T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Friday, January 11, 2008, Vol. 8, Issue 8 Headlines A R G E N T I N A BANCO PATAGONIA: Cancels 258,300 Brazilian Depositary Receipts BEST SERVICE: Trustee Verifies Proofs of Claim Until March 26 BOSTON SCIENTIFIC: S&P Ratings Unmoved by Affirmed Court Ruling HELVENS SA: Trustee Verifies Proofs of Claim Until April 1 FORD MOTOR: Focused Talks Spur Tata Motors' High Bond Risk INSTITUTO DE DIAGNOSTICO: Claims Verification Ends on March 7 OCRAL SA: Trustee Verifies Proofs of Claim Until April 3 * ARGENTINA: Gets IDB Okay to Invest Projects for US$300 Million B A H A M A S HARRAH'S ENTERTAINMENT: Prices Cash Tender Offer for Sr. Notes B E R M U D A INTELSAT LTD: Will Redeem US$860 Mln Floating Rate Senior Notes INTELSAT LTD: Unison Capital Investing US$50 Million in Firm SCOTTISH RE: Names David Carrick as Sr. VP for Group Controller B O L I V I A * BOLIVIA: Eyes El Mutun Development with China B R A Z I L BANCO DO BRASIL: Resumes Granting Loans to Agricultural Sector BANCO NACIONAL: Grants BRL650-Million Loan to Alcoa Aluminio BANCO NACIONAL: Okays BRL259-Million Funding for Brasil Telecom BANCO PINE: To Repurchase Up to 2.72 Million Preferred Shares BRASIL TELECOM: Secures BRL259-Mln Funding from Banco Nacional DELPHI CORP: S&P Predicts B Corp. Credit Rating Upon Emergence EL PASO CORP: Earns US$155 Million in 2007 Third Quarter INGRAM MICRO: Distributes Fujitsu Biometric Systems for Novell INGRAM MICRO: ITS Division Sells IBM System Storage Technology TECH DATA: Reaches Distribution Agreement with FMAudit * BRAZIL: Petrobras Launching NatGas Supply Talks with Copergas C A Y M A N I S L A N D S CABLE & WIRELESS: Protest to End After Reaching Pact with Union GLOBAL ALPHA: Proofs of Claim Filing Deadline Is Jan. 14 GOTHAM SELECT: Proofs of Claim Filing Deadline Is Jan. 14 GOTTBETTER CAPITAL: Proofs of Claim Filing Is Until Jan. 15 HINKLE CREEK: Proofs of Claim Filing Is Until Jan. 15 IFL CONTINUUM: Sets Final Shareholders Meeting for Jan. 14 INTCOM TRADING: Proofs of Claim Filing Deadline Is Jan. 14 LIBERTYVIEW PLUS: Proofs of Claim Filing Deadline Is Jan. 15 MERLIN BIOMED: Proofs of Claim Filing Is Until Jan. 14 MERLIN BIOMED OFFSHORE: Proofs of Claim Filing Ends on Jan. 14 MERLIN BIOMED INT'L: Proofs of Claim Filing Deadline Is Jan. 14 MQ ONE: Sets Final Shareholders Meeting for Jan. 15 P FINANCE: Will Hold Final Shareholders Meeting on Jan. 15 PANMAR FINANCE: Final Shareholders Meeting Is on Jan. 15 PARMALAT SPA: Parma Prosecutors Seek Trial for 10 Citibank Execs PPLG LATIN: Proofs of Claim Filing Deadline Is Jan. 14 SHIKAKU FUNDING: Sets Final Shareholders Meeting for Jan. 15 SIGNUS TRADING: Proofs of Claim Filing Deadline Is Jan. 14 SUCCESSOR HURRICANE: Moody's Rates US$30-Mil Class C Notes at B ULTIMA CAYMAN: Sets Final Shareholders Meeting for Jan. 15 C H I L E EASTMAN KODAK: To Set Annual Strategy Meeting on Feb. 7 NOVA CHEMICALS: Plans for Ontario Polyethylene Asset Expansion SHAW GROUP: Earns US$2.2 Million in Quarter Ended Nov. 30 C O L O M B I A CUMMINS INC: Earns US$184 Million in 2007 Third Quarter POLYONE CORP: Splits Polymer Coating Business Into Two Units C O S T A R I C A * COSTA RICA: Strong Pineapple Sector Boosts Economy * COSTA RICA: Obtains US$72.5 Million Financing from World Bank D O M I N I C A N R E P U B L I C AFFILIATED COMPUTER: Purchases Syan Holdings for US$60 Million GUESS? INC: Discloses Strong Same-Store Sales in Retail Business E C U A D O R DEL MONTE: Appoints Nils Lommerin as Chief Operating Officer PETROECUADOR: Wood Mackenzie to Help Reorganize Firm G U A T E M A L A IMAX CORP: Moody's Changes Outlook; Affirms Junk Ratings LAND O'LAKES: Announces Four Executive and Promotional Changes J A M A I C A SUGAR CO: Negotiating Team Mulling Eight Offers for Factories M E X I C O ALERIS INT'L: To Phase Out Toronto Coil Coating Facility ALL AMERICAN: Creditors Committee Files Liquidating Plan BANCO HIPOTECARIO: Past-Due Loan Ratio Increases 83.2% in Nov. CONSTELLATION BRANDS: US$700MM Notes Exchange Offer Expires CONSTELLATION BRANDS: UBS Keep Neutral Rating on Firm's Shares GREENBRIER: DA Davidson Keeps Buy Rating on Firm's Shares HASBRO INC: Plans to Improve Productivity in Massachusetts Plant MOVIE GALLERY: Wants Court Approval on Cure Procedures MOVIE GALLERY: Wants to Pursue Whitaker & Williams Litigations MOVIE GALLERY: Wants to Reject Boards Inc. License Agreement OPEN TEXT: USCI Selects Open Text's Accounts Payable System X-RITE INC: Issues Employment Inducement Restricted Stock Awards P E R U GRAN TIERRA: Reports Production Exit Rate of 3,300 BOPD in 2007 P U E R T O R I C O ELECTRONIC DATA: Flemish Government Renews Pact w/ EDS-Telindus HEALTHSOUTH CORP: Sept. 30 Balance Sheet Upside-Down by US$1.5BB HORNBECK OFFSHORE: Purchases Superior Offshore's Support Vessel RENT-A-CENTER: To Install 500 Diebold Express Cash Recyclers T R I N I D A D & T O B A G O DIRECTV: Increases Movie Channels in Trinidad & Tobago U R U G U A Y BANCO HIPOTECARIO: Past-Due Loan Ratio Increases 83.2% in Nov. * URUGUAY: Moody's Says Outlook on Banks Remain Stable V E N E Z U E L A CHRYSLER LLC: Certified Pre-Owned Vehicle Sales Up 5% in 2007 PETROLEOS DE VENEZUELA: Expands El Palito Plant to Boost Output PETROLEOS DE VENEZUELA: Cuts Int'l Oil Buyers' Payment Term PETROLEOS DE VENEZUELA: Gas Unit to Add 110-Mln Cubic Ft. Output - - - - - ================= A R G E N T I N A ================= BANCO PATAGONIA: Cancels 258,300 Brazilian Depositary Receipts -------------------------------------------------------------- Banco Patagonia said in a statement that it has canceled 258,300 Brazilian depositary receipts on the Sao Paulo stock exchange Bovespa in December 2007. As reported in the Troubled Company Reporter-Latin America on Dec. 13, 2007, Banco Patagonia said it canceled 107,900 Brazilian Depositary Receipts on the Sao Paulo stock exchange Bovespa from Nov. 12 to Nov. 30. Banco Patagonia had 5.77 million Brazilian Depositary Receipts as of Dec. 31, 2007, Business News Americas states. Banco Patagonia specializes in public offerings of securitizations. It became Argentina's fifth largest locally owned private bank through its purchase of Lloyds TSB Argentina in late 2004. The bank operates through 139 branches and has 202 ATM machines. * * * As reported in the Troubled Company Reporter-Latin America on May 4, 2007, Moody's Investors Service upgraded Banco Patagonia SA's local currency deposit rating is upgraded to Ba1 from Ba3. Moody's confirmed that it raised its bank financial strength rating on Banco Patagonia to D from E+, in connection with the rating agency's implementation of its refined joint default analysis and updated BFSR methodologies for banks in Argentina. Its foreign currency deposit rating was affirmed at Caa1, with positive outlook. The company's long-term Argentine national scale rating for local currency deposits is raised to Aa1.ar from Aa2.ar. and its long term foreign currency deposit rating in national scale was affirmed at Ba1.ar. The foreign currency subordinated debt rating was upgraded to B2 from Caa1. The outlook on the debt rating was positive. The national scale rating for foreign currency subordinated debt was raised to Aa3.ar from Ba1.ar. BEST SERVICE: Trustee Verifies Proofs of Claim Until March 26 ------------------------------------------------------------- Marcelo Carlos Rodriguez, the court-appointed trustee for The Best Service S.A.'s reorganization proceeding, verifies creditors' proofs of claim until March 26, 2008. Mr. Rodriguez will present the validated claims in court as individual reports on May 9, 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 The Best Service 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 The Best Service's accounting and banking records will be submitted in court on June 23, 2008. Creditors will vote to ratify the completed settlement plan during the assembly on Dec. 4, 2008. The trustee can be reached at: Marcelo Carlos Rodriguez Cerrito 146 Buenos Aires, Argentina BOSTON SCIENTIFIC: S&P Ratings Unmoved by Affirmed Court Ruling --------------------------------------------------------------- Boston Scientific Corp. announced that the Court of Appeals for the Federal Circuit affirmed a District Court ruling that found the NIR stent infringed one claim of a patent owned by Johnson & Johnson. Standard & Poor's Ratings Services' says that this does not affect its ratings or outlook for Boston Scientific. Boston Scientific's corporate credit rating is rated 'BB+' by S&P with a negative outlook. The District Court must now rule on Johnson & Johnson's request for the reinstatement of damages of US$324 million. Also, the company has not indicated that it will appeal this decision, but noted that the District court may need to revisit the issue of validity in light of a revised claim construction. As a result, the amount and timing of a potential payment by Boston Scientific are unknown. To some degree, the financial uncertainty of litigation is factored into the rating. Boston Scientific, like many of its peers, is involved in several patent and product liability lawsuits. The company has both initiated litigation and been subject to challenges by other companies, and such proceedings can be protracted. Boston Scientific continues to make progress in reducing its debt burden; adjusted debt to EBITDA declined to 3.8x for the 12 months ended Sept. 30, 2007, from 4.1x at the end of the second quarter of 2007. Cash was US$1.2 billion at the end of the second quarter, and proceeds from recently announced asset divestitures should provide the means for further debt reduction. Headquartered in Natick, Massachusetts, Boston Scientific Corporation (NYSE: BSX) -- http://www.bostonscientific.com/-- develops, manufactures and markets medical devices used in a broad range of interventional medical specialties. The company has offices in Argentina, Chile, France, Germany, and Japan, among others. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 24, 2007, Standard & Poor's Ratings Services affirmed its ratings on Boston Scientific Corp., including the 'BB+' corporate credit rating, and removed them from CreditWatch, where they were placed with negative implications Aug. 3, 2007. S&P said the rating outlook is negative. HELVENS SA: Trustee Verifies Proofs of Claim Until April 1 ---------------------------------------------------------- Luis Maria Rementeria, the court-appointed trustee for Helvens S.A.'s reorganization proceeding, verifies creditors' proofs of claim until April 1, 2008. Mr. Rementeria will present the validated claims in court as individual reports on May 15, 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 Helvens 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 Helvens' accounting and banking records will be submitted in court on June 27, 2008. Creditors will vote to ratify the completed settlement plan during the assembly on Oct. 29, 2008. The trustee can be reached at: Luis Maria Rementeria Piedras 1319 Buenos Aires, Argentina FORD MOTOR: Focused Talks Spur Tata Motors' High Bond Risk ---------------------------------------------------------- Tata Motors Ltd.'s bond risk rose to a record with credit- default swaps on the company reaching 325 basis points Tuesday morning from 300 basis points last week, The Economic Times reports. According to the report, the increase of the risk of the Tata Motors defaulting on its bonds was brought about by the concern that it will borrow to fund its acquisition of Ford Motor Co's Jaguar and Land Rover brands. As reported in the Troubled Company Reporter on Jan. 4, 2008, Lewis Booth, executive vice president for Ford of Europe and Premier Automotive Group (Chairman - Jaguar, Land Rover, Volvo and Ford of Europe) said that Ford has entered into "focused negotiations at a more detailed level" with Tata Motors, signaling that the Indian carmaker has become the preferred bidder for the two brands. "It may not be a good time for Tata to enter into such a deal given the state of the credit market," ET quotes Aaron Low, a principal in Singapore at hedge fund Lumen Advisers as saying. The Ford negotiations cued rating agencies to place Tata Motors credit ratings on negative watch. About Tata Motors India's largest automobile company, Tata Motors Limited -- http://www.tatamotors.com/-- is mainly engaged in the business of automobile products consisting of all types of commercial and passenger vehicles, including financing of the vehicles sold by the Company. The Company's operating segments consists of Automotive and Others. In addition to its automotive products, it offers construction equipment, engineering solutions and software operations. Tata Motors has operations in Russia and the United Kingdom. About Ford Motor 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. INSTITUTO DE DIAGNOSTICO: Claims Verification Ends on March 7 ------------------------------------------------------------- Jorge Fernando Podhorzer, the court-appointed trustee for Instituto de Diagnostico Nicolas Avellaneda S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until March 7, 2008. Mr. Podhorzer will present the validated claims in court as individual reports on April 23, 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 Instituto de Diagnostico 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 Instituto de Diagnostico's accounting and banking records will be submitted in court on June 5, 2008. Mr. Podhorzer is also in charge of administering Instituto de Diagnostico's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Jorge Fernando Podhorzer Pasaje del Carmen 716 Buenos Aires, Argentina OCRAL SA: Trustee Verifies Proofs of Claim Until April 3 -------------------------------------------------------- Ernesto Horacio Garcia, the court-appointed trustee for Ocral S.A.'s reorganization proceeding, verifies creditors' proofs of claim until April 3, 2008. Mr. Garcia will present the validated claims in court as individual reports on May 19, 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 Ocral 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 Ocral's accounting and banking records will be submitted in court on June 23, 2008. The trustee can be reached at: Ernesto Horacio Garcia Sarmiento 1587 Buenos Aires, Argentina * ARGENTINA: Gets IDB Okay to Invest Projects for US$300 Million ---------------------------------------------------------------- The Inter-American Development Bank has approved a US$300 million 15-year conditional credit line for investment projects and a first US$100 million loan within this CCLIP to the Argentine National Agrifood Health and Quality Service (SENASA in Spanish) to strengthen and expand the country's capacity to protect and improve agricultural, agrifood and fisheries health and quality. Argentina's agricultural sector has experienced steady growth in recent years. In this context, SENASA has focused on a transformation process towards a new agrifood health and quality model based on risk prevention, active involvement of agrifood- chain stakeholders, institutional coordination and decision making based on technical know-how and international standards. SENASA is the agency that regulates agricultural health in the country. This transformation process calls for sustained action with a long-term plan to modernize management, including decentralization of operations to the regions to improve user services and coordination with provincial, municipal and private sector entities. In the first stages, measures financed by the first loan will focus on setting up five of 14 regional centers, as well as four regional laboratories. "International experience has shown that sanitary programs to eradicate pests and diseases, mainly for fruits and vegetables in different regions, require up to 10 to 15 years to be effective, a timeframe that exceeds the duration of investment projects," said IDB team leader Adriana Delgado. "A CCLIP is therefore a particularly appropriate tool for addressing agrifood health and quality, since it allows for effective support and long-term continuity in a key sector for development,"added Ms. Delgado. The first program will cover the modernization of institutional management, the strengthening of the animal and plan health systems and the agrifood safety system, and the regional multilateral integration for agricultural health. The loan, guaranteed by the Argentine Government, is for a 25- year term with a five-year grace period and follows the IDB 2004-2008 strategy agreed with Argentine authorities to promote competitiveness in the context of the country's agricultural development policy. Local counterpart funds for the loan total US$43 million. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 26, 2007, Standard & Poor's Ratings Services assigned B+ long-term sovereign local and foreign currency ratings and B short-term sovereign local and foreign long-term ratings on Argentina. Standard & Poor's also placed 4 sovereign foreign currency recovery rating and a BB transfer and convertibility assessment rating. S&P said the outlook for these ratings is stable. Fitch Ratings assigned these ratings on Argentina: Rating Rating Date ------ ----------- Country Ceiling B+ Aug. 1, 2006 Local Currency Long Term Issuer B Aug. 1, 2006 Short Term IDR B Dec. 14, 2005 Long Term IDR RD Dec. 14, 2005 ============= B A H A M A S ============= HARRAH'S ENTERTAINMENT: Prices Cash Tender Offer for Sr. Notes -------------------------------------------------------------- Harrah's Entertainment Inc. disclosed the consideration to be paid in its cash tender offer and consent solicitation for any and all of the outstanding: (i) 8.875% Senior Subordinated Notes due 2008 (CUSIP No. 700690AJ9; ISIN No. US700690AJ90); (ii) 7.5% Senior Notes due 2009 (CUSIP No. 413627AE0; ISIN No. US413627AE02); (iii) 7.5% Senior Notes Due 2009 (CUSIP No. 700690AN0; ISIN No. US700690AN03); and (iv) 7% Senior Notes due 2013 (CUSIP No. 700690AS9; ISIN No. US700690AS99), commenced by Harrah's Operating Company Inc., a subsidiary of Harrah's Entertainment. The total consideration for each series of the Notes was determined as of 2:00 p.m., New York City time, on Jan. 8, 2008, by reference to a fixed spread of 50 basis points above the yield to maturity of the applicable U.S. security. The reference yield for the 8.875% Notes was 3.214%; the reference yield for the 7.5% Notes (1998) was 2.920%; the reference yield for the 7.5% Notes (2001) was 2.869%; and the reference yield for the 7% Notes was 3.197%. The total consideration per US$1,000 principal amount of each series of the Notes that were validly tendered by 5:00 p.m., New York City time, on Jan. 7, 2008 is: -- US$1,032.35 for the 8.875% Notes; -- US$1,038.78 for the 7.5% Notes (1998); -- US$1,063.88 for the 7.5% Notes (2001); and -- US$1,155.56 for the 7% Notes, which in each case, includes a cash consent payment of $30. Holders who tender their Notes and deliver their consents after the Consent Payment Deadline, but prior to the Offer Expiration Date will receive the applicable tender offer consideration, which consists of the applicable Total Consideration less the cash consent payment of US$30 per US$1,000 principal amount of tendered Notes. All holders of Notes validly tendered prior to the Offer Expiration Date will receive accrued and unpaid interest on their tendered Notes up to, but not including, the payment date for the tender offer and consent solicitation. As a result of the receipt of the requisite consents to adopt the proposed amendments to the applicable indentures pursuant to which each series of the Notes was issued, (i) the Third Supplemental Indenture among Harrah's Entertainment, Harrah's Operating and Wells Fargo Bank, National Association, as trustee for the Holders of the 8.875% Notes; (ii) the Second Supplemental Indenture among Harrah's Entertainment, Harrah's Operating and Bank of New York Mellon Global Corporate Trust, as trustee for the Holders of the 7.5% Notes (1998); (iii) the Third Supplemental Indenture among Harrah's Entertainment, Harrah's Operating and Wells Fargo, as trustee for the Holders of the 7.5% Notes (2001); and (iv) the Third Supplemental Indenture among Harrah's Entertainment, Harrah's Operating and U.S. Bank National Association, as trustee for the Holders of the 7% Notes, have been executed. The proposed amendments, which will eliminate substantially all of the restrictive covenants and eliminate or modify certain events of default and related provisions contained in each applicable indenture, will become operative when the tendered Notes are accepted by purchase by Harrah's Entertainment and Harrah's Operating. The tender offer and consent solicitation remains open and is scheduled to expire at 8:00 a.m. New York City time, on Jan. 23, 2008, unless extended. Harrah's Operating's tender offer is subject to the conditions set forth in the Statement and the related Consent and Letter of Transmittal, including, among other things, that Harrah's Operating obtains the financing necessary to pay for the Notes and consents in accordance with the terms of the tender offers and consent solicitations. Harrah's Operating and Harrah's Entertainment have retained Citi to act as lead dealer manager in connection with the tender offers and consent solicitations. Questions about the tender offers and consent solicitations may be directed to Citi at (800) 558-3745 (toll free) or (212) 723-6106 (collect). Copies of the Offer Documents and other related documents may be obtained from Global Bondholder Services Corporation, the information agent for the tender offers and consent solicitations, at (866) 924-2200 (toll free) or (212) 430-3774 (for banks and brokers only). About Harrah's Entertainment Inc. Headquartered in Las Vegas, Nevada, Harrah's Entertainment Inc. (NYSE: HET) -- http://www.harrahs.com/-- has grown through development of new properties, expansions and acquisitions, and now owns or manages casino resorts on four continents and hosts over 100 million visitors per year. The company's properties operate under the Harrah's, Caesars and Horseshoe brand names; Harrah's also owns the London Clubs International family of casinos and the World Series of Poker. Harrah's also owns the London Clubs International family of casinos. In January, it signed a joint venture agreement with Baha Mar Resorts Ltd. to operate a resort in Bahamas. * * * Harrah's Entertainment Inc. continues to carry Standard & Poor's "BB" long term foreign and local issuer credit ratings, which were placed in December 2006. ============= B E R M U D A ============= INTELSAT LTD: Will Redeem US$860 Mln Floating Rate Senior Notes --------------------------------------------------------------- Intelsat, Ltd., as requested by new investors, will redeem all of its outstanding US$260 million Floating Rate Senior Notes due 2013 and US$600 million Floating Rate Senior Notes due 2015. The redemption of the notes is conditioned upon consummation of the acquisition of Intelsat Holdings, Ltd. -- the indirect parent of Intelsat (Bermuda), Ltd. -- by affiliates of funds advised by BC Partners Holdings Limited, Silver Lake and certain other investors and the receipt from the new investors of sufficient moneys to effect the redemption. Intelsat issued a notice of redemption for each of the indentures for the 2013 and the 2015 notes. Intelsat said that it will redeem all of those notes on Feb. 7, 2008. The redemption date may be extended. The redemption price for the 2013 Notes will be equal to 100% of the principal amount of the 2013 Notes plus a premium determined in accordance with the indenture for the 2013 Notes and accrued and unpaid interest thereon to the redemption date. The redemption price for the 2015 Notes will be equal to 102% of the principal amount of the 2015 Notes plus accrued and unpaid interest thereon to the redemption date. Headquartered in Bermuda, Intelsat, is the largest fixed satellite service operator in the world and is owned by Apollo Management, Apax Partners, Madison Dearborn, and Permira. * * * As reported in the Troubled Company Reporter-Latin America on June 22, 2007, Moody's Investors placed the long-term debt ratings of the Intelsat Ltd. group of companies on review for possible downgrade. Issuer: Intelsat (Bermuda), Ltd. -- Senior Unsecured Bank Credit Facility, Placed on Review for Possible Downgrade, currently B2 -- Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Caa1 Issuer: Intelsat Corporation -- Senior Secured Bank Credit Facility, Placed on Review for Possible Downgrade, currently Ba2 -- Senior Secured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Ba2 -- Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently B2 Issuer: Intelsat Holding Corporation -- Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Caa1 Issuer: Intelsat Intermediate Holding Company, Ltd. -- Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently B3 Issuer: Intelsat Subsidiary Holding Co. Ltd. -- Senior Secured Bank Credit Facility, Placed on Review for Possible Downgrade, currently Ba2 -- Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently B2 Issuer: Intelsat, Ltd. -- Probability of Default Rating, Placed on Review for Possible Downgrade, currently B2 -- Corporate Family Rating, Placed on Review for Possible Downgrade, currently B2 -- Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Caa1 Outlook Actions: Issuer: Intelsat, Ltd. -- Outlook, Changed To Rating Under Review From Stable As reported in the Troubled Company Reporter-Latin America on June 22, 2007, Fitch Ratings placed these Intelsat Ltd. ratings on Rating Watch Negative: -- Issuer Default Rating 'B'; -- Senior unsecured notes 'CCC/RR6'. Fitch also placed the ratings of Intelsat's subsidiaries on Rating Watch Negative. Fitch placed these ratings of Intelsat subsidiaries on Rating Watch Negative: Intelsat (Bermuda), Ltd. -- Issuer Default Rating 'B'; -- Senior unsecured guaranteed notes 'BB-/RR2'; -- Guaranteed Term Loan 'BB-/RR2'; -- Senior unsecured non-guaranteed notes 'CCC+/RR6'. Intelsat Intermediate Holding Company, Ltd. (Int Holdco) -- Issuer Default Rating 'B'; -- Senior unsecured discount notes 'B-/'RR5'. Intelsat Subsidiary Holding Company, Ltd. (Sub Holdco) -- Issuer Default Rating 'B'; -- Senior secured credit facilities 'BB/RR1'; -- Senior unsecured notes 'BB-/RR2'. Intelsat Corporation (f/k/a PanAmSat Corporation) -- Issuer Default Rating (IDR) 'B'; -- Senior secured credit facilities 'BB/RR1'; -- Senior secured notes 'BB/RR1'; -- Senior unsecured notes 'B/RR4'. As reported in the Troubled Company Reporter-Latin America on June 21, 2007, Standard & Poor's Ratings Services lowered its ratings on Pembroke, Bermuda-based Intelsat Ltd. and affiliated entities, including the corporate credit rating, which was lowered to 'B+' from 'BB-'. All ratings were immediately placed on CreditWatch with negative implications. INTELSAT LTD: Unison Capital Investing US$50 Million in Firm ------------------------------------------------------------ Intelsat Ltd. will get US$50 million investment from Japanese private equity firm Unison Capital to help its expansion plans in Asia, financial sources told Alison Tudor at Reuters. Unison Capital would help Intelsat expand in Asia through organic growth and acquisition, Reuters notes. Reuters relates that since British buyout firm BC Partners bought 76% of Intelsat for US$4.6 billion in June 2007, other funds have been invited to invest in Intelsat. A source told Reuters that US private equity firm Silver Lake would also join the consortium. Reuters states that BC Partners is purchasing the majority stake in Intelsat from the private equity owners: -- Apax Partners, -- Permira, -- Apollo Management, and -- Madison Dearborn Partners. BC Partners will keep the remaining 24% stake in Intelsat, Reuters states. About Unison Capital Unison Capital was established in 1998. It is a pioneer of private equity investment in Japan. It helps implement sustainable, long-term business growth strategies. About Intelsat Headquartered in Bermuda, Intelsat, is the largest fixed satellite service operator in the world and is owned by Apollo Management, Apax Partners, Madison Dearborn, and Permira. * * * As reported in the Troubled Company Reporter-Latin America on June 22, 2007, Moody's Investors placed the long-term debt ratings of the Intelsat Ltd. group of companies on review for possible downgrade. Issuer: Intelsat (Bermuda), Ltd. -- Senior Unsecured Bank Credit Facility, Placed on Review for Possible Downgrade, currently B2 -- Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Caa1 Issuer: Intelsat Corporation -- Senior Secured Bank Credit Facility, Placed on Review for Possible Downgrade, currently Ba2 -- Senior Secured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Ba2 -- Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently B2 Issuer: Intelsat Holding Corporation -- Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Caa1 Issuer: Intelsat Intermediate Holding Company, Ltd. -- Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently B3 Issuer: Intelsat Subsidiary Holding Co. Ltd. -- Senior Secured Bank Credit Facility, Placed on Review for Possible Downgrade, currently Ba2 -- Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently B2 Issuer: Intelsat, Ltd. -- Probability of Default Rating, Placed on Review for Possible Downgrade, currently B2 -- Corporate Family Rating, Placed on Review for Possible Downgrade, currently B2 -- Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Caa1 Outlook Actions: Issuer: Intelsat, Ltd. -- Outlook, Changed To Rating Under Review From Stable As reported in the Troubled Company Reporter-Latin America on June 22, 2007, Fitch Ratings placed these Intelsat Ltd. ratings on Rating Watch Negative: -- Issuer Default Rating 'B'; -- Senior unsecured notes 'CCC/RR6'. Fitch also placed the ratings of Intelsat's subsidiaries on Rating Watch Negative. Fitch placed these ratings of Intelsat subsidiaries on Rating Watch Negative: Intelsat (Bermuda), Ltd. -- Issuer Default Rating 'B'; -- Senior unsecured guaranteed notes 'BB-/RR2'; -- Guaranteed Term Loan 'BB-/RR2'; -- Senior unsecured non-guaranteed notes 'CCC+/RR6'. Intelsat Intermediate Holding Company, Ltd. (Int Holdco) -- Issuer Default Rating 'B'; -- Senior unsecured discount notes 'B-/'RR5'. Intelsat Subsidiary Holding Company, Ltd. (Sub Holdco) -- Issuer Default Rating 'B'; -- Senior secured credit facilities 'BB/RR1'; -- Senior unsecured notes 'BB-/RR2'. Intelsat Corporation (f/k/a PanAmSat Corporation) -- Issuer Default Rating (IDR) 'B'; -- Senior secured credit facilities 'BB/RR1'; -- Senior secured notes 'BB/RR1'; -- Senior unsecured notes 'B/RR4'. As reported in the Troubled Company Reporter-Latin America on June 21, 2007, Standard & Poor's Ratings Services lowered its ratings on Pembroke, Bermuda-based Intelsat Ltd. and affiliated entities, including the corporate credit rating, which was lowered to 'B+' from 'BB-'. All ratings were immediately placed on CreditWatch with negative implications. SCOTTISH RE: Names David Carrick as Sr. VP for Group Controller --------------------------------------------------------------- Scottish Re Group Limited has appointed David Carrick as Senior Vice President, Group Controller, effective Jan. 1, 2008. Mr. Carrick is based at the company's Hamilton, Bermuda, headquarters, reporting to Terry Eleftheriou, Scottish Re Group Limited Executive Vice President and Chief Financial Officer. Mr. Carrick's career extends over eighteen years of senior finance and controllership roles with international corporations. Most recently, Mr. Carrick was the Director of Finance for Tyco International, Ltd, where he was responsible for all of the finance functions of Tyco's Dublin, Luxembourg, and Bermuda offices, including treasury and operations support. Prior to Tyco, Mr. Carrick spent over six years with the Bank of Bermuda/HSBC where he held the position of Head of Global Financial Reporting with responsibility for maintaining all aspects of financial and regulatory reporting for the bank. Mr. Carrick's career also included strategic roles at Bacardi Capital Limited and KPMG. Mr. Carrick received a BA from Heriot Watt University, in Edinburgh, Scotland with a specialization in Accounting and Finance. Additionally, Mr. Carrick is a member of the Institute of Charter Accountants of Scotland. In his role as Group Controller, Mr. Carrick will be responsible for oversight of the corporate financial reporting and controllership activities based in Bermuda and other key locations. He will also oversee internal financial controls important to the integrity of internal and external communications, safeguarding of assets and mitigation of risk, including compliance activities related to annual and quarterly certifications in accordance with Sarbanes-Oxley. Mr. Carrick will be an integral part of the corporate finance team and will liaise closely with the segment finance, tax, investments, treasury, investor relations and audit functions of Scottish Re. "We are very pleased to have David join Scottish Re in this new role of Group Controller," stated Terry Eleftheriou. "David's experience in global control practices and financial reporting will be an asset to the organization as we continue to upgrade and streamline our financial processes and enhance our internal financial controls." Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a global life reinsurance specialist. Scottish Re has operating businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the United Kingdom, United States, and Singapore. Its flagship operating subsidiaries include Scottish Annuity & Life Insurance Company (Cayman) Ltd. and Scottish Re (US), Inc. Scottish Re Capital Markets, Inc., a member of Scottish Re Group Ltd., is a registered broker dealer that specializes in securitization of life insurance assets and liabilities. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 15, 2007, Moody's Investors Service has affirmed the ratings of Scottish Re Group Limited's senior unsecured shelf of (P)Ba3 and changed the outlook to negative from stable. ============= B O L I V I A ============= * BOLIVIA: Eyes El Mutun Development with China ----------------------------------------------- The government of Bolivia is in talks with China for developing El Mutun iron ore mines in the country, various reports say. The Metal Bulletin relates that "Bolivia and China have held preliminary talks about the possibility of a Chinese company developing 50 per cent of El Mutun iron ore deposits in the German Busch province of Bolivia's Santa Cruz department." According to the report, Bolivian mining and metallurgy minister Albert Echazu made discussion during its China and Korea visitation last month. However, no formal proposal from either side was mentioned. The Economic Times states that Bolivian Congress ratified a concession contract recently with Jindal Steel Bolivia, a Jindal Steel and Power Limited subsidiary, in which the company has to start working on developing its part of the mines. In July 2007, JSPL entered a US$2.1-billion contract that will exploit 50% of El Mutun deposits for 40 years. Under the deal, Jindal would install a 1.5 million tonne direct reduced iron plant which will feed 1.4 million tonne per year flat products steelworks, the same journal adds. * * * 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 =========== BANCO DO BRASIL: Resumes Granting Loans to Agricultural Sector -------------------------------------------------------------- Brazilian government news agency Agencia Brasil reports that Banco do Brasil has resumed the granting of agricultural loans. Business News Americas relates that Banco do Brasil temporarily suspended granting agricultural loans on Jan. 4, 2007, after the government increased taxes on loans. The government "charged the IOF financial operations tax of 0.38% on loans to agricultural producers, part of a tax package meant to help make up for BRL40 billion in lost annual revenue from the discontinued CPMF tax on financial transactions." According to BNamericas, Banco do Brasil wants to boost agricultural lending by 12% to BRL37.0 billion for the 2007-08 harvest, compared to the previous harvest. Banco do Brasil loans will represent for 53% of all lending to the sector if it achieves its goals. The agricultural sector accounts for 34% of Banco do Brasil's lending operations. Banco do Brasil granted some BRL33.9 billion in loans in the 2006-07 harvest that ended on June 30, 2007. The loans represented 58.7% of all loans to the agricultural sector, BNamericas states. Banco do Brasil holds a 49.99% stake in Brasilcap. Banco do Brasil is Brazil's federal bank and is the largest in Latin America with some 20 million clients and over 7,000 points of sale (3,200 branches) in Brazil, and 34 offices and partnerships in 26 other countries. In addition to its traditional retail banking services, Banco do Brasil underwrites and sells bonds, conducts asset trading, offers investors portfolio management services, conducts financial securities advising, and provides market analysis and research. As reported on May 22, 2007, Standard & Poor's Ratings Services raised its long-term foreign currency counterparty credit rating on Brazilian government-related entity Banco do Brasil to 'BB+' from 'BB', after Brazil's foreign currency sovereign credit rating was upgraded to BB+. BANCO NACIONAL: Grants BRL650-Million Loan to Alcoa Aluminio ------------------------------------------------------------ Banco Nacional de Desenvolvimento Economico e Social's directors have approved a BRL650 million financing to Alcoa Aluminio S.A. for the implementation of unit 2 of Alumar consortium refinery. The expansion is aimed at incrementing the production of alumina by 2.1 million tons/year, in Sao Luis (State of Maranhao). The main facilities will be duplicated, new equipment acquired and significant improvements carried out in process and operation. During the construction phase, 6 thousand direct and 12 thousand indirect jobs are expected to be generated. BNDES participation corresponds to 13% of the total investment value, of BRL4.9 billion. The required expansion results from a worldwide scenario of shortage of alumina in the next years and, therefore, of need of supplying sources. Alumina is the primary raw material used in the production of aluminum. The execution of the project, which is expected to start up by the second quarter of 2009, should allow Alcoa to increase its participation in the internal and external markets, by means of larger product offering, at more competitive costs. Alcoa's expansion is part of a general move towards increasing the aluminum sector, with different projects under implementation and others, being studied. Alcoa group started to operate in Brazil over 40 years ago, with the Po�os de Caldas - State of Minas Gerais unit, which until now remains as company headquarters. Throughout the years, it jumped from an annual primary aluminum production capacity of 30 thousand tons to the current 358.8 thousand tons/year. It is currently also responsible for the production of over 1.2 million tons/year of alumina and approximately 2.6 million tons/year of bauxite. Banco Nacional de Desenvolvimento Economico e Social is Brazil's national development bank. It provides financing for projects within Brazil and plays a major role in the privatization programs undertaken by the federal government. * * * Banco Nacional currently carries a Ba2 foreign long-term bank deposit rating from Moody's, and a BB+ long-term foreign issuer credit rating from Standards and Poor's. The ratings were assigned in August and May 2007, respectively. BANCO NACIONAL: Okays BRL259-Million Funding for Brasil Telecom --------------------------------------------------------------- Banco Nacional de Desenvolvimento Economico e Social said in a statement that it has authorized BRL259 million in funding for Brasil Telecom's 2007-2009 investment program. Business News Americas relates that Brasil Telecom is investing in the modernization of networks to: -- handle traffic growth, -- offer new services, and -- boost customer service. Brasil Telecom wants to increase the number of base stations to improve mobile quality, coverage and traffic capacity. The company will also invest in infrastructure and equipment to improve voice and data transmission, BNamericas notes. According to BNamericas, Brasil Telecom spent some BRL488 million in December 2007 to secure 3G licenses. The Banco Nacional financing accounts for 49.8% of the BRL520 million planned investment, BNamericas states. About Brasil Telecom Headquartered in Brasilia, Brazil, Brasil Telecom Participacoes SA -- http://www.brasiltelecom.com.br/-- is a holding company that conducts substantially all of its operations through its wholly owned subsidiary, Brasil Telecom SA. The fixed-line telecommunications services offered to the company's customers include local services, including all calls that originate and terminate within a single local area in the region, as well as installation, monthly subscription, measured services, public telephones and supplemental local services; intra-regional long- distance services, which include intrastate and interstate calls; interregional and international long-distance services; network services, including interconnection and leasing; data transmission services; wireless services, and other services. About Banco Nacional Banco Nacional de Desenvolvimento Economico e Social is Brazil's national development bank. It provides financing for projects within Brazil and plays a major role in the privatization programs undertaken by the federal government. * * * Banco Nacional currently carries a Ba2 foreign long-term bank deposit rating from Moody's, and a BB+ long-term foreign issuer credit rating from Standards and Poor's. The ratings were assigned in August and May 2007, respectively. BANCO PINE: To Repurchase Up to 2.72 Million Preferred Shares ------------------------------------------------------------- Banco Pine said in a filing with the Brazilian securities regulator Comissao de Valores Mobiliarios that its board has approved a share buyback program of up to 2.72 million preferred shares before Jan. 5, 2009. Business News Americas relates that Banco Pine would pay almost BRL44.0 million for the shares, based on the BRL16.17 closing share price on Jan 9, 2008. Banco Pine told BNamericas that it would keep the shares, cancel them or resell them on the Sao Paulo stock exchange Bovespa, where it trades the 27.2 million preferred shares. Headquartered in Sao Paulo, Banco Pine was established in 1997 by the brothers Nelson and Noberto Pinheiro after the sale in 1996 of their participation in another family institution. A comprehensive corporate and operational restructuring was implemented and in the first half of 2005 Noberto Pinheiro became the bank's majority shareholder. In April 2007, Banco Pine went public by placing non-voting preferred shares at the Bovespa Level 1 on the New Brazilian Stock Market. These shares enjoy a tag-along privilege, giving minority shareholders 100% of the value of the block of controlling shares in the event of the sale of the institution. * * * As reported in the Troubled Company Reporter-Latin America on June 26, 2007, Standard & Poor's Ratings Services raised its long-term counterparty credit rating on Banco Pine S.A. to 'BB-' from 'B+'. The rating was removed from CreditWatch Positive where it was placed June 11, 2007. S&P said the outlook is stable. * * * As reported in the Troubled Company Reporter-Latin America on May 18, 2007, Fitch Ratings upgraded the National ratings of Banco Pine S.A. as: -- Long-term National rating to 'A-(bra)' from 'BBB(bra)'; -- Short-term National rating to 'F2(bra)' from 'F3(bra)'. Fitch also affirms these ratings: -- Long-term Foreign Currency Issuer Default Rating 'B+' -- Short-term Foreign Currency rating 'B'; -- Long-term Local Currency Issuer Default Rating 'B+'; -- Short-term Local Currency rating 'B'; -- Individual 'D' -- Support '5'. BRASIL TELECOM: Secures BRL259-Mln Funding from Banco Nacional -------------------------------------------------------------- Brasil Telecom has secured BRL259 million in funding from Banco Nacional de Desenvolvimento Economico e Social for its 2007-2009 investment program, according to Banco Nacional's statement. Business News Americas relates that Brasil Telecom is investing in the modernization of networks to: -- handle traffic growth, -- offer new services, and -- boost customer service. Brasil Telecom wants to increase the number of base stations to improve mobile quality, coverage and traffic capacity. The company will also invest in infrastructure and equipment to improve voice and data transmission, BNamericas notes. According to BNamericas, Brasil Telecom spent some BRL488 million in December 2007 to secure 3G licenses. The Banco Nacional financing accounts for 49.8% of the BRL520 million planned investment, BNamericas states. About Banco Nacional 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. About Brasil Telecom Headquartered in Brasilia, Brazil, Brasil Telecom Participacoes SA -- http://www.brasiltelecom.com.br-- is a holding company that conducts substantially all of its operations through its wholly owned subsidiary, Brasil Telecom SA. The fixed-line telecommunications services offered to the company's customers include local services, including all calls that originate and terminate within a single local area in the region, as well as installation, monthly subscription, measured services, public telephones and supplemental local services; intra-regional long- distance services, which include intrastate and interstate calls; interregional and international long-distance services; network services, including interconnection and leasing; data transmission services; wireless services, and other services. * * * To date, Brasil Telecom carries Moody's Investors Service's Ba1 senior unsecured and credit default swap ratings. DELPHI CORP: S&P Predicts B Corp. Credit Rating Upon Emergence -------------------------------------------------------------- Standard & Poor's Ratings Services expects to assign its 'B' corporate credit rating to Troy, Michigan-based automotive supplier Delphi Corp. upon the company's emergence from Chapter 11 bankruptcy protection, which may occur by the end of the first quarter of 2008. S&P expects the outlook to be negative. In addition, S&P's expects to assign the following issue-level ratings: -- A 'B+' issue rating, and '2' recovery rating to the company's proposed US$3.7 billion senior secured first- lien term loan; and -- A 'B-' issue rating, and '5' recovery rating to the company's proposed US$825 million senior secured second- lien term loan. The expected ratings are based upon preliminary terms and conditions and assume successful placement of the loans as represented to us. Any changes to the terms of the loans prior to placement may result in different ratings. In addition, the expected ratings are subject to confirmation and substantial consummation of Delphi's plan of reorganization, and to S&P's receipt and satisfactory review of final documentation. The expected ratings reflect the company's highly leveraged financial risk profile, based on poor profitability and near- term negative cash flow in North America despite substantial cost improvements obtained in the company's reorganization. The ratings also reflect Delphi Corp.'s vulnerable business risk profile as an automotive supplier that still depends highly on the very difficult North American market in general, and on former parent General Motors Corp. (GM; B/Stable/B-3) for sales as well as ongoing operational support. Pro forma for the proposed exit financings and emergence from bankruptcy, Delphi Corp. would have total debt of US$5.35 billion, or a little more than US$8 billion, including S&P's adjustments for underfunded postretirement benefits and the present value of operating leases. In its debt ratio calculations, S&P also treated as debt the company's proposed US$1.1 billion of junior convertible preferred equity. This preferred equity, which GM will hold after emergence, has no dividend and minimal voting rights-- characteristics that lead us to view it as a temporary piece of Delphi's capital structure. Although this equity has no maturity and could be replaced without an increase in Delphi's debt, S&P believes it is also possible that the company could raise debt in the future and use proceeds to repurchase the junior preferred -- in effect, reproducing the capital structure under an earlier version of Delphi's plan of reorganization, before weakness in the credit markets forced a reduction in planned emergence debt levels. S&P has not treated as debt the proposed US$800 million in Series A and Series B convertible preferred equity, to be held by Appaloosa Management L.P. and other plan investors after emergence, because S&P considers these tranches to be more permanent in nature. Delphi Corp.'s leverage will remain high after emergence, with adjusted debt to expected 2008 EBITDA of about 6.5. This calculation excludes restructuring costs, but incorporates various transactions that lower adjusted leverage and that will take place soon after emergence. These transactions include the company's payment of a US$1.2 billion "catch-up" contribution to its worldwide pension plans, and the transfer of US$1.5 billion in net pension liabilities to GM in exchange for a US$1.5 billion cash payment to the same. Excluding the junior preferred equity in S&P's ratio calculations, pro forma 2008 leverage would be a little less than 6.0. "Following emergence, we would characterize Delphi's business risk profile as vulnerable," said S&P's credit analyst Gregg Lemos Stein. "Delphi has made significant strides in shedding burdensome legacy costs in North America and in transforming the company's mix of businesses during bankruptcy. Nevertheless, customer pricing pressure and competition are severe, and production volumes are likely to remain volatile -- especially in North America, where vehicle demand has been sluggish and the outlook remains clouded amid increasing signs of macroeconomic weakness." Other steps Delphi Corp. has taken, or is in the process of taking, to address its cost structure include: -- Dramatically reducing its United States hourly work force to about 17,000 as of the end of 2007 from nearly 35,000 prior to bankruptcy via asset sales and attrition programs that GM partly subsidizes. Additional planned asset sales will result in further U.S. headcount reductions over the next few years. -- Significantly reducing labor costs for remaining U.S. hourly workers (about US$27 per hour plus benefits to start, but increasing over time) in exchange for lump-sum payments, also subsidized by GM. -- Selling or closing 31 of the 39 U.S. manufacturing sites in operation as of the bankruptcy filing, plus additional non-U.S. plants mainly in higher-cost European locations. -- Transferring virtually all of its U.S. hourly other postemployment benefit liabilities to GM soon after emergence, reducing liabilities by more than US$8 billion. -- Freezing its U.S. defined-benefit pension plans as of emergence and replacing them with a defined-contribution plan. In addition to these items, Delphi will also receive from GM ongoing cash payments that will reduce its cost for remaining United Auto Workers employees to about US$26 per hour, including benefits. The UAW accounts for a majority of Delphi's U.S. work force. GM also has agreed to support noncore manufacturing sites so that they are cash flow neutral to Delphi prior to their sale or closure. Despite the magnitude of these cost-cutting initiatives and the exit from weaker product segments, S&P expects profitability to return to only acceptable levels by the end of the 2008 at the earliest. S&P expects EBITDA margin, excluding restructuring expense, to improve to about 8% of sales in 2008, compared with less than 2% in 2007. Margins should be higher in Europe and Asia-Pacific, which account for a growing minority share of Delphi's sales (about 37% and 15%, respectively, based on expected 2008 revenues and excluding noncontinuing businesses). However, this won't be enough to offset weak margins in North America, which represents about 44% of projected 2008 revenues. South America accounts for the remaining 4%. Customer diversity has improved, but GM exposure remains a risk factor. Delphi expects GM to account for about 30% of sales in 2008, excluding noncontinuing businesses. Prior to Delphi's bankruptcy in 2005, this figure was about 50%. S&P expects the company to continue to gradually diversify its customer base. However, further market share losses or sudden production cuts by GM would still pressure Delphi's results, potentially negating the future cost savings Delphi aims to achieve in areas such as administrative overhead and materials purchasing. After emergence, continued cash usage in North America will challenge Delphi Corp.'s liquidity. S&P's expects free cash flow from global operations to be negative in 2008, excluding a series of transactions with GM following emergence and the US$1.2 billion catch-up pension contribution. However, S&P expects borrowing availability will be sufficient to fund expected cash usage and ongoing restructurings. An unrated US$1.6 billion asset-based lending revolving credit facility will have about US$1.4 billion of borrowing availability after anticipated borrowings and outstanding-but-undrawn LOCs are taken into account. Governing the asset-based lending is a borrowing base calculation, under which GM accounts receivable can account for no more than 25% of eligible accounts receivable and inventory, or 20% beginning in 2010. Therefore, a GM production decline would not severely reduce asset-based lending borrowing availability. Cash balances after the post-emergence transactions will be about US$800 million, but only about US$100 million will be in the U.S., where cash usage is greatest. The cash costs of Delphi Corp.'s ongoing restructuring efforts could total nearly US$500 million in 2008. The company plans to make additional pension contributions for the next several years, on top of the US$1.2 billion catch-up contribution, in an effort to bring its U.S. plans to fully funded status. However, these should be manageable, averaging about US$150 million per year, with some latitude as to timing. The company's proposed exit financings include minimal maturities through the end of the decade. As with most automotive original equipment suppliers, working capital needs are highest in the middle of the calendar year because of typical seasonal production patterns, and this results in weaker cash flow in the first and second quarters. S&P expects Delphi's cash flow to benefit from improved terms, with its suppliers following emergence from bankruptcy, potentially offsetting its cash usage in early 2008. However, S&P remains concerned about cash flow prospects in the U.S. over the longer term. S&P's expects to rate Delphi's proposed US$3.7 billion first- lien senior secured term loan 'B+', one notch higher than the corporate credit rating. This and the expected recovery rating of '2' indicate that lenders can expect substantial (70%-90%) recovery in the event of a payment default or bankruptcy. The company's proposed US$825 million second-lien secured term loan is expected to be rated 'B-', one notch lower than the company's corporate credit rating. This and the expected recovery rating of '5' indicates that lenders can expect modest (10%-30%) recovery. S&P expects the outlook to be negative, reflecting Delphi's cash use in North America, ongoing restructuring needs, and the uncertain outlook for vehicle demand in the U.S. in 2008. S&P's expected ratings assume that the company will continue to make some progress on its cost structure and profitability, enabling it to reduce leverage, including its adjustments, to 6,0 or less over time. S&P could lower the ratings if overall leverage or negative cash flow in North America failed to improve, or if liquidity were to diminish. On the other hand, S&P could revise the outlook to stable, perhaps by the end of 2008, if the company demonstrates positive and sustainable cash flow for debt reduction, enabling it to reduce leverage to significantly less than 6.0, including its adjustments. S&P are unlikely to upgrade the company or revise the outlook to positive, given the current challenges facing the North American auto supplier industry and sluggish vehicle demand. 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. EL PASO CORP: Earns US$155 Million in 2007 Third Quarter -------------------------------------------------------- El Paso Corp. reported net income of US$155.0 million on operating revenues of US$1.17 billion for the third quarter ended Sept. 30, 2007, compared with net income of US$135.0 million on operating revenues of US$942.0 million in the same period last year. Third quarter 2007 results from continuing operations include a US$65.0 million after-tax impairment of the company's interests in its Brazilian power assets due in part to ongoing developments in Brazil's electricity markets. Results also include a US$49.0 million after-tax gain related to the reversal of a liability related to The Coastal Corporation's legacy crude oil marketing and trading business; a US$7.0 million after-tax loss associated with the company's indemnification of Case Corporation retiree benefits; and a US$10.0 million after-tax gain related to the mark-to-market impact of derivatives in the marketing segment intended to manage price risk on natural gas and oil production. Third quarter 2006 results include a comparable US$43.0 million after-tax mark-to-market gain. "This quarter continues our financial and operational success as our Pipelines and E&P businesses performed well," said Doug Foshee, El Paso's president and chief executive officer. "During the quarter, we completed the Peoples acquisition, which added excellent staff and properties into our E&P operations. The quarter also included significant exploration success in Brazil. And three major pipeline projects, representing US$1.2 billion of capital, received FERC approval as we have continued to expand our pipeline business. We also marked an important step in forming our pipeline MLP with the registration filing for El Paso Pipeline Partners." For the nine months ended Sept. 30, 2007, El Paso reported net income of US$950.0 million compared with US$641.0 million for the first nine months of 2006. In addition to the aforementioned third quarter 2007 items, results for 2007 include US$674.0 million of earnings that relate primarily to the gain on the sale of ANR and related assets. Results for 2007 also include a US$184.0 million after-tax charge related to early debt retirement costs and a US$40.0 million mark-to-market after-tax loss on production-related derivatives in the marketing segment. During the same period in 2006, production-related derivatives generated a US$164.0 million mark-to-market after-tax gain, and earnings from discontinued operations were US$95.0 million. Cash Flow from Operations During 2007, the company generated positive operating cash flow of approximately US$1.46 billion, primarily as a result of cash provided by the company's pipeline and exploration and production operations. The company utilized this operating cash flow and cash from its discontinued operations to fund maintenance and growth projects in the pipeline and exploration and production operations and to reduce debt obligations. Balance Sheet At Sept. 30, 2007, the company's consolidated balance sheet showed US$24.08 billion in total assets, US$19.05 billion in total liabilities, US$22.0 million in securities of subsidiaries, and US$5.01 billion in total stockholders' equity. The company's consolidated balance sheet at Sept. 30, 2007, also showed strained liquidity with US$2.03 billion in total current assets available to pay US$2.78 billion in total current liabilities. Full-text copies of the company's consolidated financial statements for the quarter ended Sept. 30, 2007, are available for free at http://researcharchives.com/t/s?26e3 About El Paso Corporation Headquartered in Houston, Texas, El Paso Corporation (NYSE: EP) -- http://www.elpaso.com/-- is an energy company that provides natural gas and related energy products. The company owns North America's interstate pipeline system, which has approximately 55,500 miles of pipe. It also owns approximately 470 billion cubic feet of storage capacity and a liquefied natural gas import facility with 806 million cubic feet of daily base load send out capacity. El Paso's exploration and production business is focused on the exploration for and the acquisition, development and production of natural gas, oil and natural gas liquids in the United States, Brazil and Egypt. It operates in three business segments: Pipelines, Exploration and Production and Marketing. It also has a Power segment, which holds its remaining interests in international power plants in Brazil, Asia and Central America. Southern Natural Gas Company's business consists of the interstate transportation and storage of natural gas and LNG terminalling operations. Colorado Interstate Gas Company's business consists of the interstate transportation, storage and processing of natural gas. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 20, 2007, Standard & Poor's Ratings Services affirmed its 'BB' corporate credit ratings on El Paso Corp. and subsidiaries. The outlook remains positive. INGRAM MICRO: Distributes Fujitsu Biometric Systems for Novell -------------------------------------------------------------- Ingram Micro Inc. has signed an agreement with Fujitsu Microelectronics America, Inc. to distribute the Fujitsu biometric login interface products for Novell(R) eDirectory(TM) and Novell Access Manager. The contract covers distribution in the United States and its territories. A similar contract initiating Canadian distribution was signed in August. Fujitsu Microelectronics and 123ID, Inc. have developed biometric login solutions to allow database users access to Novell eDirectory applications running on Linux, NetWare and Windows. This biometric solution replaces password authentication with eDirectory logon, which provides uncompromised security, capability and pricing. The authentication technology is designed for use in the wide range of financial, educational, medical, and government applications that are served by Novell eDirectory. "We are pleased to extend this distribution agreement between Fujitsu Microelectronics America and Ingram Micro to the U.S.," said Fujitsu Microelectronics America chief operating officer, Keith Horn. "The company's global leadership in distribution, sales, and service of technology products is well-established and widely recognized." "Biometric solutions meet the enhanced security requirements of commercial, consumer and government applications," said Ingram Micro vice president for vendor management, Ken Bast. "Demand is expanding for advanced fingerprint sensor solutions, which deliver an unprecedented level of security, and are easy to install and implement. We are pleased to be adding the Fujitsu biometric login interface products for Novell eDirectory and Novell Access Manager to our line card." "Novell eDirectory and Novell Access Manager have provided an inherent biometric-based authentication capability for a number of years," said vice president of Product Management with the Novell Identity and Security business unit, Nick Nikols. "As biometric sensors have become more prevalent within the enterprise, our strong partnership with Fujitsu and 123ID in the area of cross-platform biometric authentication provides excellent value for improving security throughout the corporate environment." About Fujitsu Microelectronics Fujitsu Microelectronics America, Inc. -- http://us.fujitsu.com/micro/edir-- leads the industry in innovation. The company provides high-quality, reliable semiconductor products and services for the networking, communications, automotive, security and other markets throughout North and South America. About Ingram Micro Headquartered in Santa Ana, California, Ingram Micro Inc. (NYSE: IM) -- http://www.ingrammicro.com/-- together with its subsidiaries, distributes information technology products and supply chain solutions worldwide. Its IT products include peripherals, networking, software, and systems. The company has Latin America operations in Brazil, Chile and Mexico. * * * Ingram Micro Inc. continues to carry Moody's Ba1 long-term corporate family and probability-of-default ratings. INGRAM MICRO: ITS Division Sells IBM System Storage Technology -------------------------------------------------------------- Expanding its high-end technology footprint, Ingram Micro's Infrastructure Technology Solutions (ITS) Division has announced it is now selling and supporting the complete line of IBM System Storage N series hardware, software and solutions for small-to- midsize enterprises (SME's). According to Ingram Micro's Vice President of Vendor Management Scott Zahl, the IBM N series boasts a solid line of flexible storage solutions that unify NAS, Fibre Channel and iSCSI SAN storage in a single platform for partners who are focused on the data center infrastructure needs of small and midsize businesses. IBM turned to Ingram Micro's ITS Division to extend its reach and help more solution providers service and support the growing SME market segment. "Storage is a lucrative sale for the IT Channel and will continue to rank among the New Year's most in-demand technology solutions for SMB and SME accounts," continues Mr. Zahl. "With the addition of the IBM System Storage N series, we've enhanced our existing IBM relationship and our ability to provide solution providers with a comprehensive, end-to-end IBM branded solution that addresses the business challenges of enterprise data management. It's really a great way for Ingram Micro, IBM and our partners to kickoff the New Year." Available to authorized IBM partners in the U.S. and Canada, the IBM System Storage N series works within heterogeneous environments and delivers high-end enterprise storage and data management value with midrange affordability. The N series also offers built-in enterprise serviceability and manageability features. These intuitive capabilities help solution providers to improve performance and scalability, while simplifying storage management, lowering total cost of ownership, and accelerating clients' return on investment. To help solution providers achieve the necessary IBM authorizations to sell the N series, Ingram Micro's IBM storage team will offer a number of advanced technical and sales training opportunities. In addition, specialized accreditation and service-provider certification assistance and market education will be offered through the distributor's world-class Solution Centers in Buffalo, New York and Santa Ana, California. Configuration and sales tools will also be made available to partners, along with access to the unrivaled expertise of Ingram Micro's field credit analysts and sales, marketing, and technical engineers to ease pre-sales support. "The market expertise, technical capabilities, and day-to-day support offerings found within Ingram Micro's ITS Division continue to strengthen and expand our relationships with high- value, in-demand manufacturers like IBM," says Ingram Micro North America's ITS vice president, Scott Look. "Our ability to generate demand and offer world-class support for higher-end technologies such as the IBM N series presents a unique single- source value proposition to our partners that they just can't get anywhere else." Solution providers interested in learning more about the IBM N series, as well as its supporting programs, may call Ingram Micro's IBM storage team at (800) 456-6783, ext. 76392. About Ingram Micro Headquartered in Santa Ana, California, Ingram Micro Inc. (NYSE: IM) -- http://www.ingrammicro.com/-- together with its subsidiaries, distributes information technology products and supply chain solutions worldwide. Its IT products include peripherals, networking, software, and systems. The company has Latin America operations in Brazil, Chile and Mexico. * * * Ingram Micro Inc. continues to carry Moody's Ba1 long-term corporate family and probability-of-default ratings. TECH DATA: Reaches Distribution Agreement with FMAudit ------------------------------------------------------ Tech Data Corporation has expanded its managed services offering by announcing that its Printing Solutions Specialized Business Unit (SBU) has established a distribution agreement with leading managed print services application provider FMAudit. Resellers can now leverage FMAudit solutions and the SBU's dedicated team of sales, marketing and technical resources to build their own managed print services business. "In addition to our growing roster of remote monitoring and management tool providers, Tech Data is establishing support for managed services across technology segments," said Joe Quaglia, Tech Data's senior vice president, U.S. Marketing. "By aligning our managed services strategy with the expertise of Tech Data's SBUs and Product Marketing divisions, we are strongly positioned to support customers and vendor partners who are bringing to market emerging managed services solutions such as managed print services, software-as-a-service and hosted telephony." "Of all the managed services categories, managed print services has the potential to quickly gain traction since it's a go-to- market strategy already familiar to many end users, especially those with copier lease and service agreements," said Wendy Linsky, Tech Data's vice president, Peripherals Product Marketing. "Many of our Printing Solutions SBU customers already bundle comprehensive maintenance agreements with their printer sales. Offering managed print services - or a pay-per- page model compatible with all major vendor lines - is an opportunity for resellers to further enhance the value they provide end-user customers while increasing their own revenue and profit." Tech Data is the first distributor to offer resellers access to the entire suite of FMAudit managed print services tools, including Rapid Print Assessment(TM) which provides automated metering, reporting, and consumable and service alerts. With FMAudit solutions, resellers can quickly assess printers and copiers in operation at an end user's site. Resellers can use this information to build a comprehensive report and proposal to demonstrate where efficiencies and cost savings can be gained through a managed print services solution. Once implemented, FMAudit software provides resellers with an array of reporting, account management and analysis tools. Resellers also can leverage data collected by FMAudit to monitor usage, which can lead to additional product sales and services opportunities. "Through our partnership with Tech Data, we will be able to engage a larger number of IT resellers specializing in printing solutions, helping them to adopt managed services," said Richard Piper, president and Chief Executive Officer, FMAudit. "A key benefit of our distribution agreement with Tech Data is the implementation of a very simple pricing structure. Resellers choose from several pricing levels based on the number of seats at the end-user location. They pay one extremely competitive flat rate for a year's license providing access to our array of leading managed print services, which can easily be built into service contracts billed monthly to generate recurring revenue." FMAudit solutions are compatible with all leading printer and copier brands, providing resellers with the flexibility to develop solutions based on their preferred product platform or to accommodate solutions comprising a range of devices from multiple vendors. Tech Data's Printing Solutions SBU and FMAudit will collaborate to recruit and enable resellers to deploy managed print services. About FMAudit FMAudit specializes in managed print services solutions. FMAudit is dedicated to developing solutions that remove Meter Mystique -- the cumbersome human element of collecting highly valuable print asset information. The data is used for Assessment, Account Reviews, Metering (for accurate and timely billing), Service Dispatch, Customer Relationship Management, Enterprise Resource planning, Sales and Service Force Automation, and Just- in-Time(TM) automated consumable replenishment. About Tech Data Founded in 1974, Tech Data Corporation (NASDAQ GS: TECD) -- http://www.techdata.com/-- distributes IT products, with more than 90,000 customers in over 100 countries. The company's business model enables technology solution providers, manufacturers and publishers to cost-effectively sell to and support end users ranging from small-to-midsize businesses to large enterprises. Tech Data is ranked 107th on the FORTUNE 500(R). The company and its subsidiaries operate centers in Latin America, including Brazil and Chile. * * * As reported in the Troubled Company Reporter-Latin America on Dec 4, 2007, Moody's Investors Service has affirmed Tech Data Corporation's existing ratings and changed the outlook to stable from negative. Moody's also assigned a speculative grade liquidity rating of SGL-1. Moody's has affirmed these ratings: -- Corporate Family Rating -- Ba1 -- Probability of Default Rating -- Ba1 -- US$350 Million Convertible Senior Unsecured Notes due 2026 -- Ba2 (LGD-6, 94%) This rating was assigned: -- Speculative Grade Liquidity Rating - SGL-1 * BRAZIL: Petrobras Launching NatGas Supply Talks with Copergas --------------------------------------------------------------- Brazilian state-run oil firm Petroleo Brasileiro SA aka Petrobras will begin negotiating with Pernambuco state natural gas distributor Copergas regarding the increase of natural gas supply to the state, Business News Americas reports, citing a Copergas spokesperson. BNamericas relates that Petrobras supplies Pernambuco about 1.1 million cubic meters of natural gas per day. The spokesperson told BNamericas, "We will meet Petrobras officials this Friday [Jan. 11] to see if it is possible to receive more natural gas from Petrobras as Pernambuco really needs a volume increase for industrial usage." According to BNamericas, Pernambuco is trying to convince Petrobras to construct its third liquefied natural gas regasification plant at Suape port. Petrobras already reached new natural gas supply accords with distributors like Comgas and Bahiagas, BNamericas states. About Copergas Established on Sept. 17, 1992 by the Pernambuco state government, the Gas Company of Pernambuco or Copergas supplies natural gas to industrial, commercial, residential, NGV, cogeneration and thermal market segments. Copergas is a state and private-owned company whose partners are the government of the state of Pernambuco, Gaspetro and Mitsui. Its gas pipeline reaches about 300 kilometers. The company supplies a volume of about one million cubic meters per day. 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 =========================== CABLE & WIRELESS: Protest to End After Reaching Pact with Union --------------------------------------------------------------- The Caribbean Broadcasting Corp. reports that the conflict between Cable & Wireless and the union representing its workers has been resolved, after Prime Minister Owen Arthur brokered an accord between the two parties. CBC relates that Cable & Wireless Prime Minister intervened in the industrial dispute between Cable & Wireless and the union after protests have interrupted most of the company's operations in Barbados for five days. He ordered a meeting with the company and the union at government headquarters. As reported in the Troubled Company Reporter-Latin America on Jan. 8, 2008, Cable & Wireless' workers in Barbados launched demonstrations against the firm after negotiations over wages, retroactive payments and other "protracted issues" failed. Cable & Wireless's head Donald Austin said that 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. 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. CBC relates that union general secretary Sir Roy Trotman accused Cable & Wireless of breaching aspects of the collective agreement. Mr. Trotman commented to CBC, "We charge Cable & Wireless with attempting to circumvent the accepted practices. We charge Cable & Wireless with trying to undermine the trade union in the exercise of their loyal functions. And we are telling that the workers of Barbados that we may be calling on you shortly, to demonstrate to all employers in Barbados that neither at Cable & Wireless nor at any other workplace should employers be allowed to disrespect the rights of workers." Prime Minister Arthur told the press, "We have been able to broker a settlement in relation to wages and all outstanding issues [during the meeting]." Mr. Trotman told Anmarie Bailey at The Nation Newspaper, "We looked at about four items. We have agreed that a timetable will be set very slowly to deal with all of the nine or so matters which have caused all of the unrest. We have especially dealt with matters of relations, management to staff, because the Prime Minister himself has been able, from our presentations, to recognize that that is the major underlying difficulty between the management on the one hand and the staff on the other." According to CBC, the settlement will result in a 12.5% salary increase and retroactive payments. Mr. Trotman told CBC that there will be significant dual payment that will be paid out to all workers in hired by the company for the period 1997 to 2007. According to him, the salary settlement is a 2% increase over what Cable & Wireless was refusing to give. "There will be an increase of seven-and-a-half-per cent in year one, which is another one-and-a-half per cent on the company's offer, and then there is a further half per cent in year two," Mr. Trotman explained to The Nation Newspaper. The Nation notes that the issue of bonuses, where some high- level managers received high cash bonuses, was also settled. The demonstrations had a minimal impact on Cable & Wireless' operations, Mr. Austin assured CBC. He explained, "We have been able to maintain all of our major systems. Obviously some individual customers have been impacted and we will get out to them as soon as possible." "We are also going to have, importantly, a discussion on and we are going to develop an incentive program that will cause workers to share in the profitability of the company, so we won't any longer be having situations of one man with �20 million and others with only promises," Mr. Trotman told The Nation Newspaper. 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% GLOBAL ALPHA: Proofs of Claim Filing Deadline Is Jan. 14 -------------------------------------------------------- Global Alpha Alliance Class E Ltd.'s creditors are given until Jan. 14, 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. Global Alpha's shareholder decided on Dec. 12, 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 GOTHAM SELECT: Proofs of Claim Filing Deadline Is Jan. 14 --------------------------------------------------------- Gotham Select Fund International's creditors are given until Jan. 14, 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. Gotham Select's shareholder decided on Dec. 11, 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 GOTTBETTER CAPITAL: Proofs of Claim Filing Is Until Jan. 15 ----------------------------------------------------------- Gottbetter Capital Master, Ltd.'s creditors are given until Jan. 15, 2008, to prove their claims to Ian Wight and Stuart Sybersma, 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. Gottbetter Capital's shareholders decided on Nov. 27, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Ian Wight Stuart Sybersma Attention: Ross Higginson Deloitte & Touche One Capital Place, P.O. Box 1787 George Town, Grand Cayman George Town, Cayman Islands Telephone: (345) 949 7500 Fax: (345) 949 8258 HINKLE CREEK: Proofs of Claim Filing Is Until Jan. 15 ----------------------------------------------------- Hinkle Creek Funding. Ltd.'s creditors are given until Jan. 15, 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. Hinkle Creek's shareholder decided on Dec. 14, 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 IFL CONTINUUM: Sets Final Shareholders Meeting for Jan. 14 ---------------------------------------------------------- IFL Continuum Fund, Ltd., will hold its final shareholders meeting on Jan. 14, 2008 at the office of the company. These agenda will be taken during the meeting: 1) accounting of the winding-up process; and 2) giving explanation thereof. IFL Continuum's shareholders agreed on Oct. 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: Joshua Grant Richard Gordon Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands INTCOM TRADING: Proofs of Claim Filing Deadline Is Jan. 14 ---------------------------------------------------------- Intcom Trading Ltd.'s creditors are given until Jan. 14, 2008, to prove their claims to Augusto Prado Barreto, 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. Intcom Trading's shareholder decided on Dec. 12, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Augusto Prado Barreto Machedo de Campos, Pizzo E. Barreto - Advogados Rua Minas Gerias 122 - Higienopolis, 01244-101 Sao Paolo Brazil Tel: 55 11 3255 0844 Fax: 55 11 3255 5571 LIBERTYVIEW PLUS: Proofs of Claim Filing Deadline Is Jan. 15 ------------------------------------------------------------ Libertyview Plus Fund-Euro's creditors are given until Jan. 15, 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. Libertyview Plus' shareholder decided on Dec. 14, 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 MERLIN BIOMED: Proofs of Claim Filing Is Until Jan. 14 ------------------------------------------------------ Merlin Biomed Round Table Fund's are given until Jan. 14, 2008, to prove their claims to Norman Schleifer, 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. Merlin Biomed's shareholder decided on Dec. 6, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Norman Schleifer 230 Park Avenue, New York New York 10169, USA Contact for inquiries: Ogier Attention: Michael Lubin Queensgate House, South Church Street P.O. Box 1234, Grand Cayman KY1-1108 Cayman Islands Telephone: (345) 949 9876 Fax: (345) 945 8604 MERLIN BIOMED OFFSHORE: Proofs of Claim Filing Ends on Jan. 14 -------------------------------------------------------------- Merlin Biomed Offshore Longterm Appreciation Fund, Ltd.'s creditors are given until Jan. 14, 2008, to prove their claims to Norman Schleifer, 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. Merlin Biomed's shareholder decided on Dec. 6, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Norman Schleifer 230 Park Avenue, New York New York 10169, USA Contact for inquiries: Ogier Attention: Michael Lubin Queensgate House, South Church Street P.O. Box 1234, Grand Cayman KY1-1108 Cayman Islands Telephone: (345) 949 9876 Fax: (345) 945 8604 MERLIN BIOMED INT'L: Proofs of Claim Filing Deadline Is Jan. 14 --------------------------------------------------------------- Merlin Biomed International, Ltd.'s creditors are given until Jan. 14, 2008, to prove their claims to Norman Schleifer, 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. Merlin Biomed's shareholder decided on Dec. 6, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Norman Schleifer 230 Park Avenue, New York New York 10169, USA Contact for inquiries: Ogier Attention: Michael Lubin Queensgate House, South Church Street P.O. Box 1234, Grand Cayman KY1-1108 Cayman Islands Telephone: (345) 949 9876 Fax: (345) 945 8604 MQ ONE: Sets Final Shareholders Meeting for Jan. 15 --------------------------------------------------- MQ One Holdings Ltd. will hold its final shareholders meeting on Jan. 15, 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. MQ One's shareholders decided on Oct. 29, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. P FINANCE: Will Hold Final Shareholders Meeting on Jan. 15 ---------------------------------------------------------- P Finance Limited will hold its final shareholders meeting on Jan. 15, 2008, 2:00 p.m., at the office of the company. 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. P Finance's shareholders agreed on Dec. 7, 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 PANMAR FINANCE: Final Shareholders Meeting Is on Jan. 15 -------------------------------------------------------- Panmar Finance Limited will hold its final shareholders meeting on Jan. 15, 2008, at the office of the company. 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. Panmar Finance's shareholder decided on Dec. 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: Glen Trenouth P.O. Box 694, George Town Grand Cayman, Cayman Islands Telephone: 949 8666 Fax: 949 7904 PARMALAT SPA: Parma Prosecutors Seek Trial for 10 Citibank Execs ---------------------------------------------------------------- Prosecutors in Parma, Italy,