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/raid1/www/Hosts/bankrupt/TCRLA_Public/080123.mbx 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 provinces, through which they offer a mix of printed products and related value-added services to the Canadian market and internationally. Their primary print services categories are magazines, retail inserts, catalogs, books, directories, direct mail, pre-media, logistics and other related value- added services. See http://www.quebecorworldinc.com/ Chapter 11 Petition Date: January 21, 2008 Court: Southern District of New York (Manhattan) Debtors' Counsel: Anthony D. Boccanfuso, Esq. Arnold & Porter, L.L.P. 399 Park Avenue New York, NY 10022 Tel: (212) 715-1315 Fax: (212) 715-1399 Consolidated Quarterly Financial Condition as of September 2007 Total Assets: US$5,554,900,000 Total Debts: US$4,140,700,000 Debtors' Consolidated List of 57 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Royal Bank of Canada as revolving credit US$735,000,000 Administrative Agent under a facility; value Revolving Credit Facility of security: Attention: Nigel Delph US$135,000,000 One Liberty Plaza, 4th Floor New York, NY 10006-1404 Wilmington Trust Co., as notes US$450,000,000 Indenture Trustee for 8.75% Senior Notes due in 2016 Attention: Geoffrey J. Lewis Rodney Square North 1100 North Market Street Wilmington, DE 19801 Tel: (302) 636-6438 Fax: (302) 636-4145 notes (as US$400,000,000 indenture trustee for 9.75% senior notes due in 2015) notes (as US$398,200,000 indenture trustee for 6.125% senior notes due in 2013) notes (as US$199,900,000 indenture trustee for 4.875% senior notes due in 2008) Societe Generale (Canada), equipment US$184,321,796 under an Equipment Financing financing loan; Agreement value of Attention: Benoit Desmarais, security: Managing Director Export US$135,000,000 Finance 1501 McGill College Avenue, Bureau 1800 Montreal (Quebec) H3A 3M8 Tel: (514) 841-6014 Fax: (514) 841-6259 Abitibi Consolidated Sales trade debt US$9,256,226 A.R. Department 1228 Paysphere Circle Chicago, IL 60674 Tel: (914) 640-8600 Fax: (914) 640-8900 Cellmark Paper, Inc. trade debt US$6,633,295 A.R. Department P.O. Box 7777 Philadelphia, PA 19175-0509 Tel: (203) 363-7820 Fax: (203) 363-7825 Midland Paper trade debt US$5,488,174 A.R. Department 6330 West Sunset Road Chicago, IL 60674 Tel: (847) 777-2552 Fax: (847) 777-2551 Bowater, Inc. trade debt US$4,082,616 A.R. Department P.O. Box 7 Catawba, SC 29704 Tel: (800) 952-1582 Fax: (803) 282-9562 A.I.G. Credit Corp. of Canada premium financing US$3,694,951 Attention: Isabelle Gervais, agreement Branch Manager, Assistant Vice-President 2000 McGill College Avenue, Suite 1200 Montreal, QC H3A 3H3 Canada Tel: (514) 987-2905 Fax: (514) 987-5326 Catalyst Paper, Inc. trade debt US$3,339,490 A.R. Department 3600 Lysander Lane, 2nd Floor Richmond, B.C. CA. V7B 1C3 Tel: (604) 247-4400 Fax: (604) 247-0512 The Bank of New York as notes US$3,200,000 Indenture Trustee for 6.50% Senior Notes Due in 2027 Attention: Arlene Thelwell Assistant Vice-President Global Trust Services, Americas 101 Barclay Street, 4E New York, NY 10286 Tel: (212) 815-4869 Fax: (212) 815-5008 Graphic Communications trade debt US$2,610,161 A.R. Department International Union Local 765 70 Fox Chapel Drive Hudson, OH 44239 Tel: (330) 668-1993 Fax: (330) 650-8999 Norske Skog U.S.A., Inc. trade debt US$2,448,176 A.R. Department P.O. Box 8500-52978 Philadelphia, PA 19178-2978 Tel: (203) 254-5292 Fax: (203) 254-5290 Stora Enso North America trade debt US$2,408,160 A.R. Department 2386 Collections, Center Drive Chicago, IL 60693-0023 Tel: (800) 888-70STORA Fax: (203) 356-2375 Packaging Corp. of America trade debt US$2,214,339 A.R. Department 36596 Treasury Center Chicago, IL 60694-6500 Tel: (334) 749-1788 Fax: (847) 482-4545 U.P.M. Kymmeme, Inc. trade debt US$2,016,229 A.R. Department 999 Oakmont Plaza, Suite 200 Westmont, IL 60559 Tel: (630) 850-3310 Fax: (630) 850-3322 Myllykoski North America trade debt US$1,904,950 A.R. Department P.O. Box 4235, Station A Toronto, ON, CA M5W 5P7 Tel: (514) 878-1977 Fax: (514) 878-2155 Aaron Direct trade debt US$1,795,527 A.R. Department 161 Washington Street, 11th Floor Conshohocken, PA 19428 Tel: (610) 940-0800 Fax: (610) 940-0132 Day International, Inc. trade debt US$1,461,126 A.R. Department P.O. Box 643526 Pittsburgh, PA 15264-3526 Tel: (800) 877-8187 Fax: (513) 226-1466 NewPage Corp. trade debt US$1,441,655 A.R. Department 23504 Network Place Chicago, IL 60673-1235 Tel: (847) 285-4800 Fax: (847) 285-4846 At Clayton Corp. trade debt US$1,376,237 A.R. Department P.O. Box 911405 Dallas, TX 75391-1405 Tel: (203) 861-1190 Fax: (203) 861-1170 Roosevelt Paper Co. trade debt US$1,063,058 A.R. Department P.O. Box 790208 St. Louis, MO 63179 Tel: (800) 323-1778 Fax: (708) 771-7979 Horizon Paper Co. trade debt US$1,030,897 A.R. Department P.O. Box 10374 Newark, NJ 07193-0374 Tel: (212) 682-5820 Fax: (212) 986-0689 Quebecor World Baird-Ward, pension plan US$900,000 Inc. Retirement Plan funding Attention: Helen Levine State Street Bank and Trust Co., N.A. Two World Financial Center 225 Liberty Street New York, NY 10281 Tel: (917) 790-4172 Fax: (917) 786-2096 Quebecor World Buffalo, Inc. pension plan US$990,000 Retirement Plan for Hourly funding Employees Attention: Helen Levine State Street Bank and Trust Co., N.A. Two World Financial Center 225 Liberty Street New York, NY 10281 Tel: (917) 790-4172 Fax: (917) 786-2096 Quebecor World Kingsport, Inc. pension plan US$990,000 Retirement Plan for Hourly funding Bargaining Unit Employees of Kingsport, Hawkins, Sherwood and Distribution Attention: Helen Levine State Street Bank and Trust Co., N.A. Two World Financial Center 225 Liberty Street New York, NY 10281 Tel: (917) 790-4172 Fax: (917) 786-2096 Quebecor World Mount Morris pension plan US$990,000 II, Inc. Employees' Pension funding Plan Attention: Helen Levine State Street Bank and Trust Co., N.A. Two World Financial Center 225 Liberty Street New York, NY 10281 Tel: (917) 790-4172 Fax: (917) 786-2096 The Pension Plan for Hourly pension plan US$990,000 Employees of the Salem Gravure funding Division of Quebecor World (U.S.A.), Inc. Attention: Helen Levine State Street Bank and Trust Co., N.A. Two World Financial Center 225 Liberty Street New York, NY 10281 Tel: (917) 790-4172 Fax: (917) 786-2096 Quebecor World Pension Plan pension plan US$990,000 Attention: Helen Levine State funding Street Bank and Trust Co., N.A. Two World Financial Center 225 Liberty Street New York, NY 10281 Tel: (917) 790-4172 Fax: (917) 786-2096 Milwood, Inc. trade debt US$931,984 A.R. Department P.O. Box 960 Vienna, OH 44473-0960 Tel: (330) 359-5220 Fax: (330) 359-5781 Nippon Paper Industries U.S.A. trade debt US$899,188 Co. A.R. Department P.O. Box 11626 Tacoma, WA 98411-6626 Tel: (206) 623-1772 Fax: (360) 457-8675 Atmos Energy Marketing, L.L.C. utility debt US$897,041 A.R. Department 13430 Northwest Freeway, Suite 700 Houston, TX 77040 Tel: (713) 688-7771 A.E.P. Industries trade debt US$872,832 A.R. Department P.O. Box 8500-50590 Philadelphia, PA 19178-8500 Tel: (800) 477-AEPI Fax: (708) 389-3515 Blue Heron Paper Co. trade debt US$848,968 A.R. Department 1200 West 7th Street, Suite T2-210 Department 2964 Oregon, OR 97045-1809 Tel: (503) 650-4211 Fax: (503) 650-4595 H.B. Fuller Co. trade debt US$834,873 A.R. Department P.O. Box 73515 Chicago, IL 60673-7515 Tel: (888) 351-3521 Fax: (214) 285-8739 Xpedx trade debt US$815,551 A.R. Department P.O. Box 32467 Hartford, CT 06150-2467 Tel: (201) 934-5115 Fax: (201) 934-5188 Tembec Enterprises, Inc. trade debt US$783,953 A.R. Department 4542 Paysphere Circle Chicago, IL 60674 Tel: (819) 627-8111 Fax: (819) 627-3177 Verso Paper trade debt US$757,133 A.R. Department 3630 Park 42 Drive, Suite 160D Cincinnati, OH 45069 Tel: (800) 258-8852 Fax: (888) 293-0958 Oji Paper Canada, Ltd. trade debt US$725,518 A.R. Department 1200 West 73rd Avenue, Suite 1100 Port Mellon, BC CA VON 2S0 Tel: (604) 884-5223 Fax: (604) 884-2170 Federal Express trade debt US$666,199 A.R. Department P.O. Box 1140, Department A Memphis, TN 38101-1140 Tel: (800) 622-1147 Fax: (901) 395-2000 Rock Tenn Co. trade debt US$617,010 A.R. Department P.O. Box 102064 Norcross, GA 30071 Tel: (770) 448-2193 Fax: (678) 291-7666 Stadacona, Inc. trade debt US$603,882 A.R. Department 1000 Stewart Avenue Glen Burnie, MD 79443 Tel: (410) 590-8298 Fax: (418) 525-2995 Preprint Logistics Management trade debt US$597,628 A.R. Department 105 Filley Street, Unit A Bloomfield, CT 06002 Tel: (800) 596-2335 Fax: (860) 286-9290 Caraustar trade debt US$582,410 A.R. Department 3082 Pacific Avenue Austell, GA 30106 Tel: (770) 948-6101 Fax: (770) 732-6209 Forbo Adhesives trade debt US$581,447 A.R. Department Station A Toronto, ON CA M5W 4K9 Tel: (919) 433-1300 Fax: (919) 433-1301 Gould Paper Corp. trade debt US$532,047 A.R. Department 2148 Paysphere Circle Chicago, IL 60674-2148 Tel: (847) 441-6820 Fax: (847) 490-5376 Goss International Americas trade debt US$504,402 A.R. Department Lockbox 835055 Atlanta, GA 30353-5055 Tel: (603) 740-5965 Fax: (603) 940-5970 M.E.G.T.E.C. Systems, Inc. trade debt US$495,562 A.R. Department Lockbox 14268 Chicago, IL 60693-4268 Tel: (920) 336-5715 Fax: (920) 337-1534 Georgia Power Co. utility belt US$489,781 A.R. Department 241 Ralph McGill Boulevard Northeast Atlanta, GA 30308 Tel: (404) 506-6526 Fax: (404) 506-3771 M.S.C. Industrial Supply Co., trade debt US$483,826 Inc. A.R. Department Department Ch 0075 Palatine, IL 60055-0075 Tel: (800) 645-7271 Randstad Staffing Services trade debt US$476,637 A.R. Department P.O. Box 2084 Carol Stream, IL 60132-2084 Tel: (877) 922-2468 Applied Industrial trade debt US$476,257 A.R. Department 22510 Network Place Chicago, IL 60673-1225 Tel: (216) 426-4000 Fax: (216) 426-4822 Merced Irrigation District utility debt US$467,385 A.R. Department Merced Irrigation District 744 West 20th Street Merced, CA 95340 Tel: (209) 722-5761 Fax: (209) 722-6421 Motion Industries, Inc. trade debt US$458,562 A.R. Department P.O. Box 404130 Atlanta, GA 30384-4130 Tel: (209) 529-0261 Fax: (209) 529-1812 Hess Corp. utility debt US$422,835 A.R. Department 1185 Avenue of the Americas New York, NY 10036 Tel: (212) 997-8500 Fax: (212) 536-8593 Sempra Energy Solutions utility debt US$386,623 A.R. Department 101 Ash Street, 9th Floor San Diego, CA 92101 Tel: (619) 696-3100 Fax: (619) 696-3103 Suez Energy Resources utility belt US$383,783 A.R. Department Corporate Communications Suez Energy North America, Inc. 1990 Post Oak Boulevard, Suite 1900 Tel: (713) 636-0000 Fax: (713)636-1364 =================== C O S T A R I C A =================== US AIRWAYS: Teams with Lifelock on Theft Prevention Service ----------------------------------------------------------- US Airways has entered a strategic alliance with LifeLock to provide the nation's leading identity theft prevention tool to US Airways Dividend Miles Members. Members are eligible for a 10 percent discount and 1,000 Dividend Miles when enrolling with LifeLock. LifeLock works to make personal information useless to identity thieves and backs up the service with a US$1 million guarantee. "Whether you spend a great deal of time traveling or staying at home, identity theft can be crippling," Chief Executive Officer Todd said Davis. "This partnership with US Airways shows the airline's commitment to ensuring that their customers' personal information is kept safe." Located in a secure facility in Tempe, Arizona, LifeLock enables "locks" by setting and automatically renewing fraud alerts with the major credit bureaus, removing member names junk mail lists and guaranteeing the service with a US$1 million service guarantee. Recently, LifeLock added an additional service to all clients -- free of charge -- called WalletLock(TM). WalletLock works to cancel and replace all documents and personal identifying information inside a wallet if it is lost or stolen. In February 2007, the Federal Trade Commission released its annual report highlighting that for the seventh consecutive year, identity theft tops the list of consumer complaints. In 2006, identity theft cost Americans US$1.1 billion dollars, the highest amount ever. A multi-billion dollar crime, identity theft is non-discriminatory, hitting Americans in every age range from infants to seniors. Since January 2005, more than 110 million Americans have received letters notifying them that their personal information has been lost or stolen. The letters have come from universities, doctors, dentists, hospitals, lawyers, the federal government, local law enforcement, the military, retirement communities, banks, credit bureaus and several non-profit organizations. "The safety and satisfaction of our customers is a top priority for our airline," said Fernand Fernandez, director, customer loyalty and marketing programs with US Airways. "As we continue to expand the benefits offered within our Dividend Miles Program, protecting our customers from the growing threat of identity theft is very important to us. LifeLock is a simple and effective preventative tool. Our Dividend Miles Members will appreciate this added security element." About LifeLock LifeLock -- http://www.lifelock.com/-- helps consumers to render their personal information useless to thieves, backing up its service with a one million-dollar service