T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Friday, January 4, 2008, Vol. 9, Issue 3 Headlines A R G E N T I N A ALITALIA SPA: Italy Starts Exclusive Sale Talks with Air France ANTONIO F MORRONE: Proofs of Claim Verification Is Until Feb. 8 BALL CORP: To Sell Australian Unit to QinetiQ for US$10.5 Mil. BALLY TECHNOLOGIES: Earns US$21 Mil. in Quarter Ended Sept. 30 BUENA ALIMENTACION: Final Claims Verification Ends March 21 CERRO CHENQUE: Proofs of Claim Verification Deadline Is April 18 COLINAS DE PAZ: Trustee Verifies Proofs of Claim Until Feb. 29 DANA CORP: 24 Investor Groups To Buy US$540 Mil. New Dana Shares FERNANDO GAUNA: Trustee Verifies Proofs of Claim Until Feb. 28 FLOWER POWER: Trustee Verifies Proofs of Claim Until Feb. 25 INCOFI SRL: Proofs of Claim Verification Deadline Is March 19 JULIAN ALVAREZ: Proofs of Claim Verification Ends on March 3 JURYS SRL: Proofs of Claim Verification Ends on March 10 NEW PRESS: Court Concludes Reorganization NEXUS CAPITAL: Proofs of Claim Verification Is Until March 19 PESQUERA DON: Trustee Verifies Proofs of Claim Until Feb. 29 PINAMAR TENNIS: Proofs of Claim Verification Is Until March 12 POLYMER GROUP: Brings-In Robert Kocourek as Vice President RED HAT: LatAm Unit Eyes Great Opportunities in Education Sector SOCIEDAD DE FOMENTO: Final Claims Verification Is on March 21 WR GRACE: Charleston City Wants Stay Lifted to Seize Property WR GRACE: Wants to Settle Environmental Claims for US$44 Million ZIPIANO SRL: Proofs of Claim Verification Deadline Is Feb. 21 B A H A M A S HARRAH'S ENTERTAINMENT: Extends Employment Pact w/ Gary Loveman B E L I Z E CONTINENTAL AIRLINES: Reports December Operational Performance B E R M U D A MSD SOMERSET: Holding Final Shareholders Meeting on Jan. 22 ORB TECHNOLOGY: Proofs of Claim Filing Ends on Jan. 15 PHOTONYX LTD: Sets Final Shareholders Meeting for Jan. 18 TBG GAMMA: Proofs of Claim Filing Is Until Jan. 15 WELCH TECHNOLOGY: Proofs of Claim Filing Deadline Is Jan. 15 WELCH TECHNOLOGY: Sets Final Shareholders Meeting for Jan. 24 B R A Z I L BANCO DO BRASIL: Brasilcap Revenues Up to BRL1.75 Bln in 11 Mos. CHEMTURA CORP: Names Robert Wedinger as Chief Business Officer COMPANHIA ENERGETICA: Stake Sale Hearing Set for Jan. 15 DELPHI CORP: Court Okays Sale of Steering Biz for US$447 Million DELPHI CORP: Exclusive Plan-Filing Period Extended to March 31 FLEXTRONICS: Plans to Close Plant & Cut 7,000 Jobs Worldwide SUN MICROSYSTEMS: Unit Wants To Launch Services in Provinces TELEMAR NORTE: Bags Two Spectrum Licenses for Sao Paulo UAP HOLDING: Agrium Inc. Withdraws Merger Notification * BRAZIL: Petroleo Brasileiro Launches Manati Well Production * Fitch Says New Rules Will Benefit Reinsurance Industry C A Y M A N I S L A N D S ABILENE LIMITED: Proofs of Claim Filing Deadline Is Jan. 10 BANK OF AYUDHYA: To Focus on Environment for 2008's CSR Program DUSK LIMITED: Proofs of Claim Filing Deadline Is Jan. 10 FIRST BIANCA: Proofs of Claim Filing Is Until Jan. 10 FRVMA LIMITED: Proofs of Claim Filing Is Until Jan. 10 LIFE HOLDING: Proofs of Claim Filing Deadline Is Jan. 10 LYDIAN LIMITED: Proofs of Claim Filing Is Until Jan. 10 MERRIMACK LIMITED: Proofs of Claim Filing Is Until Jan. 10 MTI CAPITAL: Proofs of Claim Filing Is Until Jan. 10 MTI FINANCE: Proofs of Claim Filing Deadline Is Jan. 10 NEW ERA: Proofs of Claim Filing Is Until Jan. 10 RIVERHEAD LIMITED: Proofs of Claim Filing Deadline Is Jan. 10 RUM LIMITED: Proofs of Claim Filing Deadline Is Jan. 10 SAMPSON LTD: Proofs of Claim Filing Is Until Jan. 10 SH CAPITAL: Proofs of Claim Filing Deadline Is Jan. 10 SPENCER HOUSE: Proofs of Claim Filing Ends on Jan. 10 SPENCER HOUSE CAPITAL: Proofs of Claim Filing Is Until Jan. 10 TOBOGAN INVESTMENTS: Proofs of Claim Filing Ends on Jan. 10 TRUMBULL RATED: Proofs of Claim Filing Deadline Is Jan. 10 TRUMBULL THC: Proofs of Claim Filing Is Until Jan. 10 ZAUBERBERG INVESTMENT: Proofs of Claim Filing Is Until Jan. 10 C O L O M B I A POLYONE CORPORATION: Closes GLS Corporation Acquisition C O S T A R I C A ALCATEL-LUCENT: Hires Mr. Mohan as President of Indian Business ALCATEL-LUCENT SA: Names Vivek Mohan as Business Chief in India E C U A D O R PETROBRAS ENERGIA: To Sell 40% Petroquimica Stake to Admire E L S A L V A D O R * Fitch Revises Qualifications of Financial Institutions G U A T E M A L A BRITISH AIRWAYS: Faces Air Cargo Cartel Charges from EU J A M A I C A GOODYEAR TIRE: Jamaican Unit Won't Make Dividend Payments NATIONAL COMMERCIAL: Mark Myers & Edward Zacca Leave Firm M E X I C O AMERICAN TOWER: Files Lawsuit Against Jide Zeitlin CLEAR CHANNEL: Donald Perry to Quit as President & CEO CLEAR CHANNEL: Gets Consents in Tender Offers for Senior Notes URS CORP: Bags US$60-Mil. Contract for Unmanned Aircraft Program N I C A R A G U A XEROX CORPORATION: Eyes Boost in Mexican IT Investments P E R U GRAN TIERRA: Gets Tentative OK on Toronto Stock Exchange Listing P U E R T O R I C O AVNET INC: Acquires YEL Electronics BIOVAIL CORP: Subsidiary Signs Supply Pact with Janssen Pharma U R U G U A Y NAVIOS MARITIME: Shareholders OK Class B Directors Election V E N E Z U E L A PETROLEOS DE VENEZUELA: Inks US$190-Mln Contract with Cameron - - - - - ================= A R G E N T I N A ================= ALITALIA SPA: Italy Starts Exclusive Sale Talks with Air France --------------------------------------------------------------- The Italian government will commence exclusive talks with Air France-KLM Group on the sale of its 49.9% stake in national carrier Alitalia S.p.A., Bloomberg News reports. "We are very satisfied with this decision," Air France CEO Jean- Cyril Spinetta said in a statement. "We are committed to rapidly reaching a solid agreement that paves the way to the profitable growth of Alitalia." As reported in the TCR-Europe on Dec. 27, 2007, Alitalia's Board of Directors, advised by Citi, Roland Berger and Grimaldi & Associati, accepted and recommended Air-France's non-binding offer to acquire Italy's stake. Alitalia noted that Air-France's proposal: * provides adequate and reliable financial and industrial assurances to successfully carry out the restructuring, development and re-launching of Alitalia, while stating, within this context, the interest and willingness to acquire control of the Company; * is more convenient from an economic point of view for the shareholders; and * is perceived to be adequately aligned with the expectations stated by the shareholder Ministry of Economy and Finance through the press release issued on July 31, 2007, as it envisages to satisfactorily safeguard the general interests considered to be essential by the Government in terms of continuity and adequateness of aviation services in Italy. The Board said its decision was based on several elements summarized as: * Air France-KLM has considerable experience and offers a high degree of industrial credibility * the business plan put forward by AirFrance-KLM has been considered highly credible and adequate to address the strategic, industrial and financial issues of Alitalia, having also considered the competitive environment in which the Company operates. * the Air France-KLM proposal is expected to generate significant synergies in favor of Alitalia, allowing for a sustainable re-launch in the long term. * from the economic point of view, the Air France-KLM non-binding proposal offers the best terms for the Ministry of Economy and Finance and for minority shareholders, and is sustained by the high degree of certainty on the availability of the financial resources for Alitalia: On Sept. 30, 2007, Air France-KLM had cash and cash equivalents of EUR4.1 billion. Furthermore, Air France-KLM undertakes to guarantee the whole amount indicated for the capital increase (EUR750 million). * the Air France-KLM non binding proposal clearly states the willingness to undertake a number of commitments towards the Italian State on these topics: * the Air France-KLM proposal includes labor considerations on the levels of employment in line with Alitalia's Survival/Transition Plan. Air France-KLM indicates the intention to consider measures to involve employees with profit sharing schemes based on economic results. 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. ANTONIO F MORRONE: Proofs of Claim Verification Is Until Feb. 8 --------------------------------------------------------------- Mario Miguel Padin, the court-appointed trustee for Antonio F. Morrone y Cia S.C.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until Feb. 8, 2008. Mr. Padin will present the validated claims in court as individual reports on March 28, 2008. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by Antonio F. 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 Antonio F.'s accounting and banking records will be submitted in court is on May 14, 2008. Mr. Padin is also in charge of administering Antonio F.'s assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Antonio F. Morrone y Cia S.C.A. Avenida Libertad 5446, Mar del Plata Buenos Aires, Argentina The trustee can be reached at: Mario Miguel Padin Rawson 2272, Mar del Plata Buenos Aires, Argentina BALL CORP: To Sell Australian Unit to QinetiQ for US$10.5 Mil. -------------------------------------------------------------- Ball Corporation is selling Ball Solutions Group Pty Ltd., to QinetiQ Pty Ltd. Ball Solutions Group Pty Ltd., a subsidiary of Ball Aerospace & Technologies Corp., is based in Canberra, Australia, and provides services primarily to the Australian Department of Defense. Ball Aerospace has executed a share sale agreement with QinetiQ Pty Ltd, a wholly owned subsidiary of QinetiQ Group plc., to sell Ball Solutions Group Pty Ltd for a total cash consideration of approximately US$10.5 million (AU$12 million). Closing is subject to government approvals and other customary conditions, and is expected to occur during the first quarter of 2008. "Ball Solutions Group fits well strategically with QinetiQ," said David L. Taylor, president and chief executive officer of Ball Aerospace. "Almost all of Ball Aerospace's business is in the United States, and we did not see any long-term benefit in remaining in Australia. We will continue to focus on growing our aerospace business in areas where we have strategic advantage." Ball Solutions Group Pty Ltd. employs approximately 150 people primarily in 10 locations in Australia. It has annual revenues of approximately US$25 million (AU$29 million). About Ball Corp. Headquartered in Broomfield, Colorado, Ball Corp. -- http://www.ball.com/-- is a supplier of high-quality metal and plastic packaging products. It owns Ball Aerospace & Technologies Corp. -- a