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, January 3, 2008, Vol. 9, Issue 2 Headlines A R G E N T I N A ALITALIA SPA: Group Posts EUR1.19 Billion Net Debt for November ALITALIA SPA: November 2007 Passenger Traffic Up by 0.7% ALITALIA SPA: Sells Heathrow Slots for EUR92 Million BEATRICE MARKETS: Files for Reorganization in Buenos Aires CLASS SRL: Files Reorganization Petition in Argentina EMPRESA ARGENTINA: Files for Reorganization in Argentina GEOTEG SA: Files Reorganization Petition in Argentina HOTELNET SRL: Files for Reorganization in Buenos Aires LATIR SRL: Proofs of Claim Verification Deadline Is Feb. 19 MACRO MODA: Proofs of Claim Verification Is Until Feb. 11 MC PRINT: Proofs of Claim Verification Ends on Feb. 19 MUNDO CARTOGRAFICO: Files Reorganization Petition in Argentina OPEN SPORTS: Proofs of Claim Verification Deadline Is Feb. 6 PRODUCTORA DEL OESTE: Files Reorganization Petition in Argentina B A H A M A S BANK OF BARODA: To Raise INR25 Bil. for Capital Requirements CO-INVESTMENT LIMITED: Proofs of Claim Filing Ends Jan. 10 B E R M U D A GEORGE FISCHER: Will Hold Final Shareholders Meeting on Jan. 23 NAUTILUS LEASING: Sets Final Shareholders Meeting for Jan. 29 PECTEN CONGO: Proofs of Claim Filing Deadline Is Jan. 11 PECTEN CONGO: Sets Final Shareholders Meeting for Jan. 29 B O L I V I A INTERMEC TECH: Hires David Yung as Asia Pacific Vice President B R A Z I L BANCO NACIONAL: Says Oil & Gas Investments to Total BRL203 Bil. BANCO NACIONAL: Okays BRL360-Million Loans for Two Hydro Plants COMPANHIA SIDERURGICA: Most Profitable Stock in Bovespa in 2007 DUKE ENERGY: Moody's Puts Ba2 Currency Corporate Family Rating EL PASO: Sells 25.5% Ruby Pipe Stake to PG&E Corp. for US$2 Bil. ENERGISA SA: Concludes Sale of Usina Termelectrica to Petrobras FIAT SPA: Withdraws from Nanjing Automobile Joint Venture FORD MOTOR: Works with Chinese Suppliers to Improve Conditions JAPAN AIRLINES: Must Continue Implementing Reforms, Moody's Says JAPAN AIRLINES: To Raise Capital by Up to JPY150 Billion NET SERVICOS: Moody's Keeps Ba2 Currency Corporate Family Rating NORTEL NETWORKS: Settles Patent Dispute with Vonage Holdings NORTEL NETWORKS: Unit Commences Senior Notes Exchange Offer NOVELL INC: Posts US$17.9 Mln Net Loss in Quarter Ended Oct. 31 SCO GROUP: Gets Nasdaq Delisting Notice Due to Bankruptcy Filing TAM SA: Secures US$117.1-Million Loan from BNP Paribas TAM SA: Unibanco Opposes Committee Creation To Deal with Crash * BRAZIL: Energisa Concludes Sale of Plant to Petrobras * BRAZIL: Petrobras Eyes 323K Barrel Per Day Average Output C A Y M A N I S L A N D S BANK OF INDIA: To Raise Tier I Capital Via QIP BANK RAKYAT: Launches BRI Prioritas To Target Affluent Customers BIS (CAYMAN): Proofs of Claim Filing Deadline Is Jan. 10 BLUECREST EQUITY: Proofs of Claim Filing Ends on Jan. 10 BLUECREST EQUITY MASTER: Proofs of Claim Filing Is Until Jan. 10 COCO FUND: Proofs of Claim Filing Ends on Jan. 10 HIGHLAND SPECIAL: Proofs of Claim Filing Deadline Is Jan. 10 ING BARING: Proofs of Claim Filing Deadline Is Jan. 10 JLOC FUNDING: Proofs of Claim Filing Deadline Ends on Jan. 10 JPMORGAN ABSOLUTE: Proofs of Claim Filing Is Until Jan. 10 JPMORGAN ABSOLUTE RETURN: Proofs of Claim Filing Ends Jan. 10 MAGICAL YC: Proofs of Claim Filing Deadline Is Jan. 10 MODULUS SELECT: Proofs of Claim Filing Ends on Jan. 10 MODULUS SELECT MASTER: Proofs of Claim Filing Ends Jan. 10 MPC AMETHYST: Proofs of Claim Filing Is Until Jan. 10 MPC AMETHYST (GENERAL): Proofs of Claim Filing Ends on Jan. 10 MPC JAPAN: Proofs of Claim Filing Is Until Jan. 10 MPC JAPAN FUND: Proofs of Claim Filing Ends on Jan. 10 OPUS INVESTMENTS: Proofs of Claim Filing Is Until Jan. 10 ORIENTAL CAPITAL: Proofs of Claim Filing Deadline Is Jan. 10 WADHWANI GENERAL: Proofs of Claim Filing Deadline Is Jan. 10 C H I L E RED HAT: Developing Open Source Software with Synapsis SHAW GROUP: Gets SEC Letter Over Informal Inquiry Completion C O L O M B I A QUEBECOR WORLD: Banks & Sponsors Grant Waivers Until March 31 D O M I N I C A N R E P U B L I C CENVEO INC: Elects Gerald S. Armstrong to Board of Directors E C U A D O R * ECUADOR: Two Venezuelan Derricks Arrive in Esmeraldas Province M E X I C O FGX INT'L: Moody's Witdraws Ratings for Business Reasons GRUPO GIGANTE: Completes Tender Offer on US$260-Mln Senior Notes MAXCOM TELECOM: Exchange Offer for 11% Senior Notes Expires MAZDA MOTOR: Announces Organizational & Personnel Changes MAZDA MOTOR: Domestic Sales for November 2007 Up 2.3% MAZDA MOTOR: November 2007 Global Output Up 6.6% Year-on-Year MOVIE GALLERY: Seeks Plan Solicitation & Tabulation Protocol OK SHILOH INDUSTRIES: Earns US$4.3 Mil. in Quarter Ended Oct. 31 SR TELECOM: Sells Airstar & SR500 Product Lines to Duons Group P A R A G U A Y MILLICOM INT'L: Telecel Eyes 2.6-Million Subscribers by Year-End P E R U EMPRESA ELECTRICA: 3rd Power Supply Auction Void, Regulator Says P U E R T O R I C O AMS HEALTH: Files Bankruptcy Petition Over McCarty Judgment AMS HEALTH: Case Summary & 20 Largest Unsecured Creditors COOPER COS: Sets March 18 Annual Meeting of Stockholders LIN TV: Fails to Reach Agreement with Suddenlink Communications MACY'S INC: To Close Nine Stores in Six States MIGUEL PEREZ: Case Summary & Eight Largest Unsecured Creditors V E N E Z U E L A CHRYSLER LLC: CEO Provides Confidence in Operations & Finances PETROLEOS DE VENEZUELA: Closes Tender Offer & Solicitations PETROLEOS DE VENEZUELA: Restarts Amuau Plant Flexicoker Unit * VENEZUELA: Cantv Launching GSM Mobile Telephony Overlay in May * VENEZUELA: Two Oil Derricks Arrive in Ecuador - - - - - ================= A R G E N T I N A ================= ALITALIA SPA: Group Posts EUR1.19 Billion Net Debt for November --------------------------------------------------------------- The Alitalia Group's net debt as of Nov. 30, 2007, amounted to EUR1.191 billion, showing a slight increase in net indebtedness of EUR9 million (+0.8%) compared to Oct. 31, 2007. The net debt of the parent company Alitalia S.p.A. including short-term financial credits for subsidiaries on Nov. 30, 2007 (including short-term financial credits of subsidiaries), amounted to EUR1.183 billion showing a slight increase of EUR4 million (+0.3%) compared to net debt as of Oct. 31, 2007. The Group's cash-to-hand and short-term financial credits as of Nov. 30, 2007, at the Group level and for Alitalia, amounted to EUR395 million and EUR403 million respectively. It should be noted that as of Nov. 30, 2007, there were several leasing contracts at the Group level whose capital share, including lease closure value, amounted to EUR96 million. By comparison, the same figure as of Oct. 31, 2007, amounted to EUR97 million; the corresponding figures for the parent company on Oct. 31, 2007, amounted to EUR84 and EUR10 million respectively. It should also be noted that existing debts to banks are almost entirely backed up by real guarantees (mortgages on aircraft) or by personal guarantees (mainly guarantees issued by banks for export credit). The relative financing contracts contain standard legal clauses relating to withdrawal. None of the contracts refer to specific requirements regarding assets or economic/financial aspects, in order to maintain the credit line. During November 2007, repayments were made of medium/long-term financing amounting to about EUR23 million. Regarding debts of a financial, fiscal and social welfare nature, there were no outstanding sums or payment irregularities on Nov. 30, 2007, both for the parent company and for the other companies in the Group. As far as debts of a commercial nature are concerned, there were no outstanding sums or payment irregularities on Nov. 30, 2007, both for the parent company and for other Group companies, except for those relating to disputed situations. Regarding the latter, decisions are still pending for the petitions filed by Alitalia regarding: -- an injunction related to supposed different pricing policies, issued by a carrier for EUR6 million (two decrees); -- another injunction issued by a supplier of on-board movies for EUR1.2 million (two decrees); -- an injunction has been issued by an IT services supplier for EUR812,000; -- an injunction has been issued by an Italian subsidiary of an air carrier bankruptcy for EUR288,000; -- another injunction has been issued by a maintenance services supplier for EUR492,000; -- an injunction has been issued by the special manager of a firm for presumed debts relating to air ticket sales, for EUR3.2 million; -- one injunction issued by a fuel supplier for about EUR1 million. There are no other injunction orders or executive actions undertaken by creditors notified as of Nov. 30, 2007, nor are there any threats by suppliers to suspend operations. 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: November 2007 Passenger Traffic Up by 0.7% -------------------------------------------------------- Alitalia S.p.A.'s November 2007 traffic data compared to the same period in 2006 showed an increase in passenger business and a decrease in cargo business. Passenger business showed an increase in terms of traffic (+0.7%) with a decrease of capacity offered by 0.7% compared with the same period of 2006. November 2007 Cargo statistics, compared to November 2006, showed a decrease in terms of goods flown (-5.3%) with capacity offered down 7.2%. Passengers Operations Traffic, measured in Revenue Passenger Kilometers, increased by 0.7% and the capacity, measured in Available Seat Kilometers, decreased by 0.7%. Therefore load factor increased by 1.0 percentage points reaching 70.3%. Alitalia carried 1.8 million passengers, up 1.1% compared to the previous year. Detailed comparisons with November 2006: -- Domestic Passenger Network: traffic increased by 4.4% with offered capacity up 3.9%. Load factor was 59.0%; -- International Passenger Network: traffic decreased by 1.0% and offered capacity decreased by 3.6%. Load factor was 63.8%; -- Intercontinental Passenger Network: traffic increased by 0.7% and capacity was in line with November 2006. Load factor was 80.0%. Cargo Operations November 2007 Cargo performance showed, compared to November 2006, a traffic decrease by 5.3% (traffic, measured in terms of Revenue Ton Kilometers) while capacity was down 7.2%. Overall Load factor was 72.2% with an increase by 1.4 percentage points. Regarding the All-Cargo sector, Load factor was 80.3% with an increase by 7.3 percentage points compared with the same period of 2006. 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: Sells Heathrow Slots for EUR92 Million ---------------------------------------------------- Alitalia S.p.A. disclosed that agreement has been reached for the exchange of three pairs of slots at London's Heathrow airport. These slots are considered non strategic in the Company's 2008-2010 business plan since the airline holds a further ten pairs of slots at Heathrow. The completion of the exchange will take place in two stages, corresponding to the IATA 2008-09 operative seasons. The first stage has provided a fee of EUR54 million at the current exchange rate at the time of the operation, to be included on the 2007 balance sheet. The fee for completion of the second stage will be included on the 2008 balance sheet, using the same exchange rate parameters, the figure is estimated at EUR38 million. 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. BEATRICE MARKETS: Files for Reorganization in Buenos Aires ---------------------------------------------------------- Beatrice Markets S.R.L. has requested for reorganization approval after failing to pay its liabilities. The reorganization petition, once approved by the court, will allow Beatrice Markets to negotiate a settlement with its creditors in order to avoid a straight liquidation. The case is pending in the National Commercial Court of First Instance in Buenos Aires. The debtor can be reached at: Beatrice Markets S.R.L. Pje. Torrent 1273 Dto. 1 Buenos Aires, Argentina CLASS SRL: Files Reorganization Petition in Argentina ----------------------------------------------------- Class S.R.L. has requested for reorganization approval after failing to pay its liabilities. The reorganization petition, once approved by the court, will allow Class to negotiate a settlement with its creditors in order to avoid a straight liquidation. The case is pending in the National Commercial Court of First Instance in Buenos Aires. The debtor can be reached at: Class S.R.L. Sucre 1437 Buenos Aires, Argentina EMPRESA ARGENTINA: Files for Reorganization in Argentina -------------------------------------------------------- Empresa Argentina de Servicios Publicos S.A.T.A. has requested for reorganization approval after failing to pay its liabilities. The reorganization petition, once approved by the court, will allow Empresa Argentina to negotiate a settlement with its creditors in order to avoid a straight liquidation. The case is pending in the National Commercial Court of First Instance in Rosario, Santa Fe. The debtor can be reached at: Empresa Argentina de Servicios Publicos S.A.T.A. Castellanos 557 (2000), Rosario Santa Fe, Argentina Telephone: (0341) 439-5024 GEOTEG SA: Files Reorganization Petition in Argentina ----------------------------------------------------- Geoteg S.A. has requested for reorganization approval after failing to pay its liabilities. The reorganization petition, once approved by the court, will allow Geoteg to negotiate a settlement with its creditors in order to avoid a straight liquidation. The case is pending in the National Commercial Court of First Instance in Buenos Aires. The debtor can be reached at: Geoteg S.A. Uruguay 634 Buenos Aires, Argentina HOTELNET SRL: Files for Reorganization in Buenos Aires ------------------------------------------------------ Hotelnet S.R.L. has requested for reorganization approval after failing to pay its liabilities. The reorganization petition, once approved by the court, will allow Hotelnet to negotiate a settlement with its creditors in order to avoid a straight liquidation. The case is pending in the National Commercial Court of First Instance in Buenos Aires. The debtor can be reached at: Hotelnet S.R.L. Avenida L. N. Alem 668 Buenos Aires, Argentina LATIR SRL: Proofs of Claim Verification Deadline Is Feb. 19 ----------------------------------------------------------- Guillermo Sergio Brelles Marino, the court-appointed trustee for Latir S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of claim until Feb. 19, 2008. Mr. Marino will present the validated claims in court as individual reports. The National Commercial Court of First Instance in Mar del Plata, Buenos Aires, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by Latir 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 Latir's accounting and banking records will be submitted in court. Infobae didn't state the reports submission deadlines. Mr. Marino is also in charge of administering Latir's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Latir S.R.L. Juan Jose Paso 3132, Mar del Plata Buenos Aires, Argentina The trustee can be reached at: Guillermo Sergio Brelles Marino Avenida Colon 2817, Mar del Plata Buenos Aires, Argentina MACRO MODA: Proofs of Claim Verification Is Until Feb. 11 --------------------------------------------------------- Silvia Trombetta, the court-appointed trustee for Macro Moda SRL's bankruptcy proceeding, verifies creditors' proofs of claim until Feb. 11, 2008. Ms. Trombetta will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 1 in Buenos Aires, with the assistance of Clerk No. 23, 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 Macro Moda 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 Macro Moda's accounting and banking records will be submitted in court. La Nacion didn't state the reports submission deadlines. Ms. Trombetta is also in charge of administering Macro Moda's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Macro Moda SRL Conesa 2662 Buenos Aires, Argentina The trustee can be reached at: Silvia Trombetta Viamonte 1337 Buenos Aires, Argentina MC PRINT: Proofs of Claim Verification Ends on Feb. 19 ------------------------------------------------------ Gustavo Pagola, the court-appointed trustee for MC Print S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until Feb. 19, 2008. Mr. Pagola will present the validated claims in court as individual reports on April 1, 2008. The National Commercial Court of First Instance in La Plata, Buenos Aires, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by Mc Print 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 Mc Print's accounting and banking records will be submitted in court on May 15, 2008. Mr. Pagola is also in charge of administering Mc Print's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: MC Print S.A. Calle 41, Numero 848 La Plata, Buenos Aires Argentina The trustee can be reached at: Gustavo Pagola Calle 57, Numero 1570 La Plata, Buenos Aires Argentina MUNDO CARTOGRAFICO: Files Reorganization Petition in Argentina -------------------------------------------------------------- Mundo Cartografico S.R.L. has requested for reorganization approval after failing to pay its liabilities. The reorganization petition, once approved by the court, will allow Mundo Cartografico to negotiate a settlement with its creditors in order to avoid a straight liquidation. The case is pending in the National Commercial Court of First Instance in Buenos Aires. The debtor can be reached at: Mundo Cartografico S.R.L. Benjamin Matienzo 2426 Buenos Aires, Argentina OPEN SPORTS: Proofs of Claim Verification Deadline Is Feb. 6 ------------------------------------------------------------ Hector Kaiser, the court-appointed trustee for Open Sports Trends' bankruptcy proceeding, verifies creditors' proofs of claim until Feb. 6, 2008. Mr. Kaiser will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 13 in Buenos Aires, with the assistance of Clerk No. 26, 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 Open Sports 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 Open Sports' accounting and banking records will be submitted in court. La Nacion didn't state the reports submission deadlines. Mr. Kaiser is also in charge of administering Open Sports' assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Open Sports Trends Serrano 382 Buenos Aires, Argentina The trustee can be reached at: Hector Kaiser Montevideo 666 Buenos Aires, Argentina PRODUCTORA DEL OESTE: Files Reorganization Petition in Argentina ---------------------------------------------------------------- Productora del Oeste S.A. has requested for reorganization approval after failing to pay its liabilities. The reorganization petition, once approved by the court, will allow Productora del Oeste to negotiate a settlement with its creditors in order to avoid a straight liquidation. The case is pending in the National Commercial Court of First Instance in Buenos Aires. The debtor can be reached at: Productora del Oeste S.A. Paraguay 577 Buenos Aires, Argentina ============= B A H A M A S ============= BANK OF BARODA: To Raise INR25 Bil. for Capital Requirements ------------------------------------------------------------ Bank of Baroda is planning to raise as much as nearly INR25 billion in the next few months, the Economic Times reports, citing an unnamed senior official as saying. Specifically, the officer told the news agency, the bank will raise: -- INR5 billion in perpetual bonds; -- INR15 billion in upper-tier 2 debt; and -- INR5 billion in lower-tier 2 bonds. The bank's wholly owned subsidiary, BoB Capital Markets, is reportedly the sole banker to the issue. According to the report, the bank will use the money for its operational needs and to meet the new Basel II requirements. In a filing with the Bombay Stock Exchange, the bank disclosed that Ranjit Kumar Chatterjee was appointed as officer employee director on its board for a period of three years. The appointment is pursuant to the nomination of the Government of India, Ministry of Finance, Department of Economic Affairs, Banking Division, via notification dated Dec. 20, 2007. Headquartered in Vadodara, India, Bank of Baroda -- http://www.bankofbaroda.com/-- is a provider of banking services in India. Bank of Baroda has branches in the Bahamas, Belgium, the Fiji Islands, Mauritius, Republic of South Africa, Seychelles, Singapore, Sultanate of Oman, United Arab Emirates, the United Kingdom, and the United States of America. * * * On July 2007, Standard & Poor's assigned its 'BB' issue rating to Bank of Baroda's US$300 million upper Tier-II subordinated notes due in 2022. Fitch Ratings, on May 9, 2007, assigned 'BB' ratings to Bank of Baroda's proposed unsecured subordinated Upper Tier 2 notes (expected size: US$250 million plus greenshoe option), as well as the hybrid Tier 1 debt to be issued under its USD1.5 billion medium-term notes programme. Fitch said the outlook on all ratings is stable. CO-INVESTMENT LIMITED: Proofs of Claim Filing Ends Jan. 10 ---------------------------------------------------------- Co-Investment Limited IV (CZZ)'s creditors are given until Jan. 10, 2008, to prove their claims to Cititrust (Bahamas) 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. Co-Investment Limited's shareholders agreed on Nov. 26, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Cititrust (Bahamas) Limited P.O. Box N-1576, Citibank Building Thompson Blvd., Oakes Field Nassau, Bahamas ============= B E R M U D A ============= GEORGE FISCHER: Will Hold Final Shareholders Meeting on Jan. 23 --------------------------------------------------------------- George Fischer Finance Ltd. will hold its final shareholders meeting on Jan. 23, 2008, at 9:30 a.m. at: Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. NAUTILUS LEASING: Sets Final Shareholders Meeting for Jan. 29 ------------------------------------------------------------- Nautilus Leasing Limited will hold its final shareholders meeting on Jan. 29, 2008, at 9:30 a.m. at: Royal Dutch Shell Companies in Bermuda Cedar House, 41 Cedar Avenue Hamilton, Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. PECTEN CONGO: Proofs of Claim Filing Deadline Is Jan. 11 -------------------------------------------------------- Pecten Congo Limited's creditors are given until Jan. 11, 2008, to prove their claims to Liz Bingham and Patrick Brazzill, 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. Pecten Congo's shareholder decided on Dec. 18, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidators can be reached at: Liz Bingham Patrick Brazzill Ernst and Young LLP c/o Conyers Dill & Pearman, Liquidations Department 12 Par la Ville Road, Hamilton Bermuda PECTEN CONGO: Sets Final Shareholders Meeting for Jan. 29 --------------------------------------------------------- Pecten Congo Limited will hold its final shareholders meeting on Jan. 29, 2008, at 9:30 a.m. at: Royal Dutch Shell Companies in Bermuda Cedar House, 41 Cedar Avenue Hamilton, Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. Pecten Congo's shareholder decided on Dec. 18, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidators can be reached at: Liz Bingham Patrick Brazzill Ernst and Young LLP c/o Conyers Dill & Pearman, Liquidations Department 12 Par la Ville Road Hamilton, Bermuda ============= B O L I V I A ============= INTERMEC TECH: Hires David Yung as Asia Pacific Vice President -------------------------------------------------------------- Intermec Technologies Inc. has appointed David Yung as its Vice President and General Manager, Asia Pacific Region. Mr. Yung is a technology veteran with over twenty years of general management experience in the Asia Pacific region. Mr. Yung was most recently at RS Components LTD, where he served as Asia Pacific, General Manager. He was responsible for building out a partner and distribution network for a B-to-B electronic and automation instrumentation business line. Previous to his role at RS Components, Mr. Yung was the Managing Director at Lenovo, Inc., leading an enterprise sales capture team focusing on large project awards and deployments to top tier clients throughout Northern and Southern Asia. "David is a results oriented general manager who demonstrates effective team building, communications and planning skills," said Michael A. Wills, SVP of Global Sales and Service. "These leadership skills are a vital component to our growth prospects in the Asia Pacific region." About Intermec Inc. Intermec Inc. -- http://www.intermec.com/-- develops, manufactures and integrates technologies that identify, track and manage supply chain assets. Core technologies include RFID, mobile computing and data collection systems, bar code printers and label media. The company has locations in Australia, Bolivia, Brazil, China, France, Hong Kong, Singapore and the United Kingdom. * * * Standard & Poor's Rating Services raised its ratings on Everett, Washington-based Intermec Inc. to 'BB-' from 'B+'. The upgrade reflects expectations that Intermec will sustain current levels of profitability and leverage. S&P said the outlook is stable. =========== B R A Z I L =========== BANCO NACIONAL: Says Oil & Gas Investments to Total BRL203 Bil. --------------------------------------------------------------- Banco Nacional de Desenvolvimento Economico e Social's head Luciano Coutinho told the press that Brazilian oil and gas investments will total BRL203 billion in the 2008-11 period. Mr. Coutinho commented to Business News Americas, "Investments in the sector will increase 10% a year in the 2008-11 period, which is a very meaningful volume." Most of the investment will come from Brazilian state-run oil firm Petroleo Brasileiro SA, BNamericas says, citing Mr. Coutinho. Mr. Coutinho told BNamericas that Banco Nacional estimated investments in the oil and gas sector at BRL20 billion less than the BRL203 billion in previous research on the 2007-10 period. Mr. Coutinho commented to BNamericas, "This increase does not necessarily mean oil and gas production capacity is growing in Brazil. Part of this is related to cost increases seen in this particular industry." Sugar and ethanol investments will total BRL20.5 billion in 2008-11, increasing 9% per year over the period, BNamericas notes, citing Mr. Coutinho. The growth will be mainly be fueled by the domestic market. However, a boost in sugar and ethanol investments for export can be expected in the long term. Banco Nacional de Desenvolvimento Economico e Social is Brazil's national development bank. It provides financing for projects within Brazil and plays a major role in the privatization programs undertaken by the federal government. * * * Banco Nacional currently carries a Ba2 foreign long-term bank deposit rating from Moody's, and a BB+ long-term foreign issuer credit rating from Standards and Poor's. The ratings were assigned in August and May 2007, respectively. BANCO NACIONAL: Okays BRL360-Million Loans for Two Hydro Plants --------------------------------------------------------------- Banco Nacional de Desenvolvimento Economico e Social's power department director Nelson Siffert told the press that the bank has authorized loans of BRL360 million for the construction of two hydro power plants. The two plants are included in the Brazilian federal government's growth acceleration project, Business News Americas relates. Some BRL185 million will be granted for the construction of the 82-megawatt Retiro Baixo hydro plant being constructed on the Paraopeba river in Minas Gerais, BNamericas says, citing Banco Nacional. Investment in the plant will total BRL293 million. BNamericas notes that Brazilian engineering firms Orteng, Logos and Alen and federal power company Furnas began constructing the plant in March 2007. According to BNamericas, Banco Nacional will lend some BRL183 million for the construction of the 77-megawatt Passo Sao Joao hydro plant in Rio Grande do Sul, which began in November. Federal power firm Eletrosul will invest about BRL282 million in the project. Mr. Siffert commented to BNamericas, "Investors are rushing to conclude construction before the original deadline. These two plants will be ready in 2009 and they have sold energy to the regulated market starting 2010 and 2011." Firms will be able to sell power to unregulated customers if the the plants are completed ahead of schedule, BNamericas states, citing Mr. Siffert. Banco Nacional de Desenvolvimento Economico e Social is Brazil's national development bank. It provides financing for projects within Brazil and plays a major role in the privatization programs undertaken by the federal government. * * * Banco Nacional currently carries a Ba2 foreign long-term bank deposit rating from Moody's, and a BB+ long-term foreign issuer credit rating from Standards and Poor's. The ratings were assigned in August and May 2007, respectively. COMPANHIA SIDERURGICA: Most Profitable Stock in Bovespa in 2007 --------------------------------------------------------------- Companhia Siderurgica Nacional is the most profitable stock in the Bovespa stock exchange last year, Business News Americas relates. BNamericas relates that Companhia Siderurgica's stock would "close out the year [2007] some 150% higher." According to BNamericas, Companhia Siderurgica disclosed in December plans to invest BRL9.50 billion into projects in Minas Gerais over the next six years, including: -- a new steel mill, -- an expansion at its Casa de Pedra iron ore mine, and -- installing cement operations. 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 Dec. 27, 2007, Standard & Poor's Ratings Services revised its outlook on Brazil-based steel maker Companhia Siderurgica Nacional and related entity National Steel S.A. to positive from stable. At the same time, Standard & Poor's affirmed its 'BB' corporate credit rating on CSN and its 'B+' rating on NatSteel. DUKE ENERGY: Moody's Puts Ba2 Currency Corporate Family Rating -------------------------------------------------------------- Moody's Investors Service has assigned a Ba2 global local currency corporate family rating with a stable outlook to Duke Energy International, Geracao Paranapanema S.A. In addition, Moody's assigned an A1.br Brazil National Scale corporate family rating to Duke Energy. This is the first time Moody's has assigned a rating to Duke Energy. The rating is not constrained by Brazil's foreign currency country ceiling (Baa3/Stable). Duke Energy's rating reflects the company's solid capital structure characterized by its low level of indebtedness, healthy debt profile, steady cash generation and profitability. This largely stems from a 30-year concession contract granted in 1999, which allows the company to operate in a relatively secure regulated market with predictable profitability and cash flow. Duke Energy intends to raise up to BRL1 billion in debentures to redeem existing long-term debt with Eletrobras, which is expected to improve its debt profile and reduce the average cost of capital. Currently, the company relies on medium-term energy supply contracts equally divided between the regulated and unregulated markets. These contracts should generate predictable and stable cash flows for the next four to five years, given their relatively secure nature. Almost half of Duke Energy's revenues are in the unregulated business segment, but the bulk of the company's client portfolio is made up of large consumers with a solid credit track record. As contracts expire in the future, Duke Energy is expected to benefit from higher energy tariffs in light of current market expectations of a continued low reserve margin in Brazil. Expectations of higher energy tariffs are supported by recent auctions for new energy in which prices have dramatically exceeded prevailing market rates. Generally, Moody's prefers regulated business segment revenues, which generally are more predictable and allow for more stable operating margins and cash flow. Unregulated energy contracts expose Duke to potentially lower energy prices and revenues in a scenario where future tariffs decline, which we consider unlikely. Moody's rating has also taken into consideration the company's outstanding commitment of increasing by 15% the installed generation capacity in the state of Sao Paulo by the end of 2007, as stated in its concession contract. Duke Energy's fulfillment of this commitment has not yet been recognized by the regulator or the state of Sao Paulo. Duke Energy has had difficulty in meeting this commitment because there are few sites for new hydroelectric facilities in Sao Paulo and natural gas shortages make new thermoelectric capacity a questionable investment. Duke Energy has been discussing this situation with ANEEL and the government of the State of Sao Paulo and is reportedly seeking to postpone the expansion obligation for another three years. The outcome and eventual penalties are difficult to predict at this stage of discussions, but Moody's does not believe that Duke Energy's concession will be revoked since neither the current hydrology nor natural gas constraints are within its power. However, the rating is constrained by the potential increased capital expenditures related to the fulfillment of this commitment. Additional capital expenditures could reach as much as BRL1 billion over a three to four year period without jeopardizing Duke's ability to service its debt. Moody's believes that Duke Energy would most likely finance a part of these investments with additional debt, thus causing some deterioration in credit metrics, but we expect that they would remain appropriate for the rating category, particularly if the current relatively high dividend payout ratio were adjusted downward somewhat. The rating incorporates Duke Energy's current strong credit metrics, which are in line with its local peer group and strong for the rating category when compared with global peers, with FFO (Funds from Operations) / Adjusted gross debt of 20.7% in 2006 and 25.9% in the last twelve months ended Sept. 30, 2007, along with interest coverage of over 3.0x for the last three years. These two metrics were impacted by a reduction in operating margins in 2006, resulting from lower energy generation and increased taxes not passed on to tariffs. Moody's expects a sustainable improvement in these metrics in light of higher energy tariffs in 2007 resulting from higher auction prices and improved terms with unregulated customers. The rating is constrained by the low level of retained cash flow (Funds from Operations minus Dividends) to Adjusted gross debt of approximately 10% in the past four years, which is below peer group metrics. Low retained cash flow results from a high level of dividends paid to its parent company, which is expected to remain a limiting factor for the rating in the future. Duke Energy's cash flow as measured by FFO is expected to improve somewhat from 2007 levels but remain stable thereafter up to 2010, when approximately 30% of existing energy contracts matures. This expected turnover of available energy contracts would, most likely, result in higher tariffs with a positive impact on cash flow. Duke Energy's capital expenditures have been very limited when compared to its peers at approximately BRL30 million per annum, which could eventually change should the company be obligated to expand capacity to meet concession contract requirements. The most important factor constraining the ratings is the Brazilian regulatory framework, which has undergone substantial change over the past several years and has a history of being unpredictable. The federal utility regulatory body in Brazil (Aneel) is part of the Brazilian government, which has a Ba1 foreign currency and local currency bond rating. Cost recovery and regulated tariffs are currently undergoing a period of significant uncertainty, due to ongoing reviews and revisions by the regulator of existing asset and cost bases. Potential future electricity shortages due to a tight reserve margin, limited independence of the regulator and minimal jurisprudence backing the new regulatory framework were also taken into consideration in our evaluation of this factor. Duke has adequate liquidity, with short-term debt of BRL 143.6 million and cash and marketable securities of BRL 137 million, in addition to positive free cash flow. The bulk of short-term debt is related to the current portion of the long term Eletrobras' debt with a final maturity on May 15, 2013. This debt is expected to be refinanced with a proposed issuance of BRL1 billion in debentures maturing in 2014 and 2016. The stable outlook reflects Moody's expectation that Duke Energy will maintain strong credit metrics, but low free cash flow, due to a high dividend payout ratio. An upgrade in the rating would require a resolution of the ongoing negotiation with regulators and the state government with regard to the mandatory capacity expansion clause in Duke's concession contract. In addition, an upgrade would require sustainable RCF/ Adjusted gross debt ratio above 15% and interest coverage ratio above 3.5x. An increased likelihood of a stable regulatory environment could also be positive for the ratings. Downward rating pressure could result from higher than expected capital expenditures and/or dividends or increased uncertainty with regard to margins, such that it became likely that RCF/Adjusted gross debt ratio would remain below 10%, and interest coverage would remain below 2.0x for an extended period of time. Duke Energy International Geracao Paranapanema SA is engaged in the generation of electric power in Sao Paulo, Brazil. The Company is a subsidiary of Duke Energy International, representing its primary interest in the Brazilian market. The Company operates eight hydroelectric generation facilities with 2,237 net megawatts of capacity on the Paranapanema River in southwestern Sao Paulo. Its Paranapanema River facilities include Canoas I, generating 83 megawatts; Canoas II, generating 72 megawatts; Capivara, generating 640 megawatts; Chavantes, generating 414 megawatts; Jurumirim, generating 98 megawatts; Rosana, generating 372 megawatts; Salto Grande, generating 74 megawatts, and Taquarucu, generating 554 megawatts. All of the plants encompass reservoirs. Harnessing the river has enabled stabilization of 90.5% of the average flow, which helps flood prevention and irrigation of the surrounding region. EL PASO: Sells 25.5% Ruby Pipe Stake to PG&E Corp. for US$2 Bil. ---------------------------------------------------------------- El Paso Corporation agreed to sell its 25.5% interest in El Paso's Ruby Pipeline project to PG&E Corporation. Capital expenditures for the project are expected to total approximately US$2 billion. Ruby Pipeline project is a proposed 680-mile, 42-inch natural gas transmission pipeline that would begin at the Opal Hub in Wyoming and terminate at the Malin, Oregon, interconnect, near California's northern border. The Ruby Pipeline will have an initial capacity of 1.2 billion cubic feet per day (Bcf/d) and is expandable to 2 Bcf/d. It will connect Rocky Mountain natural gas producers with one of the most attractive natural gas demand regions in the country and provide natural gas users in northern California, Nevada, and the Pacific Northwest with competitively priced natural gas from the nation's most important supply growth region. Subject to Federal Energy Regulatory Commission and other regulatory approvals, approvals of respective companies' boards of directors, and after obtaining necessary customer commitments, the Ruby Pipeline is anticipated to be in service in the first quarter of 2011. "PG&E's participation in the Ruby Pipeline project underscores the importance of this critical infrastructure project in transporting increasing supplies of natural gas from the Rockies to key consuming markets," Jim Cleary, president of El Paso's Western Pipeline Group, said. "We are excited to have PG&E as a partner in this project as we work to meet the future infrastructure needs of the western states." "We are delighted at the prospect of partnering with El Paso to help develop the Ruby Pipeline natural gas project," Richard Rollo, vice president-Strategic Development and Business Integration for PG&E Corporation, said. "The Ruby Pipeline will provide reliable access to supplies of Rocky Mountain gas necessary to meet the growing demand of markets in the western United States." In early December, El Paso disclosed that it is planning to partner in the project with Bear Energy LP, a subsidiary of The Bear Stearns Companies Inc. and partnering discussions include Bear Energy becoming an initial shipper on the pipeline. El Paso is also in discussions with other prospective shippers and will disclose a formal open season shortly. About PG&E Corporation Headquartered in San Francisco, California, PG&E Corporation (NYSE:PCG) -- http://www.pgecorp.com/-- is an energy-based holding company. The company's operations include electric and gas distribution, natural gas and electric transmission, and electric generation. It is the parent company of Pacific Gas and Electric Company. About El Paso Corporation Headquartered in Houston, Texas, El Paso Corporation (NYSE: EP) -- http://www.elpaso.com/-- is an energy company that provides natural gas and related energy products. The company owns North America's interstate pipeline system, which has approximately 55,500 miles of pipe. It also owns approximately 470 billion cubic feet of storage capacity and a liquefied natural gas import facility with 806 million cubic feet of daily base load send out capacity. El Paso's exploration and production business is focused on the exploration for and the acquisition, development and production of natural gas, oil and natural gas liquids in the United States, Brazil and Egypt. It operates in three business segments: Pipelines, Exploration and Production and Marketing. It also has a Power segment, which holds its remaining interests in international power plants in Brazil, Asia and Central America. Southern Natural Gas Company's business consists of the interstate transportation and storage of natural gas and LNG terminalling operations. Colorado Interstate Gas Company's business consists of the interstate transportation, storage and processing of natural gas. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 20, 2007, Standard & Poor's Ratings Services affirmed its 'BB' corporate credit ratings on El Paso Corp. and subsidiaries. S&P said the outlook remains positive. ENERGISA SA: Concludes Sale of Usina Termelectrica to Petrobras --------------------------------------------------------------- Energisa SA said in a filing with the Sao Paulo stock exchange Bovespa that it has concluded the sale of the 87-megawatt Usina Termeletrica Juiz de Fora thermo plant to state-run oil firm Petroleo Brasileiro aka Petrobras. Business News Americas relates that Petrobras bought Usina Termeletrica for BRL211 million. Petrobras borrowed BRL52 million of the amount from federal bank BNDES. The Usina Termeletrica sale would have "a one-off positive impact" of BRL61 million in the fourth quarter 2007 balance sheet, BNamericas states, citing Energisa. About Petroleo Brasileiro Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp -- was founded in 1953. The company explores, produces, refines, transports, markets, and distributes oil and natural gas and power to various wholesale customers and retail distributors in Brazil. Petrobras has operations in China, India, Japan, and Singapore. About Energisa SA Energisa SA, based in Cataguases, Minas Gerais, is a holding company that controls five electricity distribution utilities in four Brazilian states, serving approximately 2 million consumers. During the nine-month period ended Sept. 30, 2007, Energisa sold 4,956 MW, equivalent to approximately 2% of all electricity distributed in Brazil. Energisa is listed on the Brazilian stock market and is controlled by the Botelho family. As reported in the Troubled Company Reporter-Latin America on Dec. 21, 2007, Moody's Investors Service assigned a Ba3 Global local currency corporate family rating to Energisa S.A. In addition, Moody's assigned an A3.br Brazil National Scale corporate family rating to the company. The rating outlook is stable. FIAT SPA: Withdraws from Nanjing Automobile Joint Venture --------------------------------------------------------- Fiat Group Automobiles and Nanjing Automobile Corporation have signed the equity transfer agreement for withdrawal of Fiat from the Nanjing-Fiat joint venture on Dec. 26, 2007, so that they can concentrate on their major but independent plans to restructure the Chinese automotive business. To assure that the needs of over 160,000 customers in China are covered, the company will continue to provide technical support to the network for as long as necessary. As in the past, the network will provide spare parts and after- sale support at the highest standards. Fiat will always guarantee continuous, quality assistance in China for all of its existing and future products. Although their collaboration in the passenger cars sector has come to an end, the long-standing cooperation between the two groups will continue in the commercial vehicle and components sectors, to the great satisfaction of both partners, and will be sustained by the ongoing structural evolution of the Chinese automotive industry. "This decision gives us total freedom of action to concentrate on the restructuring of our automotive business in China," Sergio Marchionne, CEO of the Fiat Group disclosed in a separate statement. Mr. Marchionne added, "NAC remains a very important partner of ours in the commercial vehicle sector, through the joint-venture with Iveco, which has generated mutual satisfaction over the years. Furthermore, following the merger that has been announced today between Nac and Saic, which is in turn an important partner of the Fiat Group in heavy commercial vehicles, agricultural machinery and components, our businesses in China will further be strengthened." "The Chinese market is a key element of the Fiat Group project for worldwide expansion of its automotive activities. In 2008 we will initiate large-scale importation of new models to be sold by our commercial network, which we continue to support and with which we are working tirelessly to offer customers top- quality products and services. This will further improve our familiarity with the Chinese market in view of finalizing our partnership with Chery Automobiles, one of the biggest carmakers in China. This will permit the opening of a new and important phase in development of our industrial and commercial activities in China," Mr. Marchionne concluded. About Fiat S.p.A. Headquartered in Turin, Italy, Fiat S.p.A. -- http://www.fiatgroup.com/-- manufactures and sells automobiles, commercial vehicles, and agricultural and construction equipment. It also manufactures, for use by the company's automotive sectors and for sale to third parties, other automotive-related products and systems, principally power trains (engines and transmissions), components, metallurgical products and production systems. Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano. Fiat operates in Argentina, Australia, Austria, Belgium, Brazil, Bulgaria, China, Czech Republic, Denmark, France, Germany, Greece, Hungary, India, Ireland, Italy, Japan, Lituania, Netherlands, Poland, Portugal, Romania, Russia, Singapore, Spain, among others. * * * As of Dec. 10, 2007, Fiat S.p.A. Carries Moody's long-term corporate family rating of Ba1 and probability of default rating of Ba1 with positive outlook. The company also carries Standard & Poor's BB+ on long-term foreign issuer credit rating, BB+ on long-term local issuer credit rating, B on short-term foreign issuer and local issuer credit ratings. FORD MOTOR: Works with Chinese Suppliers to Improve Conditions -------------------------------------------------------------- Ford Motor Company has delivered another record year in China, not only in terms of sales, but also with the ongoing introduction of a pioneering program that helps improve the standards and working conditions of companies in its supply network. Roughly 300 suppliers to Ford's joint ventures in China have implemented its advanced supplier management program. This includes a series of tough review and inspection systems, backed by comprehensive training focused on raising awareness of working conditions issues throughout the supply chain, provide best practice examples and practical exercise that would support labor law compliance. The aim is to help suppliers meet Ford's comprehensive global supply chain requirements and adhere to local laws and regulations that cover work environment, health and legal employment. Ford operates worldwide under the belief that as globalization increases, companies need to effectively and actively manage the relationships between their operations, employees and the broader communities on which they depend. The Company's concern and responsibility for employee welfare goes well beyond those it directly employs. Ford is also among a number of global automotive companies working with the Automotive Industry Action Group (AIAG) and China Association of Automobile Manufacturers (CAAM) to collaborate in the joint delivery of training for their respective suppliers. AIAG is a nonprofit organization of car manufacturers and part suppliers that promotes cooperation and effective communication between customers and suppliers to improve the business process. In 2003, China became the first market in Asia to implement Ford's new global program for training, monitoring and managing the working conditions and labor laws of its supply chain. The program was later rolled out across other markets within the company's Asia Pacific & Africa region, including India and Thailand. This year in China, the AIAG/CAAM training program has been delivered to nearly 300 suppliers of Changan Ford Mazda Automobile Co. across China. "Our goal is to have all of our suppliers in China participate in this management program," said Mei-Wei Cheng, chairman and CEO of Ford China. "Ford sees it as our direct responsibility to ensure that each of our partners are providing their staff with a legal and decent work environment and working conditions. It's a part of doing good business and we're willing to make an investment to help achieve this." Ford's labor law training in China has received strong support from the China Association of Automobile Manufacturers. The training mainly aims to convey relevant regulations of the Labor Law of China and encourage all suppliers to meet safety standards in their production processes and working environment. In addition to suppliers, Ford has global programs that provide relevant training to in-house staff guidance to purchasing and engineering staff every year, providing timely updates on labor laws and regulations. Darrell Doren, Ford's Regional Manager for Supply Chain Sustainability, Asia Pacific & Africa, explained: "We strive to maintain long-term relationships with our suppliers, which provides a real advantage for a mutual understanding of our supplier management program. It also provides additional benefits, as adherence to the policies helps deliver increased quality and has a positive impact on their employee retention." In addition to the supply chain program, Ford continues to invest in various corporate responsibility programs in China that include environmental protection, road transportation safety, health and education. About Ford Motor in China Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) -- http://www.ford.com/-- manufactures or distributes automobiles in 200 markets across six continents. With about 260,000 employees and about 100 plants worldwide, the company's core and affiliated automotive brands include Ford, Jaguar, Land Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company provides financial services through Ford Motor Credit Company. Ford Motor Company's history in China can be traced to 1913, when its first Model T was imported and sold in Shanghai. Currently, Ford's wholly owned subsidiaries and JVs in China include Ford Motor (China) Limited, Ford Motor Research & Engineering (Nanjing) Co., Ltd., Ford Automotive Finance (China) Ltd., Changan Ford Mazda Automotive Co., Ltd., Changan Ford Mazda Automotive Co., Ltd., Nanjing Company, Changan Ford Mazda Engine Co., Ltd., and Jiangling Motors Co., Ltd. Ford Motor has introduced a number of exciting models to the Chinese market, including Ford Mondeo, Ford Focus, Ford S-MAX, Ford Transit, Volvo S40, Mazda3, as well as several imported models from Jaguar, Land Rover, Lincoln and Volvo, and service brand, Ford Service. Ford Motor China is actively involved in various programs to support the environment, road safety, health and education. Since 2000, it has organized the Ford Motor Conservation and Environmental Grants (CEGC), which to date has sponsored more than 130 groups/individuals with more than 25 million yuan to assist environmental protection efforts in the country. The company also has operations in Japan. In Europe, the company maintains a presence in Sweden, and the United Kingdom. The company also distributes its brands in various Latin American regions, including Argentina and Brazil. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 19, 2007, Moody's Investors Service affirmed the long-term ratings of Ford Motor Company (B3 Corporate Family Rating, Ba3 senior secured, Caa1 senior unsecured, and B3 probability of default), but changed the rating outlook to Stable from Negative and raised the company's Speculative Grade Liquidity rating to SGL-1 from SGL-3. Moody's also affirmed Ford Motor Credit Company's B1 senior unsecured rating, and changed the outlook to Stable from Negative. These rating actions follow Ford's announcement of the details of the newly ratified four-year labor agreement with the UAW. JAPAN AIRLINES: Must Continue Implementing Reforms, Moody's Says ---------------------------------------------------------------- Moody's Investors Service said, in a new report, that the credit gap between Japan's two major airlines continues to grow as All Nippon Airways Co., Ltd. has this year significantly improved its credit capital structure through the sale of its hotel assets. Accordingly, Moody's upgraded its rating of ANA to Baa3 from Ba1 in July, while that for Japan Airlines International Co., Ltd. has stayed at Ba3, the report says. The rating outlook for both companies is stable. The just-released report on Japan's airline industry says the difference in the ratings reflects Moody's recognition that ANA's stable profitability and strong financial profile will strengthen cash flow and allow for timely capital expenditures. Meanwhile, Japan Airlines Corporation, the parent company of JALI, has started to implement its restructuring plan with the support of its creditors. The Moody's report says that for JALI to maintain its rating it must be able to successfully implement this plan. At the same time, the report notes both airlines have been increasing unit prices and reducing the number of unprofitable routes to drive revenue growth as well as improve cash flow against the backdrop of increasing market pressure. For example, high fuel prices continue to pressure the airlines to cut costs. In Moody's view, it will be increasingly important for both companies to implement continuous cost reductions as well as maintain or improve their market positions as demand is expected to remain stagnant and the outlook for fuel priced is uncertain. The report, titled "Japan's Airline Industry: ANA Maintains Rating Lead Over JAL", can be found at http://www.moodys.com/ About Japan Airlines Tokyo-based Japan Airlines International Company, Limited -- http://www.jal.com/en/-- was created as a result of the merger of Japan Airlines and Japan Air Systems to boost domestic coverage. Japan Airlines flies to the United States, Brazil and France. JAPAN AIRLINES: To Raise Capital by Up to JPY150 Billion -------------------------------------------------------- Japan Airlines International Co., Ltd., will seek a capital infusion of JPY100-150 billion from major creditors and business partners, likely through an issuance of preferred shares, Taiga Uranaka, citing the Nikkei business daily, writes for Reuters. JAL, which has been struggling to boost its capital, is also considering spinning off its cargo business and asking other firms to buy stakes in it, likely up to nearly 50%, relates Reuters. The Nikkei, according to Kiyori Ueno of Bloomberg News, stated that a sale of preferred stock may dilute the value of existing shares in the airline. Mitsushige Akino, who oversees US$468 million in assets at Ichiyoshi Investment Management Co. in Tokyo, expressed to Bloomberg, "Investors are concerned about a possible stock dilution. The report raised speculation that Japan Air still has a lot of assets that have no value." Mr. Ueno further notes that The Nikkei said the carrier is seeking agreements with Mitsubishi Corp., Mitsui & Co. and its four main lenders by the end of March 2008. According to Reuters' sources, the Tokyo-based air carrier had asked its major lenders to swap part of its JPY1.7-trillion debt for equity, which was not materialized. Reuters says that JAL's four main lenders are the Development Bank of Japan, Mizuho Corporate Bank, Bank of Tokyo-Mitsubishi UFJ, and Sumitomo Mitsui Banking Corp. Atsushi Abe, JAL's spokesman, is quoted by Bloomberg as saying, "We've repeatedly said that capital increase is our top priority. I can't comment further on this." About Japan Airlines Tokyo-based Japan Airlines International Company, Limited -- http://www.jal.com/en/-- was created as a result of the merger of Japan Airlines and Japan Air Systems to boost domestic coverage. Japan Airlines flies to the United States, Brazil and France. * * * As reported on Feb. 9, 2007, that Standard & Poor's Ratings Services affirmed its 'B+' long-term corporate credit and issue ratings on Japan Airlines Corp. (B+/Negative/--) following the company's announcement of its new medium-term management plan. The outlook on the long-term corporate credit rating is negative. As reported on Oct. 10, 2006, that Moody's Investors Service affirmed its Ba3 long-term debt ratings and issuer ratings for both Japan Airlines International Co., Ltd and Japan Airlines Domestic Co., Ltd. The rating affirmation is in response to the planned restructuring of the Japan Airlines Corporation group on Oct. 1, 2006 with the completion of the merger of JAL's two operating subsidiaries, JAL International and Japan Airlines Domestic. JAL International will be the surviving company. Moody's said the rating outlook is stable. Fitch Ratings Tokyo analyst Satoru Aoyama said that the company's debt obligations and expenses for new aircraft have placed it in an unfavorable financial position. Fitch assigned a BB- rating on the company, which is three notches lower than investment grade. NET SERVICOS: Moody's Keeps Ba2 Currency Corporate Family Rating ---------------------------------------------------------------- Moody's has not changed Net Servicos de Comunicacao S.A.'s Ba2 global local currency corporate family rating and Aa3.br Brazilian national scale rating following the company's announced agreement to acquire 100% of the capital of BIGTV Companies. The transaction is subject to regulator (ANATEL) and anti-trust commission (CADE) approvals. Moody's views this transaction as strategic for Net Servicos, since the company will be able to further increase its subscriber and revenue base, coverage area and market share and as well as offer its triple-play services to BIGTV's current subscribers, which we view as a competitive advantage. Net Servicos estimates that it will pay cash consideration of five to seven times BIGTV's EBITDA and expects that BIGTV will have no debt at the time of the transaction. Using BIGTV's EBITDA for the third quarter 2007, the transaction value could be up to BRL285 million. Net Servicos has strong liquidity, with BRL625 million in cash, BRL76 million in short-term debt as of Sept. 30, 2007, and no substantial debt maturities until 2010. Headquartered in Sao Paulo, Brazil, NET Servicos de Comunicacao -- http://Nettv.globo.com/NETServ/br/home/indexNet.jsp?id=1-- is a subscriber TV multi-operator in Brazil, as it operates the NET brand in major cities, including operations in the 4 largest cities: Sao Paulo, Rio de Janeiro, Belo Horizonte and Porto Alegre. NET also offers Broadband Internet services through its NET VIRTUA brand name. NORTEL NETWORKS: Settles Patent Dispute with Vonage Holdings ------------------------------------------------------------ Nortel Networks Corp. and Vonage Holdings Corp. have agreed in principle to end the litigation pending between them. The contemplated settlement involves a limited cross license to three Nortel and three Vonage patents and will not call for any monetary payments by any party. Claims relating to past damages and the remaining patents will be dismissed without prejudice. The settlement is subject to final documentation. "We are pleased to resolve this issue and enter into a productive relationship with Nortel," said Vonage Chief Legal Officer Sharon O'Leary. According to a Bloomberg report cited by the Troubled Company Reporter on Dec. 21, 2007, Nortel sued Vonage alleging infringement on 12 patents covering technology used in managing telephone data. Bloomberg's report said Nortel's lawsuit came after Vonage sued Nortel's U.S. unit in August seeking to invalidate three of the patents, arguing that the patents shouldn't have been issued by the U.S. Patent and Trademark Office. Nortel denied the allegations and claimed that Vonage is violating the three patents and nine others, Bloomberg said. The Delaware case is Vonage Holdings Corp. v. Nortel Networks Inc., 07CV507, U.S. District Court, Delaware (Wilmington). About Vonage Headquartered in Holmdel, New Jersey, Vonage Holdings Corp. (NYSE:VG) -- http://www.vonage.com/-- provides broadband telephone services with over 1.4 million subscriber lines as of Feb. 8, 2006. Utilizing its voice over Internet protocol technology platform, the company offers feature-rich, low-cost communications services with a call quality comparable to traditional telephone services. While customers in the United States represent over 95% of its subscriber lines, Vonage continues to expand internationally, having launched its service in Canada in November 2004, and in the United Kingdom in May 2005. About Nortel Networks Headquartered in Ontario, Canada, Nortel Networks Corporation (NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next- generation technologies, for both service provider and enterprise networks, support multimedia and business-critical applications. Nortel's technologies are designed to help eliminate today's barriers to efficiency, speed and performance by simplifying networks and connecting people to the information they need, when they need it. Nortel does business in more than 150 countries around the world. Nortel Networks Limited is the principal direct operating subsidiary of Nortel Networks Corporation. Nortel does business in more than 150 countries including Indonesia, the United Kingdom, Denmark, Russia, Norway, Australia, Brazil, China, Singapore, among others. * * * Nortel Networks Corp. still carries Moody's Investors Service 'B3' Senior Unsecured Debt rating, which was placed on March 22, 2007. NORTEL NETWORKS: Unit Commences Senior Notes Exchange Offer ----------------------------------------------------------- Nortel Networks Corporation's principal direct operating subsidiary, Nortel Networks Limited, has commenced offers to exchange: (1) any and all of the US$450,000,000 outstanding principal amount of 10.75% Senior Notes due 2016 for an equal amount of new 10.75% Senior Notes due 2016; (2) any and all of the US$550,000,000 outstanding principal amount of 10.125% Senior Notes due 2013 for an equal amount of new 10.125% Senior Notes due 2013; and (3) any and all of the US$1,000,000,000 outstanding principal amount of Floating Rate Senior Notes due 2011 for an equal amount of new Floating Rate Senior Notes due 2011. The outstanding notes are, and the new notes will be, fully and unconditionally guaranteed by Nortel Networks Corporation and initially guaranteed by Nortel Networks Inc. The terms of the new notes are substantially the same as the original notes, except that the new notes will be registered under the U.S. Securities Act of 1933, as amended, and the new notes have no transfer restrictions, rights to additional interest or registration rights, except for certain restrictions on transfers of new notes in Canada under applicable Canadian securities laws. The new notes have not been, and will not be, qualified for distribution under the securities laws of any province or territory of Canada except pursuant to available exemptions therefrom. A written prospectus providing the terms of each exchange offer may be obtained through the information agent, which can be contacted at: D.F. King & Co., Inc. 48 Wall Street New York, NY 10005 Banks and brokers call: (212) 269-5550 All others call: (800) 659-6590 The exchange offers commenced on Dec. 21 2007, and are scheduled to expire at 5:00 p.m., New York City time, on Jan. 25, 2008, unless extended. About Nortel Networks Headquartered in Ontario, Canada, Nortel Networks Corporation (NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next- generation technologies, for both service provider and enterprise networks, support multimedia and business-critical applications. Nortel's technologies are designed to help eliminate today's barriers to efficiency, speed and performance by simplifying networks and connecting people to the information they need, when they need it. Nortel does business in more than 150 countries around the world. Nortel Networks Limited is the principal direct operating subsidiary of Nortel Networks Corporation. Nortel does business in more than 150 countries including Indonesia, the United Kingdom, Denmark, Russia, Norway, Australia, Brazil, China, Singapore, among others. * * * Nortel Networks Corp. still carries Moody's Investors Service 'B3' Senior Unsecured Debt rating which was placed on March 22, 2007. NOVELL INC: Posts US$17.9 Mln Net Loss in Quarter Ended Oct. 31 --------------------------------------------------------------- Novell Inc. disclosed financial results for its fourth fiscal quarter and full fiscal year ended Oct. 31, 2007. The company reported net loss of US$17.9 million for the quarter ended Oct. 31, 2007, compared to a net income of US$19.8 million for the same quarter last year. For the quarter, Novell reported net revenue of US$245 million, which excludes US$6 million of revenue from its Swiss-based business consulting unit, which Novell agreed to sell during the quarter. This compares to net revenue of US$234 million for the fourth fiscal quarter 2006. The loss from operations for the fourth fiscal quarter 2007 was US$13 million, compared to income from operations of US$4 million for the fourth fiscal quarter 2006. The loss available to common stockholders from continuing operations in the fourth fiscal quarter 2007 was US$9 million. This compares to income available to common stockholders from continuing operations of US$21 million for the fourth fiscal quarter 2006. Foreign currency exchange rates favorably impacted total revenue by approximately US$6 million and did not materially impact the loss from operations year-over-year. In the fourth fiscal quarter 2007, Novell entered into an agreement to sell its Swiss-based business consulting unit. Accordingly, all financial results for this unit were excluded from Novell's continuing operations for income statement reporting purposes and are reported as discontinued operations. For the full fiscal year 2007, Novell reported net revenue of US$932 million and a loss available to common stockholders from continuing operations of US$26 million. Comparatively, net revenue for the full fiscal year 2006 was US$919 million and income available to common stockholders from continuing operations was US$4 million. Foreign currency exchange rates favorably impacted total revenue by approximately US$15 million and negatively impacted the loss from operations by US$5 million year-over-year. "We are pleased with our overall results for 2007," Ron Hovsepian, president and CEO of Novell said. "While undergoing transformational change, we grew revenue and exceeded our operating targets. We are on the right path to long-term, sustainable profitability." Cash, cash equivalents and short-term investments were approximately US$1.9 billion at Oct. 31, 2007, up from US$1.5 billion last year. Days sales outstanding in accounts receivable was 77 days at the end of the fourth fiscal quarter 2007, down from 86 days at the end of the year-ago quarter. Total deferred revenue was US$768 million at the end of the fourth fiscal quarter 2007, up US$341 million, or 80%, from Oct. 31, 2006. Cash flow from operations was US$77 million for the fourth fiscal quarter 2007, compared to US$62 million in the fourth fiscal quarter 2006. At Oct. 31, 2007, the company's balance sheet total assets of US$2.8 billion and total liabilities of US$1.6 billion, resulting in total stockholders' equity of US$1.1 billion. Financial Outlook Novell management issued this financial guidance for the full fiscal year 2008: * Net revenue is expected to be between US$920 million and US$945 million. About Novell Inc. Headquartered in Waltham, Massachusetts, Novell Inc. (Nasdaq: NOVL) -- http://www.novell.com/-- delivers infrastructure software for the Open Enterprise. Novell provides desktop to data center operating systems based on Linux and the software required to secure and manage mixed IT environments. The company has offices in Australia, Argentina, Austria, Belgium, Brazil, China, Czech Republic, Finland, Germany, Hong Kong, Hungary, India, Ireland, Japan, Luxembourg, Malaysia, Netherlands, New Zealand, Norway, Philippines, Poland, Singapore, South Korea, Spain, Sweden, Switzerland, Taiwan, Thailand and United Kingdom. * * * Novell Inc.'s subordinated debt carries Moody's Investors Service's B1 rating. SCO GROUP: Gets Nasdaq Delisting Notice Due to Bankruptcy Filing ---------------------------------------------------------------- The SCO Group, Inc., received a Nasdaq Staff Determination letter on Dec. 21, 2007, indicating that as a result of having filed for protection under Chapter 11 of the U.S. Bankruptcy Code, the Nasdaq Listing Qualifications Panel has determined to delist the company's securities from the Nasdaq Stock Market and has suspended trading of the securities effective at the open of business on Dec. 27, 2007. 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. TAM SA: Secures US$117.1-Million Loan from BNP Paribas ------------------------------------------------------ TAM S.A. has signed a loan agreement with the BNP Paribas bank to finance up to US$117.1 million in pre-delivery payment operations for 30 Airbus aircraft contracted with the French company, with confirmed purchase orders and deliveries scheduled for the period 2008 to 2010. TAM's fleet plan forecasts that it will close 2008 with 123 aircraft in operation -- four Boeing B777-300ER aircraft and 119 Airbus aircraft. The company estimates that it will close 2010 with 136 aircraft, already taking in to account the units that will be returned to lessors in this period because the respective contracts will come to an end, the policy of standardization and maintenance of a young fleet and a low average age. TAM SA (Bovespa: TAMM4 and NYSE: TAM) -- http://www.tam.com.br/ -- operates regular flights to 47 destinations throughout Brazil. It serves 72 different cities in the domestic market through regional alliances. Additionally, it maintains code- share agreements with international airline companies that allow passengers to travel to a large number of destinations throughout the world. TAM was the first Brazilian airline company to launch a loyalty program. The program has over 3.3 million subscribers and has awarded more than 3.6 million tickets. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 27, 2007, Standard & Poor's Ratings Services affirmed its 'BB' long-term corporate credit rating on Brazil-based airline TAM S.A. S&P said the outlook is stable. TAM SA: Unibanco Opposes Committee Creation To Deal with Crash -------------------------------------------------------------- Brazilian insurer Unibanco AIG is against the formation of a government committee to deal with claims from the July crash of a TAM airlines plane that killed 200 people, Business News Americas reports. BNamericas relates that Unibanco claimed that the creation of a committee would slow the process. According to BNamericas, TAM has US$1.5 billion in aircraft hull and civil liability coverage from Unibanco AIG, including victims' claims and coverage for damage to homes and businesses. TAM paid some BRL35 million in premiums last year and BRL40 million in 2005. Unibanco told BNamericas that it reached accords with TAM and the relatives of 33 victims from the accident by the end of 2007. About Unibanco AIG Unibanco AIG Seguros & Previdencia, based in Sao Paulo, is part of Brasil's Unibanco and the worldwide U.S. based insurance and finance organisation, AIG (American International Group). The Group operates in more than 130 countries around the world, and established a business in Brasil in 1948. In 1997 Unibanco, one of the largest financial intsitutions in Brasil, and AIG, formed an alliance and in 2001 they established the company Unibanco AIG Seguros & Previdencia. The company offers insurance in the areas of family, individual and commercial life, accident, auto and education for businesses and individuals. About TAM SA TAM SA (Bovespa: TAMM4 and NYSE: TAM) -- http://www.tam.com.br/ -- operates regular flights to 47 destinations throughout Brazil. It serves 72 different cities in the domestic market through regional alliances. Additionally, it maintains code- share agreements with international airline companies that allow passengers to travel to a large number of destinations throughout the world. TAM was the first Brazilian airline company to launch a loyalty program. The program has over 3.3 million subscribers and has awarded more than 3.6 million tickets. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 27, 2007, Standard & Poor's Ratings Services affirmed its 'BB' long-term corporate credit rating on Brazil-based airline TAM S.A. S&P said the outlook is stable. * BRAZIL: Energisa Concludes Sale of Plant to Petrobras ------------------------------------------------------- Brazilian state-run oil firm Petroleo Brasileiro SA aka Petrobras has completed the purchase of the 87-megawatt Usina Termeletrica Juiz de Fora thermo plant from Energisa SA, according to a filing by Energisa with the Sao Paulo stock exchange Bovespa. Business News Americas relates that Petrobras bought Usina Termeletrica for BRL211 million. Petrobras borrowed BRL52 million of the amount from federal bank BNDES. The Usina Termeletrica sale would have "a one-off positive impact" of BRL61 million in the fourth quarter 2007 balance sheet, BNamericas states, citing Energisa. About Energisa SA Energisa SA, based in Cataguases, Minas Gerais, is a holding company that controls five electricity distribution utilities in four Brazilian states, serving approximately 2 million consumers. During the nine-month period ended Sept. 30, 2007, Energisa sold 4,956 MW, equivalent to approximately 2% of all electricity distributed in Brazil. Energisa is listed on the Brazilian stock market and is controlled by the Botelho family. About Petroleo Brasileiro Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp -- was founded in 1953. The company explores, produces, refines, transports, markets, distributes oil and natural gas and power to various wholesale customers and retail distributors in Brazil. Petrobras has operations in China, India, Japan, and Singapore. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 26, 2007, Standard & Poor's Ratings Services assigned BB+ long-term sovereign foreign currency rating and B short-term sovereign foreign currency rating on Brazil. As reported in the Troubled Company Reporter-Latin America on May 14, 2007, Fitch Ratings upgraded Brazil's long-term foreign and local currency sovereign Issuer Default Ratings to 'BB+' from 'BB' and the Country Ceiling to 'BBB-' from 'BB+'. In addition, Fitch affirmed Brazil's Short-term IDR at 'B'. Fitch said the rating outlook is stable. * BRAZIL: Petrobras Eyes 323K Barrel Per Day Average Output ----------------------------------------------------------- Brazilian state-owned oil firm Petroleo Brasileiro SA aka Petrobras' exploration and production director Guilherme Estrella told the press that the company wants to have average domestic onshore production of 323,000 barrels per day of oil by 2010. According to Petrobras' statement, the firm has been producing an average of 230,000 barrels per day from its onshore fields. Petrobras told Business News Americas that production has been kept stable due to its programs to revamp mature oil fields. "More than 80% of our domestic production comes from offshore fields and it is difficult to have a significant increase in our onshore output, so every slight increase in onshore production is very meaningful," Mr. Estrella commented to BNamericas. About Petroleo Brasileiro Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp -- was founded in 1953. The company explores, produces, refines, transports, markets, and distributes oil and natural gas and power to various wholesale customers and retail distributors in Brazil. Petrobras has operations in China, India, Japan, and Singapore. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 26, 2007, Standard & Poor's Ratings Services assigned BB+ long-term sovereign foreign currency rating and B short-term sovereign foreign currency rating on Brazil. 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 =========================== BANK OF INDIA: To Raise Tier I Capital Via QIP ---------------------------------------------- Bank of India's board of directors has decided to raise Tier I Capital for the bank by way of issue of up to 3,77,72,600 shares through qualified institutional placement, the bank disclosed in a filing with the Bombay Stock Exchange. Based on the floor price, we could raise INR1,350-1,400 crore through the QIP, the Press Trust of India quotes BoI Chairman and Managing Director T. S. Narayanasami as saying. The money would be used for credit expansion, Basel II compliance and explore new business opportunities, the news agency relates. In addition to the board's approval of the move, the bank has also received the nod of India's Ministry of Finance. The company has scheduled an extraordinary general meeting on Jan. 23, 2008, to seek shareholders' approval of the plan. Mr. Narayanasami told PTI that the closing of the issue is expected by the end of January. The QIP reportedly will dilute the government's stake in the bank by 5% to 64.47%. Headquartered in Mumbai, India, Bank of India -- http://www.bankofindia.com-- 2628 branches in India spread over all states/ union territories, including 93 specialized branches. The bank provides a range of financial products and services, including numerous credit schemes, deposit schemes, cash management services, credit/debit cards, deposit vaults and corporate bonds. It also extends finance to small and medium enterprises and small-scale industries. It provides a variety of loans, such as mortgage loans, educational loans, auto finance loans, holiday loans, personal loans and home loans. The bank offers Internet banking services for both the retail and corporate clients. The bank operates in the Cayman Islands, China, the Channel Islands, France, Hong Kong, Indonesia, Japan, Kenya, Singapore, the United Kingdom, the United States, and Vietnam. * * * Standard & Poor's Ratings Services assigned on March 26, 2007, its 'BB' issue rating to the bank's Hybrid Tier I notes to be issued by India's Bank of India (BOI; BBB-/Stable/A-3), acting through its Jersey branch. These notes are being issued under the bank's US$1 billion medium-term notes program. BANK RAKYAT: Launches BRI Prioritas To Target Affluent Customers ---------------------------------------------------------------- PT Bank Rakyat Indonesia (Persero) Tbk launched a new full- banking service called BRI Prioritas to net affluent customers, The Jakarta Post reports. Bank Rakyat Funds and Consumer Services' head, Susilo, told The Post that the number of affluent people in Indonesia was growing, but not all of them were able to access premium banking services. Through Priority Banking Assistance, the bank's wealthy customers would receive cards that functioned both as automated teller machine cards and Premium Debit MasterCards, and receive top-class banking services, including consultations on finance management, investment in equities and bonds, insurance and pension plans, he added. According to the report, Consumer Banking Director A. Toni Soetirto said BRI Prioritas was one of the bank's efforts to increase lending and improve customer loyalty. He said that through consultations and greater banking transactions, BRI Prioritas would also help increase the bank's fee-based income, the report notes. Mr. Susilo, The Post relates, said that the bank would establish four more such centers next year, three of which would be in Jakarta -- Kebayoran Baru, Pondok Indah and Kelapa Gading -- and the other one in Surabaya, East Java. Bank Rakyat would also start providing wealth-management consultations to BRI Prioritas customers next year, the report adds. About Bank Rakyat Headquartered in Jakarta, Indonesia, PT Bank Rakyat Indonesia (Persero) Tbk's -- http://www.bri.co.id/-- services comprise Savings, Credits and Syariah. In addition, the bank divides its financial and business services into three groups: Business Services, consisting of bank guarantees, bank clearance, automatic teller machines and safe deposit boxes; Financial Services, consisting of bill payments, CEPEBRI, INKASO, deposit acceptance, online transactions and transfers, and Other Services, consisting of tax and fine payments, donations, Western Union and zakat contributions. During the year ended Dec. 31, 2005, the bank had one branch office in Cayman Islands and two representative offices in New York and Hong Kong, respectively. The Troubled Company Reporter-Asia Pacific reported on Oct. 19, 2007, that Moody's Investors Service raised Bank Rakyat's foreign currency long-term debt rating to Ba2 from Ba3 and its foreign currency long-term deposit ratings to B1 from B2. Fitch Ratings affirmed all the ratings of PT Bank Rakyat Indonesia (Persero) Tbk: * Long-term foreign Issuer Default rating 'BB-', * Short-term rating 'B', * National Long-term rating 'AA+(idn)', * Individual 'C/D', and * Support '4'. BIS (CAYMAN): Proofs of Claim Filing Deadline Is Jan. 10 -------------------------------------------------------- BIS (Cayman) Limited's creditors are given until Jan. 10, 2008, to prove their claims to Linburgh Martin and Jeff Arkley, 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. BIS (Cayman)'s shareholders agreed on Nov. 29, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Linburgh Martin Jeff Arkley Contact: Deanna Derrick Close Brothers (Cayman) Limited Fourth Floor, Harbor Place P.O. Box 1034, Grand Cayman KY1-1102 Telephone: (345) 949 8455 Fax: (345) 949 8499 BLUECREST EQUITY: Proofs of Claim Filing Ends on Jan. 10 -------------------------------------------------------- Bluecrest Equity Fund Limited's creditors are given until Jan. 10, 2008, to prove their claims to John Sutlic and Warren Keens, 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. Bluecrest Equity's shareholders agreed on Nov. 23, 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 Sutlic Warren Keens Attention: Kim Charaman Close Brothers (Cayman) Limited Fourth Floor, Harbor Place P.O. Box 1034, Grand Cayman KY1-1102 Cayman Islands Telephone: (345) 949 8455 Fax: (345) 949 8499 BLUECREST EQUITY MASTER: Proofs of Claim Filing Is Until Jan. 10 ---------------------------------------------------------------- Bluecrest Equity Master Fund Limited's creditors are given until Jan. 10, 2008, to prove their claims to John Sutlic and Warren Keens, 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. Bluecrest Equity's shareholders agreed on Nov. 23, 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 Sutlic Warren Keens Attention: Kim Charaman Close Brothers (Cayman) Limited Fourth Floor, Harbor Place P.O. Box 1034, Grand Cayman KY1-1102 Cayman Islands Telephone: (345) 949 8455 Fax: (345) 949 8499 COCO FUND: Proofs of Claim Filing Ends on Jan. 10 ------------------------------------------------- Coco Fund Limited's creditors are given until Jan. 10, 2008, to prove their claims to Stuart K. Sybersma and Ian A.N. Wight, 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. Coco Fund's shareholder decided on Nov. 21, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Stuart K. Sybersma Ian A.N. Wight Attention: Jessica Turnbull Deloitte P.O. Box 1787, George Town Grand Cayman, Cayman Islands Telephone: (345) 949 7500 Fax: (345) 949 8258 HIGHLAND SPECIAL: Proofs of Claim Filing Deadline Is Jan. 10 ------------------------------------------------------------ Highland Special Opportunity Fund, Ltd.'s creditors are given until Jan. 10, 2008, to prove their claims to G. James Cleaver and Richard E. L. Fogerty, 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. Highland Special's shareholder decided on Sept. 25, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: G. James Cleaver Richard E. L. Fogerty Attention: Hadley Chilton Kroll (Cayman) Limited Cayman Financial Center, 4th Floor Bermuda House, Dr. Roy's Drive Grand Cayman, Cayman Islands Telephone: +1 (345) 946-0081 Fax: +1 (345) 946-0082 E-mail: hadley.chilton@krollcayman.ky ING BARING: Proofs of Claim Filing Deadline Is Jan. 10 ------------------------------------------------------ ING Baring Employee Services Limited's creditors are given until Jan. 10, 2008, to prove their claims to Linburgh Martin and Jeff Arkley, 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. ING Baring's shareholder decided on Nov. 29, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Linburgh Martin Jeff Arkley Contact: Deanna Derrick Close Brothers (Cayman) Limited Fourth Floor, Harbor Place P.O. Box 1034, Grand Cayman KY1-1102 Telephone: (345) 949 8455 Fax: (345) 949 8499 JLOC FUNDING: Proofs of Claim Filing Deadline Ends on Jan. 10 ------------------------------------------------------------- JLoc Funding Limited's creditors are given until Jan. 10, 2008, to prove their claims to Connan Hill and Sylvia Lewis, 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. JLoc Funding's shareholder decided on Nov. 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: Connan Hill Sylvia Lewis P.O. Box 1109, Grand Cayman KY-1102 Cayman Islands Telephone: 949-7755 Fax: 949-7634 JPMORGAN ABSOLUTE: Proofs of Claim Filing Is Until Jan. 10 ---------------------------------------------------------- JPMorgan Absolute Return Mortgage Fund, Ltd.'s creditors are given until Jan. 10, 2008, to prove their claims to Warren Keens and Roger Priaulx, 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. JPMorgan Absolute'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 liquidators can be reached at: Warren Keens Roger Priaulx Attention: Kim Charaman Close Brothers (Cayman) Limited Fourth Floor, Harbor Place P.O. Box 1034, Grand Cayman KY1-1102 Cayman Islands Telephone: (345) 949 8455 Fax: (345) 949 8499 JPMORGAN ABSOLUTE RETURN: Proofs of Claim Filing Ends Jan. 10 ------------------------------------------------------------- JPMorgan Absolute Return Mortgage Master Fund, Ltd.'s creditors are given until Jan. 10, 2008, to prove their claims to Warren Keens and Roger Priaulx, 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. JPMorgan Absolute'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 liquidators can be reached at: