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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
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A R G E N T I N A
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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:
Jan Neveril
Richard Gordon
Maples Finance Limited
P.O. Box 1093, George Town
Grand Cayman, Cayman Islands
NEW ERA: Proofs of Claim Filing Is Until Jan. 10
------------------------------------------------
New Era Limited's creditors are given until Jan. 10, 2008, to
prove their claims to Daniel Rewalt and Giles Le Sueur, 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.
New Era's shareholders agreed on Nov. 27, 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
Giles Le Sueur
Maples Finance Limited
P.O. Box 1093, George Town
Grand Cayman, Cayman Islands
RIVERHEAD LIMITED: Proofs of Claim Filing Deadline Is Jan. 10
-------------------------------------------------------------
Riverhead 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.
Riverhead 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
RUM LIMITED: Proofs of Claim Filing Deadline Is Jan. 10
-------------------------------------------------------
Rum 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.
Rum 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
SAMPSON LTD: Proofs of Claim Filing Is Until Jan. 10
----------------------------------------------------
Sampson Ltd.'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.
Sampson Ltd.'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
SH CAPITAL: Proofs of Claim Filing Deadline Is Jan. 10
------------------------------------------------------
SH Capital Cayman Limited's creditors are given until
Jan. 10, 2008, to prove their claims to Mora Goddard and Emile
Small, 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.
SH 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:
Mora Goddard
Emile Small
Maples Finance Limited
P.O. Box 1093, George Town
Grand Cayman, Cayman Islands
SPENCER HOUSE: Proofs of Claim Filing Ends on Jan. 10
-----------------------------------------------------
Spencer House Capital Management Global Fund 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.
Spencer House'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:
Jan Neveril
Richard Gordon
Maples Finance Limited
P.O. Box 1093, George Town
Grand Cayman, Cayman Islands
SPENCER HOUSE CAPITAL: Proofs of Claim Filing Is Until Jan. 10
--------------------------------------------------------------
Spencer House Capital Management Global Master Fund 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.
Spencer House'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:
Jan Neveril
Richard Gordon
Maples Finance Limited
P.O. Box 1093, George Town
Grand Cayman, Cayman Islands
TOBOGAN INVESTMENTS: Proofs of Claim Filing Ends on Jan. 10
-----------------------------------------------------------
Tobogan Investments Ltd.'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.
Tobogan Investments' 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
TRUMBULL RATED: Proofs of Claim Filing Deadline Is Jan. 10
----------------------------------------------------------
Trumbull Rated Loan Fund 2003-1, Ltd.'s creditors are given
until Jan. 10, 2008, to prove their claims to Helen Allen and
Emile Small, 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.
Trumbull Rated's shareholders agreed on Nov. 22, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.
The liquidators can be reached at:
Helen Allen
Emile Small
Maples Finance Limited
P.O. Box 1093, George Town
Grand Cayman, Cayman Islands
TRUMBULL THC: Proofs of Claim Filing Is Until Jan. 10
-----------------------------------------------------
Trumbull THC, Ltd.'s creditors are given until Jan. 10, 2008, to
prove their claims to Helen Allen and Emile Small, 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.
Trumbull THC's shareholders agreed on Nov. 22, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.
The liquidators can be reached at:
Eric Rodriquez
Emile Small
Maples Finance Limited
P.O. Box 1093, George Town
Grand Cayman, Cayman Islands
ZAUBERBERG INVESTMENT: Proofs of Claim Filing Is Until Jan. 10
--------------------------------------------------------------
Zuberberg Investment 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.
Zuberberg Investment'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
===============
C O L O M B I A
===============
POLYONE CORPORATION: Closes GLS Corporation Acquisition
-------------------------------------------------------
PolyOne Corporation has completed its previously announced
acquisition of GLS Corporation, the leading North American
provider of specialty thermoplastic elastomer compounds for
consumer and medical applications.
This acquisition complements PolyOne's global Engineered
Materials business portfolio and accelerates the company's shift
to specialization. The combination of GLS's specialty TPE
technology, compounding expertise and brand, along with
PolyOne's extensive global infrastructure and commercial
presence offers customers enhanced technologies; a broader range
of products, services and solutions; and expanded access to
specialized, high-growth markets around the globe.
The experienced GLS senior management team will remain and lead
the global TPE business unit, retaining the GLS name and brand.
GLS was formerly a family-owned business headquartered in
McHenry, Illinois. It has built a superb reputation as a
strategic partner to many of the world's best-known companies in
developing and marketing highly customized soft TPEs. With
approximately 200 employees, GLS has manufacturing facilities in
Illinois and Suzhou, China. Annual sales are approximately
US$130 million.
About PolyOne Corp.
Headquartered in northeast Ohio, PolyOne Corporation (NYSE: POL)
-- http://www.polyone.com/ -- is a leading global provider of
specialized polymer materials, services and solutions. PolyOne
has operations in North America, Europe, Asia and Australia, and
joint ventures in North America and South America. The company
maintains operations in China, Colombia, Thailand and Singapore.
* * *
Moody's Investor Services placed PolyOne Corporation's senior
unsecured debt, long term corporate family and probability of
default ratings at 'B1' in July 2007. The ratings still hold to
date with a stable outlook.
===================
C O S T A R I C A
===================
ALCATEL-LUCENT: Hires Mr. Mohan as President of Indian Business
---------------------------------------------------------------
Alcatel-Lucent appointed Vivek Mohan as President of the
company's business in India. Mr. Mohan has been part of Lucent
Technologies since 2001 and after the merger he has been heading
Services business for Alcatel - Lucent in South Asia. Vivek has
finished his Bachelors in Computer Science from California State
University and holds an MBA degree from Harvard Business School.
"Alcatel-Lucent is committed to help its Indian customers grow
their business and offer innovative services. We have in India
a talented team of recognized professionals to support them",
said Mr. Mohan.
Ravi Sharma, presently the President of South Asia business, has
been appointed as Advisor to Frederic Rose, President of Europe,
Africa and Asia business, on Asian Regional Operators. In this
role, Ravi will support the business in South & South East Asia
and India, in developing and implementing a sound and profitable
strategy to accompany Asian operators in these markets.
Alcatel-Lucent will continue to leverage its positions in the
fixed and mobile segment, applications and professional
services, whilst also entering Industry and Public Sector
markets outside the company's traditional customer base, in
particular in Energy, Transport, Public Sector, Defense and
Security.
About Alcatel-Lucent
Headquartered in Paris, France, Alcatel-Lucent S.A. --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.
Alcatel-Lucent maintains operations in 130 countries, including,
Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada,
United States, Costa Rica, Dominican Republic, El Salvador,
Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and
Cambodia.
* * *
As reported in the Troubled Company Reporter-Latin America on
Nov. 9, 2007, Moody's Investors Service downgraded to Ba3 from
Ba2 the Corporate Family Rating of Alcatel-Lucent. The ratings
for senior debt of the group were equally lowered to Ba3 from
Ba2 and the trust preferred notes of Lucent Technologies Capital
Trust I have been downgraded to B2 from B1. At the same time,
Moody's affirmed its Not-Prime rating for short-term debt of
Alcatel-Lucent. Moody's said the outlook for the ratings is
stable.
Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt carry Standard & Poor's Ratings Services' BB
rating. Its Short-Term Corporate Credit rating stands at B.
ALCATEL-LUCENT SA: Names Vivek Mohan as Business Chief in India
---------------------------------------------------------------
Alcatel-Lucent SA has appointed Vivek Mohan as President of the
company's business in India.
Mr. Mohan has been part of Lucent Technologies since 2001 and
after the merger he has been heading Services business for
Alcatel-Lucent in South Asia. Mr. Mohan has finished his
Bachelors in Computer Science from California State University
and holds an MBA degree from Harvard Business School.
"Alcatel-Lucent is committed to help its Indian customers grow
their business and offer innovative services," Mr. Mohan said.
"We have in India a talented team of recognized professionals to
support them."
Ravi Sharma, presently the President of South Asia business, has
been appointed as Advisor to Frederic Rose, President of Europe,
Africa and Asia (EAA) business, on Asian Regional Operators. In
this role, Mr. Sharma will support the business in South & South
East Asia and India, in developing and implementing a sound and
profitable strategy to accompany Asian operators in these
markets.
Alcatel-Lucent will continue to leverage its positions in the
fixed and mobile segment, applications and professional
services, whilst also entering Industry and Public Sector
markets outside the company's traditional customer base, in
particular in Energy, Transport, Public Sector, Defense and
Security.
About Alcatel-Lucent
Headquartered in Paris, France, Alcatel-Lucent S.A. --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.
Alcatel-Lucent maintains operations in 130 countries, including,
Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada,
United States, Costa Rica, Dominican Republic, El Salvador,
Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and
Cambodia.
* * *
As reported in the Troubled Company Reporter-Latin America on
Nov. 9, 2007, Moody's Investors Service downgraded to Ba3 from
Ba2 the Corporate Family Rating of Alcatel-Lucent. The ratings
for senior debt of the group were equally lowered to Ba3 from
Ba2 and the trust preferred notes of Lucent Technologies Capital
Trust I have been downgraded to B2 from B1. At the same time,
Moody's affirmed its Not-Prime rating for short-term debt of
Alcatel-Lucent. Moody's said the outlook for the ratings is
stable.
Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt carry Standard & Poor's Ratings Services' BB
rating. Its Short-Term Corporate Credit rating stands at B.
=============
E C U A D O R
=============
PETROBRAS ENERGIA: To Sell 40% Petroquimica Stake to Admire
-----------------------------------------------------------
Petrobras Energia Participaciones S.A. disclosed that its
controlled company, Petrobras Energia S.A., has signed an
agreement, on Dec. 31, 2007, for the sale of its 40% equity
interest in Petroquimica Cuyo S.A.I.C. to Admire Trading Company
S.A. and Grupo Inversor Petroquimica S.L.
Pursuant to the stock purchase agreement the sale price was set
at US$32 million, accounting for a gain of approximately ARS39
million in Petrobras Energia S.A.
Petrobras Energia Participaciones SA (Buenos Aires: PBE,
NYSE:PZE) through its subsidiary, explores, produces, and
refines oil and gas, as well as generates, transmits, and
distributes electricity. It also offers petrochemicals, as well
as markets and transports hydrocarbons. The company conducts
oil and gas exploration and production operations in Argentina,
Venezuela, Peru, Ecuador, and Bolivia
* * *
In January 2007, Fitch Argentina Calificadora de Riesgo affirmed
these ratings assigned to Petrobras Energia:
-- international currency: B+
-- local currency: BB-
-- unsecured senior debt: B+
=====================
E L S A L V A D O R
=====================
* Fitch Revises Qualifications of Financial Institutions
--------------------------------------------------------
In the quarterly analysis of the national qualifications of
financial institutions in El Salvador, Fitch Ratings revise the
ratings of companies based on their financial status at
Sept. 30, 2007. The summary of the national qualifications of
financial institutions and holdings in El Salvador are:
Banks
Banco Agricola -- maintained at AA+ (slv) for the long-term
period and F1+(slv) for the short-term
period. The outlook is revised to
positive
Banco de America Central -- maintained at AA+(slv) with
stable outlook
Banco CentroAmericano de Integracion Economica --
maintained at AAA (slv), F1+(slv), with
stable outlook
Banco de Fomento Agropecuario -- maintained at BBB(slv),
F3(slv), with stable outlook
Banco G&T Continental El Salvador -- maintained at BB(slv),
B(slv), with stable outlook
Banco Hipotecario -- maintained at BBB+(slv), F2(slv) with
negative outlook
Banco HSBC Salvadoreno -- maintained at AAA(slv), F1 (slv)
with stable outlook
Banco Multisectoral de Inversiones -- maintained at
AAA(slv), F1+(slv) with stable outlook
Banco ProCredit -- maintained at AA(slv), F1(slv) with
stable outlook
Banco Promerica -- maintained at BB+(slv), B(slv) with
stable outlook
Banco Uno -- maintained at AAA(slv), F1(slv) with stable
outlook
Scotiabank El Salvador -- maintained at AAA(slv), F1+(slv)
with stable outlook
Holdings
Banagricola -- maintained at AA+(slv), F1+(slv). Outlook
changed to positive
Inversiones Financieras Banco Agricola -- maintained at
AA+(slv), F1+(slv). Outlook changed to
Positive
Inversiones Financieras Bancosal -- maintained at AAA(slv),
F1+(slv) with stable outlook
Inversiones Financieras Banco de America Central --
maintained at AA+(slv), F1+(slv), with
stable outlook
Inversiones Financieras Promerica -- maintained at
BB+(slv), B(slv) with stable outlook
Inversiones Financieras Scotiabank El Salvador --
maintained at AAA(slv), F1+(slv) with
stable outlook
Other Financial Institutions
CrediQ -- maintained at BBB-(slv), F3(slv) with stable
Outlook
Fondo Social para la Vivienda -- maintained at A(slv),
F1(slv) with stable outlook
Fondo Nacional de Vivienda Popular -- maintained at A(slv),
F1(slv) with stable outlook
Issuance
Banco Cuscatlan Panama-Bonos Corp. 2006 Series A, B, C, D,
E, F, G, H, I, J -- maintained at
AAA(slv)
Banco Cuscatlan Panama - Bonos Corp. 2004 Series A, B, C --
maintained at AAA(slv)
BCIE - Medium Term Note Program -- maintained at AAA(slv)
Global Bank - Bonos Corporativos US$85 millones Series A,
B, C, D -- maintained at AAA(slv)
La Hipotecaria - PBLHIPO1 -- maintained at F1(slv)
=================
G U A T E M A L A
=================
BRITISH AIRWAYS: Faces Air Cargo Cartel Charges from EU
-------------------------------------------------------
British Airways plc confirmed that it received a statement of
objections from the European Commission, concerning its alleged
participation in a cartel in the provision of airfreight
services, in violation of EU rules on restrictive business
practices (Article 81 of the EC Treaty and Article 53 of the
Agreement on the European Economic Area), published reports say.
According to BBC News, Air France-KLM and SAS also received
statements of objections from the commission.
The airlines, however, pledged to fully cooperate with the EU
regulators' investigation, which dates back to early 2006, BBC
relates.
Procedural Background
A statement of objections is a formal step in commission
antitrust investigations in which the commission informs the
parties concerned in writing of the objections raised against
them. The addressee of a statement of objections can reply in
writing to the statement of objections, setting out all facts
known to it which are relevant to its defense against the
objections raised by the commission. The party may also request
an oral hearing to present its comments on the case.
The commission may then take a decision on whether conduct
addressed in the statement of objections is compatible or not
with the EC Treaty's antitrust rules. Sending a statement of
objections does not prejudge the final outcome of the procedure.
