/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/081002.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Thursday, October 2, 2008, Vol. 9, No. 196 Headlines A N T I G U A * ANTIGUA: Prime Minister Urges U.S. To Change Dealings With Cuba A R G E N T I N A BIRO SRL: Proofs of Claim Verification Deadline Is November 27 BITZER ARGENTINA: Claims Verification Deadline Is November 25 COMERCIAL FRIGORIFICO: Trustee Verifying Claims Until October 27 CONELMEC SRL: Proofs of Claim Verification Deadline Is Nov. 19 MARIO MANILDO: Trustee to File Individual Reports on March 2 SHUMIS SA: Proofs of Claim Verification Deadline Is December 1 TOPKY SA: Proofs of Claim Verification Deadline Is November 25 WENDY'S INTERNATIONAL: Triarc Merger Cues S&P to Take Rtng Actions * ARGENTINA: Inks Deal With Three Banks to Restructure Debts B E R M U D A LEHMAN RE: Bankruptcy Filing Cues Best's Credit Rating Cut to bb XL CAPITAL: Posts Prelim Net Loss for Hurricanes Gustav and Ike B R A Z I L BANCO DO BRASIL: Previ Posts BRL10BB Loss on Income Portfolio BANCO NACIONAL: Grants BRL390,300 Financing to Copefruta BUCYRUS INT'L: Reaches Supply and Distribution Deal for Brazil DELPHI CORP: Says Agreements with Unions Fortifies Bankruptcy Exit XERIUM TECHNOLOGIES: S&P Lifts Rating to 'B-'; Outlook Stable * BRAZIL: Firms Trade US$31.5 billion in Power Auction C A Y M A N I S L A N D S CANTRADE TRUST: Deadline for Proof of Claim Filing Is Oct. 8 HAMPSTEAD LTD: Ex-Owner Blames Officers for Bank Loan Default HENSON INTERNATIONAL: Proof of Claim Filing Is Until Oct. 6 LWT JADE: Will Hold Final Shareholders Meeting on Oct. 8 NIPPON REAL ESTATE: Proof of Claim Filing Deadline Is Oct. 6 SAINT GERMAIN: Holding Final Shareholders Meeting Today THREADNEEDLE AIS: Deadline for Proof of Claim Filing Is Oct. 7 THREADNEEDLE AIS MASTER: Claims Filing Deadline Is Oct. 7 UTILITIES & VISIBILITY: Proof of Claim Filing Deadline Is Today UTILITIES & VISIBILITY MASTER: Claims Filing Deadline Is Today C O L O M B I A QUEBECOR WORLD: Voluntary Chapter 15 Case Summary QUEBECOR WORLD: Gets Conversion Notices for S. 5 Preferred Shares J A M A I C A CASH PLUS: Jamaica Court Places Unit Under Liquidation NATIONAL COMMERCIAL: S&P Holds B/B Ratings, Shifts Outlook to Neg. M E X I C O BALLY TECHNOLOGIES: Inks Casino Management Deal With Mexican Firm EMPRESAS ICA: San Luis Unit Inks MXN2.2BB Loan to Build Highway HERCULES OFFSHORE: CEO to Present at Merrill Lynch Conference P A N A M A CHIQUITA BRANDS: S&P Holds 'B-' Rating; Changes Outlook to Stable P U E R T O R I C O ZAP IMPORT: Lender Westernbank Wants Chapter 11 Case Dismissed V E N E Z U E L A PETROLEOS DE VENEZUELA: Earns US$9.5 Bil. in 2008 First Quarter * Mesoamerican Plant Tender Falls Flat; PIEM Panel to Meet Again * Upcoming Meetings, Conferences and Seminars - - - - - ============= A N T I G U A ============= * ANTIGUA: Prime Minister Urges U.S. To Change Dealings With Cuba ----------------------------------------------------------------- Prime Minister for Antigua and Barbuda, Baldwin Spencer, urged the United States to change dealings with Cuba at the 63rd United Nations (UN) General Assembly in New York, Caribbean Net News reports. According to the report, citing Antigua Sun, Minister Spencer pleaded with U.S. to stop the deportation of violent criminals to Antigua. Mr. Spencer also urged the Assembly to support developing countries in the fight to stop the sale of handguns and narcotics as well as the globalization of crime in the territory, Caribbean News relates. Antigua Sun also reported that Mr. Spencer rebuked the Assembly's slow progress in implementing solutions to various problems in climate change and food crisis, Caribbean News notes. ================= A R G E N T I N A ================= BIRO SRL: Proofs of Claim Verification Deadline Is November 27 -------------------------------------------------------------- The court-appointed trustee for Biro S.R.L.'s bankruptcy proceeding, will be verifying creditors' proofs of claim until November 27, 2008. The trustee will present the validated claims in court as individual reports on February 16, 2009. A court in Argentina 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 Biro S.R.L. and its creditors. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of Biro S.R.L.'s accounting and banking records will be submitted in court on March 30, 2009. The trustee is also in charge of administering Biro S.R.L.'s assets under court supervision and will take part in their disposal to the extent established by law. BITZER ARGENTINA: Claims Verification Deadline Is November 25 ------------------------------------------------------------- The court-appointed trustee for Bitzer Argentina S.A.C.I.'s bankruptcy proceeding, will be verifying creditors' proofs of claim until November 25, 2008. The trustee will present the validated claims in court as individual reports on February 11, 2009. A court in Argentina 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 Bitzer Argentina and its creditors. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of Bitzer Argentina's accounting and banking records will be submitted in court on March 26, 2009. The trustee is also in charge of administering Bitzer Argentina's assets under court supervision and will take part in their disposal to the extent established by law. COMERCIAL FRIGORIFICO: Trustee Verifying Claims Until October 27 ---------------------------------------------------------------- The court-appointed trustee for Comercial Frigorifico Puerto Plata S.A.'s reorganization proceeding will be verifying creditors' proofs of claim until October 27, 2008. The trustee will present the validated claims in court as individual reports. A court in Argentina 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 Comercial Frigorifico and its creditors. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of Comercial Frigorifico's accounting and banking records will be submitted in court. Infobae didn't state the submission dates for the reports. Creditors will vote to ratify the completed settlement plan during the assembly on July 24, 2009. CONELMEC SRL: Proofs of Claim Verification Deadline Is Nov. 19 -------------------------------------------------------------- The court-appointed trustee for Conelmec S.R.L.'s bankruptcy proceeding, will be verifying creditors' proofs of claim until November 19, 2008. The trustee will present the validated claims in court as individual reports. A court in Argentina 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 Conelmec S.R.L. and its creditors. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of Conelmec S.R.L.'s accounting and banking records will be submitted in court. Infobae didn't state the submission dates for the reports. The trustee is also in charge of administering Conelmec S.R.L.'s assets under court supervision and will take part in their disposal to the extent established by law. MARIO MANILDO: Trustee to File Individual Reports on March 2 ------------------------------------------------------------ Jorge Alvarez, the court-appointed trustee for Mario Manildo Instalaciones SA's bankruptcy proceeding, will present the validated claims as individual reports in the National Commercial Court of First Instance No. 10 in Buenos Aires, with the assistance of Clerk No. 20, on March 2, 2009. Mr. Alvarez is verifying creditors' proofs of claim until Dec. 15, 2008. He will also submit to court a general report containing an audit of Mario Manildo's accounting and banking records April 17, 2009. Mr. Alvarez is also in charge of administering Mario Manildo's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Mario Manildo Instalaciones SA Avenida Nazca 1789 Buenos Aires, Argentina The trustee can be reached at: Jorge Alvarez B. Mitre 1738 Buenos Aires, Argentina SHUMIS SA: Proofs of Claim Verification Deadline Is December 1 -------------------------------------------------------------- The court-appointed trustee for Shumis S.A.'s bankruptcy proceeding, will be verifying creditors' proofs of claim until December 1, 2008. The trustee will present the validated claims in court as individual reports on February 17, 2009. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by Shumis S.A. and its creditors. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of Shumis S.A.'s accounting and banking records will be submitted in court on March 31, 2009. The trustee is also in charge of administering Shumis S.A.'s assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Shumis S.A. Parana 552 Buenos Aires, Argentina TOPKY SA: Proofs of Claim Verification Deadline Is November 25 -------------------------------------------------------------- The court-appointed trustee for Topky S.A.'s bankruptcy proceeding, will be verifying creditors' proofs of claim until November 25, 2008. The trustee will present the validated claims in court as individual reports on February 11, 2009. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by Topky S.A. and its creditors. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of Topky S.A.'s accounting and banking records will be submitted in court on March 26, 2009. The trustee is also in charge of administering Topky S.A.'s assets under court supervision and will take part in their disposal to the extent established by law. WENDY'S INTERNATIONAL: Triarc Merger Cues S&P to Take Rtng Actions ------------------------------------------------------------------ Standard & Poor's Ratings Services took various rating actions as a result of the consummation of the merger between Triarc Cos. Inc. and Wendy's International Inc. The new entity will be called Wendy's/Arby's Restaurant Group Inc. The rating actions are: S&P assigned Wendy's/Arby's a 'B+' corporate credit rating. The outlook is stable. S&P lowered the corporate credit rating on Wendy's one notch to 'B+' from 'BB-' and removed all ratings on Wendy's from CreditWatch with negative implications, where they were placed on April 26, 2007. The outlook is stable. S&P assigned a '4' recovery rating to the company's senior unsecured notes. The '4' recovery rating indicates its expectation of average (30%-50%) recovery in the event of default and also dictates that the senior unsecured issue rating be un- notched from the corporate credit rating. Consequently, S&P lowered the senior unsecured rating and issue-level rating on those notes to 'B+' from 'BB-'. S&P removed the ratings on Arby's Restaurant Group Inc., a subsidiary of Wendy's/Arby's, from CreditWatch with developing implications, where they were placed on April 22, 2008, and affirmed the 'B+' corporate credit rating on Arby's. The outlook is stable. S&P revised the recovery rating on Arby's senior secured credit facility to a '2' from a '1'. The '2' recovery rating indicates S&P's expectation of substantial (70%-90%) recovery in the event of default. As a result of the revised recovery rating, S&P lowered the issue-level rating of Arby's senior secured credit facility one notch to 'BB-' from 'BB'. "The stable outlook reflects our expectation that Wendy's/Arby's will maintain appropriate credit metrics for the rating category and liquidity despite Arby's narrow covenant cushion," said Standard & Poor's credit analyst Charles Pinson-Rose. Based in Dublin, Ohio, Wendy's International Inc. (NYSE: WEN) -- http://www.wendysintl.com/-- is one of the world's largest and most successful restaurant operating and franchising companies, with more than 6,300 Wendy's Old Fashioned Hamburgers restaurants in North America and more than 300 international Wendy's restaurants. It has restaurants in the United States, Canada, Mexico, Argentina, among others. Total revenues for the twelve month period ending June 29, 2008 were approximately US$2.44 billion. * ARGENTINA: Inks Deal With Three Banks to Restructure Debts ------------------------------------------------------------ Argentina signed an agreement with three banks to attempt to restructure debts to sovereign bond holders who rejected a 2005 settlement over a historic default, the government announced Monday, Sept. 29, 2008, Merco Press reported. Cabinet chief Sergio Massa said Barclays PLC, Citigroup Inc. and Deustche Bank plan to negotiate with some 500,000 institutional lenders and individuals suing Argentina in US and European courts over the historic 2001/02 default, Merco Press and Bloomberg News related. According to both reports, holdout creditors are demanding reimbursement of US$20 billion in bonds, plus interest, after the country's 2001/02 default on about 95 billion in sovereign bonds. According to Bloomberg, Citigroup Inc., Barclays Plc and Deutsche Bank AG will manage the transaction, Mr. Massa told bank representatives and other government officials. The banks approached the government with the proposal, Mr. Massa continued. Argentina's defaulted bonds gained after the government said Mr. Massa will speak tonight about an offer to restructure the US$20 billion of debt that creditors held out of a 2005 settlement, Bloomberg reported. An Argentine press said there was a possible understanding presented weeks ago by Barclays from London and basically means the hold outs admit a 65% cut in the face value of the bonds. It was later revealed that the two other mega institutions are Citibank and Deutsche bank. Accrued interests since June 2005 (when the majority of the swap was agreed) will be paid with similar "discount" bonds at an annual rate of 8.28%. The operation would be under an agreed international court. Reports note that the government prohibit the use of the word "swaps" because it would be politically embarrassing for the Kirchners and because of a law that bans opening of the defaulted sovereign bonds restructuring process. According to the reports, this could be avoided by what is defined as reverse inquiry" which an initiative from bond holders. Another condition is no bonds should be linked to GDP growth, as Barclays was first demanding. Failed Proposed Holdout Deal with Bondholders Merco Press reported that President Cristina Fernandez de Kirchner had announced on Sept. 22, 2008, in New York that her administration was considering a proposed deal with holdout creditors who rejected the country's 2005 sovereign debt swap and have since used the courts to try to seize Argentine assets abroad. The announcement follows Argentina's decision to pay back its defaulted debt to the Paris Club of creditor nations and marks a further effort to improve access to financing before the country's debt obligations rise sharply next year. * * * The Troubled Company Reporter-Latin America reported on Aug. 13, 2008, that Standard & Poor's Ratings Services said that its lowering of the sovereign ratings on the Republic of Argentina will not immediately affect ratings on Argentine corporate entities. S&P lowered the global scale ratings on Argentina to 'B' from 'B+' and the national scale ratings to 'raAA-' from 'raAA'. The outlook on the sovereign is stable, and the 'B' short-term global scale rating remains unchanged. ============= B E R M U D A ============= LEHMAN RE: Bankruptcy Filing Cues Best's Credit Rating Cut to bb ---------------------------------------------------------------- A.M. Best Co. has downgraded the financial strength rating to F (In Liquidation) from B and issuer credit rating to "rs" from "bb" of Lehman Re Limited. The ratings now reflect that Lehman Re petitioned for the appointment of liquidators in Bermuda Commercial Court on Sept, 23, 2008. Lehman Brothers Holdings Inc. filed for protection from creditors under Chapter 11 of the U.S. Bankruptcy code on Sept. 15, 2008. Various operating subsidiaries of Lehman Brothers have been sold to third parties, but Lehman Re continues to be part of the Lehman Brothers bankruptcy estate. PricewaterhouseCoopers Advisory Limited, Bermuda has been designated as provisional liquidator. Based in Hamilton, Bermuda, Lehman Re Limited is a wholly owned reinsurance subsidiary of Lehman Brothers Holding Inc. XL CAPITAL: Posts Prelim Net Loss for Hurricanes Gustav and Ike --------------------------------------------------------------- XL Capital Ltd. has posted preliminary net loss estimates for Hurricanes Gustav and Ike. The company�s preliminary loss estimates, pretax and net of reinsurance and reinstatement premium, related to Hurricane Gustav range from approximately US$30 million to US$35 million, which are attributable in roughly equal proportions to the company's insurance and reinsurance operations. The company�s preliminary loss estimates, pretax and net of reinsurance and reinstatement premium, related to Hurricane Ike range from approximately US$165 million to US$235 million, of which US$65 million to US$85 million is attributable to insurance and US$100 million to US$150 million to reinsurance. The company's preliminary loss estimates are based on its review of individual treaties and policies expected to be impacted and client data received to date and has taken into account current industry loss estimates, both from published sources and the Company�s internal analysis. The company also announced that less than one-quarter of a percent of its investment portfolio was exposed to Lehman Brothers Holdings Inc. as of June 30, 2008. As of that date, the cost and market value of XL�s current holdings of equity of Lehman Brothers was US$2 million and US$1 million, respectively. Also as of that date, XL�s current holdings of subordinated debt of Lehman Brothers had an amortized cost and market value of approximately US$34 million and US$29 million, respectively, and XL�s holdings of senior debt of Lehman Brothers had an amortized cost and market value of US$66 million and $63 million, respectively. XL has made no purchases of Lehman Brothers securities since June 30, 2008. XL has no derivative counterparty exposure to Lehman Brothers. As of September 25, 2008, the amortized cost of XL�s fixed income holdings of Washington Mutual, Inc. was US$4 million. As of September 25, 2008, the cost of XL�s common and preferred equity of Fannie Mae and Freddie Mac was US$9 million. XL�s CEO, Michael S. McGavick, commented, �Total industry losses for Gustav and Ike are still being calculated, but we believe that Ike alone could be in excess of [US]$15 billion. We are pleased that even at the high end of our current estimates, losses from these two hurricanes represent less than three percent of pro forma total shareholders� equity as of June 30, 2008. We believe that today�s announcements demonstrate disciplined underwriting as well as our care in managing exposures to individual credits.� Headquartered in Bermuda, XL Capital Ltd. -- http://www.xlcapital.com/-- writes liability insurance and reinsurance worldwide, specializing in low-frequency, high- severity risks from riots to natural disasters. The company writes policies through numerous subsidiaries, many of them offshore, and also manages a Lloyd's of London syndicate. XL's coverage includes general and executive liability, property, and political risk insurance. Its reinsurance covers property, aviation, energy, nuclear accident, and professional indemnity. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 8, 2008, A.M. Best Co. has assigned a debt rating of "bb+" to XL Capital Ltd's US$500 million series C preference shares issued in connection with the company's exercise of the put option under its Mangrove Bay Pass Through Trust contingent capital facility. The rating is under review with negative implications. Concurrently A.M. Best has withdrawn the debt rating of "bb+" on Mangrove Bay's US$500 million 6.102% trust preferred shares. =========== B R A Z I L =========== BANCO DO BRASIL: Previ Posts BRL10BB Loss on Income Portfolio ------------------------------------------------------------- Caixa de Previdencia dos Funcionarios do Banco do Brasil aka Previ, the pension fund for the employees of federal Banco do Brasil, has also acknowledged losing BRL10 billion (US$5.29 billion) from its variable income portfolio, Business News Americas reports, citing a Brazilian press. Previ president Sergio Rosa, as cited by financial daily Gazeta Mercantil, said the portfolio has dropped to 80 billion reais from 90 billion reais due to the recent financial crisis. "We found the value of the shares very cheap," press cited the executive as saying. "Because of this, we stopped selling them, but we believe the value will come back up because the businesses are solid," Mr. Rosa continued. According to government news service Agencia Brasil, Previ has 65% of its investments in variable income compared to the national average for pension funds of 37.7% found by local pension fund association Abrapp. Previ investment director Fabio Moser, as cited by the agency, said the main impact on Previ will be a delay in fulfilling its agreement with national monetary council (CMN) to get its variable income portfolio down to 50% of its investment by 2012. Latest statistics from Abrapp disclosed that Previ topped the list of pension funds as of end-May, with 143bn reais in investments, BNamericas notes. About Previ Caixa de Previdencia dos Funcionarios do Banco do Brasil aka Previ -- http://www.previ.com.br/-- was created in 1904, even before the Welfare Officer in Brazil. It is the largest pension fund in Latin America. It is headquartered in Botafogo, South Zone of Rio de Janeiro. About Banco do Brasil Banco do Brasil SA is Brazil's federal bank and is the largest in Latin America with some 20 million clients and more than 7,000 points of sale (3,200 branches) in Brazil, and 34 offices and partnerships in 26 other countries. In addition to its traditional retail banking services, Banco do Brasil underwrites and sells bonds, conducts asset trading, offers investors portfolio management services, conducts financial securities advising, and provides market analysis and research. * * * On Feb. 29, 2008, Moody's Investors Rating Service assigned a Ba2 foreign currency deposit rating to Banco do Brasil. BANCO NACIONAL: Grants BRL390,300 Financing to Copefruta -------------------------------------------------------- Banco Nacional de Desenvolvimento Economico e Social SA has financially supported Cooperativa dos Produtores de Fruta do Brejo Paraibano Ltda. (Copefruta) to implement a fruit processing unit. BNDES� directors approved a BRL390,300 financing with non- reimbursable funds, from Fundo Social, consisting of a share of the bank�s annual income. The plant will produce banana by-products, the main fruit produced in nearly 70% of the rural lands owned by Copefruta�s cooperative members. By rolling out the project, the cooperative expects to be free from middlemen, who trade 90% of the goods produced by the cooperative members, as well as leverage producers� earnings, as the banana flour selling price is four times higher than the non- processed fruit. The project is also intended to cut down on waste, once the flour allows using 100% of the fruits produced. Copefruta intends to produce, in the first year, around 50 tons of banana flour. As it is a highly nutritive food item, it is likely to be purchased by local city halls to be used to prepare city school meals. Three city halls - Esperanca, Natuba and Alagoa Nova - and the cooperative that provides school meals to the city of Campina Grande have submitted letters of intention. Copefruta�s project is a strongly society-driven one, as it covers regional development, strengthening of production associations and work and income generation. It is also consistent with Zero Hunger program for contributing to improve the quality of state school meals while fostering the development of small-scale agriculture. BNDES� funds to the project, corresponding to 85% of total investments to be made by Copefruta, of BRL459,000, will be mainly used in civil works, purchase of machinery and equipment, personnel training and qualification, and working capital. When the plant starts up, ten new employment opportunities will be created. Copefruta - set up in March 2006, has 29 members across the cities of Alagoa Nova and Esperanca. All of such are rural producers owning lands of up to 20 ha, 3 of which own rural lands larger than 5 ha. To implement the project supported by BNDES, the Instituto de Pesquisa Agropecuaria do Nordeste (Institute of Farming Research of the Northeast - Ipan), an institution qualified as an Organizacao da Sociedade Civil de Interesse Publico (Oscip) that came up from the joint effort of university professors and researchers intending to build a network to share and standardize technical and scientific knowledge with economic and social impact in the state of Paraiba. Ipan will be an intervening party in the financing agreement to be signed between BNDES and Copefruta, and, including other assignments, will monitor the project implementation, supporting the cooperative in carrying out the project. About Banco Nacional Banco Nacional de Desenvolvimento Economico e Social SA is Brazil's national development bank. It provides financing for projects within Brazil and plays a major role in the privatization programs undertaken by the federal government. * * * Banco Nacional continues to carry a Ba2 foreign long-term bank deposit rating from Moody's Investors Service, and a BB+ long- term foreign issuer credit rating from Standards and Poor's Ratings Services. The ratings were assigned in August and May 2007. BUCYRUS INT'L: Reaches Supply and Distribution Deal for Brazil -------------------------------------------------------------- Bucyrus International Inc. and Hensley Industries Inc. have entered into a Supply and Distribution Agreement for Brazil. Under the terms of the agreement Bucyrus will install Hensley's line of hammerless ground engaging tools on its electric rope shovels and walking draglines sold in Brazil, as well as support the sale of Hensley's products to the Brazilian aftermarket. Other markets could be added in the near future. Both companies look forward to expanding their relationship as global partners for the sale and distribution of hammerless ground engaging systems which offer safe, productive, and cost efficient solutions for earth moving equipment. Headquartered in South Milwaukee, Wisconsin, Bucyrus International Inc. (Nasdaq: BUCY) -- http://www.bucyrus.com/-- is a global manufacturer of electric mining shovels, walking draglines and rotary blasthole drills and provides aftermarket replacement parts and services for these machines. In 2006, it had sales of US$738 million. The company has operations in Brazil, Chile, China, Poland, the United Kingdom, Australia, India, Germany and Peru, among others. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 6, 2008, Moody's Investors Service raised the corporate family rating and the secured debt ratings of Bucyrus International Inc. to Ba2 from Ba3. Moody's said the rating outlook is positive. DELPHI CORP: Says Agreements with Unions Fortifies Bankruptcy Exit ------------------------------------------------------------------ Delphi Corp. disclosed the effectiveness of several agreements with GM and Delphi's U.S. unions. These agreements further the significant progress Delphi has achieved in its Chapter 11 cases and, together with other actions Delphi has taken, keep Delphi on track to complete the five key tenets of its transformation by year's end. On Sept. 26, 2008, the U.S. Bankruptcy Court for the Southern District of New York authorized Delphi to enter into an Amended and Restated Global Settlement Agreement and an Amended and Restated Master Restructuring Agreement with GM, well as an amendment to an existing Advance Agreement with GM. In addition, on Sept. 23, 2008, the Bankruptcy Court authorized Delphi to take actions with respect to certain of its existing pension plans and to implement replacement pension plans. The Amended GSA and Amended MRA reflect the completion of Delphi's negotiations with GM to finalize its financial support of Delphi's legacy and labor costs, including by means of GM's assumption of Delphi's U.S. Hourly post-retirement benefits obligations and support for certain labor costs, and to document Delphi's business relationship with GM going forward. In addition, these agreements, together with Implementation Agreements, which have been entered into with each of the company's six U.S. unions, will allow Delphi to immediately commence implementation of a workable solution to its pension obligations through -- a transfer of U.S. hourly pension liabilities and assets from the Delphi hourly pension plan to the GM hourly pension plan in the net amount of approximately US$2.1 to 2.4 billion, in the first of two anticipated transfers of U.S. hourly pension liabilities to the GM hourly pension plan; and -- the freezing of substantially all of Delphi's existing U.S. pension plans and the implementation of replacement plans. Importantly, the Pension Benefit Guaranty Corporation has stated that as a result of the transfer of pension liability, the PBGC will begin withdrawing its previous lien filings of approximately US$1.2 billion. The amendment to the Advance Agreement provides for an additional US$300 million availability to Delphi, which, combined with the net payments of over US$900 million to be made by GM to Delphi upon the effectiveness of the Amended GSA and Amended MRA, provides significant enhancement to Delphi's liquidity position. These agreements and the actions being taken by Delphi provide the framework for the company to complete its transformation and emerge from Chapter 11 as soon as practicable. About Delphi Corp. Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for Chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represent the Official Committee of Unsecured Creditors. As of June 30, 2008, the Debtors' balance sheet showed US$9,162,000,000 in total assets and US$23,742,000,000 in total debts. The Court approved Delphi's First Amended Joint Disclosure Statement and related solicitation procedures for the solicitation of votes on the First Amended Plan on Dec. 20, 2007. The Court confirmed the Debtors' First Amended Plan on Jan. 25, 2008. The Plan has not been consummated after a group led by Appaloosa Management, L.P., backed out from their proposal to provide US$2,550,000,000 in equity financing to Delphi. XERIUM TECHNOLOGIES: S&P Lifts Rating to 'B-'; Outlook Stable ------------------------------------------------------------- Standard & Poor's Ratings Services raised its ratings on Xerium Technologies Inc., including raising the long-term corporate credit rating to 'B-' from 'CCC+'. The outlook is stable. "The upgrade is based on the increased likelihood that Xerium will satisfy its covenants in the fourth quarter and maintain adequate liquidity in the near term," said Standard & Poor's credit analyst Sarah Wyeth. The ratings on Youngsville, North Carolina-based Xerium reflect the company's highly leveraged balance sheet, its limited liquidity, its modest size as a supplier to niche markets, and its dependence on the papermaking industry, all of which limit the company's organic growth potential. Partly mitigating these weaknesses are the company's good operating margins, its geographic diversity, and the strong competitive position of its niche product. Xerium, with revenues of about US$650 million, operates in two business segments: clothing, in the form of synthetic textile belts that transport paper through papermaking machines, and roll covers, which provide covering surface for large steel cylinders between which paper travels in those machines. Clothing represented roughly 65% of revenue in the six months ending June 30, 2008, and roll covers the remainder. These consumables play key roles in the process of converting raw material into paper, and customers prefer local, reliable, and long-standing suppliers. Pricing, while not the key buying decision, has grown increasingly competitive recently. However, this has not affected Xerium's large market shares substantially. The recent amendment to Xerium's credit agreement has alleviated short-term liquidity pressures. S&P could revise the outlook to positive and potentially raise the ratings if the company can maintain operating margins of at least 23%, continue to generate positive free operating cash flow, and be expected to maintain an EBITDA cushion of 20% in its leverage covenant for the foreseeable future. However, Standard & Poor's notes that Xerium's end markets continue to be challenging and competitive. If EBITDA declines more than 5% from its current level and the company does not reduce debt in excess of mandatory payments, the leverage covenant could become tight in 2010 and S&P could revise the outlook to negative or lower the rating. Based on Youngsville, North Carolina, Xerium Technologies Inc. (NYSE: XRM) -- http://www.xerium.com/-- manufactures and supplies two types of consumable products used in the production of paper: clothing and roll covers. With 35 manufacturing facilities in 15 countries around the world, Xerium has approximately 3,700 employees. In Europe the company has subsidiaries in Austria, Italy, Germany, Sweden, Spain, the United Kingdom, Finland, France, Switzerland and Ireland. Xerium also has subsidiaries in Asia, particularly in China, Hong Kong, Australia, Japan and Vietnam. Three subsidiaries are meanwhile located in Central and South America, specifically Brazil, Mexico and Argentina. * BRAZIL: Firms Trade US$31.5 billion in Power Auction ------------------------------------------------------ Fabio Palmigiani at Business News Americas writes that Brazilian power firms traded BRL60.5 billion (US$31.5 billion) in contracts at the September 30 government-run power auction in Sao Paulo. Power trading board CCEE, as cited by BNamericas, disclosed that 39 distribution companies bought 427TWh at the auction for an average price of BRL145.23 per MWh from 23 thermo projects and BRL98.98 per MWh from one hydro project. CCEE president Antonio Carlos Fraga Machado told BNamericas that all energy demanded for the 2010-13 period was guaranteed. Energy holding group Neoenergia, BNamericas says, won the auction to secure 121MW of the 350MW Baixo do Iguacu hydro plant. The final price was 19.5% below the BRL123 per MWh ceiling set for the hydro auction. BNamericas relates that the 360MW Porto do Pecem thermo plant's second phase sold the most power at the auction at 276MW for BRL146 per MWh. Mr. Machado, as cited by BNamericas, said he was very pleased with the price in the hydro auction, adding that "Despite the low 1% discount price in the thermo projects, I don't think it's a trend and might have to do with demand." The discount price refers to the difference between the auction price ceiling and the final offer, BNamericas notes. According to BNamericas, the auction started nearly two hours late because of a bomb threat in the CCEE building. Two thermo projects, Gravatai and Osorio, did not compete because they were unable to secure environmental licenses in time. ========================== C A Y M A N I S L A N D S ========================== CANTRADE TRUST: Deadline for Proof of Claim Filing Is Oct. 8 ------------------------------------------------------------ Cantrade Trust Company (Cayman) Ltd.'s creditors have until Oct. 8, 2008, to prove their claims to David A.K. Walker and J.I. Nicholas Freeland, 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. Cantrade Trust's shareholder decided on Sept. 4, 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 A.K. Walker and J.I. Nicholas Freeland c/o PricewaterhouseCoopers Cayman Islands, P.O. Box 258 Strathvale House, George Town Grand Cayman, Cayman Islands Contact for inquiries: Richard Mottershead Tel: (345) 914-8656 Fax: (345) 945-4237 HAMPSTEAD LTD: Ex-Owner Blames Officers for Bank Loan Default ------------------------------------------------------------- A former owner of Hampstead Ltd sued the Leader of Government Business Hon Kurt Tibbetts and others as defendants in a claim for repayment of a US$700,000 loan, plus interest, Cayman NetNews reported. A writ was filed in the Grand Court on September 18. Hampstead owner Everard 'Denny' Diedrick also named MLA Alfonso Wright and former chairman of the Health Services Authority and general manager of Hampstead, Stephen Scott, as defendants in the writ, NetNews noted. NetNews related, citing court documents, that on or about Feb. 5, 2002, Mr. Diedrick orally agreed to sell Hampstead Ltd to the three defendants for US$1,750,000. Under the agreement, the defendants signed a promissory note promising to pay Mr. Diedrick US$700,000. Mr. Diedrick, according to the report, stated that the defendants have failed to pay the promissory note and are now liable to pay the full amount of the note together with interest, the report said. He claimed that while under the defendants' management and control, Hampstead went out of business. He added that the defendants "caused the company to default in its borrowing covenants to [a] bank." Cayman NetNews said it understands that this may be the first of several law suits to be filed in relation to the sale of Hampstead by Mr. Diedrick. Hampstead Ltd -- http://www.hampstead.ky/-- is a well-known local office supply store in the Cayman Islands, which had operated for 34 years. Everard 'Denny' Diedrick purchased Hampstead in 1972. HENSON INTERNATIONAL: Proof of Claim Filing Is Until Oct. 6 ----------------------------------------------------------- Henson International Finance Ltd.'s creditors have until Oct. 6, 2008, to prove their claims to Lee King Yue, 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. Henson International's shareholder decided on Aug. 22, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Lee King Yue 72-76/F. Two International Finance Center 8 Finance Street, Central Hong Kong LWT JADE: Will Hold Final Shareholders Meeting on Oct. 8 -------------------------------------------------------- LWT Jade Ltd. will hold its final shareholders meeting on Oct. 8, 2008, at 10:00 a.m., at the offices of Close Brothers (Cayman) Limited, 4th Floor Harbour Place, George Town, Grand Cayman, Cayman Islands. These matters will be taken up during the meeting: 1) accounting of the wind-up process, and 2) authorizing the liquidators of the company to retain the records of the company for a period of six years from the dissolution of the company, after which they may be destroyed. LWT Jade's shareholder decided on July 31, 2008, 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 c/o Close Brothers (Cayman) Limited Fourth Floor, Harbour Place P.O. Box 1034 Grand Cayman, Cayman Islands Contact for inquiries: Neil Gray Tel: (345) 949-8455 Fax: (345) 949-8499 NIPPON REAL ESTATE: Proof of Claim Filing Deadline Is Oct. 6 ------------------------------------------------------------ Nippon Real Estate Investment's creditors have until Oct. 6, 2008, to prove their claims to John Huang, 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. Nippon Real Estate's shareholder decided on Aug. 22, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: John Huang c/o Tokyo Ginko Kyokai Building 14FI 1-3-1 Marunouchi, Chiyoda-ku Tokyo, Japan SAINT GERMAIN: Holding Final Shareholders Meeting Today ------------------------------------------------------- Saint Germain Holdings Ltd. will hold its final shareholders meeting on Oct. 2, 2008, at the offices of Maples Finance Limited, Boundary Hall, Cricket Square, George Town, Grand Cayman, Cayman Islands. The accounting of the wind-up process will be taken up during the meeting. Saint Germain's shareholders decided on July 10, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Mora Goddard and Emile Small c/o Maples Finance Limited P.O. Box 1093 Grand Cayman, Cayman Islands THREADNEEDLE AIS: Deadline for Proof of Claim Filing Is Oct. 7 -------------------------------------------------------------- Threadneedle AIS Fund Ltd.'s creditors have until Oct. 7, 2008, to prove their claims to David A.K. Walker and J.I. Nicholas Freeland, 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. Threadneedle AIS' shareholder decided on Sept. 4, 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 A.K. Walker and J.I. Nicholas Freeland c/o PricewaterhouseCoopers Cayman Islands, P.O. Box 258 Strathvale House, George Town Grand Cayman, Cayman Islands Contact for inquiries: Prue Lawson Tel: (345) 914-8662 Fax: (345) 945-4237 THREADNEEDLE AIS MASTER: Claims Filing Deadline Is Oct. 7 --------------------------------------------------------- Threadneedle AIS Master Fund Ltd.'s creditors have until Oct. 7, 2008, to prove their claims to David A.K. Walker and J.I. Nicholas Freeland, 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. Threadneedle AIS' shareholder decided on Sept. 4, 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 A.K. Walker and J.I. Nicholas Freeland c/o PricewaterhouseCoopers Cayman Islands, P.O. Box 258 Strathvale House, George Town Grand Cayman, Cayman Islands Contact for inquiries: Prue Lawson Tel: (345) 914-8662 Fax: (345) 945-4237 UTILITIES & VISIBILITY: Proof of Claim Filing Deadline Is Today --------------------------------------------------------------- Utilities & Visibility Fund's creditors have until Oct. 2, 2008, to prove their claims to DMS Corporate Services Ltd., the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Utilities & Visibility's shareholder decided on July 29, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: DMS Corporate Services Ltd. c/o dms House, 2nd Floor P.O. Box 1344 Grand Cayman, Cayman Islands Contact for inquiries: Bernadette Bailey-Lewis Tel: (345) 946-7665 Fax: (345) 946 7666 UTILITIES & VISIBILITY MASTER: Claims Filing Deadline Is Today -------------------------------------------------------------- Utilities & Visibility Master Fund's creditors have until Oct. 2, 2008, to prove their claims to DMS Corporate Services Ltd., the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Utilities & Visibility's shareholder decided on July 29, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: DMS Corporate Services Ltd. c/o dms House, 2nd Floor P.O. Box 1344 Grand Cayman, Cayman Islands Contact for inquiries: Bernadette Bailey-Lewis Tel: (345) 946-7665 Fax: (345) 946 7666 =============== C O L O M B I A =============== QUEBECOR WORLD: Voluntary Chapter 15 Case Summary ------------------------------------------------- Debtor: Quebecor World, Inc. 612 St. Jacques Street Montreal, Quebec H3C 4M8 Canada Bankruptcy Case No.: 08-13814 Type of Business: The Debtor is a printing company Chapter 15 Petition Date: September 30, 2008 Court: Southern District of New York (Manhattan) Judge: James M. Peck Debtor's Counsel: Kenneth P. Coleman, Esq. kurt.vellek@allenovery.com Allen & Overy LLP 1221 Avenue of Americas New York, NY 10022 Tel: (212) 610-6300 Fax: (212) 610-6399 Estimated Assets: unstated Estimated Debts: unstated QUEBECOR WORLD: Gets Conversion Notices for S. 5 Preferred Shares ----------------------------------------------------------------- Quebecor World Inc. received notices in respect of 66,601 of its remaining 1,763,029 issued and outstanding Series 5 Cumulative Redeemable First Preferred Shares (CA:IQW) requesting conversion into the company's Subordinate Voting Shares (CA:IQW). In accordance with the provisions governing the Series 5 Preferred Shares, registered holders of such shares are entitled to convert all or any number of their Series 5 Preferred Shares into a number of Subordinate Voting Shares effective as of Dec. 1, 2008, provided such holders gave notice of their intention to convert at least 65 days prior to the Conversion Date. The Series 5 Preferred Shares are convertible into that number of the company's Subordinate Voting Shares determined by dividing CUS$25 together with all accrued and unpaid dividends on such shares up to Nov. 30, 2008, by the greater of (i) CUS$2 and (ii) 95% of the weighted average trading price of the Series 5 Preferred Shares on the Toronto Stock Exchange during the period of twenty trading days ending on Nov. 27, 2008. The next conversion date on which registered holders of the Series 5 Preferred Shares will be entitled to convert all or any number of such shares into Subordinate Voting Shares is March 1, 2009, and notices of conversion in respect thereof must be deposited with the Company's transfer agent, Computershare Investor Services Inc., on or before Dec. 29, 2008. About Quebecor World Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE: IQW), -- http://www.quebecorworldinc.com/-- provides market solutions, including marketing and advertising activities, well as print solutions to retailers, branded goods companies, catalogers and to publishers of magazines, books and other printed media. It has 127 printing and related facilities located in North America, Europe, Latin America and Asia. In the United States, it has 82 facilities in 30 states, and is engaged in the printing of books, magazines, directories, retail inserts, catalogs and direct mail. The company has operations in Mexico, Brazil, Colombia, Chile, Peru, Argentina and the British Virgin Islands. Quebecor World and 53 of its subsidiaries, including those in Canada, filed a petition under the Companies' Creditors Arrangement Act before the Superior Court of Quebec, Commercial Division, in Montreal, Canada, on Jan. 20, 2008. The Honorable Justice Robert Mongeon oversees the CCAA case. Francois-David Pare, Esq., at Ogilvy Renault, LLP, represents the company in the CCAA case. Ernst & Young Inc. was appointed as Monitor. On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S. subsidiary, along with other U.S. affiliates, filed for chapter 11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP represents the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors is represented by Akin Gump Strauss Hauer & Feld LLP. Based in Corby, Northamptonshire, Quebecor World PLC -- http://www.quebecorworldplc.com/-- is the U.K. subsidiary of Quebecor World Inc. that specializes in web offset magazines, catalogues and specialty print products for marketing and advertising campaigns. The company employs around 290 people. Quebecor PLC was placed into administration with Ian Best and David Duggins of Ernst & Young LLP appointed as joint administrators effective Jan. 28, 2008. As of June 30, 2008, Quebecor World's unaudited consolidated balance sheet showed total assets of US$3,412,100,000, total liabilities of US$4,326,500,000, preferred shares of US$62,000,000, and total shareholders' deficit of US$976,400,000. ============= J A M A I C A ============= CASH PLUS: Jamaica Court Places Unit Under Liquidation ------------------------------------------------------ Cash Plus Development, a subsidiary of Carlos Hill's Cash Plus group, was placed into liquidation by the Supreme Court on Sept. 19, 2008, The Jamaica Observer's Paul Henry wrote. The liquidation order was made by Justice Marva McDonald following an application by the court-approved trustee in bankruptcy, Monty Kandekore, the Observer reported. It is believed that the real estate company has assets of some US$2 billion, according to the report. As reported by the Troubled Company Reporter-Latin America on Sept. 22, 2008, over 200 investors of Cash Plus Ltd on September 17, waited outside the office of L. Monty Kandekore, the Court- appointed Provisional Liquidator for the company, hoping to get payed. However, Mr. Kandekore, who is also the liquidator of the Cash Plus Group and Cash Plus Limited said that only part payment was made on some of the properties purported to be that of Cash Plus Development, the Observer related. Mr. Kandekore said he would only be able to recoup the part payment made on properties that exceed 10% of the purchase price. As Liquidator, Kandekore is responsible for disposing of the assets of the companies in order to secure funding to pay relevant claims that may be made against the entities by investors. Cash Plus has approximately 40,000 clients to whom it owes billions of dollars. Several multimillion lawsuits have been filed to recoup monies invested in the failed alternative investment scheme. Kandekore was appointed liquidator in June by the court, following an application by the Premier League Clubs Association to wind up Cash Plus Group Limited, because of its failure to honor sponsorship commitments regarding the National Premier League Football competition. About Cash Plus Limited Cash Plus Limited is an investment club in Jamaica. It collapsed in 2007 after the Financial Services Commission moved to regulate its operations. The company is a financial arm of the Cash Plus Group of Companies, a business conglomerate established in 2002 by mortgage banker Carlos Hill. The company offers its participants the opportunity to participate in the group's ventures which include mergers and numerous acquisitions. In April 2008, the Supreme Court of Jamaica placed Cash Plus in receivership. Cash Plus admitted that it wouldn't be able to pay its lenders until April 14. The firm has 40,000 lenders with loans totaling J$4 billion. Cash Plus was unable to repay its investors. The Financial Services Commission said it was informed by the attorney acting on behalf of Cash Plus that the investment club lacked the funds to start the repayment of the principal and interest owing to its investors. PricewaterhouseCoopers' accountant Kevin Bandoian was appointed as joint receiver-manager for Cash Plus. NATIONAL COMMERCIAL: S&P Holds B/B Ratings, Shifts Outlook to Neg. ------------------------------------------------------------------ Standard & Poor's Ratings Services revised its outlook on National Commercial Bank Jamaica Ltd. to negative from stable; the counterparty credit ratings were affirmed at 'B/B'. "The outlook revision reflects our opinion that, although the bank's performance continues to be adequate for the current 'B' rating, there are important economic and liquidity pressures from both local and global markets that could have an impact upon the bank's finances over the next 12 months. We believe that the bank faces a less benign operational environment, with compressing margins, various exposures to the weaker pricing of Jamaican sovereign bonds, tighter liquidity in the international markets, and high inflation," said S&P's credit analyst Leonardo Bravo. The Bank of Jamaica's tighter monetary policies have increased interest rates in local market and could further compress interest margins that affect profitability. In addition, margins will be constrained by the increases in international interest rates. As a consequence of tighter liquidity in global markets, S&P thinks that availability of U.S. dollars to the bank from correspondent banks could be more limited. Jamaican sovereign bond prices have fallen nearly 10% since June 2008. Credit spreads over government bonds and credit default swaps have also widened. This exposes the bank to realized and unrealized market losses and to margin calls in repo operations due to the decrease in the prices. S&P expects profitability to be negatively affected by these market risks and by provisions needed to cover for potential credit losses. The ratings are constrained by the Jamaican bank's larger-than- peer loan concentration in its main clients and its operating in a relatively small, highly indebted, and nondiversified economy. The bank's relevant market presence in the Jamaican banking system, adequate performance in a challenging environment, and consistent improvements in its operating performance support the ratings. "The negative outlook takes into account possible future stress on profitability and U.S. dollar funding. If current conditions in the local and global markets place significant pressure upon the bank's liquidity in either Jamaican or U.S. dollars, or if profitability is significantly affected by realized or unrealized losses or if asset quality deteriorates to 2003 levels (more than 5%), the ratings could be lowered. If the bank is able to maintain its current profile and face current conditions adequately, the outlook could be revised to stable," Mr. Bravo added. Headquartered in Kingston, Jamaica, the National Commercial Bank Jamaica Limited -- http://www.jncb.com/-- provides commercial and retail banking, wealth management services. The company's services include personal banking, business banking, mortgage loans, wealth management and insurance services. Founded in 1977, the bank primarily operates in West Indies and the U.K. =========== M E X I C O =========== BALLY TECHNOLOGIES: Inks Casino Management Deal With Mexican Firm ----------------------------------------------------------------- Bally Technologies, Inc. has signed an agreement with Mexico gaming operator Pringsa to be the exclusive, enterprise-wide casino management system provider for Pringsa's 36 gaming locations throughout Mexico. Pringsa, one of Mexico's largest license holders, is jointly owned by CIRSA, a global company with an extensive presence in gaming, and a private Mexican investment group. Under the multi-year contract, Bally will provide Pringsa with its casino management system, along with a significant floor share of gaming machines for Pringsa's extensive network of locations in Mexico, with the potential for up to 2,000 installations of Bally ALPHA Elite video and mechanical-reel gaming devices within the next 24 months. "We are honored to be in partnership with Pringsa, a company recognized for its highly successful business throughout Mexico," said Bally's Chief Executive Officer, Richard M. Haddrill. "This agreement paves the way for Bally to further expand its games and systems presence in one of the industry's leading growth markets." Haddrill also noted that the partnership may lead to opportunities for Bally to further expand its relationship with CIRSA. CIRSA owns the Barcelona, Spain slot manufacturer Unidesa, is the operator/partner in three Spanish casinos, has 16,000 employees, and owns 22 traditional casinos, 100 arcades, 73 electronic casinos, nearly 100 bingo halls, and more than 85,000 slot machines worldwide. The system Bally is providing Pringsa for its Mexico operations offers advanced features for a high-speed floor network including player tracking, bonusing, promotions, cage accounting, and the iVIEW interactive player network. The iVIEW network, which is part of Bally's Networked Floor of the Future technology offerings, will provide Pringsa with revenue- generating and cutting-edge marketing and promotions capabilities by delivering downloadable content directly to players through full-color interactive iVIEW Smart Screen displays mounted in the gaming machines. "We are eagerly anticipating upgrading our technology with Bally's advanced system features and Networked Floor of the Future tools, which will help us meet our goal to provide players with more advanced promotions, incentives, and rewards for their loyalty," said Pringsa Corp. CEO, Jose Angel Lopez. "The Bally system will also allow us to streamline our accounting and administrative operations, providing us with cost savings and added efficiencies." Mr. Lopez added, "Bally's games are among the highest-performing gaming machines in Mexico. By offering our customers the rewarding and exciting play experience that Bally games have proven to provide, we expect to drive more traffic into our bingo halls." Bally will provide all of the system training, documentation, screens, and reports in Spanish, reflecting Bally's continued commitment to internationalization of its various product lines. About Pringsa Corporation Pringsa was founded in 1993 with the opening of the Acapulco Jai Alai. In 1995, the company received a license to open five additional locations and in 1997, opened the first-ever traditional bingo parlor in Mexico at its Acapulco Jai Alai. In 2005, Pringsa received 53 additional permits and joined forces with world leader CIRSA Gaming Corporation. About Bally Technologies Headquartered in Las Vegas, Nevada, Bally Technologies, Inc. (NYSE: BYI) -- http://www.BallyTech.com/-- designs, manufactures, operates, and distributes advanced gaming devices, systems, and technology solutions worldwide. Bally's product line includes reel-spinning slot machines, video slots, wide- area progressives and Class II lottery and central determination games and platforms. Bally Technologies also offers an array of casino management, slot accounting, bonus, cashless, and table management solutions. The company also owns and operates Rainbow Casino in Vicksburg, Mississippi. The company's South American operations are located in Argentina. The company also has operations in France, Germany, Macau, China, India, and the United Kingdom. * * * As reported in the Troubled Company Reporter-Latin America Sept. 12, 2008, Moody's Investors Service assigned a Ba3 Corporate Family rating and Ba3 Probability of Default rating to Bally Technologies, Inc. It also assigned a Ba3 rating to both the company's proposed US$225 million senior secured term loan and US$75 million senior secured revolving credit facility. EMPRESAS ICA: San Luis Unit Inks MXN2.2BB Loan to Build Highway --------------------------------------------------------------- Empresas ICA S.A.B de C.V.'s subsidiary ICA San Luis S.A. de C.V. has signed the long term financing agreement for the construction of the Rio Verde � Ciudad Valles highway in the state of San Luis Potosi. The concession for this highway was awarded to ICA under the Public Private Partnership (PPP) mechanism in 2007. The total amount of the loan is MXN2.250 billion, with a term of 17 years and was structured by Banco Santander. The loan will be used to finance the construction of the 112 km highway. In the last 12 months, ICA has closed more than MXN22 billion in financings for projects undertaken by consolidated subsidiaries. In addition, non-consolidated affiliates have closed financings for more than MXN32 billion. Empresas ICA, S.A.B de C.V. -- http://www.ica.com.mx/-- the largest engineering, construction, and procurement company in Mexico, was founded in 1947. ICA has completed construction and engineering projects in 21 countries. ICA's principal business units include civil construction and industrial construction. Through its subsidiaries, ICA also develops housing, manages airports, and operates tunnels, highways, and municipal services under government concession contracts and/or partial sale of long-term contract rights. * * * As reported in the Troubled Company Reporter-Latin America on Sept. 20, 2007, Standard & Poor's Ratings Services affirmed its 'BB-' long-term corporate credit rating on Empresas ICA S.A.B. de C.V. S&P said the outlook is stable. HERCULES OFFSHORE: CEO to Present at Merrill Lynch Conference ------------------------------------------------------------- Hercules Offshore, Inc. Chief Executive Officer and President, John T. Rynd will present at the Merrill Lynch Global Energy Mid & Small Cap Conference in New York City on Oct. 2, 2008, at 1:50 p.m. EDT (12:50 p.m. CDT). Interested parties may listen to the presentation live over the Internet. Go to the "Investor Information" link and select "News & Events." at: http://www.herculesoffshore.com. To listen to the live presentation, please go to the Web site at least 15 minutes early to register, download and install any necessary audio software. A replay of the presentation will be available within 24 hours after the conclusion of the presentation through the company's web site for one month. Headquartered in Houston, Texas, USA, Hercules Offshore, Inc. (Nasdaq: HERO) provides shallow-water drilling and lift boat services to the oil and natural gas exploration and production industry in the United States Gulf of Mexico and internationally. It operates a fleet of 35 jackup rigs, 27 barge rigs, 65 liftboats, three submersible rigs, one platform rig and a fleet of marine support vessels. Its services are organized in four segments, Domestic Contract Drilling Services, International Contract Drilling Services, Domestic Marine Services and International Marine Services. The company's Domestic Contract Drilling Services and Domestic Marine Services are conducted in the United States Gulf of Mexico, its International Contract Drilling Services are conducted offshore Qatar and India, and its International Marine Services are conducted in West Africa. The company also has operations in Venezuela, Trinidad, and Mexico. * * * As reported in the Troubled Company Reporter-Latin America on May 5, 2008, Standard & Poor's Ratings Services affirmed its 'BB' bank loan and recovery rating of '2' on the US$1.15 billion senior secured credit facilities of Hercules Offshore Inc., as well as its 'BB-' Corporate Credit Rating with stable outlook. The recovery rating of '2' indicates S&P's expectation of substantial (70% to 90%) recovery in the event of a payment default. =========== P A N A M A =========== CHIQUITA BRANDS: S&P Holds 'B-' Rating; Changes Outlook to Stable ----------------------------------------------------------------- Standard & Poor's Ratings Services revised its outlook on Cincinnati, Ohio-based Chiquita Brands International Inc. to stable from negative. S&P also affirmed the existing ratings on the company, including the 'B-' corporate credit rating. As of June 30, 2008, the company had about US$874 million of total debt. The outlook revision reflects operating results in the first half of 2008 that exceeded S&P's expectations, improved credit measures, and strong covenant cushion. In addition, S&P expects some near-term debt repayment using proceeds from the recent sale of Chiquita's Atlanta AG subsidiary for net proceeds of EUR65 million (about US$92 million), including working capital and net debt adjustments. Although Atlanta generated about US$1.2 billion of sales in 2007, it reported an operating income loss of US$0.5 million. The outlook is stable. Chiquita has reduced leverage and improved covenant cushion despite high industry costs. S&P estimates that if EBITDA declines by 15%, given the current economic uncertainties, Chiquita would maintain sufficient cushion on its financial covenants. "An outlook revision to positive would require sustained improvement in operating performance, and sustained solid covenant cushion," noted Standard & Poor's credit analyst Alison Sullivan. "We could revise the outlook to negative if liquidity becomes constrained, for example, if covenant cushion is in the single- digit percentage area, and/or operating trends deteriorate," she continued. Headquartered in Cincinnati, Ohio, Chiquita Brands International Inc. (NYSE: CQB) -- http://www.chiquita.com/-- is a marketer and distributor of high-quality fresh and value-added food products. The company markets its products under the Chiquita(R) and Fresh Express(R) premium brands and other related trademarks. Chiquita employs approximately 25,000 people operating in more than 70 countries worldwide, including Panama. ==================== P U E R T O R I C O ==================== ZAP IMPORT: Lender Westernbank Wants Chapter 11 Case Dismissed -------------------------------------------------------------- Westernbank Puerto Rico, secured creditor of Zap Import & Export Inc., asks the U.S. Bankruptcy Court for the District of Puerto Rico to dismiss the Debtor's Chapter 11 case or as an alternative, convert it to a Chapter 7 proceeding. Westernbank tells the Court that it filed a motion to lift automatic stay due to the Debtor's possible concealment of assets, and failure to segregate and account for cash collateral subject to Westernbank's security interest; and the Debtor's continued refusal to permit an audit of its books and records under various loan agreements between the Debtor and Westernbank. According to Westernbank, the Debtor transferred US$1,300,000 in inventory, to its affiliate Pit Stop, Auto Body Parts Store and More Corp., financed by another lender, Banco Popular. Westernbank alleges that the transfer was not in the ordinary course of business, but the full story will not be known until Westernbank is permitted to see the Debtor's records. However, the transaction does not appear in the Debtor's petition or schedules. Unless the price was paid the transaction should appear as an account receivable or liquidated debt owed to the Debtor, or other unliquidated or liquidated claim. If in fact the transfer occured and does not appear in any Court documents, the case should be dismissed or converted to Chapter 7 or an examiner appointed to file complete and accurate schedules. The lender, in addition, objects to the inventory disclosure which shows an inventory valued at US$1,425,990 without any detail. Based in San Juan, Puerto Rico, Zap Import & Export Corp. imports and exports motor vehicle supplies and new parts. The company filed for Chapter 11 protection on Sept. 3, 2008 (Bankr. D. P.R. Case No. 08-05799). Winston Vidal Gambaro, Esq., represents the Debtor. The Debtor's Schedules listed assets of US$11,056,928 and liabilities of US$11,161,127. ================= V E N E Z U E L A ================= PETROLEOS DE VENEZUELA: Earns US$9.5 Bil. in 2008 First Quarter --------------------------------------------------------------- According to the Report on Management and Intermediate, Petroleos de Venezuela S.A.'s Consolidated and Condensed Financial Statements as of June 30, 2008, reviewed by Alcaraz Cabrera Vazquez, a member of KPMG International, the oil company�s net profits for the first quarter of 2008 amounted to US$9.504 billion, which represents an increase of US$8.608 billion (961%) compared to the same quarter in 2007. With regard to operations, the average crude production during the first quarter of 2008 reached 3.244 million barrels per day (MBD), a higher average production than the one reached for the same quarter in 2007 of 3.134 million MBD. Said increased total production was achieved thanks to PDVSA�s efforts to reach 2.356 MBC in its Eastern, Western, Central South, Orinoco Oil Belt and Offshore Divisions, as well as by joint venture companies� efforts to reach 888 MBD. Average production of liquefied natural gas (LNG) during the first quarter of 2008 amounted to 164 MBD, for a total crude and LNG production of 3.408 MBD. Fiscal contributions paid to the Nation during the first quarter of 2008 amounted to US$12.865 billion, or US$2.876 billion (29%) higher than those paid during the six-month period ending on June 30, 2007, and amounting to US$9.989 billion. The increase was mainly due to higher royalty payments and extraction taxes. As of June 30, 2008, total assets reached US$135.711 billion, which represents an increase of US$28.817 billion (27%) compared to December 31, 2007, when assets amounted to US$106.894 billion. This increase was mainly due to the appreciation in the value of accounts receivable caused by a price increase in international markets, an increase in exports, as well as an increase in properties, plants and equipments due to investments made by the Oil Sowing Plan and a higher participation from PDVSA in joint venture companies in the Orinoco Oil Belt. During the first quarter of 2008, PDVSA carried out different financial transactions that yielded a net result of a 258 MMUS$ decrease in the consolidated financial debt. The company�s consolidated equity reached $70.176 billion after an increase of $14.114 billion (25%) compared to December 2007 when it amounted to $56.62 billion. This increase was the result of annual profits and a larger participation by PDVSA in the Orinoco Oil Belt. These results are part of PDVSA�s quarterly publication which aims at keeping the Venezuelan public informed, since they are the original shareholders of the principal Company with Socialist Ownership, and it is a reflection of its transparent and efficient management which guarantees the continuity of the projects necessary to achieve the country�s integral development. Headquartered in Caracas, Petroleos de Venezuela S.A. -- http://www.pdvsa.com/-- is Venezuela's state oil company in charge of the development of the petroleum, petrochemical and coal industry, as well as planning, coordinating, supervising and controlling the operational activities of its divisions, both in Venezuela and abroad. The company has a commercial office in China. * * * As reported in the Troubled Company Reporter-Latin America on April 28, 2008, that Standard & Poor's Ratings Services affirmed its 'BB-' long-term corporate credit rating on Petroleos de Venezuela S.A. S&P said the outlook is stable. In March 2007, Fitch Ratings gave a BB- rating to PDVSA's Senior Unsecured debt. * Mesoamerican Plant Tender Falls Flat; PIEM Panel to Meet Again ---------------------------------------------------------------- David Casallas of BNamericas reports that no offers were submitted to build the Mesoamerican refinery planned for Central America, according to Guatemala's energy and mines minister Carlos Meany. BNamericas received a summary document from the ministry confirming the news. Alfredo Pokus, Guatemala's hydrocarbons deputy minister, said the Mesoamerican energy integration program (PIEM) will hold a meeting October 9-10 to discuss the project's future. Prequalified bidders included Colombia's state oil company Ecopetrol, Japan's Itochu, Indian firm Reliance and Valero Energy of the U.S., BNamericas relates. The technical committee of the PIEM, which is behind the project, is expected to decide whether a new process will be launched or whether the project will fold, BNamericas says, citing Mr. Meany. According to the report, the refinery's estimated cost is US$6 billion to US$8 billion and includes a 750MW thermo plant that would use coke left over from the refining process. The ports of Armuelles in Panama and Quetzal in Guatemala have been identified as possible sites for the 350,000b/d refinery. Mexican President Felipe Calderon last year pledged 80,000b/d of crude for the refinery, below his predecessor Vicente Fox's 230,000b/d commitment, BNamericas notes. "The 80,000b/d is an objective estimate of Mexico's oil production. We want to give truthful alternatives for the project and at the same time look after the country's production," Mr. Calderon said at the time. * Upcoming Meetings, Conferences and Seminars --------------------------------------------- Oct. 3, 2008 AMERICAN BANKRUPTCY INSTITUTE ABI/UMKC Midwestern Bankruptcy Institute H. Roe Bartle Hall Convention Center, Kansas City Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 9, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Luncheon - Chapter 11 University Club, Jacksonville, Florida Contact: http://www.turnaround.org/ Oct. 13, 2008 AMERICAN BANKRUPTCY INSTITUTE Consumer Bankruptcy Conference Standard Club, Chicago, Illinois Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 14, 2008 TURNAROUND MANAGEMENT ASSOCIATION Annual Charity Golf Event Forest Park Golf Course, St. Louis, Missouri Contact: www.turnaround.org Oct. 16, 2008 TURNAROUND MANAGEMENT ASSOCIATION Billiards Networking Night Herbert's Billiards, Secaucus, New Jersey Contact: 908-575-7333 or www.turnaround.org Oct. 16, 2008 TURNAROUND MANAGEMENT ASSOCIATION LI-TMA Member Social Davenport Press, Mineola, New York Contact: 631-251-6296 or www.turnaround.org Oct. 16, 2008 TURNAROUND MANAGEMENT ASSOCIATION Breakfast Meeting TBD, Calgary, Alberta Contact: 503-768-4299 or www.turnaround.org Oct. 16, 2008 TURNAROUND MANAGEMENT ASSOCIATION View from the Bench - Bankruptcy Update Summit Club, Birmingham, Alabama Contact: www.turnaround.org Oct. 16, 2008 TURNAROUND MANAGEMENT ASSOCIATION How to Contract with a Turnaround Manager University Club, Portland, Oregon Contact: www.turnaround.org Oct. 22, 2008 TURNAROUND MANAGEMENT ASSOCIATION Turnaround Nevada Award Night McCormick & Schmick's, Las Vegas, Nevada Contact: www.turnaround.org Oct. 23, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Arizona Chapter Meeting - Election Oriented TBD, Phoenix, Arizona Contact: www.turnaround.org Oct. 23, 2008 TURNAROUND MANAGEMENT ASSOCIATION Effective Turnarounds: A Panel of Professionals TBA, Rochester, New York Contact: www.turnaround.org Oct. 23-24, 2008 AMERICAN CONFERENCE INSTITUTE Distressed Assets Boot Camp TBD, London, United Kingdom Contact: www.americanconference.com Oct. 28, 2008 TURNAROUND MANAGEMENT ASSOCIATION State of the Capital Markets Citrus Club, Orlando, Florida Contact: www.turnaround.org/ Oct. 28-31, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott New Orleans, Louisiana Contact: 312-578-6900; http://www.turnaround.org/ Oct. 29-30, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Corporate Governance Meetings Marriott, New Orleans, Louisiana Contact: www.turnaround.org Oct. 30 & 31, 2008 BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES Physicians Agreements and Ventures Contact: 800-726-2524; 903-595-3800; www.renaissanceamerican.com Oct. 31, 2008 AMERICAN BANKRUPTCY INSTITUTE International Insolvency Symposium Hilton, Frankfurt, Germany Contact: 1-703-739-0800; http://www.abiworld.org/ Nov. 6, 2008 TURNAROUND MANAGEMENT ASSOCIATION Networking Breakfast Coach House Diner & Restaurant, Hackensack, New Jersey Contact: 908-575-7333 or www.turnaround.org Nov. 11, 2008 AMERICAN BANKRUPTCY INSTITUTE Detroit Consumer Bankruptcy Conference Marriott, Troy, Michigan Contact: 1-703-739-0800; http://www.abiworld.org/ Nov. 13, 2008 TURNAROUND MANAGEMENT ASSOCIATION Turnaround Case Study Summit Club, Birmingham, Alabama Contact: www.turnaround.org Nov. 13, 2008 TURNAROUND MANAGEMENT ASSOCIATION Effective Turnarounds:A View From Workout Consultants TBA, Buffalo, New York Contact: www.turnaround.org Nov. 13, 2008 TURNAROUND MANAGEMENT ASSOCIATION LI-TMA Social TBD, Melville, New York Contact: 631-251-6296 or www.turnaround.org Nov. 13, 2008 TURNAROUND MANAGEMENT ASSOCIATION Dinner Meeting TBD, Calgary, Alberta Contact: 503-768-4299 or www.turnaround.org Nov. 17-18, 2008 BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES Distressed Investing Contact: 800-726-2524; 903-595-3800; www.renaissanceamerican.com Nov. 19, 2008 TURNAROUND MANAGEMENT ASSOCIATION Special Program Tournament Players Club at Jasna Polana, New Jersey Contact: 908-575-7333 or www.turnaround.org Nov. 19, 2008 TURNAROUND MANAGEMENT ASSOCIATION Interaction Between Professionals in a Restructuring/Bankruptcy Bankers Club, Miami, Florida Contact: 312-578-6900; http://www.turnaround.org/ Nov. 20, 2008 TURNAROUND MANAGEMENT ASSOCIATION Senior Housing & Long Term Care Washington Athletic Club,Seattle, Washington Contact: www.turnaround.org Nov. 27, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Arizona Chapter Meeting - Chris Kaup TBD, Phoenix, Arizona Contact: www.turnaround.org Dec. 3, 2008 TURNAROUND MANAGEMENT ASSOCIATION Holiday Party McCormick & Schmick's, Las Vegas, Nevada Contact: 702-952-2480 or www.turnaround.org Dec. 3, 2008 TURNAROUND MANAGEMENT ASSOCIATION Christmas Function Terminal City Club, Vancouver, British Columbia Contact: 503-768-4299 or www.turnaround.org Dec. 3-5, 2008 AMERICAN BANKRUPTCY INSTITUTE 20th Annual Winter Leadership Conference Westin La Paloma Resort & Spa Tucson, Arizona Contact: http://www.abiworld.org/ Dec. 8, 2008 TURNAROUND MANAGEMENT ASSOCIATION Holiday Gathering TBD, Long Island, New York Contact: 631-251-6296 or www.turnaround.org Dec. 9, 2008 TURNAROUND MANAGEMENT ASSOCIATION Holiday MIxer Washington Athletic Club, Seattle, Washington Contact: 503-768-4299 or www.turnaround.org Dec. 11, 2008 TURNAROUND MANAGEMENT ASSOCIATION Holiday MIxer University Club, Portland, Oregon Contact: 503-768-4299 or www.turnaround.org Dec. 18, 2008 TURNAROUND MANAGEMENT ASSOCIATION Holiday MIxer TBD, Phoenix, Arizona Contact: 623-581-3597 or www.turnaround.org Dec. 31, 2008 TURNAROUND MANAGEMENT ASSOCIATION Sponsorships - Annual Golf Outing, Various Events TBA, New Jersey Contact: 908-575-7333 or www.turnaround.org Jan. 21-22, 2009 TURNAROUND MANAGEMENT ASSOCIATION Corporate Governance Meetings Bellagio, Las Vegas, Nevada Contact: www.turnaround.org Jan. 22-23, 2009 TURNAROUND MANAGEMENT ASSOCIATION Distressed Investing Conference Bellagio, Las Vegas, Nevada Contact: www.turnaround.org Jan. 22-23, 2009 AMERICAN BANKRUPTCY INSTITUTE Rocky Mountain Bankruptcy Conference Westin Tabor Center, Denver, Colorado Contact: 1-703-739-0800; http://www.abiworld.org/ Feb. 5-7, 2009 AMERICAN BANKRUPTCY INSTITUTE Caribbean Insolvency Symposium Westin Casurina, Grand Cayman Island, AL Contact: 1-703-739-0800; http://www.abiworld.org/ Feb. 25-27, 2009 AMERICAN BANKRUPTCY INSTITUTE Valcon Four Seasons, Las Vegas, Nevada Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 13, 2009 AMERICAN BANKRUPTCY INSTITUTE Bankruptcy Battleground West Beverly Wilshire, Beverly Hills, California Contact: 1-703-739-0800; http://www.abiworld.org/ Apr. 17-18, 2009 NATIONAL ASSOCIATION OFBANKRUPTCY TRUSTEES NABT Spring Seminar The Peabody, Orlando, Florida Contact: http://www.nabt.com/ Apr. 20, 2009 AMERICAN BANKRUPTCY INSTITUTE Consumer Bankruptcy Conference John Adams Courthouse, Boston, Massachusetts Contact: 1-703-739-0800; http://www.abiworld.org/ Apr. 27-28, 2009 TURNAROUND MANAGEMENT ASSOCIATION Corporate Governance Meetings Intercontinental Hotel, Chicago, Illinois Contact: www.turnaround.org Apr. 28-30, 2009 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference Intercontinental Hotel, Chicago, Illinois Contact: www.turnaround.org May 7-10, 2009 AMERICAN BANKRUPTCY INSTITUTE 27th Annual Spring Meeting Gaylord National Resort & Convention Center National Harbor, Maryland Contact: http://www.abiworld.org/ May 14-16, 2009 ALI-ABA Chapter 11 Business Reorganizations Langham Hotel, Boston, Massachusetts Contact: http://www.ali-aba.org June 11-13, 2009 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort and Spa Traverse City, Michigan Contact: http://www.abiworld.org/ June 21-24, 2009 INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY & BANKRUPTCY PROFESSIONALS 8th International World Congress TBA Contact: http://www.insol.org/ July 16-19, 2009 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Mt. Washington Inn Bretton Woods, New Hampshire Contact: http://www.abiworld.org/ Sept. 10-12, 2009 AMERICAN BANKRUPTCY INSTITUTE 17th Annual Southwest Bankruptcy Conference Hyatt Regency Lake Tahoe, Incline Village, Nevada Contact: http://www.abiworld.org/ Oct. 5-9, 2009 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Desert Ridge, Phoenix, Arizona Contact: 312-578-6900; http://www.turnaround.org/ Dec. 3-5, 2009 AMERICAN BANKRUPTCY INSTITUTE 21st Annual Winter Leadership Conference La Quinta Resort & Spa, La Quinta, California Contact: 1-703-739-0800; http://www.abiworld.org/ Apr. 15-18, 2010 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, Maryland Contact: 1-703-739-0800; http://www.abiworld.org/ June 17-20, 2010 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort and Spa, Traverse City, Michigan Contact: 1-703-739-0800; http://www.abiworld.org/ July 7-10, 2010 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Ocean Edge Resort, Brewster, Massachusetts Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 5-7, 2010 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay, Cambridge, Maryland Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 4-8, 2010 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention JW Marriott Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ Dec. 2-4, 2010 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference Camelback Inn, Scottsdale, Arizona Contact: 1-703-739-0800; http://www.abiworld.org/ BEARD AUDIO CONFERENCES 2006 BACPA Library Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com BEARD AUDIO CONFERENCES BAPCPA One Year On: Lessons Learned and Outlook Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Calpine's Chapter 11 Filing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Carve-Out Agreements for Unsecured Creditors Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Changes to Cross-Border Insolvencies Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Changing Roles & Responsibilities of Creditors' Committees Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Chinas New Enterprise Bankruptcy Law Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Clash of the Titans -- Bankruptcy vs. IP Rights Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Coming Changes in Small Business Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Corporate Bankruptcy Bootcamp: A Nuts & Bolts Primer for Navigating the Restructuring Process Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com BEARD AUDIO CONFERENCES Dana's Chapter 11 Filing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Deepening Insolvency Widening Controversy: Current Risks, Latest Decisions Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Diagnosing Problems in Troubled Companies Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Claims Trading Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Market Opportunities Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Real Estate under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Employee Benefits and Executive Compensation under the New Code Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Equitable Subordination and Recharacterization Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Examining the Examiners: Pros and Cons of Using Examiners in Chapter 11 Proceedings Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com BEARD AUDIO CONFERENCES Fundamentals of Corporate Bankruptcy and Restructuring Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Handling Complex Chapter 11 Restructuring Issues Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Healthcare Bankruptcy Reforms Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES High-Yield Opportunities in Distressed Investing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Homestead Exemptions under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Hospitals in Crisis: The Insolvency Crisis Plaguing Hospitals Across the U.S. Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES IP Rights In Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES KERPs and Bonuses under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES New 'Red Flag' Identity Theft Rules Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com BEARD AUDIO CONFERENCES Non-Traditional Lenders and the Impact of Loan-to-Own Strategies on the Restructuring Process Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Partnerships in Bankruptcy: Unwinding The Deal Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Privacy Rights, Protections & Pitfalls in Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Real Estate Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Reverse Mergersthe New IPO? Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Second Lien Financings and Intercreditor Agreements Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Surviving the Digital Deluge: Best Practices in E-Discovery and Records Management for Bankruptcy Practitioners and Litigators Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Technology as a Competitive Advantage For Todays Legal Processes Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES The Battle of Green & Red: Effect of Bankruptcy on Obligations to Clean Up Contaminated Property Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES The Subprime Sector Meltdown: Legal Developments and Latest Opportunities Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Twenty-Day Claims Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Using Virtual Data Rooms to Expedite Corporate Restructuring Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com BEARD AUDIO CONFERENCES Using Virtual Data Rooms to Expedite M&A and Insolvency Proceedings Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Validating Distressed Security Portfolios: Year-End Price Validation and Risk Assessment Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES When Tenants File -- A Landlord's BAPCPA Survival Guide Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ * * * Featured Conferences Renaissance American Management and Beard Conferences presents Oct. 30-31, 2008 Physician Agreements & Ventures The Millennium Knickerbocker Hotel - Chicago Brochure will be available soon! Nov. 17-18, 2008 Distressed Investing The Helmsley Park Lane - New York Brochure will be available soon! * * * Beard Audio Conferences presents Bankruptcy and Restructuring Audio Conference CDs More information and list of available titles at: http://beardaudioconferences.com/bin/topics?category_id=BAR *********** Monday's edition of the TCR-LA delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-LA editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-LA constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-LA editor holds some position in the issuers' public debt and equity securities about which we report. Tuesday's edition of the TCR-LA features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR-LA. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com *********** S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter - Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Marie Therese V. Profetana, Sheryl Joy P. Olano, Rizande de los Santos, Pamella Ritah K. Jala, and Melanie C. Pador, Editors. Copyright 2008. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$625 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *