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 Thursday, February 7, 2008, Vol. 9, Issue 27 Headlines A R G E N T I N A ALITALIA SPA: Faces EUR1.25 Bln Damages Suit Over Malpensa Plan ALITALIA SPA: To Give up Around 180 Milan Malpeansa Slots CALIMBOY SA: Trustee Verifies Proofs of Claim Until February 29 CHRYSLER LLC: Inks Interim Pact w/ Chrysler; Operations Continue CHRYSLER LLC: Wants Stay Lifted to Recover Tooling from Plastech DAWN FOODS: Files for Reorganization in Buenos Aires Court GALERIA DA VINCI: Files for Reorganization in Buenos Aires Court LANCI IMPRESORES: Files for Reorganization in Buenos Aires Court SANTANDER RIO: Launches Series XLI Gabarino Securitization TRAVE SA: Trustee to File Individual Reports on March 12 TRIAGRO SRL: Proofs of Claim Verification is Until February 18 * ARGENTINA: President Projects 10% Annual Economic Growth B A H A M A S HARRAH'S ENTERTAINMENT: Seth Palansky to Lead Sports Division B E L I Z E CONTINENTAL AIR: Credit Suisse Maintains Firm's Outperform Rating B E R M U D A GLOBAL CROSSING: To Extend IP VPN Network at Superdrug B R A Z I L BAUSCH & LOMB: Raymond Elliott & Richard Wallman Joins Board BENCHMARK ELECTRONICS: Earns US$21 Million in Fourth Quarter 2007 FORD MOTOR: Toyota & Ford Unaffected By Plastech's Bankruptcy GOL LINHAS: Offering Travel Insurance With Sul America SEAGATE TECHNOLOGY: Earns US$403 Million in 2007 Second Quarter SPANSION INC: Posts US$49.5 Mil. Net Loss in 2007 Fourth Quarter TAM SA: Board Grants Acquisition of 4 Million Preferred Shares UAL CORP: Wants American Moulding Held in Contempt UAL CORPORATION: Court Allows Illinois IRS' US$256,562 Tax Claim UAL CORP: Resolves IAA Claims Through US$1 Million Sale of Stock WEIGHT WATCHERS: Inks Joint Venture with Groupe DANONE for China C A Y M A N I S L A N D S ACM HIGH: Proofs of Claim Filing Deadline is February 21 ACM BERNSTEIN: Proofs of Claim Filing Is Until February 21 ACM STRATEGIC: Last Day to File Proofs of Claim is February 21 AMARETE LIMITED: Proofs of Claim Filing Deadline Is February 18 BERNSTEIN OFFSHORE: Proofs of Claim Filing Ends on February 21 CLOUDVIEW OFFSHORE: Proofs of Claim Filing Is Until February 21 GLEACHER EQUITY: Sets Final Shareholders Meeting for February 18 HH DISTRIBUTION: Proofs of Claim Filing Deadline Is February 21 INTERNATIONAL MERCANTILE: Proofs of Claim Filing Ends on Feb. 20 MARCO POLO: Last Day to File Proofs of Claim is February 21 MARKET NEUTRAL: Proofs of Claim Filing Deadline is Feb. 21 MERCURIUS INT'L: Proofs of Claim Filing Deadline Is February 18 MONACH LIMITED: Proofs of Claim Filing Is Until February 21 NAICO INDEMNITY: Proofs of Claim Filing Ends on February 18 UBS PACTUAL: Proofs of Claim Filing Deadline Is February 18 UBS PACTUAL: Last Day to File Proofs of Claim is February 21 C H I L E ELECTRONIC DATA: To Pay US$0.05 Per Share Dividend on March 10 FREEPORT-MCMORAN: Unit Pays Government IDR17 Trillion in 2007 SCIENTIFIC GAMES: Inks Ticket Manufacturing Deal With China Sports C O L O M B I A BANCOLOMBIA SA: C. R. Lopez to Fill Newly Created VP Position BANCOLOMBIA SA: Increasing Dividend by 6.77% to COP142 per Share ECOPETROL: To Produce 425,000 Barrels of Oil Equivalent Daily ECOPETROL: To Drill First Cano Sur Well with Royal Dutch Shell SOLUTIA INC: To Pay DTE US$773,364 to Cure PrePetition Default SOLUTIA INC: Aims to Assume Wal-Mart Deals Under Terms of Plan SOLUTIA INC: Wants to Hire Quinn Emanuel as Conflicts Counsel C O S T A R I C A SIRVA INC: Commences Prepackaged Chapter 11 Case to Pare Debt SIRVA INC: Case Summary & 30 Largest Unsecured Creditors D O M I N I C A N R E P U B L I C BANCO INTERCONTINENTAL: Court To Hear Appeal on Fraud Case GENERAL CABLE: Picks Brian Robinson as EVP, CFO & Treasurer PRC LLC: U.S. Trustee Appoints Seven-Member Creditors Committee PRC LLC: Wants to Hire Philip Goodeve as Chief Financial Officer PRC LLC: Gets Court OK to Hire Epiq as Claims & Noticing Agent G U A T E M A L A TECO ENERGY: Net Profits in Guatemala Will be Lower in 2008 TECO ENERGY: Joining Power Supply Tender in Guatemala M E X I C O BRISTOW GROUP: December 2007 Qtr. Net Income Up 91% to US$20.1MM CALPINE CORP: Closes Blue Spruce's US$90-Mln Loan Refinancing CALPINE CORP: S&P Assigns 'B' Corporate Rating on Chapter 11 Exit DESARROLLODORA HOMEX: Main Shareholders Acquire 5.1% More Shares GMAC LLC: Moody's Drops Senior Unsecured Rating to B1 from Ba3 GREENBRIER COS: Analysts Upgrade Firm's Shares To Outperform HARMAN INT'L: Reports US$43-Mln Net Income in Qtr. Ended Dec. 31 KRONOS INC: Paul Lacy to Quit as President LIBBEY INC: Paying US$0.025 Per Share Cash Dividend on March 4 MOVIE GALLERY: Court Okays CIO Seth Levy's Employment Terms MOVIE GALLERY: Wants Court Nod on Second Amended DIP Credit Pact MOVIE GALLERY: Judge Tice Okays 1st Amended Disclosure Statement PRUDENTIAL BANK: Moody's Assigns Ba2 Currency Deposit Ratings P A N A M A AES CORP: Inks Pact Selling Interests in Power Plant & Coal Mine P E R U QUEBECOR WORLD: U.S. Court Okays Donlin Recano as Claims Agent QUEBECOR WORLD: Justice Mongeon Approves E&Y as CCAA Monitor QUEBECOR WORLD: Court Extends Noteholders' BIA Preference Period QUEBECOR WORLD: Gets Interim OK to Use US$1 Billion DIP Facility P U E R T O R I C O AVNET INC: Operating Unit Signs Global Distribution Deal With Alps DORAL FINANCIAL: Declares Cash Dividend on Preferred Stocks R&G FINANCIAL: Gets Approval to Pay February Preferred Dividends V E N E Z U E L A TIMKEN CO: Board Declares US$0.17 Per Share Quarterly Dividend * VENEZUELA: Workers Union Warns Indefinite Strike Extensio - - - - - ================= A R G E N T I N A ================= ALITALIA SPA: Faces EUR1.25 Bln Damages Suit Over Malpensa Plan --------------------------------------------------------------- SEA S.p.A. has filed a EUR1.5 billion damages suit against Alitalia S.p.A. over the carrier's decision to downscale its operations at Milan's Malpensa airport, Thomson Financial reports. "We have decided to act legally against Alitalia to obtain damages for the very serious damage deriving from the behaviour of the airline," SEA chairman Giuseppe Bonomi told Thomson Financial. "The action is a duty under our obligations to our company and its shareholders." Mr. Bononi said Alitalia violated a hub partnership agreement and contracts with SEA and its SEA Handling unit, Thomson Financial relates. Mr. Bononi noted that SEA designed and developed Malpensa as Alitalia required in terms of infrastructures, facilities and organization, Agenzia Giornalistica Italia reports. However, Mr. Bononi added, the investments are rendered useless by Alitalia's downscale plan. According to Mr. Bononi, Alitalia's downscale plan will cut traffic at Malpensa by 6 million passengers and will reduce the airport's results by EUR70 million, Thomson Financial says. The SEA chairman said the airport operator is finding ways to contain its losses in 2008 and 2009. 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: To Give up Around 180 Milan Malpeansa Slots --------------------------------------------------------- Alitalia S.p.A. will release around 180 of its 357 slots at Milan's Malpensa airport as part of its downscale strategy, Thomson Financial reports, citing an official at Italian slot coordinator Assoclearance. Alitalia said the slots are unused ones during the summer season, which starts March 30, 2008, and ends Oct. 25, 2008. The Assoclearance official, however, stressed that the released slots are not for sale. 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. CALIMBOY SA: Trustee Verifies Proofs of Claim Until February 29 --------------------------------------------------------------- Haydee Liliana Villagra, Olga Raquel Amoroso, Mirta Liliana Giles, Oscar A. Colombo y Mabel I -- the court-appointed trustee for Calimboy S.A.'s reorganization proceeding, will be verifying creditors' proofs of claim until Feb. 29, 2008. Haydee Liliana will present the validated claims in court as individual reports on April 11, 2008. The National Commercial Court of First Instance in Concepcion del Uruguay, Entre Rios, 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 Calimboy 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 Flower Power's accounting and banking records will be submitted in court on May 26, 2008. Creditors will vote to ratify the completed settlement plan during the assembly on Oct. 9, 2008. The debtor can be reached at: Calimboy S.A. San Martin 793 Buenos Aires, Argentina The trustee can be reached at: Haydee Liliana Villagra, Olga Raquel Amoroso Mirta Liliana Giles, Oscar A. Colombo y Mabel I. Alem 55 y Galarza 658 Concepcion del Uruguay Entre Rios, Argentina CHRYSLER LLC: Inks Interim Pact w/ Chrysler; Operations Continue ---------------------------------------------------------------- Chrysler LLC and Plastech Engineered Products Inc. and its debtor- affiliates have reached an agreement that ends the idling of Chrysler plants as a result of a dispute, Terry Kosdrosky of the Wall Street Journal reports. Pursuant to an interim agreement reached yesterday noon, Plastech resumed its shipment of car parts and components to Chrysler, which enabled the auto maker to resume its plant operations. The arrangement will continue until February 15, says WSJ. The temporary disruption was caused by a tooling dispute over the parties, with Chrysler attempting to grab its tooling equipment over at Plastech's plants and transfer them to other suppliers so its operations would not suffer. Chrysler sued Plastech in Court LLC, seeking a declaration that it has the right to immediate possession of a number of tools used by Plastech. The tools are used by Plastech to manufacture component parts it supplies to Chrysler. Chrysler asserts that, pursuant to certain prepetition agreements, it possesses: (a) unconditional and exclusive ownership interest in all the tools Plastech uses in manufacturing component parts for Chrysler; and (b) unconditional right to possess the tools immediately. Michael C. Hammer, Esq., at Dickinson Wright PLLC, in Detroit, Michigan, notes that Plastech is insolvent and is no longer able to meet the production requirements of Chrysler. Mr. Hammer asserts that if Chrysler does not transfer production of its parts to an alternate supplier, the company will lose production of approximately 500 end-item parts resulting to: -- a halt of the production of its entire corporate fleet of vehicles, which amounts to approximately 2,300,000 vehicles; -- idling of at least 14 plants; and -- the lay off of associated workers for an undetermined period of time. Chrysler has been blamed for Plastech's bankruptcy. Frank Merola, Esq., counsel for the second lien lenders in the Debtors' Chapter 11 cases, told the Honorable Phillip Shefferly of the U.S. Bankruptcy Court for the Eastern District of Michigan that Chrysler's "precipitous" actions caused them to file for bankruptcy, WSJ relates. Chrysler strongly denied this assertion. Judge Shefferly, who commented that the agreement was a "sensible thing", has set February 13 to hear the parties' dispute, WSJ reports. About Plastech Engineering Based in Dearborn, Michigan, Plastech Engineered Products, Inc. -- http://www.plastecheng.com/-- is full-service automotive supplier of interior, exterior and underhood components. It designs and manufactures blow-molded and injection-molded plastic products primarily for the automotive industry. Plastech's products include automotive interior trim, underhood components, bumper and other exterior components, and cockpit modules. Plastech's major customers are General Motors, Ford Motor Company, and Toyota, as well as Johnson Controls, Inc. Plastech is a privately held company and is the largest family- owned company in the state of Michigan. The company is certified as a Minority Business Enterprise by the state of Michigan. Plastech maintains more than 35 manufacturing facilities in the midwestern and southern United States. The company's products are sold through an in-house sales force. The company and eight of its affiliates filed for Chapter 11 protection on Feb. 1, 2008 (Bankr. E.D. Mich. Lead Case No. 08- 42417). Gregg M. Galardi, Esq., at Skadden Arps Slate Meagher & Flom LLP, and Deborah L. Fish, Esq., at Allard & Fish, P.C., represent the Debtors in their restructuring efforts. The Debtors chose Jones Day as their special corporate and litigation counsel. Lazard Freres & Co. LLC serves as the Debtors' investment bankers, while Conway, MacKenzie & Dunleavy provide financial advisory services. The Debtors also employed Donlin, Recano & Company as their claims and noticing agent. As of Dec. 31, 2006, the company's books and records reflected assets totaling US$729,000,000 and total liabilities of US$695,000,000. (Plastech Bankruptcy News, Issue No. 1; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) About Chrysler LLC Based in Auburn Hills, Michigan, Chrysler LLC -- http://www.chrysler.com/-- a unit of Cerberus Capital Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R) brand vehicles and products. The company has dealers worldwide, including Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil, Venezuela, China, Japan and Australia. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 11, 2007, Standard & Poor's Ratings Services revised its recovery rating on Chrysler's US$2 billion senior secured second-lien term loan due 2014. The issue-level rating on this debt remains unchanged at 'B', and the recovery rating was revised to '3', indicating an expectation for meaningful (50% to 70%) recovery in the event of a payment default, from '4'. CHRYSLER LLC: Wants Stay Lifted to Recover Tooling from Plastech ---------------------------------------------------------------- Chrysler LLC, Chrysler Motors Company LLC, and Chrysler Canada Inc., ask the U.S. Bankruptcy Court for the Eastern District of Michigan to promptly lift the automatic stay to allow them to recover certain tooling from Plastech Engineered Products, Inc. and its debtor-affiliates, in accordance with the terms of their prior agreements with the Debtors and an order by the Wayne County Circuit Court. Chrysler intends to remove the tooling from certain Plastech plants and transfer production of component parts to alternate suppliers so as to avoid hampering its operations. Michael C. Hammer, Esq., at Dickinson Wright PLLC, in Detroit, Michigan, relates that Plastech provided Chrysler with numerous component parts, including door panels, floor consoles and engine covers. Chrysler utilizes the component parts in its manufacture of virtually all lines of Chrysler, Dodge and Jeep vehicles -- approximately 2,300,000 vehicles per year. The Debtor supplies approximately 500 end item part numbers to Chrysler, with the number becoming even greater if color of parts is separated. Each of those parts has at least one, and usually more, Tools or items of Tooling associated with it. Component parts provided by Plastech are used at Chrysler's assembly plants in the United States, Canada and Mexico. In addition, the Debtor's parts are used in Chrysler's various engine plants and in various vehicle kits that are sent to international locations for assembly. The Debtor utilizes certain specialized tooling in the manufacture of the Parts for Chrysler. Some of this Tooling was manufactured by the Debtor pursuant to tooling purchase orders issued by Chrysler. Other Tooling was provided to the Debtor by Chrysler. The Debtor's supply of the Parts to Chrysler is governed by supply agreements: (a) Chrysler's Production Purchasing General Terms and Conditions, (b) individual Purchase Orders, (c) a Financial Accommodation Agreement dated Feb. 12, 2007, (d) a Second Financial Accommodation Agreement dated January 22, 2008, and (e) an Amended Long Term Productivity Agreement dated Feb. 12, 2007. In early 2007, as a result of the Debtor's ongoing financial struggles, Chrysler and various other customers of the Debtor entered into the Accommodation Agreement, under which they provided the Debtor with financial accommodations totaling US$46,000,000, so that Plastech could continue to operate and supply parts to Chrysler and its other customers. Chrysler and certain of its affiliates provided US$6,900,000 of the financial accommodations to the Debtor. In exchange for the material financial accommodations provided by Chrysler, the Debtor agreed to these terms: -- The Tooling, i.e. all tooling, dies, test and assembly fixtures, jigs, gauges, patterns, casting patterns, cavities, molds, and documentation, together with any accessions, attachments, parts, accessories, substitutions replacements and appurtenances thereto used by Plastech in connection with manufacture of component and service parts for Chrysler is owned by Chrysler. -- Chrysler will have the right to take immediate possession of the Tooling at any time without payment of any kind should it elect to exercise that right. -- In the event of a dispute between the parties over whether any Tooling is owned by Chrysler, the Tooling will be presumed to be owned by Chrysler pending resolution of the dispute. After execution of the Accommodation Agreement, the Debtor advised Chrysler that it was again facing additional financial crises that would cause an interruption in the production of component parts unless Chrysler provided Plastech additional financial accommodations. In order to obtain continued production of Parts from the Debtor, Chrysler and various other customers of the Debtor entered into the Second Accommodation Agreement on Jan. 22, 2008. Under the terms of the Second Agreement, Chrysler agreed to pay the Debtor US$10,700,000 than required by the then existing Supply Agreements. In total, and with the additional financial accommodations provided to the Debtor by Chrysler and other customers, the Debtor received US$40,000,000 in accelerated payments pursuant to the terms of the Second Accommodation Agreement. In return for the financial accommodations provided by Chrysler under the Second Accommodation Agreement, the Debtor agreed to continue to supply component parts to Chrysler in accordance with the POs, and expressly again acknowledged and affirmed all of the terms and conditions of the Accommodation Agreement relating to Tooling. Notwithstanding the material financial accommodations, the Debtor defaulted on its obligations under the Supply Agreements, and made extraordinary economic demands of Chrysler, Mr. Hammer tells the Bankruptcy Court. Accordingly, Chrysler determined that it was necessary to take immediate possession of the Tooling, so as to resource production of component parts used to be manufactured by Plastech. On Feb. 1, 2008, Chrysler terminated its POs, and other relevant contracts with the Debtor and demanded that the Debtor deliver immediate possession of all of the Tooling to Chrysler. The Debtor did not comply with Chrysler's request. Chrysler thus began commencing actions against the Debtor in the various jurisdictions in which the Tooling is located, including Canada, seeking appropriate orders of injunctive relief from the various state courts permitting Chrysler to immediate possession of the Tooling. On Feb. 1, 2008, Chrysler obtained an order of possession from the Wayne County Circuit Court. The Circuit Court Order required the Debtor to allow Chrysler immediate and continuing access to all of its plants at which any of the Tooling was located, so that Chrysler could immediately take possession of the Tooling. Chrysler mobilized teams of trucks on the afternoon of Feb. 1, and sent them to the Debtor's Michigan locations to retrieve Tooling. As the teams were in the process of entering the Debtor's facilities, the Debtor filed sought Chapter 11 protection and advised Chrysler's counsel of that petition. The ongoing prosecution of the State Court Actions and the enforcement of the State Court Orders were each stayed by virtue of the Debtor's Chapter 11 petition, and Chrysler accordingly notified its teams to stand down and leave the Debtor's premises without Chrysler's Tooling. Mr. Hammer avers that the Debtor, now clearly using the automatic stay as a sword, seeks to delay Chrysler from obtaining the Tooling, assumingly in hopes of extracting additional financial accommodations. The Debtor has discontinued production of the Parts, having already breached the Supply Agreements, and Chrysler has no duty or obligation to provide the accommodations, he adds. Chrysler believes that the Debtor will continue to refuse to release the Tooling, while at the same time halting production of the Part, thus creating tremendous jeopardy to Chrysler. Accordingly, it is necessary that Chrysler receive immediate relief from the automatic stay, and that the Court order the Debtor to immediately cooperate with Chrysler in its repossession of Chrysler's Tooling, Mr. Hammer argues. He asserts that immediate relief is required so that Chrysler can gain immediate possession of the Tooling and begin production with alternate suppliers, so as to avoid mounting damage claims. Mr. Hammer explains that Chrysler's damages are existing and ongoing, as two Chrysler assembly plants have already been forced to shut down as a result of the Debtor's failure to provide Parts. Mr. Hammer also notes that the Tooling is, without question, the sole and exclusive property of Chrysler. Accordingly, the automatic stay does not apply, and the Court should order the Debtor to facilitate delivery of the Tooling to Chrysler, he asserts. Even if the automatic stay does apply, "cause" exists to lift the stay, Mr. Hammer contends. "Because the Debtor has no ownership rights in the Tooling one way or the other, by definition, the Debtor has no equity in the Tooling," he asserts. If the automatic stay is not terminated so that Chrysler can complete the process of taking possession of the Tooling, Chrysler will continue to suffer material damage as additional assembly plants close, Mr. Hammer avers. "Such damages will far outweighing any possible detriment to the Debtor." About Plastech Engineering Based in Dearborn, Michigan, Plastech Engineered Products, Inc. -- http://www.plastecheng.com/-- is full-service automotive supplier of interior, exterior and underhood components. It designs and manufactures blow-molded and injection-molded plastic products primarily for the automotive industry. Plastech's products include automotive interior trim, underhood components, bumper and other exterior components, and cockpit modules. Plastech's major customers are General Motors, Ford Motor Company, and Toyota, as well as Johnson Controls, Inc. Plastech is a privately held company and is the largest family- owned company in the state of Michigan. The company is certified as a Minority Business Enterprise by the state of Michigan. Plastech maintains more than 35 manufacturing facilities in the midwestern and southern United States. The company's products are sold through an in-house sales force. The company and eight of its affiliates filed for Chapter 11 protection on Feb. 1, 2008 (Bankr. E.D. Mich. Lead Case No. 08- 42417). Gregg M. Galardi, Esq., at Skadden Arps Slate Meagher & Flom LLP, and Deborah L. Fish, Esq., at Allard & Fish, P.C., represent the Debtors in their restructuring efforts. The Debtors chose Jones Day as their special corporate and litigation counsel. Lazard Freres & Co. LLC serves as the Debtors' investment bankers, while Conway, MacKenzie & Dunleavy provide financial advisory services. The Debtors also employed Donlin, Recano & Company as their claims and noticing agent. As of Dec. 31, 2006, the company's books and records reflected assets totaling US$729,000,000 and total liabilities of US$695,000,000. (Plastech Bankruptcy News, Issue No. 1; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) About Chrysler LLC Based in Auburn Hills, Michigan, Chrysler LLC -- http://www.chrysler.com/-- a unit of Cerberus Capital Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R) brand vehicles and products. The company has dealers worldwide, including Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil, Venezuela, China, Japan and Australia. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 11, 2007, Standard & Poor's Ratings Services revised its recovery rating on Chrysler's US$2 billion senior secured second-lien term loan due 2014. The issue-level rating on this debt remains unchanged at 'B', and the recovery rating was revised to '3', indicating an expectation for meaningful (50% to 70%) recovery in the event of a payment default, from '4'. DAWN FOODS: Files for Reorganization in Buenos Aires Court ---------------------------------------------------------- Dawn Foods Internacional S.R.L. has requested for reorganization approval after failing to pay its liabilities. The reorganization petition, once approved by the court, will allow Dawn Foods 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 in Buenos Aires. The debtor can be reached at: Dawn Foods Internacional S.R.L. Reconquista 458 Buenos Aires, Argentina GALERIA DA VINCI: Files for Reorganization in Buenos Aires Court ---------------------------------------------------------------- Galeria Da Vinci S.A.C.I.F.I.A. has requested for reorganization approval after failing to pay its liabilities. The reorganization petition, once approved by the court, will allow Galeria Da Vinci 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 in Buenos Aires. The debtor can be reached at: Galeria Da Vinci S.A.C.I.F.I.A. Parana 224 Buenos Aires, Argentina LANCI IMPRESORES: Files for Reorganization in Buenos Aires Court ---------------------------------------------------------------- Lanci Impresores S.R.L. has requested for reorganization approval after failing to pay its liabilities. The reorganization petition, once approved by the court, will allow Lanci Impresores 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 in Buenos Aires. The debtor can be reached at: Lanci Impresores S.R.L. Mom 2862 Buenos Aires, Argentina SANTANDER RIO: Launches Series XLI Gabarino Securitization ---------------------------------------------------------- Banco Santander Rio S.A. has launched its series XLI Garbarino financial securitization for up to ARS101 million, Business News Americas reports. Banco Santander Rio said in a press statement that the subscription period will end on Feb. 8. BNamericas relates that the securitization will be issued in three tranches: -- A series, for up to ARS90.6 million with a 12% coupon due October 2008; -- B, floating rate series for up to ARS3.79 million due December 2008; and -- C series for up to ARS6.63 million maturing July 2010. According to BNamericas, the B securities has Argentina's Badlar interest rate -- -- the average interest rate banks pay for deposits over ARS1 million -- plus 450 basis points. The interest rate on the floating rate debt securities will never be higher than 21% or lower than 16%. The securitization was backed by consumer loans originated by household goods retailer Garbarino and technology shop Compumundo, BNamericas states. Banco Santander Rio S.A. is headquartered in Buenos Aires, Argentina. The bank had ARS$16.2 billion (US$5.3 billion) in total assets and ARS$12.6 billion (US$4.1 billion) in deposits as of December 2006. * * * On Nov. 13, 2007, Moody's said that Banco Santander Rio S.A.'s long term foreign currency deposit rating of Caa1 is limited by the country ceiling for foreign currency deposits. Banco Santander Rio's B2 foreign currency debt program is based on the bank's Ba1 global local currency deposit rating. TRAVE SA: Trustee to File Individual Reports on March 12 -------------------------------------------------------- Horacio Alfredo Larrivey, the court-appointed trustee for Trave S.A.'s bankruptcy proceeding, will present the validated claims as individual reports in the National Commercial Court of First Instance in Gualeguaychu, Entre Rios, on March 12, 2008. Mr. Larrivey verified proofs of claim until Dec. 31, 2007. A general report that contains an audit of Trave's accounting and banking records will be submitted in court on April 25, 2008. Mr. Larrivey is also in charge of administering Trave's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Trave S.A. Urquiza 1957, Gualeguaychu Entre Rios, Argentina The trustee can be reached at: Horacio Alfredo Larrivey Santa Fe 107, Gualeguaychu Entre Rios, Argentina TRIAGRO SRL: Proofs of Claim Verification is Until February 18 -------------------------------------------------------------- Javier Alejandro Abdala, the court-appointed trustee for Triagro S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of claim until Feb. 18, 2008. Mr. Abdala will present the validated claims in court as individual reports on April 1, 2008. The National Commercial Court of First Instance Parana, Entre Rios, 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 Triagro 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 Triagro's accounting and banking records will be submitted in court. Mr. Abdala is also in charge of administering Triagro's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Triagro S.R.L. 25 de Mayo 450, Edificio Trigal Parana, Entre Rios Argentina The trustee can be reached at: Javier Alejandro Abdala Avenida Echagae 1007, Parana Entre Rios, Argentina * ARGENTINA: President Projects 10% Annual Economic Growth ---------------------------------------------------------- A 10% yearly economic growth is Argentine President Cristina Fernandez's priority during her administration, according to Drew Benson at Dow Jones Newswires. However, Ms. Fernandez, who said she will do everything possible to attain that goal, did not provide details as to what the government plans to do to boost economic growth, Dow Jones relates. Citing the National Statistics Institute, Bill Faries of Bloomberg News relates that Argentina's economy expanded 9.6 percent in November from a year earlier, breaking the 9.2 percent median estimate of eight economists surveyed by Bloomberg. According to Bloomberg News, the pace was a result of increased consumer spending. "Consumption is flying in Argentina. This economy just keeps moving," Santiago Lopez Alfaro, an economist with Delphos Investments in Buenos Aires, told Bloomberg News. Argentina's economy, Bloomberg News says, is in its fifth year of growth averaging more than 8 percent a year, fueled by domestic consumption and record international prices for exports like soy and wheat. * * * 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 rating outlook is stable. ============= B A H A M A S ============= HARRAH'S ENTERTAINMENT: Seth Palansky to Lead Sports Division ------------------------------------------------------------- Harrah's Entertainment Inc. has named Seth Palansky as Communications Director for the World Series of Poker(R) and the company's Sports & Entertainment division. Mr. Palansky, for the past five years, has overseen corporate communications efforts for the NFL Network, the league's owned and operated television channel. Mr. Palansky will replace Gary Thompson, who was named Director of Corporate Communications for Harrah's Entertainment. Mr. Palansky will assume his new role March 3 and report to Jeffrey Pollack, Commissioner of the WSOP and Vice President of Sports & Entertainment for Harrah's. Mr. Thompson will continue to advise Pollack and will lead efforts to re-launch the Poker Hall of Fame. "Seth's extensive sports and entertainment marketing experience and personal network of global media contacts will serve us well as we enter a new and exciting period of growth for poker's No. 1 brand," said Mr. Pollack. "I am looking forward to joining the WSOP team," said Mr. Palansky. "There are a lot of exciting things going on at Harrah's and I can't wait to get started." As official spokesman for the NFL Network and for the league on television and media-policy issues, Mr. Palansky reported directly to NFL President and Chief Executive Officer Steve Bornstein and NFL Senior Vice President Greg Aiello. As the first employee of the NFL Network, Mr. Palansky oversaw the launch of the channel and was responsible for all corporate communications strategy and media relations functions pertaining to distribution, marketing, legal, government affairs, programming, production, talent relations and sales. Prior to that, he managed media relations for News Corporation's cable asset Fox Sports Net, a collection of 15 regional cable networks that owned the television rights to 67 MLB, NBA and NHL teams. Previously, he worked in management positions with various sports and entertainment public relations firms and as director of operations for a wholesale clothing company. Mr. Palansky is the second NFL executive to join the WSOP team. Ty Stewart, Director of Sponsorship and Licensing for the brand, was at the NFL for eight years before assuming his current position at Harrah's. About Harrah's Entertainment Headquartered in Las Vegas, Nevada, Harrah's Entertainment Inc. (NYSE: HET) -- http://www.harrahs.com/-- has grown through development of new properties, expansions and acquisitions, and now owns or manages casino resorts on four continents and hosts over 100 million visitors per year. The company's properties operate under the Harrah's, Caesars and Horseshoe brand names; Harrah's also owns the London Clubs International family of casinos and the World Series of Poker. Harrah's also owns the London Clubs International family of casinos. In January, it signed a joint venture agreement with Baha Mar Resorts Ltd. to operate a resort in Bahamas. * * * As reported in the Troubled Company Reporter-Latin America on Jan. 17, 2008, Moody's Investor Service assigned a B2 Corporate FamilyRating and Speculative Grade Liquidity Rating of SGL-3 to Harrah's Entertainment Inc. Moody's also assigned ratings to the these new debt to be issued by Harrah's Operating Company Inc.: senior secured guaranteed bank revolving credit facility at Ba2, senior secured guaranteed term loans at Ba2, and senior unsecured guaranteed notes at B3. =========== B E L I Z E =========== CONTINENTAL AIR: Credit Suisse Maintains Firm's Outperform Rating ----------------------------------------------------------------- Credit Suisse analysts have kept their "outperform" rating on Continental Airlines Inc's shares, Newratings.com reports. Newratings.com relates that the target price for Continental Airlines' shares was increased to US$38 from US$36. According to Newratings.com, Credit Suisse said in a research note that Continental Airlines' January traffic and revenues surpassed expectations. Credit Suisse told Newratings.com that the increase in the target price partly indicates favorable industry fundamentals. Earnings per share estimate for the first quarter of 2008 was increased to -US$0.10 from -US$0.40 to show lower fuel prices and inclusion of two fuel surcharges during January. Continental Airlines Inc. (NYSE: CAL) -- http://continental.com/ -- is the world's fifth largest airline. Continental, together with Continental Express and Continental Connection, has more than 3,100 daily departures throughout Belize, Mexico, Europe and Asia, serving 154 domestic and 138 international destinations including Honduras and Bonaire. More than 400 additional points are served via SkyTeam alliance airlines. With more than 44,000 employees, Continental has hubs serving New York, Houston, Cleveland and Guam, and together with Continental Express, carries about 69 million passengers per year. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 18, 2007, Fitch Ratings affirmed Continental Airlines Inc.'s 'B-' Issuer Default Rating and 'CCC'/RR6 Senior unsecured debt rating. Fitch's Rating Outlook is Stable. As of March 2007, Continental Airlines carries Moody's Investors Service's B2 corporate family rating. The company also carries Moody's B3 senior unsecured rating and Caa1 preferred stock rating. ============= B E R M U D A ============= GLOBAL CROSSING: To Extend IP VPN Network at Superdrug ------------------------------------------------------ Global Crossing Ltd will extend its fully managed Internet Protocol Virtual Private Network into an additional 200 Superdrug retail outlets. The total value of Global Crossing's contract with the leading UK health and beauty chain is GNP2.3 million over three years. Transforming the existing ISDN network, Global Crossing's high quality IP VPN is designed to improve customer service, reduce waiting times for in-store transactions and cut operating costs. The network is VoIP-enabled and handles Superdrug's intranet traffic -- including logging staff hours and providing stock and pricing updates -- as well as customers' online credit authorisations and loyalty cards. Additionally, the new managed IP VPN is scalable and will accommodate future growth. Superdrug previously had a positive experience with Global Crossing's fully managed IP VPN network linking its administrative offices and warehouses through a combination of access options including DSL, E1 and Ethernet. "As a result, Global Crossing's fully private network had already proved itself capable of delivering the combination of speed, cost effectiveness and security we required," confirmed Superdrug's IT infrastructure manager, Jamie Duc. Measurable Gains In order to reduce queues and improve customer service, a key goal was to reduce credit card processing times by more than half -- from the typical time of 15-20 seconds to seven seconds, which beats the average for the industry. "We're currently operating at less than three seconds per transaction, well ahead of our objective," confirmed Mr. Duc. "Reduced response times in recording staff attendances are similarly well ahead of target." Another benefit of consolidating services within the new IP VPN network has been the consistency of charges. "We now know precisely what our monthly communication costs will be, making budgeting much easier and predictable," he said. "The Superdrug IP VPN installation clearly reflects Global Crossing's experience and expertise in delivering a managed network to the retail marketplace," confirmed Anthony Christie, managing director, EMEA, Global Crossing. "In particular, it highlights our ability to provide communications solutions which meet the sectors demanding time pressures, in a disparate variety of locations and within typically tight space constraints." Looking Ahead The new IP VPN will also form the backbone for future retail services offered by Superdrug as they become available. Using the service provider's managed network, the company also plans to beta test Global Crossing's forthcoming voice solution which, Superdrug believes, will potentially deliver significant benefits in reduced overheads and management costs. "We've clearly demonstrated to Superdrug that Global Crossing can deliver a reliable network, enabling them to realise an immediate reduction in costs," confirmed Mr. Christie. "We're already making a significant contribution to Superdrug's improved profitability, implementing a network that is directly aligned with its long-term business goals to succeed in a fiercely competitive retail sector." Mr. Duc concurred: "With the help of Global Crossing, we're delivering improved staff productivity and a better in-store customer experience, by reducing congestion and providing a faster service. At the same time, the introduction of Global Crossing's IP VPN has improved operational efficiency and delivered a direct return on our investment." About Global Crossing Headquartered in Florham Park, New Jersey, Global Crossing Ltd. (NASDAQ: GLBC) -- http://www.globalcrossing.com/-- provides telecommunication services over the world's first integrated global IP-based network, which reaches 27 countries and more than 200 major cities around the globe including Bermuda, Argentina, Brazil, and the United Kingdom. Global Crossing serves many of the world's largest corporations, providing a full range of managed data and voice products and services. The company filed for chapter 11 protection on Jan. 28, 2002 (Bankr. S.D.N.Y. Case No. 02-40188). When the Debtors filed for protection from their creditors, they listed US$25,511,000,000 in total assets and US$15,467,000,000 in total debts. Global Crossing emerged from chapter 11 on Dec. 9, 2003. * * * At Sept. 30, 2007, Global Crossing Ltd.'s balance sheet showed total assets of US$2.6 billion, total debts of US$2.7 billion and a US$74 million stockholders' deficit. As reported in the Troubled Company Reporter-Latin America on Nov. 8, 2007, Global Crossing Ltd. said in a statement that its net loss increased 75% to US$89 million in the third quarter 2007, compared to US$51 million in the third quarter 2006. =========== B R A Z I L =========== BAUSCH & LOMB: Raymond Elliott & Richard Wallman Joins Board ------------------------------------------------------------ Bausch & Lomb Inc. disclosed that J. Raymond Elliott and Richard F. Wallman have joined its Board of Directors. "Our board of directors is helping guide the company into an extended period of growth," said Gerald M. Ostrov, board chairman and chief executive officer, Bausch & Lomb. "Ray and Richard further enhance the board's expertise in global business expansion and healthcare markets. We look forward to benefiting from their insight and knowledge." Mr. Elliott served as chairman, president and chief executive officer of Zimmer Holdings, Inc. from 2001 until his retirement in 2007. Prior, Mr. Elliott spent almost 30 years in general management positions in the healthcare, media and consumer products industries. He began his career with American Hospital Supply Corporation, culminating in the role of president of the Far East divisions in Tokyo, Japan. Mr. Elliott recently joined the board of Boston Scientific Corporation. He holds a B.A. degree from the University of Western Ontario, Canada. Mr. Wallman was senior vice president and chief financial officer of Honeywell International, Inc. from 1995 until his retirement in 2003. Prior, he was vice president and controller at IBM Corporation, and held leadership positions at Chrysler Corporation over the course of 14 years. He is a director of Ariba, Convergys, Hayes Lemmerz International, Lear Corporation, and Roper Industries. Mr. Wallman holds a B.S. degree in electrical engineering from Vanderbilt University and an M.B.A. from the University of Chicago. Mr. Elliott and Mr. Wallman join board members Joseph P. Landy, Elizabeth H. Weatherman and Sean D. Carney, all managing directors of Warburg Pincus LLC, and D. Scott Mackesy, general partner, Welsh Carson Anderson & Stowe. Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE: BOL) -- http://www.bausch.com/-- develops, manufactures, and markets eye health products, including contact lenses, contact lens care solutions, and ophthalmic surgical and pharmaceutical products. The company is organized into three geographic segments: the Americas; Europe, Middle East, and Africa; and Asia (including operations in India, Australia, China, Hong Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan and Thailand). In Latin America, the company has operations in Brazil and Mexico. In Europe, the company maintains operations in Austria, Germany, the Netherlands, Spain, and the United Kingdom. * * * Bausch & Lomb Incorporated still carries Moody's Ba1 Corporate Family Rating, Ba1 Probability of Default Rating and Ba1 ratings on certain existing senior unsecured notes. Rating outlook was revised to stable. BENCHMARK ELECTRONICS: Earns US$21 Million in Fourth Quarter 2007 ----------------------------------------------------------------- Benchmark Electronics Inc. reported sales of US$735 million for the quarter ended Dec. 31, 2007, compared to US$737 million for the same quarter in the prior year. Fourth quarter net income was US$21 million. In the comparable period of 2006, net income was US$28 million. Excluding restructuring charges, integration costs, amortization of intangibles and the impact of stock-based compensation costs, the Company would have reported net income of US$25 million in the fourth quarter of 2007. Excluding restructuring charges and the impact of stock-based compensation costs, the Company would have reported net income of US$29 million in the fourth quarter of 2006. Sales for the years ended Dec. 31, 2007 and 2006 were each US$2.9 billion. Net income for the year ended Dec. 31, 2007 was US$93 million. In the prior year, net income was US$112 million. Excluding restructuring charges, integration costs, amortization of intangibles, the impact of stock-based compensation costs and a discrete tax benefit related to a previously closed facility, the company would have reported net income of US$98 million in 2007. Excluding restructuring charges, the impact of stock-based compensation expense and a tax benefit resulting from the closure of our UK facility, the company would have reported net income of US$113 million in 2006. "In 2007 we achieved several major goals -- we expanded our customer base, enhanced our manufacturing and engineering capabilities, completed the integration of recent acquisitions, and realigned our manufacturing facilities," said Chief Executive Officer, Cary T. Fu. "We are delighted to have the heavy lifting behind us. We are on an excellent pathway for increased business from new and existing customers in 2008." Fourth Quarter 2007 Financial Highlights -- Operating margin for the fourth quarter was 3.0% on a GAAP basis and was 3.7%, excluding restructuring charges, integration costs, amortization of intangibles and the impact of stock-based compensation expense. -- Cash flows provided by operating activities for the fourth quarter were approximately US$59 million. -- Cash and short-term investments balance was US$382 million at Dec. 31, 2007. -- Total debt outstanding was US$13 million. -- Accounts receivable was US$486 million at Dec. 31, 2007; calculated days sales outstanding were 60 days. -- Inventory was US$362 million at Dec. 31, 2007; inventory turns were 7.6 times. -- Repurchases of common shares through Feb. 4, 2008, were US$74 million. 2008 Outlook For 2008, the company expects top line growth of 5-8% for the year and earnings per share growth in the range of 15-20%, excluding amortization of intangibles and the impact of stock-based compensation expense. Looking forward, sales for the first quarter of 2008 are expected to be between US$700 million and US$725 million. About Benchmark Electronics Based in Angleton, Texas, Benchmark Electronics Inc. (NYSE: BHE) - - http://www.bench.com/-- manufactures electronics and provides services to original equipment manufacturers of computers and related products for business enterprises, medical devices, industrial control equipment, testing and instrumentation products, and telecommunications equipment. The company's global operations include facilities in The Netherlands, Romania, Ireland, Brazil, Mexico, Thailand, Singapore, and China. * * * As reported in the Troubled Company Reporter-Latin America on Jan. 21, 2008, Moody's Investors Service has assigned a Ba2 (LGD-3, 39%) rating to Benchmark Electronics, Inc.'s new 5-year US$100 million senior secured revolving credit facility due 2012 and affirmed the company's Ba3 corporate family rating. The rating outlook is stable. FORD MOTOR: Toyota & Ford Unaffected By Plastech's Bankruptcy ------------------------------------------------------------- While Chrysler LLC said that it could close four of its U.S. plants due to Plastech Engineered Products, Inc. and its debtor- affiliates' failure to deliver component parts, Ford Motor Co. and Toyota Motor Corp. said their automotive production won't be affected by the auto-parts supplier's Chapter 11 filing. Ford said that Plastech's Chapter 11 filing won't adversely affect the auto maker's production, The Wall Street Journal reports. "We've had no impact," said Mark Fields, Ford's President of the Americas. "We anticipate, for the time being, to be able to continue our production." "We're not out shopping to take this business elsewhere at this point," Mr. Fields told WSJ. According to Reuters, Toyota said it continues to receive parts from Plastech. "We have had no interruption in supplies," Mike Goss said. "Plastech has told us that they will continue production and we will monitor the situation closely." As previously reported, Chrysler terminated its supply contracts with Plastech. Chrysler has sought court permission to seize certain equipment from Plastech's plants, so that it could transfer production of its parts to an alternate supplier. It warned that absent the transfer, it will lose production of approximately 500 end-item parts, halting the production of its entire corporate fleet of vehicles. Plastech's major customers include General Motors, Ford Motor Company, and Toyota. About Plastech Engineering Based in Dearborn, Michigan, Plastech Engineered Products, Inc. -- http://www.plastecheng.com/-- is full-service automotive supplier of interior, exterior and underhood components. It designs and manufactures blow-molded and injection-molded plastic products primarily for the automotive industry. Plastech's products include automotive interior trim, underhood components, bumper and other exterior components, and cockpit modules. Plastech's major customers are General Motors, Ford Motor Company, and Toyota, as well as Johnson Controls, Inc. Plastech is a privately held company and is the largest family- owned company in the state of Michigan. The company is certified as a Minority Business Enterprise by the state of Michigan. Plastech maintains more than 35 manufacturing facilities in the midwestern and southern United States. The company's products are sold through an in-house sales force. The company and eight of its affiliates filed for Chapter 11 protection on Feb. 1, 2008 (Bankr. E.D. Mich. Lead Case No. 08- 42417). Gregg M. Galardi, Esq., at Skadden Arps Slate Meagher & Flom LLP, and Deborah L. Fish, Esq., at Allard & Fish, P.C., represent the Debtors in their restructuring efforts. The Debtors chose Jones Day as their special corporate and litigation counsel. Lazard Freres & Co. LLC serves as the Debtors' investment bankers, while Conway, MacKenzie & Dunleavy provide financial advisory services. The Debtors also employed Donlin, Recano & Company as their claims and noticing agent. As of Dec. 31, 2006, the company's books and records reflected assets totaling $729,000,000 and total liabilities of $695,000,000. (Plastech Bankruptcy News, Issue No. 2; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) About Ford Motor Based 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 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. GOL LINHAS: Offering Travel Insurance With Sul America ------------------------------------------------------ Published reports in Brazil say that Gol Linhas Aereas Inteligentes S.A. has collaborated with insurer Sul America Companhia Nacional de Seguros to offer the Servico Assistencia Premiada insurance to its passengers. Business News Americas relates that Servico Assistencia provides several types of personal accident coverage. The insurance costs BRL3 during the two first days of travel, and BRL1.5 more for each extra day. Sul America's life and pension vice president Renato Russo told financial daily Jornal do Commercio that the company wants to to offer a wide-ranging service at a low cost that would be easy and quick to sign up for. About Sul America Headquartered in Rio de Janeiro, Brazil, Sul America Companhia Nacional de Seguros operates in partnership with ING and is primarily active in the field of life insurance. Through its subsidiaries, the company is active across three areas: insurance and private pension plans, financial services and asset management and management of medical services. The company's principal investments include interests in Sul America Investimentos e Participacoes S.A., Sul America Seguros de Vida e Previdencia S.A., Sul America Seguro Saude S.A., Sul America Investimentos e Distribuidora de Titulos e Valores Mobiliarios S.A., Sul America Servicos Medicos S.A., Gerling Sul America S.A.-Seguros Industriais and Brasilveiculos Companhia de Seguros, all of them wholly owned. The company forms part of the SulAmerica Group conglomerate and operates under this brand. About Gol Linhas Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL Linhas Areas Inteligentes S.A. (NYSE: GOL and Bovespa: GOLL4) -- http://www.voegol.com.br-- through its subsidiary, GOL Transportes Aereos S.A., provides airline services in Brazil, Argentina, Bolivia, Uruguay, and Paraguay. The company's services include passenger, cargo, and charter services. As of March 20, 2006, Gol Linhas provided 440 daily flights to 49 destinations and operated a fleet of 45 Boeing 737 aircraft. The company was founded in 2001. * * * As reported in the Troubled Company Reporter-Latin America on July 25, 2007, Fitch Ratings affirmed the 'BB+' foreign and local currency issuer default ratings of Gol Linhas Aereas Inteligentes S.A. Fitch has also affirmed the outstanding US$200 million perpetual bonds and US$200 million of senior notes due 2017 at 'BB+' as well as the company's 'AA-' (bra) national scale rating. Fitch said the rating outlook is stable. SEAGATE TECHNOLOGY: Earns US$403 Million in 2007 Second Quarter --------------------------------------------------------------- Seagate Technology reported net income of US$403.0 million on revenue of US$3.42 billion for the second quarter ended Dec. 28, 2007, compared with net income of US$140.0 million on revenue of US$3.00 billion in the same period ended Dec. 29, 2006. Results for the three months ended Dec. 28, 2007, includes approximately US$31.0 million of purchased intangibles amortization and other charges associated with the Maxtor, EVault and MetaLINCS acquisitions and also a net gain from asset sales of approximately US$15.0 million. Excluding these items, non-GAAP net income was US$419.0 million. Included in both GAAP and non- GAAP results are restructuring charges of approximately US$27.0 million. For the six months ended Dec. 28, 2007, Seagate reported revenue of US$6.71 billion and net income of US$758.0 million, compared with revenue of US$5.79 billion and net income of US$159.0 million in the same period ended Dec. 29, 2006. Results for the six months ended Dec. 28, 2007, includes approximately US$61.0 million of purchased intangibles amortization and other charges associated with the Maxtor, EVault and MetaLINCs acquisitions and also a net gain from asset sales of approximately US$15.0 million. Excluding these items, non-GAAP net income was US$804.0 million. Included in both GAAP and non- GAAP results are restructuring charges of approximately US$32.0 million. "Seagate's strong financial performance in the quarter reflects the company's solid business model and expanded product portfolio, which positioned us well in a favorable industry environment characterized by seasonal strength across all storage markets and continued growth in global demand," said Bill Watkins, Seagate chief executive officer. "During the quarter, Seagate achieved record shipments and experienced some capacity constraints, underscoring the phenomenal growth of digital content in both the consumer and commercial markets. Based on unit demand across all categories, we entered the March quarter in a position of strength. The storage industry remains one of the world's most important and exciting industries. We are confident Seagate's vision, technology, and operational excellence will drive us to continued strong financial and operating performance in the March quarter and double-digit year- over-year growth." Stock Repurchase During the quarter ended Dec. 28, 2007, the company repurchased approximately 9.3 million of its common shares related to its share repurchase plan. The average price of the shares delivered to the company in the December quarter was US$27.00. The company has authorization to purchase approximately US$474.0 million of additional shares under the current stock repurchase program and the company anticipates utilizing the remaining authorization within the March quarter. Balance Sheet At Dec. 28, 2007, the company's consolidated balance sheet showed US$10.61 billion in total assets, US$5.53 billion in total liabilities, and US$5.08 billion in total stockholders' equity. Full-text copies of the company's consolidated financial statements for the quarter ended Dec. 28, 2007, are available for free at http://researcharchives.com/t/s?27bb About Seagate Technology Headquartered in Scotts Valley, California, and registered in Cayman Islands, Seagate Technology (NYSE: STX) -- http://www.seagate.com/-- designs, manufactures and markets hard disc drives, and provides products for a wide-range of Enterprise, Desktop, Mobile Computing, Consumer Electronics and Branded Solutions. The company has sale office in Brazil. * * * Seagate Technology still carries Standard & Poor's BB+ long-term foreign issuer credit and long-term local issuer credit ratings. Outlook is stable. SPANSION INC: Posts US$49.5 Mil. Net Loss in 2007 Fourth Quarter ---------------------------------------------------------------- Spansion Inc. reported a net loss of US$49.5 million for the fourth quarter ended Dec. 30, 2007, compared to a net loss of US$71.6 million in the previous quarter. For the fourth quarter of 2007, the company reported net sales of US$652.8 million, an increase of 7.0% compared to net sales of US$611.1 million in the third quarter of 2007. For the fourth quarter of 2007 gross margin rose to 20.0% compared to 18.0% percent in the third quarter of 2007 and sequential operating loss decreased by US$13.0 million, or 22.0%, to US$46.2 million. "The fourth quarter reflected significant operational improvement as gross margin improved. The overall pricing environment was encouraging and the book-to-bill ratio was strong at 1.3," said Bertrand Cambou, president and chief executvie officer, Spansion Inc. "The strategic investment plan for our 300mm, SP1 facility is on track and we expect to begin recognizing revenue in the first quarter as we are already qualified at leading customers." Annual Highlights For the fiscal year ended Dec. 30, 2007, net sales declined 3.0% to US$2.5 billion from US$2.58 billion in the same time period last year. Net loss for fiscal year 2007 was US$263.5 million, compared to a net loss of US$147.8 million for fiscal year 2006. Net loss for fiscal year 2007 includes approximately US$60.0 million in operating costs related to the strategic investment in SP1, the company's new 300mm, 65nm, wafer fabrication facility. Balance Sheet At Dec. 30, 2007, the company's consolidated balance sheet showed US$3.81 billion in total assets, US$2.18 billion in total liabilities, and US$1.63 billion in total stockholders' equity. About Spansion Inc. Headquartered in Sunnyvale, California, Spansion Inc. (NASDAQ: SPSN) -- http://www.spansion.com/-- designs, develops, manufactures, markets and sells flash memory solutions for wireless, automotive, networking and consumer electronics applications. The company has European operations in France, Asia-Pacific facilities in Japan, China, Malaysia and Thailand, as well as sales offices in Latin American countries including Brazil and Mexico. * * * To date, Spansion Inc. still carries Moody's 'B3' long term corporate family rating last placed on Dec. 5, 2005. Outlook is Stable. TAM SA: Board Grants Acquisition of 4 Million Preferred Shares -------------------------------------------------------------- TAM SA's Board of Directors approved the acquisition of preferred shares issued by the company to be held in treasury and subsequently cancelled or transferred, without reducing the company's capital stock. The acquisition will respect the limit of up to 4,000,000 (four million) preferred shares, equivalent to 5.56% of the total of this class of shares currently in circulation. The authorization will remain in effect for a maximum period of 365 days, as of Jan. 30. The acquisition operations will be conducted on stock exchanges at market prices, through the mediation of these institutions: a) UBS Pactual Corretora de Titulos e Valores Mobiliarios S.A., with head offices at Av. Brigadeiro Faria Lima, 3.729, 10 degrees andar - part, Sao Paulo - SP, listed on the tax rolls under CNPJ no. 43.815.158/0001-22; and b) Credit Suisse (Brasil) S.A. CTVM, with head offices at Av. Brigadeiro Faria Lima, no. 3.064, 13 degrees andar - part, Jardim Paulistano, Sao Paulo - SP. About TAM SA TAM SA (Bovespa: TAMM4 and NYSE: TAM) -- http://www.tam.com.br/ -- operates regular flights to 47 destinations throughout Brazil. It serves 72 different cities in the domestic market through regional alliances. Additionally, it maintains code- share agreements with international airline companies that allow passengers to travel to a large number of destinations throughout the world. TAM was the first Brazilian airline company to launch a loyalty program. The program has over 3.3 million subscribers and has awarded more than 3.6 million tickets. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 27, 2007, Standard & Poor's Ratings Services affirmed its 'BB' long-term corporate credit rating on Brazil-based airline TAM S.A. S&P said the outlook is stable. UAL CORP: Wants American Moulding Held in Contempt -------------------------------------------------- American Moulding, by and through Development Specialist Inc., has decided to proceed in a California Bankruptcy Court with discharged litigation against UAL Corporation and its debtor- affiliates, including United Air Lines, Inc., in violation of the Bankruptcy Code, the Debtors' Plan of Reorganization and the Court's order confirming the Debtors' Plan, Micah E. Marcus, Esq., at Kirkland & Ellis LLP, in Chicago, Illinois, relates. American Moulding and its counsel's open disavowal of the Bankruptcy Code, the Plan and the Confirmation Order has caused the Debtors substantial damages which accrue on a daily basis as the Debtors expend legal fees preparing for the defense of the barred claims, Mr. Marcus tells the Court. Despite actual service of all of the relevant notices by the Debtors, American Moulding failed to file administrative claims with respect to any alleged preference liability of the Debtors, or any claim for that matter, prior to the Plan's administrative bar date, Mr. Marcus states. Nevertheless, Mr. Marcus says, American Moulding filed an adversary case against the Debtors on Oct. 12, 2007, alleging a right to recover certain payments it made to the Debtors during the course of the Debtors' bankruptcy. All of the events on which American Moulding based its Complaint occurred prior to the Confirmation date. Accordingly, the Debtors ask the Hon. Eugene R. Wedoff of the U.S. Bankruptcy Court for the Northern District of Illinois, overseeing the Debtors' chapter 11 case filed in 2002, to: -- hold in contempt of Court, American Moulding and any counsel who assisted it in proceeding with the discharged litigation against the Debtors; and -- require American Moulding and its counsel to reimburse the Debtors for all costs and expenses associated with defending against American Moulding's case. About UAL Corp. Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA) -- http://www.united.com/-- is the holding company for United Airlines, Inc. United Airlines is the world's second largest air carrier. The airline flies to Brazil, Korea and Germany. The company filed for chapter 11 protection on Dec. 9, 2002 (Bankr. N.D. Ill. Case No. 02-48191). James H.M. Sprayregen, Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and Steven R. Kotarba, Esq., at Kirkland & Ellis, represented the Debtors in their restructuring efforts. Fruman Jacobson, Esq., at Sonnenschein Nath & Rosenthal LLP represented the Official Committee of Unsecured Creditors before the Committee was dissolved when the Debtors emerged from bankruptcy. Judge Wedoff confirmed the Debtors' Second Amended Plan on Jan. 20, 2006. The company emerged from bankruptcy protection on Feb. 1, 2006. (United Airlines Bankruptcy News, Issue No. 152 Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/ or 215/945-7000). * * * Fitch Ratings, on May 2007, affirmed the Issuer Default Ratings of UAL Corp. and its principal operating subsidiary United Airlines Inc. at B-. UAL CORPORATION: Court Allows Illinois IRS' US$256,562 Tax Claim ---------------------------------------------------------------- United Airlines Inc. and the Illinois Department of Revenue have agreed to resolve their dispute on the Department's request for the allowance of its administrative expense against United. With the approval from U.S. Bankruptcy Court for the Northern District of Illinois, the parties agree that the Department's administrative expense priority claim for sales and use taxes against United, be allowed for US$256,562, plus related penalties and interest. The Department will not assert any further administrative expenses for sales and use taxes against United. Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA) -- http://www.united.com/-- is the holding company for United Airlines, Inc. United Airlines is the world's second largest air carrier. The airline flies to Brazil, Korea and Germany. The company filed for chapter 11 protection on Dec. 9, 2002 (Bankr. N.D. Ill. Case No. 02-48191). James H.M. Sprayregen, Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and Steven R. Kotarba, Esq., at Kirkland & Ellis, represented the Debtors in their restructuring efforts. Fruman Jacobson, Esq., at Sonnenschein Nath & Rosenthal LLP represented the Official Committee of Unsecured Creditors before the Committee was dissolved when the Debtors emerged from bankruptcy. Judge Wedoff confirmed the Debtors' Second Amended Plan on Jan. 20, 2006. The company emerged from bankruptcy protection on Feb. 1, 2006. (United Airlines Bankruptcy News, Issue No. 152 Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/ or 215/945-7000). * * * Fitch Ratings, on May 2007, affirmed the Issuer Default Ratings of UAL Corp. and its principal operating subsidiary United Airlines Inc. at B-. UAL CORP: Resolves IAA Claims Through US$1 Million Sale of Stock ---------------------------------------------------------------- The Indianapolis Airport Authority and The Bank of New York Trust Company, N.A., as trustee for a US$220,705,000 Indianapolis Airport Authority 6.5% Special Facility Revenue Bonds, Series 1995A, previously asserted Claim Nos. 45035, 45036 and 45037 against United Air Lines Inc., in United's Chapter 11 proceedings. The IAA Claims assert that United has obligations to the IAA or the Indenture Trustee based on: (i) certain alleged obligations relating to the US$220,705,000 Indianapolis Airport Authority 6.5% Special Facility Revenue Bonds, Series 1995A; and (ii) alleged obligations relating to alleged "missing property" of the IAA, certain obligations to perform certain preventative maintenance and repairs, and obligations to maintain the premises in a suitable condition. The IAA and Indenture Trustee have alleged that the IAA Claims should be granted administrative priority status in United's bankruptcy proceedings. Consequently, United objected to the IAA Claims on various grounds, and has asserted, inter alia, that the IAA Claims should be disallowed. After significant discovery and litigation on the IAA Claims, the U.S. Bankruptcy Court for the Northern District of Illinois stayed further litigation in late 2005, pending a ruling from the United States Court of Appeals for the Seventh Circuit on United's appeal of an order issued by the Court. The order held that certain bond interest obligations under an agreement between United and Denver International Airport were lease obligations and not merely prepetition unsecured claims. To resolve their dispute the parties entered into a stipulation, which provides that, United will pay to the Indenture Trustee, in full and final satisfaction of United's obligations to both the IAA and the Indenture Trustee on account of the Bond Rent Claims and the Non-Rent Claims, a cash payment for US$1,000,000. United will sell shares of New UAL common stock to generate US$1,375,000 in cash. As soon as reasonably practicable, United will distribute the Stock Proceeds, less the fees and costs incurred by United in connection with the Stock Sale, to the Indenture Trustee. United will pay the Cash Payment within 10 days after the Settlement Order becomes a final order. The Settlement Consideration will be paid by, or on behalf of United to the Indenture Trustee, and the Indenture Trustee will then distribute the Settlement Consideration to holders of the Bonds pursuant to the terms and conditions of the indenture that relates to the Bonds. The Trustee will be permitted to set a special record date for purposes of making distributions. The Indenture Trustee may terminate the Stipulation on notice to United and IAA, at any time prior to conclusion of the hearing on the Stipulation, if the Indenture Trustee receives objections to the Stipulation from holders of a majority in principal amount of the Bonds. The Stipulation will be deemed null and void if terminated. About UAL Corp. Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA) -- http://www.united.com/-- is the holding company for United Airlines, Inc. United Airlines is the world's second largest air carrier. The airline flies to Brazil, Korea and Germany. The company filed for chapter 11 protection on Dec. 9, 2002 (Bankr. N.D. Ill. Case No. 02-48191). James H.M. Sprayregen, Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and Steven R. Kotarba, Esq., at Kirkland & Ellis, represented the Debtors in their restructuring efforts. Fruman Jacobson, Esq., at Sonnenschein Nath & Rosenthal LLP represented the Official Committee of Unsecured Creditors before the Committee was dissolved when the Debtors emerged from bankruptcy. Judge Wedoff confirmed the Debtors' Second Amended Plan on Jan. 20, 2006. The company emerged from bankruptcy protection on Feb. 1, 2006. (United Airlines Bankruptcy News, Issue No. 152 Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/ or 215/945-7000). * * * Fitch Ratings, on May 2007, affirmed the Issuer Default Ratings of UAL Corp. and its principal operating subsidiary United Airlines Inc. at B-. WEIGHT WATCHERS: Inks Joint Venture with Groupe DANONE for China ---------------------------------------------------------------- Weight Watchers International Inc.and Groupe DANONE have signed a joint venture agreement to establish a weight management business in the People's Republic of China based on the successful Weight Watchers approach to weight loss. The joint venture, 51% owned by Weight Watchers International and 49% owned by Groupe DANONE, combines Weight Watchers' unrivalled expertise, experience and know-how as the world's leading provider of weight management services with Groupe DANONE's world-class expertise in healthy consumer products and extensive knowledge of the China marketplace and the Chinese consumer. "We are excited to partner with Groupe DANONE for the expansion of our weight management approach into the Chinese marketplace. This new joint venture will facilitate and drive Weight Watchers entry into one of the world's key markets, leveraging the unique strengths of each company," said Weight Watchers International President and Chief Executive Officer, David Kirchhoff. "We believe that Groupe DANONE is the ideal partner for Weight Watchers with its experience in China, its knowledge of Chinese consumers and its mission to bring healthy food to the world's population." Groupe DANONE Vice President of the Board, Jacques Vincent added: "For Groupe DANONE in China, this joint venture is completely consistent with the commitment of Danone to bring to the Chinese consumers products and solutions with a positive impact on their health. This joint venture will offer to Chinese consumers a world famous approach dedicated to eating right and healthy living." The new joint venture is expected to commence retail operations in China within the next year. About Groupe DANONE Groupe DANONE (Euronext Paris: BN) is a Fortune 500 company and one of the most successful healthy food companies in the world. Its mission is to bring health through tasty, nutritious and affordable food and beverage products to as many people as possible. Groupe DANONE with 200 plants and 88,000 employees has a presence in all five continents and over 120 countries. In 2006, the group recorded 14 billion euros sales. In 2007, the group acquired Numico, and reinforced its leading positions in healthy food in four business lines: fresh dairy products, waters, baby food, and medical nutrition. About Weight Watchers International Inc. Headquartered in New York City, Weight Watchers International Inc. (NYSE: WTW) -- http://www.weightwatchersinternational.com/-- provides weight management services, with a presence in 30 countries around the world, including programs in Brazil, the Netherlands, and New Zealand. The company serves its customers through Weight Watchers branded products and services, including meetings conducted by Weight Watchers International and its franchisees. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 10, 2007, Weight Watchers International Inc.'s consolidated balance sheet at June 30, 2007, showed US$1.04 billion in total assets and US$2.04 billion in total liabilities, resulting in a US$991,266 total stockholders' deficit. In August 2001, Moody's Investor Services placed Weight Watchers International Inc.'s long-term corporate family and bank loan debt ratings at "Ba1". These ratings hold to date. =========================== C A Y M A N I S L A N D S =========================== ACM HIGH: Proofs of Claim Filing Deadline is February 21 -------------------------------------------------------- ACM High Grade Strategy Fund's creditors are given until Feb. 21, 2008, to prove their claims to Linburgh Martin and John Sutlic, 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. ACM High's shareholder decided on Dec. 31, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Linburgh Martin and John Sutlic Attn: Kim Charaman Close Brothers (Cayman) Limited Fourth Floor, Harbour Place P.O. Box 1034, Grand Cayman KY1-1102 Telephone: (345) 949 8455 Fax: (345) 949 8499 ACM BERNSTEIN: Proofs of Claim Filing Is Until February 21 ---------------------------------------------------------- ACM Bernstein Absolute Return Credit Strategy Fund's creditors are given until Feb. 21, 2008, to prove their claims to Linburgh Martin and John Sutlic, 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. ACM Bernstein's shareholder decided on Dec. 31, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Linburgh Martin and John Sutlic Attn: Kim Charaman Close Brothers (Cayman) Limited Fourth Floor Harbor Place P.O. Box 1034, Grand Cayman KY1-1102 Telephone: (345) 949 8455 Fax: (345) 949 8499 ACM STRATEGIC: Last Day to File Proofs of Claim is February 21 -------------------------------------------------------------- ACM Strategic High Grade Fund's creditors are given until Feb. 21, 2008, to prove their claims to Linburgh Martin and John Sutlic, 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. ACM Strategic's shareholder decided on Dec. 31, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Linburgh Martin and John Sutlic Attn: Kim Charaman Close Brothers (Cayman) Limited Fourth Floor, Harbour Place P.O. Box 1034, Grand Cayman KY1-1102 Telephone: (345) 949 8455 Fax: (345) 949 8499 AMARETE LIMITED: Proofs of Claim Filing Deadline Is February 18 --------------------------------------------------------------- Amarete Limited's creditors are given until Feb. 18, 2008, to prove their claims to K. Beighton and K.D. Blake, the company's liquidators, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Amarete's shareholders agreed on Jan. 15, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: K. Beighton and K.D. Blake KPMG Attn: Bekilizwe Dube P.O. Box 493, Grand Cayman KY1-1106 Cayman Islands Telephone: 345-914-4464 / 345-949-4800 Fax: 345-949-7164 BERNSTEIN OFFSHORE: Proofs of Claim Filing Ends on February 21 -------------------------------------------------------------- Bernstein Offshore Fund SPC's creditors are given until Feb. 21, 2008, to prove their claims to Linburgh Martin and John Sutlic, 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. Bernstein Offshore's shareholder decided on Dec. 31, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Linburgh Martin and John Sutlic Attn: Kim Charaman Close Brothers (Cayman) Limited Fourth Floor Harbor Place P.O. Box 1034, Grand Cayman KY1-1102 Telephone: (345) 949 8455 Fax: (345) 949 8499 CLOUDVIEW OFFSHORE: Proofs of Claim Filing Is Until February 21 --------------------------------------------------------------- Cloudview Offshore Fund's creditors are given until Feb. 21, 2008, to prove their claims to Geoffrey Varga and Bill Cleghorn, 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. Cloudview Offshore's shareholder decided on Dec. 11, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Geoffrey Varga and William Cleghorn Attn: Bernadette Bailey-Lewis Kinetic Partners Cayman LLP Harbor Center P.O. Box 10387APO Grand Cayman, Cayman Islands Telephone: (345) 623 9903 Fax: (345) 623 0007 GLEACHER EQUITY: Sets Final Shareholders Meeting for February 18 ---------------------------------------------------------------- Gleacher Equity Opportunity Fund Ltd. will hold its final shareholders meeting on Feb. 18, 2008, at 10:00 a.m. at 60 Arch Street, Greenwich, Connecticut, USA. These agendas will be taken during the meeting: 1) accounting of the winding-up process; and 2) authorizing the joint voluntary liquidators to retain the records of the company for a period of two years from the dissolution of the company, after which they may be destroyed. Gleacher Equity's shareholders decided on Jan. 9, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Walkers Walker House, 87 Mary Street George Town, Grand Cayman KY1-9001 Cayman Islands HH DISTRIBUTION: Proofs of Claim Filing Deadline Is February 21 --------------------------------------------------------------- HH Distribution Inc.'s creditors are given until Feb. 21, 2008, to prove their claims to David M.L. Roberts and Jonathan Nicholson, 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. HH Distribution's shareholders agreed on Dec. 31, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: David M.L. Roberts and Jonathan Nicholson P.O. Box 1569 Grand Cayman KY1-1110, Cayman Islands Telephone: 345 949 4018 Fax: 345 949 7891 INTERNATIONAL MERCANTILE: Proofs of Claim Filing Ends on Feb. 20 ---------------------------------------------------------------- International Mercantile Bureau Limited's creditors are given until Feb. 20, 2008, to prove their claims to Whitney Fearnhead, 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. International Mercantile's shareholder decided on Dec. 17, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Whitney Fearnhead c/o Maples and Calder Attorneys-at-law P.O. Box 309, George Town Ugland House, South Church Street George Town, Grand Cayman Cayman Islands MARCO POLO: Last Day to File Proofs of Claim is February 21 ----------------------------------------------------------- Marco Polo Hotels International Limited's creditors are given until Feb. 21, 2008, to prove their claims to Kevin Chung Ying, 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. Marco Polo's shareholder decided on Dec. 28, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Kevin Chung Ying Hui 16th Floor, Ocean Centre Harbour City, Canton Road Kowloon, Hong Kong Tel: 1 345 949 2648 Fax: 1 345 949 8613 MARKET NEUTRAL: Proofs of Claim Filing Deadline is Feb. 21 ---------------------------------------------------------- Market Neutral Equity Strategy Sub-Fund's creditors are given until Feb. 21, 2007, to prove their claims to Linburgh Martin and John Sutlic, 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. Market Neutral's shareholder decided on Dec. 31, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Linburgh Martin and John Sutlic Attn: Kim Charaman Close Brothers (Cayman) Limited Fourth Floor, Harbour Place P.O. Box 1034, Grand Cayman KY1-1102 Telephone: (345) 949 8455 Fax: (345) 949 8499 MERCURIUS INT'L: Proofs of Claim Filing Deadline Is February 18 --------------------------------------------------------------- Mercurius International Fund Limited's creditors are given until Feb. 18, 2008, to prove their claims to David Walker and Lawrence Edwards, 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. Mercurius International's shareholder decided on Jan. 11, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: David Walker and Lawrence Edwards PricewaterhouseCoopers Attn: Jyoti Choi P.O. Box 258, Grand Cayman KY1-1104 Cayman Islands Telephone: +1 (345) 914 8657 Fax: +1 (345) 945 4237 MONACH LIMITED: Proofs of Claim Filing Is Until February 21 ----------------------------------------------------------- Monach Limited's creditors are given until Feb. 21, 2008, to prove their claims to David M.L. Roberts and P.N.A. Mosely, 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. Monach's shareholder decided on Dec. 18, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: David M.L. Roberts and P.N.A. Mosely Cayman Management Ltd. P.O. Box 1569 Ground Floor Harbor Center George Town, KY1-1110, Grand Cayman Cayman Islands Telephone: (345) 949 4018 Fax: (345) 949 7891 NAICO INDEMNITY: Proofs of Claim Filing Ends on February 18 ----------------------------------------------------------- Naico Indemnity (Cayman) Ltd.'s creditors are given until Feb. 18, 2008, to prove their claims to Chandler (USA) Inc., the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Naico Indemnity's shareholder 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: Chandler (USA) Inc. c/o Chandler Insurance Management Ltd. P.O. Box 1854, Waterfront Center North Church Street, Grand Cayman KY1-1110 Cayman Islands UBS PACTUAL: Proofs of Claim Filing Deadline Is February 18 ----------------------------------------------------------- UBS Pactual High Income Fund, Ltd.'s creditors are given until Feb. 18, 2008, to prove their claims to Carolina Tepedino and Iuri Rapoport, 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. UBS Pactual's shareholder decided on Jan. 7, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Carolina Tepedino and Iuri Rapoport c/o Banco UBS Pactual S.A. Av. Brigadeiro Faria Lima 3.729 - 9th Floor Sao Paulo, SP, 04538-133, Brazil Contact for inquiries: OGIER Attn: Susan Taylor Queensgate House South Church Street, P.O. Box 1234 Grand Cayman KY1-1108, Cayman Islands Telephone: (345) 949 9876 Fax: (345) 949 1986 UBS PACTUAL: Last Day to File Proofs of Claim is February 21 ------------------------------------------------------------ UBS Pactual Orbit Debt Fund, Ltd.'s creditors are given until Feb. 21, 2008, to prove their claims to Iuri Rapoport and Carolina Tepedino, 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. UBS Pactual's shareholder decided on Jan. 7, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Iuri Rapoport and Carolina Tepedino Banco UBS Pactual S.A. Praia de Botafogo, 501 5th Floor, Torre Corcovado Rio de Janeiro, RJ 2250-040 Brazil ========= C H I L E ========= ELECTRONIC DATA: To Pay US$0.05 Per Share Dividend on March 10 -------------------------------------------------------------- The Electronic Data System Corp. Board of Directors has declared a dividend on the common stock of US$0.05 per share, payable March 10, 2008, to shareholders of record as of the close of business Feb. 20, 2008. Based in Plano, Texas, Electronic Data System Corp. (NYSE: EDS) -- http://www.eds.com/-- is a global technology services company delivering business solutions to its clients. The company founded the information technology outsourcing industry more than 40 years ago. The company delivers a broad portfolio of information technology and business process outsourcing services to clients in the manufacturing, financial services, healthcare, communications, energy, transportation, and consumer and retail industries and to governments around the world. The company has locations in Argentina, Australia, Brazil, China, Chile, Hong Kong, India, Japan, Malaysia, Mexico, Puerto Rico, Singapore, Taiwan, Thailand and South Korea. * * * Moody's placed EDS Corp.'s senior unsecured debt rating at 'Ba1' in July 2004, and its probability of default rating at 'Ba1' in September 2006. Moody's said the outlook is positive. The ratings still hold to date. FREEPORT-MCMORAN: Unit Pays Government IDR17 Trillion in 2007 ------------------------------------------------------------- Freeport-McMoRan Copper & Gold Inc.'s Indonesian unit PT Freeport Indonesia paid a total of IDR17 trillion (US$1.8 billion) to the Indonesian government in 2007, Antara News reports. The company said that their obligations to the Indonesian government consisted of corporate income tax, employee income tax, regional tax and other kinds of taxes totaling US$1.4 billion. The company will also pay royalties of US$164 million and dividends of UD$216 million. According to the report, the 2007 contribution to government was bigger than the US$1.6 billion in 2006, due to fluctuations in commodity prices and the output of the company whose mines are located in Mimika district, Papua. In the period 2002-2007, the report recounts, the company paid the Indonesian government a total of US$6.9 billion dollars in corporate income tax, employee income tax and regional tax, US$5.5 billion in other taxes, 731 US$US dollars in royalties and US$654 million in dividends. The company obtained the right to mine gold and copper in Mimika district for another 40 years under its phase II work contract signed with the government in 1991, the report adds. About Freeport-McMoRan Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) -- http://www.fcx.com/-- is an international mining industry leader based in North America with large, long-lived, geographically diverse assets and significant proven and probable reserves of copper, gold and molybdenum. Freeport- McMoRan has one of the most dynamic portfolios of operating, expansion and growth projects in the copper mining industry. The Grasberg mine in Indonesia, the world's largest copper and gold mine in terms of reserves, is the company's key asset. Freeport-McMoRan also operates significant mining operations in North and South America and is developing the world-class Tenke Fungurume project in the Democratic Republic of Congo. The completion of Freeport-McMoran's acquisition further expands the company's global operations. The former Phelps Dodge Corp. has mining operations in Chile, Peru, Colombia, Venezuela and Ecuador, among others. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 1, 2007, Moody's Investors Service revised Freeport-McMoRan Copper & Gold Inc.'s outlook to positive and affirmed all of its other ratings. The ratings reflect the overall probability of default of Freeport, to which Moody's assigns a PDR of Ba2. The affirmed ratings include the company's Ba2 Corporate Family Rating and Ba2 Probability of Default Rating. SCIENTIFIC GAMES: Inks Ticket Manufacturing Deal With China Sports ------------------------------------------------------------------ Scientific Games has signed a contract for the manufacturing of instant tickets with China Sports Lottery Printing, Ltd. (CSLP), in the People's Republic of China. Through one of the company's joint ventures in China, Scientific Games will establish, working together with the CSLP, a state of the art instant ticket manufacturing facility at an existing CSLP location as soon as the press can be manufactured and delivered. This facility will be operated by the joint venture for a 15-year period. Revenues to Scientific Games will be based on a percentage of sales. Scientific Games Chairperson and Chief Executive Officer, Lorne Weil stated, "We are honored and excited at the opportunity to work with the CSL and its affiliate CSLP to help build a state-of- the art instant ticket printing facility in China. This project will facilitate the growth of CSL's instant ticket lottery and enable it to become a world leader." About Scientific Games Headquartered in New York City, Scientific Games Corporation (Nasdaq: SGMS) - http://www.scientificgames.com/-- is an integrated supplier of instant tickets, systems and services to lotteries worldwide. The company is a supplier of fixed odds betting terminals and systems, amusement and skill with prize betting terminals, interactive sports betting terminals and systems, and wagering systems and services to pari-mutuel operators. It is also a licensed pari-mutuel gaming operator in Connecticut