Bloomberg News reveals under EU rules, companies found guilty of
antitrust violations can be fined as much as 10% of their annual
sales.
Headquartered in West Drayton, United Kingdom, British Airways
plc -- http://www.ba.com/-- operates of international and
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services. The British Airways group consists of British Airways
plc and a number of subsidiary companies including in particular
British Airways Holidays Ltd. and British Airways Travel
Shops Ltd. BA has offices in India and Guatemala.
* * *
British Airways plc carries a senior unsecured debt rating of
Ba1 from Moody's Investors' Service with a stable outlook.
=============
J A M A I C A
=============
GOODYEAR TIRE: Jamaican Unit Won't Make Dividend Payments
---------------------------------------------------------
The Goodyear Tire & Rubber Company's board of directors have
decided that the firm won't pay dividends.
Radio Jamaica relates that the board made the decision during a
meeting on Dec. 13. Radio Jamaica says the reasons for the
decision was not disclosed.
Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company. The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries. Goodyear's operations are located in Argentina,
Austria, Chile, Colombia, France, Italy, Guatemala, Jamaica,
Peru, Russia, among others. Goodyear employs more than 80,000
people worldwide.
* * *
In June 2007, Standard & Poor's Ratings Services raised its
ratings on Goodyear Tire & Rubber Co., including its corporate
credit rating to 'BB-' from 'B+'. These ratings still apply as
of Dec. 4, 2007.
NATIONAL COMMERCIAL: Mark Myers & Edward Zacca Leave Firm
---------------------------------------------------------
Mark Myers and Edward Zacca O.J., Pc. have resigned as directors
of the National Commercial Bank.
Mr. Myers resigned as the National Commercial's director,
effective Dec. 21, 2007. Meanwhile, Mr. Zacca has resigned as a
director effective Dec. 21, 2007.
* * *
As reported in the Troubled Company Reporter-Latin America on
May 2, 2007, Fitch Ratings affirmed these ratings on Jamaica-
based National Commercial Bank Jamaica Limited:
-- long-term foreign and local currency Issuer Default
Ratings (IDR) at 'B+';
-- short-term foreign and local currency rating at
'B';
-- individual at 'D';
-- support at 4.
The rating outlook on the bank's ratings is stable, in line with
Fitch's view of the sovereign's creditworthiness.
===========
M E X I C O
===========
AMERICAN TOWER: Files Lawsuit Against Jide Zeitlin
--------------------------------------------------
Cellular-News reports that American Tower Corp. has sued former
Goldman Sachs Group executive Jide Zeitlin.
Cellular-News notes that Mr. Zeitlin left Goldman Sachs in 2005.
According to Cellular-News, Mr. Zeitlin allegedly forged an e-
mail as to make it seem to have come from American Tower Chief
Executive Officer James Taiclet. Mr. Zeitlin allegedly
forwarded a news article published on CNN's Web site in October
2006 to two of American Tower's institutional investors,
manually entering Mr. Taiclet's e-mail address into the Web
site.
The alleged forgery was discovered when a recipient replied to
the Web site alert and the e-mail went back to Mr. Taiclet's e-
mail address, Cellular-News relates.
"We have no comment because we have not been served with the
complaint and so our legal counsel has not had the opportunity
to fully evaluate it," Mr. Zeitlin's spokesperson commented to
Cellular-News.
Headquartered in Boston, American Tower Corporation (NYSE: AMT)
-- http://www.americantower.com/-- owns, operates and develops
broadcast and wireless communications sites. American Tower
owns and operates over 22,000 sites in the United States, Mexico
and Brazil. Additionally, American Tower manages approximately
2,000 revenue producing rooftop and tower sites.
* * *
As reported in the Troubled Company Reporter-Latin America on
Sept. 26, 2007, Fitch Ratings assigned a 'BB+' rating to
American Tower Corporation's proposed ten-year US$250 million
senior unsecured notes. Fitch also rated AMT's Issuer Default
Rating at 'BB+'. Fitch said the rating outlook is stable.
CLEAR CHANNEL: Donald Perry to Quit as President & CEO
------------------------------------------------------
Clear Channel Communications reported that Donald D. Perry,
president and chief executive officer of Clear Channel
Television, will depart the company to pursue the next phase of
his broadcast career. Craig Millar, Senior Vice President,
Southern Region will assume Mr. Perry's duties on an interim
basis until a new president and chief executive officer is
named.
"Don has made significant contributions to Clear Channel, to
CCTV, and to the television industry during his long tenure with
our company," said Mark Mays, president and CEO of Clear Channel
Communications, to whom Perry reports. "He's a seasoned
executive and we anticipate that his high standards and
professionalism will ensure continued industry contributions.
We sincerely thank him and wish him well in his future
endeavors."
Mr. Perry was named to his current position in January 2006, and
had served as executive vice president and chief operating
officer of the division since 2005. He has also served as vice
president and general manager of WOAI-TV since 1996, and as
Southwest regional vice president of Clear Channel.
Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media and
entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers. The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.
* * *
As reported in the Troubled Company Reporter-Latin America on
Dec. 20, 2007, Standard & Poor's Rating Services has lowered its
issue-level ratings on Clear Channel Communication Inc.'s
roughly US$6.32 billion of existing senior unsecured notes to
'B-', two notches below the corporate credit rating, from 'B+'.
All ratings remain on CreditWatch with negative implications,
where they were originally placed on Oct. 26, 2007, pending the
completion of Clear Channel's LBO.
CLEAR CHANNEL: Gets Consents in Tender Offers for Senior Notes
--------------------------------------------------------------
Clear Channel Communications, Inc. has received tenders and
consents representing a majority of its outstanding 7.65% Senior
Notes due 2010 (CUSIP No. 184502AK8). The company also
announced that its subsidiary, AMFM Operating Inc., has received
tenders and consents representing a majority of its outstanding
8% Senior Notes due 2008 (CUSIP No. 158916AL0), all pursuant to
the previously announced cash tender offers and consent
solicitations for the CCU Notes and the AMFM Notes.
As of 5:00 p.m., New York City time, on Dec. 31, 2007, the
company had received tenders and consents in respect of
US$710,729,000 of the outstanding principal amount of CCU Notes
(or approximately 94.76% of the aggregate principal amount), and
AMFM had received tenders and consents in respect of
US$555,582,000 of the outstanding principal amount of AMFM Notes
(or approximately 86.16% of the aggregate principal amount).
As a result of the receipt of the requisite consents for the CCU
Notes, the company expects to enter promptly into a supplemental
indenture incorporating the Clear Channel proposed amendments,
which eliminate substantially all of the restrictive covenants
and the covenants regarding mergers and consolidations
contained in the CCU Notes and in the indenture governing the
CCU Notes applicable to the CCU Notes, eliminate certain events
of default, and modify or eliminate certain other provisions,
including certain provisions relating to defeasance, contained
in the CCU Notes and in the indenture governing the CCU Notes
applicable to the CCU Notes. As a result of the receipt of the
requisite consents for the AMFM Notes, AMFM expects to enter
promptly into a supplemental indenture incorporating the AMFM
proposed amendments, which eliminate substantially all of
the restrictive covenants and the covenants regarding mergers
and consolidations contained in the AMFM Notes and in the
indenture governing the AMFM Notes, eliminate certain events of
default, and modify or eliminate certain other provisions,
including certain provisions relating to defeasance and
providing for guarantees, contained in the AMFM Notes and in the
indenture governing the AMFM Notes. Each supplemental indenture
will become operative upon acceptance and payment of the
tendered notes by AMFM or Clear Channel, as applicable.
The company and AMFM have decided to extend the consent payment
deadlines in connection with the tender offers and the consent
solicitations. The new consent payment deadline for each series
of Notes is 8:00 a.m. EST on Jan. 16, 2007, which is the same
time as each tender offer expiration date. Each of the consent
payment deadline and the tender offer expiration date is subject
to extension by AMFM, with respect to the AMFM Notes, and Clear
Channel, with respect to the CCU Notes, in their sole
discretion. As a result of the extension of the consent
payment deadlines, all holders that validly tender their notes
in each tender offer will be eligible to receive the applicable
total consideration offered, including the applicable consent
payment.
In each case, holders whose Notes are accepted for payment in
the tender offers will receive accrued and unpaid interest in
respect of such purchased Notes to, but not including, the
applicable settlement date.
The Clear Channel tender offer and consent solicitation is being
made pursuant to the terms and conditions set forth in the Clear
Channel Offer to Purchase and Consent Solicitation Statement for
the CCU Notes dated Dec. 17, 2007, and the related Letter of
Transmittal and Consent. The AMFM tender offer and consent
solicitation is being made pursuant to the terms and conditions
set forth in the AMFM Offer to Purchase and Consent Solicitation
Statement for the AMFM Notes dated Dec. 17, 2007, and the
related Letter of Transmittal and Consent.
Clear Channel has retained Citi to act as the lead dealer
manager for the tender offers and lead solicitation agent for
the consent solicitations and Deutsche Bank Securities Inc. and
Morgan Stanley & Co. Incorporated to act as co-dealer managers
for the tender offers and co-solicitation agents for the consent
solicitations. Global Bondholder Services Corporation is the
Information Agent for the tender offers and the consent
solicitations. Questions regarding the transaction should
be directed to Citi at (800) 558-3745 (toll-free) or (212) 723-
6106 (collect). Requests for documentation should be directed
to Global Bondholder Services Corporation at (212)430-3774 (for
banks and brokers only) or (866) 924-2200 (for all others toll-
free).
Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media and
entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers. The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.
* * *
As reported in the Troubled Company Reporter-Latin America on
Dec. 20, 2007, Standard & Poor's Rating Services has lowered its
issue-level ratings on Clear Channel Communication Inc.'s
roughly US$6.32 billion of existing senior unsecured notes to
'B-', two notches below the corporate credit rating, from 'B+'.
All ratings remain on CreditWatch with negative implications,
where they were originally placed on Oct. 26, 2007, pending the
completion of Clear Channel's LBO.
URS CORP: Bags US$60-Mil. Contract for Unmanned Aircraft Program
----------------------------------------------------------------
URS Corporation's EG&G Division has been awarded an indefinite
delivery/indefinite quantity contract to provide engineering and
program management services for the Joint Unmanned Aircraft
Systems Center of Excellence at Creech Air Force Base, Nevada.
The three-year contract has a maximum value of US$60 million to
URS.
Under the terms of the contract, URS can be assigned task orders
for a variety of engineering and program management services,
including logistics, test and evaluation management, modeling
and simulation, as well as administrative, contract, financial,
data and security management.
Commenting on the contract, Randall A. Wotring, President of the
EG&G Division, said: "We are very pleased with this award, which
underscores the Company's position as a leader in providing
advanced engineering, logistics and program management services
to the U.S. Department of Defense. URS has been providing
Predator Maintenance Support services at the Creech Air Force
Base since 2005, and we are excited to have the opportunity to
expand our work at the base."
Headquartered in San Francisco, California, URS Corporation
(NYSE:URS) -- http://www.urscorp.com/-- offers a comprehensive
range of professional planning and design, systems engineering
and technical assistance, program and construction management,
and operations and maintenance services for transportation,
facilities, environmental, water/wastewater, industrial
infrastructure and process, homeland security, installations and
logistics, and defense systems. The company operates in more
than 20 countries with approximately 29,500 employees providing
engineering and technical services to federal, state and local
governmental agencies as well as private clients in the
chemical, pharmaceutical, oil and gas, power, manufacturing,
mining and forest products industries. The company also has
offices in Argentina, Australia, Belgium, China, France,
Germany, and Mexico, among others.
* * *
As reported in the Troubled Company Reporter-Latin America on
Dec. 7, 2007, Moody's Investors Service has downgraded the
Corporate Family Rating of URS Corporation to Ba2 from Ba1
following the company's acquisition of Washington Group
International, Inc. Moody's said the ratings outlook is stable.
=================
N I C A R A G U A
=================
XEROX CORPORATION: Eyes Boost in Mexican IT Investments
-------------------------------------------------------
Xerox Corp.'s information technology investments in Mexico would
increase significantly this year as public entities start to
understand more "the rationale behind the austerity decree" the
federal government authorized last month, news daily El Norte
reports.
Business News Americas relates that the austerity decree was
implemented to cut public spending. It states that government
entities should lease information technology products and
services instead of purchasing them.
Government officials have become more familiar with the
austerity law, BNamericas says, citing Xerox Mexico's president
and general director Didier Arnaud.
"[The law] has a focus on investments in IT [information
technology] services and allows public entities to work with IT
companies with mid-term contracts of three years, instead of
one," Mr. Arnaud told El Norte.
Headquartered in Stamford, Connecticut, Xerox Corp. --
http://www.xerox.com/-- develops, manufactures, markets,
services and finances a range of document equipment, software,
solutions and services. Xerox operates in over 160 countries
worldwide and distributes products in the Western Hemisphere
through divisions, wholly owned subsidiaries and third-party
distributors. The company maintains operations in France,
Japan, Italy, Nicaragua, among others.
As reported in the Troubled Company Reporter-Latin America on
Dec. 13, 2007, Fitch upgraded Xerox Corp.'s and its subsidiary's
debt as:
-- Issuer Default Rating to 'BBB' from 'BBB-';
-- Senior unsecured credit facility to 'BBB' from 'BBB-';
-- Senior unsecured debt to 'BBB' from 'BBB-';
-- Trust preferred securities to 'BBB-' from 'BB'.
Approximately US$9.1 billion of securities, including the US$2
billion credit facility, are affected by Fitch's action. Fitch
says the rating outlook is stable.
=======
P E R U
=======
GRAN TIERRA: Gets Tentative OK on Toronto Stock Exchange Listing
----------------------------------------------------------------
Gran Tierra Energy Inc. disclosed that the Toronto Stock
Exchange has conditionally approved the listing of common shares
of the company. The listing and trading of the common shares of
Gran Tierra Energy on the TSX is subject to the company
satisfying all TSX approval conditions. As a result of this
conditional approval, Gran Tierra Energy is now required to
comply with all rules and policies governing listed companies on
the TSX.
Gran Tierra Energy will retain its current listing on the OTC
Bulletin Board. Upon successful listing and trading of common
shares on the TSX, Gran Tierra Energy will become dual listed on
both the Toronto Stock Exchange and the OTC Bulletin Board.
"This is a substantial step forward for Gran Tierra Energy and
our shareholders," stated Dana Coffield, President and Chief
Executive Officer of Gran Tierra Energy Inc. "We expect that a
listing on the Toronto Stock Exchange will substantially broaden
our shareholder base and increase the visibility of the company
to the financial community. We look forward to working closely
with the Toronto Stock Exchange to satisfy all our listing
requirements," Coffield concluded.
