Date is expected to be on or about Dec. 21, 2007. Table 1 - Results to Date and Pricing Information for the Offers Lyondell's Notes Percentage Tender Tender of Principal CUSIP Security Offer Total Offer Amount Number Description Yield Consideration Consideration Tendered ------ ----------- ----- ------------- ------------- -------- 10.500% 552078AV9 Senior 3.764% US$1,081.17 US$1,051.17 99.76% Secured Notes due 2013 8.000% 552078AW7 Senior Notes 3.429% US$1,154.78 US$1,124.78 99.67% due 2014 8.250% 552078AX5 Senior Notes 3.601% US$1,197.17 US$1,167.17 99.85% due 2016 6.875% 552078AY3 Senior Notes 3.788% US$1,155.31 US$1,125.31 99.99% due 2017 Equistar Issuers' Notes Percentage Tender Tender of Principal CUSIP Security Offer Total Offer Amount Number Description Yield Consideration Consideration Tendered ------ ----------- ----- ------------- ------------- -------- 10.125% 29444NAF9 Senior Notes 3.857% US$1,042.60 US$1,012.60 97.96% due 2008 8.750% 29444NAD4 Notes due 3.519% US$1,058.51 US$1,028.51 97.55% 2009 10.625% 29444NAH5 Senior Notes 3.761% US$1,050.65 US$1,020.65 97.95% due 2011 The Offers and Consent Solicitations are subject to the satisfaction of certain conditions, including the proposed merger of Lyondell with BIL Acquisition Holdings Limited, a Delaware corporation and wholly owned subsidiary of Basell AF S.C.A., a Luxembourg company. The complete terms and conditions of the Offers and Consent Solicitations are set forth in the Offer and Consent Statement, which has been sent to holders of the Notes. Holders are urged to carefully read the Offer and Consent Statement and related materials. Goldman, Sachs & Co. and Merrill Lynch & Co. are the dealer managers for the Offers and solicitation agents for the Consent Solicitations. Questions regarding the Offers and Consent Solicitations may be directed to Goldman, Sachs & Co. at (877) 686-5059 (toll-free) or (212) 357-0775 (collect), and Merrill Lynch & Co. at (888) 654-8637 (toll-free) or (212) 449-4914 (collect). Copies of the Offer and Consent Statement and related materials may be obtained from the Information Agent, D. F. King & Co., Inc. at (800) 290-6429 (U.S. toll free) or (212) 269-5550 (Banks and Brokers). As previously disclosed in the TCR-Europe on Nov. 30, 2007, Lyondell disclosed that, at a Special Meeting of Shareholders held on Nov. 20, 2007, shareholders approved the Agreement and Plan of Merger, dated as of July 16, 2007, among Basell AF, BIL Acquisition Holdings Limited and Lyondell pursuant to which Basell will acquire all of Lyondell's outstanding common shares for cash consideration of US$48 per share. About Basell Basell -- http://www.basell.com/-- produces polypropylene and advanced polyolefin products, supplies polyethylene and catalysts, and provides technical services for its proprietary technologies. Basell, together with its joint ventures, has manufacturing facilities in 19 countries and sells products in more than 120 countries. Basell is privately owned by Access Industries. About Lyondell Headquartered in Houston, Texas, Lyondell Chemical Company (NYSE:LYO) -- http://www.lyondell.com/-- is North America's third-largest independent, publicly traded chemical company. Lyondell manufactures chemicals and plastics, a refiner of heavy, high-sulfur crude oil and a significant producer of fuel products. Key products include ethylene, polyethylene, styrene, propylene, propylene oxide, gasoline, ultra low-sulfur diesel, MTBE and ETBE. The company also has locations in Austria, France, Italy, The Netherlands, Belgium, Germany, Spain, United Kingdom, Brazil, China, Japan, Taiwan, India and Singapore. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 13, 2007, Fitch Ratings has downgraded Basell AF SCA's and Lyondell Chemical Co.'s Long-term Issuer Default ratings to 'B+' from 'BB-' and removed them from Rating Watch Negative where they were originally placed on July 17, 2007. Stable Outlooks are assigned to the Long-term IDRs. Basell's Short-term IDR is also affirmed at 'B'. * BRAZIL: Petrobras & REFAP Commence Marketing of Biodiesel ----------------------------------------------------------- Petroleo Brasileiro SA and its Alberto Pasqualini Refinery -- REFAP -- subsidiary, located in Canoas, have started marketing 380 million liters of biodiesel to Brazilian diesel distributors. This process will lead to the actual introduction of this renewable fuel in the Brazilian energy matrix, as determined by the National Biodiesel Production and Use Program. on Dec. 12, electronic sales were made for the REFAP coverage areas, in the state of Rio Grande do Sul, and for the Midwestern and Northern Regions, where Petrobras performs. Thus far, the distributors have acquired 157 million liters, 97.44% of the volume offered in these areas and adding up to some BRL300 million in negotiations. Auctions are scheduled for today aimed at companies located in Southeastern and Northeastern Brazil. Pursuant to Law # 11.097, dated Jan. 13, 2005, all of the diesel fuel marketed in Brazil must contain 2 % biodiesel as of Jan. 1 2008. The biodiesel that is being sold was acquired by REFAP and PETROBRAS in the National Petroleum Agency actions held last November 13 and 14 to supply the demand foreseen for the first half of 2008. Petrobras and REFAP are selling biodiesel to all Brazilian diesel distributors via its Petronect subsidiary, which provides material and service marketing services to Petrobras System's companies via a single Web-based electronic negotiation portal. In order to comply with the above-mentioned legislation, a study was carried out to optimize biodiesel distribution logistics among Brazil's diesel fuel distributors. The study analyzed the supply of the 15 biodiesel-producing units that won the two most recent biodiesel acquisition auctions, held last November, to attend to the 2% biodiesel addition to diesel fuel in a transparent, isonomic manner to all public and private agents. Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp -- was founded in 1953. The company explores, produces, refines, transports, markets, distributes oil and natural gas and power to various wholesale customers and retail distributors in Brazil. Petrobras has operations in China, India, Japan, and Singapore. * * * As reported in the Troubled Company Reporter-Latin America on May 14, 2007, Fitch Ratings upgraded Brazil's long-term foreign and local currency sovereign Issuer Default Ratings to 'BB+' from 'BB' and the Country Ceiling to 'BBB-' from 'BB+'. In addition, Fitch affirmed Brazil's Short-term IDR at 'B'. Fitch said the rating outlook is stable. * BRAZIL: Petrobras Closes BRL2.49-Bln Funding Deal with BNDES -------------------------------------------------------------- Petroleo Brasileiro SA has closed a funding deal worth BRL$2.49 billion, granted by the National Economic and Social Development Bank (BNDES), for the Transportadora Urucu-Manaus S.A. special purpose company, in charge of building the 383-km long, 20-inch in diameter natural gas transportation pipeline to connect Coari to Manaus, and of building distribution branches to supply seven municipalities located along the gas pipeline's course. The funds will also be used to build the 279-km, long 10-inch nominal diameter liquefied petroleum gas (LPG) pipeline that will connect the Arara Pole, in Urucu, to the Solimoes Terminal, in Coari, State of Amazonas. The natural gas will be used initially for thermoelectric power generation in the city of Manaus, substituting for the fuel oil generators that are currently used for this purpose. Later, it will also supply the region's industrial, vehicle, commercial, and residential sectors. The gas pipeline will have two delivery points in Manaus, seven distribution branches totaling 126 Km in length, to deliver gas to municipalities located near the gas pipeline, and two intermediary gas-compression stations. The project also foresees the re-adaptation of an existing 18-inch nominal diameter pipeline between Urucu and Coari, which will be interconnected to the 20-inch one, allowing for natural gas production outflow. About BNDES Banco Nacional de Desenvolvimento Economico e Social is Brazil's national development bank. It provides financing for projects within Brazil and plays a major role in the privatization programs undertaken by the federal government. About Petrobras Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp -- was founded in 1953. The company explores, produces, refines, transports, markets, distributes oil and natural gas and power to various wholesale customers and retail distributors in Brazil. Petrobras has operations in China, India, Japan, and Singapore. * * * As reported in the Troubled Company Reporter-Latin America on May 14, 2007, Fitch Ratings upgraded Brazil's long-term foreign and local currency sovereign Issuer Default Ratings to 'BB+' from 'BB' and the Country Ceiling to 'BBB-' from 'BB+'. In addition, Fitch affirmed Brazil's Short-term IDR at 'B'. Fitch said the rating outlook is stable. * BRAZIL: Petrobras to Create Mix Corporation with PDVSA -------------------------------------------------------- Petroleo Brasileiro SA and Petroleos de Venezuela SA have decided to incorporate a mixed corporation in Brazil aiming at building and operating the Abreu e Lima Refinery, in the state of Pernambuco, Northeastern Brazil. Interest in the company will be shared at the rate of 60% for Petrobras and 40% for PDVSA, and staff from both companies will operate the plant. The refinery will be capable of processing 200,000 barrels of oil per day, and a supply agreement for 100,000 barrels of oil per day, coming from the Carabobo 1 block, in the Orinoco oil range, will be signed to provision it. PDVSA announces the development of the fields identified in the Carabobo 1 block is underway, keeping a participation option open for PETROBRAS in the improved oil production projects, while PETROBRAS concludes its pertinent technical and economic studies. It must be emphasized that, as the result of the joint work carried out between Petrobras and PDVSA, it was possible to certify 45.5 billion barrels of oil in situ in the Carabobo 1 block. Petrobras and PDVSA announced they are pleased with the agreements that have been reached and with the progress achieved in joint projects, since this allows them to materialize and strengthen the integration efforts between Brazil and Venezuela, driven by presidents Lula and Chavez. About PDVSA Petroleos de Venezuela SA -- http://www.pdv.com/-- is Venezuela's state oil company in charge of the development of the petroleum, petrochemical and coal industry, as well as planning, coordinating, supervising and controlling the operational activities of its divisions, both in Venezuela and abroad. The company has a commercial office in China. About Petrobras Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp -- was founded in 1953. The company explores, produces, refines, transports, markets, distributes oil and natural gas and power to various wholesale customers and retail distributors in Brazil. Petrobras has operations in China, India, Japan, and Singapore. * * * As reported in the Troubled Company Reporter-Latin America on May 14, 2007, Fitch Ratings upgraded Brazil's long-term foreign and local currency sovereign Issuer Default Ratings to 'BB+' from 'BB' and the Country Ceiling to 'BBB-' from 'BB+'. In addition, Fitch affirmed Brazil's Short-term IDR at 'B'. Fitch said the rating outlook is stable. =========================== C A Y M A N I S L A N D S =========================== BLACKROCK FIXED: Holding Final Shareholders Meeting Today --------------------------------------------------------- Blackrock Fixed Income Global Opportunities (Offshore) Fund II will hold its final shareholders meeting on Dec. 17, 2007, at 9:00 a.m. at: Close Brothers (Cayman) Limited 4th Floor Harbor Place, 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 six years from the dissolution of the company, after which they may be destroyed. A member entitled to attend and vote at the meeting will be allowed to appoint a proxy, who need not be a member, in his stead. Blackrock Fixed's shareholders agreed on Nov. 1, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Jeffrey Arkley Attention: Kim Charaman Close Brothers (Cayman) Limited Fourth Floor, Harbor Place P.O. Box 1034, Grand Cayman KYI-1102 Cayman Islands Telephone: (345) 949 8455 Fax: (345) 949 8499 COPPER RIVER: To Hold Final Shareholders Meeting Today ------------------------------------------------------ Copper River Co. Limited will hold its final shareholders meeting on Dec. 17, 2007, at 10:30 a.m. at: Canadian Regional Aircraft Finance Transaction No. 1 Limited 22 Greenville Street, St. Helier Jersey JE4 8PX, Channel Islands United Kingdom These agenda will be taken during the meeting: 1) accounting of the winding-up process; and 2) hearing any explanation thereof. A member entitled to attend and vote at the meeting will be allowed to appoint a proxy, who need not be a member, in his stead. Copper River's shareholders agreed on Nov. 2, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. FREE SPIRIT: Will Hold Final Shareholders Meeting Today ------------------------------------------------------- Free Spirit Co. Limited will hold its final shareholders meeting on Dec. 17, 2007, at 10:30 a.m. at: Canadian Regional Aircraft Finance Transaction No. 1 Limited 22 Greenville Street, St. Helier Jersey JE4 8PX, Channel Islands United Kingdom These agenda will be taken during the meeting: 1) accounting of the winding-up process; and 2) hearing any explanation thereof. A member entitled to attend and vote at the meeting will be allowed to appoint a proxy, who need not be a member, in his stead. Free Spirit's shareholders agreed on Nov. 2, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. DELTAMAR LIMITED: Proofs of Claim Filing Deadline Is Today ---------------------------------------------------------- Deltamar Limited's creditors are given until Dec. 17, 2007, to prove their claims to Condor Nominee 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. Deltamar Limited's shareholder decided on Oct. 24, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Condor Nominee Limited