developer of sensors, spacecraft, systems and components for government and commercial customers. Ball Corp. reported sales of US$5.7 billion in 2005 and the company employs about 13,100 people worldwide, including Argentina, Hong Kong and China. * * * As of July 30, 2007, the company holds Moody's Ba1 long-term corporate family rating, bank loan debt, senior unsecured debt, and probability of default rating. Moody's said the outlook is stable. Standard & Poor's rates the company's long-term foreign and local issuer credits at BB+ with a stable outlook. Fitch also rates the company's bank loan debt at BB+ and long- term issuer default rating and senior unsecured debt at BB. Fitch said the outlook is stable. BALLY TECHNOLOGIES: Earns US$21 Mil. in Quarter Ended Sept. 30 -------------------------------------------------------------- Bally Technologies, Inc. filed its financial results for the fiscal quarter ended Sept. 30, 2007. Net income increased to US$21.2 million, or 11% of total revenue, compared with a net loss of US$225,000 in the same period last year, as a result of improved margin and cost leverage. Total revenues increased 23% to US$189.0 million as compared with US$153.7 million for the same period last year. "We are very pleased with our continued improvement in both business momentum and margins in all the key parts of our business," Richard M. Haddrill, the Company's Chief Executive Officer, said. Cash and cash equivalents increased to approximately US$51.6 million at Sept. 30, 2007 as compared with approximately US$40.8 million at June 30, 2007. Selling, general and administrative expenses increased 6% to US$52.3 million and declined to 28% of total revenue from 32 percent as compared with the same period last year. Adjusted EBITDA was US$58.5 million, a 122% increase as compared with the same period last year. The company made an unscheduled US$15.0 million payment on its term loan during the first quarter of fiscal 2008. "In addition to improving our margins, the quarterly results also reflect our improving operating leverage," Robert C. Caller, the Company's Chief Financial Officer, said. "Our SG&A and R&D expenses were favorably impacted by better control over costs and savings from our India Development Centers." At Sept. 30, 2007, the company's balance sheet showed total assets of US$871.0 million and total liabilities of US$647.2 million, resulting in US$222.5 million stockholders' equity. Equity, at June 30, 2007, was US$199.4 million. About Bally Technologies Inc. Headquartered in Las Vegas, Nevada, Bally Technologies, Inc. (NYSE: BYI) -- http://www.BallyTech.com/-- designs, manufactures, operates, and distributes advanced gaming devices, systems, and technology solutions worldwide. Bally's product line includes reel-spinning slot machines, video slots, wide- area progressives and Class II lottery and central determination games and platforms. Bally Technologies also offers an array of casino management, slot accounting, bonus, cashless, and table management solutions. The company also owns and operates Rainbow Casino in Vicksburg, Mississippi. The company's South American operations are located in Argentina. The company also has operations in France, Germany, Macau, China, India, and the United Kingdom. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 27, 2007, Fitch Ratings upgraded Bally Technologies' Issuer Default Rating and senior secured bank debt ratings as: IDR to 'B' from 'B-' and Secured bank credit facilities to 'BB/RR1' from 'B/RR3'. BUENA ALIMENTACION: Final Claims Verification Ends March 21 ----------------------------------------------------------- Jose Fernandez, the court-appointed trustee for Buena Alimentacion S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until March 21, 2008. Mr. Fernandez will present the validated claims in court as individual reports on May 7, 2008. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by Buena Alimentacion 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 Buena Alimentacion's accounting and banking records will be submitted in court is on July 4, 2008. Mr. Fernandez 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: Buena Alimentacion S.A. Jose Cubas 2153, Entre 2545 y 2511 Buenos Aires, Argentina The trustee can be reached at: Jose Fernandez Junin 55 Buenos Aires, Argentina CERRO CHENQUE: Proofs of Claim Verification Deadline Is April 18 ---------------------------------------------------------------- Jose Angel Sallon, the court-appointed trustee for Cerro Chenque S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until April 18, 2008. Mr. Sallon will present the validated claims in court as individual reports. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by Cerro Chenque 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 Cerro Chenque's accounting and banking records will be submitted in court. Infobae didn't state the reports submission deadlines. Mr. Sallon is also in charge of administering Cerro Chenque's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Jose Angel Sallon Libertad 860 Buenos Aires, Argentina COLINAS DE PAZ: Trustee Verifies Proofs of Claim Until Feb. 29 -------------------------------------------------------------- Carlos Jose Naz, the court-appointed trustee for Colinas de Paz S.A.'s reorganization proceeding, verifies creditors' proofs of claim until Feb. 29, 2008. Mr. Naz will present the validated claims in court as individual reports on April 17, 2008. 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 Colinas de Paz 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 Colinas de Paz's accounting and banking records will be submitted in court on May 30, 2008. Creditors will vote to ratify the completed settlement plan during the assembly on Oct. 9, 2008. The debtor can be reached at: Colinas de Paz S.A. 10 de Febrero s/n, Mar del Plata Buenos Aires, Argentina The trustee can be reached at: Carlos Jose Naz Belgrano 4207, Mar del Plata Buenos Aires, Argentina DANA CORP: 24 Investor Groups To Buy US$540 Mil. New Dana Shares ---------------------------------------------------------------- Dana Corp. and its debtor-affiliates sought and obtained permission from the U.S. Bankruptcy Court for the Southern District of New York to file an Allocation Report, indicating Participating Claims totaling more than US$1.5 billion that were allocated 5.4 million shares of New Series B Preferred Stock on a pro rata basis, under seal. Dana entered into an Investment Agreement dated July 26, 2007, with Centerbridge Capital Partners, L.P.; Centerbridge Capital Partners Strategic, L.P., as successor by assignment from CBP Parts Acquisition Co. LLC; Centerbridge Capital Partners SBS, L.P., as successor by assignment from CBP Parts. The Investment Agreement allows for US$790 million cash infusion in the Reorganized Debtors. Centerbridge will purchase US$250 million in aggregate liquidation preference of New Series A Preferred Stock and qualified creditors of the Debtors who are Qualified Investors will have an opportunity to purchase an additional US$540 million in aggregate liquidation preference of New Series B Preferred Stock on a pro rata basis. To be permitted to invest to purchase a pro rata share of the Series B Shares, the Investment Agreement required parties, among other things, be a "Qualified Investor" under the Investment Agreement and to deliver a duly executed Subscription Agreement prior to 5:00 p.m. EST on Dec. 5, 2007. To be a "Qualified Investor," a party was required, among other things, to (a) beneficially own "Qualified Bond Claims," "Acquired Bond Claims" or "Qualified Trade Claims" in excess of US$25 million by certain dates and (b) timely execute and deliver a signature page to the Plan Support Agreement dated July 26, 2007, among Dana, United Steelworkers, International Union, UAW, Centerbridge Capital Partners, L.P. and certain Dana creditors. The BMC Group, Inc., as Subscription Agent for the Debtors, mailed subscription agreements and instructions for subscription on Nov. 2, 2007, to all parties that the Debtors reasonably believed might be entitled to participate in the subscription based upon information available at that time. Corinne Ball, Esq., at Jones Day in New York, reports that as of Dec. 26, 2007, BMC has received, excluding duplicates, 106 Subscription Agreements from 96 entities constituting 24 investors -- if affiliated entities are counted as one investor. BMC and the Debtors have since undertaken to reconcile the information that was submitted in the subscription agreements. The Debtors have reviewed the information received by BMC and other relevant information, which has been shared with counsel to the Ad Hoc Committee of Dana Noteholders and counsel to the Official Committee of Unsecured Creditors, Ms. Ball says. Based on the information and other numerous meetings at which they consulted with the Ad Hoc Committee and the Creditors' Committee, the Debtors have determined and have prepared a report setting forth: (a) which parties will purchase Series B Shares as part of the subscription process; and (b) the number of Series B Shares to be allocated to each Subscribing Investor for purchase. The Debtors believe that the allocation of New Series B Preferred Stock is commercially sensitive information to them. Publicly disclosing the holdings of preferred shareholders is confidential information that is not customarily disclosed unless and until Securities Exchange Act of 1934 rules require the shareholder to file with the Securities and Exchange Commission after crossing a specified threshold of ownership percentage (generally 5%). The Debtors believe that publicly publishing the individual allocations of New Series B Preferred Stock would only serve to potentially cause delays in the Debtors' ability to obtain the necessary funds. In addition, counsel to the Ad Hoc Committee has advised the Debtors that the Subscribing Investors prefer that their exact holdings in New Series B Preferred Stock not be publicly disclosed because such parties consider their individual allocated holdings to be confidential commercial information. A full-text copy of the redacted version of the Allocation Report identifying each of the Subscribing Investors without identifying the number of shares of New Series B Preferred Stock being allocated to each party, is available at no charge at: http://bankrupt.com/misc/DANA_Subscribing_Investors.pdf Ms. Ball relates the Debtors are providing individualized notices to each Subscribing Investor of, among other things: (a) the number of shares of New Series B Preferred Stock allocated to them; (b) instructions for submitting payment for the shares by Dec. 28, 2007; and (c) information regarding additional documentation that must be completed prior to a Subscribing Investor's receipt of its allocated New Series B Preferred Stock. About Dana Based in Toledo, Ohio, Dana Corporation -- http://www.dana.com/ -- designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. Dana has facilities in China in the Asia-Pacific, Argentina in the Latin-American regions and Italy in Europe. The company and its affiliates filed for chapter 11 protection on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Aug. 31, 2007, the Debtors listed US$6,878,000,000 in total assets and US$7,551,000,000 in total debts resulting in a total shareholders' deficit of US$673,000,000. Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represent the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners serves as Dana's Chief Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents the Official Committee of Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the Official Committee of Equity Security Holders. Stahl Cowen Crowley, LLC serves as counsel to the Official Committee of Non-Union Retirees. The Debtors filed their Joint Plan of Reorganization on Aug. 31, 2007. On Oct. 23, 2007, the Court approved the adequacy of the Disclosure Statement explaining their Plan. The Court has set Dec. 10, 2007, to consider confirmation of the Plan. (Dana Corporation Bankruptcy News, Issue No. 67; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) FERNANDO GAUNA: Trustee Verifies Proofs of Claim Until Feb. 28 -------------------------------------------------------------- Maria Geijo, the court-appointed trustee for Fernando Gauna y Luis Maria Gauna S.H.'s reorganization proceeding, verifies creditors' proofs of claim until Feb. 28, 2008. Ms. Geijo will present the validated claims in court as individual reports on April 14, 2008. 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 Fernando Gauna 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 Fernando Gauna's accounting and banking records will be submitted in court on May 27, 2008. Creditors will vote to ratify the completed settlement plan during the assembly on Sept. 24, 2008. The debtor can be reached at: Fernando Gauna y Luis Maria Gauna S.H. Ruta 88 Km. 12/13, Barrio Batan Partido de General Pueyrredon, Buenos Aires Argentina The trustee can be reached at: Maria Geijo Ortiz de Zarate 450, Mar del Plata Buenos Aires, Argentina FLOWER POWER: Trustee Verifies Proofs of Claim Until Feb. 25 ------------------------------------------------------------ Carlos Enrique Wulff, the court-appointed trustee for Flower Power S.A.'s reorganization proceeding, verifies creditors' proofs of claim until Feb. 25, 2008. Mr. Wulff will present the validated claims in court as individual reports on April 11, 2008. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by Flower Power 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 Flower Power's accounting and banking records will be submitted in court on May 26, 2008. Creditors will vote to ratify the completed settlement plan during the assembly on Nov. 11, 2008. The debtor can be reached at: Flower Power S.A. Honduras 4900 Buenos Aires, Argentina The trustee can be reached at: Carlos Enrique Wulff Virrey del Pino 2354 Buenos Aires, Argentina INCOFI SRL: Proofs of Claim Verification Deadline Is March 19 ------------------------------------------------------------- Elsa Taborcias, the court-appointed trustee for Incofi S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of claim until March 19, 2008. Ms. Taborcias will present the validated claims in court as individual reports. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by Incofi 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 Incofi's accounting and banking records will be submitted in court. Infobae didn't state the reports submission deadlines. Ms. Taborcias is also in charge of administering Incofi's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Incofi S.R.L. Bernardo de Irigoyen 330 Buenos Aires, Argentina The trustee can be reached at: Elsa Taborcias Carlos Pellegrini 1063 Buenos Aires, Argentina JULIAN ALVAREZ: Proofs of Claim Verification Ends on March 3 ------------------------------------------------------------ Adalberto Corbelleri, the court-appointed trustee for Julian Alvarez Automotores S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until March 3, 2008. Mr. Corbelleri will present the validated claims in court as individual reports. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by Julian Alvarez 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 Julian Alvarez's accounting and banking records will be submitted in court. Infobae didn't state the reports submission deadlines. Mr. Corbelleri is also in charge of administering Julian Alvarez's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Adalberto Corbelleri Carabobo 237 Buenos Aires, Argentina JURYS SRL: Proofs of Claim Verification Ends on March 10 -------------------------------------------------------- Eduardo A. Fernandez Prol, the court-appointed trustee for Jurys S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of claim until March 10, 2008. Mr. Prol will present the validated claims in court as individual reports. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by Jurys 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 Jurys' accounting and banking records will be submitted in court. Infobae didn't state the reports submission deadlines. Mr. Prol is also in charge of administering Jurys' assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Eduardo A. Fernandez Prol Belgrano 634 Buenos Aires, Argentina NEW PRESS: Court Concludes Reorganization ----------------------------------------- New Press Grupo Impresor S.A. concluded its reorganization process, according to data released by Infobae on its Web site. The closure came after the National Commercial Court of First Instance in Buenos Aires homologated the debt plan signed between the company and its creditors. The company can be reached at: New Press Grupo Impresor S.A. Santiago del Estero 454 Buenos Aires, Argentina NEXUS CAPITAL: Proofs of Claim Verification Is Until March 19 ------------------------------------------------------------- Alfredo Jorge Yanni, the court-appointed trustee for Nexus Capital de Argentina S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until March 19, 2008. Mr. Yanni will present the validated claims in court as individual reports on May 2, 2008. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by Nexus Capital 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 Nexus Capital's accounting and banking records will be submitted in court is on June 13, 2008. Mr. Yanni is also in charge of administering Nexus Capital's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Alfredo Jorge Yanni Viamonte 1446 Buenos Aires, Argentina PESQUERA DON: Trustee Verifies Proofs of Claim Until Feb. 29 ------------------------------------------------------------ Anahi Amancay Perez, the court-appointed trustee for Pesquera Don Pascual S.A.'s reorganization proceeding, verifies creditors' proofs of claim until Feb. 29, 2008. Ms. Perez will present the validated claims in court as individual reports on April 18, 2008. 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 Pesquera Don 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 Pesquera Don's accounting and banking records will be submitted in court on June 2, 2008. Creditors will vote to ratify the completed settlement plan during the assembly on Nov. 7, 2008. The debtor can be reached at: Pesquera Don Pascual S.A. Diagonal Garibaldi 4791, Mar del Plata Buenos Aires, Argentina The trustee can be reached at: Anahi Amancay Perez Corrientes 1725, Mar del Plata Buenos Aires, Argentina PINAMAR TENNIS: Proofs of Claim Verification Is Until March 12 -------------------------------------------------------------- Ruben Hugo Faure, the court-appointed trustee for Pinamar Tennis Ranch S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until March 12, 2008. Mr. Faure will present the validated claims in court as individual reports on April 29, 2008. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by Pinamar Tennis 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 Pinamar Tennis' accounting and banking records will be submitted in court is on May 28, 2008. Mr. Faure is also in charge of administering Pinamar Tennis' assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Ruben Hugo Faure Avenida Corrientes 1312 Buenos Aires, Argentina POLYMER GROUP: Brings-In Robert Kocourek as Vice President ---------------------------------------------------------- Polymer Group, Inc. has appointed Robert (Bob) Kocourek as vice president and chief accounting officer. Mr. Kocourek assumes the responsibilities of the principal accounting officer, which were previously performed by Willis C. Moore III, the company's chief financial officer. Such responsibilities include the development of global financial accounting policies, interpretations of accounting literature and ensuring that the company's financial statements are prepared in accordance with generally accepted accounting principles on a global basis. Mr. Kocourek will continue to report to Moore, who remains chief financial officer. Mr. Kocourek previously served as vice president, corporate finance and treasurer since he joined the company in May 2006. Prior to joining the company, Mr. Kocourek assisted the company in its Sarbanes-Oxley implementation efforts and other financial accounting and reporting projects as a consultant and gained extensive financial and accounting experience working with Ernst & Young, LLC and Coopers and Lybrand earlier in his career. "I am very pleased that Bob has agreed to take this position and believe it will further our on-going efforts to achieve best in class accuracy and transparency of our global financial reporting," said Mr. Moore. Polymer Group, Inc., -- http://www.polymergroupinc.com/-- (OTC Bulletin Board: POLGA/POLGB) develops, manufactures and markets engineered materials. The company operates 22 manufacturing facilities in 10 countries throughout the world. The company has manufacturing offices in Argentina, China and France, among others. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 13, 2007, Standard & Poor's Ratings Services has affirmed its ratings on Polymer Group Inc., including its 'BB-' corporate credit rating. S&P said the outlook is negative. RED HAT: LatAm Unit Eyes Great Opportunities in Education Sector ---------------------------------------------------------------- Red Hat Inc.'s Latin American operations general manager Gabriel Szulik told Business News Americas that there would be great opportunities for sales to the education sector this year. According to BNamericas, Red Hat has high expectations for doing business and signing strategic alliances with universities. Many of the Latin American universities have implemented Linux and open source solutions but need more support and services. Mr. Szulik commented to BNamericas, "The universities are where the future buyers of technology are trained and they have thousands of students already programming in open source technologies. Universities are where the adoption starts and for us it is extremely important to concentrate our efforts there." Universities would also be a source of new workers, BNamericas says, citing Mr. Szulik. BNamericas notes that other strategies in the region this year include increasing Red Hat's presence in the public, telecoms and financial services segments. Red Hat would also continue investing in its channels and marketing. Mr. Szulik told BNamericas, "We will invest plenty this year in technical and commercial training. There are many distribution channels that are good on the technical side but need to understand the commercial aspects as well, in other words, how to sell open source software, how to sell the Red Hat brand and understand what our value proposition is. That will be a strong focus this year." Latin American sale in the third quarter of fiscal year 2008 ended Nov. 30 rose up to 60%, mostly due to higher brand recognition and increased staff in Brazil, Mexico and Argentina, BNamericas states, citing Mr. Szulik. Headquartered in Raleigh, North Carolina Red Hat, Inc. -- http://www.redhat.com/-- is an open source and Linux provider. Red Hat provides operating system software along with middleware, applications and management solutions. Red Hat also offers support, training, and consulting services to its customers worldwide and through top-tier partnerships. The company has offices in Singapore, Germany, and Argentina, among others. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 19, 2007, Standard & Poor's Ratings Services has revised its outlook on Red Hat Inc. to positive from stable and affirmed the ratings, including the 'B+' corporate credit rating. SOCIEDAD DE FOMENTO: Final Claims Verification Is on March 21 ------------------------------------------------------------- Adela R. Nanni, the court-appointed trustee for Sociedad de Fomento Escolar de Munro's bankruptcy proceeding, verifies creditors' proofs of claim until March 21, 2008. Ms. Nanni will present the validated claims in court as individual reports on May 5, 2008. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by Sociedad de Fomento 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 Sociedad de Fomento's accounting and banking records will be submitted in court is on May 20, 2008. Ms. Nanni is also in charge of administering Sociedad de Fomento's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Sociedad de Fomento Escolar de Munro C. Villate 4480 Munro, Partido de Vicente Lopez Buenos Aires, Argentina The trustee can be reached at: Adela R. Nanni R. Saenz Pena 57, San Isidro Buenos Aires, Argentina WR GRACE: Charleston City Wants Stay Lifted to Seize Property ------------------------------------------------------------- The city of Charleston, South Carolina, asks the U.S. Bankruptcy Court for the District of Delaware to lift the automatic stay to allow it to exercise its power of eminent domain and seize 16.464 acres of real property owned by W.R. Grace & Co. and its debtor-affiliates located in the City. The Property, which was once a fertilizer manufacturing and pesticide formulation facility, will be used by the City as a relocation site of its public works and fire training facility, Christina M. Thompson, Esq., at Connolly Bove Lodge & Hutz, LLP, in Wilmington, Delaware, tells the Court. The City has passed a resolution that authorized its counsel to attempt to acquire the Property either by negotiated purchase or by eminent domain. However, discussions regarding the sale of the Property through negotiated purchase have not progressed, Ms. Thompson tells the Court. Thus, in the absence of a negotiated agreement with the Debtors to purchase the Property, the City wants to exercise its powers of eminent domain against the Property and acquire it for public use. Ms. Thompson says relocation of the city's public works and fire training facility to the Debtors' Property is part of a series of economic development plans, which aim to enhance the City residents' health, safety, and welfare. The Property is estimated to be worth US$1,185,000 in December 2005, Ms. Thompson says. Headquartered in Columbia, Maryland, W.R. Grace & Co. (NYSE:GRA) -- http://www.grace.com/-- supplies catalysts and silica products, especially construction chemicals and building materials, and container products globally, including Argentina, Australia and Ireland. The Company and its debtor-affiliates filed for chapter 11 protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139). David M. Bernick, Esq., at Kirkland & Ellis, LLP, and Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones, LLP, represent the Debtors in their restructuring efforts. The Debtors hired Blackstone Group, L.P., for financial advice. PricewaterhouseCoopers LLP is the Debtors' accountant. Stroock & Stroock & Lavan, LLP, and Duane Morris, LLP, represent the Official Committee of Unsecured Creditors. The Creditors Committee tapped Capstone Corporate Recovery LLC for financial advice. David T. Austern, the legal representative of future asbestos personal injury claimants, is represented by Orrick Herrington & Sutcliffe LLP and Phillips Goldman & Spence, Pennsylvania. Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, and Marla R. Eskin, Esq., at Campbell & Levine, LLC, represent the Official Committee of Asbestos Personal Injury Claimants. The Asbestos Committee of Property Damage Claimants tapped Martin W. Dies, III, Esq., at Dies & Hile L.L.P., and C. Alan Runyan, Esq., at Speights & Runyan,to represent it. Lexecon, LLC, provided asbestos claims consulting services to the Official Committee of Equity Security Holders. The Debtors' filed their Chapter 11 Plan and Disclosure Statement on Nov. 13, 2004. On Jan. 13, 2005, they filed an Amended Plan and Disclosure Statement. The hearing to consider the adequacy of the Debtors' Disclosure Statement began on Jan. 21, 2005. The Debtors' exclusive period to file a chapter 11 plan expired on July 23, 2007. Estimation of W.R. Grace's asbestos personal injury liabilities will commence on Jan. 14, 2008. (W.R. Grace Bankruptcy News, Issue No. 146; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) WR GRACE: Wants to Settle Environmental Claims for US$44 Million ---------------------------------------------------------------- W.R. Grace & Co., together with its debtor-affiliates, and the United States Government, on behalf of certain federal agencies including the Environmental Protection Agency and the Department of Agriculture Forest Services, have agreed to a settlement to avoid protracted claims litigation and resolve their liabilities in connection with environmentally damage sites owned by the Debtors. The Debtors agree that the Government is entitled to a US$2,294,279 allowed administrative claim and a US$34,065,813 allowed general unsecured claim. The Debtors agree that the PRPs are entitled to allowed general unsecured claims aggregating US$7,707,336. The Government, had filed Claim Nos. 9634 and 9635 against the Debtors seeking recovery of past and future environmental response costs incurred by the federal agencies in the course of responding to releases of hazardous substances in 32 Debtor- owned and operated sites around the United States. The Government also sought recovery for natural resource damages. In addition, certain potentially responsible parties had filed claims against the Debtors for environmental response contribution claims. The allowed general unsecured claims are: Allowed General Claimant Unsecured Claim -------- --------------- U.S. Government US$34,065,813 Burlington Northern and Santa Fe Railway 2,952,761 American Premier Underwriters, Inc. 1,763,492 National Railroad Passenger Corporation 1,528,550 Los Angeles County Metropolitan Authority 893,781 Green River Site PRP Group Claimants 419,452 Harrington Tools, Inc. 112,547 Central Chemical Site Participation Group 36,750 In addition, the Government will have a US$622,860 allowed general unsecured claim in settlement for the costs incurred by the Agency for Toxic Substances and Disease Registry in investigating the asbestos contamination at the Debtors' facilities that processed vermiculite. The BNSF will also a US$1,918,355 allowed general unsecured claim in settlement of its claim relating to the Debtors' Libby, Montana, vermiculite mine. The settlement provides that the Debtors will pay US$672,574 of the Administrative Claims immediately after the Court's approval of the settlement. The remaining Allowed Administrative Claims and all of the Allowed General Unsecured Claims will be paid pursuant to a confirmed plan of reorganization. Allowed General Unsecured Claims will be entitled to interest only if permitted under a confirmed reorganization plan. The settlement also provides that the settling federal agencies will not file a civil action or take any administrative action against the Debtors pursuant to the Comprehensive Environmental Response, Compensation, and Liability Act with respect to each of the sites covered by the settlement agreement. The Sites covered by the settlement are: * Acton Plant Site, Massachusetts, * Amber Oil (Eco-Tech) Site, Wisconsin, * Aqua Tech Site, South Carolina, * Cambridge Plant Site, Massachusetts, * Casmalia Resources Site, California, * Central Chemical Site, Maryland, * Galaxy/Spectron Site, Maryland, * Green River Site, Kentucky, * Harrington Tools Site, California, * Intermountain Insulation Site, Utah, * IWI Site, Illinois, * Li Tungsten Site, New York, * Malone Services Co. Site, Texas, * N-Forcer Site, Michigan, * Operating Industries Site, California, * R&H Oil/Tropicana Site, Texas, * RAMP Industries Site, Colorado, * Reclamation Oil Site, Michigan, * Robinson Insulation Site, North Dakota, * Solvents Recovery Service Site, Connecticut, * Salt Lake Vermiculite Intermountain Site, Utah, * Spokane Vermiculite Northwest Site, Washington, * Wauconda Sand and Gravel Superfund Site, Illinois, * Watson Johnson Landfill Site, Pennsylvania, * Wells G&H Site, Massachusetts, * Western Minerals Processing Site, Colorado, * Western Minerals Products Site, Minnesota, * Ellwood Zonolite Site, Pennsylvania, * New Castle Zonolite Site, Pennsylvania, * Hamilton Zonolite Site, New Jersey, * Prince George Zonolite Site, Maryland, and * Wilder Zonolite Site, Kentucky. A full-text copy of the Settlement is available for free at: http://bankrupt.com/misc/grace_EPASettlement.pdf The Debtors' counsel, David M. Bernick, P.C., Esq. at Kirkland & Ellis, LLP, in Chicago, Illinois, says the Government's claim relating to the Debtors' site in Curtis Bay, Baltimore, Maryland, will be resolved in accordance with a separate settlement agreement still to be filed with the Court. Government's Statement "This settlement will make money available to substantially help the cleanup of many Superfund sites around the country," Ronald J. Tenpas, Assistant Attorney General for the DOJ's Environment and Natural Resources Division, said in a public statement. "This settlement is a good outcome for both the taxpayers and the environment." "Bankruptcy is not a safe haven to avoid environmental responsibilities," Catherine McCabe, principal deputy assistant administrator for EPA's Office of Enforcement and Compliance Assurance, further said in a press release. "EPA will keep pursuing companies who pollute the environment." The Government said it will use the settlement to reimburse EPA for past costs and to pay for future costs associated with cleaning up at hazardous waste sites in 18 states. Superfund is the federal program that investigates and cleans up the most complex uncontrolled or abandoned hazardous waste sites in the country. The settlement agreement will be subject to court approval after a 30-day public comment period. About W.R. Grace Headquartered in Columbia, Maryland, W.R. Grace & Co. (NYSE:GRA) -- http://www.grace.com/-- supplies catalysts and silica products, especially construction chemicals and building materials, and container products globally, including Argentina, Australia and Ireland. The Company and its debtor-affiliates filed for chapter 11 protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139). David M. Bernick, Esq., at Kirkland & Ellis, LLP, and Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones, LLP, represent the Debtors in their restructuring efforts. The Debtors hired Blackstone Group, L.P., for financial advice. PricewaterhouseCoopers LLP is the Debtors' accountant. Stroock & Stroock & Lavan, LLP, and Duane Morris, LLP, represent the Official Committee of Unsecured Creditors. The Creditors Committee tapped Capstone Corporate Recovery LLC for financial advice. David T. Austern, the legal representative of future asbestos personal injury claimants, is represented by Orrick Herrington & Sutcliffe LLP and Phillips Goldman & Spence, Pennsylvania. Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, and Marla R. Eskin, Esq., at Campbell & Levine, LLC, represent the Official Committee of Asbestos Personal Injury Claimants. The Asbestos Committee of Property Damage Claimants tapped Martin W. Dies, III, Esq., at Dies & Hile L.L.P., and C. Alan Runyan, Esq., at Speights & Runyan,to represent it. Lexecon, LLC, provided asbestos claims consulting services to the Official Committee of Equity Security Holders. The Debtors' filed their Chapter 11 Plan and Disclosure Statement on Nov. 13, 2004. On Jan. 13, 2005, they filed an Amended Plan and Disclosure Statement. The hearing to consider the adequacy of the Debtors' Disclosure Statement began on Jan. 21, 2005. The Debtors' exclusive period to file a chapter 11 plan expired on July 23, 2007. Estimation of W.R. Grace's asbestos personal injury liabilities will commence on Jan. 14, 2008. (W.R. Grace Bankruptcy News, Issue No. 146; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) ZIPIANO SRL: Proofs of Claim Verification Deadline Is Feb. 21 ------------------------------------------------------------- Leandro Jose Villari, the court-appointed trustee for Zipiano S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of claim until Feb. 21, 2008. Mr. Villari will present the validated claims in court as individual reports on April 11, 2008. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by Zipiano 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 Zipiano's accounting and banking records will be submitted in court is on May 26, 2008. Mr. Villari is also in charge of administering Zipiano's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Zipiano S.R.L. Amenabar 2280 Buenos Aires, Argentina The trustee can be reached at: Leandro Jose Villari Viamonte 723 Buenos Aires, Argentina ============= B A H A M A S ============= HARRAH'S ENTERTAINMENT: Extends Employment Pact w/ Gary Loveman --------------------------------------------------------------- Harrah's Entertainment Inc. has extended the existing employment agreement with Gary Loveman, the company's chairman, chief executive officer and president. Mr. Loveman is expected to remain in those positions following completion of the merger of Harrah's with affiliates of TPG and Apollo Management, L.P., which is expected to occur in early 2008. About Harrah's Entertainment Headquartered in Las Vegas, Nevada, Harrah's Entertainment Inc. (NYSE: HET) -- http://www.harrahs.com/-- has grown through development of new properties, expansions and acquisitions, and now owns or manages casino resorts on four continents and hosts over 100 million visitors per year. The company's properties operate under the Harrah's, Caesars and Horseshoe brand names; Harrah's also owns the London Clubs International family of casinos and the World Series of Poker. Harrah's also owns the London Clubs International family of casinos. In January, it signed a joint venture agreement with Baha Mar Resorts Ltd. to operate a resort in Bahamas. * * * Harrah's Entertainment Inc. continues to carry Standard & Poor's "BB" long term foreign and local issuer credit ratings, which were placed in December 2006. =========== B E L I Z E =========== CONTINENTAL AIRLINES: Reports December Operational Performance -------------------------------------------------------------- Continental Airlines reported a December consolidated (mainline plus regional) load factor of 78.7 percent, 0.8 points below the December 2006 consolidated load factor, and a mainline load factor of 78.8 percent, 1.1 points below the December 2006 mainline load factor. In addition, the carrier reported a domestic mainline load factor of 81.4 percent, 0.4 points below December 2006, and an international mainline load factor of 76.1 percent, 1.4 points below December 2006. During the month, Continental recorded a U.S. Department of Transportation on-time arrival rate of 66.4 percent and a mainline segment completion factor of 98.4 percent. Continental's operational performance was negatively impacted by numerous winter storms in the Northeast and Midwest. In December 2007, Continental flew 7.6 billion consolidated revenue passenger miles and 9.7 billion consolidated available seat miles, resulting in a traffic increase of 1.9 percent and a capacity increase of 3.0 percent as compared to December 2006. In December 2007, Continental flew 6.8 billion mainline RPMs and 8.7 billion mainline ASMs, resulting in a mainline traffic increase of 3.2 percent and a mainline capacity increase of 4.6 percent as compared to December 2006. Domestic mainline traffic was 3.7 billion RPMs in December 2007, which is flat as compared to December 2006, and domestic mainline capacity was 4.5 billion ASMs, up 0.5 percent from December 2006. For December 2007, both consolidated and mainline passenger revenue per available seat mile are estimated to have increased between 5.5 and 6.5 percent compared to December 2006. For November 2007, consolidated passenger RASM increased 7.4 percent compared to November 2006, while mainline passenger RASM increased 7.8 percent from November 2006. Continental ended the fourth quarter of 2007 with unrestricted cash and short-term investments of US$2.8 billion. Continental's regional operations had a record December load factor of 77.3 percent, 0.3 points above the December 2006 load factor. Regional RPMs were 792.5 million and regional ASMs were 1,025.7 million in December 2007, resulting in a traffic decrease of 8.3 percent and a capacity decrease of 8.6 percent versus December 2006. Continental Airlines Inc. (NYSE: CAL) -- http://continental.com/ -- is the world's fifth largest airline. Continental, together with Continental Express and Continental Connection, has more than 3,100 daily departures throughout Belize, Mexico, Europe and Asia, serving 154 domestic and 138 international destinations including Honduras and Bonaire. More than 400 additional points are served via SkyTeam alliance airlines. With more than 44,000 employees, Continental has hubs serving New York, Houston, Cleveland and Guam, and together with Continental Express, carries about 67 million passengers per year. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 18, 2007, Fitch Ratings has affirmed the debt ratings of Continental Airlines, Inc. as: -- Issuer Default Rating at 'B-'; -- Senior unsecured debt at 'CCC'/RR6 Fitch said the Rating Outlook is Stable. As of March 2007, Continental Airlines carries Moody's Investors Service's B2 corporate family rating. The company also carries Moody's B3 senior unsecured rating and Caa1 preferred stock rating. ============= B E R M U D A ============= MSD SOMERSET: Holding Final Shareholders Meeting on Jan. 22 ----------------------------------------------------------- MSD Somerset Ltd. will hold its final shareholders meeting on Jan. 22, 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. ORB TECHNOLOGY: Proofs of Claim Filing Ends on Jan. 15 ------------------------------------------------------ Orb Technology Limited's creditors are given until Jan. 15, 2008 to prove their claims to Jennifer M. Kelly, 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. Orb Technology's shareholders agreed on Dec. 19, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Jennifer M. Kelly 3rd Floor, Par La Ville Place 14 Par La Ville Road, Hamilton Bermuda PHOTONYX LTD: Sets Final Shareholders Meeting for Jan. 18 --------------------------------------------------------- Photonyx Ltd. will hold its final shareholders meeting on Jan. 18, 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. TBG GAMMA: Proofs of Claim Filing Is Until Jan. 15 -------------------------------------------------- TBG Gamma Limited's creditors are given until Jan. 15, 2008, to prove their claims to Jennifer M. Kelly, 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. TBG Gamma's shareholders agreed on Dec. 19, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Jennifer M. Kelly 3rd Floor, Par La Ville Place 14 Par La Ville Road, Hamilton Bermuda WELCH TECHNOLOGY: Proofs of Claim Filing Deadline Is Jan. 15 ------------------------------------------------------------ Welch Technology Fund, Ltd.'s creditors are given until Jan. 15, 2008, to prove their claims to Nicholas Hoskins, 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. Welch Technology's shareholders agreed on Dec. 20, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Nicholas Hoskins Wakefield Quin Chancery Hall, 52 Reid Street Hamilton, Bermuda WELCH TECHNOLOGY: Sets Final Shareholders Meeting for Jan. 24 ------------------------------------------------------------- Welch Technology Fund, Ltd., will hold its final shareholders meeting on Jan. 24, 2008, at 2:00 p.m. at: Wakefield Quin Chancery Hall, 52 Reid Street Hamilton, Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. =========== B R A Z I L =========== BANCO DO BRASIL: Brasilcap Revenues Up to BRL1.75 Bln in 11 Mos. ---------------------------------------------------------------- Banco do Brasil's saving bond business Brasilcap said in a statement that its revenues have increased 8.6% to BRL1.75 billion in January-November 2007, from the same period in 2006. According to Business News Americas, Brasilcap's technical reserves totaled BRL2.56 billion in November. BNamericas notes that the Brazilian savings bond market was developed in the 1990s to encourage savings among low-income earners. It combines savings instruments with regular lotteries for cash and goods. The report says that Brasilcap paid some BRL57 million in prizes through November. Banco do Brasil holds a 49.99% stake in Brasilcap. Banco do Brasil is Brazil's federal bank and is the largest in Latin America with some 20 million clients and over 7,000 points of sale (3,200 branches) in Brazil, and 34 offices and partnerships in 26 other countries. In addition to its traditional retail banking services, Banco do Brasil underwrites and sells bonds, conducts asset trading, offers investors portfolio management services, conducts financial securities advising, and provides market analysis and research. As reported on May 22, 2007, Standard & Poor's Ratings Services raised its long-term foreign currency counterparty credit rating on Brazilian government-related entity Banco do Brasil to 'BB+' from 'BB', after Brazil's foreign currency sovereign credit rating was upgraded to BB+. CHEMTURA CORP: Names Robert Wedinger as Chief Business Officer -------------------------------------------------------------- Chemtura Corporation has appointed Robert S. Wedinger, PhD, as chief business officer, reporting directly to Chairman and Chief Executive Officer Robert Wood. Dr. Wedinger is now responsible for Chemtura's commercial organization and its four businesses: Polymer Additives, Performance Specialties, Crop and Consumer Products. Dr. Wedinger, who was serving as group president of Performance Specialties, will retain his Performance Specialties role in addition to his new responsibilities. He joined Chemtura in 2006 as vice president and general manager of Process Chemicals and Polymers. Dr. Wedinger came to Chemtura from J.M. Huber Corporation in Maryland, a private diversified manufacturer, where he served as vice president and general manager of the performance materials business and the consumer products business. His previous positions include vice president and general manager of pharmaceutical fine chemicals for Honeywell International (AlliedSignal) in New Jersey; and global technical director for the food ingredients division of FMC Corporation in Pennsylvania. Dr. Wedinger holds 10 U.S. patents and has three patents pending. He earned a Bachelor of Science in chemistry and biology from Wagner College and a Ph.D. in physical organic chemistry from the State University of New York at Stony Brook. He was a post-doctoral research fellow in synthetic organic chemistry at Harvard University. Dr. Wedinger is also a member of the SOCMA Board of Directors. About Chemtura Corp. Headquartered in Middlebury, Connecticut, Chemtura Corp. (NYSE:CEM) -- http://www.chemtura.com/-- is a global manufacturer and marketer of specialty chemicals, crop protection, and pool, spa and home care products. The company has approximately 6,400 employees around the world and sells its products in more than 100 countries. The company has facilities in Singapore, Australia, China, Hong Kong, India, Japan, South Korea, Taiwan, Thailand, Brazil, Belgium, France, Germany, Mexico, and The United Kingdom. * * * As reported in the Troubled Company Reporter-Latin America on May 18, 2007, Moody's Investors Service lowered Chemtura Corporation's ratings: -- Corporate Family Rating: Ba2 from Ba1 -- Senior notes, US$500 million due 2016: Ba2 from Ba1; LGD4 (53%) -- Senior Unsecured Notes, US$150 million due 2026: Ba2 from Ba1; LGD4 (53%) -- Senior Unsecured Notes, US$400 million due 2009: Ba2 from Ba1; LGD4 (53%) COMPANHIA ENERGETICA: Stake Sale Hearing Set for Jan. 15 -------------------------------------------------------- Companhia Energetica de Sao Paulo said in a filing with the Bovespa stock exchange that the Sao Paulo state government will hold a public hearing to provide further information on the sale of its stake in the firm on Jan. 15. Business News Americas that the Sao Paulo state's privatization board recommended the state to sell its 33.37% stake in Companhia Energetica by the end of the first quarter 2008. Headquartered in Sao Paulo, Brazil, Companhia Energetica de Sao Paulo (BOVESPA: CESP3, CESP5 and CESP6) is the country's third largest power generator, majority owned by the State of Sao Paulo. CESP operates 6 hydroelectric plants with total installed capacity of 7,456 MW and reported net revenues of BRL1,983 million in the last twelve months through Sept. 30, 2006. As reported in the Troubled Company Reporter-Latin America on Oct. 10, 2007, Standard & Poor's Ratings Services has raised its ratings on electricity generator Companhia Energetica de Sao Paulo, including its corporate credit rating to 'B' from 'B-'. At the same time, S&P raised its Brazil national scale ratings on CESP to 'brBBB-' from 'brBB'. S&P said the outlook remains positive on both scales. DELPHI CORP: Court Okays Sale of Steering Biz for US$447 Million ---------------------------------------------------------------- The Honorable Robert Drain of the U.S. Bankruptcy Court for the Southern District of New York has authorized Delphi Corp. and its debtor-affiliates to auction off their global steering and halfshaft businesses, in accordance with the proposed bidding procedures. Pursuant to a Master Sale And Purchase Agreement dated Dec. 10, 2007, the Debtors have agreed to sell their steering business to Steering Solutions Corp. for US$447 million, subject to higher and better offers. Judge Drain agreed to to the Debtors' request to grant a break- up fee and an expense reimbursement for Steering Solutions, noting that the bidder was unwilling to commit to hold open its offer for the Steering Business absent bid protections. The Court, however, held that, pursuant to an agreement by the Official Committee of Unsecured Creditors, the Debtors, and Steering Solutions, (i) the break-up fee will be reduced from US$6 million to US$5.5 million and (ii) Steering Solutions retain the right to seek an expense reimbursement in an amount up to US$6 million if a break- up fee is not paid. The Court denied Steering Holding, LLC's objection to the proposed bid procedures. Steering Holding had asked the Court not to approve the Debtors' selection of Steering Solutions as the stalking horse bidder on grounds that it intends to submit an alternative bid, which would raise the cash portion of the purchase price from US$1 million to US$10 million and would reduce the break-up fees and expense reimbursements by US$4 million. The Court will convene a hearing on Feb. 21, 2008, at 10:00 a.m., Eastern Time, to confirm the results of the auction, if any, and approve the sale. Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of March 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in total assets and US$23,851,000,000 in total debts. The Debtors' exclusive plan-filing period expires on Dec. 31, 2007. On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan of Reorganization and a Disclosure Statement explaining that Plan. (Delphi Bankruptcy News, Issue No. 104; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) DELPHI CORP: Exclusive Plan-Filing Period Extended to March 31 -------------------------------------------------------------- The Honorable Robert Drain extends Delphi Corp. and its debtor- affiliates': (a) exclusive period for filing a plan of reorganization through and including March 31, 2008; and (b) exclusive period for soliciting acceptance of that plan through and including May 31, 2008. The Debtors' current Exclusive Plan Proposal Period expired on Dec. 31, 2007. As reported in the Troubled Company Reporter on Dec. 4, 2007, the Debtors' good-faith progress towards reorganization, according to John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, in Chicago, Illinois, is most convincingly demonstrated by the filing of the Joint Plan of Reorganization and Disclosure Statement on Sept. 6, 2007. The Debtors sought an extension of the Exclusive Periods to give them sufficient time to complete the Plan solicitation and confirmation processes in a timeframe that will allow them to emerge from bankruptcy in the first quarter of 2008. Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of March 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in total assets and US$23,851,000,000 in total debts. The Debtors' exclusive plan-filing period expires on Dec. 31, 2007. On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan of Reorganization and a Disclosure Statement explaining that Plan. (Delphi Bankruptcy News, Issue No. 102; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) FLEXTRONICS: Plans to Close Plant & Cut 7,000 Jobs Worldwide ------------------------------------------------------------ Flextronics International Ltd. plans to close its Wilmington manufacturing plant next month, eliminating more than 100 jobs, Globe Newspaper Company reports citing a letter the company sent to state officials. The report recounts that Flextronics bought Solectron in October for US$3.6 billion and decided to close the Wilmington plant as part of the process of combining the companies. Director of Compliance for Flextronics Grainne Blanchette was quoted by the news agency as saying, "This was a difficult decision to make and was reached only after analyzing the options available." The decision was needed to "achieve the necessary reductions in costs" associated with the merger, he added. After completing the Solectron acquisition, the report relates, the company planned to cut 7,000 jobs worldwide, close several facilities, and record restructuring charges of US$430 million to US$500 million over the next year. The report says that according to the company's letter, dated Nov. 5, the job cuts will occur between Jan. 17 and 31. Federal law generally requires large employers to notify employees and the government of a plant closing or major layoff at least 60 days in advance, the report adds. About Flextronics International Headquartered in Singapore, Flextronics International Ltd. (NasdaqGS: FLEX) -- http://www.flextronics.com/-- is an Electronics Manufacturing Services provider focused on delivering design, engineering and manufacturing services to automotive, computing, consumer digital, industrial, infrastructure, medical and mobile OEMs. Flextronics helps customers design, build, ship, and service electronics products through a network of facilities in over 30 countries on four continents including Brazil, Mexico, Hungary, Sweden, United Kingdom, among others. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 4, 2007, Fitch Ratings has completed its review of Flextronics International Ltd. following the company's acquisition of Solectron Corp. and resolved Flextronics' Rating Watch Negative status by affirming these ratings: Issuer Default Rating at 'BB+'; and Senior unsecured credit facility at 'BB+'. Fitch also rated Flextronics' new senior unsecured Term B loan at 'BB+'. Additionally, Fitch has downgraded the rating on Flextronics' senior subordinated notes from 'BB' to 'BB-'. The Rating Outlook is Negative. At the same time, Moody's Investors Service confirmed the ratings of Flextronics International Ltd. with a negative outlook and assigned a Ba1 rating to the company's new US$1.75 billion delayed draw unsecured term loan in response to the closing of the Solectron acquisition. The initial draw on the term loan (US$1.1 billion) will finance the cash portion of the merger consideration. SUN MICROSYSTEMS: Unit Wants To Launch Services in Provinces ------------------------------------------------------------ Sun Microsystems' Argentine general manager Alejandro Raffaele told news daily La Nacion that it wants to expand into the provinces through new distribution channels. Sun Microsystems believes that there is potential for sales in the agribusiness sector so it must expand the scope of its channels, Business News Americas relates, citing Mr. Raffaele. Mr. Raffaele thinks there are opportunities in the public sector this year. The public sector didn't invest as much in information technology last year as expected due to presidential elections. Other industries with potential are the banking and telecoms sectors, BNamericas states. Headquartered in Santa Clara, California, Sun Microsystems Inc. (NASDAQ: SUNW) -- http://www.sun.com/-- provides network computing infrastructure solutions that include computer systems, data management, support services and client solutions and educational services. It sells networking solutions, including products and services, in most major markets worldwide through a combination of direct and indirect channels. Sun Microsystems conducts business in 100 countries around the globe, including Brazil, Argentina, India, Hungary, United Kingdom, among others. * * * Sun Microsystems Inc. carries Moody's "Ba1" probability of default and long-term corporate family ratings with a stable outlook. The ratings were placed on Sept. 22, 2006, and Sept. 22, 2005, respectively. Sun Microsystems also carries Standard & Poor's "BB+" long-term foreign and local issuer credit ratings, which were placed on March 5, 2004, with a stable outlook. TELEMAR NORTE: Bags Two Spectrum Licenses for Sao Paulo ------------------------------------------------------- Telemar Norte Leste has won two 2G spectrum licenses for Sao Paulo in the repeat of an auction initially launched in September, Brazilian telecoms regulator Anatel posted on its Web site. Business News Americas relates that Telemar Norte paid some BRL112 million for the two licenses, about 156% higher than the BRL43.5 million minimum asking price. Telemar Norte paid BRL110 million for lot one covering an area, greater Sao Paulo. The amount was 163% over the BRL42 million asking price. The firm paid about BRL1.6 million for lot two covering northern Sao Paulo, 1.02% over the minimum price of BRL1.57 million. The other bidder for the licenses was Unicel, BNamericas notes. The report says that the spectrum blocks were initially included in the auction of leftover 2G spectrum auctioned in September when Unicel labeled its offer envelopes for the attention of power regulator Aneel, instead of Anatel. Telemar Norte's bids were then the only ones accepted. Unicel filed an appeal to delay the process, which Anatel accepted. Anatel decided to launch the auction again. According to BNamericas, Anatel brought in some BRL638 million in the 2G auctions, 36.4% above the minimum price. Winning bidders are given one year to begin operations, BNamericas states. Headquartered in Rio de Janeiro, Brazil, Tele Norte Leste Participacoes SA -- http://www.telemar.com.br-- is a provider of fixed-line telecommunications services in South America. The company markets its services under its Telemar brand name. Tele Norte's subsidiaries include Telemar Norte Leste SA; TNL PCS SA; Telemar Internet Ltda.; and Companhia AIX Participacoes SA. As reported on April 27, 2007, Standard & Poor's placed on CreditWatch with negative implications the 'BB+' corporate credit rating on Tele Norte Leste Participacoes S.A. The creditwatch resulted from TmarPart's decision to buy out its holding company's preferred shares. UAP HOLDING: Agrium Inc. Withdraws Merger Notification ------------------------------------------------------ Agrium Inc. has withdrawn its notification and report form submitted to the Antitrust Division of the U.S. Department of Justice and the Federal Trade Commission under the Hart-Scott- Rodino Antitrust Improvements Act in connection with the acquisition of all of the outstanding common stock of UAP Holding Corp., by a subsidiary of Agrium. Agrium originally filed its notification and report form under the HSR Act on Dec. 10, 2007. By re-filing its notification and report form with the DOJ and the FTC, Agrium will have a full 15-day period after the re-filing to discuss the transaction, and answer any questions raised by the DOJ or the FTC. As reported in the Troubled Company Reporter on Dec. 5, 2007, UAP Holding Corp. and Agrium Inc. have entered into a definitive agreement for Agrium to acquire UAP. Under the terms of the agreement, a subsidiary of Agrium will commence a tender offer to purchase all of the outstanding common stock of UAP for US$39 per share in cash for an aggregate transaction value of approximately US$2.65-billion, including an estimated US$487- million of assumed debt. The boards of directors of both companies have unanimously approved the agreement, and the UAP board of directors has unanimously recommended that the UAP shareholders accept the tender offer. The waiting period under the HSR Act will expire at 11:59 pm New York City time on Jan. 14, 2008, unless this period is earlier terminated or extended. About Agrium Inc. Headquartered in Calgary, Alberta, Agrium Inc. (TSX: AGU) (NYSE: AGU) -- http://www.agrium.com/-- is a retail supplier of agricultural products and services in both North and South America and a producer and marketer of agricultural nutrients and industrial products. Agrium produces and markets three primary groups of nutrients: nitrogen, phosphate and potash well as controlled release fertilizers and micronutrients. Agrium's strategy is to grow through incremental expansion of its existing operations and acquisitions as well as the development, commercialization and marketing of new products and international opportunities. About UAP Holding Corp. Headquartered in Greeley, Colorado, UAP Holdings Corp. (NASDAQ:UAPH) -- http://www.uap.com/-- is the holding company of United Agri Products Inc., an independent distributor of agricultural and non-crop products in the United States and Canada. United Agri Products Inc. markets products, including chemicals, fertilizer, and seed to farmers, commercial growers, and regional dealers. United Agri Products also provides an array of value-added services, including crop management, biotechnology advisory services, custom fertilizer blending, seed treatment, inventory management, and custom applications of crop inputs. United Agri Products maintains a network of approximately 370 distribution and storage facilities and three formulation plants, located in crop-producing areas throughout the United States and Canada. The airline flies to Brazil, Korea and Germany. * * * As reported on Sept. 10, 2007, Standard & Poor's Ratings Services raised its corporate credit rating UAP Holding Corp. to 'BB-' from 'B+'. S&P said the outlook is stable. * BRAZIL: Petroleo Brasileiro Launches Manati Well Production ------------------------------------------------------------- Brazilian state-owned oil firm Petroleo Brasileiro SA, along with partners Norse Energy and Queiroz Galvao, have launched operations at the Manati MNT-4 well at the Manati offshore gas field, according to a statement by Norse Energy. Norse Energy commented to Business News Americas, "MNT-4 has been tied-in and all six wells are now producing. Production is scheduled to adjust in accordance with market demand." Norse Energy told BNamericas that the fourth quarter 2007 output would average 4.7 million cubic meters per day. Manati field's last production level before the MNT-4 well was 5.8 million cubic meters per day. Shallow-water Manati gas field first started producing some three million cubic meters per day in January 2007, BNamericas states. 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. * Fitch Says New Rules Will Benefit Reinsurance Industry -------------------------------------------------------- Fitch Ratings has reviewed the main changes introduced by Resolutions 168, 169, 170, 171 and 172 of Brazil's National Private Insurance Board, published in December 2007. These resolutions complement the regulatory model of the reinsurance market, defining the scope of reinsurance and retrocession in Brazil in an environment of increased competition and capital and operational requirements. In Fitch's opinion, the changes should benefit the insurance industry despite pointing out that, as with any other important implementation, the new framework presents some restrictions. In particular, one restriction would limit the activities of foreign reinsurers in this first phase of opening the market, in which greater caution by the regulator and the implementation of a series of new concepts and controls within the industry can be observed. Fitch expects that evolution of the reinsurance regulatory environment, with its greater incentives for internationalization, will mainly benefit the insurance industry. The reinsurance market handled BRL3.5 billion in 2006 and BRL2.3 billion up to September 2007, with nearly no real growth compared with the same period in 2006. This market is expected to post growth slightly above that of recent years (compound annual growth rate of 8.5% from 2002 to 2006) due to greater development of the market. However, its increased development will mainly depend on accelerated economic growth and greater use of insurance by private companies and individuals. In the latter case, some actions will be required to increase its popular appeal. Initially, the regulator ratified the main determinations of Complementary Law 126 of 2007, reserving 60% of the market of premiums assigned by each insurer for local reinsurers up to 2010 and 40% thereafter. It also defined that all the risks relative to this reserved market must be offered first to local reinsurers, a group that is at first expected to be very small in Brazil. Only after they have refused the business can the premiums be offered to accepted or eventual reinsurers. This is contrary to more developed markets, where legal dispositions promote a greater degree of freedom and internationalization in the sector, benefiting prices, product offerings and the potential for greater diversification in underwriting risks. Fitch believes that as the sector develops further, the Private Insurance Superintendency (Susep) and the government may well review the legal instruments and allow greater liberalization in the long run, to the industry's added benefit. Local reinsurers will follow rules similar to insurance companies, mainly regarding the constitution of reserves. The IRB Brasil RE, as the only local authorized reinsurer to date, is expected to maintain a large part of the premiums underwritten in the market over the short and medium terms and, furthermore, will have until June 2008 to comply with the new regulations. The IRB has been adopting measures to adjust to a competitive environment and, in the long run, could further benefit from a possible decision of the main private shareholders (such as Bradesco Seguros S.A. and Unibanco -- Uniao de Bancos Brasileiros S.A.) to retain their holdings, as well as management's decision to undertake a comprehensive strengthening of the company, emphasizing gains in efficiency. Fitch believes this along with modernization of the reinsurer should substantially benefit IRB's credit profile and prepare it for greater competition with large international players in the long run. In Fitch's view, the more stable economic environment, increased demand for insurance, and the new regulations related to insurance and reinsurance are positive for development of these markets. However, as with any new regulatory environment, there are uncertainties regarding the functionality of the new legal dispositions, since they still need to be tested. Thus, Fitch will continue monitoring their development, as well as the role of Susep, not only as the controlling entity, but also as a key agent in promoting an orderly process to open the market. =========================== C A Y M A N I S L A N D S =========================== ABILENE LIMITED: Proofs of Claim Filing Deadline Is Jan. 10 ----------------------------------------------------------- Abilene Limited's creditors are given until Jan. 10, 2008, to prove their claims to Buchanan 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. Abilene Limited'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 liquidator can be reached at: Buchanan Limited Attention: Francine Jennings P.O. Box 1170, Grand Cayman KY1-1102 Cayman Islands Telephone: (345) 949-0355 Fax: (345) 949-0360 BANK OF AYUDHYA: To Focus on Environment for 2008's CSR Program --------------------------------------------------------------- The Bank of Ayudhya PCL will focus on environmental issues for its corporate social responsibility program this year, The Nation reports. The report notes that according to the bank's head of corporate communications and investor relations, Yaowalak Poolthong, BoA recognizes that although its operations are not polluting the environment, it is a part of society and must do its part. "Global warming is a crucial issue and involves all of society," Mr. Yaowalak said. The bank has entered into partnerships for this effort, the report says. Specifically, it has joined the Nation Multimedia Group's "One Degree Joining Hands to Make a Difference" campaign. The campaign aims to raise Thais' awareness about global warming and will continue until May this year. Headquartered in Bangkok, Thailand, Bank of Ayudhya Public Co. Ltd. -- http://www.krungsri.com/-- provides a full range of banking and financial services. The bank offers corporate and personal lending, retail and wholesale banking; international trade financing asset management; and investment banking services to customers through its branches. It has branches in Hong Kong, Vietnam, Laos, and the Cayman Islands. Bank of Ayudhya's subordinated debts carry Fitch Ratings Services' BB+ rating. Fitch Ratings (Thailand) Limited also assigned a National Long- term rating of 'A+(tha)' to the debentures of Bank of Ayudhya Public Company Limited (BAY) Tranche 1 due 2010 and Tranche 2 due 2011 of up to THB15 billion each. The Troubled Company Reporter - Asia Pacific reported on December 13, 2007 that Moody's Investors Service has placed on review for possible upgrade the Bank of Ayudhya Public Co Ltd's ("BAY") Baa3 deposit and debt ratings and its D- bank financial strength rating. The following ratings have been placed on review for upgrade: * Bank financial strength rating of D- * Long-term foreign currency deposit rating of Baa3 * Short-term foreign currency deposit rating of Prime-3 * Senior unsecured foreign currency debt rating of Baa3 The rating action was based on BAY's track record of improving economic solvency, increasing earnings diversification, and strengthening risk management practices. DUSK LIMITED: Proofs of Claim Filing Deadline Is Jan. 10 -------------------------------------------------------- Dusk Limited's creditors are given until Jan. 10, 2008, to prove their claims to Buchanan 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. Dusk Limited'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 liquidator can be reached at: Buchanan Limited Attention: Francine Jennings P.O. Box 1170, Grand Cayman KY1-1102 Cayman Islands Telephone: (345) 949-0355 Fax: (345) 949-0360 FIRST BIANCA: Proofs of Claim Filing Is Until Jan. 10 ----------------------------------------------------- First Bianca Limited's creditors are given until Jan. 10, 2008, to prove their claims to Buchanan 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. First Bianca'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 liquidator can be reached at: Buchanan Limited Attention: Francine Jennings P.O. Box 1170, Grand Cayman KY1-1102 Cayman Islands Telephone: (345) 949-0355 Fax: (345) 949-0360 FRVMA LIMITED: Proofs of Claim Filing Is Until Jan. 10 ------------------------------------------------------ FRVMA Limited's creditors are given until Jan. 10, 2008, to prove their claims to Richard Gordon and Jan Neveril, 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. FRVMA Limited's shareholders agreed on Nov. 28, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Richard Gordon Jan Neveril Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands LIFE HOLDING: Proofs of Claim Filing Deadline Is Jan. 10 -------------------------------------------------------- Life Holding Company's creditors are given until Jan. 10, 2008, to prove their claims to Daniel Rewalt and Christopher Ruark, 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. Life Holding'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: Daniel Rewalt Christopher Ruark Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands LYDIAN LIMITED: Proofs of Claim Filing Is Until Jan. 10 ------------------------------------------------------- Lydian Limited's creditors are given until Jan. 10, 2008, to prove their claims to Buchanan 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. Lydian Limited'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 liquidator can be reached at: Buchanan Limited Attention: Francine Jennings P.O. Box 1170, Grand Cayman KY1-1102 Cayman Islands Telephone: (345) 949-0355 Fax: (345) 949-0360 MERRIMACK LIMITED: Proofs of Claim Filing Is Until Jan. 10 ---------------------------------------------------------- Merrimack Limited's creditors are given until Jan. 10, 2008, to prove their claims to Buchanan 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. Merrimack Limited'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 liquidator can be reached at: Buchanan Limited Attention: Francine Jennings P.O. Box 1170, Grand Cayman KY1-1102 Cayman Islands Telephone: (345) 949-0355 Fax: (345) 949-0360 MTI CAPITAL: Proofs of Claim Filing Is Until Jan. 10 ---------------------------------------------------- MTI Capital (Cayman) Limited's creditors are given until Jan. 10, 2008, to prove their claims to Jan Neveril and Richard Gordon, the company's liquidators, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. MTI Capital'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 liquidators can be reached at: Jan Neveril Richard Gordon Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands MTI FINANCE: Proofs of Claim Filing Deadline Is Jan. 10 ------------------------------------------------------- MTI Finance (Cayman) Limited's creditors are given until Jan. 10, 2008, to prove their claims to Jan Neveril and Richard Gordon, the company's liquidators, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. MTI Finance'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 liquidators can be reached at: