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, February 6, 2008, Vol. 9, Issue 26 Headlines A R G E N T I N A ALITALIA SPA: Sale Talks Continue Unless New Gov't Takes Over ALITALIA SPA: AirOne Asks Court to Cancel Air France Talks ARDILA Y ASOCIADOS: Files for Reorganization in Buenos Aires DANA CORP: Emerges from Chapter 11 Protection Effective Jan. 31 FIDEICOMISO (MULTIPYME V): Moody's Rates Debt Securities at B1 FIDEICOMISO (SECUPYME XXXII): Moody's Rates Debt Securities at B1 HUDSON HIGHLAND: Board OKs US$15-Mln Common Share Buyback Program NEVO BANCO: Launches Class 1, ARS90 Mil. Short-Term Debt Issue NVIDIA CORP: Inks Definitive Deal to Acquire AGEIA Technologies REBERTCH Y ADP: Proofs of Claim Verification Ends on March 14 TELECOM ARGENTINA: Launching IPTV Technical Tests in June TURRA HNOS: Trustee Filing Individual Reports on March 28 TYSON FOODS: Board Declares US$0.04 Per Share Quarterly Dividend * ARGENTINA: Obtains US$603,015 Financing from MIF B E R M U D A FIVE BALANCED: Sets Final Shareholders Meeting for February 11 INTELSAT LTD: Parent Closes Equity Acquisition Deal With Serafina INTELSAT LTD: Proposes 5-1/4% Senior Notes Redemption TRANS-PACIFIC MANAGEMENT: Proofs of Claim Filing Ends on Feb. 20 B R A Z I L AAR CORP: Prices Tender Offer on Convertible Notes at US$175-Mln AAR CORP: S&P Puts BB Rating on US$175-Mln Convertible Sr. Notes BANCO DO BRASIL: Issuing 350,000 BB Previdencia Cards in 2008 BANCO DO BRASIL: Linux Software Could Bring BRL30 Mil. in Savings DUERR AG: Indian Unit Posts 50% Increase in Sales FIDELITY NATIONAL: Inks Online Banking Pact With Digital Insight FORD MOTOR: January 2008 Sales Decreases 4% at 159,914 FORD MOTOR: Kicks Off 2008 with 9.6% Sales Increase in Canada FREESCALE SEMI: To Acquire SigmaTel for US$110 Million GENERAL MOTORS: January 2008 Sales Increased 2.1% to 252,565 HUGHES NETWORK: Indian Unit Inks Broadband Service Deal With Comat NET SERVICOS: Earns BRL96 Million in 2007 Fourth Quarter USINAS SIDERURGICAS: Acquires 3 Iron Ore Miners for US$295 Million * BRAZIL: Petroleo Brasileiro Inks Black Sea Oil Drilling Pact C A Y M A N I S L A N D S #1 NDC FUDOSAN: Proofs of Claim Filing Deadline is February 17 ABN AMRO GENERAL: Proofs of Claim Filing is Until February 10 ABN AMRO EMERGING: Proofs of Claim Filing Ends on February 10 ABN AMRO JAPAN: Proofs of Claim Filing Deadline is February 10 BROADWAY FINANCE: Proofs of Claim Filing is Until February 12 CYPRESSTREE INVESTMENT: Proofs of Claim Filing Ends on Feb. 8 CYPRESSTREE INVESTMENT: Final Shareholders Meeting is on Feb. 8 GLEACHER EQUITY: Proofs of Claim Filing Deadline is February 10 KEVIAN CAPITAL: Sets Final Shareholders Meeting for February 8 KEVIAN CAPITAL FUND: Final Shareholders Meeting is on Feb. 8 MAPLES AND CALDER: Proofs of Claim Filing Is Until February 8 SEAGATE TECH: Eyes Dividend Increase of Up to US$0.12 Per Share STABLE CREST: To Hold Final Shareholders Meeting on February 14 SYSTEMS UNION: To Hold Final Shareholders Meeting on February 15 TREMONT PORTABLE: Proofs of Claim Filing is Until February 11 C H I L E BOSTON SCIENTIFIC: Posts US$458-Mln. Net Loss in Fourth Qtr. 2007 SHAW GROUP: Unit Bags Environmental Services Pact With Waste Mgt. C O L O M B I A BANCOLOMBIA SA: Sets General Shareholders Meeting for March 10 SOLUTIA INC: To Pay US$3.8 Million to Resolve EPA Claim SOLUTIA INC: Formally Seeks US$2-Bil. Exit Funding From Citigroup QUEBECOR WORLD: U.S. Trustee Forms Seven-Member Creditors' Panel QUEBECOR WORLD: May Apply US$1B DIP Facility for LA & Europe Biz C O S T A R I C A * COSTA RICA: Power Firm Accepting Bids for El Dique Study E L S A L V A D O R ALCATEL-LUCENT SA: Extended Restructuring Sees 400 Job Cuts G U A T E M A L A BRITISH AIRWAYS: Fuel Costs Up GBP72 Mln in Third Quarter 2007 BRITISH AIRWAYS: Deutsche Bank Maintains "Buy" Rating on Firm J A M A I C A SUGAR CO.: Farmers Group Worried on Angostura Limited's Bid * JAMAICA: To Meet with Chinese Bidder for Jamaica Railway * JAMAICA: PM Golding Unveils Plan to Build New Int'l Airport * JAMAICA: World Bank To Help Nation on Its Public Debt * JAMAICA: Will Benefit From Int'l Development's Investment Fund M E X I C O ADVANCED MICRO: UBS Reiterates Neutral Rating on Firm's Shares DURA AUTOMOTIVE: Obtains Court OK for $170MM Replacement Loan KANSAS CITY: Names John Derry as Human Resources Vice President MOVIE GALLERY: To Close 400 Underperforming Stores VISTEON CORP: Selling NA Facilities to Centrum Properties' Unit WENDY'S INT'L: 2007 Income from Operations Up 134% to US$86.6 Mil. N I C A R A G U A PERRY ELLIS: Closes C&C and Laundry Acquisition for US$33.1 Mil. P A N A M A CHIQUITA BRANDS: Completes Consent Solicitation on 7-1/2% Notes CHIQUITA BRANDS: Mulls Offer of US$150 Mil. Convertible Sr. Notes CLOROX CO: Reports US$92 Million Net Income in Second Quarter P E R U CUMMINS INC: Extends ISX Deal With Volvo Trucks North America GRAN TIERRA: Allots US$26.6 Mil. for Capital Expenditure Program P U E R T O R I C O PILGRIM'S PRIDE: Board Declares 2-1/4 Cents Per Share Dividend V E N E Z U E L A BANCO PROVINCIAL: Parent Cut to "Neutral" by UBS AG CHRYSLER LLC: Total U.S. Sales Decreased 12% at 137,392 Units CHRYSLER LLC: Parts Shortage Prompts Closing of Four Facilitie - - - - - ================= A R G E N T I N A ================= ALITALIA SPA: Sale Talks Continue Unless New Gov't Takes Over ------------------------------------------------------------- Negotiations to sell Italy's 49.9% stake in Alitalia S.p.A. to Air France-KLM S.A. cannot be stopped unless a new government is installed, Thomson Financial reports citing transport minister Alessandro Bianchi. As previously reported in the TCR-Europe, Prime Minister Romano Prodi, tendered his resignation on Jan. 24, 2008, after losing a confidence vote in the Senate. Mr. Prodi earlier lost a majority in the Italian Senate after the Udeur party left the coalition government. President Giorgio Napolitano said he will defer a decision to accept the resignation pending consultations with all the political parties in the Parliament. According to Thomson Financial, Mr. Napolitano may either install an interim government to make electoral reforms or snap elections. "If the Prodi government goes to elections nothing stop," Mr. Prodi told Thomson Financial. "The procedure [for Alitalia] is fixed and it would be unreasonable to stop it. Mr. Bianchi added that if an election is called, Mr. Prodi's government would continue administration of the country, which would include concluding the Alitalia sale. "If, instead, there is another government then there is the need to rediscuss everything," Mr. Bianchi told Thomson Financial. Alitalia and Air France have until mid-March to present a final contract. About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/-- provides air travel services for passengers and air transport of cargo on national, international and inter-continental routes. The Italian government owns 49.9% of Alitalia. The company has operations in Argentina. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia posted EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked annual net losses of EUR520 million in 2003, EUR813 million in 2004, EUR168 million in 2005, and EUR625.6 million in 2006. Italian Transport Minister Alessandro Bianchi has warned that Alitalia may file for bankruptcy if the current attempt to sell the government's 49.9% stake fails. ALITALIA SPA: AirOne Asks Court to Cancel Air France Talks ---------------------------------------------------------- AP Holding S.p.A., investment arm of AirOne S.p.A., has filed an appeal with the Italian Regional Administration Court of Lazio to declare null and void a Dec. 28, 2007, decision of Italy's Ministry of Economy and Finance to commence exclusive talks to sell the Italian government's 49.9% stake to Air France-KLM SA, Alitalia S.p.A. confirms. "The appeal ... is the only instrument we have to know the reasons why there weren't more transparent and non-discriminatory criteria," AP Holding said. AirOne chairman Carlo Toto insisted in mid-January that it presented more economical offer for Alitalia, noting that its business plan for the national carrier is supported by "four among the world's most important banks that are ready to formalize their commitment immediately should a private negotiation be initiated." "We don't want to halt the talks," a source privy to AP Holding told Reuters. "We also want to be able to present a binding offer." "There are still many questions open so we don't think the game is over," Corrado Passera, who leads AirOne financial backer Intesa Sanpaolo S.p.A., told Corriere della Sera. "Everything still has to be sorted out." Alitalia and Italy have selected Air France-KLM's non-binding offer over AirOne's. As reported in the TCR-Europe on Jan. 17, 2007, Alitalia and Italy have commenced exclusive sale talks with Air France-KLM. The carriers have until mid-March to reach an agreement, which would be approved by the government. In its non-binding offer, Air France plans to: -- acquire 100% of the shares of Alitalia through an exchange offer; -- acquire 100% of Alitalia convertible bonds; and -- immediately inject at least EUR750 million into Alitalia through a capital increase, that will be open to all shareholders and be fully underwritten by Air France. About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/-- provides air travel services for passengers and air transport of cargo on national, international and inter-continental routes. The Italian government owns 49.9% of Alitalia. The company has operations in Argentina. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia posted EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked annual net losses of EUR520 million in 2003, EUR813 million in 2004, EUR168 million in 2005, and EUR625.6 million in 2006. Italian Transport Minister Alessandro Bianchi has warned that Alitalia may file for bankruptcy if the current attempt to sell the government's 49.9% stake fails. ARDILA Y ASOCIADOS: Files for Reorganization in Buenos Aires ------------------------------------------------------------ Ardila y Asociados SA has requested for reorganization approval after failing to pay its liabilities since Nov. 10, 2007. The reorganization petition, once approved by the court, will allow Ardila y Asociados to negotiate a settlement with its creditors in order to avoid a straight liquidation. The case is pending in the National Commercial Court of First Instance No. 24 in Buenos Aires. Clerk No. 47 assists the court in this case. The debtor can be reached at: Ardila y Asociados SA Basualdo 430 Buenos Aires, Argentina DANA CORP: Emerges from Chapter 11 Protection Effective Jan. 31 --------------------------------------------------------------- Dana Corporation and its debtor-affiliates have notified the U.S. Bankruptcy Court for the Southern District of New York that their Third Amended Joint Plan of Reorganization is deemed effective as of Jan. 31, 2008, after satisfying or waiving each of the conditions precedent to the effectiveness of the Plan, Corine Ball, Esq., at Jones Day, in New York, relates. Dana Corp., starting on the Effective Date, will operate as Dana Holding Corporation. Dana's Statement Dana Holding Corporation is emerging from Chapter 11 reorganization as a new company positioned to compete vigorously in the global automotive, commercial vehicle, and off-highway markets. Dana's U.S. operations entered Chapter 11 on March 3, 2006. During a comprehensive, 23-month reorganization, the company and its stakeholders achieved US$440 million to US$475 million in annual cost savings and