guarantee. Famous for its CEO giving out his Social Security Number in advertising and national press, the company is experiencing astounding growth. Located in a secure facility in Tempe, Arizona, LifeLock is a private company backed by Kleiner Perkins Caufield and Byers as well as Bessemer Venture Partners. Winner of the 2007 American Business Award for the Best Radio Advertising Campaign, LifeLock was a finalist for 10 other ABA awards, including Best New Company and Best New Product/Service. Recently the company was named recipient of the Red Herring 100 Global Award as one of the Top 100 start-ups in the world. About US Airways Based in Tempe, Arizona, US Airways Group Inc.'s (NYSE: LCC) - http://www.usairways.com/-- primary business activity is the ownership of the common stock of US Airways, Inc., Allegheny Airlines, Inc., Piedmont Airlines, Inc., PSA Airlines, Inc., MidAtlantic Airways, Inc., US Airways Leasing and Sales, Inc., Material Services Company, Inc., and Airways Assurance Limited, LLC. US Airways has operations in Japan, Australia, China, Costa Rica, Philippines, and Spain, among others. Under a Chapter 11 plan declared effective on March 31, 2003, USAir emerged from bankruptcy with the Retirement Systems of Alabama taking a 40% equity stake in the deleveraged carrier in exchange for US$240 million infusion of new capital. US Airways and its subsidiaries filed another chapter 11 petition on Sept. 12, 2004 (Bankr. E.D. Va. Case No. 04-13820). Brian P. Leitch, Esq., Daniel M. Lewis, Esq., and Michael J. Canning, Esq., at Arnold & Porter LLP, and Lawrence E. Rifken, Esq., and Douglas M. Foley, Esq., at McGuireWoods LLP, represent the Debtors in their restructuring efforts. In the Company's second bankruptcy filing, it lists US$8,805,972,000 in total assets and US$8,702,437,000 in total debts. The Debtors' Chapter 11 plan for its second bankruptcy filing became effective on Sept. 27, 2005. The Debtors completed their merger with America West on the same date. * * * US Airways Group Inc.'s US$1.6 billion secured credit facility due 2014, currently being syndicated, carries Standard & Poor's Ratings Services 'B' rating. That rating was assigned in March 2007. ============= E C U A D O R ============= * ECUADOR: To Complete Oil Contract Talks Before Referendum ----------------------------------------------------------- Ecuador Government will finish renegotiating oil contracts with private sector companies before a referendum occurred on a new Constitution, Mercedes Alvaro at Dow Jones Newswires reports, citing President Rafael Correa. According to Dow Jones, a new Constitution has been schedule to be done by May 24 with a referendum scheduled for 45 days after the document is complete. Private companies, including Petroleo Brasileiro SA, Repsol YPF and several smaller companies would likely start renegotiation of their contracts, which talks officially began Monday, the same paper relates. The Correa administration, Dow Jones says, wanted to change current participation contracts to service contracts. Last October, Mr. Correa raised the state's take of extraordinary oil company profits to 99% from 50%. * * * 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 Ecuador. As reported in the Troubled Company Reporter-Latin America on Nov. 1, 2007, Fitch Ratings affirmed and removed from Rating Watch Negative the long-term foreign currency Issuer Default Rating of Ecuador at 'CCC', the country ceiling at 'B-' and the short-term IDR at 'C'. Fitch said the rating outlook is stable. In addition, these bond ratings were affirmed: -- Uncollateralized foreign currency bonds at 'CCC/RR4'; -- Collateralized foreign currency Par and Discount Brady bonds at 'CCC+/RR3'. ===================== E L S A L V A D O R ===================== * EL SALVADOR: Power Firm Relaunches El Chaparral Tender -------------------------------------------------------- El Salvador's state-run power firm CEL said in a statement that it has relaunched a tender for the construction of the 65.7-megawatt El Chaparral hydro project. Business News Americas relates that CEL declared in December 2007 the initial tender void as bidders failed to meet bidding rule requirements. Consortium Constructor Chaparral -- made up of Brazil's Andrade Gutierrez and Germany's Voith Siemens Hydro Power -- and Italian firm Astaldi presented offers in May 2007 for the US$140-million project. According to BNamericas, project works include the power plant and dam to be constructed in the lower zone of the Torola river basin. BNamericas notes that bidding rules will be soled from Jan. 24-31 for US$10,000. Bidders are given until April 30 to present offers. The Central American Bank for Economic Integration will help finance the El Chaparral project, BNamericas states. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 26, 2007, Standard & Poor's Ratings Services has assigned BB+ long-term sovereign local and foreign currency ratings and B short-term sovereign local and foreign currency ratings on El Salvador. S&P said the outlook for all the ratings is stable. ================= G U A T E M A L A ================= BRITISH AIRWAYS: Launches Heathrow Terminal ------------------------------------------- British Airways has launched a new terminal at Heathrow Airport, the Associated Press reports. According to the AP, Terminal 5 has 112 stores and restaurants and costs US$8.4 billion. It will serve the airline's clients. First flight from the terminal will be on March 27. British Airways' commercial director Robert Boyle told the press that the airline can't afford to have its reputation compromised by inadequacies at Heathrow. Mr. Boyle commented to the AP, "We have to compete with business-class-only airlines, traditional ones and no-frill ones. Each year, surveys of frequent flyers around the world praise BA and criticize Heathrow for its delays, poor baggage handling and crowded terminals." Plans also are also being developed for the replacement of Terminal 2, which is Heathrow's oldest terminal, with a new one called Heathrow East, the AP states. Headquartered in West Drayton, United Kingdom, British Airways plc -- http://www.ba.com/-- operates of international and domestic scheduled and charter air services for the carriage of passengers, freight and mail, and provides of ancillary services. The British Airways group consists of British Airways plc and a number of subsidiary companies including in particular British Airways Holidays Ltd. and British Airways Travel Shops Ltd. BA has offices in India and Guatemala. * * * As of Jan. 2, 2008, British Airways plc carries a senior unsecured debt rating of Ba1 from Moody's Investors' Service with a stable outlook. =============== H O N D U R A S =============== CONTINENTAL AIRLINES: Reports 2007 Pre-Tax Income of US$566 Mil. ---------------------------------------------------------------- Continental Airlines reported on Thursday 2007 pre-tax income of US$566.0 million, up 53% percent over 2006 pre-tax income of US$369.0 million. Excluding US$24 million of previously disclosed pre-tax special items, Continental's pre-tax income for the full year was US$542.0 million, a 78% improvement over 2006 pre-tax income of US$304 million excluding special items. Continental reported pre-tax income of US$71.0 million for the fourth quarter 2007. Excluding previously disclosed pre-tax special items, Continental recorded fourth quarter 2007 pre-tax income of US$24.0 million compared to the fourth quarter 2006 pre-tax loss of US$4.0 million excluding special items. Continental will record a special non-cash tax charge in the fourth quarter, but has not finalized the amount given the technical nature of the issue. As a result, today the company is presenting its pre-tax results. By mid-February, Continental will finalize the special non-cash tax charge, and will report its net results in the company's Form 10-K. "The outstanding performance of our team has once again set us apart from the competition," said Larry Kellner, Continental's chairman and chief executive officer. "Thanks to the hard work of my co-workers, on Feb. 14, we will distribute US$158.0 million in profit sharing, US$47.0 million more than we distributed for 2006, and the largest profit sharing distribution in our company's history." Revenue and Capacity Total revenue of US$14.2 billion for the year increased US$1.1 billion, or 8.4%, over the same period in 2006. Total revenue of US$3.5 billion for the fourth quarter increased US$366.0 million, or 11.6%, over the same period in 2006. As a result of increases in all mainline geographic regions as well as regional operations, Continental reported record fourth quarter and full year passenger revenue. Consolidated revenue passenger miles for the fourth quarter increased 4.1% year-over-year on a capacity increase of 4.7%, resulting in a fourth quarter consolidated load factor of 79.4%, 0.4 points lower than the fourth quarter record set in 2006. Consolidated yield for the fourth quarter increased 7.1% year- over-year. Consolidated revenue per available seat mile for the fourth quarter increased 6.7% year-over-year due to increased yields. Mainline RPMs in the fourth quarter of 2007 increased 5.4% over the fourth quarter 2006, on a capacity increase of 6.1%. Mainline load factor was 79.7%, down 0.5 points year-over-year. Continental's mainline yield increased 7.6% over the same period in 2006. As a result, fourth quarter 2007 mainline RASM was up 6.9% over the fourth quarter of 2006. "Our passenger revenue performance for the fourth quarter and full year was superb," said Jeff Smisek, Continental's president. "We continued to grow our passenger revenue at a pace significantly greater than our capacity growth, which is a testament to our excellent pricing and revenue management, operational and marketing performance." Financial Results Continental's mainline cost per available seat mile increased 4.1% in the fourth quarter compared to the same period last year. CASM increased 2.6% for full year 2007 as compared to 2006. During the quarter, the price of a barrel of West Texas Intermediate crude oil closed at a peak of US$98.18 per barrel on Nov. 23, 2007. Earlier this month, crude oil prices reached a new intra-day record high of US$100.09 per barrel. Continental's annualized fuel costs increase by approximately US$45.0 million for each US$1-per-barrel rise in the price of crude. "Great cost performance backed up by impressive revenue growth enabled us to record a pre-tax profit in the fourth quarter," said Jeff Misner, Continental's executive vice president and chief financial officer. "The entire Continental team once again outperformed the competition." Continental continues to enhance its fuel efficiency. The carrier is about 35.0% more fuel efficient per mainline revenue passenger mile than it was in 1997. With mainline RPMs up 6.5% for the year, mainline fuel consumption increased only 4.8%. During the quarter, Continental installed winglets on seven of the company's 737-500s and one 737-900 aircraft, and now has winglets on 206 of its mainline aircraft. All of the company's 737-700s, 800s and 757-200s have winglets, as do select airplanes from Continental's 737-300, -500 and -900 series fleets. Winglets increase aerodynamic efficiency and decrease drag, reducing fuel consumption and emissions by up to five percent. Continental hedged approximately 32.0% of its fuel requirements for the fourth quarter of 2007. As of Dec. 31, 2007, the company had hedged approximately 20.0% of its projected fuel requirements for the first quarter of 2008 and 5.0% for the second quarter of 2008. Continental ended the fourth quarter with approximately US$2.8 billion in unrestricted cash and short-term investments. About Continental Airlines Continental Airlines Inc. (NYSE: CAL) -- http://continental.com/ -- is the world's fifth largest airline. Continental, together with Continental Express and Continental Connection, has more than 3,100 daily departures throughout Belize, Mexico, Europe and Asia, serving 154 domestic and 138 international destinations including Honduras and Bonaire. More than 400 additional points are served via SkyTeam alliance airlines. With more than 44,000 employees, Continental has hubs serving New York, Houston, Cleveland and Guam, and together with Continental Express, carries about 67 million passengers per year. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 18, 2007, Fitch Ratings has affirmed the debt ratings of Continental Airlines, Inc. as: -- Issuer Default Rating at 'B-'; -- Senior unsecured debt at 'CCC'/RR6 Fitch said the Rating Outlook is Stable. As of March 2007, Continental Airlines carries Moody's Investors Service's B2 corporate family rating. The company also carries Moody's B3 senior unsecured rating and Caa1 preferred stock rating. ============= J A M A I C A ============= NATIONAL COMMERCIAL: Refers Olint Lawsuit to External Counsel ------------------------------------------------------------- The National Commercial Bank said in a press statement that it has referred the Jamaican Supreme Court's injunction regarding the closing of Olint Corporation Ltd.'s accounts to its external counsel. Radio Jamaica didn't state the name of the bank's counsel. As reported in the Troubled Company Reporter-Latin America on Jan. 18, 2008, the Supreme Court had ruled on Dec. 25, 2007, that Olint Corporation was illegally trading in securities and should get proper licenses. The National Commercial had informed Olint Corporation that it would be closing its three accounts at the Hagley Park Road unit and in other locations across Jamaica. Olint Corporation was then forced to seek the injunction. The injunction Olint Corporation obtained from the Supreme Court expires on Jan. 25, 2007. Olint Corporation obtained an interim injunction in the Jamaican Supreme Court preventing the National Commercial from closing its accounts. Radio Jamaica relates that the injunction prevents the National Commercial from destroying documents relating to Olint Corporation's accounts. The court also ordered the National Commercial to make available to Olint Corporation all communication between the bank and other commercial institutions about the possible closure of the accounts. The National Commercial's group marketing and communications head Sheree Martin said in a press statement that the bank has never encouraged nor authorized the destruction of documents relevant to any case in which it is involved. The National Commercial is keen on disclosing any documents in its possession provided they are not privileged and there is no statutory or legal restriction preventing it from making the disclosures, Radio Jamaica says, citing Ms. Martin. The National Commercial's counsel will be filing a response to the Supreme Court, Radio Jamaica notes. Meanwhile, Olint Corporation told Radio Jamaica that it is preparing contingency plans that will implement if it loses in its legal case against the National Commercial. Olint Corporation told Radio Jamaica that it would be able to continue operating using its overseas banking links. The firm said that its operations are 100% cash-based. Olint Corporation admitted that it doesn't ensure a rate of return. Only what is earned is credited to a member's account, as opposed to offering guaranteed returns, Radio Jamaica states. * * * As reported in the Troubled Company Reporter-Latin America on May 2, 2007, Fitch Ratings affirmed these ratings on Jamaica- based National Commercial Bank Jamaica Limited: -- long-term foreign and local currency Issuer Default Ratings (IDR) at 'B+'; -- short-term foreign and local currency rating at 'B'; -- individual at 'D'; -- support at 4. The rating outlook on the bank's ratings is stable, in line with Fitch's view of the sovereign's creditworthiness. =========== M E X I C O =========== CHRYSLER LLC: Makes Organizational Changes at Mopar --------------------------------------------------- Chrysler LLC announced Jan. 18, 2008, organizational changes and appointments in Mopar and Global Alliance Operations. The changes will take immediate effect following Christine K. Cortez' announcement of her intent to retire from her position as senior vice president at global service and parts. "Chrysler is grateful to Chris for her 31 years of dedicated service and many contributions," James E. Press, Chrysler vice chairman and president said. "She leaves with our most sincere well wishes." Simon Boag has been appointed as president at Mopar, Global Service and Parts, reporting to Mr. Press. Boag will be responsible for global service, international service and parts, global parts marketing, service contracts and global parts supply chain management. Boag was recently appointed executive vice president at global alliance operations. "As a result of Chris' decision to retire, Simon will immediately assume this critical new role," Mr. Press disclosed. "Simon's strong background in manufacturing operations and procurement is a great fit with the needs of Mopar. It's important that he continue our focus on the customer and this incredibly strong brand." Scott R. Garberding replaces Boag and has been appointed vice president - global alliance operations, reporting to Chrysler vice chairman and president Thomas W. LaSorda. Mr. Garberding will lead the operations side of Chrysler's automotive alliances designed to expand the company's global presence. He will also work closely with Michael Manley, executive vice president to international sales, marketing and business development. Mr. Garberding most recently served as vice president - supplier quality. About Chrysler LLC Headquartered in Auburn Hills, Michigan, Chrysler LLC -- http://www.chrysler.com/-- a unit of Cerberus Capital Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R) brand vehicles and products. The company has dealers worldwide, including Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil, Venezuela, China, Japan and Australia. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 11, 2007, Standard & Poor's Ratings Services revised its recovery rating on Chrysler's US$2 billion senior secured second-lien term loan due 2014. The issue-level rating on this debt remains unchanged at 'B', and the recovery rating was revised to '3', indicating an expectation for meaningful (50% to 70%) recovery in the event of a payment default, from '4'. DURA AUTOMOTIVE: Wants to Assume GM Component Supply Agreement -------------------------------------------------------------- DURA Automotive Systems, Inc., and its debtor-affiliates seek the authority of the U.S. Bankruptcy Court for the District of Delaware to assume a component supply agreement between the Debtors and General Motors Corp. The Debtors also seek the Court's authority to file the CSA and any related materials under seal. Before the Petition Date, the Debtors entered into purchase agreements with GM. According to DURA's Chapter 11 Petition, sales to GM comprises 10% of the Debtors' total annual revenues. In the summer of 2007, the Debtors and GM entered into a component supply agreement, which modified the Prepetition GM Purchase Contracts. The CSA modifies, among other things, the pricing agreement between the Debtors and GM. The Debtors and GM agree that, as a condition to assumption of the CSA, the Debtors will file any assumption motion, the CSA, and any related materials, under seal, Albert Togut, Esq., at Togut, Segal & Segal, LLP, in New York, relates. Mr. Togut says the CSA contains confidential and commercially sensitive information that if publicly disclosed may harm the Debtors' business relationship with GM. Mr. Togut tells the Court that the Debtors have provided copies of the Assumption Motion to GM, the Official Committee of Unsecured Creditors and the office of the U.S. Trustee for the District of Delaware. He adds that interested parties may obtain additional information about the CSA and the Assumption Motion from the Debtors. Additional information will be disclosed by the Debtors, with consent from GM, to any requesting party subject to a confidentiality agreement relating to that additional information. Rochester Hills, Mich.-based DURA Automotive Systems Inc. (Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent designer and manufacturer of driver control systems, seating control systems, glass systems, engineered assemblies, structural door modules and exterior trim systems for the global automotive industry. The company is also a supplier of similar products to the recreation vehicle and specialty vehicle industries. DURA sells its automotive products to North American, Japanese and European original equipment manufacturers and other automotive suppliers. The company has three locations in Asia -- China, Japan and Korea. It has locations in Europe and Latin America, particularly in Mexico, Germany and the United Kingdom. The Debtors filed for chapter 11 petition on Oct. 30, 2006 (Bankr. D. Del. Case No. 06-11202). Richard M. Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel for the Debtors' bankruptcy proceedings. Mark D. Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are the Debtors' co- counsel. Baker & McKenzie acts as the Debtors' special counsel. Togut, Segal & Segal LLP is the Debtors' conflicts counsel. Miller Buckfire & Co., LLC is the Debtors' investment banker. Glass & Associates Inc., gives financial advice to the Debtor. Kurtzman Carson Consultants LLC handles the notice, claims and balloting for the Debtors and Brunswick Group LLC acts as their Corporate Communications Consultants for the Debtors. As of July 2, 2006, the Debtor had US$1,993,178,000 in total assets and US$1,730,758,000 in total liabilities. (Dura Automotive Bankruptcy News, Issue No. 43; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) GRUPO MEXICO: Can't Lay Off Protesting Cananea Workers ------------------------------------------------------ A court in Mexico has ruled that striking workers at Grupo Mexico SA, de C.V.'s Cananea mine can't be dismissed, the Associated Press reports. According to the AP, protesters can continue working at the mine. As reported in the Troubled Company Reporter-Latin America on Jan. 18, 2008, the Mexican labor board declared that the five- month strike by workers at Cananea was illegal. The strikers had obtained in December 2007 authorization from a Mexican court to continue their protests. The Mexican national mining- metalworkers union STMMRM launched demonstrations against the labor ministry's decision. The AP notes that the court ruling reversed a labor board decision that the protest was illegal and that strikers would lose their jobs. The union had won a temporary injunction against the labor board ruling. However, the labor ministry told Mica Rosenberg at Reuters that the court ruling supported an earlier labor board decision to declare the strike illegal. A Grupo Mexico official explained to Reuters, "The only thing the decision says is that we can't fire the striking workers, and those who want to continue working can. The mine is open and operational." Meanwhile, union spokesperson Carlos Pavon commented to Reuters, "Our lawyers say the court reversed the decision of the labor board and is considering the union's injunction." Grupo Mexico SA de C.V. -- http://www.grupomexico.com/-- through its ownership of Asarco and the Southern Peru Copper Company, Grupo Mexico is the world's third largest copper producer, fourth largest silver producer and fifth largest producer of zinc and molybdenum. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 29, 2006, Fitch upgraded the local and foreign currency Issuer Default Rating assigned to Grupo Mexico, S.A. de C. V. to 'BB+' from 'BB'. Fitch said the rating outlook is stable. MCDERMOTT INT'L: Subsidiary Bags US$100MM Installation Contract --------------------------------------------------------------- McDermott International Inc. disclosed that subsidiary of J. Ray McDermott, S.A. was recently awarded a contract by Woodside for the Pluto Offshore Platform north west of Karratha, Western Australia. The scope of work for this contract includes the installation engineering, transportation and installation of the complete platform. Contracts of this nature are typically valued at approximately US$100 million, and this contract was recorded in McDermott's Offshore Oil & Gas Construction segment's backlog during the fourth quarter of 2007. "The award of this contract is an excellent follow-up to the successful transportation and installation that J. Ray completed on the Angel Platform, also for Woodside and it demonstrates our strength of experience in installation projects offshore Australia," said Bob Deason, Chief Executive Officer of J. Ray. "We look forward to working with Woodside once again." The substructure, a four-leg extended base tower with a launch weight of 10,000 metric tons, will be secured with drilled and grouted foundations by J. Ray's 3,080-ton capacity construction barge, the DB30. The DB30 will also lift and install the topsides. Work will commence in the first quarter of 2008 and is expected to be completed fourth quarter 2009. The Pluto gas field was discovered in April 2005 in the Carnarvon Basin. The field is located approximately 190 kilometers north west of Karratha. McDermott International, Inc. (NYSE:MDR) -- http://www.mcdermott.com/--is a leading worldwide energy services company. McDermott's subsidiaries provide engineering, construction, installation, procurement, research, manufacturing, environmental systems, project management and facility management services to a variety of customers in the energy and power industries, including the U.S. Department of Energy. The company operates in most major offshore producing regions throughout the world, including the U.S. Gulf of Mexico, Mexico, the Middle East, India, the Caspian Sea and Asia Pacific. Operations in this segment are primarily conducted through its subsidiary, J. Ray McDermott, S.A. * * * As reported in the Troubled Company Reporter-Latin America on July 5, 2007, Moody's raised MII's Corporate Family Rating to Ba3 from B1. Moody's upgraded J. Ray McDermott, S.A.'s CFR to Ba3 from B1, its Probability of Default Rating to B1 from B2 and its senior secured bank facility to Ba2 (LGD-2, 22%) from Ba3 (LGD-2, 24%) and The Babcock & Wilcox Company's senior secured bank facility rating to Baa3 (LGD-1, 6%) from Ba2 (LGD-2, 19%). The rating outlook for J. Ray is positive, while the rating outlooks for MII and B&W are both stable, according to Moody's. ======= P E R U ======= QUEBECOR WORLD: Gets CCAA Order for Creditor Protection ------------------------------------------------------- Quebecor World Inc. has obtained an Order for creditor protection under the Companies' Creditors Arrangement Act. Under the terms of the Order, Ernst & Young Inc. will serve as the Court-appointed Monitor under the CCAA process and will assist the company in formulating its restructuring plan. Headquartered in Montreal, Quebec, Canada, Quebecor World Inc. (TSX: IQW) (NYSE: IQW) -- http://www.quebecorworld.com/-- provides marketing and advertising solutions to leading retailers, catalogers, branded-goods companies and other businesses with marketing and advertising activities, as well as complete, full-service print solutions for publishers. The company's major product categories include advertising inserts and circulars, catalogs, direct mail products, magazines, books, directories, digital premedia, logistics, mail list technologies and other value-added services. Quebecor World has approximately 27,500 employees working in more than 120 printing and related facilities in the United States, Canada, Argentina, Austria, Belgium, Brazil, Chile, Colombia, Finland, France, India, Mexico, Peru, Spain, Sweden, Switzerland and the United Kingdom. * * * As reported in the Troubled Company Reporter-Latin America on Jan. 21, 2008, Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Montreal-based printing company Quebecor World Inc. to 'D' from 'CCC'. Standard & Poor's also lowered the rating on the company's US$400 million 9.75% senior unsecured notes due 2015 to 'D' from 'CCC-'. In addition, S&P lowered the rating on the company's other senior unsecured notes to 'CC' from 'CCC-'. The preferred stock rating remains unchanged at 'D'. With these rating actions, S&P also removed the ratings from CreditWatch with negative implications, where they were placed Aug. 9, 2007. As reported in the Troubled Company Reporter-Latin America on Dec. 21, 2007, Moody's Investors Service has downgraded Quebecor World Inc.'s corporate family rating by two notches to Caa2. ===================== P U E R T O R I C O ===================== DIRECTV GROUP: Board Okays US$1-Billion Stock Repurchase Program ---------------------------------------------------------------- The DIRECTV Group Inc.'s Board of Directors has approved the repurchase of up to US$1 billion of its common stock, from time to time through open market purchases or in negotiated transactions, using available cash on hand and cash expected to be provided by operations. The timing and amount of such transactions depend on a variety of factors, including market conditions. The program may be suspended or discontinued at any time. DIRECTV Group had recently completed its US$1.0 billion stock repurchase program announced on Aug. 9, 2007. Since February 2006, DIRECTV Group has repurchased approximately US$5 billion of its common stock through repurchase programs that have been approved and announced from time to time. DIRECTV Group had total assets as of Sept. 30, 2007, of approximately US$15 billion, total revenues for the first nine months of 2007 of approximately US$12 billion, and cash or cash equivalents of approximately US$1.2 billion. Headquartered in El Segundo, California, The DIRECTV Group Inc. (NYSE:DTV) -- http://www.directv.com/-- provides digital television entertainment in the United States and Latin America. It has two segments, DIRECTV U.S. and DIRECTV Latin America. The DIRECTV U.S. segment provides direct-to-home digital television services in the multichannel video programming distribution industry in the United States. The DIRECTV Latin America segment provides digital direct-to-home digital television services to approximately 1.6 million subscribers in 27 countries, including Brazil, Argentina, Venezuela, and Puerto Rico. * * * In April 2007, Standard & Poor's Ratings Services affirmed the 'BB' corporate credit and 'BB-' senior unsecured debt rating on The DIRECTV Group Inc. S&P said the outlook is stable. In addition, Standard & Poor's raised the bank loan rating on US$2 billion of credit facilities at DIRECTV Holdings LLC, a wholly owned subsidiary of The DIRECTV Group Inc, to 'BB+' from 'BB' and revised the recovery rating to '1' from '3'. MUSICLAND HOLDING: Parties Extend Trade Claims Filing to Feb. 29 ---------------------------------------------------------------- In a stipulation approved by the U.S. Bankruptcy Court for the Southern District of New York, Musicland Holding Corp. and its debtor-affiliates, the Official Committee of Unsecured Creditors, and the Informal Committee of Secured Trade Vendors further extend, until Feb. 29, 2008 or the effective date of the Debtors' second amended plan of liquidation, the Creditors Committee's period to file the DIP Secured Trade Creditor claims against certain entities. These entities include Buena Vista Home Entertainment, Inc., Metro-Goldwyn-Mayer Home Entertainment, LLC, Warner Home Video, Inc., Credit Suisse International, Cargill Financial Services International, Inc., Varde Investment Partners, L.P., Bond Street Capital, LLC, and Hain Capital Group, LLC. About Musicland Based in New York, New York, Musicland Holding Corp., is a specialty retailer of music, movies and entertainment-related products in the United States and Puerto Rico. The Debtor and 14 of its affiliates filed for chapter 11 protection on Jan. 12, 2006 (Bankr. S.D.N.Y. Lead Case No. 06-10064). James H.M. Sprayregen, Esq., at Kirkland & Ellis, represents the Debtors in their restructuring efforts. Mark T. Power, Esq., at Hahn & Hessen LLP, represents the Official Committee of Unsecured Creditors. At March 31, 2007, the Debtors disclosed US$20,121,000 in total assets and US$321,546,000 in total liabilities. On May 12, 2006, the Debtors filed their Joint Plan of Liquidation with the Court. On Sept. 14, 2006, they filed an amended Plan and a Second Amended Plan on Oct. 13, 2006. The Court approved the adequacy of the Amended Disclosure Statement on Oct. 13, 2006. The hearing to consider confirmation of the 2nd Amended Joint Plan started on Nov. 28, 2006. (Musicland Bankruptcy News, Issue No. 44; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) ============= U R U G U A Y ============= * URUGUAY: Paper Mill Not Hurting Argentina, 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. * * * On Sept 11, 2006, Fitch rated Uruguay's US$400 million issue of 5% inflation-indexed bonds payable in U.S. dollars and maturing Sept. 14, 2018, at 'B+'. ================= V E N E Z U E L A ================= PETROLEOS DE VENEZUELA: Earmarks US$1.2 Bil. for Social Programs ---------------------------------------------------------------- Rafael Ramirez, Petroleos de Venezuela SA's president, said that the company has set aside US$1.2 billion for social programs, the Associated Press says. He added that a new subsidiary in the agricultural sector will be launched, a move that met with criticism from some sectors that claimed non-oil investments hurt oil output. The AP relates that this new unit will use US$150 million to buy milk, beef, chicken, sugar, and other agricultural products for distribution to the public. This plan is on top of the US$15.6 billlion investment budget this year that was reported in several papers. The higher investment budget is aimed at boosting the oil sector's output to 5.8 million per day by 2012, from the current three million barrels of daily output. Petroleos de Venezuela SA -- http://www.pdv.com/-- is Venezuela's state oil company in charge of the development of the petroleum, petrochemical and coal industry, as well as planning, coordinating, supervising and controlling the operational activities of its divisions, both in Venezuela and abroad. The company has a commercial office in China. * * * In March 2007, Standard & Poor's Ratings Services assigned its 'BB-' senior unsecured long-term credit rating to Petroleos de Venezuela S.A.'s US$2 billion notes due 2017, US$2 billion notes due 2027, and US$1 billion notes due 2037. PETROLEOS DE VENEZUELA: Restarts El Palito After Power Outage ------------------------------------------------------------- A source at Venezuelan state-owned oil firm Petroleos de Venezuela SA's El Palito plant told Reuters that operations at the refinery has restarted after an electrical outage shut down units. According to El Universal, Petroleos de Venezuela had reported last week that a catalytic cracker and other units in El Palito were out of order due to a power failure. The power outage began in the middle of January, El Universal relates, citing a source. As reported in the Troubled Company Reporter-Latin America on Jan. 21, 2008, a cat cracker at El Palito also went offline after attempts to boost runs at the unit. The increased runs boosted pressure inside the cracking unit. They threw one of the unit's turbines off balance and damaged turbine blades. Petroleos de Venezuela SA had said it would expand its El Palito plant to boost the production of gasoline components. El Palito processes some 140,000 barrels per day to produce fuels for the Venezuelan market. Petroleos de Venezuela had been buying significant amounts of gasoline components in recent months from other nations to meet domestic demand. The pre-ignition catalytic converter project for El Palito will increase the flexibility of the plant's fluid catalytic cracking plant. Petroleos de Venezuela SA -- http://www.pdv.com/-- is Venezuela's state oil company in charge of the development of the petroleum, petrochemical and coal industry, as well as planning, coordinating, supervising and controlling the operational activities of its divisions, both in Venezuela and abroad. The company has a commercial office in China. * * * In March 2007, Standard & Poor's Ratings Services assigned its 'BB-' senior unsecured long-term credit rating to Petroleos de Venezuela S.A.'s US$2 billion notes due 2017, US$2 billion notes due 2027, and US$1 billion notes due 2037. PETROLEOS DE VENEZUELA: Gets Assembly OK for CNPC Joint Venture --------------------------------------------------------------- Venezuela's National Assembly has allowed Corporacion Venezolana del Petroleo SA., a Petroleos de Venezuela SA subsidiary, to form a joint venture with China National Petroleum Corp. to produce oil in the South American country, various reports say. The government's Official Gazette said in a statement that the joint venture, called Sinovensa SA, will be 60 percent owned by Venezuela and 40 percent by CNPC, Bloomberg News reports. CNPC spokesperson told Business News Americas that Petrosumano, a second joint venture between the two companies, has anticipated the assembly approval, adding that CNPC has been in the planning stages for its 2008 budget in Venezuela. BNamericas relates that PDVSA would invest more than US$10 billion with CNPC. The two joint ventures, Mr. Chavez disclosed in September, would process heavy crude from the Orinoco and working on new projects on the Junin 4 and Carabobo blocks in Orinoco, the same paper states. According to President Hugo Chavez, Venezuela has eyed exporting oil to more than triple to China by 2009 and increased deliveries more than sixfold within 10 years, Forbes.com reports. In addition, PDVSA President Rafael Ramirez stressed that the new production capacity could be processed at refineries due to be constructed in the Venezuelan cities of Caripito, Batalla de Santa Ines and Cabruta, Bnamericas notes. Petroleos de Venezuela SA -- http://www.pdv.com/-- is Venezuela's state oil company in charge of the development of the petroleum, petrochemical and coal industry, as well as planning, coordinating, supervising and controlling the operational activities of its divisions, both in Venezuela and abroad. The company has a commercial office in China. * * * In March 2007, Standard & Poor's Ratings Services assigned its 'BB-' senior unsecured long-term credit rating to Petroleos de Venezuela S.A.'s US$2 billion notes due 2017, US$2 billion notes due 2027, and US$1 billion notes due 2037. * VENEZUELA: UNHRC OKs Micro-Credit Loans to Colombian Refugees --------------------------------------------------------------- The United Nations High Commissioner for Refugees has signed an agreement with the Venezuela to grant micro-credits to Colombian refugees in Venezuela, El Universal reports. Under the deal, which is estimated at US$700,000, would grant loans on about 10,000 refugees, the same paper states. Venezuelan state-run Sovereign People's Bank will provide the funds, according to UNHRC spokesperson William Spindler. Report shows that the refugees, many of whom are applying for asylum, are located in the Venezuelan states of Zulia, Tachira, and Apure, on the border with Colombia. * * * As reported in the Troubled Company Reporter on Nov. 20, 2006, Fitch Ratings affirmed Venezuela's long-term foreign and local currency Issuer Default Ratings at 'BB-'. At the same time, the agency also affirmed the short-term foreign currency IDR at 'B'and the Country Ceiling at 'BB-'. Fitch said the outlook on the ratings remains stable. *********** S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter - Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Marjorie C. Sabijon, Sheryl Joy P. Olano, Rizande de los Santos, and Pamella Ritah K. Jala, Editors. Copyright 2008. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$625 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *