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 Wednesday, January 23, 2008, Vol. 8, Issue 16 Headlines A R G E N T I N A TIMKEN CO: Signs Acquisition Agreement with Boring Specialties * ARGENTINA: Paper Mill Not Hurting River, Latest Study Says B A R B A D O S KINGSWAY FINANCIAL: Hires Shelly Gobin as VP/Chief Fin'l Officer B E R M U D A ASPEN INSURANCE: UK Unit Projects Strong Insurance Demand Growth FINANCIAL SOLUTIONS: Final Shareholders Meeting Is Tomorrow GEORGE FISCHER: Holding Final Shareholders Meeting Today PETRO-CANADA MANAGEMENT: Final Shareholders Meeting Tomorrow SEA CONTAINERS: Wants SC Iberia & YMCL Guarantees Approved WELCH TECHNOLOGY: Final Shareholders Meeting Is Tomorrow B O L I V I A MUTUAL GUAPAY: Bolivian Banking Regulator Intervenes Firm B R A Z I L MRS LOGISTICA: Julio Fontana Neto To Head Railway Group's Board PETROLEO BRASILEIRO: Discovers Gas Field in Pre-Salt Layer * BRAZIL: Petrobras Awards Cascade & Chinook Deals to Technip * BRAZIL: Petroleo Brasileiro Supplying Gas to Copergas C A Y M A N I S L A N D S ASIA IG: Sets Final Shareholders Meeting for Jan. 24 BASIS YIELD: Judge Gerber Denies Recognition Under Chapter 15 BASSO PRIVATE: Proofs of Claim Filing Deadline Is Jan. 24 BEGONIA LIMITED: Proofs of Claim Filing Ends on Jan. 24 BLUEPOINT CORP: To Hold Final Shareholders Meeting on Jan. 24 BLUE OCEAN: Proofs of Claim Filing Is Until Jan. 24 CALLIDUS INTERNATIONAL: Proofs of Claim Filing Ends on Jan. 24 CHAMBERS STREET: Proofs of Claim Filing Is Until Jan. 24 CHIMES FINANCE: Holding Final Shareholders Meeting on Jan. 24 CP MENA: Proofs of Claim Filing Deadline Is Jan. 24 CRAMOND LIMITED: Proofs of Claim Filing Is Until Jan. 24 FLUTE FINANCE: Sets Final Shareholders Meeting for Jan. 24 GAVOTTE SHIPPING: Proofs of Claim Filing Ends on Jan. 24 GEMINI BB: Proofs of Claim Filing Deadline Is Jan. 24 GLASGOW MACKINTOSH: Proofs of Claim Filing Ends on Jan. 24 GRANTCHESTER INVESTMENT: Proofs of Claim Filing Ends on Jan. 24 JLOC VI: Proofs of Claim Filing Deadline Is Jan. 24 JLOC X: Proofs of Claim Filing Is Until Jan. 24 KAKEHASHI CAPITAL: Proofs of Claim Filing Ends on Jan. 24 KAWASAKI DICE: Proofs of Claim Filing Is Until Jan. 24 MAJESTIC MOUNTAINS: Proofs of Claim Filing Ends Tomorrow MAPLETREE REAL: Proofs of Claim Filing Deadline Is Jan. 24 MARNAR FINANCE: Sets Final Shareholders Meeting for Jan. 24 MEMBERSHIP III: Proofs of Claim Filing Ends on Jan. 24 METAL PORTFOLIO: Proofs of Claim Filing Deadline Is Jan. 24 METAL PORTFOLIO: Sets Final Shareholders Meeting for Jan. 25 MPJ EQUITY: Proofs of Claim Filing Deadline Is Jan. 24 MTH PREFERRED: Proofs of Claim Filing Ends Jan. 24 OTEMACHI EQUITY: Proofs of Claim Filing Ends Jan. 24 PYLOS III: Proofs of Claim Filing Is Until Jan. 24 QUED PARTNERS: Proofs of Claim Filing Deadline Is Jan. 24 ROOT BROKERS: Proofs of Claim Filing Deadline Is Jan. 24 S&H RAILWAY: Proofs of Claim Filing Is Until Jan. 24 SCHOONER FINANCE: Holding Final Shareholders Meeting on Jan. 24 S&N CREDIT: Proofs of Claim Filing Deadline Is Jan. 24 SHOWINA INVESTMENT: Proofs of Claim Filing Ends on Jan. 24 STAY-CALM LIMITED: Proofs of Claim Filing Ends on Jan. 24 TTB FINANCE: Proofs of Claim Filing Ends on Jan. 24 WAT FUNDING: Proofs of Claim Filing Ends on Jan. 24 YH CO: Proofs of Claim Filing Deadline Is Jan. 24 ZARANDI LIMITED: Proofs of Claim Filing Ends on Jan. 24 C H I L E SHAW GROUP: Environmental Unit Bags Two Contracts from U.S. Army SHAW GROUP: Fossil Unit Inks Definitive Pact with Entergy C O L O M B I A QUEBECOR WORLD: Files for Chapter 11 Protection in Manhattan QUEBECOR WORLD: Case Summary & 57 Largest Unsecured Creditors C O S T A R I C A US AIRWAYS: Teams with Lifelock on Theft Prevention Service E C U A D O R * ECUADOR: To Complete Oil Contract Talks Before Referendum E L S A L V A D O R * EL SALVADOR: Power Firm Relaunches El Chaparral Tender G U A T E M A L A BRITISH AIRWAYS: Launches Heathrow Terminal H O N D U R A S CONTINENTAL AIRLINES: Reports 2007 Pre-Tax Income of US$566 Mil. J A M A I C A NATIONAL COMMERCIAL: Refers Olint Lawsuit to External Counsel M E X I C O CHRYSLER LLC: Makes Organizational Changes at Mopar DURA AUTOMOTIVE: Wants to Assume GM Component Supply Agreement GRUPO MEXICO: Can't Lay Off Protesting Cananea Workers MCDERMOTT INT'L: Subsidiary Bags US$100MM Installation Contract P E R U QUEBECOR WORLD: Gets CCAA Order for Creditor Protection P U E R T O R I C O DIRECTV GROUP: Board Okays US$1-Billion Stock Repurchase Program MUSICLAND HOLDING: Parties Extend Trade Claims Filing to Feb. 29 U R U G U A Y * URUGUAY: Paper Mill Not Hurting Argentina, Latest Study Says V E N E Z U E L A PETROLEOS DE VENEZUELA: Earmarks US$1.2 Bil. for Social Programs PETROLEOS DE VENEZUELA: Restarts El Palito After Power Outage PETROLEOS DE VENEZUELA: Gets Assembly OK for CNPC Joint Venture * VENEZUELA: UNHRC OKs Micro-Credit Loans to Colombian Refugees - - - - - ================= A R G E N T I N A ================= TIMKEN CO: Signs Acquisition Agreement with Boring Specialties -------------------------------------------------------------- The Timken Company has entered into an agreement to acquire the assets of Boring Specialties Inc., a leading provider of a wide range of precision deep-hole oil and gas drilling and extraction products and services. Based in Houston, Texas, BSI had 2006 sales of approximately US$48 million and employs 190 people. The acquisition will extend Timken's presence in the growing energy market by adding BSI's value-added products to its wide range of alloy steel products for oil and gas customers. Terms of the acquisition, which Timken expects to be accretive during the first year of ownership, were not disclosed. Founded in 1972 by Charlie Elder, BSI primarily serves the oil and gas industry, with value-added products used in the manufacture of down-hole drilling and completion components. Timken steel is used in a number of BSI's products. Mr. Elder will continue as president of the new entity following successful completion of the transaction. "Customers operating in an oilfield environment face some of the most demanding conditions on earth, and both Timken and BSI provide the products they need to succeed," said Salvatore J. Miraglia, president - Steel Group. "As the search for new energy reserves goes farther afield and deeper below the surface, we believe that together we can capitalize on growth opportunities that alone we could not have tapped." The transaction is subject to customary closing conditions, including expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. Timken expects the transaction to close in the first quarter of 2008. Timken solutions span a variety of energy and power-generation applications from windmill gearboxes to energy exploration. The demanding conditions encountered in oil and gas drilling lead companies to turn to Timken for high-quality steel products that can withstand the extremes encountered below the earth's surface. About Timken Co. Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR) -- http://www.timken.com/-- is a manufacturer of highly engineered bearings and alloy steels. It also provides related components and services such as bearing refurbishment for the aerospace, medical, industrial and railroad industries. The company has operations in Argentina, Australia, Belgium, Brazil, Canada, China, Czech Republic, England, France, Germany, Hungary, India, Italy, Japan, Korea, Mexico, Netherlands, Poland, Romania, Russia, Singapore, South America, Spain, Taiwan, Turkey, United States, and Venezuela and employs 27,000 employees. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 15, 2007, Moody's Investors Service affirmed Timken's Ba1 corporate family rating and the Ba1 rating on Timken's US$300 million Medium Term Notes, Series A. * ARGENTINA: Paper Mill Not Hurting River, Latest Study Says ------------------------------------------------------------ A report from the Green Cross Organization said that the paper mill constructed along the river border between Argentina and Uruguay is not causing pollution, confirming the results of a previous environmental study made by the National Environment Directions, Prensa Latina relates. The non-governmental organization's study was for the period Oct. 11 to Dec. 20, 2007. The US$1.2 billion paper mill, constructed by Metsa-Botnia Oy, represents Uruguay's biggest foreign investment, which published reports said will add 2% to its GDP. The mill caused a serious rift between Argentina and Uruguay's relationship. The two governments have long argued over the effects that a paper mill would cause on the river's habitat as well as the communities, like Colon and Gualeguayhu, near it. Uruguay originally approved the construction of two mills by Metsa- Botnia and Empresarial Ence SA. Once the conflict escalated, Ence decided to move its mill's location away from the river. Botnia, however, continued building on the original site. Uruguay presented studies that ensure the safety of the river, but the Argentine government and environmentalists argued and protested to the contrary. The Uruguayans claimed in reports that the protests and blockades staged against it caused serious economic losses to the country. Because the parties were not able to settle the issue, they sought the International Court of Justice in The Hague's intervention. While the complaint awaits a final decision from the Court, Spanish King Juan Carlos I acted as a mediator in an attempt to reconcile the two parties. However, the Spanish monarch's efforts were not met with success. Meanwhile, the latest Green Cross study did not stop Argentine protesters to continue with their cause. According to a report from Merco Press, pickets are still held in Fray Bentos against the Botnia plant while bridges leading to Uruguay are still blocked. * * * 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. Standard & Poor's says 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 R B A D O S =============== KINGSWAY FINANCIAL: Hires Shelly Gobin as VP/Chief Fin'l Officer ---------------------------------------------------------------- Financial Services Inc. has appointed Shelly Gobin as Vice President and Chief Financial Officer. Ms. Gobin, who has over 15 years experience in the insurance industry, joined Kingsway over 10 years ago. Since then, she has held increasingly progressive executive roles at Kingsway and has been significantly involved in all financial reporting and capital raising initiatives over this time. In her new role she will assume responsibility for financial reporting, capital management, taxation strategy and investor relations for the corporate group. Ms. Gobin is a Chartered Accountant and holds a Bachelor of Commerce degree from the University of Toronto. "Shelly and I have worked very closely over the years and she has proved a valuable member of the executive team at Kingsway," said President and Chief Executive Officer, Shaun Jackson. "She has built a strong and credible financial team within the organization and her experience will ensure a seamless transition of the financial management of the company. Her appointment is well deserved and reflects her strong technical abilities, dedication, and financial and operational knowledge of Kingsway." About Kingsway Financial Kingsway Financial Services Inc. (TSE:KFS, NYSE:KFS) is one of the largest truck insurers and non-standard automobile insurers in North America based. The company's primary business is trucking insurance and the insuring of automobile risks for drivers who do not meet the criteria for coverage by standard automobile insurers. It currently operates through thirteen wholly owned insurance subsidiaries in Canada and the United States. Canadian subsidiaries include Kingsway General Insurance Company, York Fire & Casualty Insurance Company and Jevco Insurance Company. U.S. subsidiaries include Universal Casualty Company, American Service Insurance Company, Southern United Fire Insurance Company, Lincoln General Insurance Company, U.S. Security Insurance Company, American Country Insurance Company, Zephyr Insurance Company, Mendota Insurance Company, Mendakota Insurance Company and Avalon Risk Management, Inc. The company also operates reinsurance subsidiaries in Barbados and Bermuda. The common shares of Kingsway Financial Services Inc. are listed on the Toronto Stock Exchange and the New York Stock Exchange, under the trading symbol "KFS." * * * As reported in the Troubled Company Reporter-Latin America on Dec. 21, 2007, Standard & Poor's Ratings Services lowered its senior unsecured and long-term counterparty credit ratings on Toronto-based Kingsway Financial Services Inc. to 'BB+' from 'BBB-'. S&P also lowered the debt ratings on Kingsway's subsidiaries to 'BB+' from 'BBB-'. S&P said the outlook is negative. ============= B E R M U D A ============= ASPEN INSURANCE: UK Unit Projects Strong Insurance Demand Growth ---------------------------------------------------------------- Aspen Insurance UK, an Aspen Insurance Holdings Limited subsidiary, has issued a detailed report on the state of Nursing and Residential Care Homes in the UK. Aspen believes that demand for insurance cover among Nursing and Residential Care Homes is set for strong and rapid growth as the sector expands and responds to ongoing reforms and structural changes. Key developments that are set to drive the increase in demand include the likely transfer of much of the care services for older people currently provided by the NHS to Local Authorities and private providers. Almost one million people over the age of 65 are in care, many as long-term patients in NHS facilities. With resources stretched, there has to be change. Last month, the Government published a consultative White Paper entitled Valuing People Now (the closing date for responses is 12 March 2008). A key proposal is the transfer of resources and responsibilities from the NHS to Local Authorities. These reforms have been proposed against a background of growing criticism of the quality of care being provided for older people within both NHS and Local Authority facilities. As highlighted in the new Aspen Opinion, 'Nursing Homes and Residential Care - Flagging the bad risks', the challenge of providing appropriate standards of care has been heightened by the growing difficulty of finding loyal, competent and caring personnel within one of the UK's lowest paid sectors. To tackle mounting costs and deliver better quality care, the Health Secretary Alan Johnson has also recently announced sweeping reforms of how Local Authorities will manage their obligations (Putting People First). This includes giving Local Authorities greater control over the funding and design of care for older people to enable them to provide more individually-tailored services. Older people or their relatives will receive a monthly cheque to purchase the types of care they require, rather than being subject to a 'one-cap-fits-all' Local Authority package. Within 20 years, the number of older people requiring round-the- clock care is expected to reach 1.3 million. While the Government's new approach may achieve some reduction in residential care placements in the short-term, the demographics suggest that the overall demand will continue to increase. The pressure on care services created by rising demand is likely to be compounded the restructuring of the sector. The vision of transferring care responsibilities from the NHS set out in Valuing People Now is likely to be endorsed by the Health Service Commission Audit, due in 2008. This includes transferring the management of some 200 currently NHS-run Care Homes to Local Authorities, which are likely to purchase care services from charities and other private organisations. The transfer of provision will in turn increase demand for insurance cover. Tony Spice, Head of Aspen's International Casualty Reinsurance explains, "The world's ageing population has stretched available resources, and this is leading to public insistence on legal frameworks to curb abuse and raise care standards. Suppliers have struggled to deliver the required quality of care, and the rising need for care homes is going to increase the risks for care facility managers." Mr. Spice continues, "As the new Aspen Opinion describes, the potential risks facing care facility managers have been highlighted by the recent scandals at NHS hospitals in Sutton and Cornwall. As a result of the issues raised by these scandals, and consistent with Valuing People Now, around 200 NHS facilities might no longer be NHS-run and will become the responsibility of Local Authorities. Many Local Authorities will in turn contract out the day-to-day provision of care to private agencies including charities and commercial enterprises, who will require significant additional insurance services." "Alongside the significant issue of care for older people, there are growing calls for a complete revamp of the delivery of care for people with learning disabilities. This includes proposals to transfer responsibility for people with learning disabilities who are not ill or under treatment or assessment from the NHS to Local Authorities. If the relevant funding reforms can be agreed, Local Authorities are in turn likely to contract out much of this care provision to charities and other agencies." "As charities and other agencies take on more of the day-to-day responsibility for care provision, they will require Employers Liability, Public Liability, Medical Malpractice, Products Liability, Professional Indemnity and Directors & Officers protection at least," says Mr. Spice. "Our research shows that the provision of care is a high-risk area where large insurance claims can emerge from a wide range of daily operations. However, too many care homes are not fully aware of the risks. We believe that the insurance companies providing coverage to this growing sector need to consider the warning signs alerting them to poor or lax management, which are flagged in our newly published Aspen Opinion." Aspen Insurance UK Limited provides insurance cover for the liability risk of care facilities and related services. About Aspen Insurance Headquartered in Hamilton, Bermuda, Aspen Insurance Holdings Limited (NYSE: AHL) -- http://www.aspen.bm/-- provides reinsurance and insurance coverage to clients in various domestic and global markets through wholly owned subsidiaries and offices in Bermuda, France, the United States, the United Kingdom, and Switzerland. * * * Aspen Insurance Holdings Limited still carries Moody's Investors Services 'Ba1' Preferred Stock rating which was placed on Dec. 21, 2005. Moody's said the outlook is stable. FINANCIAL SOLUTIONS: Final Shareholders Meeting Is Tomorrow ----------------------------------------------------------- Financial Solutions Ltd. will hold its final shareholders meeting on Jan. 24, 2008, at 10:00 a.m. at: Canon's Court 22 Victoria Street Hamilton, Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. GEORGE FISCHER: Holding Final Shareholders Meeting Today -------------------------------------------------------- George Fischer Finance Ltd. will hold its final shareholders meeting on Jan. 23, 2008, at 9:30 a.m. at: Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. PETRO-CANADA MANAGEMENT: Final Shareholders Meeting Tomorrow ------------------------------------------------------------ Petro-Canada Management Services Ltd. will hold its final shareholders meeting on Jan. 24, 2008, at 9:00 a.m. at: Canon's Court 22 Victoria Street Hamilton, Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator will be disposed; and -- passing of a resolution dissolving the company. SEA CONTAINERS: Wants SC Iberia & YMCL Guarantees Approved ---------------------------------------------------------- Sea Containers Ltd. and its debtor-affiliates seek authority from the U.S. Bankruptcy Court for the District of Delaware to enter into two Deed of Guarantees in favor its two wholly owned non-debtor subsidiaries, Sea Containers Iberia SA and Yorkshire Marine Containers Ltd., in connection with a potential settlement by SCL and certain of its subsidiaries, of intercompany claims asserted by GE SeaCo SRL and its subsidiaries. Sanjay Bhatnagar, Esq., at Young Conaway Stargatt & Taylor, LLP, in Wilmington, Delaware, relates that many of the GE SeaCo Entities' claims against the Debtors are currently under a pending arbitration proceeding. However, the Parties excluded certain claims from arbitration in an attempt to consensually resolve those claims. The excluded claims consist of more than US$90,000,000 in intercompany claims asserted by GE SeaCo out of ordinary course business transactions between the Parties. After extensive negotiations among the Parties, the Official Committee of Unsecured Creditors of Sea Containers Ltd. and the Official Committee of Unsecured Creditors of Sea Containers Services Ltd., reached a stipulation for the resolution of the Intercompany Claims, the terms of which are yet to be finalized. As a condition to their entry into the Stipulation, the directors of SC Iberia and YMCL have required that SCL provide certain guarantees in exchange for releasing their receivable balances against the GE SeaCo Entities, Mr. Bhatnagar discloses. Accordingly, SCL made arrangements to provide postpetition guarantees to SC Iberia and YMCL for the value of their receivables due from the GE SeaCo Entities, amounting to US$585,861 for YMCL and US$189,858 for SC Iberia. Each Guarantee is payable solely to the extent necessary to fund recoveries of sums owed to creditors of SC Iberia and YMCL, other than the SCL Entities, and only upon the occurrence of the earlier of: -- certain insolvency events with respect to SC Iberia and YMCL; or -- the Debtors' confirmation of a plan of reorganization that includes a final settlement of any of the Intercompany Claims. The Stipulation provides that as of June 30, 2007, the GE SeaCo Entities owe approximately US$4,300,000 to SCL and its subsidiaries on account of all Intercompany Claims. The amount would be adjusted based on certain payments made by and between the GE SeaCo Entities and the SCL Parties subsequent to June 30. Pursuant to the Stipulation, after accounting for the post-June 30 payments, the GE SeaCo Entities agree to set aside at least US$600,000 in a segregated account as the net balance owing to the SCL Parties. The funds would remain in the segregated account for SCL's benefit, pending resolution of all the GE SeaCo Entities' claims, including those subject to arbitration. In addition, the GE SeaCo Entities would have the ability to offset against the Segregated Account (i) allowed claims in the bankruptcy cases, and (ii) claims that would arise on account of certain avoidance actions against them. The Parties agree that the Stipulation is the full and final settlement of the Intercompany Claims, and upon its consummation, the Parties would exchange mutual releases. Mr. Bhatnagar contends that the Stipulation, if finalized, would maximize value for the bankruptcy estates, and that SCL's grant of the Guarantees is necessary to induce SC Iberia and YMCL to enter into the Stipulation. The Guarantees serve the Debtors' interests in helping to ensure that third-party claims against SC Iberia and YMCL are funded, thus, avoiding the need for the third-party claimants to resort to collection efforts, which may reach back to the bankruptcy estates, Mr. Bhatnagar explains. About Sea Containers Based in Hamilton, Bermuda, Sea Containers Ltd. -- http://www.seacontainers.com/-- provides passenger and freight transport and marine container leasing. Registered in Bermuda, the company has regional operating offices in London, Genoa, New York, Rio de Janeiro, Sydney, and Singapore. The company is owned almost entirely by United States shareholders and its primary listing is on the New York Stock Exchange (SCRA and SCRB) since 1974. On Oct. 3, 2007, the company's common shares and senior notes were suspended from trading on the NYSE and NYSE Arca after the company's failure to file its 2005 annual report on Form 10-K and its quarterly reports on Form 10-Q during 2006 with the U.S. Securities and Exchange Commission. Through its GNER subsidiary, Sea Containers Passenger Transport operates Britain's fastest railway, the Great North Eastern Railway, linking England and Scotland. It also conducts ferry operations, serving Finland and Estonia as well as a commuter service between New York and New Jersey in the U.S. Sea Containers Ltd. and two subsidiaries filed for chapter 11 protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156). Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady, Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt & Taylor, represent the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors and the Financial Members Sub-Committee of the Official Committee of Unsecured Creditors of Sea Containers Ltd. is represented by William H. Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris, Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s Official Committee of Unsecured Creditors is represented by attorneys at Willkie Farr & Gallagher LLP. In its schedules filed with the Court, Sea Containers disclosed total assets of US$62,400,718 and total liabilities of US$1,545,384,083. The Court gave the Debtors until Feb. 20, 2008 to file a plan of reorganization. (Sea Containers Bankruptcy News, Issue No. 34; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) WELCH TECHNOLOGY: Final Shareholders Meeting Is Tomorrow -------------------------------------------------------- Welch Technology Fund, Ltd., will hold its final shareholders meeting on Jan. 24, 2008, at 2:00 p.m. at: Wakefield Quin Chancery Hall, 52 Reid Street Hamilton, Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. ============= B O L I V I A ============= MUTUAL GUAPAY: Bolivian Banking Regulator Intervenes Firm --------------------------------------------------------- A spokesperson of Bolivian banking regulator Superintendencia de Bancos y Entidades Financieras de Bolivia told Business News Americas that the watchdog has ordered the intervention of local savings and credit mutual institution Mutual Guapay. According to BNamericas, Mutual Guapay failed to comply with requests from the regulator to improve its financial situation. Mutual Guapay had negative equity of BOB62.1 million as of Nov. 30, 2007, BNamericas relates, citing the regulator. The regulator will will tender Mutual Guapay's assets and liabilities, BNamericas states. =========== B R A Z I L =========== MRS LOGISTICA: Julio Fontana Neto To Head Railway Group's Board --------------------------------------------------------------- MRS Logistica's head Julio Fontana Neto was unanimously chosen to head of national railway concessionaires association Associacao Nacional dos Transportadores Ferroviarios's advisory board, Associacao Nacional said in a statement. Business News Americas relates that Mr. Neto will take the place of Benony Schmitz Filho of Ferrovia Tereza Cristina. He will chair the board from 2008-09. The ANTF has 10 railroads of over 28,000 kilometers long that transport millions of tons of cargo per year, BNamericas states. The MRS consortium is a railway freight transport company established in 1996 to operate approximately 1,700 kilometers of track in the states of Minas Gerais, Rio de Janeiro e Sao Paulo. MRS's rail network is also linked to the Central Atlantic, Vitoria-Minas and Sao Paulo Railroads, offering intramodal transportation options to the other parts of the country. The company mainly transports cargo for its principle shareholders. * * * As reported in the Troubled Company Reporter-Latin America on May 24, 2007, Standard & Poor's Ratings Services affirmed its 'BB' long-term corporate credit rating on Brazil-based railroad company MRS Logistica S.A. S&P revised the outlook to positive from stable. PETROLEO BRASILEIRO: Discovers Gas Field in Pre-Salt Layer ---------------------------------------------------------- Petroleo Brasileiro SA announced that the consortium formed by Petrobras (80% - Operator) and Galp Energia (20%) to explore block BM-S-24, in ultradeep Santos Basin waters, informed that well 1-BRSA-559-RJS (1-RJS-652), called Jupiter, has proved the existence of a large natural gas and condensate field in the Santos Basin's pre-salt layer. The pioneer well is at a final depth of 5,252 meters, 290 km off the coast of the state of Rio de Janeiro and 37 km east of the Tupi area, at a water depth of 2.187 meters. The discovery was communicated to the NPA Jan. 21, and is located in reservoirs at depths of some 5,100 meters. The hydrocarbon-bearing rock is more than 120 meters thick, and this structure's area's dimensions may be similar to that of the Tupi discovery. The consortium will proceed with the required activities and make the investments necessary not only to check this new field's dimensions, but also to determine the natural gas and condensate-bearing reservoir characteristics. A Discovery Assessment Plan is being elaborated and will be forwarded to the NPA as provided for in the Concession Agreement. 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, 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 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. * BRAZIL: Petrobras Awards Cascade & Chinook Deals to Technip ------------------------------------------------------------- Brazilian state-run oil firm Petroleo Brasileiro SA has granted French oil and gas services company Technip two contracts to assist in the development of the Cascade and Chinook gas fields in the Gulf of Mexico, Technip said in a statement. Business News Americas relates that under the engineering, procurement, construction and installation contract signed with Petroleo Brasileiro, Technip will provide five freestanding hybrid riser systems for the Cascade and Chinook fields. The other contract involves the deployment of the Cascade infield flowlines and gas export pipeline. Work under this contract includes: -- welding 120 kilometers of six-inch and nine-inch steel pipelines, -- designing and building 10 pipeline end terminations and two in-line tees, and -- deploying the pipelines and associated structures. Technip commented to BNamericas, "Offshore installation is scheduled to commence in the third quarter of 2009." The two contracts total over US$300 million, BNamericas states, citing Technip. About Technip Technip is a France based company engaged in the engineering and construction services in the field of hydrocarbons and petrochemicals. The company's main operations and engineering centers and business units are located in France, Italy, Germany, the United Kingdom, Norway, Finland, the Netherlands, the United States, Brazil, Abu-Dhabi, China, India, Malaysia and Australia. Technip manufactures flexible pipes and umbilicals, and builds offshore platforms in its manufacturing plants and fabrication yards in France, Brazil, the United Kingdom, the United States, Finland and Angola. The company has a fleet of specialized vehicles for pipeline installation and sub sea construction. Technip operates in four segments: SURF (Sub sea, Umbilical's, Risers and Flow lines), Facilities, Onshore- Downstream and Industries. 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. * BRAZIL: Petroleo Brasileiro Supplying Gas to Copergas ------------------------------------------------------- Brazilian state-run oil firm Petroleo Brasileiro SA will continue supplying Pernambuco state natural gas distributor Copergas some 1.1 million cubic meters per day of natural gas under a new contract, Business News Americas reports, citing a Copergas spokesperson. The spokesperson told BNamericas that Petroleo Brasileiro and Copergas will disclose details of the new supply contract later this week and that the contract could be firm and flexible or interruptible. BNamericas relates that Petroleo Brasileiro must sell fuel oil for the same price as natural gas if it fails to supply natural gas to Copergas under the firm and flexible contracts. Meanwhile, Petroleo Brasileiro may fail to deliver natural gas under the interruptible contract without any conditions. The report says that Copergas had wanted to get more natural gas from Petroleo Brasileiro. Petroleo Brasileiro is renegotiating contracts with distributors so it can redirect natural gas to thermoelectric plants, as hydro reservoirs are lower than normal, BNamericas notes. Meanwhile, some Pernambuco officials are trying to convince Petroleo Brasileiro to construct its third liquefied natural gas regasification plant at Suape port in the state, BNamericas states. * * * 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 =========================== ASIA IG: Sets Final Shareholders Meeting for Jan. 24 ---------------------------------------------------- Asia IG CDO Limited will hold its final shareholders meeting on Jan. 24, 2008, at 10:45 a.m. at: HSBC Financial Services (Cayman) Limited P.O. Box 1109, George Town Grand Cayman, Cayman Islands These agendas will be taken during the meeting: 1) accounting of the winding-up process; and 2) authorizing the liquidators to retain the records of the company for a period of five years from the dissolution of the company, after which they may be destroyed. Asia IG's shareholders decided on Dec. 5, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Scott Aitken Sylvia Lewis P.O. Box 1109 Grand Cayman KY1-1102, Cayman Islands Telephone: 949-7755 Fax: 949-7634 BASIS YIELD: Judge Gerber Denies Recognition Under Chapter 15 ------------------------------------------------------------- The Hon. Robert Gerber of the U.S. Bankruptcy Court for the Southern District of New York denies the summary judgment request of Hugh Dickinson, Stephen John Akers, and Paul Andrew Billingham, as joint official liquidators of Basis Yield Alpha Fund (Master), for recognition of the company's Cayman Islands liquidation proceeding as a "foreign main proceeding," under Section 1517(b)(1) of the U.S. Bankruptcy Code or as a "foreign nonmain proceeding" under Section 1517(b)(2). Judge Gerber has previously ruled that any hearing on the Liquidators' Chapter 15 Petition will be an evidentiary hearing. Judge Gerber required the Liquidators to provide relevant evidence to make factual findings relevant to determining whether the Cayman Islands were Basis Yield's "center of main interest," or whether Basis Yield maintained an establishment there. The Liquidators, however, have argued that, with no objections filed, there is no evidence which contradicts that Basis Yield's COMI is the Cayman Islands. In their Summary Judgment Motion, the Liquidators maintained that, because their is no evidence to the contrary, under Section 1516(a), they are entitled to a presumption that Cayman Islands is Basis Yield's COMI. In the Chapter 15 Petition, the Liquidators have stated that: * Basis Yield is registered in the Cayman Islands and maintains its registered office there; * its only "investors," are two feeder funds, which are both domiciled in the Cayman Islands; * Fortis Prime Fund Solutions (Cayman) Ltd., a Cayman Islands company, serves as administrator to both Basis Yield and each of its feeder funds; * Pac-Rim Investments, Ltd., also a Cayman Islands company, is Basis Yield's investment manager; * Basis Yield's pre-Chapter 15 petition attorneys and auditor, Walkers and Ernst & Young, are Cayman Islands entities; and * the hedge fund's financial books and records, including the investor register, are currently located in the Cayman Islands. In a 28-page memorandum, signed January 16, 2008, Judge Gerber says none of the papers filed by the Liquidators have addressed, in any meaningful way, any of the factors that would support recognition of Basis Yield's Cayman Islands as a foreign main proceeding. Judge Gerber notes that the Liquidators have been "strikingly silent" as to the nature or extent of any business activity Basis Yield conducts in the Cayman Islands. He adds that they were silent, among other things, as to whether Basis Yield staffed any employees or managers in the Cayman Islands; whether any of its assets were in the Cayman Islands; and the location from which Basis Yield's funds were in fact managed. "The Liquidators' conspicuous failure to try to establish, or even plead, facts supporting the existence of a main proceeding, even after the submission of the comments of one of its creditors, Citigroup Global Markets Ltd., makes any reasonable observer wonder why," Judge Gerber says. Judge Gerber further notes that the Liquidators' Summary Judgment Motion raises the issues as to: (1) whether failure to object by stakeholders divest the Court of the power to make its own determination as to whether the requirements of Section 1517 have been satisfied; and (2) whether a presumption embodied in Section 1516 precludes the Court from considering the actual facts -- under circumstances where the Liquidators's showing has been strikingly silent and where the few facts that are known raise issues as to their position and make further inquiry appropriate. Judge Gerber states that he cannot endorse the Liquidators' reliance on Section 1516(c) in their argument that they are entitled to a presumption that Basis Yield's COMI is in Cayman Islands for two reasons: (a) there is enough "evidence to the contrary" -- organization of Basis Yield under a Cayman Islands stature that raises red flags as to whether that jurisdiction could be the fund's COMI -- to decline use of a Section 1516 presumption as a substitute for actual evidence; and (b) the Court has the power to satisfy itself that the requirements for recognition under Section 1517 have been satisfied, and has a right like any other federal court to inquire under Rule 614 of the U.S. Federal Rules of Evidence. Judge Gerber concurs with the observations of Judge Lifland in In re Bear Stearns High-Grade Structured Credit Strategies Master Fund, Ltd., 374 B.R. 122, 130 (Bankr. S.D.N.Y. 2007), that recognition under Section 1517 is not a "rubber stamp exercise." Rather, consistent with Judge Lifland's determination in Bear Stearns' case and the views of the drafters of Chapter 15 and the United Nations Commission on International Trade Law on which chapter 15 was based, Judge Gerber rules that a court engaging in a recognition determination under Section 1517 is not bound by parties' failure to object. Judge Gerber says he needs to consider all relevant facts, including facts that are not yet presented before granting Chapter 15 Petition. He further concludes that Basis Yield is not yet entitled to Chapter 15 recognition as a matter of law, but makes clear that he does not, in any way, rule out the possibility that facts could be adduced at an evidentiary hearing sufficient to entitle Basis Yield recognition under Chapter 15. The Court will hold the evidentiary hearing on the Chapter 15 Recognition Motion at the earliest practical time consistent with the requirements of Section 1517(c). The Liquidators' evidentiary presentations will be made in accordance with the Case Management Order, dated Sept. 5, 2007, subject to an adjustment of time with respect to the submission of direct testimony affidavits, which will be submitted early enough to permit the Court to advise the Liquidators of any desire to call witnesses whose testimony has not already been set forth by affidavit. Judge Gerber also reinstates duties under the Factual Matters Order, dated Sept. 12, 2007. About Basis Yield Basis Yield Alpha Fund (Master) is a Cayman Islands mutual fund. It operates as a master-feeder structure that allows investors' funds to be channeled through two companies operating in a single jurisdiction to a "master" company operating in the same jurisdiction. These two feeder funds are Basis Yield Alpha Fund (US), a US feeder fund for US taxable investors, and Basis Yield Alpha Fund, a non-US feeder for all other investors. On Aug. 29, 2007, Hugh Dickson, Stephen John Akers, and Paul Andrew Billingham filed a chapter 15 petition for Basis Yield (Bankr. S.D.N.Y. Case No. 07-12762). Karen Dine, Esq. at Pillsbury Winthrop Shaw Pittman LLP represents the petitioners. (Basis Yield Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service Inc. http://bankrupt.com/newsstand/or 215/945-7000) BASSO PRIVATE: Proofs of Claim Filing Deadline Is Jan. 24 --------------------------------------------------------- Basso Private Opportunities Fund Ltd.'s creditors are given until Jan. 24, 2008, to prove their claims to Joshua Grant and Richard Gordon, the company's liquidators, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Basso Private's shareholder decided on Nov. 26, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Joshua Grant Richard Gordon Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands BEGONIA LIMITED: Proofs of Claim Filing Ends on Jan. 24 ------------------------------------------------------- Begonia Limited's creditors are given until Jan. 24, 2008, to prove their claims to Buchanan Limited, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Begonia Limited's shareholders agreed on Dec. 13, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Buchanan Limited Attention: Francine Jennings P.O. Box 1170, Grand Cayman KY1-1102 Cayman Islands Telephone: (345) 949-0355 Fax: (345) 949-0360 BLUEPOINT CORP: To Hold Final Shareholders Meeting on Jan. 24 ------------------------------------------------------------- Bluepoint Corporation Ltd. will hold its final shareholders meeting on Jan. 24, 2008, at the office of the company. These agendas will be taken during the meeting: 1) accounting of the winding-up process; and 2) giving explanation thereof. Bluepoint Corporation's shareholder decided on Dec. 5, 2007, to placethe company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Wilder Gonzalez Penino c/o 6 Cardinall Avenue 3rd Floor, P.O. Box 501 Grand Cayman KY1-1106, Cayman Islands BLUE OCEAN: Proofs of Claim Filing Is Until Jan. 24 --------------------------------------------------- Blue Ocean Shipping's creditors are given until Jan. 24, 2008, to prove their claims to Christopher Ruark and Giles Le Sueur, the company's liquidators, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Blue Ocean's shareholders agreed 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: Christopher Ruark Giles Le Sueur Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands CALLIDUS INTERNATIONAL: Proofs of Claim Filing Ends on Jan. 24 -------------------------------------------------------------- Callidus International Limited's creditors are given until Jan. 24, 2008, to prove their claims to Stuart K. Sybersma and Ian A.N. Wight, 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. Callidus International's shareholder decided on Dec. 4, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Stuart K. Sybersma Ian A.N. Wight Deloitte P.O. Box 1787, George T Grand Cayman, Cayman Islands, B.W.I. Telephone: (345) 949 7500 Fax: (345) 949 8258 CHAMBERS STREET: Proofs of Claim Filing Is Until Jan. 24 -------------------------------------------------------- Chambers Street CDO II, Ltd.'s creditors are given until Jan. 24, 2008, to prove their claims to Kareem Robinson and Emile Small, the company's liquidators, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Chambers Street's shareholders agreed 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: Kareem Robinson Emile Small Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands CHIMES FINANCE: Holding Final Shareholders Meeting on Jan. 24 ------------------------------------------------------------- Chimes Finance Limited will hold its final shareholders meeting on Jan. 24, 2008, at 10:45 a.m. at: HSBC Financial Services (Cayman) Limited P.O. Box 1109, George Town Grand Cayman, Cayman Islands These agendas will be taken during the meeting: 1) accounting of the winding-up process; and 2) authorizing the liquidators to retain the records of the company for a period of five years from the dissolution of the company, after which they may be destroyed. Chimes Finance's shareholder decided on Dec. 5, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Cereita Lawrence Sylvia Lewis P.O. Box 1109 Grand Cayman KY1-1102, Cayman Islands Telephone: 949-7755 Fax: 949-7634 CP MENA: Proofs of Claim Filing Deadline Is Jan. 24 --------------------------------------------------- CP Mena Hoc Ltd.'s creditors are given until Jan. 24, 2008, to prove their claims to Linburgh Martin and Jeff Arkley, 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. CP Mena's shareholder decided on Dec. 4, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Linburgh Martin Jeff Arkley Attention: Neil Gray Close Brothers (Cayman) Limited Fourth Floor, Harbor Place P.O. Box 1034, George Town Grand Cayman, Cayman Islands Telephone: (345) 949 8455 Fax: (345) 949 8499 CRAMOND LIMITED: Proofs of Claim Filing Is Until Jan. 24 -------------------------------------------------------- Cramond Limited's creditors are given until Jan. 24, 2008, to prove their claims to Royhaven Secretaries Limited, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Cramond Limited's shareholders agreed on Dec. 11, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Royhaven Secretaries Limited Attention: Andrew Leggatt Coutts House, 1446 West Bay Road P.O. Box 707, Grand Cayman KY1-1107 Cayman Islands Telephone: 945-4777 Fax: 945-4799 FLUTE FINANCE: Sets Final Shareholders Meeting for Jan. 24 ---------------------------------------------------------- Flute Finance Limited will hold its final shareholders meeting on Jan. 24, 2008, at 10:45 a.m. at: HSBC Financial Services (Cayman) Limited P.O. Box 1109, George Town Grand Cayman, Cayman Islands These agendas will be taken during the meeting: 1) accounting of the winding-up process; and 2) authorizing the liquidators to retain the records of the company for a period of five years from the dissolution of the company, after which they may be destroyed. Flute Finance's shareholder decided on Dec. 5, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Cereita Lawrence Sylvia Lewis P.O. Box 1109 Grand Cayman KY1-1102, Cayman Islands Telephone: 949-7755 Fax: 949-7634 GAVOTTE SHIPPING: Proofs of Claim Filing Ends on Jan. 24 -------------------------------------------------------- Gavotte Shipping Corporation's creditors are given until Jan. 24, 2008, to prove their claims to Christopher Ruark and Giles Le Sueur, the company's liquidators, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Gavotte Shipping's shareholders agreed on Dec. 13, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Christopher Ruark Giles Le Sueur Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands GEMINI BB: Proofs of Claim Filing Deadline Is Jan. 24 ----------------------------------------------------- Gemini BB Funding Company's creditors are given until Jan. 24, 2008, to prove their claims to Ali Mudeen and Sabina Jerrybandan, 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. Gemini BB's shareholders agreed on Dec. 13, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Ali Mudeen Sabina Jerrybandan Attention: Janeen Aljadir Caledonian Trust (Cayman) Limited Caledonian House, 69 Dr. Roy's Drive P.O. Box 1043, Grand Cayman KY1-1102 Cayman Islands Telephone: (345) 914 -4943 Fax: (345) 814-4859 GLASGOW MACKINTOSH: Proofs of Claim Filing Ends on Jan. 24 ---------------------------------------------------------- Glasgow Mackintosh Master Fund Limited's creditors are given until Jan. 24, 2008, to prove their claims to Joshua Grant and Richard Gordon, the company's liquidators, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Glasgow Mackintosh's shareholder decided on Nov. 29, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Joshua Grant Richard Gordon Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands GRANTCHESTER INVESTMENT: Proofs of Claim Filing Ends on Jan. 24 --------------------------------------------------------------- Grantchester Investment Fund I, Ltd.'s creditors are given until Jan. 24, 2008, to prove their claims to DMS Corporate Services Ltd., 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. Grantchester Investment's shareholders decided on Dec. 24, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: DMS Corporate Services Ltd. Attention: Jenny Suto Ansbacher House 20 Genesis Close, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 Cayman Islands Telephone: (345) 946 7665 Fax: (345) 946 7666 JLOC VI: Proofs of Claim Filing Deadline Is Jan. 24 --------------------------------------------------- JLoc VI Limited's creditors are given until Jan. 24, 2008, to prove their claims to Daniel Rewalt and Giles Le Sueur, the company's liquidators, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. JLoc VI's shareholders agreed on Dec. 13, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Daniel Rewalt Giles Le Sueur Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands JLOC X: Proofs of Claim Filing Is Until Jan. 24 ----------------------------------------------- JLoc X Limited's creditors are given until Jan. 24, 2008, to prove their claims to Daniel Rewalt and Giles Le Sueur, the company's liquidators, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. JLoc X's shareholders agreed on Dec. 13, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Daniel Rewalt Giles Le Sueur Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands KAKEHASHI CAPITAL: Proofs of Claim Filing Ends on Jan. 24 --------------------------------------------------------- Kakehashi Capital Holding Inc.'s creditors are given until Jan. 24, 2008, to prove their claims to Griffin Management Limited, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Kakehashi Capital's shareholders agreed on Dec. 13, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Griffin Management Limited Attention: Janeen Aljadir Caledonian Trust (Cayman) Limited Caledonian House, 69 Dr. Roy's Drive P.O. Box 1043, Grand Cayman KY1-1102 Cayman Islands Telephone: (345) 914 -4943 Fax: (345) 814-4859 KAWASAKI DICE: Proofs of Claim Filing Is Until Jan. 24 ------------------------------------------------------ Kawasaki Dice Holdings, Inc.'s creditors are given until Jan. 24, 2008, to prove their claims to Christopher Ruark and Giles Le Sueur, the company's liquidators, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Kawasaki Dice's shareholders agreed 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: Christopher Ruark Giles Le Sueur Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands MAJESTIC MOUNTAINS: Proofs of Claim Filing Ends Tomorrow -------------------------------------------------------- Majestic Mountains Limited's creditors are given until Jan. 24, 2008, to prove their claims to Buchanan Limited, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Majestic Mountains' shareholders agreed on Dec. 13, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Buchanan Limited Attention: Francine Jennings P.O. Box 1170, Grand Cayman KY1-1102 Cayman Islands Telephone: (345) 949-0355 Fax: (345) 949-0360 MAPLETREE REAL: Proofs of Claim Filing Deadline Is Jan. 24 ---------------------------------------------------------- Mapletree Real Estate Mezzanine Fund I Limited's creditors are given until Jan. 24, 2008, to prove their claims to S.L.C. Whicker and K.D. Blake, 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. Mapletree Real's shareholders agreed on Nov. 20, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: S.L.C. Whicker K.D. Blake Attention: Dorra Mohammed KPMG P.O. Box 493, Grand Cayman KY1-1106 Cayman Islands Telephone: 345-914-4475 / 345-949-4800 Fax: 345-949-7164 MARNAR FINANCE: Sets Final Shareholders Meeting for Jan. 24 ----------------------------------------------------------- Marnar Finance Limited will hold its final shareholders meeting on Jan. 24, 2008, at 10:45 a.m. at: HSBC Financial Services (Cayman) Limited P.O. Box 1109, George Town Grand Cayman, Cayman Islands These agendas will be taken during the meeting: 1) accounting of the winding-up process; and 2) authorizing the liquidators to retain the records of the company for a period of five years from the dissolution of the company, after which they may be destroyed. Marnar Finance's shareholder decided on Dec. 5, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Scott Aitken Sylvia Lewis P.O. Box 1109 Grand Cayman KY1-1102, Cayman Islands Telephone: 949-7755 Fax: 949-7634 MEMBERSHIP III: Proofs of Claim Filing Ends on Jan. 24 ------------------------------------------------------ Membership III Corporation's creditors are given until Jan. 24, 2008, to prove their claims to Piccadilly Cayman Limited, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Membership III's shareholders agreed 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: Piccadilly Cayman Limited c/o BNP Paribas Bank & Trust Cayman Limited P.O. Box 10632, George Town Grand Cayman KY1-1006, Cayman Islands Contact for inquiries: Ellen J. Christian c/o BNP Paribas Bank & Trust Cayman Limited P.O. Box 10632, 3rd Floor Royal Bank House Shedden Road, George Town Grand Cayman KY1-1006, Cayman Islands Telephone: 345 945 9208 Fax: 345 945 9210 METAL PORTFOLIO: Proofs of Claim Filing Deadline Is Jan. 24 ----------------------------------------------------------- Metal Portfolio Fund Ltd.'s creditors are given until Jan. 24, 2008, to prove their claims to Andrew Hersant and Chris Humphries, the company's liquidators, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Metal Portfolio's shareholder decided 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: Andrew Hersant Chris Humphries Stuarts Walker Hersant Attorneys-at-Law Dr. Roy's drive, P.O. Box 2510 Grand Cayman KY1-1104, Cayman Islands Telephone: (345) 949 3344 Fax: (345) 949 2888 METAL PORTFOLIO: Sets Final Shareholders Meeting for Jan. 25 ------------------------------------------------------------ Metal Portfolio Fund Ltd. will hold its final shareholders meeting on Jan. 25, 2008, at 9:00 a.m. at: 36A Dr Roy's Drive Grand Cayman, Cayman Islands These agendas 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. Metal Portfolio's shareholder decided 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: Andrew Hersant Chris Humphries Stuarts Walker Hersant Attorneys-at-Law Dr. Roy's drive, P.O. Box 2510 Grand Cayman KY1-1104, Cayman Islands Telephone: (345) 949 3344 Fax: (345) 949 2888 MPJ EQUITY: Proofs of Claim Filing Deadline Is Jan. 24 ------------------------------------------------------ MPJ Equity Investment Inc.'s creditors are given until Jan. 24, 2008, to prove their claims to Bobby Toor and Richard Gordon, the company's liquidators, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. MPJ Equity'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: Bobby Toor Richard Gordon Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands MTH PREFERRED: Proofs of Claim Filing Ends Jan. 24 -------------------------------------------------- MTH Preferred Capital 2 (Cayman) Limited's creditors are given until Jan. 24, 2008, to prove their claims to Chris Ruark and Giles Le Sueur, the company's liquidators, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. MTH Preferred's shareholders agreed 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: Chris Ruark Giles Le Sueur Maples Finance Jersey Limited Le Masurier House, La Rue Le Masurier St Helier, Jersey OTEMACHI EQUITY: Proofs of Claim Filing Ends Jan. 24 ---------------------------------------------------- Otemachi Equity Investment Inc.'s creditors are given until Jan. 24, 2008, to prove their claims to Bobby Toor and Richard Gordon, the company's liquidators, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Otemachi Equity'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: Bobby Toor Richard Gordon Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands PYLOS III: Proofs of Claim Filing Is Until Jan. 24 -------------------------------------------------- Pylos III Limited's creditors are given until Jan. 24, 2008, to prove their claims to Piccadilly Cayman Limited, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Pylos III's shareholders agreed 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: Piccadilly Cayman Limited c/o BNP Paribas Bank & Trust Cayman Limited P.O. Box 10632 APO, Grand Cayman Cayman Islands Contact for inquiries: Ellen J. Christian c/o BNP Paribas Bank & Trust Cayman Limited 3rd Floor Royal Bank House, Shedden Road George Town, Grand Cayman Telephone: 345 945 9208 Fax: 345 945 9210 QUED PARTNERS: Proofs of Claim Filing Deadline Is Jan. 24 --------------------------------------------------------- Qued Partners Ltd.'s creditors are given until Jan. 24, 2008, to prove their claims to Gordon I. MacRae and Naul C. Bodden, 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. Qued Partners' shareholder decided on Nov. 20, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Gordon I. MacRae Naul C. Bodden Attention: Korie Drummond Kroll (Cayman) Limited P.O. Box 1102, Bermuda House 4th Floor, Cayman Financial Center Grand Cayman Ky1-1102, Cayman Islands Telephone: (345) 946-0081 Fax: (345) 946-0082 ROOT BROKERS: Proofs of Claim Filing Deadline Is Jan. 24 -------------------------------------------------------- Root Brokers Limited's creditors are given until Jan. 24, 2008, to prove their claims to Buchanan Limited, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Root Brokers' shareholders agreed on Dec. 13, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Buchanan Limited Attention: Francine Jennings P.O. Box 1170, Grand Cayman KY1-1102 Cayman Islands Telephone: (345) 949-0355 Fax: (345) 949-0360 S&H RAILWAY: Proofs of Claim Filing Is Until Jan. 24 ---------------------------------------------------- S&H Railway Co., Ltd.'s creditors are given until Jan. 24, 2008, to prove their claims to Bobby Toor and Richard Gordon, the company's liquidators, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. S&H Railway's shareholders agreed 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: Christopher Ruark Daniel Rewalt Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands SCHOONER FINANCE: Holding Final Shareholders Meeting on Jan. 24 --------------------------------------------------------------- Schooner Finance Limited will hold its final shareholders meeting on Jan. 24, 2008, at 10:45 a.m. at: HSBC Financial Services (Cayman) Limited P.O. Box 1109, George Town Grand Cayman, Cayman Islands These agendas will be taken during the meeting: 1) accounting of the winding-up process; and 2) authorizing the liquidators to retain the records of the company for a period of five years from the dissolution of the company, after which they may be destroyed. Schooner Finance's shareholder decided on Dec. 5, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Cereita Lawrence Sylvia Lewis P.O. Box 1109 Grand Cayman KY1-1102, Cayman Islands Telephone: 949-7755 Fax: 949-7634 S&N CREDIT: Proofs of Claim Filing Deadline Is Jan. 24 ------------------------------------------------------ S&N Credit Co., Ltd.'s creditors are given until Jan. 24, 2008, to prove their claims to Christopher Ruark and Giles Le Sueur, the company's liquidators, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. S&N Credit's shareholders agreed on April 16, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Christopher Ruark Giles Le Sueur Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands SHOWINA INVESTMENT: Proofs of Claim Filing Ends on Jan. 24 ---------------------------------------------------------- Showina Investment Limited's creditors are given until Jan. 24, 2008, to prove their claims to Buchanan Limited, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Showina Investment's shareholders agreed on Dec. 13, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Buchanan Limited Attention: Francine Jennings P.O. Box 1170, Grand Cayman KY1-1102 Cayman Islands Telephone: (345) 949-0355 Fax: (345) 949-0360 STAY-CALM LIMITED: Proofs of Claim Filing Ends on Jan. 24 --------------------------------------------------------- Stay-Calm Limited's creditors are given until Jan. 24, 2008, to prove their claims to Buchanan Limited, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Stay-Calm Limited's shareholders agreed on Dec. 13, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Buchanan Limited Attention: Francine Jennings P.O. Box 1170, Grand Cayman KY1-1102 Cayman Islands Telephone: (345) 949-0355 Fax: (345) 949-0360 TTB FINANCE: Proofs of Claim Filing Ends on Jan. 24 --------------------------------------------------- TTB Finance Cayman Limited's creditors are given until Jan. 24, 2008, to prove their claims to Joshua Grant and Jan Neveril, the company's liquidators, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. TTB Finance's shareholder 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: Joshua Grant Jan Neveril Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands WAT FUNDING: Proofs of Claim Filing Ends on Jan. 24 --------------------------------------------------- Wat Funding Limited's creditors are given until Jan. 24, 2008, to prove their claims to Daniel Rewalt and Giles Le Sueur, the company's liquidators, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Wat Funding's shareholders agreed on Dec. 13, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Daniel Rewalt Giles Le Sueur Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands YH CO: Proofs of Claim Filing Deadline Is Jan. 24 ------------------------------------------------- YH Co. Ltd.'s creditors are given until Jan. 24, 2008, to prove their claims to Daniel Rewalt and Giles Le Sueur, the company's liquidators, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. YH Co.'s shareholders agreed on Dec. 13, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Daniel Rewalt Giles Le Sueur Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands ZARANDI LIMITED: Proofs of Claim Filing Ends on Jan. 24 ------------------------------------------------------- Zarandi Limited's creditors are given until Jan. 24, 2008, to prove their claims to Buchanan Limited, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Zarandi Limited's shareholders agreed on Dec. 13, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Buchanan Limited Attention: Francine Jennings P.O. Box 1170, Grand Cayman KY1-1102 Cayman Islands Telephone: (345) 949-0355 Fax: (345) 949-0360 ========= C H I L E ========= SHAW GROUP: Environmental Unit Bags Two Contracts from U.S. Army ---------------------------------------------------------------- The Shaw Group Inc.'s Environmental & Infrastructure Group has been awarded two task order contracts by the U.S. Army Corps of Engineers, Tulsa District for work to be performed at Oklahoma military installations. Under its Comprehensive Environmental Contract, Shaw will remove munitions from approximately 80 acres of land at Fort Sill during the next six months. The value of Shaw's contract, which was already included in the company's previously announced backlog, was not disclosed. Shaw's second task order contract is under its Corps of Engineers Tulsa Architect-Engineer prime contract for work at Vance Air Force Base. Over the next 18 months, Shaw will evaluate the implementation and performance of selected environmental remediation systems in various areas of the base to help the Air Force determine if the systems are or will be protective of human health and the environment. The value of Shaw's contract, already included in the company's previously announced backlog, was not disclosed. "We are pleased to be a contractor of choice for the Corps of Engineers under the Tulsa contract. Shaw has worked at Fort Sill continuously since 1996, performing a variety of environmental remedial actions, and we look forward to applying technical solutions that make this project a success," said Ronald W. Oakley, president of Shaw's Environmental & Infrastructure Group. "Shaw's work at Vance Air Force Base extends back more than 12 years and this project further reinforces the company's position as a leading provider of environmental services." About Shaw Group Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR) -- http://www.shawgrp.com/-- provides services to the environmental, infrastructure and homeland security markets, including consulting, engineering, construction, remediation and facilities management services to governmental and commercial customers. It is also a vertically integrated provider of engineering, procurement, pipe fabrication, construction and maintenance services to the power and process industries. The company segregates its business activities into four operating segments: Environmental & Infrastructure; Energy & Chemicals; Maintenance, and Fabrication, Manufacturing & Distribution. In January 2005, the company sold substantially all of the assets of its Shaw Power Technologies, Inc. and Shaw Power Technologies International, Ltd. units to Siemens Power Transmission and Distribution Inc., a unit of Siemens AG. The company has operations in Chile, China, Malaysia, the United Kingdom and, Venezuela, among others. * * * Standard & Poor's Ratings Services affirmed its 'BB' corporate credit rating on The Shaw Group Inc. and removed it from CreditWatch, where it was placed with negative implications in October 2006. S&P said the outlook is stable. In addition, 'BB' senior secured debt rating was affirmed after the US$100 million increase to the company's revolving credit facility. SHAW GROUP: Fossil Unit Inks Definitive Pact with Entergy --------------------------------------------------------- The Shaw Group Inc. reported that Entergy Louisiana, LLC has signed a definitive agreement for the Fossil Division of Shaw's Power Group to proceed with engineering, procurement and construction services to re-power the existing Unit 3 at Entergy Louisiana's Little Gypsy station in St. Charles Parish, near New Orleans. The value of Shaw's contract, which will be added to its second quarter fiscal 2008 backlog, was not disclosed. Shaw's EPC work will include replacing an existing natural gas- fired boiler with two new circulating fluidized bed boilers that will supply steam to an existing steam turbine generator at Little Gypsy 3. The new facility is expected to be completed early in 2012. "We are pleased to have received from Entergy the full notice to proceed on the Little Gypsy 3 re-power project, which will provide residents and businesses in the New Orleans area with the power needed to continue the rebuilding and revitalization of the city and the region," said J.M. Bernhard Jr., Shaw's chairman, president and chief executive officer. "The Shaw Group and Entergy are two Fortune 500 companies headquartered in Louisiana, and it is a proud moment when two of the state's largest companies can join forces to bolster the economic fortunes of our state." "At its peak, this project will create more than 1,500 new and good-paying jobs, but also will rely on a number of local products and services, which extends the benefits of the Little Gypsy 3 project to many other businesses and families in Louisiana," Mr. Bernhard said. About Shaw Group Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR) -- http://www.shawgrp.com/-- provides services to the environmental, infrastructure and homeland security markets, including consulting, engineering, construction, remediation and facilities management services to governmental and commercial customers. It is also a vertically integrated provider of engineering, procurement, pipe fabrication, construction and maintenance services to the power and process industries. The company segregates its business activities into four operating segments: Environmental & Infrastructure; Energy & Chemicals; Maintenance, and Fabrication, Manufacturing & Distribution. In January 2005, the company sold substantially all of the assets of its Shaw Power Technologies, Inc. and Shaw Power Technologies International, Ltd. units to Siemens Power Transmission and Distribution Inc., a unit of Siemens AG. The company has operations in Chile, China, Malaysia, the United Kingdom and, Venezuela, among others. * * * Standard & Poor's Ratings Services affirmed its 'BB' corporate credit rating on The Shaw Group Inc. and removed it from CreditWatch, where it was placed with negative implications in October 2006. S&P said the outlook is stable. In addition, 'BB' senior secured debt rating was affirmed after the US$100 million increase to the company's revolving credit facility. =============== C O L O M B I A =============== QUEBECOR WORLD: Files for Chapter 11 Protection in Manhattan ------------------------------------------------------------ Quebecor World Inc. has filed for Chapter 11 bankruptcy protection with the U.S. Bankruptcy Court for the Southern District of New York after a deal to raise new money failed, Chris Fournier of the Bloomberg News reports. As reported in the Troubled Company Reporter on Jan. 17, 2008, the company had accepted a CDN$400 million rescue financing proposal submitted jointly by Quebecor Inc. and Tricap Partners Ltd., a private equity fund managed by Brookfield Asset Management Inc. The proposal contemplates an interim financing facility of CDN$200 million, which will be made available to the company in accordance with its cash flow needs, subject to receipt or waiver on Jan. 16, 2008. The financing further contemplates that on or prior to March 31, 2008, the CDN$200 million interim facility will be replaced by a recapitalization plan comprised of an aggregate CDN$400 million issuance of Senior Secured Notes due 2012 to Quebecor Inc. and Tricap Partners. As reported in the Troubled Company Reporter on Jan. 18, 2008, Quebecor World said that it was unable to pay the $19.5 million interest due Jan. 15, 2008, on its outstanding $400 million 9.75% Senior Notes due 2015. The publishing company had difficulties trying to raise money after banking institutions further restricted credit terms, which was prompted by U.S. subprime mortgage losses, Bloomberg relates. According to CEO Jacques Mallette, market conditions spurred the company to seek for bankruptcy protection, Bloomberg says. "Under the circumstances, it was probably the best thing for them to do," Bloomberg quotes Jarislowsky Fraser Ltd. partner Denis Durand. In addition, Quebecor World disclosed that in connection with the waivers obtained from its banking syndicate and the sponsors of its securitization program on Dec. 31, 2007, it had not obtained by Jan. 15, 2008, US$125 million of new financing, as had been required under the terms of the waivers, the TCR reports. Parent company Quebecor Inc. and subsidiary, Quebecor Media Inc., have not filed for bankruptcy protection. About Quebecor World Inc. Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW)(NYSE:IQW), -- http://www.quebecorworldinc.com/-- provides market solutions, including marketing and advertising activities, well as print solutions to retailers, branded goods companies, catalogers and to publishers of magazines, books and other printed media. It has 127 printing and related facilities located in North America, Europe, Latin America, including Colombia, and Asia. In the United States, it has 82 facilities in 30 states, and is engaged in the printing of books, magazines, directories, retail inserts, catalogs and direct mail. In Canada it has 17 facilities in five provinces, through which it offers a mix of printed products and related value- added services to the Canadian market and internationally. The company is an independent commercial printer in Europe with 19 facilities, operating in Austria, Belgium, Finland, France, Spain, Sweden, Switzerland and the United Kingdom. In March 2007, it sold its facility in Lille, France. Quebecor World (USA) Inc. is its wholly owned subsidiary. QUEBECOR WORLD: Case Summary & 57 Largest Unsecured Creditors ------------------------------------------------------------- Lead Debtor: Quebecor World (U.S.A.), Inc. 150 42nd Street New York, NY 10034 Bankruptcy Case No.: 08-10152 Debtor-affiliates filing separate Chapter 11 petitions: Entity Case No. ------ -------- Quebecor World Capital II, L.L.C. 08-10153 Quebecor World Capital Corp. 08-10154 Quebecor World Capital II, G.P. 08-10155 Quebecor Printing Holding Co. 08-10156 Quebecor World Johnson & Hardin Co. 08-10157 Quebecor World Buffalo, Inc. 08-10158 Quebecor World San Jose, Inc. 08-10159 Quebecor World Northeast Graphics, Inc. 08-10160 Quebecor World U.P./Graphics, Inc. 08-10161 Quebecor World Great Western Publishing, 08-10162 Inc. Type of Business: The Debtors provide market solutions, including marketing and advertising activities, and print solutions to retailers, branded goods companies, catalogers and to publishers of magazines, books and other printed media. They have around 100 printing and related facilities in North America, Latin America and Asia. In the United States, they have 82 facilities in 30 states, and are engaged in the printing of books, magazines, directories, catalogs and direct mail. In Canada, they have 17 facilities in five &nb