T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Monday, January 7, 2008, Vol. 9, Issue 4 Headlines A R G E N T I N A ACTIVE ARGENTINA: Trustee Verifies Proofs of Claim Until Feb. 8 CHRYSLER LLC: Simon Boag Named Global Alliance Operations EVP CHRYSLER LLC: U.S. December S2007 Sales Increase 1% DANA CORP: Plaza Tire Wins Bid for Cape Girardeau Property DARRESA SA: Proofs of Claim Verification Deadline is March 27 GERIBA SRL: Proofs of Claim Verification Ends on March 27 GIMENEZ DE MINIGUTTI: Trustee to File General Report on Feb. 29 PRUDENZA SA: Proofs of Claim Verification Is Until April 11 SIMON CACHAN: Trustee Verifies Proofs of Claim Until March 26 TELEFONICA DE ARGENTINA: Julio Linares Named as New COO B A H A M A S COMPLETE RETREATS: Emerges from Bankruptcy Protection METROPOLITAN BANK: Tier-2 Notes Get "Deal of the Year" Award B E R M U D A CST INSURANCE: Final Shareholders Meeting Scheduled for Feb. 4 GECKO REINSURANCE: Last Shareholders Meeting Set for Feb. 4 ORB TECHNOLOGY: Final Shareholders Meeting Is on Feb. 6 TBG GAMMA: Sets Final Shareholders Meeting for Feb. 6 B O L I V I A INTERMEC INC: Honeywell is Licensee After Hand Held Acquisition * BOLIVIA: Hydorcarbons Investment Totals US$967MM in 2008 B R A Z I L AFFILIATED COMPUTER: Inks Strategic Alliance with Ingenix ATARI INC: Has Until March 20 to Comply with Nasdaq Rules COMPANHIA PARANAENSE: Still In Talks to Increase Domino Stake DELPHI CORP: Court Approves Unit's Sale to Inteva for US$106MM DELPHI CORP: Deloitte Settles Securities Fraud Claims for $38M DELPHI CORP: Exclusive Plan-Filing Period Extended to March 31 EL PASO: Unit Discloses Result of Tender Offer for 5.95% Notes FORD MOTOR: 2007 Sales Down by 12% at 2.57 Million FORD MOTOR: Overall Canada Sales Down 11.8% to 15,163 Units FORD MOTOR: Tata Motors Singled Out as Likely Bidder GENERAL MOTORS: Lays-Off 450 Workers in St. Catharines Plant GENERAL MOTORS: December 2007 Retail Sales Up 1.5% GENERAL MOTORS: Canada 2007 Sales Down 4.2% to 403,410 Units GOL LINHAS: Fundo Abandons Privatization Plans JAPAN AIRLINES: To Beef Up Air Cargo Operations TRW AUTOMOTIVE: Arm Completes Buyout of Delphi Corp.'s NA Brake * BRAZIL: Petrobras Can't Say Tupi Oil & Gas Output Levels C A Y M A N I S L A N D S ABILENE LIMITED: Final Shareholders Meeting Set for Jan. 10 BANK RAKYAT: Pefindo Upgrades Ratings to "idAA+" BERNARD BRIDGE: Proofs of Claim Filing Is Until Jan. 10 CABLE & WIRELESS: Minister Intervenes in Dispute with Union CAI JAPAN: Proofs of Claim Filing Is Until January 10 CO-INVESTMENT LIMITED: Final Shareholders Meeting Is on Jan. 10 CHUO FINANCE: Proofs of Claim Filing Deadline Is January 10 DISCOVERER PROTECTION: Proofs of Claim Filing Ends on Jan. 10 DUSK LIMITED: Sets Final Shareholders Meeting for Jan. 10 FALCON CAPITAL: Proofs of Claim Filing Deadline Is Jan. 10 FIRST BIANCA: Final Shareholders Meeting Is on January 10 FREESPIRIT CAPITAL: Sets Final Shareholders Meeting for Jan. 10 GRYPHON HIDDEN: Proofs of Claim Filing Deadline Is Jan. 10 JLOC I: Proofs of Claim Filing Deadline Is January 10 JLOC FUNDING: Final Shareholders Meeting Is on Jan. 10 LYDIAN LIMITED: Sets Final Shareholders Meeting for Jan. 10 MAGICAL YC: Will Hold Final Shareholders Meeting on Jan. 10 MERRIMACK LIMITED: Final Shareholders Meeting Is on Jan. 10 RIVERHEAD LIMITED: Sets Final Shareholders Meeting for Jan. 10 RUM LIMITED: Will Hold Final Shareholders Meeting on Jan. 10 SAMPSON LTD: Sets Final Shareholders Meeting for Jan. 10 TOBOGAN INVESTMENTS: Final Shareholders Meeting Set for Jan. 10 YORK POWER: Proofs of Claim Filing Deadline Is Jan. 10 ZUBERBERG INVESTMENT: Final Shareholders Meeting Is on Jan. 10 C H I L E GOODYEAR TIRE: Tire Mounting Biz Sells Assets to EnovaPremier C O L O M B I A GRAN TIERRA: Earns US$1.1 Mil. in Third Quarter Ended Sept. 30 D O M I N I C A N R E P U B L I C * DOMINICAN REPUBLIC: Insists on Royal Dutch's Plant Fraud E L S A L V A D O R HERBALIFE LTD: Promotes Jerry Li to China Unit General Manager G U A T E M A L A IMAX CORP: To Sell Feinstein Theatre to National Amusements IMAX CORP: U.S. Bank Denies Catalyst Fund's Default Claims M E X I C O ALASKA AIR: Gary Beck Elected as Flight Operations VP ALASKA AIRLINES: Elizabeth Ryan Named as New Managing Director METROLOGIC INSTRUMENTS: Settles Patent Disputes with Symbol MOVIE GALLERY: Wants Removal Period Extended Until July 14 REMY WORLDWIDE: Court Issues Decree Closing 27 Bankr. Cases SONIC CORP: Net Income Down 11% to US$13.6MM in First Qtr. 2008 P E R U FREEPORT-MCMORAN: Declares Quarterly Dividends P U E R T O R I C O AVNET INC: Acquires YEL Electronics Hong Kong Ltd. FIRST BANCORP: Wins Bid for Virgin Islands Bank Acquisition GENESCO INC: Declares Quarterly Dividends Payable on January 30 GENESCO INC: Merger Order Cues S&P to Retain Developing Watch U R U G U A Y NAVIOS MARITIME: Forms South American Logistics Biz w/ Horamar V E N E Z U E L A PETROLEOS DE VENEZUELA: To Boost Natural Gas Output PETROLEOS DE VENEZUELA: Paying US$630MM on Cerro Linked Bonds * VENEZUELA: Reports 22.5% Domestic Inflation in 2007 * VENEZUELA: Cardon Refinery Still Offline Due to Power Outage * BOND PRICING: For the Week December 31 to January 4 - - - - - ================= A R G E N T I N A ================= ACTIVE ARGENTINA: Trustee Verifies Proofs of Claim Until Feb. 8 --------------------------------------------------------------- Hector Ricardo Martinez, the court-appointed trustee for Active Argentina S.A.'s reorganization proceeding, will verify creditors' proofs of claim until Feb. 8, 2008. Mr. Martinez will present the validated claims in court as individual reports on March 26, 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 Active Argentina 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 Active Argentina's accounting and banking records will be submitted in court on May 12, 2008. Creditors will vote to ratify the completed settlement plan during the assembly on Oct. 30, 2008. The debtor can be reached at: Active Argentina S.A. Piedras 77 Buenos Aires, Argentina The trustee can be reached at: Hector Ricardo Martinez Avenida Independencia 2251 Buenos Aires, Argentina CHRYSLER LLC: Simon Boag Named Global Alliance Operations EVP ------------------------------------------------------------- Chrysler LLC has named Simon Boag to the newly created position of Executive Vice President -- Global Alliance Operations, reporting to Vice Chairperson and President Tom LaSorda. Mr. Boag will lead the operations side of Chrysler's alliances which are designed to expand opportunities for global growth. "As outlined in the Company's Recovery and Transformation Plan, growth in markets outside of North America is critical to the success of Chrysler," said Mr. LaSorda. "We are looking for new alliances and growth opportunities all over the world." Mr. Boag joined Chrysler in April 2005 as Vice President -- Assembly and Stamping Operations. Following this assignment, he spent a year and a half as the head of Production Planning for Mercedes-Benz Passenger Cars, and most recently held the position of Executive Vice President -- Procurement and Supply. Mr. Boag also serves as the Co-Chairperson of ENVI, an organization within Chrysler that is responsible for the development of electric-drive vehicles and related advanced- propulsion technologies. In an additional announcement, the company appointed John P. Campi to the post of Executive Vice President -- Procurement, also reporting to Mr. LaSorda. In this role, Mr. Campi will be responsible for all worldwide purchasing and supplier quality activities. "John is a recognized leader in field of sourcing and cost management," said Mr. LaSorda. "His addition to the already strong Chrysler executive team further ensures that we have the talent and experience to succeed in even the most challenging of economic environments." Mr. Campi has more than 35 years of experience in the sourcing industry. Before joining Chrysler, he was President of Genesis Consulting Group, a company he founded. Mr. Campi and Genesis Consulting were hired as Chrysler consultants in October 2007. Previously, Mr. Campi led the drive for standardization and optimization of The Home Depot Global Supply Chain as its Senior Vice President of Sourcing and Vendor Management. Prior to joining The Home Depot, Mr. Campi served as Vice President for E.I. du Pont de Nemours & Co. and Chief Procurement Officer for Global Sourcing and Logistics. "Purchasing plays a critical role in cost management and building high-quality vehicles for our customers, and affects every facet of the company," said Mr. Campi. "My goal is to take a disciplined approach to purchasing and apply best practices learned from both within and outside of the automotive industry." Mr. Campi is a graduate of Indiana University with a bachelor's degree in Accounting. He also earned his master's degree from the Executive Program of the Weatherhead School of Management, Case Western Reserve University. Chrysler's Supply Operations -- which include Logistics, Packaging, Materials Handling and Production Scheduling -- will be realigned to report to Manufacturing under Joe L. Chao, Vice President -- Advance Manufacturing Engineering and Supply. Mr. Chao reports to Frank Ewasyshyn, Executive Vice President -- Manufacturing. About Chrysler LLC Headquartered in Auburn Hills, Michigan, Chrysler LLC -- http://www.chrysler.com/-- a unit of Cerberus Capital Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R) brand vehicles and products. The company has dealers worldwide, including Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil, Venezuela, China, Japan and Australia. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 11, 2007, Standard & Poor's Ratings Services revised it recovery rating on Chrysler's US$2 billion senior secured second-lien term loan due 2014. The issue-level rating on this debt remains unchanged at 'B', and the recovery rating was revised to '3', indicating an expectation for meaningful (50% to 70%) recovery in the event of a payment default, from '4'. CHRYSLER LLC: U.S. December S2007 Sales Increase 1% --------------------------------------------------- Chrysler posted a 1% rise in December 2007 sales to 191,423 units, up from 190,415 in December the previous year. We talked to Steven Landry, Executive Vice President of North American Sales, about the results. "December is always a little unpredictable," Mr. Landry said. "We're very happy with our sales being up 1%. I will also add inside that 1% sales, our fleet was down and our retail number was up, so it's all going in the right direction. In the month of December, it looks like we will gain market share." Not all automakers have posted results yet, precise market share figures are not available. "Our forecast estimate is that we will pick up half a point of market in the month of December," he said. Mr. Landry said that Chrysler has momentum going into January, and the new "Zero Plus" incentive program should help. Under that program, qualified customers can choose 0% APR financing for 36 months or 3.9% APR financing for 60 months PLUS consumer cash allowance amounts of up to $2,500. The program runs through Feb. 29, 2008. "We're providing the opportunity for some consumers to have that down payment, that elusive down payment, that is important for consumers to get a deal done today," Mr. Landry said. "With the banks and the financial institutions the way they are today, they like to see a bigger down payment, it makes it easier for them to do financing." The all-new Chrysler Town & Country and Dodge Grand Caravan minivans recorded strong results in December, which also gives Mr. Landry confidence for 2008. About Chrysler LLC Headquartered in Auburn Hills, Michigan, Chrysler LLC -- http://www.chrysler.com/-- a unit of Cerberus Capital Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R) brand vehicles and products. The company has dealers worldwide, including Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil, Venezuela, China, Japan and Australia. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 11, 2007, Standard & Poor's Ratings Services revised its recovery rating on Chrysler's US$2 billion senior secured second-lien term loan due 2014. The issue-level rating on this debt remains unchanged at 'B', and the recovery rating was revised to '3', indicating an expectation for meaningful (50% to 70%) recovery in the event of a payment default, from '4'. DANA CORP: Plaza Tire Wins Bid for Cape Girardeau Property ---------------------------------------------------------- Plaza Tire Service Inc. won the bidding for the industrial building that formerly housed Dana Corp.'s production facility in Cape Girardeau, the Southeast Missourian reports, citing Plaza Tire Service's vice president Scott Rhodes. As reported in the Troubled Company Reporter on Dec. 18, 2007, Rhodes Development Company, LLC, had expressed interest in purchasing the Cape Girardeau property at a purchase price higher than that of Schaefer's Power Panels, Inc., hence, it had asked the Debtors to consider its offer. As previously reported, the Debtors had asked authority from the U.S. Bankruptcy Court for the Southern District of New York the to sell a 15-acre parcel of real estate and a 150,000 square- foot building located at 2075 Corporate Circle in Cape Girardeau, Missouri, to Schaefer's Power Panels, Inc., for US$2,841,750. According to the Southeast Missourian, Plaza Tire edged out an offer from Schaefer's Electrical Enclosures, which had strong support from city and economic development leaders. Bidders submitted their best price to the U.S. Bankruptcy Court for the Southern District of New York, and the Dana court deemed Plaza's bid the best offer, Southeast Missourian's Rudi Keller reports. The facility will house corporate offices and a distribution center for Plaza Tire's 49 stores in Missouri and Illinois, according to Southeast Missourian. Details of the transaction were not immediately available, Southeast Missourian notes. Plaza Tire Service consists of 49 tire stores and is listed as the 28th largest independently owned tire retailer in North American by Tire Business' magazine, according to information posted on the company's Web site. 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 confirmed the Debtors' Chapter 11 Plan on Dec. 26, 2007. (Dana Corporation Bankruptcy News, Issue No. 67; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). DARRESA SA: Proofs of Claim Verification Deadline is March 27 ------------------------------------------------------------- Roberto Mazzarella, the court-appointed trustee for Darresa S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until March 27, 2008. Mr. Mazzarella will present the validated claims in court as individual reports on May 8, 2008. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by Darresa 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 Darresa's accounting and banking records will be submitted in court on June 19, 2008. Mr. Mazzarella is also in charge of administering Darresa's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Roberto Mazzarella Ortega y Gaset 1827 Buenos Aires, Argentina GERIBA SRL: Proofs of Claim Verification Ends on March 27 --------------------------------------------------------- Maria Susana Taboada, the court-appointed trustee for Geriba S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of claim until March 27, 2008. Ms. Taboada 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 Geriba 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 Geriba's accounting and banking records will be submitted in court. Ms. Taboada is also in charge of administering Geriba's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Maria Susana Taboada Ezeiza 2641 Buenos Aires, Argentina GIMENEZ DE MINIGUTTI: Trustee to File General Report on Feb. 29 --------------------------------------------------------------- Norberto R. Victtore, the court-appointed trustee for Gimenez de Minigutti Norma Elba's bankruptcy proceeding, will submit a general report containing an audit of the company's accounting and banking records in the National Commercial Court of First Instance in Rosario, Santa Fe, on Feb. 29, 2008. Mr. Victtore verified creditors' proofs of claim until Nov. 6, 2007. She also presented creditors' validated claims as individual reports in court on Dec. 19, 2007. The debtor can be reached at: Gimenez de Minigutti Norma Elba (su patrimonio) Cordoba 615, Rosario Santa Fe, Argentina The trustee can be reached at: Norberto R. Victtore Italia 1905, Rosario Santa Fe, Argentina PRUDENZA SA: Proofs of Claim Verification Is Until April 11 ----------------------------------------------------------- Eva Malvina Gords, the court-appointed trustee for Prudenza S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until April 11, 2008. Ms. Gords will present the validated claims in court as individual reports on May 26, 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 Prudenza 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 Prudenza's accounting and banking records will be submitted in court on June July 8, 2008. Ms. Gords is also in charge of administering Prudenza's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Eva Malvina Gords Avenida Callao 1121 Buenos Aires, Argentina SIMON CACHAN: Trustee Verifies Proofs of Claim Until March 26 ------------------------------------------------------------- Estevez - Indurain - Vasquez, the court-appointed trustee for Simon Cachan S.A.'s reorganization proceeding, verifies creditors' proofs of claim until March 26, 2008. Estevez - Indurain will present the validated claims in court as individual reports on April 24, 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 Simon Cachan 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 Simon Cachan's accounting and banking records will be submitted in court on June 6, 2008. Creditors will vote to ratify the completed settlement plan during the assembly on Oct. 8, 2008. The trustee can be reached at: Estevez - Indurain - Vasquez Uruguay 750 Buenos Aires, Argentina TELEFONICA DE ARGENTINA: Julio Linares Named as New COO ------------------------------------------------------- Telefonica de Argentina SA's board of directors, with the approval of the Nominating, Compensation and Corporate Governance Committee, has named Julio Linares, General Manager for Coordination, Business Development and Synergies, as the company's new Chief Operating Officer. The company also appointed Guillermo Ansaldo as General Manager of Telefonica Espana. Mr Ansaldo will replace Antonio Viana- Baptista, who leaves the Company citing personal reasons. Meanwhile, Manuel Pizarro and Javier de Paz will replace Enrique Used and Maximino Carpio as members of Telefonica's board. Both Manuel Pizarro, Javier de Paz and Alfonso Ferrari will join as well the Executive Commission of the company's board. The appointment of a new COO at Telefonica implies changes to the organisational structure, which in any event still supports a regional focus aimed at becoming more customer-oriented and leveraging economies of scale. From now, the three regional business divisions, Spain, Europe and Latin America, will report to the new COO, Mr. Linares. Until now they had reported directly to the company's Executive Chairman and CEO, Cesar Alierta. Mr. Ansaldo will take Antonio Viana-Baptista's place at the helm of Telefonica Espana, with Belen Amatria�n as the company's CEO and number two. Matthew Key will oversee Europe and Jose Mar�a Alvarez-Pallete will continue to lead Telef�nica Latinoam�rica. All three general divisions will continue to manage all the fixed and mobile businesses in their respective regions in an integrated way. Also reporting to Telefonica's new COO will be four support units: -- Operations (Alfonso Alonso); -- Strategy, Innovation and Business Development (Sohail Qadri); -- Planning, Budgeting and Monitoring (Laura Abasolo); and -- Human Resources (Oscar Maraver). Therefore, reporting directly to Telefonica's Executive Chairman and CEO will be COO Julio Linares; the General Manager of Finance and Corporate Development, Santiago Fernandez Valbuena; head of the Legal and Board Secretariat (Ramiro Sanchez de Lerin) and the head of the Technical Secretariat to the Chairman's Office (Luis Abril). In the new chain of responsibilities, Internal Auditing will report to the Finance and Corporate Development unit, which will also act as Controller (Ezequiel Nieto). Antonio Viana-Baptista, until now the General Manager of Telefonica Espana, is leaving the company on his own accord, citing personal reasons. Mr Viana-Baptista, a longstanding executive at Telefonica, has spent the last nine years -- eight of them also as member of the Board of Director -- achieving huge success in Latin America, overseeing the global mobile division and, lastly, at Telefonica Espana. The company wishes to thank Antonio Viana-Baptista for his dedication and achievements over these years. The Telefonica board also agreed to add Manuel Pizarro and Javier de Paz as members. They will replace Enrique Used and Maximino Carpio, who will leave as well the committees they were part of. The Board recognized the intense work carried out by the outgoing directors and thanked them for the contribution and efforts in recent years. Lastly, Antonio Hornedo Muguiro will step down, for personal reasons, as deputy general secretary and secretary of the board of directors. He will be replaced by Maria Luz Medrano Aranguren. Headquartered in Buenos Aires, Argentina, Telefonica de Argentina SA -- http://www.telefonica.com.ar/-- provides telecommunication services, which include telephony business both in Spain and Latin America, mobile communications businesses, directories and guides businesses, Internet, data and corporate services, audiovisual production and broadcasting, broadband and Business-to-Business e-commerce activities. * * * Telefonica de Argentina's foreign currency rating is rated B2 by Moody's Latin America with a positive outlook. ============= B A H A M A S ============= COMPLETE RETREATS: Emerges from Bankruptcy Protection ----------------------------------------------------- Complete Retreats LLC and its debtor affiliates' First Amended Joint Plan of Liquidation became effective on Dec. 31, 2007. The First Amended Plan was confirmed by the Bankruptcy Court on Nov. 30, 2007. Each of the Debtors, except for DR Abaco LLC, Retreats Europe, Ltd., and DR Umbria, Ltd., have merged into Complete Retreats or have otherwise been dissolved, Jeffrey K. Daman, Esq., at Dechert LLP, in Hartford, Connecticut, says. DR Abaco, on the other hand, became a wholly owned subsidiary of Complete Retreats. Pursuant to the Plan, the Debtors will establish the "Complete Retreats Liquidating Trust" for the primary purpose of liquidating and distributing the Debtors' assets. On the Effective Date, the Debtors and the Liquidating Trustee executed the Liquidating Trust Agreement, pursuant to which: (a) the Liquidating Trust came into effect; (b) Joel S. Lawson III was appointed Liquidating Trustee; and (c) Brian W. Anderson, Michael A. Freedman, and Christopher Swann were appointed members of the Plan Advisory Committee. In addition, the single equity interest in Complete Retreats was transferred to the Liquidating Trust in accordance with the terms of the Plan and the Plan Confirmation Order. Moreover, all of the Liquidating Trust Assets are deemed transferred by the Debtors to the Liquidating Trust. A full-text copy of the final version of the Liquidating Trust Agreement is available for free at: http://bankrupt.com/misc/CR_Final_LiquidatingTrustPact.pdf The Debtors delivered the Final Liquidating Trust Agreement to the Court on Jan. 2, 2008. On the same day, the Debtors also submitted to Judge Schiff final versions of the notes and related agreements among their retained professionals, the professionals retained by the Official Committee of Unsecured Creditors, and the Liquidating Trustee. Full-text copies of the Professional Fees Notes and Agreements are available for free at: http://bankrupt.com/misc/CR_ProFeesNotes.pdf According to the Liquidating Trustee, the net fair market value, as of the Effective Date, of all of the Liquidating Trust Assets is zero. As per the terms of the Liquidation Trust Agreement, the "Zero" Determined Value will be used by the Debtors, the Liquidating Trust, the Liquidating Trustee, the Plan Advisory Committee, and the Beneficiaries for all federal income tax purposes. Any distributions to be received by any person or entity under the Plan will be in full satisfaction, settlement, and release of, and in exchange for, that entity's Allowed Claim. As of the Confirmation Date, all persons and entities are permanently enjoined from commencing or continuing any action or proceeding on account of any claim, right, obligation, liability, or cause of action released pursuant to the Plan. The United States Government or any of its agencies and any state and local authority are not enjoined from bringing any claim, suit, action, or other proceedings against the Released Parties, as defined under the Plan, for any liability. Mr. Daman relates that on or before the Effective Date, the Debtors paid, or otherwise satisfied, all Allowed Administrative Expense Claims, Priority Tax Claims, Outstanding Secured Claims, Convenience Claims, and Priority Non-Tax Claims. To the extent any Claims are subject to previously filed and pending objections, the Debtors, after consultation with the Creditors Committee, have reserved for the payment of disputed claims subject to resolution of the objections. Any and all remaining Executory Contracts to which any Debtor is still a party is deemed rejected as of the Effective Date, except for: (a) those of the Debtors' agreements with Ultimate Resort, LLC, then still in force and effect; and (b) any executory contract that (i) has been assumed or rejected pursuant to a final Court Order entered prior to the Effective Date, or (ii) is subject to a separate motion to assume, assume and assign, or reject filed under Section 365 of the Bankruptcy Code by the Debtors prior to the Effective Date. About Complete Retreats Headquartered in Westport, Connecticut, Complete Retreats LLC operates five-star hospitality and real estate management businesses. In addition to its mainline destination club business, the Debtor also operates an air travel program for destination club members, a villa business, luxury car rental services, wine sales services, fine art sales program, and other amenity programs for members. Destination club members pay up-front membership deposits, annual dues, and daily usage fees. In return, members and their guests enjoy the use of first-class private residences, and receive an array of luxurious services and amenities in certain exotic vacation destinations in the United States and locations around the world, including: Abaco, Bahamas; Cabo San Lucas, Mexico; Nevis, West Indies; Telluride, Colorado; and Jackson Hole, Wyoming. Complete Retreats and its debtor-affiliates filed for chapter 11 protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in their restructuring efforts. Michael J. Reilly, Esq., at Bingham McCutchen LP, in Hartford, Connecticut, serves as counsel to the Official Committee of Unsecured Creditors. No estimated assets have been listed in the Debtors' schedules, however, the Debtors disclosed US$308,000,000 in total debts. (Complete Retreats Bankruptcy News, Issue No. 40; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). METROPOLITAN BANK: Tier-2 Notes Get "Deal of the Year" Award ------------------------------------------------------------ IFR Asia awards Metrobank Bank & Trust Co.'s offer of PHP8.5 billion worth of Lower Tier 2 Peso-Denominated Step-Up Callable Subordinated Notes the Philippine capital market's "Deal of the Year" for 2007. International Financing Review Asia is the region's most authoritative capital markets magazine. The annual IFR Asia Awards are the ultimate recognition for achievement in capital markets. "With ING and Standard Chartered leading, it represented Metrobank's debut in the onshore subordinated space and was the largest domestic deal to emerge from the Philippines outside the quasi-government sector," said IFR Asia in its editorial write- up on the awards. Metrobank subsidiary First Metro Investment Corporation was financial advisor to the deal. According to IFR Asia, "The deal distinguished itself both in spread and absolute terms, bringing Metrobank's costs of funding to record low levels." "The deal hooked a whopping PHP10.5 billion of orders, which represented the biggest book yet built for a local currency subordinated deal, allowing an increase in the trade from the earlier planned PHP5 billion," added IFR Asia. "We are much honored with the recognition given by IFR Asia," said Metrobank executive vice president Fernand Antonio Tansingco. "The deal shows the confidence of investors in the Bank, and in its business strategy." Moody's Investor Service earlier gave the deal a credit rating of Baa3, the highest credit rating ever for a Lower Tier 2 issuance by a Philippine bank. About Metropolitan Bank & Trust Metropolitan Bank and Trust Company -- http://www.metrobank.com.ph/-- is the flagship company of the Metrobank Group. Metrobank provides a host of deposit, savings, and loan products as well as electronic banking services like Internet banking, mobile banking, and phone banking, as well as its huge ATM network. Metrobank is also the leading provider of trade finance in the Philippines, and its overseas branch network has enabled it to service the fund remittances of Filipino overseas contract workers. The bank has 583 local branches and 35 international branches and offices located in Taiwan, China, Japan, Korea, Guam, United States, Hong Kong, Singapore, Bahamas, and in Europe. * * * In November 2006, Moody's Investors Service revised the outlook of Metropolitan Bank & Trust Co.'s foreign currency long-term deposit rating of B1 and foreign currency subordinated debt rating of Ba3 from negative to stable. The outlooks for Metropolitan Bank's foreign currency Not-Prime short-term deposit rating and bank financial strength rating of "D" remain stable. On Sept. 21, 2006, Fitch Ratings upgraded Metrobank's Individual rating to 'D' from 'D/E'. All the bank's other ratings were affirmed: Long-term Issuer Default rating 'BB-' -- with a stable Outlook; Short-term rating 'B'; and Support rating '3. On March 3, 2006, Standard and Poor's Rating Service assigned a CCC+ rating on Metrobank's US$125-million non-cumulative capital securities, whereas Moody's Investors Service Rating Agency issued a B- rating on the same capital instruments. ============= B E R M U D A ============= CST INSURANCE: Final Shareholders Meeting Scheduled for Feb. 4 -------------------------------------------------------------- CST Insurance Company, Ltd., will hold its final shareholders meeting on Feb. 4, 2008, at: The Armoury Building 37 Reid Street, 1st Floor 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. GECKO REINSURANCE: Last Shareholders Meeting Set for Feb. 4 ----------------------------------------------------------- Gecko Reinsurance Company Ltd. will hold its final shareholders meeting on Feb. 4, 2008, at 4:00 p.m. at: The Armoury Building 37 Reid Street, 1st Floor 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: Final Shareholders Meeting Is on Feb. 6 ------------------------------------------------------- Orb Technology Limited will hold its final shareholders meeting on Feb. 6, 2008, at: 3rd Floor, Par La Ville Place 14 Par La Ville Road, 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: Sets Final Shareholders Meeting for Feb. 6 ----------------------------------------------------- TBG Gamma Limited will hold its final shareholders meeting on Feb. 6, 2008, at: 3rd Floor, Par La Ville Place 14 Par La Ville Road, Hamilton Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. ============= B O L I V I A ============= INTERMEC INC: Honeywell is Licensee After Hand Held Acquisition --------------------------------------------------------------- Intermec Technologies Corp. has disclosed that Honeywell Inc. has become a Rapid Start licensee under Intermec's RFID patents following its acquisition of Hand Held Products Inc. Intermec holds more than 154 RFID patents covering broad areas of supply chain applications. Intermec's patents cover all global standards and classes for the practice of RFID technology, including EPCglobal Class 0, Class 1, Class 1 Generation 2, ISO, ETSI and others. Honeywell's license will give it access to this technology with respect to portable RFID readers. Honeywell joins 22 other licensees under Intermec's RFID patents, including Accu-sort, Avery Dennison, AWID, Cisco, Datamax, EM Micro, Feig Electronics, Hand Held Products, LXE, Motorola, Philips Semiconductor, PSC, Psion Teklogix, Sato, Sharp Corp., Symbol Technologies, Texas Instruments, Thingmagic, Toppan Printing, Tyco, Transcore and Zebra Technologies. With the addition of Honeywell to its group of RFID licensees, Intermec continues to support RFID end users and suppliers by ensuring that the market has an ample supply of high-quality, properly licensed RFID equipment from global manufacturers. About Intermec Inc. Intermec Inc. -- http://www.intermec.com/-- develops, manufactures and integrates technologies that identify, track and manage supply chain assets. Core technologies include RFID, mobile computing and data collection systems, bar code printers and label media. The company has locations in Australia, Bolivia, Brazil, China, France, Hong Kong, Singapore and the United Kingdom. * * * Standard & Poor's Rating Services raised its ratings on Everett, Washington-based Intermec Inc. to 'BB-' from 'B+'. The upgrade reflects expectations that Intermec will sustain current levels of profitability and leverage. S&P said the outlook is stable. * BOLIVIA: Hydorcarbons Investment Totals US$967MM in 2008 ---------------------------------------------------------- Bolivia's hydrocarbons exploration and production investment will total US$967 million in 2008, Business News Americas reports, citing President Evo Morales, hydrocarbons and energy minister Carlos Villegas and state-run oil firm Yacimientos Petroliferos Fiscales Bolivianos' head Guillermo Aruquipa. Bolivian state news agency Agencia Boliviana de Informacion relates that Yacimientos Petroliferos, along with the 12 foreign companies operating in Bolivia, will make the investment. President Morales told Business News Americas that of the nearly US$1-billion investment, some US$877 million will be allocated to exploration, while about US$90.6 million will be alloted for production. BNamericas notes that the 12 companies include: -- Petrolera Chaco, -- Repsol YPF E&P Bolivia, -- Petrobras Bolivia, -- Pluspetrol, -- Petrolera Andina, -- BG Bolivia, -- Petrobras Energia, -- Total E&P, -- Vintage Petroleum, -- Canadian Energy, -- Dongwon, and -- Matpetrol. According to BNamericas, the investment amount excludes pledges from Venezuelan state-run oil firm Petroleos de Venezuela SA. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 26, 2007, Standard & Poor's Ratings Services has assigned B- long-term sovereign local and foreign currency ratings and C short-term sovereign local and foreign currency ratings on Bolivia. =========== B R A Z I L =========== AFFILIATED COMPUTER: Inks Strategic Alliance with Ingenix --------------------------------------------------------- Affiliated Computer Services, Inc. and Ingenix has announced a strategic alliance to provide Medicaid Management Information Systems decision support solutions to state governments. Under the terms of the alliance agreement, the two companies will work with each other to supply decision support solutions for Affiliated Computer's state Medicaid Systems initiatives. Affiliated Computer will license its portfolio of federally certified decision support technologies to Ingenix, which will provide its Medicaid Systems clients with a broad array of decision support methodologies, software applications, and related consulting services. Decision support systems analyze data to help health administrators assess Medicaid program status, analyze healthcare policy, monitor budget trends and measure program performance. "This partnership allows us to enhance our current systems and deliver better service to our Medicaid clients," said Affiliated Computer senior vice president and managing director, Government Healthcare Solutions, Christopher T. Deelsnyder. "Combining Ingenix' innovative decision support capabilities with ACS' technologies strengthens our ability to streamline and improve the delivery of healthcare in Medicaid programs." Impact Pro for Care Management is Ingenix' innovative platform for helping state Medicaid programs better identify and manage both chronic and acute health conditions. This predictive modeling and care management tool is currently being used by the ACS-Ingenix alliance to support the State of Mississippi's Division of Medicaid. "This relationship brings together an unparalleled set of data, technology and experience that will increase efficiency, reduce costs and improve care outcomes for Medicaid recipients and the state governments that manage their health services," said Ingenix chief executive officer, Andy Slavitt. "Together, we will offer a unique set of solutions that will help us grow our respective businesses by giving our clients a suite of services that meet their expectations." About Ingenix Ingenix --http://www.ingenix.com--,a wholly owned subsidiary of UnitedHealth Group (NYSE: UNH), transforms organizations and improves health care through information and technology. Organizations rely on its innovative products, services and consulting to improve the delivery and operations of their business. About Affiliated Computer Services Headquartered in Dallas, Affiliated Computer Services Inc. (NYSE: ACS) -- http://www.AffiliatedComputer-inc.com/-- provides business process outsourcing and information technology solutions to world-class commercial and government clients. The company has more than 58,000 employees supporting client operations in nearly 100 countries. The company has global operations in Brazil, China, Dominican Republic, India, Guatemala, Ireland, Philippines, Poland, and Singapore. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 5, 2007, Fitch Ratings has removed Affiliated Computer Services, Inc. from Rating Watch Negative and affirmed these ratings: Issuer Default Rating 'BB'; Senior secured revolving credit facility at 'BB'; Senior secured term loan at 'BB'; Senior notes at 'BB-'. Fitch said the rating outlook is stable. ATARI INC: Has Until March 20 to Comply with Nasdaq Rules --------------------------------------------------------- Atari Inc. has received a notice from The Nasdaq Stock Market advising that in accordance with Nasdaq Marketplace Rule 4450(e)(1), Atari Inc. has 90 calendar days, or until March 20, 2008, to regain compliance with the minimum market value of Atari Inc.'s publicly held shares required for continued listing on the Nasdaq Global Market, as stated in Nasdaq Marketplace Rule 4450(b)(3). Atari Inc. received the notice because the market value of its publicly held shares, which is calculated by reference to Atari Inc.'s total shares outstanding, less any shares held by officers, directors or beneficial owners of 10% or more, was less than US$15 million for 30 consecutive business days prior to Dec. 21, 2007. This notification has no effect on the listing of Atari Inc.'s common stock at this time. The notice letter also states that if, at any time before March 20, 2008, the market value of Atari Inc.'s publicly held shares is US$15 million or more for a minimum of 10 consecutive trading days, the Nasdaq staff will provide Atari Inc. with written notification that it has achieved compliance with the minimum market value of publicly held shares rule. However, the notice states that if Atari Inc. cannot demonstrate compliance with such rule by March 20, 2008, the Nasdaq staff will provide Atari Inc. with written notification that its common stock will be delisted. In the event that Atari Inc. receives notice that its common stock will be delisted, Nasdaq rules permit Atari Inc. to appeal any delisting determination by the Nasdaq staff to a Nasdaq Listings Qualifications Panel. About Atari Inc. Headquartered in New York, Atari Incorporated, (NASDAQ: ATAR) - http://www.atari.com/-- develops interactive games for all platforms and is a third-party publisher of interactive entertainment software in the U.S. Atari Inc. is a majority- owned subsidiary of France-based Infogrames Entertainment SA, an interactive games publisher in Europe. Atari has offices in Brazil, the United Kingdom and Japan. Going Concern Doubt New York-based Deloitte & Touche LLP expressed substantial doubt about Atari's ability to continue as a going concern after auditing the company's consolidated financial statements for the year ended March 31, 2007. The auditing firm pointed to the company's significant operating losses. COMPANHIA PARANAENSE: Still In Talks to Increase Domino Stake ------------------------------------------------------------- Companhia Paranaense de Energia will continue talks to increase its stake in the Domino Holdings consortium, which controls 37.9% of Parana state water utility Sanepar, Brazilian state government news agency AEN reports. As reported in the Troubled Company Reporter-Latin America on Dec. 3, 2007, Companhia Paranaense is seeking to increase its participation in Domino Holdings. Domino Holdings purchased a 37.9% in Parana's state water utility Sanepar in 1998. Business News Americas relates that Companhia Paranaense wants to buy French company Sanedo's shares in Domino Holdings. Sanedo decided in September to sell its 30% control in Domino Holdings. Companhia Paranaense's board of directors have authorized the plan to buy the shares. Once Companhia Paranaense acquires Sanedo's shares, its stake in Domino Holdings would increase to 45% from 15%. Companhia Paranaense's head Rubens Ghilardi told BNamericas that an agreement for the sale would soon be disclosed. According to BNamericas, Domino Holdings' other members were allowed to express interest in purchasing more shares in the consortium until Dec. 28. BNamericas notes that the acquisition the shares would cost EUR42 million. Companhia Paranaense is positioning to boost the Parana state government's participation in Sanepar. The state is the major shareholder of Companhia Paranaense pel and Sanepar. An agreement signed in 1998 grants control of Sanepar to Domino Holdings, even as a minor shareholder, BNamericas relates. The accord has been challenged by the Parana state government in a court of justice. BNamericas states that Domino Holdings holds a 37.9% stake of Sanepar; the Parana state owns 60% of the firm. Domino Holdings has two other local shareholders, each holding 27.5% stakes: -- construction firm Andrade Gutierrez, and -- bank Opportunity, through the Daleth group. Headquartered in Parana, Brazil, COPEL aka Companhia Paranaense de Energia SA -- http://www.copel.com/-- (NYSE: ELP/LATIBEX: XCOP/BOVESPA: CPLE3, CPLE5, CPLE6) transmits and distributes electricity to more than 3 million customers in the state of Parana and has a generating capacity of nearly 4,600 megawatts, primarily from hydroelectric plants. COPEL also offers telecommunications, natural gas, engineering, and water and sanitation services. The company restructured its utility operations in 2001 into separate generation, transmission, and distribution subsidiaries to prepare for full privatization, which has been indefinitely postponed. In response, COPEL is re-evaluating its corporate structure. The government of Parana controls about 59% of COPEL. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 13, 2006, Moody's America Latina upgraded the corporate family rating of Companhia Paranaense de Energia aka Copel to Ba2 from Ba3 on its global scale and to Aa2.br from A3.br on its Brazilian national scale. Moody's said the rating outlook is stable. This rating action concludes the review process initiated on July 26, 2006. Moody's upgraded these ratings: -- Corporate Family Rating: to Ba2 from Ba3 (Global Local Currency) and to Aa2.br from A3.br (Brazilian National Scale); -- BRL500 million Senior Unsecured Guaranteed Debentures due 2007: to Ba2 from Ba3 (Global Local Currency) and to Aa2.br from A3.br (Brazilian National Scale); and -- BRL400 million Senior Secured Guaranteed Debentures due 2009: to Ba1 from Ba2 (Global Local Currency) and to Aa1.br from A1.br (Brazilian National Scale). DELPHI CORP: Court Approves Unit's Sale to Inteva for US$106MM -------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York has approved the sale of Delphi Corp. and its debtor-affiliates' Interiors and Closures Businesses to Inteva Products, LLC, and its affiliates for about US$106 million, pursuant to the Master Sale and Purchase Agreement, dated October 15, 2007. The Debtors told the Court at the Jan. 25, 2007 sale hearing that no higher and better offers have been made. The Court notes that the entry of the Sale Order will not modify the terms and conditions applicable to the parts designated in the agreements to be assumed and assigned to Inteva. Siemens VDO Automotive AG, Siemens VDO Automotive Corp., Siemens Electric Ltd, and Siemens VDO Automotive Inc., now known as Siemens VDO Automotive Canada Inc., each, as applicable, expressly reserve its rights and defenses in this regard. In connection with the sale, the Debtors are authorized, but not directed, to enter into and perform under the sixth amendment of lease, dated Sept. 28, 2007, by and between DAS LLC and 1401 Troy Associates Limited Partnership, covering certain premises located at 1401 Crooks Road, Troy, Michigan. 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. On Dec. 10, 2007, the Court entered an order approving the Debtors' Disclosure Statement. The hearing to consider confirmation of the Plan is set for Jan. 17, 2008. (Delphi Bankruptcy News, Issue No. 104; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) DELPHI CORP: Deloitte Settles Securities Fraud Claims for $38M -------------------------------------------------------------- An agreement in principle has been reached with Delphi Corp.'s former outside auditor, Deloitte & Touche LLP, to settle claims against the auditing firm for $38,250,000 in cash. The announcement of the agreement was made by the law firms of Grant & Eisenhofer P.A., Bernstein Litowitz Berger & Grossmann LLP, Schiffrin Barroway Topaz & Kessler, LLP, and Nix, Patterson & Roach, LLP, who are court-appointed co-lead counsel for the Lead Plaintiffs in the securities class action litigation involving Delphi, the U.S. auto parts maker now in Chapter 11 bankruptcy proceedings. The case arises out of alleged accounting improprieties at Delphi that forced the Company, on June 30, 2005, to restate its financial results for all fiscal periods dating back to 1999 and to reverse hundreds of millions of dollars in reported earnings during those periods. Lead Plaintiffs -- Teachers' Retirement System of Oklahoma, -- Public Employees' Retirement System of Mississippi, -- Raiffeisen Kapitalanlage Gesellschaft m.b.H., and -- Stichting Pensioenfonds ABP were appointed by a federal court in June 2005 to represent a proposed class of investors who acquired Delphi securities between March 7, 2000 and March 3, 2005. The Complaint filed by those institutional Lead Plaintiffs asserted claims under the federal securities laws against Delphi, Deloitte, who was Delphi's outside auditor during the Class Period, certain officers and directors of Delphi, the banks that underwrote Delphi's offerings of securities, and certain other entities. Judge Gerald E. Rosen, the federal judge in the Eastern District of Michigan before whom the case is pending, appointed a retired federal judge, Layn R. Phillips, to serve as a Special Master to conduct settlement discussions. Following an extensive mediation conducted by Judge Phillips, Deloitte and Lead Plaintiffs reached an agreement whereby Deloitte will pay to the Class $38,250,000 to settle all claims asserted against Deloitte in the action. The settlement is one of the larger settlements obtained from an accounting firm to settle claims of securities fraud. The settlement is conditioned on approval by Judge Rosen, who will pass on the settlement after the members of the Class are given appropriate notice of the settlement and an opportunity to be heard. This settlement follows an earlier settlement in the case, also arising out of a mediation conducted by Judge Phillips, whereby Lead Plaintiffs obtained a settlement potentially worth at least $284 million from Delphi and its insurance carriers and its former banks to resolve all claims against Delphi and certain other defendants. That settlement is contingent upon final approval by Judge Rosen as well as approval of Delphi's plan of reorganization in Delphi's Chapter 11 proceeding. For more information about this settlement, please contact co- lead counsel for Lead Plaintiffs: Stuart Grant, Esq. Grant & Eisenhofer P.A. 1201 North Market Street Wilmington, DE 19801 Phone: (302) 622-7000 Bradley E. Beckworth, Esq. Nix, Patterson & Roach, LLP 205 Linda Drive Daingerfield, Texas 75638 Phone: (903) 645-7333 John "Sean" P. Coffey, Esq. Bernstein Litowitz Berger & Grossmann LLP 1285 Avenue of the Americas New York, New York 10019 Phone: (212) 554-1400 Michael Yarnoff, Esq. Schiffrin Barroway Topaz & Kessler, LLP 280 King of Prussia Road Radnor, PA 19087 Phone: (610) 667-7706 Allan Ripp Grant & Eisenhofer, P.A. Phone: 212-262-7477 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. On Dec. 10, 2007, the Court entered an order approving the Debtors' Disclosure Statement. The hearing to consider confirmation of the Plan is set for Jan. 17, 2008. (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. On Dec. 10, 2007, the Court entered an order approving the Debtors' Disclosure Statement. The hearing to consider confirmation of the Plan is set for Jan. 17, 2008. (Delphi Bankruptcy News, Issue No. 103; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) EL PASO: Unit Discloses Result of Tender Offer for 5.95% Notes -------------------------------------------------------------- El Paso Corporation's subsidiary, Colorado Interstate Gas Company, disclosed the expiration and results of its cash tender offer to purchase up to US$125 million aggregate principal amount of its 5.95% Senior Notes due March 15, 2015 (CUSIP No. 196522AH9). The tender offer expired at 12:00 midnight, Eastern Time, on Dec. 27, 2007. US$183,525,000 in aggregate principal amount of notes were validly tendered in the tender offer. Because this amount exceeded the tender cap of US$125 million, the amount of notes accepted for purchase was prorated among tendering holders in accordance with the terms of the Offer to Purchase dated Nov. 29, 2007. The proration factor applied was approximately 68.1%, rounded down to the nearest US$1,000 of principal amount for each tendering holder. Merrill Lynch & Co. and J.P. Morgan Securities Inc. served as the dealer managers for the tender offer and Global Bondholders Services Corporation served as the depositary and information agent for the tender offer. About El Paso Corporation Headquartered in Houston, Texas, El Paso Corporation (NYSE: EP) --http://www.elpaso.com/--is an energy company that provides natural gas and related energy products. The company owns North America's interstate pipeline system, which has approximately 55,500 miles of pipe. It also owns approximately 470 billion cubic feet of storage capacity and a liquefied natural gas import facility with 806 million cubic feet of daily base load send out capacity. El Paso's exploration and production business is focused on the acquisition, development and production of natural gas, oil and natural gas liquids in the United States, Brazil and Egypt. It operates in three business segments: Pipelines, Exploration and Production and Marketing. It also has a Power segment, which holds its remaining interests in international power plants in Brazil, Asia and Central America. Colorado Interstate Gas Company is a majority owned subsidiary of El Paso Corporation, that conducts its business activities through its Colorado Interstate gas system, its 50% equity interest in WYCO Development LLC, and gas storage and processing facilities. Its business consists of the interstate transportation, storage and processing of natural gas. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 20, 2007, Standard & Poor's Ratings Services affirmed its 'BB' corporate credit ratings on El Paso Corp. and subsidiaries. The outlook remains positive. FORD MOTOR: 2007 Sales Down by 12% at 2.57 Million -------------------------------------------------- Ford Motor Company's full-year 2007 sales totaled 2.57 million, down 12% compared with a year ago. Retail sales were down 10% and fleet sales were down 18% (including a 32% reduction in daily rental sales). More than two thirds of Ford's sales decline reflected discontinued products. Ford's December sales totaled 212,094, down 9% compared with a year ago. Retail sales were down 13% and fleet sales were down 1%. Led by two new and three redesigned models, Ford, Lincoln and Mercury crossover utility vehicles paced the industry's fastest- growing segment with a gain of 62% in 2007, more than triple the industry-wide growth of 17%. In its first full year, Ford Edge sales were 130,125, exceeding Ford's original forecast by 30%. In December, Edge capped off the year with its best-ever retail sales month. "Ford Edge is a great example of our plan to build products people really want to buy," Jim Farley, Ford's group vice president, Marketing and Communications, said. "Demand is growing at a fast pace beyond the nation's heartland, our traditional region of strength." Ford expects continued growth in crossovers in 2008 with the mid-year introduction of the Ford Flex. Lincoln achieved full-year sales of 131,487, a 9% increase versus 2006. The Lincoln MKX crossover was the largest contributor to Lincoln's growth, but the MKZ sedan and Lincoln Navigator also helped spur Lincoln's momentum, which began in late 2006. The next new Lincoln was revealed at the Los Angeles Auto Show in November -- the MKS sedan that will debut this summer. Sales for the new Ford Focus were up 3% in December (9% at retail). Focus sales were up 18% in November, the first full month for the new model. Ford's F-Series truck was America's best-selling truck in 2007 - - the 31st year in a row -- with full year sales of 690,589. F-Series was also the best-selling vehicle, car or truck, for 26 years in a row. 2008 Outlook Ford expects the economic environment to remain challenging in 2008. Ford has said it expects the first half U.S. auto sales rate to be in the range of 15.5 to 16.0 million in the first half (light vehicle sales in the range of 15.2 to 15.7 million). "We are restructuring our business to be profitable at lower demand and changed mix and accelerating the development of new products people want to buy," Mr. Farley said. "We have more work to do to reach our ultimate goal -- profitable growth for all. But we have made progress in a short amount of time in several key areas." About Ford Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) -- http://www.ford.com/-- manufactures or distributes automobiles in 200 markets across six continents. With about 260,000 employees and about 100 plants worldwide, the company's core and affiliated automotive brands include Ford, Jaguar, Land Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company provides financial services through Ford Motor Credit Company. The company has operations in Japan in the Asia Pacific region. In Europe, the company maintains a presence in Sweden, and the United Kingdom. The company also distributes its brands in various Latin American regions, including Argentina and Brazil. * * * As reported in the Troubled Company Reporter on Nov. 19, 2007, Moody's Investors Service affirmed the long-term ratings of Ford Motor Company (B3 Corporate Family Rating, Ba3 senior secured, Caa1 senior unsecured, and B3 probability of default), but changed the rating outlook to Stable from Negative and raised the company's Speculative Grade Liquidity rating to SGL-1 from SGL-3. Moody's also affirmed Ford Motor Credit Company's B1 senior unsecured rating, and changed the outlook to Stable from Negative. These rating actions follow Ford's announcement of the details of the newly ratified four-year labor agreement with the UAW. FORD MOTOR: Overall Canada Sales Down 11.8% to 15,163 Units ----------------------------------------------------------- Making a connection with consumers is what it's all about and the Ford Motor Company of Canada, Ltd. certainly saw success in that area driven by its new crossover vehicles -- the Ford Edge and Lincoln MKX -- as well as with the Ford F-Series, the best selling vehicle in Canada for the fifth straight year and the best selling pick-up truck in Canada for a record 42 consecutive years. Truck sales achieved a solid 6.6% increase for the year. Although combined sales were down 2.2%, as compared to a strong year in 2006, Ford's new and refreshed vehicles drove showroom traffic -- the Ford Escape also being an excellent example as it delivered a sales increase of 23.9%. "We achieved two major goals in 2007 -- we promised to be a major contender in the crossover revolution in this country and continue to solidify our truck leadership. On both we certainly delivered," Bill Osborne, president and CEO, Ford Motor Company of Canada, Ltd. said. "Looking ahead, watch for the crossover momentum to grow as we launch our full size crossover, the Ford Flex, later this year -- and for Lincoln's appeal to intensify with the hot new 2009 MKS." December Results For December, Ford of Canada's overall sales decreased 11.8% to 15,163 units. Although total truck sales were down 7.2% at 11,702 units, the Ford Edge, Ford Ranger, Lincoln MKX each saw an increase in sales during the month. Total car sales of 3,461 units mark a 24.5% decline compared to last December. Vehicle Sales 2007 2006 Change ---- ---- ------ Total Vehicles -------------- December 15,163 17,191 -11.8% January-December 224,356 229,316 -2.2% Total Cars ---------- December 3,461 4,583 -24.5% January-December 56,147 71,557 -21.5% Total Trucks ------------ December 11,702 12,608 -7.2% January-December 168,209 157,759 +6.6% About Ford Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) -- http://www.ford.com/-- manufactures or distributes automobiles in 200 markets across six continents. With about 260,000 employees and about 100 plants worldwide, the company's core and affiliated automotive brands include Ford, Jaguar, Land Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company provides financial services through Ford Motor Credit Company. The company has operations in Japan in the Asia Pacific region. In Europe, the company maintains a presence in Sweden, and the United Kingdom. The company also distributes its brands in various Latin American regions, including Argentina and Brazil. * * * As reported in the Troubled Company Reporter on Nov. 19, 2007, Moody's Investors Service affirmed the long-term ratings of Ford Motor Company (B3 Corporate Family Rating, Ba3 senior secured, Caa1 senior unsecured, and B3 probability of default), but changed the rating outlook to Stable from Negative and raised the company's Speculative Grade Liquidity rating to SGL-1 from SGL-3. Moody's also affirmed Ford Motor Credit Company's B1 senior unsecured rating, and changed the outlook to Stable from Negative. These rating actions follow Ford's announcement of the details of the newly ratified four-year labor agreement with the UAW. FORD MOTOR: Tata Motors Singled Out as Likely Bidder ---------------------------------------------------- Lewis Booth, executive vice president for Ford of Europe and Premier Automotive Group (Chairman - Jaguar, Land Rover, Volvo and Ford of Europe) issued a statement on the potential sale of Fors Motor Co.'s Jaguar and Land Rover brands: "Ford is committed to focused negotiations at a more detailed level with Tata Motors Ltd. concerning the potential sale of the combined Jaguar Land Rover business." "There is still a considerable amount of work to do, and while no final decision has been made, we will proceed with further substantive discussions with Tata Motors over the forthcoming weeks with a view to securing an agreement that is in the best interests of all parties concerned." Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) -- http://www.ford.com/-- manufactures or distributes automobiles in 200 markets across six continents. With about 260,000 employees and about 100 plants worldwide, the company's core and affiliated automotive brands include Ford, Jaguar, Land Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company provides financial services through Ford Motor Credit Company. The company has operations in Japan in the Asia Pacific region. In Europe, the company maintains a presence in Sweden, and the United Kingdom. The company also distributes its brands in various Latin American regions, including Argentina and Brazil. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 19, 2007, Moody's Investors Service affirmed the long-term ratings of Ford Motor Company (B3 Corporate Family Rating, Ba3 senior secured, Caa1 senior unsecured, and B3 probability of default), but changed the rating outlook to Stable from Negative and raised the company's Speculative Grade Liquidity rating to SGL-1 from SGL-3. Moody's also affirmed Ford Motor Credit Company's B1 senior unsecured rating, and changed the outlook to Stable from Negative. These rating actions follow Ford's announcement of the details of the newly ratified four-year labor agreement with the UAW. GENERAL MOTORS: Lays-Off 450 Workers in St. Catharines Plant ------------------------------------------------------------ A components plant and an engine plant of General Motors of Canada Ltd. in St. Catharines, Ontario, will be displacing 450 employees for the first two weeks in January, Don Fraser of the St. Catharines Standard reports. GM's St. Catharines spokeswoman Virginia Lewis said the plants will be temporarily shut down to adjust inventory. The paper relates that 420 workers at the engine plant, which assembles GM's famous Vortec brand of engines, will be laid off starting Jan. 6 until Jan. 13. Roughly 30 workers at the components plant, which produces high precision transmission components and automotive forgings for North America, have already been displaced on Jan. 2. They will come back to work on Jan. 13. The tentative shuttering is related to GM's truck manufacturing operation in Oshawa, the source says. As reported in the Troubled Company Reporter on Dec. 11, 2007, GM Canada disclosed plans of temporarily closing its truck assembly plant in Oshawa, Ontario, for two weeks in January 2008, cutting roughly 8,800 truck output. The move is a result of the slow sales of Chevrolet Silverados and GMC Sierras in the United States. About General Motors of Canada Headquartered in Oshawa Ontario, General Motors of Canada Ltd. manufactures vehicles, vehicle powertrains, and markets the full range of General Motors vehicles and related services through 743 dealerships and retailers across Canada. Vehicles sold through this network include Chevrolet, Buick, Pontiac, GMC, Saturn, Hummer, Saab and Cadillac. GM of Canada employs more than 19,000 people nationwide. About GM Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- was founded in 1908. GM employs about 280,000 people around the world and manufactures cars and trucks in 33 countries, including the United Kingdom, Germany, France, Russia, Brazil and India. In 2006, nearly 9.1 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 9, 2007, Moody's Investors Service affirmed its rating for General Motors Corporation (B3 Corporate Family Rating, Ba3 senior secured, Caa1 senior unsecured and SGL-1 Speculative Grade Liquidity rating) but changed the outlook to Stable from Positive. In an environment of weakening prospects for US auto sales GM has announced that it will take a non-cash charge of US$39 billion for the third quarter of 2007 related to establishing a valuation allowance against its deferred tax assets (DTAs) in the US, Canada and Germany. As reported in the Troubled Company Reporter on Oct. 23, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating and other ratings on General Motors Corp. and removed them from CreditWatch with positive implications, where they were placed Sept. 26, 2007, following agreement on the new labor contract. The outlook is stable. GENERAL MOTORS: December 2007 Retail Sales Up 1.5% -------------------------------------------------- General Motors Corp. dealers in the United States delivered 323,453 vehicles in December, down 5% compared with a year ago. With 257,469 retail vehicle deliveries, retail sales for the month were up 1.5%. GM delivered 3.87 million vehicles in 2007, down 6% compared with 2006. GM's retail market share is anticipated to be flat for the year, with daily rental share down significantly, as planned. "We've executed our Go-to-Market strategy throughout the year, and the results show stabilized retail share and net price, reduced daily rentals, improved residual values, smaller inventories and outstanding launch vehicle performance," Mark LaNeve, GM North America vice president, Vehicle Sales, Service and Marketing, said. "Growing our share in key car segments is integral to our strategy. The retail performance of the new Chevrolet Malibu and Cadillac CTS, Saturn AURA, Pontiac G6 and the fuel-efficient Chevrolet Aveo, Cobalt and Pontiac G5, demonstrates the enthusiasm customers have for these outstanding vehicles." December Performance Highlights * Chevrolet, Pontiac, Buick, GMC and Saturn divisions saw retail increases year-over-year; * GM's retail car deliveries increased 15% based on the strength of the all-new Chevrolet Malibu, 2008 Cadillac CTS and fuel-efficient Chevrolet Aveo, Cobalt, Pontiac G5 and G6. Aveo sales were up 82%; * Chevrolet Impala and Malibu combined were 24,000 retail sales, the best Chevrolet mid-car month since July 2006; * Enclave, OUTLOOK and Acadia crossovers exceeded 14,000 retail sales; GM's mid-utility crossover segment was up 275%. Enclave had a record month. * Chevrolet Silverado, Avalanche and GMC Sierra full-size pickups built retail market share with more than 69,000 vehicles sold; * Retail vehicles, as a percent of total deliveries, increased more than 5 percentage points to 80%; and * Dealer inventories were down 147,000 vehicles year-over- year. "The Malibu, CTS and Enclave have some of the fastest turn rates in the industry and we've seen Malibu retail sales increase nearly 100% compared with a year ago," Mr. LaNeve added. "I was particularly encouraged to see that even though we doubled Malibu sales and basically sold them as soon as they hit dealer lots, the Impala also had a terrific month. More and more customers are realizing that the best mid-car values are no longer at an import dealership." 2007 Performance Highlights * Dealer inventories were at their lowest level going into January in 13 years; * GMC and Saturn divisions had total and retail increases for the year; * Enclave, OUTLOOK and Acadia crossovers exceeded 122,000 retail sales; GM's mid-utility crossover segment was up 333% retail; * Daily rental sales were reduced 108,000 vehicles; GM was at its lowest level of daily rental sales in 9 years (about 596,000 vehicles), while significantly boosting content and resale value. Commercial/government fleet sales were up about 5,000 vehicles * Anticipated retail share stabilized at about 21%; and * Retail vehicles, as a percentage of total deliveries, increased 1 percentage point to 74%. "The Chevrolet Tahoe Hybrid and Malibu, Buick Enclave and Cadillac CTS have been named finalists in the North America Car and Truck of the Year Awards, so our vehicles are being recognized as world-class," Mr. LaNeve said. "While we've seen a challenging market in 2007, we are offering shoppers the best products and value available. A shining example is Saturn's roughly 12% retail increase in 2007, being driven by the AURA, SKY, VUE and OUTLOOK. We believe the industry will be much more resilient than many forecasts and look forward to 2008." About GM Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- was founded in 1908. GM employs about 280,000 people around the world and manufactures cars and trucks in 33 countries, including the United Kingdom, Germany, France, Russia, Brazil and India. In 2006, nearly 9.1 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 9, 2007, Moody's Investors Service affirmed its rating for General Motors Corporation (B3 Corporate Family Rating, Ba3 senior secured, Caa1 senior unsecured and SGL-1 Speculative Grade Liquidity rating) but changed the outlook to Stable from Positive. In an environment of weakening prospects for US auto sales GM has announced that it will take a non-cash charge of US$39 billion for the third quarter of 2007 related to establishing a valuation allowance against its deferred tax assets (DTAs) in the US, Canada and Germany. As reported in the Troubled Company Reporter on Oct. 23, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating and other ratings on General Motors Corp. and removed them from CreditWatch with positive implications, where they were placed Sept. 26, 2007, following agreement on the new labor contract. The outlook is stable. GENERAL MOTORS: Canada 2007 Sales Down 4.2% to 403,410 Units ------------------------------------------------------------ For the 2007 calendar year, General Motors of Canada maintained its sales leadership position in Canada delivering 403,410 units. "For 2007, GM continued to stay the course with our strategy to focus on the quality and durability of our vehicles and strategically manage our daily rental sales volume," said Marc Comeau, GM of Canada's vice-president of sales, service, and marketing. "While this strategy has resulted in some overall sales declines we are experiencing good retail sales performance, higher residual values and solid sales from our recently introduced cars and trucks." Mr. Comeau continued, "We are seeing strong customer acceptance for the new Cadillac CTS and Chevrolet Malibu and Malibu hybrid and Saturn Astra will lead the new generation of Saturn vehicles. GM will also continue to offer more green choices for Canadians offering three additional hybrids in 2008, the Cadillac Escalade and the Oshawa-built Chevrolet Silverado and GMC Sierra pickups." Four GM vehicles were recently recognized by the Automobile Journalists Association of Canada from best small car (Saturn Astra) to best small crossover (Saturn Vue) to best luxury crossover (Buick Enclave) to best pickup truck (Chevrolet Silverado). This comes on the heels Motor Trend Magazine Car of the Year for the Cadillac CTS and Green Car of Year for the Chevrolet Tahoe hybrid SUV from Green Car Journal. Sales Highlights * The recently launched Chevrolet Malibu saw retail sales jump 8.9% in December. * The all-new Cadillac CTS and Saab 9-3 were up 4.5% and 56.8%, respectively, for the month. * GM's crossover line-up -- including the GMC Acadia, Saturn Outlook and Buick Enclave -- drove a 67.7% increase in the mid utility segment for the month. * Pontiac Vibe continues to perform well -- up 29.5% for the month and 12.9% for the year, driven by strong retail sales. * Saturn posted a 23% increase in 2007 as a result of a strong vehicle line-up including the Aura and Aura Hybrid sedans, the Vue and Vue Hybrid small utility and all new Outlook crossover utility. * GM large pickup sales grew 7.5% in 2007, with gains from the Chevrolet Silverado and GMC Sierra extended cab pickups (up 10.2% and 9.2%, respectively), as well as strong performance from the 1500 Series Crew Cabs with Chevrolet up 50.5% and GMC up 38.9%. GM Canada Sales Month of December 2007 2006 % CHG ---- ---- ----- Total Cars 9,678 16,741 -42.4% Total Trucks 16,412 19,517 -15.9% Total Vehicles 26,090 36,258 -28.0% Year Ended Dec. 31, 2007 2007 2006 % CHG ---- ---- ----- Total Cars 185,952 202,949 -8.4% Total Trucks 217,760 218,350 -0.3% Total Vehicles 403,712 421,299 -4.2% About General Motors of Canada Headquartered in Oshawa Ontario, General Motors of Canada Ltd. manufactures vehicles, vehicle powertrains, and markets the full range of General Motors vehicles and related services through 743 dealerships and retailers across Canada. Vehicles sold through this network include Chevrolet, Buick, Pontiac, GMC, Saturn, Hummer, Saab and Cadillac. GM of Canada employs more than 19,000 people nationwide. About GM Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- was founded in 1908. GM employs about 280,000 people around the world and manufactures cars and trucks in 33 countries, including the United Kingdom, Germany, France, Russia, Brazil and India. In 2006, nearly 9.1 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 9, 2007, Moody's Investors Service affirmed its rating for General Motors Corporation (B3 Corporate Family Rating, Ba3 senior secured, Caa1 senior unsecured and SGL-1 Speculative Grade Liquidity rating) but changed the outlook to Stable from Positive. In an environment of weakening prospects for US auto sales GM has announced that it will take a non-cash charge of US$39 billion for the third quarter of 2007 related to establishing a valuation allowance against its deferred tax assets (DTAs) in the US, Canada and Germany. As reported in the Troubled Company Reporter on Oct. 23, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating and other ratings on General Motors Corp. and removed them from CreditWatch with positive implications, where they were placed Sept. 26, 2007, following agreement on the new labor contract. The outlook is stable. GOL LINHAS: Fundo Abandons Privatization Plans ---------------------------------------------- Fundo de Investimento em Participacoes Asas, the controlling shareholder of Gol Linhas Aereas Inteligentes SA, has dropped plans to take the company private, Bloomberg News reports. In September 2007, talks were rife that the Olivera family- controlled Fundo wants to delist the company's shares. As previously reported, Nene Constantino, and his son, Gol's Chief Executive Officer Constantino de Oliveira Jr., are at odds over the shares listing. The family head wants the share delisted as as soon as possible while Gol's CEO wants to take it slow so as not to dismiss other financing opportunities. According to Bloomberg, Fundo's recent decision caused its shared to plunge by 5.2% to BRL40.20 per share in the Sao Paulo market. "People who bought the stock because they thought they'd get a higher than market price for the shares are probably readjusting their portfolios," Januario Hostin Jr., who manages US$60 million at Leme Investimentos in Florianopolis, Brazil, told Bloomberg. Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL Linhas Areas Inteligentes S.A. (NYSE: GOL and Bovespa: GOLL4) -- http://www.voegol.com.br-- through its subsidiary, GOL Transportes Aereos S.A., provides airline services in Brazil, Argentina, Bolivia, Uruguay, and Paraguay. The company's services include passenger, cargo, and charter services. As of March 20, 2006, Gol Linhas provided 440 daily flights to 49 destinations and operated a fleet of 45 Boeing 737 aircraft. The company was founded in 2001. * * * As reported in the Troubled Company Reporter-Latin America on July 25, 2007, Fitch Ratings has affirmed the 'BB+' foreign and local currency issuer default ratings of Gol Linhas Aereas Inteligentes S.A. Fitch has also affirmed the outstanding US$200 million perpetual bonds and US$200 million of senior notes due 2017 at 'BB+' as well as the company's 'AA-' (bra) national scale rating. Fitch said the rating outlook is stable. JAPAN AIRLINES: To Beef Up Air Cargo Operations ----------------------------------------------- Japan Airlines International Co., Ltd., plans to set up a new company to oversee its air freight operations, sources close to the matter revealed to Jiji Press. This move, according to Jiji Press' sources, is designed to streamline JAL's various air cargo units at home and abroad. In addition, JAL will join hands with a major Japanese trading house to expand the scope of services to include trade finance and warehousing in an attempt to compete with foreign integrated logistics service operators such as FedEx Corp., and DHL, relates Jiji Press. Sources further disclosed to Jiji Press that partnering with a Japanese trading house will be included in a new turnaround package for a three-year period starting next April. About Japan Airlines Tokyo-based Japan Airlines International Company, Limited -- http://www.jal.com/en/-- was created as a result of the merger of Japan Airlines and Japan Air Systems to boost domestic coverage. Japan Airlines flies to the United States, Brazil and France. * * * As reported on Feb. 9, 2007, that Standard & Poor's Ratings Services affirmed its 'B+' long-term corporate credit and issue ratings on Japan Airlines Corp. (B+/Negative/--) following the company's announcement of its new medium-term management plan. The outlook on the long-term corporate credit rating is negative. As reported on Oct. 10, 2006, that Moody's Investors Service affirmed its Ba3 long-term debt ratings and issuer ratings for both Japan Airlines International Co., Ltd and Japan Airlines Domestic Co., Ltd. The rating affirmation is in response to the planned restructuring of the Japan Airlines Corporation group on Oct. 1, 2006 with the completion of the merger of JAL's two operating subsidiaries, JAL International and Japan Airlines Domestic. JAL International will be the surviving company. The rating outlook is stable. Fitch Ratings Tokyo analyst Satoru Aoyama said that the company's debt obligations and expenses for new aircraft have placed it in an unfavorable financial position. Fitch assigned a BB- rating on the company, which is three notches lower than investment grade. TRW AUTOMOTIVE: Arm Completes Buyout of Delphi Corp.'s NA Brake --------------------------------------------------------------- TRW Integrated Chassis Systems LLC, a subsidiary of TRW Automotive Holdings Corp., has completed the purchase of a portion of Delphi Corporation's North American brake component machining and module assembly assets, including production inventory, for approximately US$40 million. As reported in the Troubled Company Reporter on Sept. 20, 2007, TRW Automotive said that one of its subsidiaries has signed an agreement with Delphi Corporation to purchase a portion of its North American brake component machining and module assembly assets. In addition to the asset purchase, the company has leased a portion of Delphi's former brake manufacturing facility in Saginaw, Michigan and commenced employment of hourly and salaried employees at the site. In conjunction with the asset purchase, TRW is supplying General Motors with a portion of the business, predominantly braking modules, formerly supplied by Delphi at the Saginaw facility. About Delphi Corp. Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of March 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in total assets and US$23,851,000,000 in total debts. The Debtors' exclusive plan-filing period expires on Dec. 31, 2007. On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan of Reorganization and a Disclosure Statement explaining that Plan. On Dec. 10, 2007, the Court entered an order approving the Debtors' Disclosure Statement. The hearing to consider confirmation of the Plan is set for Jan. 17, 2008. About TRW Automotive Headquartered in Livonia, Michigan, TRW Automotive Holdings Corp. (NYSE: TRW) -- http://www.trwauto.com/-- is an automotive supplier. Through its subsidiaries, it employs approximately 63,800 people in 26 countries, including Brazil, China, Germany and Italy. TRW Automotive products include integrated vehicle control and driver assist systems, braking systems, steering systems, suspension systems, occupant safety systems (seat belts and airbags), electronics, engine components, fastening systems and aftermarket replacement parts and services TRW Automotive Aftermarket provides high quality replacement parts, service, diagnostics and technical support to both the independent aftermarket and the vehicle manufacturer service channels. * * * Fitch assigned a 'BB' on TRW Automotive Holdings Corp.'s LT Issuer Default rating and 'BB-' on its Unsecured Debt rating. Fitch said the outlook is stable. * BRAZIL: Petrobras Can't Say Tupi Oil & Gas Output Levels ---------------------------------------------------------- Brazilian state-owned oil company Petroleo Brasileiro SA aka Petrobras admitted in a statement that it couldn't determine oil and gas production levels at the Tupi area in the Santos basin. Business News Americas relates that Petrobras disclosed the Tupi discovery late in 2007, estimating reserves at up to eight billion barrels. According to BNamericas, Petrobras denied to a report in Gazeta Mercantil that said the first exploratory studies the company conducted performed pointed to a one-million-barrel-per-day potential oil output. Studies for the Tupi oil and gas production are in a preliminary stage, Petrobras explained to BNamericas. A long duration test will still be made by year-end. The firm is positive that oil and gas production estimates published in Gazeta Mercantil are "premature." About Petroleo Brasileiro Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp- - was founded in 1953. The company explores, produces, refines, transports, markets, and distributes oil and natural gas and power to various wholesale customers and retail distributors in Brazil. Petrobras has operations in China, India, Japan, and Singapore. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 26, 2007, Standard & Poor's Ratings Services assigned BB+ long-term sovereign foreign currency rating and B short-term sovereign foreign currency rating on Brazil. As reported in the Troubled Company Reporter-Latin America on May 14, 2007, Fitch Ratings upgraded Brazil's long-term foreign and local currency sovereign Issuer Default Ratings to 'BB+' from 'BB' and the Country Ceiling to 'BBB-' from 'BB+'. In addition, Fitch affirmed Brazil's Short-term IDR at 'B'. Fitch said the rating outlook is stable. =========================== C A Y M A N I S L A N D S =========================== ABILENE LIMITED: Final Shareholders Meeting Set for Jan. 10 ----------------------------------------------------------- Abilene Limited will hold its final shareholders meeting on Jan. 10, 2008, at: Cititrust (Cayman) Limited CIBC Financial Center, George Town Grand Cayman, Cayman Islands These agenda will be taken during the meeting: 1) accounting of the winding-up process; and 2) giving explanation thereof. 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 P.O. Box 1170, Grand Cayman KY1-1102 Cayman Islands BANK RAKYAT: Pefindo Upgrades Ratings to "idAA+" ------------------------------------------------ Pefindo has upgraded its rating for PT Bank Rakyat Indonesia (Persero) Tbk to "idAA+" from "idAA", while the Bank'