revenue improvements. These annual savings were achieved primarily from improvements in its manufacturing footprint, reducing labor costs and benefit changes, working with labor and retiree groups to create VEBA trusts to assume ongoing obligations for retiree health and welfare costs, and further reductions in administrative expenses. "Fundamental change has been our objective from the outset of this process," said Mike Burns. "We have achieved this goal through the persistence and dedication of our employees around the world, the partnerships with our labor unions, and the ongoing confidence and support of our customers and suppliers. Mr. Burns, who served as Dana's Chairman and CEO since 2004 and will remain with the company for a transition period, added, "I am proud of our emergence today and what the people of Dana have accomplished during the restructuring process. Our actions were necessary for the future of the company. And we achieved our goal while maintaining a strong focus on taking care of our customers. This is the right time for a change, and I am convinced that the company and its new leadership are poised for success." John Devine as Chairman and Acting CEO In conjunction with emergence, Dana's new Board of Directors has elected John Devine executive chairman and acting CEO. Mr. Devine is the former vice chairman and chief financial officer of General Motors Corporation, where he served from 2001 to mid-2006. Prior to joining GM, Mr. Devine served as chairman and chief executive officer of Fluid Ventures, LLC. Previously, he spent 32 years at Ford Motor Company, where he last served as executive vice president and chief financial officer. Mr. Devine is also a board member of Amerigon Incorporated. "I'm pleased to join the Dana team, particularly on this important day for our company and all of its stakeholders," said Mr. Devine. "The reorganization achieved by Dana and its people has positioned us to emerge as a more competitive company. We will be focused on the goal of returning Dana to a leadership position in our industry." Investment Programs Dana obtained US$2,000,000,000 in exit financing through an effort led by Citigroup Global Markets Inc., Lehman Brothers Inc., and Barclays Capital. Despite difficult credit market conditions, the company was able to secure exit financing. The financing consists of a US$650 million asset-based revolving credit facility and a US$1,350 million term loan facility. Proceeds from the facility will be used by Dana to repay its debtor-in-possession credit facility, make other payments required upon exit from bankruptcy, and provide liquidity to fund new product programs and other investments. Common Stock Begins Trading on NYSE Effective Feb. 1, 2008, common stock in the new company will begin trading on the New York Stock Exchange under the symbol DAN. Shares of Dana Corporation common stock that had most recently traded over the counter under the symbol DCNAQ have been canceled and will no longer trade. Dana Provides Documents to Lexington Entities Lexington Dry Ridge Corp., Lexington Elizabethtown 730 Corp., Lexington Kalamazoo L.P., Lexington Owensboro Corp., LSAC Crossvilee, L.P., and Lexington Tennessee Holdings, L.P., owners of eight properties that are subject to assignment under the Plan, have previously asked sufficient financial information from the Debtors so that they may properly and adequately evaluate each of the assignee's ability to perform all obligations the leases to be assigned to it. The Debtors told the Court that they have presented certain financial information to the Lexington Entities under existing confidentiality agreements. The Debtors said they intend to present the information to the Court as evidence of the Assignees' ability to perform their future obligations under the Leases. The Financial Information, however, include confidential and commercially sensitive data, including balance sheets and financial projections for certain of the Debtors' subsidiaries, the Debtors' counsel, Corinne Ball, Esq., at Jones Day, in New York, said. The Debtors thus ask the Court's authority to file any of the Financial Information under seal. The Lexington Entities filed with the Court a response to the Debtors' Notice of Service. The response, however, was filed under seal. In another filing, a lessor who has objected to the Debtors' proposed cure amount, Claim Management Services Inc., withdrew its cure amount objection. About Dana Based in Toledo, Ohio, Dana Corporation -- http://www.dana.com/-- designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. Dana has facilities in China in the Asia-Pacific, Argentina in the Latin-American regions and Italy in Europe. The company and its affiliates filed for chapter 11 protection on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Aug. 31, 2007, the Debtors listed US$6,878,000,000 in total assets and US$7,551,000,000 in total debts resulting in a total shareholders' deficit of US$673,000,000. Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represent the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners serves as Dana's Chief Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents the Official Committee of Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the Official Committee of Equity Security Holders. Stahl Cowen Crowley, LLC serves as counsel to the Official Committee of Non-Union Retirees. The Debtors filed their Joint Plan of Reorganization on Aug. 31, 2007. On Oct. 23, 2007, the Court approved the adequacy of the Disclosure Statement explaining their Plan. Judge Burton Lifland of the U.S. Bankruptcy Court for the Southern District of New York entered an order confirming the Third Amended Joint Plan of Reorganization of the Debtors on Dec. 26, 2007. (Dana Corporation Bankruptcy News, Issue No. 70; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) FIDEICOMISO (MULTIPYME V): Moody's Rates Debt Securities at B1 -------------------------------------------------------------- Moody's Latin America has assigned a national scale rating of Aa3.ar and a global local currency rating of B1 to the debt securities of Fideicomiso Financiero MULTIPYME V issued by Bapro Mandatos y Negocios S.A. -- acting solely in its capacity as Issuer and Trustee. The rated securities are backed by a pool of bills of exchange signed by agricultural producers in Argentina. The bills of exchange are guaranteed by Garantizar S.G.R., which is a financial guarantor in Argentina. Garantizar has a local currency national scale rating of Aa3.ar and global local currency rating of B1. The rating assigned to this transaction is primarily based on the rating of Garantizar. Therefore, any future change in the rating of the guarantor may lead to a change in the rating assigned to this transaction. The rating addresses the payment of interest and principal on the legal final maturity date of the securities. Structure Bapro Mandatos y Negocios S.A. (Issuer and Trustee) issued one class of debt securities denominated in Argentine pesos. The rated securities will bear a 7.5% annual interest rate. The rated securities will be repaid from cash flow arising from the assets of the Trust, constituted by a pool of fixed rate bills of exchange denominated in US dollars signed by agricultural producers and guaranteed by Garantizar S.G.R. The bills of exchange will bear the same interest rate as the rated securities. Although the rated securities are denominated in US dollars, they are payable in Argentine pesos at the exchange rate published by Banco de la Nacion Argentina as of the day prior to the date that the funds are initially deposited into the Trust account. As a result, the dollar is used as a currency of reference and not as a mean of payment. For that reason, the transaction is considered to be denominated in local currency. If, eight days before each payment date, the funds on deposit in the trust account are not sufficient to make payments to investors, the Trustee is obligated to request Garantizar to make payment under the bills of exchange. Garantizar, in turn, will have five days to make this payment into the trust account. Under the terms of the transaction documents, the trustee has up to two days to distribute interest and principal payments to investors. Interest on the securities will accrue up to the date on which the funds are initially deposited by either Garantizar, the exporter, or the individual producers into the Trust account. The designated Trustee in this transaction is Bapro Mandatos y Negocios S.A., which is the Banco de la Provincia de Buenos Aires' trustee company. Banco Provincia is the second largest bank in Argentina and it is rated by Moody's on the Ba2/Aa2.ar level for local currency deposits. Rating Action: -- US$4,031,500 in Fixed Rate Debt Securities of "Fideicomiso Financiero MULTIPYME V", rated Aa3.ar (Argentine National Scale) and B1 (Global Scale, Local Currency). Issuer: Fideicomiso Financiero Multipyme V -- VRD, Assigned B1 FIDEICOMISO (SECUPYME XXXII): Moody's Rates Debt Securities at B1 ----------------------------------------------------------------- Moody's Latin America has assigned a rating of Aa3.ar (Argentine National Scale) and of B1 (Global Scale, Local Currency) to the debt securities of Fideicomiso Financiero SECUPYME XXXII issued by Banco de Valores S.A. -- acting solely in its capacity as Issuer and Trustee. The rated securities are backed by a pool of bills of exchange signed by agricultural producers in Argentina. The bills of exchange are guaranteed by Garantizar S.G.R., which is a financial guarantor in Argentina. Garantizar has a rating of Aa3.ar (Argentine National Scale) and of B1 (Global Scale, Local Currency). The rating assigned to this transaction is primarily based on the rating of Garantizar. Therefore, any future change in the rating of the guarantor may lead to a change in the rating assigned to this transaction. The rating addresses the payment of interest and principal on or before the legal final maturity date of the securities. Structure Banco de Valores S.A. (Issuer and Trustee) issued one class of debt securities denominated in US dollars. The rated securities will bear a 7.5% annual interest rate. The rated securities will be repaid from cash flow arising from the assets of the Trust, constituted by a pool of fixed rate bills of exchange denominated in US dollars signed by agricultural producers and guaranteed by Garantizar S.G.R. The bills of exchange will bear the same interest rate as the rated securities. Although the rated securities are denominated in US dollars, they are payable in Argentine pesos at the exchange rate published by Banco de la Nacion Argentina as of the day prior to the date that the funds are initially deposited into the Trust account. As a result, the dollar is used as a currency of reference and not as a mean of payment. For that reason, the transaction is considered to be denominated in local currency. If, eight days before the final maturity date, the funds on deposit in the trust account are not sufficient to make payments to investors, the Trustee is obligated to request Garantizar to make payment under the bills of exchange. Garantizar, in turn, will have five days to make this payment into the trust account. Under the terms of the transaction documents, the trustee has up to two days to distribute interest and principal payments to investors. Interest on the securities will accrue up to the date on which the funds are initially deposited by either Garantizar, the exporter, or the individual producers into the Trust account. Rating Action: -- US$5,349,000 in Fixed Rate Debt Securities of "Fideicomiso Financiero SECUPYME XXXII", rated Aa3.ar (Argentine National Scale) and B1 (Global Scale, Local Currency) Issuer: Fideicomiso Financiero SECUPYME XXXII -- VRD, Assigned B1 HUDSON HIGHLAND: Board OKs US$15-Mln Common Share Buyback Program ----------------------------------------------------------------- Hudson Highland Group Inc.'s Board of Directors has authorized the repurchase of up to US$15 million of the company's common stock. The company intends to make purchases from time to time as market conditions warrant. Update on Fourth Quarter 2007 The company said it will report fourth quarter 2007 revenue of US$290.5 million and adjusted EBITDA of US$13.5 million from continuing operations. The company's discontinued operations include the Netherlands Reintegration business it sold in December 2007 and the Energy and Engineering business it sold on Feb. 5, 2008. For comparison purposes as set forth including the results of discontinued operations in the fourth quarter would have resulted in revenue of US$331.5 million, compared with guidance of US$325 - US$340 million, and adjusted EBITDA of US$14.3 million, compared with guidance of US$12 - US$14 million. Restatement of Previously Issued Financial Statements The company has determined, in consultation with its external auditors, that a portion of the 2006 and 2007 earn out payments in connection with a 2005 acquisition that the company originally recorded as purchase price, should instead be recorded as expense in the third and fourth quarters of 2006 and the first three quarters of 2007. A current period amount is recorded in the fourth quarter. This restatement is unrelated to the company's accounting matter in the third quarter of 2007. The amounts to be recorded as expense relate to a 2006 amendment to the original acquisition agreement. The restatement does not affect the company's cash flows for those periods. The company will include the restated financial information for the applicable periods in a filing with the Securities and Exchange Commission prior to or in connection with the timely filing of the company's Form 10-K for the year ended Dec. 31, 2007. About Hudson Highland Headquartered in New York, New York, Hudson Highland Group, Inc. (Nasdaq: HHGP)-- http://www.hhgroup.com/-- provides permanent recruitment, contract professionals and talent management services worldwide. From single placements to total outsourced solutions, Hudson helps clients achieve greater organizational performance by assessing, recruiting, developing and engaging the best and brightest people for their businesses. The company employs more than 3,600 professionals serving clients and candidates in more than 20 countries including Argentina, Australia, Belgium, Brazil, and Canada. * * * As reported in the Troubled Company Reporter on Nov. 7, 2006, Moody's Investors Service assigned a Ba2 rating to the company's US$7,500,000 Income Notes Due 2042. NEVO BANCO: Launches Class 1, ARS90 Mil. Short-Term Debt Issue -------------------------------------------------------------- Nuevo Banco Industrial de Azul has launched a class1, ARS90- million local currency short-term debt issue due in 270 days, Business News Americas reports. According to BNamericas, Nuevo Banco has called for qualified investors to present bids to subscribe to the debt issue. Nuevo Banco said in a filing with the Argentine stock exchange that it will be accepting offers from investors until Feb. 8. BNamericas relates that Citicorp Capital Markets will handle the issue. Nuevo Banco Industrial de Azul S.A is headquartered in Buenos Aires, Argentina, and it had assets of ARS1.8 billion and deposits for ARS0.8 billion, as of March 2007. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 21, 2007, Moody's Investors Service assigned long- and short- term global local-currency deposit ratings of Ba3 and Not Prime, as well as long- and short-term foreign-currency deposit ratings of Caa1 and Not Prime to Nuevo Banco Industrial de Azul S.A. At the same time, Moody's assigned a Aa2.ar local-currency deposit rating and a Ba1.ar foreign currency deposit ratings in the Argentine national scale. NVIDIA CORP: Inks Definitive Deal to Acquire AGEIA Technologies --------------------------------------------------------------- NVIDIA Corporation has signed a definitive agreement to acquire the privately-held, California-based AGEIA Technologies Inc. "The AGEIA team is world class, and is passionate about the same thing we are -- creating the most amazing and captivating game experiences," stated NVIDIA president and Chief Executive Officer, Jen-Hsun Huang. "By combining the teams that created the world's most pervasive GPU and physics engine brands, we can now bring GeForce(R)-accelerated PhysX to hundreds of millions of gamers around the world." "NVIDIA is the perfect fit for us. They have the world's best parallel computing technology and are the thought leaders in GPUs and gaming. We are united by a common culture based on a passion for innovating and driving the consumer experience," said AGEIA co-founder and CEO, Manju Hegde. Like graphics, physics processing is made up of millions of parallel computations. The NVIDIA(R) GeForce(R) 8800GT GPU, with its 128 processors, can process parallel applications up to two orders of magnitude faster than a dual or quad-core CPU. "The computer industry is moving towards a heterogeneous computing model, combining a flexible CPU and a massively parallel processor like the GPU to perform computationally intensive applications like real-time computer graphics," continued Mr. Huang. "NVIDIA's CUDA(TM) technology, which is rapidly becoming the most pervasive parallel programming environment in history, broadens the parallel processing world to hundreds of applications desperate for a giant step in computational performance. Applications such as physics, computer vision, and video/image processing are enabled through CUDA and heterogeneous computing." The acquisition remains subject to customary closing conditions. About AGEIA Headquartered in Santa Clara, California, AGEIA Technologies Inc. -- http://www.ageia.com-- is a privately-held company which provides gaming physics technology. AGEIA's PhysX software is widely adopted with more than 140 PhysX-based games shipping or in development on Sony Playstation 3, Microsoft XBOX 360, Nintendo Wii and Gaming PCs. AGEIA physics software is pervasive with over 10,000 registered and active users of the PhysX SDK. The company is also credited with developing the world's first dedicated hardware physics processor, the AGEIA PhysX processor. AGEIA Technologies was founded in 2002 and has offices in Santa Clara, California; St. Louis, Missouri; Zurich, Switzerland; and Beijing, China. About NVIDIA Headquartered in Santa Clara, California, NVIDIA Corp. (Nasdaq: NVDA) -- http://www.nvidia.com/-- creates innovative, industry- changing products for computing, consumer electronics, and mobile devices. The NVIDIA(R) graphics processing unit and media and communications processor brands include NVIDIA GeForce(R), NVIDIA GoForce(R), NVIDIA Quadro(R), and NVIDIA nForce(R). These product families are transforming visually-rich applications such as video games, film production, broadcasting, industrial design, space exploration, and medical imaging. The company has offices throughout Asia, Europe, and the Americas including Brazil and Argentina. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 4, 2007, Standard & Poor's Ratings Services revised its outlook on Nvidia Corp. to positive from stable, following several quarters of strong operating performance despite the acquisition of a key competitor by Advanced Micro Devices Inc. The corporate credit rating is affirmed at 'BB-'. REBERTCH Y ADP: Proofs of Claim Verification Ends on March 14 ------------------------------------------------------------- Susana Roiter, the court-appointed trustee for Rebertch y ADP SA's bankruptcy proceeding, verifies creditors' proofs of claim until March 14, 2008. Ms. Roiter will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 24 in Buenos Aires, with the assistance of Clerk No. 47, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by Rebertch y ADP and its creditors. Inadmissible claims may be subject for appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of Rebertch y ADP's accounting and banking records will be submitted in court. La Nacion didn't state the reports submission deadlines. Ms. Roiter is also in charge of administering Rebertch y ADP's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Rebertch y ADP SA Uruguay 239 Buenos Aires, Argentina The trustee can be reached at: Susana Roiter M. T. de Alvear 1430 Buenos Aires, Argentina TELECOM ARGENTINA: Launching IPTV Technical Tests in June --------------------------------------------------------- Telecom Argentina would launch technical tests of IPTV services in June, Argentine news daily El Cronista reports. Telecom Argentina told El Cronista that it will wait for the government to allow telecoms to offer broadcasting services before launching the service. Business News Americas relates that Telecom Argentina and Telefonica de Argentina are waiting for government to make modifications to regulations that prevent them to offer triple play services. Telecom Argentina's IPTV project manager Alejandra Rico told El Cronista that the technical tests will focus on: -- IPTV platform, -- content, and -- operational process. There is no indication that the government would modify the regulation this year, as any regulatory change will be slow with many interests involved, BNamericas states, citing telcoms consultancy Carrier y Asociados' director Enrique Carrier. Headquartered in Buenos Aires, Telecom Argentina S.A. -- http://www.telecom.com.ar/index-flash.html-- is the fixed- lineoperator for local and long-distance services in northern andsouthern Argentina. It also provides cellular and PCS phoneservices in Argentina, as well as in Paraguay through a 68%stake in Nocleo. France Telecom formerly controlled the companythrough its Nortel Inversora venture with Telecom Italia.France Telecom sold its part of Telecom Argentina to the WertheinGroup, an Argentine agricultural concern owned in part by vicechairman Gerardo Werthein. As of 2007, current approximate ownership of Telecom Argentina is: * 54.74% by Nortel Inversora S.A., itself a consortium made up of: -- Werthein Group (48%) -- Telecom Italia -- France Telecom group (2%); * 41.5% publicly traded; and * 4.21% employee stock ownership program France Telecom sold its part of Telecom Argentina to the WertheinGroup, an Argentine agricultural concern owned in part by vicechairman Gerardo Werthein. As of 2007, current approximate ownership of Telecom Argentina is: * 54.74% by Nortel Inversora S.A., itself a consortium made up of: -- Werthein Group (48%) -- Telecom Italia group (50%) -- France Telecom group (2%); * 41.5% publicly traded; and * 4.21% employee stock ownership program. * * * On Nov. 9, 2006, Fitch Ratings assigned a B long-term issuer default rating on Telecom Argentina. Fitch's outlook for that rating is stable. On Nov. 7, 2007, Fitch assigned an A national long term rating on Telecom Argentina, with a stable outlook. On Oct. 11, 2006, Standard & Poor's Ratings Services raised Telecom Argentina S.A.'s counterparty credit rating to B+/Stable/ from B/Stable following the upgrade of the Republic of Argentina to 'B+' from 'B'. TURRA HNOS: Trustee Filing Individual Reports on March 28 --------------------------------------------------------- Lilia Mercedes Morales de Pioli, the court-appointed trustee for Turra Hnos. Rectificaciones S.R.L.'s reorganization proceeding, will submit validated claims as individual reports in the National Commercial Court of First Instance in La Rioja on March 28, 2008. Ms. Morales de Pioli verified creditors' proofs of claim until Dec. 17, 2007. A general report that contains an audit of Turra Hnos.'s accounting and banking records will be submitted in court on May 16, 2008. The trustee can be reached at: Lilia Mercedes Morales de Pioli Hipolito Yrigoyen 240, Ciudad de La Rioja La Rioja, Argentina TYSON FOODS: Board Declares US$0.04 Per Share Quarterly Dividend ---------------------------------------------------------------- Tyson Foods Inc.'s Board of Directors, at a meeting on Feb. 1, 2008, declared a quarterly dividend of US$0.04 per share on Class A common stock and $0.036 per share on Class B common stock, payable on June 15, 2008, to shareholders of record at the close of business on June 1, 2008. Based in Springdale, Arkansas, Tyson Foods, Inc. (NYSE:TSN) -- http://www.tysonfoods.com/-- is a processor and marketer of chicken, beef, and pork. Tyson's U.S. beef plants are located in Amarillo, Texas; Dakota City, Nebraska; Denison, Iowa; Finney County, Kansas; Joslin, Illinois, Lexington, Nebraska and Pasco, Washington. The company also has a beef complex in Canada, and is involved in a vertically integrated beef operation in Argentina. * * * Tyson Foods Inc. continues to carry Moody's Ba1 corporate family rating and Ba2 probability of default rating. The outlook is negative. * ARGENTINA: Obtains US$603,015 Financing from MIF -------------------------------------------------- The Multilateral Investment Fund of the Inter-American Development Bank has approved a nonreimbursable technical cooperation of US$603,015 to Argentina to support the growth of the microfinance industry. The Funds will enable the development of training and technical assistance programs for Argentine microfinance institutions in all segments, they will also be used to create opportunities for dialogue and dissemination among sector institutions and conduct studies to detect unmet demand for training among microfinance institutions. The program will be executed by Fundacion Andares, a nonprofit foundation working since 2006 to eliminate poverty and social exclusion by supporting the development of microfinance in Argentina. Part of the technical cooperation funds will go to strengthen Fundacion Andares in its efforts to promote excellence in management and innovation in the Argentine microfinance sector. Mrs. Susana Garcia-Robles, Project Team Leader, "expects that the collaboration between MIF and Fundacion Andares for the development of the microfinance industry in Argentina will create a demonstration effect that will serve as a catalyst for other investors to enter into this industry". The MIF, an autonomous fund administered by the IDB, promotes development of micro- and small enterprises in Latin America and the Caribbean. It has supported the expansion and professionalization of microfinance in the region since its creation. * * * 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 outlook for these ratings is stable. ============= B E R M U D A ============= FIVE BALANCED: Sets Final Shareholders Meeting for February 11 -------------------------------------------------------------- Five Balanced Fund Ltd. will hold its final shareholders meeting on Feb. 11, 2008, at 10:00 a.m., at: Canon's Court 22 Victoria Street, Hamilton Bermuda 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 three years from the dissolution of the company, after which they may be destroyed. Five Balanced's shareholders 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: James Keyes Canon's Court 22 Victoria Street, P.O. Box HM 1179 Hamilton, Bermuda INTELSAT LTD: Parent Closes Equity Acquisition Deal With Serafina ----------------------------------------------------------------- Intelsat Ltd. disclosed in a press statement the successful closing of the acquisition of all of the primary equity ownership of its parent, Intelsat Holdings Ltd., by Serafina Holdings, Limited, an entity formed by funds advised by BC Partners, Silver Lake and certain other equity investors. Under the transaction, the equity of Intelsat Holdings was valued at approximately US$5.0 billion. Of the current shareholders of Intelsat Holdings, the funds advised by or associated with Apax Partners Worldwide LLP, Apax Partners, L.P., Apollo Management V, L.P., Madison Dearborn Partners, LLC and Permira Advisers LLC, will sell 100 percent of their interests in the company. Following the closing, Intelsat's current executives will remain in place and have an equity interest in Serafina Holdings, which is expected to be renamed Intelsat Global, Ltd. Immediately following the consummation of the transaction, Intelsat (Bermuda), Ltd. assumed certain debt obligations entered into by Serafina Holdings to effect the transaction and refinance certain existing debt of Intelsat. The assumed debt includes a bridge financing comprised of two tranches, a US$2.805 billion cash pay senior unsecured bridge loan and a US$2.155 billion PIK election bridge loan. "This transaction closes at a time when Intelsat is seeing strong momentum. We have improved the operating profile of our company, based on initiatives such as our fleet management program and the introduction of new services. Speaking on behalf of Intelsat's management, we are looking forward to working with BC Partners and Silver Lake as we continue to execute our growth strategy," said Dave McGlade, the Chief Executive Officer of Intelsat. Raymond Svider, a Managing Partner at BC Partners, added, "Intelsat is a rare investment opportunity, providing revenue diversity, stability and global presence combined with attractive growth potential. We are proud to become associated with this world class management team and are looking forward to supporting them in taking the business to its next stage of development." Credit Suisse acted as financial advisor to Intelsat, Ltd. in connection with the transaction. Intelsat's legal advisors included Wachtell Lipton Rosen & Katz, Milbank, Tweed, Hadley and McCoy LLP, Wiley Rein LLP, and Paul, Weiss, Rifkind, Wharton & Garrison LLP. Merrill Lynch & Co. and Perella Weinberg Partners LP acted as financial advisors, Latham & Watkins LLP as legal advisor and PricewaterhouseCoopers LLP as accounting and tax advisor to the acquiror. About BC Partners BC Partners is a leading international private equity firm, operating through integrated teams based in Geneva, Hamburg, London, Milan, New York and Paris. The latest fund, BCEC VIII, closed in May 2005 with EUR5.9 billion of commitments. For over 20 years, the firm has developed a long track record of successfully acquiring and developing businesses in partnership with management, investing in 65 acquisitions with a combined enterprise value of EUR49 billion. Recent investments include Brenntag, Amadeus, Dometic, Picard, SEAT Pagine Gialle and Unity Media. About Silver Lake Silver Lake -- http://www.silverlake.com/-- is a leader in large private investments in technology, technology-enabled, and related growth industries. Silver Lake seeks to achieve superior financial returns by investing with the strategic and operating insights of an experienced industry participant. Silver Lake's mission is to function as a value-added partner to the management teams of the world's leading technology franchises. Its portfolio includes or has included technology industry leaders such as Ameritrade, Avago, Avaya, Business Objects, Flextronics, Gartner, Gerson Lehrman Group, Instinet, IPC Systems, MCI, NASDAQ, NetScout, NXP, Sabre Holdings, Seagate Technology, Serena Software, SunGard Data Systems, Thomson and UGS. About Intelsat Headquartered in Bermuda, Intelsat, is the largest fixed satellite service operator in the world and is owned by Apollo Management, Apax Partners, Madison Dearborn, and Permira. * * * As reported in the Troubled Company Reporter-Latin America on Jan. 31, 2008, Moody's Investors Service downgraded Intelsat Ltd.'s corporate family rating by two notches to Caa1. INTELSAT LTD: Proposes 5-1/4% Senior Notes Redemption ----------------------------------------------------- Intelsat Ltd., in connection with the successful closing of its acquisition by BC Partners Holdings Limited and Silver Lake, has intended to redeem all of its outstanding US$400 million 5-1/4% Senior Notes due 2008. Intelsat, Ltd. has issued a notice of redemption pursuant to the indenture for the Notes stating that it intended to redeem all of such Notes on March 5, 2008. The redemption price for the Notes will be determined in accordance with the indenture plus accrued and unpaid interest thereon to the Redemption Date. About Intelsat Headquartered in Bermuda, Intelsat, is the largest fixed satellite service operator in the world and is owned by Apollo Management, Apax Partners, Madison Dearborn, and Permira. * * * As reported in the Troubled Company Reporter-Latin America on Jan. 31, 2008, Moody's Investors Service downgraded Intelsat Ltd.'s corporate family rating by two notches to Caa1. TRANS-PACIFIC MANAGEMENT: Proofs of Claim Filing Ends on Feb. 20 ---------------------------------------------------------------- Trans-Pacific Management International Limited's creditors are given until Feb. 20, 2008, to prove their claims to Ian Pilgrim, 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. Trans-Pacific Management's shareholders agreed on Feb. 1, 2008, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Ian Pilgrim c/o Mayflower Management Services Limited Bamboo Gate, 11 Harbor Road Paget PG01, Bermuda =========== B R A Z I L =========== AAR CORP: Prices Tender Offer on Convertible Notes at US$175-Mln ---------------------------------------------------------------- On Feb. 4, 2008, AAR CORP. said it will offer US$175 million in aggregate principal amount of convertible senior notes in a private offering to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended, subject to market and other conditions, in two equal tranches of US$87.5 million aggregate principal amount of Notes due 2014, and US$87.5 million aggregate principal amount of Notes due 2016. Upon conversion, holders will receive cash up to the principal amount, and any excess conversion value will be delivered, at the election of the company, in cash, common stock or a combination of cash and common stock. The company may sell up to an additional aggregate US$25 million of Notes upon exercise of an over- allotment option that the company expects to grant to the initial purchasers in connection with the offering. In addition, the company expects to enter into separate convertible note hedge and warrant transactions with an affiliate of one of the initial purchasers of the Notes. These transactions are intended to reduce potential dilution to the company's common stock upon potential future conversion of the Notes and generally have the effect on the company of increasing the conversion price of the Notes. In connection with these transactions, the hedge counterparty has advised the company that it or its affiliates may enter into various derivative transactions with respect to the company's common stock concurrently with or shortly following pricing of the Notes. These activities could have the effect of increasing or preventing a decline in the price of the company's common stock concurrently with or following the pricing of the Notes. In addition, the hedge counterparty or its affiliates may from time to time, following the pricing of the Notes, enter into or unwind various derivative transactions with respect to the company's common stock and/or purchase or sell the company's common stock in secondary market transactions. These activities could have the effect of decreasing the price of the company's common stock and could affect the price of the Notes. The company expects to use the net proceeds of the offering to repay short-term indebtedness under its revolving credit facility, to pay the net cost of the above-described convertible note hedge and warrant transactions and for general corporate purposes. The Notes have not been registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. About AAR Corp. AAR Corp. (NYSE: AIR) -- http://www.aarcorp.com/-- provides products and value-added services to the worldwide aviation/aerospace industry. With facilities and sales locations around the world, AAR uses its lose-to-the-customer business model to serve airline and defense customers through Aviation Supply Chain; Maintenance, Repair and Overhaul; Structures and Systems and Aircraft Sales and Leasing. In Asia Pacific, the company has offices in Singapore, China, Japan and Australia. In Latin America, the company has a sales office in Rio de Janeiro, Brazil. * * * AAR Corporation continues to carry Moody's Investors Service's 'Ba3' long-term corporate family rating, which was assigned on November 2006. AAR CORP: S&P Puts BB Rating on US$175-Mln Convertible Sr. Notes ---------------------------------------------------------------- Standard & Poor's Ratings Services has assigned its 'BB' rating to AAR Corp.'s proposed US$175 million of convertible senior unsecured notes to be issued in two equal tranches: US$87.5 million notes due 2014 and US$87.5 million notes due 2016. At the same time, S&P affirmed its ratings, including the 'BB' corporate credit rating, on the company. The outlook is stable. The notes are offered under Rule 144A with registration rights. Proceeds of the notes are expected to be used to repay about US$125 million of borrowings under the company's revolving credit facility and for other purposes. "The ratings on AAR reflect the risks associated with its primary market, the highly cyclical and competitive airline industry, and increasing financing requirements to support growth initiatives," said S&P's credit analyst Roman Szuper. "These factors are offset in part by AAR's established business position, currently generally favorable market conditions, and an overall appropriate financial profile." The commercial aviation market should remain fairly strong in 2008, although global flying hours are likely to increase at a lower rate than in recent years because of a slower economy. This, coupled with the expanding jetliner fleet in service and outsourcing trends, should continue to benefit the company's aftermarket parts and services operations, despite high oil prices that constrained gains at many airlines. In addition, the company's extensive cost-reductions, strength in its defense- related manufacturing and logistics business (about 30% of revenues, mostly in the United States), a diversified customer base, and an expansion of operations in Asia and Europe have helped the company rebound from its weak financial performance during the industry downturn in 2001-2003. As a result, operating margins and return on capital have increased, but both remain relatively modest, at about 12%. Although S&P expects further revenue and earnings gains, the highly competitive operating environment could limit profitability improvement. Moreover, cash generation has been limited by the growth of the business in the past two years. Generally favorable conditions in the airline and defense industries and expected further gains in the company's profitability should support the its growth initiatives and allow it to maintain a financial profile consistent with the rating. If there is a material improvement in financial performance, S&P could revise the outlook to positive. An outlook revision to negative is a less likely scenario, but S&P would consider this action if renewed problems in the airline industry cause the company's revenue and earnings growth to stall. Wood Dale, Illinois-based AAR Corp. (NYSE: AIR) -- http://www.aarcorp.com/-- is a major independent provider of aviation support services, operating in four groups: the aviation supply chain (45%-50% of revenues); maintenance, repair, and overhaul (20%-25%); structures and systems (about 25%); and aircraft sales and leasing (about 5%). North America is the company's largest market, accounting for 70%-75% of sales. In Asia Pacific, the company has offices in Singapore, China, Japan and Australia. In Latin America, the company has a sales office in Rio de Janeiro, Brazil. BANCO DO BRASIL: Issuing 350,000 BB Previdencia Cards in 2008 ------------------------------------------------------------- Banco do Brasil said in a press statement that it plans to issue 350,000 of its BB Previdencia Social plastic cards in 2008. Banco do Brasil told Business News Americas that the BB Previdencia card was the first in a family of cards it plans to launch for Instituto Nacional do Seguro Social pension system beneficiaries. The cards can be used to make pension benefit withdrawals and credit and debit card purchases. According to Banco do Brasil's press statement, the BB Previdencia card will be issued to people who sign up to get their INSS payments through Banco do Brasil. However, it is not necessary to open a checking account to get the new card. The INSS has some 19 million beneficiaries. About six million of those beneficiaries get their pension benefits through Banco do Brasil, BNamericas states, citing Banco do Brasil. Banco do Brasil is Brazil's federal bank and is the largest in Latin America with some 20 million clients and over 7,000 points of sale (3,200 branches) in Brazil, and 34 offices and partnerships in 26 other countries. In addition to its traditional retail banking services, Banco do Brasil underwrites and sells bonds, conducts asset trading, offers investors portfolio management services, conducts financial securities advising, and provides market analysis and research. * * * On Nov. 6, 2007, Moody's assigned a Ba2 foreign currency deposit rating to Banco do Brasil. On Aug. 23, 2007, Moody's assigned a Ba2 long-term bank deposit rating on the bank with a stable outlook. In May 2007, Standard & Poor's Ratings Services raised its long- term foreign currency counterparty credit rating on Brazilian government-related entity Banco do Brasil to 'BB+' from 'BB', after Brazil's foreign currency sovereign credit rating was upgraded to BB+. BANCO DO BRASIL: Linux Software Could Bring BRL30 Mil. in Savings ----------------------------------------------------------------- Banco do Brasil would save BRL30 million by 2010 from its software migration to Linux, Computerworld Brazil reports. According to Computerworld Brazil, Banco do Brasil already had BRL60 million cost savings since it started migrating to Linux from Microsoft in 2003. Last year, about 75% of Banco do Brasil's technological park operated with the GNU/Linux system. Banco do Brasil allotted BRL1.5 billion to information technology in 2007, Computerworld Brazil states. Banco do Brasil is Brazil's federal bank and is the largest in Latin America with some 20 million clients and over 7,000 points of sale (3,200 branches) in Brazil, and 34 offices and partnerships in 26 other countries. In addition to its traditional retail banking services, Banco do Brasil underwrites and sells bonds, conducts asset trading, offers investors portfolio management services, conducts financial securities advising, and provides market analysis and research. * * * On Nov. 6, 2007, Moody's assigned a Ba2 foreign currency deposit rating to Banco do Brasil. On Aug. 23, 2007, Moody's assigned a Ba2 long-term bank deposit rating on the bank with a stable outlook. As reported on May 22, 2007, Standard & Poor's Ratings Services raised its long-term foreign currency counterparty credit rating on Brazilian government-related entity Banco do Brasil to 'BB+' from 'BB', after Brazil's foreign currency sovereign credit rating was upgraded to BB+. DUERR AG: Indian Unit Posts 50% Increase in Sales ------------------------------------------------- The Duerr mechanical and plant engineering group is benefiting from the automotive industry's strong expansion in India. In 2007, new orders from business in India rose by 20% to over EUR130 million, and sales revenue increased by 50%. The company is currently building the paint shop for the widely publicized Nano subcompact from Tata. Duerr's new LeanLine painting concept is being used there, which allows good paint quality to be achieved despite low capital investment costs. Duerr is also supplying LeanLine equipment for other paint shop projects in India, for example, at the VW plant in Pune and for Tata in Lucknow. In January 2008, Duerr has already received two orders from Ford and the Mahindra Group in India. Other interesting projects are coming up during the year and will contribute to Duerr's growth in India. Because of the growth, Duerr is greatly expanding its capacities in India. In the past year, the number of employees there increased by 90% to over 300. At its Chennai site, the company furthermore plans to set up an engineering center where about 60 engineers will design paint shops and assembly lines in proximity to customers. "India is one of the fastest-growing markets for us. We are benefiting there from our good contacts with both domestic and foreign automakers," Ralf Dieter, CEO of Duerr AG. "Experts expect that production of passenger cars and light trucks on the subcontinent will double in the next five years to about 3.7 million units. The automotive industry's buildup of additional production capacities makes profitable growth in India possible for us." About Duerr Headquartered in Stuttgard, Germany, The Duerr Group -- http://www.durr.com/en/-- supplies products, systems, and services for automobile manufacturing. Duerr designs and builds paint shops and final assembly plants. The Duerr Group also operates in Czech Republic, France, U.K., Italy, Netherlands, Poland, Russia, Slovakia, Spain, Turkey, Australia, Brazil, China, India, Japan, Mexico, South Africa, South Korea and the U.S.A. * * * As of Nov. 19, 2007, Duerr AG carries B2 Corporate Family, B2 Probability of Default and Caa1 Senior Subordinate ratings from Moody's Investor Service. Moody's said the outlook is stable. The company also carries B Long-Term Foreign Issuer Credit and Local Issuer Credit ratings from Standard & Poor's. S&P said the Outlook is Stable. FIDELITY NATIONAL: Inks Online Banking Pact With Digital Insight ---------------------------------------------------------------- Fidelity National Information Services Inc. has entered into a new strategic relationship with Digital Insight, a leading provider of online banking services to midmarket banks and credit unions in the United States. Under terms of this agreement, Digital Insight will offer Fidelity's Premium Bill Pay and Presentment solution to its clients. "Our companies have a strong, mutually beneficial relationship that helps deliver market-leading online banking technologies to our clients," said Digital Insight vice president and general manager of Consumer Solutions, Robb Gaynor. "Adding FIS' solution to our existing bill payment offerings provides Digital Insight financial institutions with yet another product that can help them become the center of their customers' financial lives." "We are very pleased to partner with an industry leader such as Digital Insight to provide a highly competitive, comprehensive online banking and bill payment product offering," said Fidelity's Integrated Financial Solutions division executive vice president, Anthony Jabbour. "Digital Insight's broad network of online banking relationships will enable FIS to further expand our presence in the financial services industry." A large and rapidly growing number of banks and credit unions in the U.S. provide FIS' Premium Bill Pay and Presentment as part of their Internet banking offering. FIS' Premium Bill Pay provides consumers with a flexible, intuitive and convenient bill payment service. The product offers market- leading features such as variable recurring payments; robust user-driven alerts that provide time-critical bill pay activity information and deter fraud; payment authorizations via e-mail; multiple payment account options; secure messaging; real-time funds movement; and access to bill information directly from a huge network of electronic billers. About Intuit Inc./Digital Insight Digital Insight was acquired by Intuit Inc. -- ttp://www.intuit.com -- in February 2007. Intuit Inc. is a leading provider of business and financial management solutions for small and midsized businesses; financial institutions, including banks and credit unions; consumers and accounting professionals. Its flagship products and services, including QuickBooks(R), Quicken(R) and TurboTax(R) software, simplify small-business management and payroll processing, personal finance, and tax preparation and filing. ProSeries(R) and Lacerte(R) are Intuit's leading tax preparation software suites for professional accountants. The company's Financial Institutions division, anchored by Digital Insight, provides on- demand banking services to help banks and credit unions serve businesses and consumers with innovative solutions. Founded in 1983, Intuit had annual revenue of US$2.67 billion in its fiscal year 2007. The company has approximately 8,000 employees and major offices in the United States, Canada, the United Kingdom and other locations. About Fidelity National Based in Jacksonville, Florida, Fidelity National Information Services, Inc. -- http://www.fidelityinfoservices.com/-- provides core processing for financial institutions; card issuer and transaction processing services; mortgage loan processing and mortgage related information products; and outsourcing services to financial institutions, retailers, mortgage lenders and real estate professionals. FIS has processing and technology relationships with 35 of the top 50 global banks, including nine of the top ten. Nearly 50% of all US residential mortgages are processed using FIS software. FIS maintains a strong global presence, serving over 7,800 financial institutions in more than 60 countries worldwide, including Brazil and Japan. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 29, 2007, Standard & Poor's Ratings Services has placed its ratings, including the 'BB' corporate credit rating, on Fidelity National Information Services Inc. on CreditWatch with negative implications. Moody's Investors Service also placed these ratings on review for possible downgrade: US$1.6 billion First Lien Senior Secured Term Loan B Ba1; US$2.1 billion First Lien Senior Secured Term Loan A Ba1; US$900 million First Lien Senior Revolving Credit Facility Ba1; US$200 million 4.75% (Certegy) notes due September 2008 Ba1; and Corporate Family Rating Ba1. FORD MOTOR: January 2008 Sales Decreases 4% at 159,914 ------------------------------------------------------ Total Ford Motor Company sales in January, including Jaguar, Land Rover, and Volvo, were 159,914, down 4%. Demand for Ford's crossovers remained strong in January. Sales for the Ford Edge were 95% higher than a year ago and the Lincoln MKX was up 78%. Retail demand for Ford, Lincoln and Mercury cars also was strong in January, especially for the new Focus. Sales for the Focus were up 44% compared with a year ago, with retail sales up 33%. Combined retail sales for the Ford Fusion, Mercury Milan, and Lincoln MKZ also were higher than a year ago. "We're very pleased with this result," Jim Farley, Ford's group vice president, Marketing and Communications, said. "Our dealers really delivered this month, despite a challenging economic and competitive environment. "It's not going to get any easier -- at least for awhile," Mr. Farley said. "Recent monetary actions and the proposed stimulus package may help the economy later this year, but we're not pinning our hopes on that. Our plan is based on restructuring our business to be profitable at lower demand and changed mix while also accelerating the development of new products people want to buy." The next wave of new Ford products will arrive this summer -- the distinctively designed Ford Flex crossover and the elegant Lincoln MKS sedan. A new Ford F-150 pickup truck will debut later in the fall. Ford, Lincoln and Mercury sales totaled 148,355, down 4% compared with a year ago. Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) -- http://www.ford.com/-- manufactures or distributes automobiles in 200 markets across six continents. With about 260,000 employees and about 100 plants worldwide, the company's core and affiliated automotive brands include Ford, Jaguar, Land Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company provides financial services through Ford Motor Credit Company. The company has operations in Japan in the Asia Pacific region. In Europe, the company maintains a presence in Sweden, and the United Kingdom. The company also distributes its brands in various Latin American regions, including Argentina and Brazil. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 19, 2007, Moody's Investors Service affirmed the long-term ratings of Ford Motor Company (B3 Corporate Family Rating, Ba3 senior secured, Caa1 senior unsecured, and B3 probability of default), but changed the rating outlook to Stable from Negative and raised the company's Speculative Grade Liquidity rating to SGL-1 from SGL-3. Moody's also affirmed Ford Motor Credit Company's B1 senior unsecured rating, and changed the outlook to Stable from Negative. These rating actions follow Ford's announcement of the details of the newly ratified four-year labor agreement with the UAW. FORD MOTOR: Kicks Off 2008 with 9.6% Sales Increase in Canada ------------------------------------------------------------- Ford Motor Company of Canada Ltd. rang in the New Year with an overall sales increase of 9.6%. Ford trucks led the charge with a 14.8% rise over last year's totals for the month. And while Ford car sales slipped 5.1%, sales of the redesigned Ford Focus were up 22% and Ford Mustang marked a 6.5% increase in January. "Canadian vehicle shoppers look for quality, versatility and style. We've listened carefully to our customers and we are delivering the kinds of vehicles they want to drive," Barry Engle, who was recently named president and CEO, Ford of Canada, said. "Now we have a strong start to 2008, and with new products like the break-through Ford Flex crossover and the new 2009 Ford F-150 coming this year, we'll have even more to offer Canadians." Last month, Ford of Canada's overall sales increased 9.6% to 12,733 units. Total truck sales were up 14.8% at 9,871 units and total car sales of 2,862 units mark a 5.1% decline compared to last January. January Highlights: * Ford Edge sales increase 151%; * Ford Escape sales rise 60%, marking its best January ever; * Ford Ranger saw a 56% sales jump; * Ford Taurus X sales increase 36%; * Ford Explorer up 31%; * Ford Expedition sales rise 18%; and * Lincoln MKX up 29%. January 2008 Vehicle Sales January 2008 2007 % Change ------- ---- ---- -------- Total Vehicles 12,733 11,614 9.6% Total Cars 2,862 3,015 -5.1% Total Trucks 9,871 8,599 14.8% About Ford Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) -- http://www.ford.com/-- manufactures or distributes automobiles in 200 markets across six continents. With about 260,000 employees and about 100 plants worldwide, the company's core and affiliated automotive brands include Ford, Jaguar, Land Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company provides financial services through Ford Motor Credit Company. The company has operations in Japan in the Asia Pacific region. In Europe, the company maintains a presence in Sweden, and the United Kingdom. The company also distributes its brands in various Latin American regions, including Argentina and Brazil. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 19, 2007, Moody's Investors Service affirmed the long-term ratings of Ford Motor Company (B3 Corporate Family Rating, Ba3 senior secured, Caa1 senior unsecured, and B3 probability of default), but changed the rating outlook to Stable from Negative and raised the company's Speculative Grade Liquidity rating to SGL-1 from SGL-3. Moody's also affirmed Ford Motor Credit Company's B1 senior unsecured rating, and changed the outlook to Stable from Negative. These rating actions follow Ford's announcement of the details of the newly ratified four-year labor agreement with the UAW. FREESCALE SEMI: To Acquire SigmaTel for US$110 Million ------------------------------------------------------ Freescale Semiconductor and SigmaTel Inc. have entered into a definitive agreement for Freescale to acquire SigmaTel. SigmaTel is a leading provider of analog intensive, mixed-signal integrated circuits for the digital multimedia market. Under the terms of the agreement, Freescale will pay US$3 per outstanding share of SigmaTel stock representing approximately US$110 million in cash. The agreement is subject to various customary closing conditions, including all necessary shareholder and regulatory approvals, and is expected to close in the second quarter of fiscal year 2008. "The SigmaTel acquisition enhances the long-term, strategic value we can deliver to our customers," said Lynelle McKay, senior vice president and general manager of Freescale's Networking and Multimedia Group. "Freescale's proven strengths in the high- performance multimedia and general purpose markets are complemented by SigmaTel's strong analog and mixed-signal expertise in the portable media player and consumer audio markets." "The increased demand for feature rich, always-connected consumer electronics devices is driving manufacturers to look for platform- based solutions that will accelerate time to market," said Phil Pompa, president and Chief Executive Officer of SigmaTel. "With the addition of SigmaTel, Freescale is the obvious choice for these next-generation devices." Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL) (NYSE:FSL.B) -- http://www.freescale.com/-- designs and manufactures embedded semiconductors for the automotive, consumer, industrial, networking and wireless markets. Freescale Semiconductor became a publicly traded company in July 2004. The company has design, research and development, manufacturing or sales operations in more than 30 countries. In Latin America, the company has operations in Argentina, Brazil and Mexico. In Europe, the company has operations in Czech Republic, France, Germany, Ireland, Italy, Romania, Turkey and the United Kingdom. Revenues for the 12 months ended Mar. 31, 2007, were US$6.2 billion. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 10, 2007, Moody's Investors Service lowered Freescale Semiconductor Inc.'s ratings, including its Corporate Family Rating to B1 from Ba3 and Probability of Default Rating to B1 from Ba3. GENERAL MOTORS: January 2008 Sales Increased 2.1% to 252,565 ------------------------------------------------------------ General Motors Corp. dealers in the United States delivered 252,565 vehicles in January, an increase of 2.1%, compared with the same month last year. The company continued its efforts to focus on improved retail sales, showing an increase of more than 11%. Very strong retail sales of 186,187 vehicles were driven by a more than 31% surge in retail car sales. GM retail share in the U.S. has remained essentially stable for the past two and one-half years. Total truck sales of 148,191 were up more than 3% compared with a year ago. "January's performance strongly indicates that, along with our great market position in trucks and crossovers, GM is back in the car business," Mark LaNeve, vice president, GM North American Vehicle Sales, Service and Marketing, said. "Our new launch vehicles, including the award-winning Chevrolet Malibu and Cadillac CTS had a sensational month, as did the Chevrolet Cobalt, Pontiac G5 and G6, Saturn AURA, Buick Lacrosse and Cadillac STS. Overall, we've had year-over-year retail sales increases in four of the past five months." Chevrolet Malibu retail sales were up 198%, while total sales climbed 58%, compared with a year ago. Chevrolet retail car sales were up 62% compared with a year ago. Cadillac CTS deliveries were up 95% total and 104% retail compared to last January. GM's fuel-efficient small cars saw substantial total and retail growth. Chevrolet Aveo total sales were up 40%, while retail sales were up 65%; Cobalt was up 33% total and 65% retail; Pontiac G5 was up 50% total and 71% retail, while Vibe was up 10% total and 58% retail when compared with January 2007. The Buick Enclave, GMC Acadia and Saturn OUTLOOK together accounted for more than 12,200 retail vehicle sales in the month. The mid-utility crossover segment grew retail sales by 144% compared with year-ago January levels. Total sales of GM's mid- utility crossovers were up 134% to more than 12,600 vehicles compared with a year ago. Small crossover utilities, led by the Saturn VUE, Chevrolet Equinox and Pontiac Torrent pushed up GM's total sales in that segment by 51%, while retail volume rose 38% compared with last year. "Our retail increase helped move our mix of retail sales as a percentage of total sales up by 6 points," Mr. LaNeve added. "We are improving our quality of share while offering vehicles that have industry-leading value, great fuel economy and the best warranty coverage of any full-line automaker." Chevrolet retail sales were up 13%, Pontiac was up 17%, Buick was up 13%, GMC was up 15%, Cadillac was up 11% and Saturn retail sales were up 5% compared with a year ago. Certified Used Vehicles January 2008 sales for all certified GM brands, including GM Certified Used Vehicles, Cadillac Certified Pre-Owned Vehicles, Saturn Certified Pre-Owned Vehicles, Saab Certified Pre-Owned Vehicles, and HUMMER Certified Pre-Owned Vehicles, were 37,669 vehicles, down 13% from last January. "January sales for GM Certified Used Vehicles were up 10 percent from the previous month, but down 11% from the brand's best January sales month ever in 2007," Mr. LaNeve said. "We're optimistic about growing sales in the first quarter as consumers opt for financing similar to new vehicles on some of our most popular models and as more highly equipped off-rent vehicles work their way into GM Certified inventory in coming months." GM North America In January, GM North America produced 297,000 vehicles (106,000 cars and 191,000 trucks). This is down 16,000 units or 5% compared to January 2007 when the region produced 313,000 vehicles (135,000 cars and 178,000 trucks). (Production totals include joint venture production of 13,000 vehicles in January 2008 and 15,000 vehicles in January 2007.) The region's 2008 first-quarter production forecast is revised at 965,000 vehicles (357,000 cars and 608,000 trucks), up 15,000 units or 2% from last month's guidance. About GM Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- was founded in 1908. GM employs about 280,000 people around the world and manufactures cars and trucks in 33 countries, including the United Kingdom, Germany, France, Russia, Brazil and India. In 2006, nearly 9.1 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 9, 2007, Moody's Investors Service affirmed its rating for General Motors Corporation (B3 Corporate Family Rating, Ba3 senior secured, Caa1 senior unsecured and SGL-1 Speculative Grade Liquidity rating) but changed the outlook to Stable from Positive. In an environment of weakening prospects for US auto sales GM has announced that it will take a non-cash charge of US$39 billion for the third quarter of 2007 related to establishing a valuation allowance against its deferred tax assets (DTAs) in the US, Canada and Germany. As reported in the Troubled Company Reporter on Oct. 23, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating and other ratings on General Motors Corp. and removed them from CreditWatch with positive implications, where they were placed Sept. 26, 2007, following agreement on the new labor contract. The outlook is stable. HUGHES NETWORK: Indian Unit Inks Broadband Service Deal With Comat ------------------------------------------------------------------ Hughes Network Systems LLC's Hughes India has signed a contract with Comat Technologies to supply ten thousand broadband satellite terminals, together with its nationwide HughesNet satellite services and applications to be delivered at rural business centers across multiple states in India. Comat is the premier e-governance organization in India, having more than a decade of experience working with government, public, private and multi-lateral organizations, and Hughes has been the world leader in broadband satellite networks and services for over 20 years. Speaking about the agreement with Hughes, Comat President Sriram Raghavan stated, "Having strong experience in delivering e- governance solutions and services in partnership with various states, Comat has established a unique blend of content and delivery that has allowed the concept of a community services center (CSC) to be become a reality. Together with Hughes, the company is now gearing up to deploy these CSC's throughout India's rural regions." Hughes Network President and CEO, Pradman Kaul added that "this agreement demonstrates our collective ability to close the so- called digital divide in rural India, combining our advanced equipment technology, HughesNet satellite broadband services, and Comat's e-governance applications. Customers everywhere will soon enjoy high-speed internet access, and a growing range of e- governance and other value-added applications such as distance learning on an affordable, pay as you go basis." Hughes India and Comat consortium won the right to roll out the kiosks in Sikkim, Tripura and various parts of Uttar Pradesh, Haryana and Uttaranchal through a competitive bidding process for the Government of India's Community Services Centers. Hughes India President and CEO, Pranav Roach said, "Hughes and Comat have been working together through numerous initiatives to bring the benefits of broadband to people in rural and semi urban areas. Two thousand of the 10 thousand terminals have already been delivered, and we are working closely with Comat to ensure smooth deployment of the HughesNet Fusion Services at these rural centers in the five states." About Comat Based in Bangalore, India, Comat Technologies -- http://www.comat.com-- is a Social Enterprise leader in rural e- governance solution providers for over a decade in the emerging economies. The company has an enviable record of deploying ICT (Information and Communication Technologies) in rural and semi- urban areas. Its expertise lies in understanding customer needs and defining robust solutions, which stems from its experience over the years in serving many government departments and successfully executing projects for multi-lateral agencies. Through its e-governance & rural empowerment solutions powered by public-private-partnership models, Comat enables governments and private enterprises to reach citizens with a host of services and products, under a single window. Comat is a private equity and venture capital funded profitable company. About Hughes Network Systems Headquartered in Germantown, Maryland, Hughes Network Systems LLC (NASDAQ:HUGH) -- http://www.hughes.com/-- a wholly owned subsidiary of Hughes Communications Inc., provides broadband satellite networks and services for large enterprises, governments, small businesses, and consumers. Hughes offers complete turnkey solutions, including program management, installation, training, maintenance and support-for professional and rapid deployment anywhere, worldwide. The company owns and operates a global base of HughesNet shared hub services throughout the United States, Brazil, China, Europe, and India. In Europe, Hughes maintains operations facilities and/or sales offices in Germany, U.K., Italy, Czech Republic, and Russia. * * * Moody's Investors Service assigned a B1 rating to Hughes Network Systems LLC's proposed US$115 million senior unsecured term loan, due 2014. In addition, the ratings agency affirmed the B1 corporate family rating, the B1 rating on the existing US$450 million senior notes due 2014 and the Ba1 rating on the US$50 million senior secured revolving credit facility. The proceeds of the new term loan will be used primarily to fund capital expenditures and for general corporate purposes. NET SERVICOS: Earns BRL96 Million in 2007 Fourth Quarter -------------------------------------------------------- Net Servicos de Comunicacao S.A. reported net earnings of BRL96 million for the fourth quarter of 2007, an increase of 243.3%, compared to net earnings of BRL28 million for the same quarter of 2006. Net income in fiscal year 2007 grew by 150.5% to BRL207.8 million, compared with the BRL82.9 million reported a year earlier. For the full year of 2007, net Revenue climbed by 28.0% to BRL2,901.9 million, compared with BRL2,266.7 million in 2006. Average Revenue per User grew 9% in the year to BRL131.34, from BRL120.51 in 2006. The main drivers of these increases were the growth in the subscriber base and the Company's ability to sell to its clients not only more products, but also products with higher value added. Operating Costs in 2007 stood at BRL1,379.7 million, growing by 30.7% in relation the BRL1,056.0 million recorded the year before. Programming Costs increased by 20.1% in the year, mainly due to the higher number of Pay TV subscribers, while Other Operating Costs, comprised mainly of costs with the call center and the contracting of bandwidth for Internet service (link), rose by 75.9% in the period. The pay TV subscriber base reached 2,475,000 at the end of 2007, expanding by 16% from 2,142,000 subscribers in the previous year; the broadband subscriber base increased to 1,424,000, growing by 65% from 864,000; and the voice subscriber base totaled 567,000, expanding by 212% (all figures in relation to yearend 2006). Selling, general and administrative expenses totaled BRL735.6 million in 2007, 35.9% higher than the BRL541.4 million recorded in 2006. Selling Expenses were up 23.5%, driven by higher expenses with sales commissions because of the higher sales volume in the year, as well as higher expenses with advertising campaigns. General and Administrative Expenses increased by 17.4%. Consolidated EBITDA was BRL804.3 million in 2007, up 25.9% in relation to the BRL638.7 million reported in 2006. EBITDA margin remained stable at 28%, within the range considered adequate by the company, given the Company's execution of a strategy of strong organic growth in a highly competitive scenario. Headquartered in Sao Paulo, Brazil, Net Servicos de Comunicacao SA -- http://Nettv.globo.com/NETServ/br/home/indexNet.jsp?id=1 -- is the largest cable company in Latin America with approximately 2.4 million Pay TV subscribers as of Sept. 30, 2007. The company also offers bidirectional broadband Internet access through its Virtua franchise and voice services through Net Fone via Embratel. The acquisition of BIGTV will add 107 thousand and 56 thousand pay-TV and broadband subscribers, respectively, to Net's subscriber base. * * * As reported in the Troubled Company Reporter-Latin America on Jan. 21, 2008, Moody's Investors Service assigned a Ba2 foreign currency rating to the proposed up to US$200 million guaranteed long term senior unsecured notes to be issued by Net Servicos de Comunicacao S.A. The rating outlook is stable. USINAS SIDERURGICAS: Acquires 3 Iron Ore Miners for US$295 Million ------------------------------------------------------------------ Usinas Siderurgicas de Minas Gerais SA said in a statement that it has acquired 100% of Minas Gerais iron ore miners J Mendes, Somisa, and Global Mineracao for an initial total of US$925 million. According to Usinas Siderurgicas' statement, the acquisition of the miners "are in line with [the company's] long-term strategy, in keeping with the plan of expansion of its plants and its full payment capacity." Usinas Siderurgicas could make further payments for the takeover depending on the results of drilling over the next two years. The purchase of the miners is a definitive transaction in terms of the ongoing consolidation of the iron ore supply market in Minas Gerais, Business News Americas relates. Headquartered in Minas Gerais, Brazil, Usinas Siderurgicas de Minas Gerais SA is among the world's 20 largest steel manufacturing complexes, with a production capacity of approximately 10 million tons of steel. Usiminas System companies produces galvanized and non-coated flat steel products for the automotive, small and large diameter pipe, civil construction, hydro-electronic, rerolling, agriculture, and road machinery industries. Brazil consumes 80% of its products and the company's largest export markets are the US and Latin America. The company also sells in China and Japan. * * * As reported on Feb. 1, 2008, Moody's assigned a Ba1 local currency rating and an Aa1.br rating on its Brazilian national scale to the BRL500 million subordinated debentures due 2013 to be issued by Usinas Siderurgicas de Minas Gerais S.A. As reported in the Troubled Company Reporter-Latin America on July 23, 2007, Moody's Investors Service upgraded the foreign currency debt ratings of Usinas Siderurgicas de Minas Gerais S.A. -- USIMINAS, and Companhia Siderurgica Paulista -- COSIPA, to Ba1 from Ba2, and assigned a corporate family rating of Ba1 on its global scale and Aa1.br rating on the Brazilian national scale. Moody's said the ratings outlook is positive. * BRAZIL: Petroleo Brasileiro Inks Black Sea Oil Drilling Pact -------------------------------------------------------------- Petroleo Brasileiro SA and Turkiye Petrolleri AO agreed to begin drilling for oil in 2010 in the Black Sea, according to a Referans report cited by Ayla Jean Yackley of Bloomberg News. Both oil companies, Bloomberg says, have 50 percent stakes in two Black Sea blocks. Turkiye Petrolleri Chief Executive Officer Mehmet Uysal told Referans that the oil reserve at the site is "big" enough to cover Turkish consumption but declined to specify the size of the reserves, Bloomberg News relates. About Petroleo Brasileiro Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp -- was founded in 1953. The company explores, produces, refines, transports, markets, and distributes oil and natural gas and power to various wholesale customers and retail distributors in Brazil. Petrobras has operations in China, India, Japan, and Singapore. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 26, 2007, Standard & Poor's Ratings Services assigned BB+ long-term sovereign foreign currency rating and B short-term sovereign foreign currency rating on Brazil. As reported in the Troubled Company Reporter-Latin America on May 14, 2007, Fitch Ratings upgraded Brazil's long-term foreign and local currency sovereign Issuer Default Ratings to 'BB+' from 'BB' and the Country Ceiling to 'BBB-' from 'BB+'. In addition, Fitch affirmed Brazil's Short-term IDR at 'B'. Fitch said the rating outlook is stable. =========================== C A Y M A N I S L A N D S =========================== #1 NDC FUDOSAN: Proofs of Claim Filing Deadline is February 17 -------------------------------------------------------------- #1 NDC Fudosan Fund Co. Ltd.'s creditors are given until Feb. 17, 2008, to prove their claims to John Cullinane and Derrie Boggess, 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. #1 NDC Fudosan's shareholder decided on Jan. 11, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: John Cullinane and Derrie Boggess c/o Walkers SPV Limited, Walker House, 87 Mary Street, George Town, Grand Cayman KY1-9002, Cayman Islands Telephone: (345) 914-6305 ABN AMRO GENERAL: Proofs of Claim Filing is Until February 10 ------------------------------------------------------------- ABN Amro General Partner III Inc.'s creditors are given until Feb. 10, 2008, to prove their claims to John Cullinane and Derrie Boggess, the company's liquidators, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. ABN Amro General's shareholder decided 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: John Cullinane Derrie Boggess c/o Walkers SPV Limited Walker House, 87 Mary Street George Town, Grand Cayman KY1-9002 Cayman Islands Telephone: (345) 914-6305 ABN AMRO EMERGING: Proofs of Claim Filing Ends on February 10 ------------------------------------------------------------- ABN Amro Emerging Markets Debt Hedge Fund Inc.'s creditors are given until Feb. 10, 2008, to prove their claims to John Cullinane and Derrie Boggess, the company's liquidators, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. ABN Amro Emerging's shareholder decided on Dec. 19, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: John Cullinane Derrie Boggess c/o Walkers SPV Limited Walker House, 87 Mary Street George Town, Grand Cayman KY1-9002 Cayman Islands Telephone: (345) 914-6305 ABN AMRO JAPAN: Proofs of Claim Filing Deadline is February 10 -------------------------------------------------------------- ABN Amro Japan Equity Long Short Fund Inc.'s creditors are given until Feb. 10, 2008, to prove their claims to John Cullinane and Derrie Boggess, the company's liquidators, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. ABN Amro Japan's shareholder decided on Dec. 12, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: John Cullinane Derrie Boggess c/o Walkers SPV Limited Walker House, 87 Mary Street George Town, Grand Cayman KY1-9002 Cayman Islands Telephone: (345) 914-6305 BROADWAY FINANCE: Proofs of Claim Filing is Until February 12 ------------------------------------------------------------- Broadway Finance Limited's creditors are given until Feb. 12, 2008, to prove their claims to Westport 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. Broadway Finance's shareholder decided on Jan. 23, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Westport Services Ltd. Attention: Evania Ebanks Paget-Brown Trust Company Ltd. Boundary Hall, Cricket Square P.O. Box 1111, Grand Cayman KY1-1102 Cayman Islands Telephone: (345)-949-5122 Fax: (345)-949-7920 CYPRESSTREE INVESTMENT: Proofs of Claim Filing Ends on Feb. 8 ------------------------------------------------------------- Cypresstree Investment Partners I, Ltd.'s creditors are given until Feb. 8, 2008, to prove their claims to David Dyer, 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. Cypresstree Investment's shareholders agreed on Dec. 21, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: David Dyer Deutsche Bank (Cayman) Limited P.O. Box 1984, Boundary Hall Cricket Square, 171 Elgin Avenue George Town, Grand Cayman KY1-1104 Cayman Islands CYPRESSTREE INVESTMENT: Final Shareholders Meeting is on Feb. 8 --------------------------------------------------------------- Cypresstree Investment Partners I, Ltd., will hold its final shareholders meeting on Feb. 8, 2008, at: Deutsche Bank (Cayman) Limited Boundary Hall, Cricket Square 171 Elgin Avenue, George Town Grand Cayman, Cayman Islands These agendas will be taken during the meeting: 1) accounting of the winding-up process; and 2) giving explanation thereof. Cypresstree Investment's shareholders decided on Dec. 21, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: David Dyer P.O. Box 1984, Grand Cayman KY1-1104 Cayman Islands Telephone: (345) 949 8244 Fax: (345) 949 5223 GLEACHER EQUITY: Proofs of Claim Filing Deadline is February 10 --------------------------------------------------------------- Gleacher Equity Opportunity Fund Ltd.'s creditors are given until Feb. 10, 2008, to prove their claims to John Banks and Gleacher Equity Opportunity Fund 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. Gleacher Equity's shareholder decided on Jan. 3, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: John Banks Gleacher Equity Opportunity Fund Ltd. c/o Gleacher Fund Advisors LP 60 Arch Street, Greenwich Connecticut, USA Contact for inquiries: Walkers Attention: Matthew Goucke c/o Walkers, Walker House 87 Mary Street, George Town Grand Cayman KY1-9001, Cayman Islands Phone: 345 914 6332 Fax: 345 814 8332 E-mail:matthew.goucke@walkersglobal.com KEVIAN CAPITAL: Sets Final Shareholders Meeting for February 8 -------------------------------------------------------------- Kevian Capital Fund II, Ltd., will hold its final shareholders meeting on Feb. 8, 2008, at 9:00 a.m. at: dms Corporate Services Ltd. Ansbacher House, 20 Genesis Close P.O. Box 1344 George Town, Grand Cayman KY1-1108 Cayman Islands These agendas will be taken during the meeting: 1) accounting of the winding-up process; 2) determining the manner in which the books, accounts and documentation of the company and of the liquidator should be maintained and subsequently disposed; and 3) giving explanation thereof. Kevian Capital's shareholders decided on Dec. 28, 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. Ansbacher House, 20 Genesis Close P.O. Box 1344, George Town Grand Cayman KY1-1108, Cayman Islands KEVIAN CAPITAL FUND: Final Shareholders Meeting is on Feb. 8 ------------------------------------------------------------ Kevian Capital Fund, Ltd., (SPC) will hold its final shareholders meeting on Feb. 8, 2008, at 10:00 a.m. at: dms Corporate Services Ltd. Ansbacher House, 20 Genesis Close P.O. Box 1344 George Town, Grand Cayman KY1-1108 Cayman Islands These agendas will be taken during the meeting: 1) accounting of the winding-up process; 2) determining the manner in which the books, accounts and documentation of the company and of the liquidator should be maintained and subsequently disposed; and 3) giving explanation thereof. Kevian Capital's shareholders decided on Dec. 28, 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. Ansbacher House, 20 Genesis Close P.O. Box 1344, George Town Grand Cayman KY1-1108, Cayman Islands MAPLES AND CALDER: Proofs of Claim Filing Is Until February 8 ------------------------------------------------------------- Maples and Calder Systems Union Group Offshore Limited's creditors are given until Feb. 8, 2008, to prove their claims to Linburgh Martin and Jeff Arkley, the company's liquidators,