T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Thursday, December 20, 2007, Vol. 8, Issue 252 Headlines A R G E N T I N A ALITALIA SPA: Air France Offers EUR750 Million Capital Injection ALITALIA SPA: Outlines Criteria for Selecting Preferred Buyer BIBLIOGRAFICA INTERNACIONAL: Claims Verification Ends on Feb. 25 CAIDES SA: Proofs of Claim Verification Is Until March 21, 2008 CLAMAC SRL: Proofs of Claim Verification Ends on March 24, 2008 EDITORIAL PLUS: Proofs of Claim Verification Deadline Is Feb. 6 EXPOEURO SA: Proofs of Claim Verification Is Until Feb. 11 PRONTOMEC SRL: Proofs of Claim Verification Deadline Is March 12 SCO GROUP: Names Jeff Hunsaker as Pres. & COO of SCO Operations TELECO SA: Trustee Verifies Proofs of Claim Until Feb. 29, 2008 YPF SA: Repsol Selling 25% Stake to Eskenazi for US$3.75 Billion B A H A M A S HARRAH'S ENTERTAINMENT: Pennsylvania Board Okays Apollo Purchase HARRAH'S ENTERTAINMENT: Pennsylvania Board OKs Ownership Change B E R M U D A COFFEE CUP: Receiver Will File For Firm's Dissolution by Dec. 24 B O L I V I A * BOLIVIA: Inks Road Link Deal with Brazil & Chile B R A Z I L BANCO BRADESCO: Will Raise Share Capital to BRL23.0 Billion CHEMTURA CORP: Will Review Strategic Alternatives COMPANHIA ENERGETICA: Issues BRL400MM Non-Convertible Debentures COMPANHIA SIDERURGICA: Investing BRL9.50B in Minas Gerais Units DRESSER-RAND GROUP: Inks US$50MM Blanket Purchase Order w/ PEMEX FIAT SPA: Extends Buy Back Program to April 30, 2008 FIAT SPA: Names Luca De Meo as Alfa Romeo's Chief Executive GENERAL MOTORS: Starts UAW Special Attrition Program's 1st Phase GENERAL MOTORS: Commodity Costs Spark Price Hike on 2008 Cars GENERAL MOTORS: Lay-Offs 800 Tonawanda Workers Before Schedule MINERVA SA: Fitch Affirms Currency Issuer Default Ratings at B+ SUN MICROSYSTEMS: Names Alain Andreoli as Sr. VP for EMEA Region UAL CORP: Appoints New VP, Base Maintenance for United Services * BRAZIL: Gets US$2-Million Loan for Technical Cooperation * BRAZIL: Inks Road Link Deal with Bolivia & Chile C A Y M A N I S L A N D S CALYPSO HOLDINGS: Will Hold Final Shareholders Meeting Tomorrow CASCADE CAPITAL: Proofs of Claim Filing Deadline Is Tomorrow CASCADE CAPITAL GLOBAL: Proofs of Claim Filing Ends Tomorrow CITY LEASING: Proofs of Claim Filing Is Until Tomorrow DB SANGHA: Proofs of Claim Filing Deadline Is Tomorrow EQUITY HHA: Proofs of Claim Filing Is Until Tomorrow FZC CORP: Proofs of Claim Filing Deadline Is Today GFIA-SHK MANAGERS: Will Hold Final Shareholders Meeting Tomorrow HELLY HANSEN: Proofs of Claim Filing Ends Tomorrow HELLY IIP: Proofs of Claim Filing Deadline Is Tomorrow JULIUS BAER: Final Shareholders Meeting Is Today JULIUS BAER GLOBAL: Holding Final Shareholders Meeting Today LINAVEN INVESTMENTS: Proofs of Claim Filing Deadline Is Today LYRA PARTNERS: Proofs of Claim Filing Deadline Is Tomorrow LYRA PARTNERS GP: Proofs of Claim Filing Is Until Tomorrow MULTIDIMENSION FUND: Proofs of Claim Filing Deadline Is Tomorrow HELLY HANSEN HOLDINGS: Claims Filing Deadline Is Tomorrow NEW REACH: Proofs of Claim Filing Ends Tomorrow REACH HOLDINGS: Proofs of Claim Filing Is Until Tomorrow VEGA PARTNERS: Proofs of Claim Filing Ends Tomorrow C H I L E AES CORP: Hires Ernst & Young as Accountants to Replace Deloitte SCIENTIFIC GAMES: Extends Loteria Electronica Agreement to 2020 C O L O M B I A DOLE FOOD: Weak Performance Prompts Moody's to Rewiew Ratings * COLOMBIA: Delays Privatization of Five Power Firms * COLOMBIA: Gets US$2-Million Loan for Technical Cooperation C O S T A R I C A * COSTA RICA: Instituto Costarricense Sells 310,884 GSM Lines D O M I N I C A N R E P U B L I C FLOWSERVE CORP: Gayla Delly Joins Board of Directors E C U A D O R PETROECUADOR: Gov't Lifts State of Emergency in Orellana * ECUADOR: Gets US$2-Million Loan for Technical Cooperation G U A T E M A L A TECO ENERGY: Considers TECO Finance 2017 Notes Exchange Offer M E X I C O CLEAR CHANNEL: Moody's Likely to Drop Corp. Family Rating to B2 CLEAR CHANNEL: S&P Cuts Rating on US$6.32 Bln Senior Notes to B- FEDERAL-MOGUL: Plan's Effective Date Scheduled for Dec. 27 QUAKER FABRIC: Has Until March 13 to Remove Civil Actions QUEBECOR WORLD: Jacques Mallette Succeeds Wes Lucas as CEO URS CORP: Washington Unit Inks Construction Deal with TVA P A N A M A CHIQUITA BRANDS: Discloses Rule 10b5-1 Stock Trading Plan P A R A G U A Y AGILENT: Maspro TV-Receiver Design to Use Genesys & GX Software P E R U QUEBECOR WORLD: S&P Lowers Long-Term Corp. Credit Rating to CCC * PERU: Gets US$2-Million Loan for Technical Cooperation * PERU: IDB Issuing Partial Loan Guarantee to Support Securities P U E R T O R I C O ALLIED WASTE: Closes US$40MM Indiana Solid Waste Revenue Bonds DORAL FINANCIAL: Moody's Lifts Senior Debt Rating from B2 to B1 DORAL FINANCIAL: Paying US$2.96875 Per Share Quarterly Dividend DORAL FINANCIAL: Picks Kevin Twomey as Independent Board Member GR PROPERTIES: Case Summary & Nine Largest Unsecured Creditors LIN TV: Promotes Dan Donohue as Human Resources Vice President MAAX HOLDINGS: Unit Fails to Pay Interest on Senior Sub Notes V E N E Z U E L A CHRYSLER LLC: In Talks with Nissan on Bilateral Supply Deal CUMMINS INC: Rick Mills to Quit as Components Group President PETROLEOS DE VENEZUELA: Forming Joint Venture with Eni & Ine - - - - - ================= A R G E N T I N A ================= ALITALIA SPA: Air France Offers EUR750 Million Capital Injection ---------------------------------------------------------------- Air France-KLM confirms its determination to support Alitalia S.p.A. in its recovery and to relaunch it as a strong national flag carrier with world coverage. The enlarged Group will then be able to rely on three strong, complementary brands providing customers with an unparalleled network. Air France confirms that it has made a non binding offer: -- to acquire 100% of the shares of Alitalia through an exchange offer; -- to acquire 100% of Alitalia convertible bonds; and -- to immediately inject at least EUR750 million into Alitalia through a capital increase that will be open to all shareholders and be fully underwritten by Air France. A large part of this investment will be used to support a huge relaunch program with cabin reconfiguration at the top of in flight products (seats, interior design, entertainment,) and ground services to restore Alitalia's international image as a major airline and to convey the Italian flag and values all over the world. As the world's leading airline group, with a strong commercial position in most regions, Air France will support Alitalia in restoring and recovering its natural position and market share. In addition, Alitalia's fleet renewal is Air France's top priority and the Group has assessed that it will proceed with the full renewal of the MD80 short/medium-haul fleet and the B767 long-haul fleet. After the recovery phase, further investments will ensure the growth of the fleet, and enable Alitalia to expand its network from a healthy position. Air France's Recovery and Relaunch Plan will not add any more redundancies to Alitalia's current plan. 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. ALITALIA SPA: Outlines Criteria for Selecting Preferred Buyer ------------------------------------------------------------- Alitalia S.p.A., at the request of the Italian Stock Exchange Controller CONSOB, regarding the task of examining the non- binding offers received by the advisor Citi and presented at the latest Board meeting, the appraisal of the offers will focus primarily on their industrial content, as well as on the financial contents of the offers. In particular, Alitalia's attention will focus on these main aspects: -- the ability to carry out the restructuring of Alitalia creating conditions of sustainability for the Company in the medium-long term, together with a fast inversion of the current loss trend, while enhancing the brand and its market coverage; -- the answer to key strategic and critical factors which have led to the deterioration of the Company's profitability, in particular: * reducing traffic capture via major European hubs from the Italian market; * drawing up and implementing a business model and a size to enable the Company to compete globally; * improving the quality of network organization, also developing a hub that will eventually come close to the main European ones in terms of size and number of connections; * realigning the Company's cost structure and overall efficiency levels with those of its main competitors; and * improving the service quality to customers and operational performance in terms of punctuality and reliability of service. -- the ability to create conditions for the Company's long- term growth, and consequently the number of destinations and flights that the Company will be able to offer its customers; -- the creation of significant synergies as a result of network and operational structures integration; -- the amount of the financial resources for the implementation of the Company's Business Plan and its investments; and -- the ability to generate adequate cash flow to sustain a debt level in line with rest of the industry. 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. BIBLIOGRAFICA INTERNACIONAL: Claims Verification Ends on Feb. 25 ---------------------------------------------------------------- Mario Rodriguez, the court-appointed trustee for Bibliografica Internacional SA's bankruptcy proceeding, verifies creditors' proofs of claim until Feb. 25, 2008. Mr. Rodriguez will present the validated claims in court as individual reports. The National Commercial Court No. 22 of First Instance in Buenos Aires, with the assistance of Clerk No. 44, 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 Bibliografica Internacional 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 Bibliografica Internacional's accounting and banking records will be submitted in court. La Nacion didn't state the reports submission deadline. Mr. Rodriguez is also in charge of administering Bibliografica Internacional's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Bibliografica Internacional SA Bogota 256 Buenos Aires, Argentina The trustee can be reached at: Mario Rodriguez Avenida Corrientes 3169 Buenos Aires, Argentina CAIDES SA: Proofs of Claim Verification Is Until March 21, 2008 --------------------------------------------------------------- Luis Maria Escobar, the court-appointed trustee for Caides S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until March 12, 2008. Mr. Escobar will present the validated claims in court as individual reports on May 5, 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 Caides 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 Caides' accounting and banking records will be submitted in court on June 16, 2008. Mr. Escobar is also in charge of administering Caides' assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Luis Maria Escobar Viamonte 1646 Buenos Aires, Argentina CLAMAC SRL: Proofs of Claim Verification Ends on March 24, 2008 --------------------------------------------------------------- Nora Cristina Roger, the court-appointed trustee for Clamac S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of claim until March 24, 2008. Ms. Roger 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 Clamac 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 Clamac's accounting and banking records will be submitted in court. Infobae didn't state the reports submission deadlines. Ms. Roger is also in charge of administering Clamac's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Nora Cristina Roger Hipolito Irigoyen 1349 Buenos Aires, Argentina EDITORIAL PLUS: Proofs of Claim Verification Deadline Is Feb. 6 --------------------------------------------------------------- Nestor Rodolfo del Potro, the court-appointed trustee for Editorial Plus Ultra S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until Feb. 6, 2008. Mr. del Potro 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 Editorial Plus 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 Editorial Plus' accounting and banking records will be submitted in court. Infobae didn't state the reports submission deadlines. Mr. del Potro is also in charge of administering Editorial Plus' assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Editorial Plus Ultra S.A. Avenida Callao 565 Buenos Aires, Argentina The trustee can be reached at: Nestor Rodolfo del Potro Avenida Corrientes 1291 Buenos Aires, Argentina EXPOEURO SA: Proofs of Claim Verification Is Until Feb. 11 ---------------------------------------------------------- Jorge Ernesto del Hoyo, the court-appointed trustee for Expoeuro S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until Feb. 11, 2008. Mr. del Hoyo 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 Expoeuro 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 Expoeuro's accounting and banking records will be submitted in court. Infobae didn't state the reports submission deadlines. Mr. del Hoyo is also in charge of administering Expoeuro's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Expoeuro S.A. Venezuela 110 Buenos Aires, Argentina The trustee can be reached at: Jorge Ernesto del Hoyo Cerrito 484 Buenos Aires, Argentina PRONTOMEC SRL: Proofs of Claim Verification Deadline Is March 12 ---------------------------------------------------------------- Felisa Tumilasci, the court-appointed trustee for Prontomec SRL's bankruptcy proceeding, verifies creditors' proofs of claim until March 12, 2008. Ms. Tumilasci will present the validated claims in court as individual reports. The National Commercial Court No. 14 of First Instance in Buenos Aires, with the assistance of Clerk No. 28, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by Prontomec 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 Prontomec's accounting and banking records will be submitted in court. La Nacion didn't state the reports submission deadline. Ms. Tumilasci is also in charge of administering Prontomec's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Prontomec SRL Jujuy 54 Buenos Aires, Argentina The trustee can be reached at: Felisa Tumilasci Avenida Callao 449 Buenos Aires, Argentina SCO GROUP: Names Jeff Hunsaker as Pres. & COO of SCO Operations --------------------------------------------------------------- The SCO Group, Inc. has appointed Jeff Hunsaker to President and Chief Operating Officer of SCO Operations, effective immediately. Mr. Hunsaker will report directly to Darl McBride, President and Chief Executive Officer of The SCO Group. "For the past two years, Jeff has spearheaded the mobile business unit at SCO bringing a number of exciting mobile products to market," said SCO Group CEO, Mr. McBride. "He has also spent several years running our UNIX operations and worldwide sales organization, which gives him a unique blend of expertise with our core UNIX business and our growing mobile operations. His results-driven leadership style, combined with his strong emphasis on customer service, will prove invaluable in the growth of SCO's next-level business." Previously, Mr. Hunsaker was the General Manager and Senior Vice-President of SCO's mobile business. Before that, Mr. Hunsaker spent over seven years in SCO's UNIX business, serving as Senior Vice-President of worldwide sales, Senior Vice- President of worldwide marketing and Senior Vice- President/General Manager of the UNIX division. Prior to joining the company in 2000, Mr. Hunsaker worked for several high-tech companies, including Baan Corporation, Corel Corporation, Novell Inc., and WordPerfect Corporation. "We are at a crossroads for the company and I am pleased to work with Darl and the management team to drive our UNIX and mobile businesses forward," said President and COO of SCO Operations, Mr. Hunsaker. "SCO has a strong history of providing unparalleled stability and reliability with its UNIX platform of products. We will continue to provide UNIX upgrades to the market by listening to the needs and requirements of our customers; we will also continue to develop innovative mobile applications for consumers and business professionals alike." Former president of SCO Operations, Sandy Gupta, has left the company to pursue other opportunities. The company thanks Mr. Gupta for his many contributions and years of service. About SCO 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. TELECO SA: Trustee Verifies Proofs of Claim Until Feb. 29, 2008 --------------------------------------------------------------- Viviana J. Fedman, the court-appointed trustee for Teleco S.A.'s reorganization proceeding, verifies creditors' proofs of claim until Feb. 29, 2008. Ms. Fedman will present the validated claims in court as individual reports on April 18, 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 Teleco 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 Teleco's accounting and banking records will be submitted in court on May 30, 2008. The debtor can be reached at: Teleco S.A. Avenida Hipolito Yrigoyen 7837 Banfield, Partido de Lomas de Zamora Buenos Aires, Argentina The trustee can be reached at: Viviana J. Fedman Saavedra 497, Lomas de Zamora Buenos Aires, Argentina YPF SA: Repsol Selling 25% Stake to Eskenazi for US$3.75 Billion ---------------------------------------------------------------- Repsol is selling a 25% stake of its Argentine subsidiary, YPF SA, to local businessman Enrique Eskenazi for US$3.75 billion in a deal that is expected to be announced this week, Thomson Financial reports. Diario Clarin added that the sale will be disclosed once Spain, Argentina and U.S. stock exchanges have already been notified of the agreement. A report from Bloomberg News says that financing for the purchase of 15% of the stake, which will cost US$2.2 billion, will probably be financed by Repsol. "Repsol wants to make this as easy as possible for Eskenazi because the deal is dragging on," Alberto Espelosin, who helps manage US$12 billion at Ibercaja Gestion SA told Bloomberg. "Repsol has had a poor run and they want some good news to demonstrate that things are changing." A person familiar with the deal told Bloomberg that Repsol may provide up to US$1 billion in financing. The rest of the funds will be borrowed from Credit Suisse Group, Morgan Stanley and BNP Paribas SA. Mr. Eskenazi leads the Petersen group, which controls several provincial banks in Argentina and is also active in the construction business. Mr. Eskenazi told La Nacion, "We are a serious group ... I have been working on this deal for a year. It's a long process." The Spanish oil company wants to sell up to 45% of its holdings in Argentina to free resources that would be used in exploration outside of the region. In 1999, the company purchased 80% of YPF from the government for US$15.5 billion, Bloomberg relates. About Repsol Repsol YPF, S.A. is an integrated oil and gas company engaged in all aspects of the petroleum business, including exploration, development and production of crude oil and natural gas, transportation of petroleum products, liquefied petroleum gas and natural gas, petroleum refining, petrochemical production and marketing of petroleum products, petroleum derivatives, petrochemicals and natural gas. The company operates in four segments: Exploration and Production, Refining and Marketing, Chemicals, and Gas and Electricity. About YPF SA Headquartered in Buenos Aires, Argentina, YPF S.A. is an integrated oil and gas company engaged in the exploration, development and production of oil and gas, natural gas and electricity-generation activities (upstream), the refining, marketing, transportation and distribution of oil and a range of petroleum products, petroleum derivatives, petrochemicals and liquid petroleum gas (downstream). The company is a subsidiary of Repsol YPF, S.A., a Spanish company engaged in oil exploration and refining, which holds 99.04% of its shares. Its international operations are conducted through its subsidiaries, YPF International S.A. and YPF Holdings Inc. * * * Fitch Ratings assigned BB+ long-term issuer default rating on YPF SA. Fitch said the outlook is stable. Moody's Investors Service assigned these ratings on YPF SA: -- B2 long-term foreign currency corporate family rating; and -- Ba2 foreign currency senior unsecured rating; Moody's said the outlook is negative. ============= B A H A M A S ============= HARRAH'S ENTERTAINMENT: Pennsylvania Board Okays Apollo Purchase ---------------------------------------------------------------- The Pennsylvania Gaming Control Board has approved the proposed acquisition of Harrah's Entertainment, Inc. by affiliates of Apollo Management, L.P. and TPG Capital. The transaction remains subject to approval by other jurisdictions in which Harrah's subsidiaries operate and other conditions to closing set forth in the agreement and plan of merger entered into on Dec. 19, 2006. The transaction is expected to close in early 2008. Headquartered in Las Vegas, Nevada, Harrah's Entertainment Inc. (NYSE: HET) -- http://www.harrahs.com/-- has grown through development of new properties, expansions and acquisitions, and now owns or manages casino resorts on four continents and hosts over 100 million visitors per year. The company's properties operate under the Harrah's, Caesars and Horseshoe brand names; Harrah's also owns the London Clubs International family of casinos and the World Series of Poker. Harrah's also owns the London Clubs International family of casinos. In January, it signed a joint venture agreement with Baha Mar Resorts Ltd. to operate a resort in Bahamas. * * * Harrah's Entertainment Inc. continues to carry Standard & Poor's BB long-term foreign and local issuer credit ratings, which were placed in December 2006. HARRAH'S ENTERTAINMENT: Pennsylvania Board OKs Ownership Change --------------------------------------------------------------- The Pennsylvania Gaming Control Board has approved the proposed change of ownership/control of Harrah's Entertainment, Inc., owner of Chester Downs and Marina, LLC in Delaware County, to Hamlet Holdings, LLC. "As with any change of ownership, the board reviews the proposal to ensure that it is in the best interest of Pennsylvania citizens," said the Pennsylvania Gaming Control Board Chairperson, Mary DiGiacomo Colins. "Even with this approval, our work does not end. We will be keeping a close eye on the proposed new owners to ensure they follow through with the promises made to the Board." Under the Pennsylvania Race Horse Development and Gaming Act, the Gaming Control Board has the duty to protect the public through the regulation and policing of all activities involving gaming. The Board must approve any change in ownership or control of a slot machine license. The approval came after the Board reviewed testimony submitted at a Dec. 3, 2007 hearing where Harrah's Entertainment and Hamlet Holdings, LLC outlined their objectives for the Pennsylvania facility in Chester. The Board was assurred that the Delaware County slots operation is a valued facility and that the new owners will strive to operate it in a manner beneficial to both the community and the citizens of the Commonwealth. In addition to the approval, Hamlet Holdings must also pay the Commonwealth a US$2.5 million license fee. The sale, which is expected to be completed in early 2008, has already received regulatory approval from several jurisdictions including Illinois, Indiana, Iowa, Louisiana, Mississippi, Missouri, and New Jersey. Overall, the sale is valued at approximately US$30 billion and would be the 7th largest buyout in United States history. About Harrah's Entertainment Headquartered in Las Vegas, Nevada, Harrah's Entertainment Inc. (NYSE: HET) -- http://www.harrahs.com/-- has grown through development of new properties, expansions and acquisitions, and now owns or manages casino resorts on four continents and hosts over 100 million visitors per year. The company's properties operate under the Harrah's, Caesars and Horseshoe brand names; Harrah's also owns the London Clubs International family of casinos and the World Series of Poker. Harrah's also owns the London Clubs International family of casinos. In January, it signed a joint venture agreement with Baha Mar Resorts Ltd. to operate a resort in Bahamas. * * * Harrah's Entertainment Inc. continues to carry Standard & Poor's BB long-term foreign and local issuer credit ratings, which were placed in December 2006. ============= B E R M U D A ============= COFFEE CUP: Receiver Will File For Firm's Dissolution by Dec. 24 ---------------------------------------------------------------- Stephen E. Lowe, the official receiver of Coffee Cup 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 Coffee Cup 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 Coffee Cup, 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 Coffee Cup three months after receipt of Mr. Lowe's application. Under Section 199B of the Companies Act, any creditor or shareholder with grounds to believe that: -- the realizable assets of the company are sufficient to cover the expenses of the winding up; -- the affairs of this company do require further investigation; or -- for any other reason the early dissolution of the company is inappropriate, the creditor of shareholder may apply to the Minister of Finance to: -- allow the winding up of the company to proceed as if this notice had not been issued; and -- defer the date on which the dissolution of the company is to take effect. ============= B O L I V I A ============= * BOLIVIA: Inks Road Link Deal with Brazil & Chile -------------------------------------------------- Bolivia, Brazil and Chile were signing a deal to form a corridor linking the Pacific and Atlantic oceans, according to a report from Inside Costa Rica. Under the agreement, the road link will become operational in 2009. According to the report, the Bolivia stretch of the road totals 1,600 km, 75 percent of which is ready for use. The three unfinished parts that link SantaCruz to Puerto Suarez, Oruro to Pisiga, and Santa Matias to Concepcion has required US$415 million, US$78 million and US$260 million in investment respectively. Two projects are under the plan in Chile, Inside Costa Rica states. The projects include a 192-km road starting in Arica and another 216-km stretch linking Iquique to its eastern border with Bolivia. In Brazil, a total of 2,225 km of existing road will be re- profiled as part of this corridor. The country is investing almost us$133 million refurbishing a stretch of highway that is already in use, Inside Costa Rica says. Bolivian President Evo Morales, during the signing ceremony, felt that the road link would allow integration and unification of towns in three countries. Report shows that Chilean President Michelle Bachelet added that the connection would "allow free flow of people and growing equality" among the countries. * * * As reported in the Troubled Company Reporter-Latin America on Nov 6, 2007, Standard & Poor's Ratings Services revised its outlook on the Republic of Bolivia to stable from negative. S&P also said that it affirmed its 'B-' long-term and 'C' short-term credit ratings on the sovereign. =========== B R A Z I L =========== BANCO BRADESCO: Will Raise Share Capital to BRL23.0 Billion ----------------------------------------------------------- Banco Bradesco said in a filing with the Brazilian securities regulator Comissao de Valores Mobiliarios that it will increase its share capital by BRL4.0 billion to BRL23.0 billion to pay for lending growth and investments in information technology. Business News Americas relates that Banco Bradesco wants to boost lending up to 25% next year, which would be slightly below 2007 estimates of up to 27% growth compared to 2006. According to BNamericas, Banco Bradesco budgeted BRL1.30 billion for information technology upgrade program Improve IT that the bank launched in 2003 and would complete in 2009. Banco Bradesco will bring in up to BRL1.20 billion from the sale of 27.9 million new shares to existing shareholders at BRL43.00 each. The bank will also add another BRL2.80 billion from reserves. It will issue 14.0 million new common shares and the same number of new preferred shares. The reserve period starts on Jan. 22, 2008, and ends on Feb. 22, 2008, BNamericas states. Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE: BBD) -- http://www.bradesco.com.br/-- prides itself on serving low-and medium-income individuals in Brazil since the 1960s. Bradesco is Brazil's largest private bank, with more than 3,000 banking branches, and also a leader in insurance and private pension management. Bradesco has branches throughout Brazil as well as one in New York, and Japan. Bradesco offers Internet banking, insurance, pension plans, annuities, credit card services (including football-club affinity cards for the soccer- mad population), and Internet access for customers. The bank also provides personal and commercial loans, along with leasing services. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 27, 2006, Standard & Poor's Ratings Services maintained the 'BB+' ratings on both of Banco Bradesco SA's foreign and local currency counterparty credit rating, however it changed the ratings outlook to positive from stable on both ratings: -- Foreign currency counterparty credit rating * to BB+/Positive/B from BB+/Stable/B -- Local currency counterparty credit rating * to BB+/Positive/B from BB+/Stable/B -- Brazil national scale rating * to brAA+/Positive/brA-1 from brAA+/Stable/brA- CHEMTURA CORP: Will Review Strategic Alternatives ------------------------------------------------- Chemtura Corporation's Board of Directors has authorized management to consider a wide range of strategic alternatives available to the company to enhance shareholder value. In support of this ongoing initiative, a Special Committee of independent directors of the Board of Directors has been formed to oversee the process. To assist in this process, Chemtura has retained the services of Merrill Lynch & Co., which is acting as its exclusive financial advisor. Strategic alternatives to be considered may include, among others, select business divestitures, value-creating acquisitions, changes to the company's capital structure, or a possible sale, merger or other business combination involving the entire company. There can be no assurance that this review will result in any specific transaction. The company does not expect to disclose any further developments with respect to the exploration of strategic alternatives unless and until its Board of Directors has approved a transaction or other strategic alternative. About Chemtura Corp. Headquartered in Middlebury, Connecticut, Chemtura Corp. (NYSE:CEM) -- http://www.chemtura.com/-- is a global manufacturer and marketer of specialty chemicals, crop protection, and pool, spa and home care products. The company has approximately 6,400 employees around the world and sells its products in more than 100 countries. The company has facilities in Singapore, Australia, China, Hong Kong, India, Japan, South Korea, Taiwan, Thailand, Brazil, Belgium, France, Germany, Mexico, and The United Kingdom. * * * As reported in the Troubled Company Reporter-Latin America on May 18, 2007, Moody's Investors Service lowered Chemtura Corporation's ratings: -- Corporate Family Rating: Ba2 from Ba1 -- Senior notes, US$500 million due 2016: Ba2 from Ba1; LGD4 (53%) -- Senior Unsecured Notes, US$150 million due 2026: Ba2 from Ba1; LGD4 (53%) -- Senior Unsecured Notes, US$400 million due 2009: Ba2 from Ba1; LGD4 (53%) COMPANHIA ENERGETICA: Issues BRL400MM Non-Convertible Debentures ---------------------------------------------------------------- Companhia Energetica de Minas Gerais's distribution unit Cemig Distribuicao said in a filing with the Brazilian securities regulator Comissao de Valores Mobiliarios that it has issued BRL400 million in non-convertible debentures. Business News Americas relates that Companhia Energetica issued about 40,000 debentures at BRL10,000 each. Companhia Energetica told BNamericas that the debentures will mature in December 2017. "The papers will pay 7.96% interest per year, updated according to Brazil's IPCA inflation index." According to BNamericas, Banco do Brasil's investment arm BB Investimentos will coordinate the funding. Companhia Energetica told BNamericas that it will use the proceeds to pay its debt. Companhia Energetica de Minas Gerais -- http://www.cemig.com.br/ -- is one of the largest and most important electric energy utilities in Brazil due to its strategic location, its technical expertise and its market. Cemig's concession area extends throughout nearly 96.7% of the State of Minas Gerais, Brazil. Cemig owns and operates 52 power plants, of which six are in partnership with private enterprises, relying on a predominantly hydroelectric energy matrix. Electric energy is produced to supply more than 17 million people living in the state's 774 municipalities. In addition to those 52 plants, another three are currently under construction. Cemig is also active in several other states, through ventures for the generation or the commercialization of energy in these Brazilian states: in Santa Catarina (generation), Rio de Janeiro (commercialization and generation), Espirito Santo (generation) and Rio Grande do Sul (commercialization). * * * As reported on March 8, 2007, Moody's Investors Service assigned corporate family ratings of Ba2 on its global scale and Aa3.br on its Brazilian national scale to Companhia Energetica de Minas Gerais aka CEMIG. The rating action triggered the upgrade of CEMIG's outstanding debentures due in 2009 and 2011, and of the BRL250 million 2014 senior unsecured guaranteed debentures of its wholly owned subsidiary, Cemig Distribuicao S.A. to Ba2 from B1 on the global scale and to Aa3.br from Baa2.br on the Brazilian national scale, concluding the review process initiated on Aug. 8, 2006. COMPANHIA SIDERURGICA: Investing BRL9.50B in Minas Gerais Units --------------------------------------------------------------- Companhia Siderurgica Nacional told Business News Americas that it will invest BRL9.50 billion in projects in Minas Gerais over the next six years. According to Companhia Siderurgica's statement, investments will be made for mining, steel and cement operations. BNamericas says that Companhia Siderurgica will construct these projects in Minas Gerais: -- 4.5-million-ton-per-year steel mill, -- six-million-ton-per-year pellet plant, and -- steel treatment and distribution center. Companhia Siderurgica said in a statement that of the total investment for the coming years, about BRL9 billion would go to projects in Congonhas: -- BRL6.20 billion for the new steel plant, -- BRL850 million for the pellet plant, and -- BRL2.20 billion for the Casa de Pedra expansion. BNamericas notes that Companhia Siderurgica runs the Casa de Pedra iron ore mine in Minas Gerais. The mine would increase its production capacity to 65 million tons per year by 2011, from the current 16 million tons a year. According to BNamericas, some BRL205 million will be invested in Arcos, where a clinker facility and a lime unit that focused on cement production would be based. BNamericas states that a steel treatment and distribution center would be deployed in Belo Horizonte. It would require some BRL20 million. Companhia Siderurgica told BNamericas that overall, the investments will create over 10,000 jobs. Companhia Siderurgica will also install a new 4.5-million-ton- per-year steel mill in Rio de Janeiro, BNamericas states. 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. DRESSER-RAND GROUP: Inks US$50MM Blanket Purchase Order w/ PEMEX ---------------------------------------------------------------- Dresser-Rand Group Inc. has signed a blanket purchase order with Petroleos Mexicanos valued at approximately US$50 million. The order covers all aftermarket parts and services and came through Dresser-Rand's long established strategic alliance frame agreements with this national oil company. As previously disclosed, the aftermarket bookings trends for two of the company's national oil company clients had slowed during the early part of the year due to order process changes. Consistent with comments made by the company at the time of its third quarter 2007 earnings conference call, this order will help streamline transacting business with Petroleos Mexicanos. "The blanket purchase order is a very positive step forward," said Dresser-Rand president and Chief Executive Officer, Vincent R. Volpe, Jr. "We expect that cycle times from inquiry to order will now be reduced and expect our aftermarket bookings run rates to return to traditional levels this quarter and stay strong going forward." About Petroleos Mexicanos Petroleos Mexicanos (aka PEMEX) is Mexico's state-owned oil company. The integrated company's operations, spread throughout Mexico, range from exploration and production to refining and petrochemicals. the company's P.M.I. Comercio Internacional subsidiary manages the company's trading operations outside the country. The company has estimated proved reserves of 15.5 billion barrels of oil equivalent. In 2006 the company produced about 3.3 million barrels of crude oil per day. About Dresser-Rand Dresser-Rand Group Inc. (NYSE: DRC) is among the largest suppliers of rotating equipment solutions to the worldwide oil, gas, petrochemical, and process industries. It operates manufacturing facilities in the United States, France, Germany, Norway, India, and Brazil, and maintains a network of 24 service and support centers covering 105 countries. * * * As reported in the Troubled Company Reporter-Latin America on Sept. 7, 2007, Standard & Poor's Ratings Services assigned its bank loan and recovery ratings to the US$500 million senior secured revolving credit facility due 2012 of Dresser-Rand Group Inc. (BB-/Stable/--). FIAT SPA: Extends Buy Back Program to April 30, 2008 ---------------------------------------------------- Fiat S.p.A. decided to extend the buy back program from Dec. 31, 2007, to April 30, 2008. At a stockholders meeting on April 5, 2007, Fiat authorized the purchase of treasury shares from the aggregate three classes of stock, which shall not exceed in the aggregate 10% of the capital stock and maximum amount of EUR1.4 billion. The authorization will last 18 months from April 5, 2007, and will therefore expire on Oct. 5, 2008. The stockholders authorization does not compel Fiat to complete the buy back up to the maximum EUR1.4 billion amount and therefore the buy back may be executed in whole or in part. Additionally, pursuant to the applicable regulations which require that any buy back program be announced to the market, on April 5, 2007, after the stockholders' authorization, Fiat disclosed the details of its buy back program, aimed at servicing stock option plans and the investment of excess liquidity, which would expire on Dec. 31, 2007. As already stated, the company will execute share repurchases in its total and complete discretion including the choice of timing, quantum and share price levels. In so doing, the company will be guided by the principle that it will only repurchase its shares if such repurchase is value accretive to the shareholders of Fiat, and subject to any negative repercussions a given repurchase may have on its credit ratings. The buy back will be carried out on the regulated markets as: -- it will end on April 30, 2008, or once the maximum amount of EUR1.4 billion or a number of shares equal to 10% of the capital stock is reached; -- the maximum purchase price will not exceed 10% of the reference price reported on the stock exchange on the day before the purchase is made; and -- the maximum number of shares purchased daily will not exceed 20% of the total daily trading volume for each class of shares. Should purchases be carried out, Fiat will maintain its daily communication program to the market and competent authorities, detailing the number of shares purchased, the average price, the total number of purchased shares as of the date of the communication and the total invested amount as of such date. As of Dec. 12, 2007, Fiat has repurchased 20.482 billion Fiat ordinary shares for a total aggregate amount of EUR426 million. About Fiat S.p.A. Headquartered in Turin, Italy, Fiat S.p.A. -- http://www.fiatgroup.com/-- manufactures and sells automobiles, commercial vehicles, and agricultural and construction equipment. It also manufactures, for use by the company's automotive sectors and for sale to third parties, other automotive-related products and systems, principally power trains (engines and transmissions), components, metallurgical products and production systems. Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano. Fiat operates in Argentina, Australia, Austria, Belgium, Brazil, Bulgaria, China, Czech Republic, Denmark, France, Germany, Greece, Hungary, India, Ireland, Italy, Japan, Lituania, Netherlands, Poland, Portugal, Romania, Russia, Singapore, Spain, among others. * * * As of Dec. 10, 2007, Fiat S.p.A. Carries Moody's long-term corporate family rating of Ba1 and probability of default rating of Ba1 with positive outlook. The company also carries Standard & Poor's BB+ on long-term foreign issuer credit rating, BB+ on long-term local issuer credit rating, B on short-term foreign issuer and local issuer credit ratings. FIAT SPA: Names Luca De Meo as Alfa Romeo's Chief Executive ----------------------------------------------------------- Fiat S.p.A. disclosed that Luca De Meo took on the role as Alfa Romeo Automobiles' chief executive officer on Dec. 11, 2007, replacing Antonio Baravalle, who left the group on his request. Mr. De Meo will keep his current position as chief marketing officer of the Fiat Group, with responsibility for all marketing related activities across all Fiat Group Sectors, as well as his post of CEO of Abarth. Mr. De Meo's simultaneous commitment to the development of the Alfa brand and to the promotion of marketing activities puts him in an ideal position to follow one of the most important projects of the brand, its return to the U.S. market. Fiat Group thanked Antonio Baravalle for his precious professional cooperation and his valuable contribution throughout these years. "The commitment, passion and determination with which Luca De Meo faces great challenges is the best guarantee for Alfa Romeo's relaunch plan and the development of marketing activities across all Fiat Group brands. I thank Antonio Baravalle, who always worked with intelligence and dedication, and wish him all the best for his future activities," Sergio Marchionne, Fiat Group CEO commented. About Fiat S.p.A. Headquartered in Turin, Italy, Fiat S.p.A. -- http://www.fiatgroup.com/-- manufactures and sells automobiles, commercial vehicles, and agricultural and construction equipment. It also manufactures, for use by the company's automotive sectors and for sale to third parties, other automotive-related products and systems, principally power trains (engines and transmissions), components, metallurgical products and production systems. Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano. Fiat operates in Argentina, Australia, Austria, Belgium, Brazil, Bulgaria, China, Czech Republic, Denmark, France, Germany, Greece, Hungary, India, Ireland, Italy, Japan, Lituania, Netherlands, Poland, Portugal, Romania, Russia, Singapore, Spain, among others. * * * As of Dec. 10, 2007, Fiat S.p.A. Carries Moody's long-term corporate family rating of Ba1 and probability of default rating of Ba1 with positive outlook. The company also carries Standard & Poor's BB+ on long-term foreign issuer credit rating, BB+ on long-term local issuer credit rating, B on short-term foreign issuer and local issuer credit ratings. GENERAL MOTORS: Starts UAW Special Attrition Program's 1st Phase ---------------------------------------------------------------- General Motors Corp. and the United Auto Workers union have reached an agreement on the first phase of a comprehensive special attrition program. The agreement is a key step in the implementation of the 2007 GM-UAW national contract. In the first phase, the attrition program will be offered to all UAW-represented hourly employees working at GM's Service Parts and Operations facilities across the country. The program also will be offered to hourly employees at GM's metal stamping plant in Pittsburgh, Pennsylvania, casting plant in Massena, New York and to all hourly employees currently assigned to JOBS Banks in Oklahoma City, Oklahoma, Linden, New Jersey and Rancho Cucamonga, California. Special attrition program details for UAW-represented hourly employees who work in GM's assembly, stamping, powertrain and engineering facilities will follow in early 2008. "We continue to work closely with our UAW partners to improve our competitiveness in the currently challenging U.S. market conditions, while also investing in future products and technologies critical to support our leadership in fuel economy," Rick Wagoner, GM Chairman and CEO, said. "This first phase of a comprehensive attrition program, designed in conformance with the 2007 UAW national labor agreement, provides our employees with attractive options to consider." The attrition program will include a combination of early retirement incentives and other considerations similar to the special attrition program that GM, the UAW and Delphi implemented in 2006. Specific program details will be rolled out to affected employees beginning in January 2008. Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- was founded in 1908. GM employs about 280,000 people around the world and manufactures cars and trucks in 33 countries, including the United Kingdom, Germany, France, Russia, Brazil and India. In 2006, nearly 9.1 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 9, 2007, Moody's Investors Service affirmed its rating for General Motors Corporation (B3 Corporate Family Rating, Ba3 senior secured, Caa1 senior unsecured and SGL-1 Speculative Grade Liquidity rating) but changed the outlook to Stable from Positive. In an environment of weakening prospects for US auto sales GM has announced that it will take a non-cash charge of US$39 billion for the third quarter of 2007 related to establishing a valuation allowance against its deferred tax assets (DTAs) in the US, Canada and Germany. As reported in the Troubled Company Reporter on Oct. 23, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating and other ratings on General Motors Corp. and removed them from CreditWatch with positive implications, where they were placed Sept. 26, 2007, following agreement on the new labor contract. S&P said the outlook is stable. GENERAL MOTORS: Commodity Costs Spark Price Hike on 2008 Cars ------------------------------------------------------------- General Motors Corp. disclosed a price adjustment on most of its 2008 model year vehicles to partially recover increasing steel and commodity costs. The price increases, averaging about 1.5%, are effective with vehicles invoiced to dealers on and after Dec. 19, 2007. "This targeted price increase is designed to partially recover ever-increasing commodity costs," Mark LaNeve, GM North America vice president, Vehicle Sales, Service and Marketing, said. "While most cars and trucks in our portfolio will go up between 100 to 500 dollars, in hotly contested segments, many vehicles such as the Saturn Aura four-cylinder and the all-new Malibu LS will have no increase. With our award-winning designs and the best warranty coverage of any full-line manufacturer, our 2008 vehicles remain the best value in the market place." Price increases will range from US$0 on the 2008 Chevrolet Malibu LS to US$1,500 on the Cadillac XLR luxury sports coupe. Importantly, this price increase will not affect vehicles already in dealer inventory, which continue to be available to customers until the end of the year during the GM Red Tag Event. Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- was founded in 1908. GM employs about 280,000 people around the world and manufactures cars and trucks in 33 countries, including the United Kingdom, Germany, France, Russia, Brazil and India. In 2006, nearly 9.1 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 9, 2007, Moody's Investors Service affirmed its rating for General Motors Corporation (B3 Corporate Family Rating, Ba3 senior secured, Caa1 senior unsecured and SGL-1 Speculative Grade Liquidity rating) but changed the outlook to Stable from Positive. In an environment of weakening prospects for US auto sales GM has announced that it will take a non-cash charge of US$39 billion for the third quarter of 2007 related to establishing a valuation allowance against its deferred tax assets (DTAs) in the US, Canada and Germany. As reported in the Troubled Company Reporter on Oct. 23, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating and other ratings on General Motors Corp. and removed them from CreditWatch with positive implications, where they were placed Sept. 26, 2007, following agreement on the new labor contract. S&P said the outlook is stable. GENERAL MOTORS: Lay-Offs 800 Tonawanda Workers Before Schedule -------------------------------------------------------------- The tentative displacement of 800 hourly production workers at General Motors Corp.'s Powertrain engine plant in the town of Tonawanda in New York came a week before its scheduled shuttering for the holidays from Dec. 22, 2007 to Jan. 2, 2008, various sources report. Papers say that GM spokeswoman Mary Anne Brown assured salaried and skilled trade workers were not included in the lay-offs. GM relates that low market demand for car parts is the cause of the carmaker's streamlining action, sources disclose. As reported in the Troubled Company Reporter on Dec. 7, 2007, to avoid a deluge of inventory, GM will shutter three pickup truck plants for two weeks in January. Aside from that, GM plants will also be closed over the holiday. GM anticipates a production of 950,000 vehicles from January through March, down 11% from the same period in 2007. Analysts anticipate low annual sales in 2008, a drop in U.S. light vehicle sales to 3% to 15.6 million units, a record low since 1998. Cash Incentives GM is initiating a cash incentive program for pickups and sports utility vehicles to increase sales, various papers relate. The program offers US$1,000 cash on 2008 models of GMC Yukon, Pontiac Torrent SUVs and Chevrolet Silverado pickups, Greg Bensinger of Bloomberg News reports citing GM spokesman John McDonald. As reported in the Troubled Company Reporter on Dec. 4, 2007, after three consecutive monthly increases, General Motors Corp. dealers in the United States delivered 263,654 vehicles in November, down 11% compared with a year ago, reflecting continuing reductions in daily rental sales and softening industry demand. About GM Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- was founded in 1908. GM employs about 280,000 people around the world and manufactures cars and trucks in 33 countries, including the United Kingdom, Germany, France, Russia, Brazil and India. In 2006, nearly 9.1 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. * * * Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- was founded in 1908. GM employs about 280,000 people around the world and manufactures cars and trucks in 33 countries, including the United Kingdom, Germany, France, Russia, Brazil and India. In 2006, nearly 9.1 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 9, 2007, Moody's Investors Service affirmed its rating for General Motors Corporation (B3 Corporate Family Rating, Ba3 senior secured, Caa1 senior unsecured and SGL-1 Speculative Grade Liquidity rating) but changed the outlook to Stable from Positive. In an environment of weakening prospects for US auto sales GM has announced that it will take a non-cash charge of US$39 billion for the third quarter of 2007 related to establishing a valuation allowance against its deferred tax assets (DTAs) in the US, Canada and Germany. As reported in the Troubled Company Reporter on Oct. 23, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating and other ratings on General Motors Corp. and removed them from CreditWatch with positive implications, where they were placed Sept. 26, 2007, following agreement on the new labor contract. S&P said the outlook is stable. MINERVA SA: Fitch Affirms Currency Issuer Default Ratings at B+ --------------------------------------------------------------- Fitch Ratings has affirmed the foreign and local currency Issuer Default Ratings of Minerva S.A. (formerly known as Industria e Comercio de Carnes Minerva Ltda) at 'B+'. The 'B+' rating on the US$200 million senior unsecured notes due 2017 issued by Minerva Overseas Ltd, a special-purpose vehicle wholly-owned by Minerva and incorporated in the Cayman Islands, which is unconditionally guaranteed by the company is also affirmed. In addition, Fitch has also affirmed the company's national debt rating at 'BBB(bra)'. The rating outlook is stable. The ratings are supported by the company's business position as the third-largest Brazilian exporter of fresh beef -- based on 2006 full year figures -- its low cost structure, its high grade of product customization and its diversified and growing export revenue base. The company's activities are significantly export oriented, with approximately 73% of gross revenues earned during the first nine months of 2007 from foreign markets, allowing the company to earn hard currency and mitigate transfer and convertibility risk. The export revenue base has gotten better diversified, with sales in approximately 80 countries, and less concentration, recently, to European countries than in the past. Diversification of sales by country is important in order to mitigate risks related to the imposition of sanitary restrictions. However, the company is more exposed to sanitary restrictions than other top competitors due to plant locations (56% of current capacity located in the State of Sao Paulo and Mato Grosso do Sul, which are Brazilian States that face more global restrictions). The company's favorable business position is underscored by Brazil's vast competitive advantages in cattle grazing and beef production, including cattle-raising costs that are the lowest worldwide due to favorable geographic and weather conditions, the availability and low cost of grazing land, and low cattle- feeding costs. Other inputs, such as energy and labor, are also abundant and attractively priced. These advantages highlight the rapid growth of exports, which increased to US$563 million during the last twelve months ended September 2007 from US$93 million in 2002. Product diversification is improving but continues to be concentrated in one product (fresh meat) with relatively low value added. Over the past several years, the company's revenues and EBITDA have grown robustly, driven primarily by higher exports. Notwithstanding, the company has reported negative free cash flows due to growing working-capital requirements, capital expenditures and tax credit generated by exports. During the last twelve months ended Sept. 30, 2007, the company generated US$677 million and US$57.9 million of revenues and EBITDA, respectively. Revenues were positively affected by higher prices of fresh beef both domestically and internationally. At the same time, rising cost of purchasing cattle more than offset higher sales prices and therefore negatively affected EBITDA. Consequently, credit metrics worsen and total-debt-to-EBITDA increased to 4.8 versus 4.1 at the end of 2006. EBITDA-to- interest-expense ratio deteriorated to 1.3 versus 2.2. The ratings are also supported by the company's improved liquidity position due to its IPO completed in August of 2007, at which time the company raised BRL370 million. Additionally, the company improved its debt concentration significantly with the issuance of US$200 million Senior Unsecured Notes during the early part of the year. Consequently, the company's short-term debt currently makes up 11% of its BRL561.6 million (94% denominated in US dollars) total consolidated debt versus 61% at the end of 2006. Secured debt at the end of the period consisted of BRL34.5 million, or 6% of total debt, most of it secured by mortgages on two plants. The ratings reflect the company's aggressive capital structure on a total-debt-to-EBITDA basis (4.8), large future capital- expenditure projection of BRL155 million in 2008 and continue need to finance working capital, which will likely continue to pressure credit-protection measures despite expected revenue and EBITDA growth. At the end of September, the company had BRL462 million cash on its balance sheet; therefore, the ratings also reflect solid Net Debt ratios of 0.8. The ratings also reflect the company's exposure to the volatility of raw material costs and of domestic and international beef prices, supply and demand imbalances in the protein market due to factors such as disease and adverse weather conditions, unfavorable global economic conditions, changes in beef consumption habits, government-imposed sanitary and trade restrictions, and competitive pressures from other Brazilian or international beef producers and exporters. Despite expectations of robust growth in worldwide beef consumption and Brazil's continued leadership in beef production and exports, associated leverage with planned capital expenditures and high working capital requirements may continue to cause weak credit-protection measures through the end of 2008. Minerva SA (fka Industria e Comercio de Carnes Minerva Ltda) is one of Brazil's largest producers of beef and beef by-products and the country's third largest exporter of fresh and chilled beef. The company slaughters and debones cattle to produce chilled beef, aged and frozen beef, cooked cubed beef, frozen beef variety meats, wet blue leather and other by-products, largely for the export markets, which account for approximately 80% of net revenues. In 2005 Minerva had sales of US$394 million and exports of US$335 million to approximately 80 countries. The company began operations in 1993 as a slaughterhouse and is privately owned by the Queiroz family. SUN MICROSYSTEMS: Names Alain Andreoli as Sr. VP for EMEA Region ---------------------------------------------------------------- Sun Microsystems Inc. has appointed Alain Andreoli as senior vice president of its EMEA (Europe, Middle East and Africa) region. Mr. Andreoli will be responsible for directing Sun's EMEA sales and services which today represents close to 40% of the company's business. He assumes this position from Sun executive vice president, Crawford Beveridge, who served in the role during the search and now returns to his current role of EVP and Chairman of EMEA, APAC and the Americas with responsibility for Global Governments. Mr. Andreoli joins Sun, reporting to Don Grantham, executive vice president, Global Sales and Services, with more than 25 years of technology, sales and leadership experience having most recently served as CEO of cc-hubwoo, the leading global provider in "source-to-pay" electronic solutions and supplier network management. His experience spans a variety of markets including consumer electronics, semiconductors, data storage, networking, IP communications, IT/data center services, software as a service and IP community networks. Prior to joining cc-hubwoo, he was president and CEO at Xiotech. His career includes 14 years at Texas Instruments where he most recently served as corporate vice president and general manager of EMEA and nearly five years at StorageTek where he served as corporate vice president and general manager of International Operations. He also served in executive leadership roles at Verio (NTT Group) as president and COO and at McData Corporation (now Brocade) as EVP of Worldwide Sales and Services. "Throughout his career, Alain has consistently delivered superior business results and I'm confident he'll do the same at Sun. Alain's strong sales track record and customer service experience is second to none. As we continue to execute on our plan for sustained growth and profitability, Alain's extensive sales leadership and proven ability to deliver superior value to customers and partners will be a huge asset," said Don Grantham, executive vice president, Sun Global Sales and Services. Mr. Andreoli earned a business degree from CERAM in France and participated in the MBA program at Concordia University, Montreal, Canada. He begins his new role at Sun on January 7, 2008 and will be based in London. 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. UAL CORP: Appoints New VP, Base Maintenance for United Services --------------------------------------------------------------- UAL Corporation, the holding company whose primary subsidiary is United Airlines Inc., has named Tracy M. Elving vice president of Base Maintenance for United Services. Joining the company from General Electric, Ms. Elving will be responsible for engine, components and airframe maintenance for United Airline's fleet, customer work at the San Francisco Base and oversight of all outsourced airframe maintenance worldwide. "Tracy's experience and proven track record in developing continuous improvement initiatives and her experience with supply chain will be a great complement to our current team," says United Services senior vice president, Bill Norman. "We are thrilled to have her join our team as we focus on providing the highest quality maintenance service to United and our customers." Ms. Elving brings more than 20 years experience in aviation engineering and manufacturing to United. Most recently, she served as the vice president, Lockheed Martin Account for General Electric, where she was responsible for all GE Aviation Systems products to Lockheed Martin and the development plans for all GE Aviation Systems product lines. Ms. Elving also held leadership positions at United Technologies Corporation and Northrop Grumman Corporation. "It is a very exciting time in the MRO business, and I look forward to working with the team to expand our continuous improvement efforts," Ms. Elving said. Ms. Elving will assume her role on Jan. 7, 2008, and will report directly to Mr. Norman. About UAL Corp. Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA) -- http://www.united.com/-- is the holding company for United Airlines, Inc. United Airlines is the world's second largest air carrier. The airline flies to Brazil, Korea and Germany. The company filed for chapter 11 protection on Dec. 9, 2002 (Bankr. N.D. Ill. Case No. 02-48191). James H.M. Sprayregen, Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and Steven R. Kotarba, Esq., at Kirkland & Ellis, represented the Debtors in their restructuring efforts. Fruman Jacobson, Esq., at Sonnenschein Nath & Rosenthal LLP represented the Official Committee of Unsecured Creditors before the Committee was dissolved when the Debtors emerged from bankruptcy. Judge Wedoff confirmed the Debtors' Second Amended Plan on Jan. 20, 2006. The company emerged from bankruptcy protection on Feb. 1, 2006. * * * As reported in the Troubled Company Reporter on Nov. 29, 2007, Moody's Investors Service affirmed the ratings of UAL Corp. debt -- corporate family rating at B2 -- following the company's announced plans to amend its US$2.055 billion bank credit facilities (comprising a term loan facility of US$1.8 billion and a revolving credit facility of US$255 million) to provide the flexibility to implement up to US$500 million of shareholder initiatives. This level of shareholder initiatives would likely be within United's anticipated free cash flow and should still preserve the company's adequate level of liquidity. Moody's said the outlook remains stable. Standard & Poor's Ratings Services meanwhile affirmed its 'B' corporate credit rating on UAL Corp. and subsidiary United Air Lines Inc. following disclosure of a proposed amendment to United's bank credit agreement that would permit UAL to pursue "shareholder initiatives" (which could include a special dividend or share repurchases) of up to US$500 million. S&P said the outlook remains stable. * BRAZIL: Gets US$2-Million Loan for Technical Cooperation ---------------------------------------------------------- The Multilateral Investment Fund announced has approved a US$2 million grant for technical cooperation to professionalize management functions in family-owned small and medium-sized enterprises in Brazil, Colombia, Ecuador and Peru. Family businesses are currently the predominant form of business organization in many countries in Latin America and the Caribbean, representing between 65% and 90% of all enterprises. These small and medium-sized companies are beginning to become aware of the importance of professionalizing their management as a way to ensure continued growth. But when it comes to meeting their training needs, however, this type of enterprises is limited by the fact that not all programs match their specific requirements and circumstances. In general, the management training programs offered by institutions of excellence assume that businesses have specialized functions, making those programs and their specialized products not suited to their needs. MIF financing will help build the management capacity of these enterprises through the development of a training product suited to the needs of family-owned small and medium-sized enterprises that uses the group learning methodology developed by Fundacao Dom Cabral. The methodology for management training and experience sharing among enterprises to be developed -- the Integrated Development Network, or Parceria Integrada -- will be tested on 200 enterprises. The group learning methodology encourages entrepreneurs and managers to meet and share experiences, discuss relevant issues, and seek solutions to common problems, depending on the target areas, while leveraging the know-how of each enterprise. Fundacao Dom Cabral, a Brazilian foundation with a 30-year history in the education and training of executives, will carry out the program and will partner with local institutions in Colombia, Ecuador and Peru. Local counterpart funds will total US$2.3 million. The Multilateral Investment Fund is an autonomous member of the IDB Group that promotes private sector growth in Latin America and the Caribbean through grants and investments. * * * 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: Inks Road Link Deal with Bolivia & Chile -------------------------------------------------- Bolivia, Brazil and Chile were signing a deal to form a corridor linking the Pacific and Atlantic oceans, according to a report from Inside Costa Rica. Under the agreement, the road link will become operational in 2009. According to the report, the Bolivia stretch of the road totals 1,600 km, 75 percent of which is ready for use. The three unfinished parts that link SantaCruz to Puerto Suarez, Oruro to Pisiga, and Santa Matias to Concepcion has required US$415 million, US$78 million and US$260 million in investment respectively. Two projects are under the plan in Chile, Inside Costa Rica states. The projects include a 192-km road starting in Arica and another 216-km stretch linking Iquique to its eastern border with Bolivia. In Brazil, a total of 2,225 km of existing road will be re- profiled as part of this corridor. The country is investing almost us$133 million refurbishing a stretch of highway that is already in use, Inside Costa Rica says. Bolivian President Evo Morales, during the signing ceremony, felt that the road link would allow integration and unification of towns in three countries. Report shows that Chilean President Michelle Bachelet added that the connection would "allow free flow of people and growing equality" among the countries. * * * 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 =========================== CALYPSO HOLDINGS: Will Hold Final Shareholders Meeting Tomorrow --------------------------------------------------------------- Calypso Holdings Limited will hold its final shareholders meeting on Dec. 21, 2007, at: Coutts House 1446 West Bay Road, P.O. Box 707 Grand Cayman KY1-1107, Cayman Islands These agenda will be taken during the meeting: 1) accounting of the winding-up process; and 2) authorizing the liquidators to retain the records of the company for a period of five years from the dissolution of the company, after which they may be destroyed. 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. Julius Baer's shareholders agreed on Nov. 13, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Royhaven Secretaries Limited Attention: Sharon Meghoo c/o P.O. Box 707 Grand Cayman, Cayman Islands Telephone: 945-4777 Fax: 945-4799 CASCADE CAPITAL: Proofs of Claim Filing Deadline Is Tomorrow ------------------------------------------------------------ Cascade Capital Global FX Fund's creditors are given until Dec. 21, 2007, to prove their claims to Peter Anderson and William Walmsley, the company's liquidators, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Cascade Capital's shareholder decided on Oct. 18, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Peter Anderson William Walmsley Rawlinson & Hunter P.O. Box 897, One Capital Place George Town, Grand Cayman KY1-1103 Cayman Islands Telephone: (345) 949 7576 Fax: (345) 949 8295 CASCADE CAPITAL GLOBAL: Proofs of Claim Filing Ends Tomorrow ------------------------------------------------------------ Cascade Capital Global FX Master Fund's creditors are given until Dec. 21, 2007, to prove their claims to Peter Anderson and William Walmsley, the company's liquidators, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Cascade Capital's shareholder decided on Oct. 18, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Peter Anderson William Walmsley Rawlinson & Hunter P.O. Box 897, One Capital Place George Town, Grand Cayman KY1-1103 Cayman Islands Telephone: (345) 949 7576 Fax: (345) 949 8295 CITY LEASING: Proofs of Claim Filing Is Until Tomorrow ------------------------------------------------------ City Leasing (International) Limited's creditors are given until Dec. 21, 2007, to prove their claims to Jeremy Simon Spratt and Finbarr Thomas O'Connell, the company's liquidators, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. City Leasing's shareholder decided on Oct. 19, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Jeremy Simon Spratt Finbarr Thomas O'Connell Attention: Beth Grayland KPMG LLP 8 Salisbury Square, London EC4Y 8BB United Kingdom Telephone: 01144 207 694 3731 Fax: 01144 207 694 3533 DB SANGHA: Proofs of Claim Filing Deadline Is Tomorrow ------------------------------------------------------ DB Sangha (Cayman) Limited's creditors are given until Dec. 21, 2007, to prove their claims to Jeremy Simon Spratt and Finbarr Thomas O'Connell, the company's liquidators, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. DB Sangha's shareholder decided on Oct. 19, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Jeremy Simon Spratt Finbarr Thomas O'Connell Attention: Beth Grayland KPMG LLP 8 Salisbury Square, London EC4Y 8BB United Kingdom Telephone: 01144 207 694 3731 Fax: 01144 207 694 3533 EQUITY HHA: Proofs of Claim Filing Is Until Tomorrow ---------------------------------------------------- Equity HHA Limited's creditors are given until Dec. 21, 2007, to prove their claims to Westport Services Ltd., the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Equity HHA's shareholders agreed on Oct. 31, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Westport Services Ltd. Attention: Bonnie Willkom P.O. Box 1111, Grand Cayman KY1-1102 Cayman Islands Telephone: (345)-949-5122 Fax: (345)-949-7920 FZC CORP: Proofs of Claim Filing Deadline Is Today -------------------------------------------------- FZC Corporation's creditors are given until Dec. 20, 2007, to prove their claims to John Cullinane and Derrie Boggess, the company's liquidators, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. FZC's shareholder decided on Nov. 20, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: John Cullinane Derrie Boggess c/o Walkers SPV Limited Walker House, 87 Mary Street George Town, Grand Cayman KY1-9002 Cayman Islands Telephone: (345) 914-6305 GFIA-SHK MANAGERS: Will Hold Final Shareholders Meeting Tomorrow ---------------------------------------------------------------- GFIA-SHK Managers Ltd. will hold its final shareholders meeting on Dec. 21, 2007, at 10:00 a.m. at the registered office of the company. These agenda will be taken during the meeting: 1) accounting of the winding-up process; 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. GFIA-SHK Managers' shareholders agreed on Oct. 4, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Lawrence Edwards Attention: Jodi Jones P.O. Box 258, Grand Cayman KY1-1104 Cayman Islands Telephone: (345) 914 8694 Fax: (345) 945 4237 HELLY HANSEN: Proofs of Claim Filing Ends Tomorrow -------------------------------------------------- Helly Hansen Equity Limited's creditors are given until Dec. 21, 2007, to prove their claims to Westport Services Ltd., the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Helly Hansen's shareholders agreed on Oct. 31, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Westport Services Ltd. Attention: Bonnie Willkom P.O. Box 1111, Grand Cayman KY1-1102 Cayman Islands Telephone: (345)-949-5122 Fax: (345)-949-7920 HELLY IIP: Proofs of Claim Filing Deadline Is Tomorrow ------------------------------------------------------ Helly IIP Limited's creditors are given until Dec. 21, 2007, to prove their claims to Westport Services Ltd., the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Helly IIP's shareholders agreed on Oct. 31, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Westport Services Ltd. Attention: Bonnie Willkom P.O. Box 1111, Grand Cayman KY1-1102 Cayman Islands Telephone: (345)-949-5122 Fax: (345)-949-7920 JULIUS BAER: Final Shareholders Meeting Is Today ------------------------------------------------ Julius Baer Global Macro Opportunity Feeder Fund Ltd. will hold its final shareholders meeting on Dec. 20, 2007, at 10:10 a.m. at: Deloitte Fourth Floor, Citrus Grove P.O. Box 1787, George Town Grand Cayman These agenda will be taken during the meeting: 1) accounting of the winding-up process; and 2) authorizing the liquidators to retain the records of the company for a period of five years from the dissolution of the company, after which they may be destroyed. 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. Julius Baer's shareholders agreed on Nov. 13, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Stuart Sybersma Attention: Jessica Turnbull Deloitte P.O. Box 1787, George Town Grand Cayman, Cayman Islands Telephone: (345) 949-7500 Fax: (345) 949-8258 JULIUS BAER GLOBAL: Holding Final Shareholders Meeting Today ------------------------------------------------------------ Julius Baer Global Macro Opportunity Fund Ltd. will hold its final shareholders meeting on Dec. 20, 2007, at 10:00 a.m. at: Deloitte Fourth Floor, Citrus Grove P.O. Box 1787, George Town Grand Cayman These agenda will be taken during the meeting: 1) accounting of the winding-up process; and 2) authorizing the liquidators to retain the records of the company for a period of five years from the dissolution of the company, after which they may be destroyed. 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. Julius Baer's shareholders agreed on Nov. 13, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Stuart Sybersma Attention: Jessica Turnbull Deloitte P.O. Box 1787, George Town Grand Cayman, Cayman Islands Telephone: (345) 949-7500 Fax: (345) 949-8258 LINAVEN INVESTMENTS: Proofs of Claim Filing Deadline Is Today ------------------------------------------------------------- Linaven Investments Limited's creditors are given until Dec. 20, 2007, to prove their claims to Royhaven Secretaries 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. Linaven Investments' shareholders agreed on Nov. 14, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Royhaven Secretaries Limited Attention: Fiona Graham Coutts House, 1446 West Bay Road P.O. Box 707, Grand Cayman KY1-1107 Cayman Islands Telephone: 945-4777 Fax: 945-4799 LYRA PARTNERS: Proofs of Claim Filing Deadline Is Tomorrow ---------------------------------------------------------- Lyra Partners International Limited's creditors are given until Dec. 21, 2007, to prove their claims to Peter Anderson and William Walmsley, the company's liquidators, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Lyra Partners' shareholders agreed on Oct. 30, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Peter Anderson William Walmsley Rawlinson & Hunter P.O. Box 897, One Capital Place George Town, Grand Cayman KY1-1103 Cayman Islands Telephone: (345) 949 7576 Fax: (345) 949 8295 LYRA PARTNERS GP: Proofs of Claim Filing Is Until Tomorrow ---------------------------------------------------------- Lyra Partners GP Limited's creditors are given until Dec. 21, 2007, to prove their claims to Peter Anderson and William Walmsley, the company's liquidators, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Lyra Partners' shareholders agreed on Oct. 30, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Peter Anderson William Walmsley Rawlinson & Hunter P.O. Box 897, One Capital Place George Town, Grand Cayman KY1-1103 Cayman Islands Telephone: (345) 949 7576 Fax: (345) 949 8295 MULTIDIMENSION FUND: Proofs of Claim Filing Deadline Is Tomorrow ---------------------------------------------------------------- Multidimension Fund's creditors are given until Dec. 21, 2007, to prove their claims to Peter D. Anderson and S. Alan Milgate, the company's liquidators, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Multidimension Fund's shareholder decided on Nov. 1, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Peter D. Anderson S. Alan Milgate Rawlinson & Hunter P.O. Box 897, Third Floor One Capital Place, Shedden Road George Town, Grand Cayman KY1-1103 Cayman Islands Telephone: (345) 949 7576 Fax: (345) 949 8295 HELLY HANSEN HOLDINGS: Claims Filing Deadline Is Tomorrow --------------------------------------------------------- Helly Hansen Holdings Limited's creditors are given until Dec. 21, 2007, to prove their claims to Westport Services Ltd., the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Helly Hansen's shareholders agreed on Oct. 31, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Westport Services Ltd. Attention: Bonnie Willkom P.O. Box 1111, Grand Cayman KY1-1102