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 Tuesday, January 8, 2008, Vol. 9, Issue 5 Headlines A R G E N T I N A ALITALIA SPA: Italian Politicians Hit Air France Selection CLINICA PRIVADA: Claims Verification Deadline Is Feb. 29 DIGITAL PRODUCTS: Proofs of Claim Verification Ends on April 18 DINCROS ARGENTINA: Claims Verification Is Until April 21 H Y H: Proofs of Claim Verification Deadline Is April 18 LABORATORIOS GEMINIS: Claims Verification Ends on April 30 LUCHETTI PIATTELLI: Claims Verification Deadline Is March 28 LUCHETTI PIATTELLI: Claims Verification Deadline Is March 28 REEMLAEN SRL: Proofs of Claim Verification Is Until March 19 REIFSCHNEIDER ARGENTINA: Claims Verification Ends on March 11 TYSON FOODS: Hires Donnie Smith as Consumer Products Group VP B A R B A D O S CABLE & WIRELESS: Workers Strike After Failed Wage Talks B E R M U D A BELLA CASA: Liquidator Filing for Dissolution by Jan. 11 BERMUDA BUSINESS: Liquidator To File for Dissolution by Jan. 11 WARNER CHILCOTT: Good Financial Profile Cues S&P's Pos. Outlook B O L I V I A * BOLIVIA: Moody's Eyes Stable Outlook for Banks B R A Z I L BANCO NACIONAL: Inks BRL4.51-Bil. Contract with Transportadora DELPHI CORP: Incurs US$231 Mil. Net Loss in Month Ended Nov. 30 DELPHI CORP: Seeks Provisional Allowance of Unreconciled Claims DELPHI CORP: UAW Objects to Management Compensation Plan HUGHES COMMS: Inks Definitive Agreement to Acquire Helius Inc. SMOBY-MAJORETTE: French Court Rejects MGA's Recovery Plan C A Y M A N I S L A N D S ARKAIR LTD: Will Hold Final Shareholders Meeting on Jan. 10 BEAR STEARNS: Proofs of Claim Filing Deadline Is Jan. 11 BERNARD BRIDGE: Sets Final Shareholders Meeting for Jan. 10 BIG HAND: Will Hold Final Shareholders Meeting on Jan. 10 CAI JAPAN: Sets Final Shareholders Meeting for Jan. 10 CHUO FINANCE: Will Hold Final Shareholders Meeting on Jan. 10 CQS INT'L: Sets Final Shareholders Meeting for Jan. 10 DISCOVERER PROTECTION: Final Shareholders Meeting Is on Jan. 10 ECLIPSE SECURITIES: Final Shareholders Meeting Is on Jan. 10 FALCON CAPITAL: Final Shareholders Meeting Is on Jan. 10 FLAGSHIP CLO: Holding Final Shareholders Meeting on Jan. 10 FONDREN PARTNERS: Proofs of Claim Filing Is Until Today FRVMA LIMITED: Will Hold Final Shareholders Meeting on Jan. 10 GINZA 7: Sets Final Shareholders Meeting for Jan. 10 GLOBAL AIR: Final Shareholders Meeting Is on Jan. 10 GLOBAL AIR MOV'T: Will Hold Shareholders Meeting on Jan. 10 GRYPHON HIDDEN: Will Hold Final Shareholders Meeting on Jan. 10 JLOC I: Sets Final Shareholders Meeting for Jan. 10 MAESTRO GLOBAL: Sets Final Shareholders Meeting for Jan. 10 MARINER VOLATILITY: Proofs of Claim Filing Ends on Jan. 10 MARINER VOLATILITY: Sets Final Shareholders Meeting for Jan. 25 MBF NO. 2: Will Hold Final Shareholders Meeting on Jan. 10 MESA 2002-2: Will Hold Shareholders Meeting on Jan. 10 MTI CAPITAL: Will Hold Final Shareholders Meeting on Jan. 10 MTI FINANCE: Sets Final Shareholders Meeting for Jan. 10 P FINANCE: Proofs of Claim Filing Is Until Today REVS LIMITED: Will Hold Shareholders Meeting on Jan. 10 SENBON ASSET: Will Hold Final Shareholders Meeting on Jan. 10 SHINJUKU HOLDING: Proofs of Claim Filing Ends Today SOUTHFORK II: Proofs of Claim Filing Deadline Is Today SPENCER HOUSE: Sets Final Shareholders Meeting for Jan. 10 SPENCER HOUSE CAPITAL: Final Shareholders Meeting Is on Jan. 10 WESTWAYS FUNDING: Proofs of Claim Filing Is Until Today YORK POWER: Sets Final Shareholders Meeting for Jan. 10 C H I L E BOSTON SCIENTIFIC: Closes Auditory Biz & Drug Pump Program Sales CHIQUITA BRANDS: Grape Harvest Slows Down, Michael Mitchell Says C O L O M B I A BANCOLOMBIA: Reports 34,000 Mobile Banking Clients in 2007 * COLOMBIA: Moody's Predicts Stable Outlook for Banks C O S T A R I C A BANCO DE COSTA RICA: Oscar Arias Initiates Merger Talks of Banks * COSTA RICA: President Initiates Merger Talks for Three Banks D O M I N I C A N R E P U B L I C * DOMINICAN REPUBLIC: To Buy 50% of Dominican Petroleum Shares G U A T E M A L A AFFILIATED COMPUTER: S&P Maintains BB Corporate Credit Rating J A M A I C A AIR JAMAICA: Shirley Williams Denies Temporary Workers' Layoff M E X I C O BERRY PLASTICS: Inks US$500MM Merger Deal with Captive Holdings BERRY PLASTICS: S&P Retains CCC+ Rating on Senior Unsecured Debt DURA AUTOMOTIVE: Court Defers DIP Financing Maturity to Jan. 31 DURA AUTOMOTIVE: Restructuring of Canadian Subsidiaries Approved HASBRO INC: To Acquire Cranium for US$77.5 Million MAZDA MOTOR: December Sales for U.S. Unit Down by 25.2% MOVIE GALLERY: Wants Removal of Action Period Moved to July 14 TRIMAS CORP: Cequent Group Gets Rights to Let's Go Aero Products WENDY'S INT'L: US Same-Store Sales Down 0.8% in 4th Quarter 2007 P U E R T O R I C O AVIS BUDGET: To Acquire Budget Brand Rights for Newark Airport FIRST BANCORP: Board Declares Preferred Shares Dividend Payments V E N E Z U E L A ARVINMERITOR INC: S&P Holds BB Rating on US$700M Credit Facility PETROLEOS DE VENEZUELA: Will Form Food Production Unit PDVAL * Large Companies with Insolvent Balance Sheets - - - - - ================= A R G E N T I N A ================= ALITALIA SPA: Italian Politicians Hit Air France Selection ---------------------------------------------------------- Italian politicians and unions have criticized the government's decision to commence exclusive talks with Air-France KLM Group on the sale of its 49.9% stake in Alitalia S.p.A., Andrew Davis writes for Bloomberg News. The Northern League party said the government's decision will start "the mother of all battles," adding that "the governor has chosen Air France and has decided to sell out the country and the north of Italy." "Well, if they want a war they will get a war," senior Northern League official Roberto Calderoli was quoted by Bloomberg News as saying. Roberto Formigoni, head of the Lombardia regional government, called the government's decision "shameful." "We will not shy away from a political and civil battle to defend the economic and social interests of our people," Mr. Formigoni said. Alitalia's pilots unions, while supporting Air France, criticized the government for exluding them in the decision- making process. The unions threatened strikes if the government cannot get job guarantees in the talks with Air France. Meanwhile, AirOne S.p.A., the losing bidder for Alitalia, denounced Italy's decision to select Air France as "surrender." "Italy and the air transport industry, a strategic national sector, can't surrender in this way to a large international group that is making off with rich pieces of our market," AirOne chairman Carlo Toto said in an e-mailed statement to Bloomberg News. The Italian government commenced exclusive talks with Air France-KLM Group on Jan. 2, 2008. As reported on Dec. 27, 2007, Alitalia's Board of Directors, advised by Citi, Roland Berger and Grimaldi & Associati, accepted and recommended Air-France's non-binding offer to acquire Italy's stake. Alitalia noted that Air-France's proposal: * provides adequate and reliable financial and industrial assurances to successfully carry out the restructuring, development and re-launching of Alitalia, while stating, within this context, the interest and willingness to acquire control of the Company; * is more convenient from an economic point of view for the shareholders; and * is perceived to be adequately aligned with the expectations stated by the shareholder Ministry of Economy and Finance through the press release issued on July 31, 2007, as it envisages to satisfactorily safeguard the general interests considered to be essential by the Government in terms of continuity and adequateness of aviation services in Italy. The Board said its decision was based on several elements summarized as: * Air France-KLM has considerable experience and offers a high degree of industrial credibility * the business plan put forward by AirFrance-KLM has been considered highly credible and adequate to address the strategic, industrial and financial issues of Alitalia, having also considered the competitive environment in which the Company operates. * the Air France-KLM proposal is expected to generate significant synergies in favor of Alitalia, allowing for a sustainable re-launch in the long term. * from the economic point of view, the Air France-KLM non-binding proposal offers the best terms for the Ministry of Economy and Finance and for minority shareholders, and is sustained by the high degree of certainty on the availability of the financial resources for Alitalia: On Sept. 30, 2007, Air France-KLM had cash and cash equivalents of EUR4.1 billion. Furthermore, Air France-KLM undertakes to guarantee the whole amount indicated for the capital increase (EUR750 million). * the Air France-KLM non binding proposal clearly states the willingness to undertake a number of commitments towards the Italian State on these topics: * the Air France-KLM proposal includes labor considerations on the levels of employment in line with Alitalia's Survival/Transition Plan. Air France-KLM indicates the intention to consider measures to involve employees with profit sharing schemes based on economic results. About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/-- provides air travel services for passengers and air transport of cargo on national, international and inter-continental routes. The Italian government owns 49.9% of Alitalia. The company has operations in Argentina and Japan. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia posted EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked annual net losses of EUR520 million in 2003, EUR813 million in 2004, EUR168 million in 2005, and EUR625.6 million in 2006. Italian Transport Minister Alessandro Bianchi has warned that Alitalia may file for bankruptcy if the current attempt to sell the government's 49.9% stake fails. CLINICA PRIVADA: Claims Verification Deadline Is Feb. 29 -------------------------------------------------------- Adriana Isabel Rinaldi, the court-appointed trustee for Clinica Privada Pilar S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until Feb. 29, 2008. Ms. Rinaldi will present the validated claims in court as individual reports on April 25, 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 Clinica Privada 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 Clinica Privada's accounting and banking records will be submitted in court on June 6, 2008. Ms. Rinaldi is also in charge of administering Clinica Privada's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Adriana Isabel Rinaldi Dorrego 2789 Buenos Aires, Argentina DIGITAL PRODUCTS: Proofs of Claim Verification Ends on April 18 --------------------------------------------------------------- Reynaldo Alberto Mateo, the court-appointed trustee for Digital Products Corporation Sud Americana S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until April 18, 2008. Mr. Mateo will present the validated claims in court as individual reports on June 2, 2008. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by Digital Products 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 Digital Products' accounting and banking records will be submitted in court on July 16, 2008. Mr. Mateo is also in charge of administering Digital Products' assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Reynaldo Alberto Mateo Piedras 153 Buenos Aires, Argentina DINCROS ARGENTINA: Claims Verification Is Until April 21 -------------------------------------------------------- Maximo C. A. Piccinelli, the court-appointed trustee for Dincros Argentina S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until April 21, 2008. Mr. Piccinelli will present the validated claims in court as individual reports on July 14, 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 Dincros 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 Dincros Argentina's accounting and banking records will be submitted in court on Oct. 20, 2008. Mr. Piccinelli is also in charge of administering Dincros Argentina's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Dincros Argentina S.A. Mariscal Antonio Jose de Sucre 2441 Buenos Aires, Argentina The trustee can be reached at: Maximo C. A. Piccinelli Montevideo 666 Buenos Aires, Argentina H Y H: Proofs of Claim Verification Deadline Is April 18 -------------------------------------------------------- Carlos Daniel Grela, the court-appointed trustee for H y H Producciones S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of claim until April 18, 2008. Mr. Grela will present the validated claims in court as individual reports on June 2, 2008. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by H y H 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 H y H's accounting and banking records will be submitted in court on Aug. 4, 2008. Mr. Grela is also in charge of administering H y H's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Carlos Daniel Grela Tucuman 1585 Buenos Aires, Argentina LABORATORIOS GEMINIS: Claims Verification Ends on April 30 ---------------------------------------------------------- Juan Carlos Caro, the court-appointed trustee for Laboratorios Geminis S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until April 30, 2008. Mr. Caro will present the validated claims in court as individual reports on June 12, 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 Laboratorios Geminis 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 Laboratorios Geminis' accounting and banking records will be submitted in court on Aug. 11, 2008. Mr. Caro is also in charge of administering Laboratorios Geminis' assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Juan Carlos Caro Florida 470 Buenos Aires, Argentina LUCHETTI PIATTELLI: Claims Verification Deadline Is March 28 ------------------------------------------------------------ Norma Elida Fistzen, the court-appointed trustee for Luchetti Piattelli y Asociados S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of claim until March 28, 2008. Ms. Fistzen will present the validated claims in court as individual reports on May 12, 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 Luchetti Piattelli 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 Luchetti Piattelli's accounting and banking records will be submitted in court on June 23, 2008. Ms. Fistzen is also in charge of administering Luchetti Piattelli's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Norma Elida Fistzen Viamonte 1446 Buenos Aires, Argentina LUCHETTI PIATTELLI: Claims Verification Deadline Is March 28 ------------------------------------------------------------ Norma Elida Fistzen, the court-appointed trustee for Luchetti Piattelli y Asociados S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of claim until March 28, 2008. Ms. Fistzen will present the validated claims in court as individual reports on May 12, 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 Luchetti Piattelli 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 Luchetti Piattelli's accounting and banking records will be submitted in court on June 23, 2008. Ms. Fistzen is also in charge of administering Luchetti Piattelli's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Norma Elida Fistzen Viamonte 1446 Buenos Aires, Argentina REEMLAEN SRL: Proofs of Claim Verification Is Until March 19 ------------------------------------------------------------ Hector Pedro Bazzini, the court-appointed trustee for Reemlaen S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of claim until March 19, 2008. Mr. Bazzini 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 Reemlaen 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 Reemlaen's accounting and banking records will be submitted in court. Infobae didn't state the reports submission deadlines. Mr. Bazzini is also in charge of administering Reemlaen's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Hector Pedro Bazzini Uruguay 662 Buenos Aires, Argentina REIFSCHNEIDER ARGENTINA: Claims Verification Ends on March 11 ------------------------------------------------------------- Jorge Eduardo Roberts, the court-appointed trustee for Reifschneider Argentina S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until March 11, 2008. Mr. Roberts will present the validated claims in court as individual reports on May 13, 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 Reifschneider 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 Reifschneider Argentina's accounting and banking records will be submitted in court on July 18, 2008. Mr. Roberts is also in charge of administering Reifschneider Argentina's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Reifschneider Argentina S.A. Humboldt 1945 Buenos Aires, Argentina The trustee can be reached at: Jorge Eduardo Roberts Hernandarias 953 Buenos Aires, Argentina TYSON FOODS: Hires Donnie Smith as Consumer Products Group VP ------------------------------------------------------------- Tyson Foods Inc. has named Donnie Smith as its new Group Vice President of Consumer Products. Mr. Smith has most recently been Group Vice President of Logistics and Operations Services for Tyson. He has nearly 30 years of experience in the food industry and has been part of the Tyson team since 1980 in a wide variety of key roles. He started his career in poultry operations and became a senior leader in the purchasing and supply chain departments. He also served as Chief Information Officer, successfully leading the company's development of a new information technology strategic plan. Scott McNair is leaving the head position in Tyson Consumer Products and will be joining The Schwan Food Company as president of the company's home delivery business unit. "We are extremely fortunate to have a tremendously talented group of professionals in consumer products, who have worked in this field for many years and launched several impressive and successful campaigns," said Tyson's President and Chief Executive Officer Dick Bond. "Now, we have an extraordinary opportunity to merge this talent with Donnie Smith's inspirational leadership skills as we continue our momentum in meeting customer and consumer needs with innovative, new products." Tyson's strategic focus is built on creating innovative and insight-driven food solutions and optimizing commodity businesses and managing margins. It also includes building a true multinational enterprise and revolutionizing the conversion of raw materials and by-products into significantly profitable initiatives. Hal Carper, Senior Vice President of Corporate Research and Development, will assume most of Smith's previous duties. Mr. Carper's new title will be Group Vice President of Research & Development, Logistics and Technical Services. Craig Bacon, Vice President of Research & Development, will become Senior Vice President of Corporate Research and Development, and will continue to report to Mr. Carper. Ted Burnett, Vice President of Manufacturing Services, will remain in his current position, but will report to Donnie King, Group Vice President of Operations. Based in Springdale, Arkansas, Tyson Foods, Inc. (NYSE:TSN) -- http://www.tysonfoods.com/-- is a processor and marketer of chicken, beef, and pork. The company produces a wide variety of protein-based and prepared food products, which are marketed under the "Powered by Tyson(TM)" strategy. The company has operations in China, Japan, Singapore, South Korea, and Taiwan. In Latin America, Tyson Foods has operations in Argentina. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 24, 2007, Moody's Investors Service affirmed Tyson Foods Inc.'s ratings, including its Ba1 corporate family rating and Ba1 probability of default rating. Moody's said the rating outlook is negative. =============== B A R B A D O S =============== CABLE & WIRELESS: Workers Strike After Failed Wage Talks -------------------------------------------------------- Cable & Wireless' workers in Barbados have launched demonstrations against the firm after negotiations over wages, retroactive payments and other "protracted issues" failed, Radio Jamaica reports. "The company's offer of 10.5% over two years was made up of 6% in year one and 4.5% in year two across all categories of staff. For some workers, the offer would eventually equate to as high as a 30% wage hike," The Nation Newspaper notes, citing Cable & Wireless's head Donald Austin. These employees would benefit from "movement in scales of 4% and a proposed retro payment of around 4% -- translating to an increase of about 15% over two years on an ongoing basis." Mr. Austin commented to The Nation Newspaper, "No company and certainly not government has paid out in excess of 20% over two years and even the company's offer on the table will put extreme cost pressure on the business which will not be sustainable." The Nation reports that the union wants nine and a half in the first year and two and a half in the second. The Nation Newspaper relates that most of Cable & Wireless' employees joined the Barbados Workers' Union in the protest. According to Radio Jamaica, the protest closed down Cable & Wireless retail outlets in Barbados. Only the company's bmobile store at Carlisle House in Bridgetown continued doing business during the strike. Sir Roy Trotman -- general secretary of the Barbados Workers Union, which represents 750 of Cable & Wireless' 825 workers -- told Radio Jamaica that the employees planned the picket at the headquarters on a 24-hour basis until a resolution to the issues is reached. The union would continue the protest outside Cable & Wireless' Windsor Lodge complex and its offices at Carlisle House, Bridgetown, where the firm transacts most of its customer services, The Nation Newspaper says, citing the union's senior assistant general secretary Orlando "Gabby" Scott. The Nation Newspaper says the protest would affect Cable & Wireless' operations due to delays and disruptions of the business. The labor ministry has advised the two parties to reconsider their positions and return to the negotiating table, Radio Jamaica says, citing Mr. Roy. Mr. Austin said in a press statement that the company is ready to continue negotiations over wages for its employees at any time. Cable & Wireless told The Nation Newspaper that it never stopped negotiating with the union over the new wages contract. It believed an accord would be reached. Headquartered in London, Cable & Wireless Plc -- http://www.cw.com/new/-- provides voice, data and IP (Internet Protocol) services to business and residential customers, as well as services to other telecoms carriers, mobile operators and providers of content, applications and Internet services. The company has operations are in the United Kingdom, India, China, the Cayman Islands and the Middle East. * * * In April 2007, in connection with the implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Telecommunications, Media and technology sector, Moody's Investors Service confirmed its Ba3 Corporate Family Rating for Cable & Wireless Plc. Moody's also assigned a Ba3 Probability-of-Default rating to the company. * Issuer: Cable & Wireless Plc Projected Debt LGD Loss-Given Debt Issue Rating Rating Default ---------- ------- ------- -------- 4% Senior Unsecured Conv./Exch. Bond/Debenture Due 2010 B1 LGD4 60% GBP200 million 8.75% Senior Unsecured Regular Bond/Debenture Due 2012 B1 LGD4 60% ============= B E R M U D A ============= BELLA CASA: Liquidator Filing for Dissolution by Jan. 11 -------------------------------------------------------- Stephen E. Lowe, the official receiver of Bella Casa Furniture, will file in the Registrar of Companies for the dissolution of the company by Jan. 11, 2008. In line with Section 199A of the Companies Act 1981, Mr. Lowe is satisfied that the realizable assets of Bella Casa are insufficient to cover the expenses of the winding up and that the affairs of the company do not require any further investigation. Mr. Lowe no longer performs any duties imposed upon him in relation to Bella Casa, its creditors or contributors by virtue of any provision of The Companies Act, other than his duty to apply to the Registrar of Companies for the early dissolution of the company. The Registrar of Companies will dissolve Bella Casa three months after receipt of Mr. Lowe's application. Under Section 199B of the Companies Act, any creditor or shareholder with grounds to believe that: -- the realizable assets of the company are sufficient to cover the expenses of the winding up; -- the affairs of this company do require further investigation; or -- for any other reason the early dissolution of the company is inappropriate, the creditor of shareholder may apply to the Minister of Finance to: * allow the winding up of the company to proceed as if this notice had not been issued; and * defer the date on which the dissolution of the company is to take effect. BERMUDA BUSINESS: Liquidator To File for Dissolution by Jan. 11 --------------------------------------------------------------- Stephen E. Lowe, the official receiver of Bermuda Business Club Ltd. (Romanoff), will file in the Registrar of Companies for the dissolution of the company by Jan. 11, 2008. In line with Section 199A of the Companies Act 1981, Mr. Lowe is satisfied that the realizable assets of Bermuda Business are insufficient to cover the expenses of the winding up and that the affairs of the company do not require any further investigation. Mr. Lowe no longer performs any duties imposed upon him in relation to Bermuda Business, its creditors or contributors by virtue of any provision of The Companies Act, other than his duty to apply to the Registrar of Companies for the early dissolution of the company. The Registrar of Companies will dissolve Bermuda Business three months after receipt of Mr. Lowe's application. Under Section 199B of the Companies Act, any creditor or shareholder with grounds to believe that: -- the realizable assets of the company are sufficient to cover the expenses of the winding up; -- the affairs of this company do require further investigation; or -- for any other reason the early dissolution of the shareholder may apply to the Minister of Finance to: * allow the winding up of the company to proceed as if this notice had not been issued; and * defer the date on which the dissolution of the company is to take effect. WARNER CHILCOTT: Good Financial Profile Cues S&P's Pos. Outlook --------------------------------------------------------------- Standard & Poor's Ratings Services revised its outlook on specialty drug manufacturer Warner Chilcott Corp., Warner Chilcott Limited's subsidiary, to positive from stable. The ratings, including B+ corporate credit rating, were affirmed. "The outlook revision on the company reflects its solid operational track record and improving financial profile over the past two years," said Standard & Poor's credit analyst Arthur Wong. Mr. Wong added, "While a number of Warner's products face possible generic competition in the near term, the company's ability to successfully navigate product line extensions and make smart acquisitions provide us with comfort that management will be able to refresh its portfolio effectively. In addition, the company's diverse, high-margin product portfolio and the complexity of its vulnerable franchises mitigates this risk, and should continue to provide a healthy cash flow stream." Headquartered in Hamilton, Bermuda, Warner Chilcott Ltd. -- http://www.warnerchilcott.com/-- is the holding company for a host of pharmaceutical makers. Women's health care products, including hormone therapies (femhrt and Estrace Cream) and contraceptives (Estrostep, Loestrin, and OvCon), are the company's largest segment. Other products include dermatology treatments for acne (Doryx) and psoriasis (Dovonex and Taclonex). US subsidiary Warner Chilcott, Inc. makes prescription drugs for dermatology and women's health; other subsidiaries provide services in data management systems, pharmaceutical development, manufacturing, and chemical development. ============= B O L I V I A ============= * BOLIVIA: Moody's Eyes Stable Outlook for Banks ------------------------------------------------ Moody's Investors Service maintains a stable outlook for the average D- bank financial strength rating of Bolivia's banks, citing continuing improvements in asset quality, provisioning, and profitability. The agency also points to the relative improvements in macroeconomic conditions, which support deposit and lending activities. However, Moody's indicates that its ratings are limited by the volatile operating environment of Bolivia. "At present, the asset quality of Bolivian banks continues to improve as a consequence of a more vigorous economy," states Analyst Andrea Manavella, "and nonperforming loan ratios are now at one-third of 2003's level." She explains that "the banks' profits have allowed a bolstering of provisioning coverage to satisfactory levels," but says that economic capitalization remains unchanged because the banks distributed dividends at the beginning of 2007." The Bolivian banking system continues to report positive results. "In the first nine months of 2007," Ms. Manavella reports, "deposits were up 12%, and gross loans increased 9.5%, pointing to a gradual turnaround in the still-low level of financial intermediation activity." Moreover, market liquidity was boosted by widespread deposit growth, which has risen ahead of loans, and was bolstered by trade flows. The Bolivian system's liquidity also reflects the banks' substantial securities holdings, which primarily consist of government bonds and deposits abroad. "On the other hand," Ms. Manavella says, "these banks' funding sources are composed mainly of customer deposits, which still represent a dominant portion of total funding -- around 91% of total liabilities." According to the analyst, some of the good news is offset -- at least to a certain degree -- by factors that are less positive for the Bolivian banks' financial strength and credit standing. She cites several areas of concern: a) intense competition, which could squeeze margins; b) considerable troubled exposures ; c) unseasoned risk-management systems, particularly in consumer and SME lending; and d) limited access to medium-term funding -- a mirror of the country's own limitations. Ms. Manavella also notes that cross-selling of banking products remains a challenge and that, significantly, Bolivian banks have no true lender of last resort because of the high degree of dollarization of bank deposits. =========== B R A Z I L =========== BANCO NACIONAL: Inks BRL4.51-Bil. Contract with Transportadora -------------------------------------------------------------- Banco Nacional de Desenvolvimento Economico e Social's vice- president, Armando Mariante, and its financial director, Mauricio Borges Lemos, has signed a credit contract in the amount of BRL4.51 billion with Transportadora Gasene S.A., destined to the construction of the Southeast-Northeast Gas Pipeline. It involves a project of priority interest to national infrastructure, included on PAC (Growth Acceleration Program). During the contract signature ceremony, at BNDES' headquarters, in Rio de Janeiro, Mariante thanked the Bank's and Petrobras' teams "for the beautiful work which results with the signature of the contract" and highlighted "the meaningful value of this construction endeavor and its importance for the country." During the ceremony, representatives of China Development Bank and of BNDES signed contract for the transference of US$750 million from the Chinese institution to the Brazilian bank. The resources will be used in the financing of the Gas Pipeline. The contracts were signed in the presence of China's ambassador, Chen Duqing. According to Petrobras' Gas and Energy director, Maria das Gra�as Foster, "this is a project that integrates what we need, Brazil with Brazil, the Southeast with the Northeast". According to her account, even though it is important to be concerned with the energy integration between Brazil and its South-American neighboring countries, it is also important to run the integration project within the country itself. "There is a need to democratize energy," she affirms. Project Gasene is strategic in order to ensure the supply of natural gas to the gas pipeline network of the Southeast regions and will ensure the distribution of the gas production, derived from the Esp�rito Santo Basin fields. The gas pipeline will be 1.4 thousand kilometers long and, together, will bear transportation capacity of 20 million cubic meters per day, connecting the terminal of Cabiunas, in Rio de Janeiro, to the city of Catu, in the State of Bahia. The project encompasses the following tracks: Cabiunas Gas Pipeline (State of Rio de Janeiro) -- Vitoria (States of Espirito Santo), with completion forecast to 2008; Vitoria Gas Pipeline (States of Espirito Santo) -- Cacimbas Gas Pipeline (State of Espirito Santo), which started to commercially operate in November of this year, and Cacimbas Gas Pipeline (State of Esp�rito Santo) -- Catu (State of Bahia), of approximately 940 km long, and which works will begin in the first quarter of 2008. Banco Nacional de Desenvolvimento Economico e Social is Brazil's national development bank. It provides financing for projects within Brazil and plays a major role in the privatization programs undertaken by the federal government. * * * Banco Nacional currently carries a Ba2 foreign long-term bank deposit rating from Moody's, and a BB+ long-term foreign issuer credit rating from Standards and Poor's. The ratings were assigned in August and May 2007, respectively. DELPHI CORP: Incurs US$231 Mil. Net Loss in Month Ended Nov. 30 --------------------------------------------------------------- Delphi Corporation, et al. Unaudited Consolidated Balance Sheet As of November 30, 2007 (In Millions) ASSETS Current assets: Cash and cash equivalents $13 Restricted cash 124 Accounts receivable, net: General Motors and affiliates 1,482 Other third parties 949 Non-Debtor affiliates 232 Notes receivable from non-Debtor affiliates 286 Inventories, net: Productive material, work-in-process & supplies 794 Finished goods 215 Other current assets 357 -------- TOTAL CURRENT ASSETS 4,452 Long-term assets: Property, net 1,756 Investment in affiliates 380 Investments in non-Debtor affiliates 4,046 Goodwill 152 Other intangible assets 25 Other 534 -------- TOTAL LONG-TERM ASSETS 6,893 -------- TOTAL ASSETS US$11,345 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities not subject to compromise: Debtor-in-possession financing US$3,301 Accounts payable 1,279 Accounts payable to non-Debtor affiliates 525 Accrued liabilities 1,362 Notes payable to non-Debtor affiliates 66 -------- TOTAL CURRENT LIABILITIES 6,533 Long-term liabilities not subject to compromise: Employee benefit plan obligations and other 1,143 Liabilities subject to compromise 17,008 -------- TOTAL LIABILITIES 24,684 Stockholders' deficit: TOTAL STOCKHOLDERS' DEFICIT (13,339) -------- TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT US$11,345 Delphi Corporation, et al. Unaudited Consolidated Statement of Operations Month Ended November 30, 2007 (In Millions) Net sales: General Motors and affiliates US$660 Other customers 431 Non-Debtor affiliates 54 -------- Total net sales 1,145 -------- Operating expenses: Cost of sales 1,023 U.S. employee workforce transition program charges 41 Long-lived asset impairment charges - Depreciation and amortization 46 Selling, general and administrative 85 Securities & ERISA litigation charge - -------- Total operating expenses 1,195 -------- Operating loss (50) Interest expense (41) Loss on extinguishment of debt (4) Other (expense) income, net 12 -------- Loss before reorganization items, income tax expense, and equity income (83) Reorganization items (13) Income tax benefit (expense) (1) Equity income from non-consolidated affiliates 4 Equity income from non-Debtor affiliates (138) -------- NET LOSS (US$231) Delphi Corporation, et al. Unaudited Consolidated Statement of Cash Flows Month Ended November 30, 2007 (In Millions) Cash flows from operating activities: Net loss (US$231) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 46 Deferred income taxes (1) Pension and other postretirement benefit expenses 68 Equity income from unconsolidated affiliates (4) Equity income from non-Debtor affiliates 138 Reorganization items 13 U.S. employee workforce transition program charges 41 Loss on extinguishment of debt 4 Changes in operating assets and liabilities: Accounts receivable, net 55 Inventories, net 69 Other assets 3 Accounts payable, accrued and other long-term debt (138) Other 17 U.S. employee workforce transition program payments (37) Other postretirement benefit payments (20) Pension contributions (2) Payments for reorganization items (14) -------- Net cash used in operating activities 7 Cash flows from investing activities: Capital expenditures (37) Proceeds from divestitures 20 Increase in restricted cash 2 -------- Net cash used in investing activities (15) Cash flows from financing activities: Net proceeds from DIP facility 22 Repayments on borrowings from non-Debtor affiliates (1) -------- Net cash used in financing activities 21 -------- Decrease in cash and cash equivalents 13 Cash and cash equivalents at beginning of period - -------- Cash and cash equivalents at end of period US$13 * * * Reuters notes that Delphi's net loss of US$231,000,000 for November has pushed the company's loss through the first 11 months of 2007 to US$2,782,000,000. Reuters also notes that sales to General Motors Corp., Delphi's former parent, totaling $660,000,000, accounted for 58% of the auto-parts supplier's net revenues for November. According to Delphi's Monthly Operating Report, sales to General Motors and its affiliates accounted for US$8,298,000,000 out of the company's net sales of US$14,351,000,000 from January through November. Crain's Detroit Business says Delphi ranks second on the Automotive News list of the top 100 global suppliers with original equipment automotive parts sales of US$24,400,000,000 in 2006. About Delphi Corporation 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. On Sept. 6, 2007, the Debtors filed their chapter 11 plan of reorganization and a disclosure statement explaining that plan. They submitted an amended reorganization plan and disclosure statement on Dec. 10, 2007. The Debtors' exclusive plan-filing period expires on March 31, 2008. The Court has scheduled a confirmation hearing on Jan. 17, 2008. (Delphi Bankruptcy News, Issue No. 104; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) DELPHI CORP: Seeks Provisional Allowance of Unreconciled Claims --------------------------------------------------------------- Delphi Corp. and its debtor-affiliates seek the provisional allowance or estimation of 1,817 claims solely for purposes of distributing the Discount Rights provided for the in First Amended Plan of Reorganization. The estimated allowed amounts for the claims aggregate US$414,716,298, but majority of the claims are estimated at US$0. The Plan provides that each holder of an Allowed General Unsecured Claim will receive: (i) the number of shares of New Common Stock equal to 77.3% of the Face Amount of the Allowed Claim and (ii) the entitlement to participate in the Discount Rights Offering. Discount Rights are to be distributed on a pro rata basis to holders of allowed claims in Class C - General Unsecured Claims under the Plan. The Plan provides in pertinent part that "[i]f a Claim of a Discount Rights Offering Eligible Holder is not Allowed or otherwise reconciled by the Debtors by the date of commencement of the Confirmation Hearing, such Claim shall be temporarily allowed, solely for purposes of participation in the Discount Rights Offering, in the amount so estimated by the Bankruptcy Court or agreed to by the holder of the claim and the Debtors." John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, in Chicago, Illinois, relates that to make a pro rata distribution of the Discount Rights, it is necessary to estimate or temporarily allow any claims that have not been allowed, disallowed, or reconciled prior to the commencement of the Discount Rights Offering. Although the vast majority of claims against the Debtors have been allowed or reconciled, there remain a number of Unreconciled Claims that will need to be estimated or provisionally allowed for purposes of making the appropriate calculations for a pro rata distribution of the Discount Rights, Mr. Butler tells the Court. A list of the Unreconciled Claims, and their estimated allowed amounts is available for free at: http://bankrupt.com/misc/Delphi_RightsOffering_Caims.pdf The list includes certain holders of Supplemental Executive Retirement Program claims for which the holder has not yet filed a proof of claim, but for whom the Debtors will schedule an actuarially determined SERP claim prior to the confirmation hearing so that these claimants are able to participate in the Discount Rights Offering. In particular, several claims that were filed as secured claims or claims with other priority status, but which the Debtors assert should be reclassified as general unsecured claims, are included on the list in the amount of US$0 because as currently classified they are not entitled to participate in the Discount Rights Offering under the Plan, Mr. Butler explains. The Debtors note that, to the extent that the Claimants will receive contract cure payments in cash, and those amounts are reconciled prior to the commencement of the Discount Rights Offering, the amount at which the claimants are entitled to participate in the Discount Rights Offering will be correspondingly reduced. The Debtors also propose that, should the provisional allowance or estimation results in a particular claimant's receiving more Discount Rights than the claimant should have received based on the ultimate allowed amount of the claim and those rights are transferred or exercised, then, in the Reorganized Debtors' sole discretion, (a) an amount of New Common Stock equivalent to the value of the Excess Discount Rights will be withheld from the ultimate distribution to such claimant or (b) the claimant will be required to remit payment to the Reorganized Debtors in an amount equal to the value of the Excess Discount Rights. The Debtors, in this request, do not seek estimation or temporary allowance of certain claims, which, while filed as general unsecured claims, will not be entitled to distributions as general unsecured claims. These claims include Flow-Through Claims, which are not impaired under the Plan, and certain other unsecured claims that will be expunged or otherwise resolved on or shortly after the Effective Date of the Plan, or that have been or will be satisfied pursuant to other orders of the Court. Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of March 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in total assets and US$23,851,000,000 in total debts. The Debtors' exclusive plan-filing period expires on Dec. 31, 2007. On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan of Reorganization and a Disclosure Statement explaining that Plan. (Delphi Bankruptcy News, Issue No. 104; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) DELPHI CORP: UAW Objects to Management Compensation Plan -------------------------------------------------------- The International Union, United Automobile, Aerospace and Agricultural Implement Workers of America objects to confirmation of Delphi Corp. and its debtor-affiliates' Joint Plan of Reorganization solely based on the Management Compensation Plan, which was made part of the Plan. The UAW reserves its right, after taking discovery, to amend, change or add to the assertions set forth herein, to reflect facts and evidence discovered. The proposed MCP includes, among other things, cash and equity emergence awards to be issued on the Plan's effective date, as well as other compensation to be paid to executives after the Effective Date, including a long-term incentive plan that purports to reserve 8% of Reorganized Delphi's fully diluted new common stock for annual grants to executives covered by the MCP. Peter D. DeChiara, Esq., at Cohen, Weiss and Simon LLP, in New York, avers that among other possible grounds that the UAW may assert for its objection after taking discovery, the UAW objects on the ground that Plan, to the extent it contains the MCP, fails to satisfy Section 1129(a)(3) of the Bankruptcy Code. Section 1129(a)(3) provides that a court shall only confirm a plan if it "has been proposed in good faith and not by any means forbidden by law." Mr. DeChiara argues that the MCP is not reasonable and is not fundamentally fair to the UAW-represented employees who made enormous sacrifices for the Debtors' reorganization. In particular, the MCP, he says, violates the "Equivalence of Sacrifice" provision of the UAW-Delphi-GM Memorandum of Understanding, which the Court approved on July 19, 2007. The UAW finds the MCP in its entirety objectionable, in that the total compensation that it will provide to the executives covered by it will make it impossible to conclude that the Plan is fundamentally fair to the UAW-represented employees or that the executives have sacrificed in a manner equivalent to the UAW-represented employees. UAW intends to focus on these provisions on the MCP -- Short- Term Incentive Plan, the Long-Term Incentive Plan and the Chapter 11 Effective Date Executive Payments. These specific provisions will make the executives covered by it whole or substantially whole for any compensation they did not receive because of the Debtors' Chapter 11 filing, Mr. DeChiara relates. He notes that the UAW-represented employees, by contrast, have not been and will not be made whole, but have sacrificed tremendously for the Debtors' reorganization. Mr. DeChiara adds that the incentives and payments under the MCP will leave some or all of the executives above market levels regarding some or all of their compensation. "To the extent some or all of the executives are above market levels as a result of the MCP, the POR is unfair and violates the equivalence-of-sacrifice requirement." UAW filed the Amended Objection to heed to certain demands by the Debtors. At a meet-and-confer held on Dec. 19, 2007, the Debtors told UAW that they would not agree to the discovery requested by the union, unless it (i) amended its preliminary objection to reflect that it was an objection to confirmation of the Plan; and (ii) add allegations on the specific provisions of the MCP to which the UAW was objecting. Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of March 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in total assets and US$23,851,000,000 in total debts. The Debtors' exclusive plan-filing period expires on Dec. 31, 2007. On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan of Reorganization and a Disclosure Statement explaining that Plan. (Delphi Bankruptcy News, Issue No. 104; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) HUGHES COMMS: Inks Definitive Agreement to Acquire Helius Inc. -------------------------------------------------------------- Hughes Communications, Inc., has entered into a definitive agreement to acquire Helius, Inc., a portfolio company of Canopy Ventures. The acquisition is expected to be completed on or about Feb. 4, 2008. Upon completion of the acquisition, Helius will become a wholly owned subsidiary of Hughes Communications and will operate closely with Hughes' North America and International enterprise businesses. The acquisition will combine the skills of Helius, a recognized leader in providing business IPTV solutions for applications such as training, corporate communications, and digital signage, with the extensive broadband networking experience and customer base of Hughes Communications. The company plans to deploy Helius' innovative IP video technologies to enhance its existing HughesNet(R) service offerings. Hughes Communications has a large and growing customer base of government, retail, hospitality, and petroleum customers with an interest in business IPTV applications. Recent developments in broadband and video compression technologies allow internal and customer-facing digital media applications to be delivered for a fraction of the cost of previous systems. When combined with the company's networking services, the Helius product suite provides a cost-effective and compelling enterprise networking and communications solution. "As a premier managed network services provider to enterprise and SMB customers, Hughes saw a natural fit in teaming with Helius to better address the market for digital media solutions," said Hughes president and Chief Executive Officer, Pradman Kaul. "We believe this acquisition will uniquely position Hughes as a cost-effective, end-to-end service provider offering content management, hardware, installation, maintenance, network operations, and services." "Businesses around the globe are looking for better ways to communicate with their customers and employees," said Helius president and CEO, Mike Tippets. "Together with Hughes we are able to provide those organizations, and the integrators who service them, with end-to-end solutions that are easy to buy and easy to use." About Helius Founded in 1995, Helius Inc. is a leader in business-class data broadcasting solutions and has been focused on the data broadcasting and IP-over-satellite markets for nearly a decade. A privately held firm with funding from The Canopy Group, Helius offers a comprehensive portfolio of digital signage, training, distance learning, and content distribution network solutions. About Hughes Communications Headquartered in Germantown, Maryland, Hughes Network Systems LLC (NASDAQ:HUGH) -- http://www.hughes.com/-- a wholly owned subsidiary of Hughes Communications Inc., provides broadband satellite networks and services for large enterprises, governments, small businesses, and consumers. Hughes offers complete turnkey solutions, including program management, installation, training, maintenance and support-for professional and rapid deployment anywhere, worldwide. The company owns and operates a global base of HughesNet shared hub services throughout the United States, Brazil, China, Europe, and India. In Europe, Hughes maintains operations facilities and/or sales offices in Germany, U.K., Italy, Czech Republic, and Russia. * * * Moody's Investors Service assigned a B1 rating to Hughes Network Systems LLC's proposed US$115 million senior unsecured term loan, due 2014. In addition, the ratings agency also affirmed the B1 corporate family rating, the B1 rating on the existing US$450 million senior notes due 2014 and the Ba1 rating on the US$50 million senior secured revolving credit facility. The proceeds of the new term loan will be used primarily to fund capital expenditures and for general corporate purposes. SMOBY-MAJORETTE: French Court Rejects MGA's Recovery Plan --------------------------------------------------------- The court of appeal in Besancon rejected the recovery plan presented by MGA Entertainment Inc. for Smoby Majorette on Dec. 28, 2008, Gregory Viscusi writes for Les Echos. The appeal court also gave interested parties until at latest Jan. 20 to submit offers for Smoby, Les Echos relates. Around 30 parties have sought information on Smoby or its units. The appeal court's ruling upheld the decision of the Commercial Court of Lons-le-Saunier to place Smoby under receivership on Oct. 9, 2007, ending the company's bankruptcy protection. According to the report, the court ruled that Smoby is still unable to make all its payments and therefore MGA must share management with court appointed administrators. As reported on Oct. 10, 2007, MGA's debt restructuring negotiation with Smoby's creditor banks fell through and it failed to pay the EUR11 million it pledged to invest in Smoby. About Smoby Headquartered in Lavans les Saint-Claude, France, Smoby -- http://www.smoby.fr/-- specializes in the creation, development, production and distribution of toys for children from birth to age 10. Smoby has a presence in over 90 countries globally, with commercial and/or industrial operations in South America, Asia and throughout Europe. The Company's products are sold worldwide through a network of 18 subsidiaries, with 65% of sales generated outside of France. In France, the Company employs 1, 300 workers. Its Latin America operations are found in Argentina, Brazil and Mexico. The Commercial Court of Lons-le-Saunier opened bankruptcy proceedings against Smoby on March 19, 2007, upon the Debtor's request. Smoby was hoping to snag an investor who will inject fresh capital yet remain a minority, as the company grapples with a EUR330-million debt. The company reported a net loss of EUR15.87 million for the year ended March 31, 2006, compared with a net profit of EUR1.56 million in 2005. =========================== C A Y M A N I S L A N D S =========================== ARKAIR LTD: Will Hold Final Shareholders Meeting on Jan. 10 ----------------------------------------------------------- Arkair Ltd. will hold its final shareholders meeting on Jan. 10, 2008, at: Maples Finance Limited Boundary Hall, Cricket Square 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. Arkair Ltd.'s shareholders agreed on Nov. 7, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Richard Gordon Maples Finance Limited Boundary Hall, Cricket Square George Town, Grand Cayman Cayman Islands BEAR STEARNS: Proofs of Claim Filing Deadline Is Jan. 11 -------------------------------------------------------- Bear Stearns Multi-Strategy Protected Limited's creditors are given until Jan. 11, 2008, to prove their claims to Bear Stearns Asset Management Inc., the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Bear Stearns' shareholder decided on Sept. 10, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Bear Stearns Asset Management Inc. 383 Madison Avenue New York, New York 10179 United States of America Contact for inquiries: Attention: Ian Gobin Walkers Walker House, 87 Mary Street George Town, Grand Cayman KY1-9001 Cayman Islands Telephone: (345) 814 4604 Fax: (345) 949 7886 BERNARD BRIDGE: Sets Final Shareholders Meeting for Jan. 10 ----------------------------------------------------------- Bernard Bridge Facility, Ltd., will hold its final shareholders meeting on Jan. 10, 2008, at: Maples Finance Limited Boundary Hall, Cricket Square 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. Bernard Bridge's shareholders agreed on Nov. 19, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Richard Gordon Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands BIG HAND: Will Hold Final Shareholders Meeting on Jan. 10 --------------------------------------------------------- Big Hand Funding Corporation will hold its final shareholders meeting on Jan. 10, 2008, at: Maples Finance Limited Boundary Hall, Cricket Square 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. Big Hand's shareholders agreed on Oct. 9, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Wendy Ebanks Joshua Grant Maples Finance Limited Boundary Hall, Cricket Square George Town, Grand Cayman Cayman Islands CAI JAPAN: Sets Final Shareholders Meeting for Jan. 10 ------------------------------------------------------ Cai Japan Multi Alpha Portfolio, Ltd., will hold its final shareholders meeting on Jan. 10, 2008, at: Maples Finance Limited Boundary Hall, Cricket Square 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. Cai Japan's shareholders agreed on Nov. 29, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Jan Neveril Richard Gordon Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands CHUO FINANCE: Will Hold Final Shareholders Meeting on Jan. 10 ------------------------------------------------------------- Chuo Finance (Cayman) Limited will hold its final shareholders meeting on Jan. 10, 2008, at: Maples Finance Limited Boundary Hall, Cricket Square 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. Chuo Finance's shareholders agreed on Nov. 26, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Jan Neveril Richard Gordon Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands CQS INT'L: Sets Final Shareholders Meeting for Jan. 10 ------------------------------------------------------ CQS International Limited will hold its final shareholders meeting on Jan. 10, 2008, at: Maples Finance Limited Boundary Hall, Cricket Square 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. CQS International's shareholders agreed on Nov. 14, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Richard Gordon Maples Finance Limited Boundary Hall, Cricket Square George Town, Grand Cayman Cayman Islands DISCOVERER PROTECTION: Final Shareholders Meeting Is on Jan. 10 --------------------------------------------------------------- Discoverer Protection Hedge Fund will hold its final shareholders meeting on Jan. 10, 2008, at: Maples Finance Limited Boundary Hall, Cricket Square 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. Discoverer Protection'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: Richard Gordon Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands ECLIPSE SECURITIES: Final Shareholders Meeting Is on Jan. 10 ------------------------------------------------------------ Eclipse Securities Limited will hold its final shareholders meeting on Jan. 10, 2008, at: Maples Finance Limited Boundary Hall, Cricket Square 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. Eclipse Securities' shareholders agreed on Oct. 16, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Carrie Bunton Sarah Kennedy Maples Finance Limited Boundary Hall, Cricket Square George Town, Grand Cayman Cayman Islands FALCON CAPITAL: Final Shareholders Meeting Is on Jan. 10 -------------------------------------------------------- Falcon Capital Protected Relative Value Fund Limited will hold its final shareholders meeting on Jan. 10, 2008, at: Maples Finance Limited Boundary Hall, Cricket Square 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. Falcon Capital's shareholders agreed on Nov. 30, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Richard Gordon Jan Neveril Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands FLAGSHIP CLO: Holding Final Shareholders Meeting on Jan. 10 ----------------------------------------------------------- Flagship CLO II will hold its final shareholders meeting on Jan. 10, 2008, at: Maples Finance Limited Boundary Hall, Cricket Square 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. Flagship CLO's shareholders agreed on Nov. 15, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Andrew Dean Jan Neveril Maples Finance Limited Boundary Hall, Cricket Square George Town, Grand Cayman Cayman Islands FONDREN PARTNERS: Proofs of Claim Filing Is Until Today ------------------------------------------------------- Fondren Partners Offshore Ltd.'s creditors are given until Jan. 8, 2008, to prove their claims to John Cullinane and Derrie Boggess, the company's liquidators, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Fondren Partners' shareholder decided on Dec. 5, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: John Cullinane Derrie Boggess c/o Walkers SPV Limited Walker House, 87 Mary Street George Town, Grand Cayman KY1-9002 Cayman Islands Telephone: (345) 914-6305 FRVMA LIMITED: Will Hold Final Shareholders Meeting on Jan. 10 -------------------------------------------------------------- FRVMA Limited will hold its final shareholders meeting on Jan. 10, 2008, at: Maples Finance Limited Boundary Hall, Cricket Square 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. FRVMA Limited's shareholders agreed on Nov. 26, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Richard Gordon Jan Neveril Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands GINZA 7: Sets Final Shareholders Meeting for Jan. 10 ---------------------------------------------------- Ginza 7 Holdings will hold its final shareholders meeting on Jan. 10, 2008, at: Maples Finance Limited Boundary Hall, Cricket Square 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. Ginza 7's shareholders agreed on Nov. 7, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Richard Gordon Maples Finance Limited Boundary Hall, Cricket Square George Town, Grand Cayman Cayman Islands GLOBAL AIR: Final Shareholders Meeting Is on Jan. 10 ---------------------------------------------------- Global Air Movement Cayman-Holdco will hold its final shareholders meeting on Jan. 10, 2008, at: Maples Finance Limited Boundary Hall, Cricket Square 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. Global Air's shareholders agreed on Oct. 5, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Guy Major Joshua Grant Maples Finance Limited Boundary Hall, Cricket Square George Town, Grand Cayman Cayman Islands GLOBAL AIR MOV'T: Will Hold Shareholders Meeting on Jan. 10 ----------------------------------------------------------- Global Air Movement Cayman-PEC Co. will hold its final shareholders meeting on Jan. 10, 2008, at: Maples Finance Limited Boundary Hall, Cricket Square 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. Global Air's shareholders agreed on Oct. 5, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Guy Major Joshua Grant Maples Finance Limited Boundary Hall, Cricket Square George Town, Grand Cayman Cayman Islands GRYPHON HIDDEN: Will Hold Final Shareholders Meeting on Jan. 10 --------------------------------------------------------------- Gryphon Hidden Values VI Limited will hold its final shareholders meeting on Jan. 10, 2008, at the offices of the liquidator. These agenda will be taken during the meeting: 1) accounting of the winding-up process; and 2) giving explanation thereof. Gryphon Hidden'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: Michael R. Fields Cititrust (Bahamas) Limited P.O. Box N-1576, Citibank Building Thompson Boulevard, Oakes Field Nassau, Bahamas JLOC I: Sets Final Shareholders Meeting for Jan. 10 ---------------------------------------------------- Jloc I Limited will hold its final shareholders meeting on Jan. 10, 2008, at: HSBC Financial Services (Cayman) Limited P.O. Box 1109, George Town Grand Cayman, Cayman Islands These agenda will be taken during the meeting: 1) accounting of the winding-up process; and 2) authorizing the liquidators to retain the records of the company for a period of five years from the dissolution of the company, after which they may be destroyed. Jloc I's shareholders agreed on Nov. 30, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Connan Hill Sylvia Lewis P.O. Box 1109 Grand Cayman KY1-1102, Cayman Islands Telephone: 949-7755 Fax: 949-7634 MAESTRO GLOBAL: Sets Final Shareholders Meeting for Jan. 10 ----------------------------------------------------------- Maestro Global Equity Investment Company Limited will hold its final shareholders meeting on Jan. 10, 2008, at: Maples Finance Limited Boundary Hall, Cricket Square 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. Maestro Global's shareholders agreed on Nov. 16, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Richard Gordon Maples Finance Limited Boundary Hall, Cricket Square George Town, Grand Cayman Cayman Islands MARINER VOLATILITY: Proofs of Claim Filing Ends on Jan. 10 ---------------------------------------------------------- Mariner Volatility Fund International, Ltd.'s creditors are given until Jan. 8, 2008, to prove their claims to Mark Cummings and Chris Humphries, the company's liquidators, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Mariner Volatility's shareholder decided on Dec. 10, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Mark Cummings Chris Humphries Attention: Stuarts Walker Hersant Attorneys-at-Law Dr. Roy's Drive, P.O. Box 2510 Grand Cayman KY1-1104, Cayman Islands Telephone: (345) 949 3344 Fax: (345) 949 2888 MARINER VOLATILITY: Sets Final Shareholders Meeting for Jan. 25 --------------------------------------------------------------- Mariner Volatility Fund International, Ltd., will hold its final shareholders meeting on Jan. 25, 2008, at 9:00 a.m. at: 36A Dr. Roy's Drive Grand Cayman, Cayman Islands These agenda will be taken during the meeting: 1) accounting of the winding-up process; and 2) authorizing the liquidator to retain the records of the company for a period of five years from the dissolution of the company after which they may be destroyed. Mariner Volatility's shareholder decided on Dec. 10, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Mark Cummings Chris Humphries Attention: Stuarts Walker Hersant Attorneys-at-Law Dr. Roy's Drive, P.O. Box 2510 Grand Cayman KY1-1104, Cayman Islands Telephone: (345) 949 3344 Fax: (345) 949 2888 MBF NO. 2: Will Hold Final Shareholders Meeting on Jan. 10 ---------------------------------------------------------- MBF NO. 2 Inc. will hold its final shareholders meeting on Jan. 10, 2008, at: Maples Finance Limited Boundary Hall, Cricket Square 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. MBF NO.2's shareholders agreed on Nov. 2, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Richard Gordon Maples Finance Limited Boundary Hall, Cricket Square George Town, Grand Cayman Cayman Islands MESA 2002-2: Will Hold Shareholders Meeting on Jan. 10 ------------------------------------------------------ Mesa 2002-2 Global Issuance Company will hold its final shareholders meeting on Jan. 10, 2008, at: Maples Finance Limited Boundary Hall, Cricket Square George Town, Grand Cayman &n