About Gran Tierra
Gran Tierra Energy Inc. (OTCBB: GTRE.OB) --
http://www.grantierra.com/-- is an international oil and gas
exploration and development company headquartered in Calgary,
Canada, incorporated and traded in the United States and
operating in South America. The company currently holds
interests in producing and prospective properties in Argentina,
Colombia and Peru.
* * *
Management disclosed that the company's ability to continue as a
going concern is dependent upon obtaining the necessary
financing to acquire oil and natural gas interests and
generating profitable operations from its oil and natural gas
interests in the future. The company incurred a net loss of
US$1.9 million for the nine-month period ended Sept. 30, 2006,
and, as of Sept. 30, 2006, had an accumulated deficit of US$4.1
million.
=====================
P U E R T O R I C O
=====================
AVNET INC: Acquires YEL Electronics
-----------------------------------
Avnet Inc. has acquired YEL Electronics Hong Kong Ltd. YEL,
which was established in 1992, is a leading distributor of
interconnect, passive, electromechanical and limited
semiconductor components in the Asia region, representing over
30 franchised suppliers.
YEL generated approximately US$200 million of revenue in the
twelve months ended December 2007 with over 80 percent coming
from IP&E products. With the acquisition, Avnet gains a well-
established team of talented and knowledgeable employees serving
over 2000 customers in 8 countries across Asia Pacific. The
acquisition also expands Avnet Electronics Marketing's
franchised line card with new IP&E suppliers in the region.
Harley Feldberg, president of Avnet Electronics Marketing
global, noted that the acquisition is another significant step
in Electronics Marketing's strategy to accelerate growth: "The
IP&E distribution industry in Asia is highly fragmented
and Avnet intends to actively participate in its consolidation.
The acquisition of YEL provides an excellent opportunity to
supplement our organic growth initiatives by adding a well-
respected regional distributor with a management team that
shares our focus on profitable growth and superior customer
service. With this acquisition, we have increased our IP&E
business in Asia by over 50% and become the largest IP&E
distributor in the region."
Avnet YEL will operate as a specialist division to maintain its
focus on IP&E profitable growth. The combined customer base
will also provide additional opportunities for cross selling as
our sales organizations will have an expanded line card
supported by Avnet's world-class supply chain management and
logistics capabilities. The transaction is expected to be
immediately accretive to earnings, excluding minimal integration
charges, and supports Avnet's long-term return on capital goals.
Stephen Wong, President of Avnet Electronics Marketing Asia
added, "The acquisition of YEL is a clear demonstration of
Avnet's commitment to invest in the high growth Asia components
market. With a larger team of talented people, a broadened
account base and an expanded line card, Avnet Electronics
Marketing Asia will have additional opportunities to accelerate
organic growth while leveraging our scale and scope advantages
to deliver superior value to our trading partners."
In addition to distributing an industry-leading line card
comprised of the world's leading suppliers of semiconductor and
IP&E products, Avnet Electronics Marketing Asia also offers a
wide portfolio of value added services -- from design, demand
creation and technical support to leading supply chain and
logistic services. This acquisition further validates Avnet's
desire and ability to continue investing in this high growth
region.
About Avnet Inc.
Headquartered in Phoenix, Arizona, Avnet, Inc.
-- http://www.avnet.com/-- distributes electronic components
and computer products, primarily for industrial customers. It
has operations in the following countries: Australia, Belgium,
China, Germany, Hong Kong, India, Indonesia, Italy, Japan,
Malaysia, New Zealand, Philippines, Singapore, and Sweden,
Brazil, Mexico and Puerto Rico.
* * *
Moody's Investors Service affirmed Avnet's Ba1 corporate family
long-term debt ratings in March 2007. Moody's said the outlook
is positive.
BIOVAIL CORP: Subsidiary Signs Supply Pact with Janssen Pharma
--------------------------------------------------------------
Biovail Corporation's subsidiary, Biovail Laboratories
International SRL, has entered into an exclusive supply
agreement with Janssen Pharmaceutica NV, a division of Johnson &
Johnson, for the marketing and distribution of Biovail's once-
daily, extended-release formulation of tramadol hydrochloride in
86 countries in two regions - Central and Eastern Europe/Middle
East and Latin America.
Under the terms of this agreement, which has a 10-year term,
Biovail will manufacture and supply once-daily extended-release
tramadol hydrochloride tablets in dosage strengths of 100 mg,
200 mg and 300 mg to Janssen at contractually determined prices.
Janssen affiliates will be responsible for all related
promotional costs, as well as all regulatory filings and the
management of the regulatory approvals process.
"The culmination of this commercialization agreement between
Biovail and Janssen is the latest endorsement of Biovail's
proven formulation of once-daily tramadol, and further validates
the Company's strategy to engage strategic partners to
commercialize its products outside Canada," said Biovail Interim
Chairman and Chief Executive Officer Dr. Douglas Squires. "This
agreement furthers our existing relationship with Ortho-McNeil,
Inc., an affiliate of Janssen which markets our once-daily
tramadol in the United States."
Proven Track Record
In February 2006, Ortho-McNeil, Inc. launched Biovail's
extended-release version of tramadol for the treatment of
moderate to moderately severe chronic pain under the brand name
Ultram(R) ER in the United States and Puerto Rico. Ultram(R) ER
extended-release tablets, which are available in 100mg, 200mg
and 300mg dosage strengths, is the only once-daily tramadol
formulation that has been approved by the U.S. Food and Drug
Administration. Since its launch, approximately 1.8 million
prescriptions have been written for Ultram(R) ER.
On Nov. 1, 2007, Biovail Pharmaceuticals Canada, Biovail's sales
and marketing division, launched the product in Canada under the
brand name Ralivia(TM). Ralivia(TM) is indicated for the
management of pain of moderate severity in patients who require
continuous treatment for several days or more.
With respect to other regions, Biovail is evaluating potential
commercialization options in Western Europe.
Biovail Corp. -- http://www.biovail.com/-- is a specialty
pharmaceutical company, engaged in the formulation, clinical
testing, registration, manufacture and commercialization of
pharmaceutical products utilizing advanced drug-delivery
technologies.
Biovail operates R&D, manufacturing and clinical research
facilities in the U.S., Canada, Puerto Rico and Ireland. It
markets its products directly in North American through its
marketing divisions Biovail Pharmaceuticals Inc. and Biovail
Pharmaceuticals Canada.
* * *
As reported in the Troubled Company Reporter-Latin America on
Dec. 10, 2007, Standard & Poor's Ratings Services has lowered
its long-term corporate credit rating on Biovail Corp. to 'BB'
from 'BB+'. At the same time, S&P affirmed the 'BBB-' senior
secured debt rating, while the recovery rating remains unchanged
at '1', indicating an expectation of very high (90%-100%)
recovery in the event of a payment default. S&P said the
outlook is stable.
=============
U R U G U A Y
=============
NAVIOS MARITIME: Shareholders OK Class B Directors Election
-----------------------------------------------------------
At an annual meeting, Navios Maritime Holdings Inc.'s
stockholders approved the election of two Class B directors,
whose term will expire in 2010:
1. Ted C. Petrone; and
2. Spyridon Magoulas.
In addition, the stockholders approved the ratification of the
appointment of PricewaterhouseCoopers as Navios' independent
public accountants for the fiscal year ending Dec. 31, 2007.
64% of Navios' common stock, which was represented in person or
by proxy, approved the requisite number of votes to approve all
matters.
Based in Norwalk, Connecticut, Navios Maritime Holdings Inc.
(NYSE: NM and NM WS) -- http://www.navios.com/-- is an
integrated seaborne shipping company, specializing in the
carriage, trading, storing, and other related logistics
of international dry bulk cargo transportation. The company
also owns and operates a port/storage facility in Uruguay and
has in-house technical ship management expertise. It has
offices in Piraeus, Greece, South Norwalk, Connecticut and
Montevideo, Uruguay and Antwerp, Belgium. For over 50 years,
Navios has worked with raw materials producers, agricultural
traders and exporters, industrial end-users, ship owners, and
charterers. Navios also owns and operates a port/storage
facility in Uruguay and has in-house technical ship management
expertise.
Navios Maritime Partners L.P. is a Marshall Islands limited
partnership formed by Navios to be an international owner and
operator of drybulk vessels.
* * *
Navios Maritime carries to date Moody's Investors Service's 'B1'
probability of default rating and 'B3' senior unsecured debt
rating, which were placed in March 2007.
=================
V E N E Z U E L A
=================
PETROLEOS DE VENEZUELA: Inks US$190-Mln Contract with Cameron
-------------------------------------------------------------
Business Journal reports that Petroleos de Venezuela SA has
entered into a US$190 million subsea equipment and services
contract with Cameron International Corp. The agreement
includes 10 subsea Christmas trees and other equipment, along
with engineering and project management services, for PDVSA's
Dragon and Patao natural gas development projects.
Cameron is expecting that the first installment of equipment
will be delivered in early 2008 and continue through 2009,
Business Journal adds.
Petroleos de Venezuela SA -- http://www.pdv.com/-- is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad. The company has a commercial office in China.
* * *
As reported on March 28, 2007, Standard & Poor's Ratings
Services assigned its 'BB-' senior unsecured long-term credit
rating to Petroleos de Venezuela S.A.'s US$2 billion notes due
2017, US$2 billion notes due 2027, and US$1 billion notes due
2037.
***********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. Marjorie C. Sabijon, Sheryl Joy P. Olano, Rizande
de los Santos, and Pamella Rita K. Jala, Editors.
Copyright 2008. All rights reserved. ISSN 1529-2746.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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Information contained herein is obtained from sources believed
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