/raid1/www/Hosts/bankrupt/TCRLA_Public/081023.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 23, 2008, Vol. 9, No. 211
Headlines
A R G E N T I N A
JOSE RIONS: Trustee Verifying Proofs of Claim Until December 2
NUEVEMASDOS SA: Proofs of Claim Verification Deadline Is Nov. 12
FORD MOTOR: Tracinda's Stake Sale Casts Doubt on Firm's Health
SUN MICROSYSTEMS: Eyes Solutions Portfolio to Double in FY 2009
TYSON FOODS: US$100 Million Bonds Sold on Syntroleum Venture
B E R M U D A
CENTRAL EUROPEAN: To Close Acquisition of Ukrainian Studio 1+1
DIGICEL GROUP: Deploys Veraz Network-Adaptive Border Controller
B R A Z I L
BANCO BRADESCO: To Release 3rd Quarter 2008 Financials on Oct. 28
COMPANHIA SIDERURGICA: Finalizes NAMISA Sale to Consortium Allies
FIDELITY NATIONAL: To Pay US$0.05 Common Share Dividend on Dec. 29
GENERAL MOTORS: Merger Might Help Ease Union Talks, Analyst Says
HUGHES NETWORK: Brazilian Arm to Use Intelstat's Satellite
JBS SA: Moody's Confirms B1 Rtg on DOJ Suit Against Nat'l Beef Buy
NET SERVICOS: Books BRL117.3MM Foreign Exchange Losses in 3rd Qtr.
PROPEX INC: Has Until October 29 to File Reorganizational Plan
SMITHFIELD FOODS: U.S. DOJ Allows Sale of Beef Biz to JBS SA
* BRAZIL: Central Bank to Offer Foreign Currency Credit Lines
C A Y M A N I S L A N D S
AMERICAN BUILDINGS: Deadline for Filing of Claims Is Oct. 30
ASIAN DIVERSIFIED: Proof of Claim Filing Deadline Is Oct. 30
ASIAN DIVERSIFIED: Holds Final Shareholders Meeting on Oct. 30
BRAZILIAN STEEL: Filing for Proof of Claim Is Until Oct. 30
LADIES MATE: Deadline for Proof of Claim Filing Is Oct. 30
NEA DIVERSIFIED: Proof of Claim Filing Deadline Is Oct. 30
PUMA ENHANCED: Filing for Proof of Claim Is Until Oct. 30
ST FUNDING: Will Hold Final Shareholders Meeting on Oct. 30
C H I L E
AMERICAN INTERNATIONAL: To Sell Stake in Asian Life-Insurance Biz
D O M I N I C A N R E P U B L I C
AES DOMINICANA: Says AES Generator to Resume Operations Next Week
CAP CANA: Lack of Liquidity Prompts Termination of 500 Workers
* DOMINICAN REPUBLIC: Sees 9.8% Drop in Third Quarter Revenue
E L S A L V A D O R
MILLICOM INT'L: Earns US$161 Million in 2008 Third Quarter
G U A T E M A L A
CENTRAL AMERICAN: Moody's Confirms Sr. Unsecured Debt & CFR at B1
J A M A I C A
AIR JAMAICA: S&P Holds B Corp. Credit Rtng; Changes Outlook to Neg
NATIONAL COMMERCIAL: Appeals SC Ruling on Smith Accounts
* JAMAICA: High Fiscal Surpluses Prompt S&P's Neg. Outlook Shift
M E X I C O
* MEXICO: Probes Companies on Use of Derivatives
V E N E Z U E L A
CHRYSLER LLC: Bankruptcy to Resolve Labor Woes, Economist Says
PETROLEOS DE VENEZUELA: US$5BB Loan Withdrawal Not True, Says RBS
* Upcoming Meetings, Conferences and Seminars
- - - - -
=================
A R G E N T I N A
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JOSE RIONS: Trustee Verifying Proofs of Claim Until December 2
--------------------------------------------------------------
The court-appointed trustee for Jose Rions SA's reorganization
proceeding will be verifying creditors' proofs of claim until
December 2, 2008.
The trustee will present the validated claims in court as
individual reports on February 19, 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
Jose Rions 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 Jose Rions' accounting
and banking records will be submitted in court on April 3, 2009.
Creditors will vote to ratify the completed settlement plan
during the assembly on September 17, 2009.
The debtor can be reached at:
Jose Rions SA
Victor Hugo 2228
Buenos Aires, Argentina
NUEVEMASDOS SA: Proofs of Claim Verification Deadline Is Nov. 12
----------------------------------------------------------------
The court-appointed trustee for Nuevemasdos S.A.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
November 12, 2008.
The trustee will present the validated claims in court as
individual reports on February 6, 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 Nuevemasdos 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 Nuevemasdos S.A.'s
accounting and banking records will be submitted in court on
April 7, 2009.
FORD MOTOR: Tracinda's Stake Sale Casts Doubt on Firm's Health
--------------------------------------------------------------
Tracinda Corp. has sold 7.3 million shares of the common stock of
Ford Motor Co. in the open market for an average price of US$2.43
per share, before commissions.
Tracinda said that it will further reduce its 6.43% holdings of
Ford Motor common stock, including the possible sale of all of its
remaining 133,500,000 shares -- approximately 6.09% of the
outstanding shares -- depending upon market conditions and
available sales prices, and that it has contacted an investment
banking firm regarding the possible sale of the shares.
Matthew Dolan and Tamara Audi at The Wall Street Journal report
that the sale has raised new concerns about the health of Ford
Motor as well as the casino and hotel holdings of billionaire
investor Kirk Kerkorian, Tracinda's owner.
WSJ relates that Mr. Kerkorian is looking at losing
US$640 million of his original US$980 million investment. Citing
a person briefed on Mr. Kerkorian's decision, WSJ states that Mr.
Kerkorian concluded that there was little chance of making his
investment pay off due to the auto industry's bleak outlook, and
he was concerned that Ford Motor no longer was giving a target
date for returning to profitability.
Tracinda said in a statement that it will shift its investments to
casinos, hotels, oil, and gas.
WSJ states that Mr. Kerkorian used a US$600 million credit line to
help finance the Ford stake. Due to the drop in the prices of
Ford Motor shares, Mr. Kerkorian had to pledge 50 million more
shares of MGM Mirage -- which he controls -- as collateral. Mr.
Kerkorian said in a statement that he has put up 100 million of
his 149 million MGM Mirage shares to back the credit facility.
WSJ relates that Ford Motor shares have lost 65% since Mr.
Kerkorian began purchasing them, closing at on Tuesday US$2.17 on
New York Stock Exchange trading.
A Ford Motor spokesperson said that Tracinda is still "confident
in and focused on our plan to transform Ford into a lean global
enterprise delivering profitable growth," WSJ reports.
About Ford Motor Co.
Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents. With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda. The company provides
financial services through Ford Motor Credit Company.
The company has operations in Japan in the Asia Pacific region. In
Europe, the company maintains a presence in Sweden, and the United
Kingdom. The company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.
* * *
As reported in the Trouble Company Reporter on Oct. 20, 2008,
Standard & Poor's Ratings Services placed the CCC ratings on nine
Ford Motor Co.-related transactions on CreditWatch with negative
implications.
As reported in the Troubled Company Reporter-Latin America on
Oct. 13, 2008, Fitch Ratings downgraded the Issuer Default Rating
of Ford Motor Company and Ford Motor Credit Company by one notch
to 'CCC' from 'B-'.
SUN MICROSYSTEMS: Eyes Solutions Portfolio to Double in FY 2009
---------------------------------------------------------------
Sun Microsystems Inc. expects to double the number of Latin
American clients for its identity solutions portfolio in fiscal
year 2009, ending June 30, 2009, Business News Americas reports,
citing Sun's LatAm software marketing manager, Jorge de la Mora.
The company had 20 active clients recorded at the end of fiscal
year 2008.
Mr. de la Mora told BNamericas that Sun's installed base for
identity solutions is the largest globally, reaching some 5,000
clients.
"Today there are nearly 30 projects in Latin America, some in the
implementation phase and in different sectors, but mainly
financial services and telecommunications. But there are also
some government entities implementing the solution," BNamericas
quotes Mr. de la Mora as saying.
The executive, according to the report, said one of the key
characteristics of Sun's identity solutions portfolio is that it
is the only open source suite with an end to end solution. De la
Mora also said that with the suite, Sun is targeting those
companies that are not mandated to meet compliances and
regulations. However, the companies see the benefits of
increasing the transparency of their processes as they become more
attractive for investors, make better strategic decisions, and can
develop new business areas, BNamericas notes.
Mr. De la Mora, as cited by BNamericas, disclosed that the main
driver of growth in Latin America for identity solutions continued
to be the regulatory issue, "as many companies that are traded in
the US or do business in other markets are forced to have these
tools to audit their systems' information and have more precise
control of their employees."
Headquartered in Santa Clara, California, Sun Microsystems Inc.
(NASDAQ: JAVA) -- http://sun.com/-- provides network computing
infrastructure product and service solutions worldwide. Sun
Microsystems conducts business in 100 countries around the
globe, including Brazil, Argentina, India, Hungary, and the
United Kingdom.
* * *
As reported in the Troubled Company Reporter-Latin America on
Aug. 14, 2008, Moody's Investors Service revised the outlook on
its ratings on Sun Microsystems Inc. to negative from stable.
Moody's affirmed Sun Microsystems' Ba1 corporate family and
probability of default ratings. Moody's also affirmed its Ba1
rating on the company's US$550 million senior unsecured notes
due 2009.
TYSON FOODS: US$100 Million Bonds Sold on Syntroleum Venture
------------------------------------------------------------
Tyson Foods Inc. has disclosed that special tax exempt bonds were
issued and sold Tuesday, Oct. 21, 2008, to help fund a unique
renewable fuels plant in Geismar, Louisiana, being constructed by
Dynamic Fuels, a joint venture of Tyson Foods and Syntroleum
Corporation.
The bond sale consisted of US$100 million in Gulf Opportunity Zone
(GO Zone) Bonds, which were previously approved by the Louisiana
State Bond Commission. The floating rate bonds have an initial
interest rate of 1.3%. The bonds were underwritten by SunTrust
Robinson Humphrey, Inc. and issued by the Louisiana Public
Facilities Authority. The proceeds will help finance a plant
designed to produce high quality diesel and jet fuels from animal
fats and greases.
The availability of the tax exempt bonds is the result of the Gulf
Opportunity Zone Act of 2005, which is designed to help rebuild
economies devastated by hurricanes Katrina and Rita. The plant
has a projected cost of US$138 million, with $100 million from the
bonds, plus US$26 million already funded by Tyson and Syntroleum.
The balance of US$12 million will be funded by the two companies
by the end of the year.
"We're very pleased with the outcome of the bond sale,
particularly given the current economic challenges facing
U.S. financial markets," said Jeff Bigger, director of the Dynamic
Fuels LLC Management Committee. "The funding
will enable us to keep this important alternative energy project
on track."
Groundbreaking for the new Dynamic Fuels plant was held earlier
this month, and construction will begin soon. The facility is
currently scheduled to begin production in 2010, with a total
capacity of 75 million gallons per year. It will employ 250 full-
time workers at the peak of construction. Once in operation, the
facility will employ 45 people and generate an annual payroll of
more than US$4 million, plus 20 full-time equivalent maintenance
contractors.
Unlike the ethanol and biodiesel industries, which use food
ingredients such as corn and soybean oil to produce fuel, the
Dynamic Fuels project will primarily use non-food grade animal
fats produced or procured by Tyson Foods, such as beef tallow,
pork lard, chicken fat and greases.
The renewable synthetic diesel fuel produced by Dynamic Fuels can
be sold in the U.S. within the existing diesel fuel distribution
system. Its ultra-clean properties are expected to make it a
popular choice for conventional diesel producers to use as a
blending fuel to help conventional diesel meet government emission
standards.
About Syntroleum
Syntroleum Corporation owns the Syntroleum(r) Process for
converting synthesis gas derived from biomass, coal,
natural gas and other carbon-based feedstocks, and the Bio-
Synfining(tm) technology for converting animal fat and
vegetable oil feedstocks into synthetic liquid hydrocarbons. The
Company plans to use its technology to develop
and participate in synthetic and renewable fuel projects utilizing
the Company's technology in a number of global
locations.
About Tyson
Headquartered in Springdale, Arkansas, Tyson Foods Inc.
(NYSE:TSN) -- http://www.tysonfoods.com/-- is a processor and
marketer of chicken, beef, and pork. The company makes a wide
variety of protein-based and prepared food products at its 123
processing plants. Tyson has approximately 114,000 Team Members
employed at more than 300 facilities and offices in 26 states
and 80 countries.
Tyson's U.S. beef plants are located in Amarillo, Texas; Dakota
City, Nebraska; Denison, Iowa; Finney County, Kansas; Joslin,
Illinois, Lexington, Nebraska and Pasco, Washington. The
company also has a beef complex in Canada, and is involved in a
vertically integrated beef operation in Argentina.
* * *
As reported in the Troubled Company Reporter-Latin America on
Sept. 17, 2008, Standard & Poor's Ratings Services affirmed the
'BB' corporate credit rating on Tyson Foods Inc. and its wholly
owned subsidiary, Tyson Fresh Meats Inc. and removed the rating
from CreditWatch with negative implications, where S&P had
originally placed it on June 19, 2008.
The TCR-LA reported on April 7, 2008, that Moody's Investors
Service confirmed Tyson Foods, Inc.'s corporate family rating and
probability of default rating at Ba1. Moody's said the rating
outlook remains negative.
=============
B E R M U D A
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CENTRAL EUROPEAN: To Close Acquisition of Ukrainian Studio 1+1
--------------------------------------------------------------
Central European Media Enterprises Ltd. disclosed on Oct. 17, 2008
the completion for the purchase of the remaining 10% of the Studio
1+1 group following the exercise of its call option. Central
European now owns 100% of the Ukrainian television station.
Central European's Chief Executive Officer, Michael Garin
commented: "This is the final step in achieving full control of
Studio 1+1, one of the key objectives of our strategy in Ukraine.
As a result, we expect to strengthen our performance and position
in this market. Our goal for the future is to make Studio 1+1 the
number one television station in Ukraine."
Chief Operating Officer, Adrian Sarbu added: "Studio 1+1 is a
tremendous asset in what is by far our largest market with 47
million people. With the completion of this transaction we are
now in a position to accelerate the execution of our strategic
plan to improve the operating performance and profitability of the
station. We have already taken the first steps on the way to
become the number one television station in Ukraine. We have
appointed two key executives in Ukraine, reset our programming
strategy, repositioned our news show and established a new
production unit. Studio 1+1 forms the core of our growth strategy
for Ukraine and we look forward to expanding our presence in this
market."
The 10% interest was acquired for cash consideration of US$109.1
million pursuant to the framework agreement signed in January
2008.
Launched in 1997, Studio 1+1 is one of the most popular national
broadcasters in Ukraine, reaching almost 47 million people with an
all-day audience share of 12% and prime time audience share of 14%
in its 18+ target group during the first half of 2008.
About Central European
Based in Bermuda, Central European Media Enterprises Ltd., is a
TV broadcasting company with leading networks in seven Central
and Eastern European countries, including in Bulgaria, Croatia,
Czech Republic, Romania, Slovakia, Slovenia and Ukraine. Launched
in 1994, the company and its partners now operate 22 channels,
including TV Nova, Nova Cinema and Galaxie Sport in the Czech
Republic; PRO TV, PRO Cinema, Pro International, Sport.ro, MTV and
Acasa in Romania; Nova TV in Croatia, TV Markiza in the Slovak
Republic; POP TV and Kanal A in Slovenia; and Studio 1+1, Kino and
Citi in Ukraine. Central European Media is traded on the NASDAQ
and the Prague Stock Exchange under the ticker symbol "CETV".
* * *
As reported in the Troubled Company Reporter-Latin America on
April 25, 2008, Standard & Poor's Ratings Services assigned its
'BB' debt rating to the 475 million senior secured convertible
notes due 2013 issued by Bermuda-based emerging markets TV
broadcaster, Central European Media Enterprises Ltd. in March
2008. The long-termcorporate credit rating was affirmed at 'BB'.
S&P's outlook is stable.
At the same time, S&P raised the debt rating on both Central
European Media's EUR245 million and EUR150 million floating-rate
notes due, respectively, in 2012 and 2014 to 'BB' from the
previous 'BB-'.
DIGICEL GROUP: Deploys Veraz Network-Adaptive Border Controller
---------------------------------------------------------------
Veraz Networks Inc. has dislosed that Digicel Group Limited has
deployed its next generation session border controller (SBC), the
Veraz Network-adaptive Border Controller. Digicel is using the
Veraz Network-adaptive Border Controller to extend security to
20,000 sessions distributed across three sites, centrally managed
by the Veraz ControlSwitch(TM).
“We are gaining full network visibility across all of our
gateways,” said Julio Alvarez, Director, International Business
for Digicel. “The Network-adaptive Border Controller also
provides us with the flexibility to grow and scale our network
without escalating OPEX by providing a single bill, single point
of routing, and single point of access for OAM&P.”
The Network-adaptive Border Controller delivers the holistic
network solution that carriers require. By separating the
signaling security from the media security, Veraz enables a single
point of management across multiple endpoints in the network.
Operators do not have to over-engineer their networks with the
Veraz solution — resources can be centralized to allow sharing
across multiple endpoints in the networks and deployed where and
when needed.
As part of Veraz’s Global Multimedia eXchange (GMX) solution for
wireless carriers, the Network-adaptive Border Controller and the
ControlSwitch deliver enhanced security and session management
while reducing operating expenses through centralized management,
billing, and routing. For broadband wireline, wireless, and
enterprise networks, Veraz provides security and interconnection
at the edge of the network for the full range of voice, video, and
data applications.
“By deploying this latest generation SBC functionality in its
network, Digicel demonstrates its continued commitment to superior
network quality and world-class network coverage,” said Carlos
Linares, Vice President, Sales, Caribbean and Latin America for
Veraz Networks. “Digicel is a leader in mobile services in the
Caribbean and in network innovation as well. We are proud to
continue expanding our relationship with Digicel.”
About Veraz Networks
Veraz Networks, Inc. (NASDAQ:VRAZ) --
http://www.veraznetworks.com/-- is the leading provider of
application, control, and bandwidth optimization products that
enable the evolution to the Multimedia Generation Network (MGN).
Service providers worldwide use the Veraz MGN portfolio to extend
their current application suite and rapidly add customized
multimedia services that drive revenue and ensure customer
retention. The Veraz MGN separates the control, media, and
application layers while unifying management of the network,
thereby increasing service provider operating efficiency.
Wireline and wireless service providers in over 60 countries have
deployed products from the Veraz MGN portfolio, which includes
the ControlSwitch(TM), Network-adaptive Border Controller, I-Gate
4000 Media Gateways, the VerazView Management System, and a set of
prepackaged applications.
About Digicel
Digicel Group Limited -- http://www.digicelgroup.com/-- is a
wireless services provider in the Caribbean region founded in
2000, and controlled by Denis O'Brien. The company started
operations in Jamaica in April 2001 and now offers GSM mobile
services in Caribbean countries including Jamaica, St. Lucia, St.
Vincent, Aruba, Grenada, Barbados, Bermuda, Cayman, and Curacao.
Digicel finished FY2005 with 1.722 million total subscribers --
97% pre-paid -- estimated market share of 67% and revenues and
EBITDA of US$478 million and US$155 million, respectively.
* * *
In February 2007, Moody's Investors Service affirmed its Caa2
senior unsecured rating to Digicel Group Limited's
US$1.4 billion senior unsecured notes offering.
===========
B R A Z I L
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BANCO BRADESCO: To Release 3rd Quarter 2008 Financials on Oct. 28
-----------------------------------------------------------------
Banco Bradesco SA reports these webcast alerts:
What: 3rd Quarter 2008 Earnings Results of Banco Bradesco S/A
When: October 28, 2008 @ 9:30 AM ET
Where: http://prnewswire.isat.com.br/Bradesco.asp?palestra_id=411
How: Log on to the web at the address above.
Contact: Jean Philippe Leroy or Ivani Benazzi de Andrade
c/o Banco Bradesco SA
Tel. Numbers: (55) 11-2178-6229
(55) 11-2178-6218
E-mail: 4823.jean@bradesco.com.br
4823.ivani@bradesco.com.br
The replay will be archived at http://www.bradesco.com.br/ir.
Speakers:
* Mr. Marcio Artur Laurelli Cypriano - Chief Executive Officer
* Mr. Milton Vargas - Executive Vice-President and Investor
Relations Officer
* Mr. Domingos Figueiredo de Abreu - Managing Director
* Mr. Samuel Monteiro dos Santos Junior - Chief Financial
Officer of Bradesco Seguros (Insurance)
* Mr. Jean Philippe Leroy - Department Director
Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE:
BBD) -- http://www.bradesco.com.br/-- prides itself on serving
low-and medium-income individuals in Brazil since the 1960s.
Bradesco is Brazil's largest private bank, with more than 3,000
banking branches, and also a leader in insurance and private
pension management. Bradesco has branches throughout Brazil as
well as one in New York, and Japan. Bradesco offers Internet
banking, insurance, pension plans, annuities, credit card
services (including football-club affinity cards for the soccer-
mad population), and Internet access for customers. The bank
also provides personal and commercial loans, along with leasing
services.
* * *
According to Bloomberg data, Banco Bradesco S.A. continues to
carry Moody's "Ba2" long-term foreign bank deposits and "B-" bank
financial strength rating with a stable outlook.
COMPANHIA SIDERURGICA: Finalizes NAMISA Sale to Consortium Allies
-----------------------------------------------------------------
Companhia Siderurgica Nacional has finalized negotiation and
signed the relevant agreements, for the establishment of a
strategic partnership with a consortium comprised of ITOCHU
Corporation, Nippon Steel Corporation, JFE Steel Corporation,
POSCO, Sumitomo Metal Industries, Ltd., Kobe Steel, Ltd., and
Nisshin Steel Co, Ltd..
1. The transaction consists of the sale of 40% of the voting and
total capital stock of Nacional Minerios S.A. (NAMISA), a
subsidiary of Companhia Siderurgica Nacional, for the
aggregate amount of US$3.12 billion, payable in cash on the
closing date. The closing date is expected to occur by the
end of November 2008. Out of the US$3.12 billion amount, the
Consortium will pay approximately US$3 billion in connection
with the acquisition of a primary issue of shares by NAMISA.
2. NAMISA will pay approximately US$3 billion to Companhia
Siderurgica on the closing date as pre-payment for a portion
of the purchase price agreed between the parties in
connection with future sales of crude iron ore (run of mine)
and the rendering of port services from Companhia Siderurgica
to NAMISA. The run of mine will be extracted by Companhia
Siderurgica from the Casa de Pedra Mine and will be sold to
NAMISA, which shall, in addition to its own run of mine,
benefit the product in NAMISA's own industrial facilities.
All agreements were negotiated on an arms-length basis.
3. Companhia Siderurgica will maintain 60% of Namisa's voting
and total capital with a view to aligning the parties'
interest in this long-term venture.
4. NAMISA's operation is fully integrated and includes access to
rail transportation in the form of long-term contract with
MRS Logistica S.A. As part of the transaction, Companhia
Siderurgica will contribute non-voting non-convertible class
A preferred shares of MRS Logistica to NAMISA. These shares
correspond to approximately 10% of MRS Logistica's total
capital.
5. NAMISA's business plan provides for an aggressive production
expansion of iron ore products and pellets. NAMISA will
market mainly iron ore of its own production but will also
acquire iron ore from third parties producers to complement
its sales.
6. A portion of NAMISA's production will be sold to the
Consortium members. Such obligations are reflected in a
long-term "offtake" agreement and were established on an
arms-length basis.
7. NAMISA's mid- and long-term business plans estimate that in
2009 the company will have sales of approximately 18 million
tons of iron ore per year. It also provides for an expansion
in production in order to allow NAMISA to commercialize an
estimated amount in excess of 38 million tons of iron ore per
year from 2013 onwards.
8. Companhia Siderurgica would like to clarify that the
transaction does not provide for the acquisition by the
Consortium of a stake in the Casa de Pedra Mine.
Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells,
exports and distributes steel products, like hot-dip galvanized
sheets, tin mill products and tinplate. The company also runs its
own iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects. The group also operates in Brazil, Portugal, and the
U.S.
* * *
As reported in the Troubled Company Reporter-Latin America on
Sept. 10, 2008, Moody's Investors Service upgraded the senior
unsecured long term debt ratings of Companhia Siderurgica Nacional
and its backed notes from Ba2 to Ba1.
The TCR-LA reported on June 6, 2008, that Standard & Poor's
Ratings Services raised its corporate credit rating on Brazil-
based steelmaker Companhia Siderurgica Nacional to 'BB+' from 'BB'
and removed it from CreditWatch. S&P had placed the ratings on
CreditWatch with positive implications on May 30, 2008, for better
cash flow protection measures. The outlook is positive. At the
same time, S&P raised the corporate credit rating on subsidiary
National Steel SA to 'BB-' from 'B+', with a positive outlook.
FIDELITY NATIONAL: To Pay US$0.05 Common Share Dividend on Dec. 29
------------------------------------------------------------------
Fidelity National Information Services, Inc. will be paying a
regular quarterly dividend of US$0.05 per common share on Dec. 29,
2008, to shareholders of record as of the close of business Dec.
15, 2008.
Based in Jacksonville, Florida, Fidelity National Financial,
Inc. (NYSE:FNF) -- http://www.fnf.com/-- provides title
insurance, specialty insurance, claims management services and
information services. FNF is one of the nation's largest title
insurance companies through its title insurance underwriters --
Fidelity National Title, Chicago Title, Ticor Title, Security
Union Title and Alamo Title -- that issue approximately 28% of
all title insurance policies in the United States. FNF also
provides flood insurance, personal lines insurance and home
warranty insurance through its specialty insurance business.
FNF also provides outsourced claims management services to large
corporate and public sector entities through its minority-owned
subsidiary, Sedgwick CMS. FNF is also an information services
company in the human resource, retail and transportation markets
through another minority-owned subsidiary, Ceridian Corporation.
FIS maintains a strong global presence, serving over 7,800
financial institutions in more than 60 countries worldwide,
including Brazil, Chile and Japan.
* * *
As reported in the Troubled Company Reporter-Latin America on
July 4, 2008, Moody's Investors Service has confirmed Fidelity
National Information Services' Ba1 corporate family rating and
assigned a stable rating outlook. This rating confirmation
concludes the review for further possible downgrade initiated on
Oct. 25, 2007, which was prompted by the company's announcement
that the company planned to spin-off its Lender Processing
Services (LPS) division into a separate publicly traded company.
The LPS spin-off was completed on July 2, 2008.
Fitch expects to upgrade these Fidelity ratings:
-- Issuer Default Rating to 'BB+' from 'BB';
-- US$900 million secured revolving credit facility to 'BBB-'
from 'BB+';
-- Secured term loan to 'BBB-' from 'BB+';
-- 4.75% senior notes (equally and ratably secured with the
bank facility) to 'BBB-' from 'BB+'.
Fitch's rating outlook is expected to be stable.
GENERAL MOTORS: Merger Might Help Ease Union Talks, Analyst Says
----------------------------------------------------------------
A merger between General Motors Corp. and Chrysler LLC would be a
high-risk deal, but may give the new company "high leverage" to
renegotiate with the United Auto Workers, Tim Higgins and Katie
Merx at Free Press (Detroit) report, citing J.P. Morgan analyst
Himanshu Patel.
Free Press quoted Mr. Patel as saying, "GM desperately needs a
reason to renegotiate many parts of its 2007 UAW contract." GM
must renegotiate the "VEBA funding level" and wages for core
workers, the report states, citing Mr. Patel.
Free Press relates that due to the precarious financial positions
of Ford Motor Corp., GM, and Chrysler, UAW had agreed to a deal
that allows the comanies to pay new hires less money than core
workers and to shift billions of dollars of retiree health care
spending to VEBA, an independent trust fund. According to the
report, the union had agreed to the deal, saying that it had to
make a sacrifice to help the industry better compete against
foreign automakers that have lower costs from their U.S.
workforces. The report says that the VEBA was a way to guarantee
retiree health care benefits even if the companies go broke.
Jim Millstein, managing director and co-head of Lazard Freres &
Co.'s restructuring group, said in court documents, "Chrysler's
long-term ability to meet its medical obligations to UAW retirees
has deteriorated."
According to Free Press, UAW President Ron Gettelfinger has said
that he wouldn't agree to further delays in the VEBA payments.
Free Press states that the union already agreed to let GM delay
US$1.7 billion in payments to the VEBA that had been scheduled for
2008 and 2009. Mr. Gettelfinger said he is against a Chrysler-GM
merger that results in more job losses, the report says.
A Wall Street analyst said that GM could "win enough goodwill to
extract further savings from the UAW," if the company is seen as
saving Chrysler from bankruptcy and preserving jobs and benefits,
Free Press states.
Free Press relates that Harley Shaiken, a union expert from
University of California-Berkeley, said, "After closing X-number
of plants, eliminating say 30,000 to 50,000 jobs, my sense is that
the UAW might not be in the best of moods to give further
concessions."
Free Press quoted Mr. Patel as saying, "By saving Chrysler from a
liquidity event, GM may also be able to get itself much-needed
secured bank financing from the same banks that are currently
holding Chrysler debt."
Bankruptcy May Resolve Contract Problem With Union
Free Press relates that Peter Morici -- a University of Maryland
business professor and former chief economist at the U.S.
International Trade Commission -- said that Chrysler should be
allowed to file for bankruptcy. According to court filings by the
UAW, a financial analysis made before the economic crisis
indicates an up to 50% chance of a Chrysler insolvency by 2013.
"The simple fact is that the best solution for Chrysler is Chapter
11 to remove the burdens of the UAW contract and scale down the
company to something one half to two thirds its current size.
That would serve GM's interests, too -- both Ford and GM would
benefit from some capacity and cars going off the market," Free
Press quoted Mr. Morici as saying.
According to Free Press, Mr. Morici said that if GM acquired
Chrysler's Jeep brand and minivan program, "GM would still have to
pay heavy severance bonuses to workers it laid off streamlining
their operations, similar payments would be required to shutter
much of Chrysler's unattractive truck and car operations, and GM
would still have to fund the union health care fund for retired
Chrysler employees."
About Chrysler LLC
Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products. The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K., Argentina,
Brazil, Venezuela, China, Japan and Australia.
About General Motors
Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908. GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries. In 2007, nearly 9.37 million GM cars and
trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.
GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in
Miramar, Florida.
At June 30, 2008, the company's balance sheet showed total assets
of US$136.0 billion, total liabilities of US$191.6 billion, and
total stockholders' deficit of US$56.9 billion. For the quarter
ended June 30, 2008, the company reported a net loss of
US$15.4 billion over net sales and revenue of US$38.1 billion,
compared to a net income of US$891.0 million over net sales and
revenue of US$46.6 billion for the same period last year.
HUGHES NETWORK: Brazilian Arm to Use Intelstat's Satellite
----------------------------------------------------------
Hughes Network Systems LLC announced that its Brazilian operating
entity, Hughes do Brasil, will implement services on new Ku-band
capacity on Intelsat's Galaxy-28 satellite to meet growing demand
for its HughesNet broadband services across Latin America.
According to Delio Morais, president of Hughes do Brasil, "The
Galaxy-28 satellite offers us strategic infrastructure, as it
ensures that we will have the capacity necessary to keep pace with
the growing demand for broadband services in Brasil and across
this region."
With the capacity of the G-28 satellite, Hughes said it will
intensify its efforts in the South American markets, offering its
customers the company's comprehensive portfolio of HughesNet
solutions and services, including backup of MPLS networks, managed
corporate networks, distance learning networks, high-speed
Internet access, and IPTV solutions.
Carmen Gonzalez-Sanfeliu, Intelsat's regional vice president,
Latin America and the Caribbean, highlighted that, "The rate of
adoption of more robust data services is accelerating rapidly
throughout Latin America and Intelsat has been providing satellite
capacity for Hughes since its entry into the provision of
broadband satellite services in the region."
About Intelsat
Intelsat provides fixed satellite services (FSS) worldwide,
delivering information and entertainment for many of the world's
leading media and network companies, multinational corporations,
Internet service providers and governmental agencies. Intelsat's
satellite, teleport and fiber infrastructure is unmatched in the
industry, setting the standard for advanced transmissions of
video, data and voice services. With the globalization of content,
broadband, telecom, HD and IPTV fueling next-generation growth,
the ever-expanding universe of satellite communications is the
cornerstone of today's Intelsat. Real-time, advanced
communications with people anywhere in the world is closer, by
far.
About Hughes Network Systems
Based in Germantown, Maryland, Hughes Network Systems LLC
(NASDAQ:HUGH) -- http://www.hughes.com/-- a wholly owned
subsidiary of Hughes Communications Inc., provides broadband
satellite networks and services for large enterprises,
governments, small businesses, and consumers. Hughes offers
complete turnkey solutions, including program management,
installation, training, maintenance and support-for professional
and rapid deployment anywhere, worldwide. The company owns and
operates a global base of HughesNet shared hub services
throughout the United States, Brazil, China, Europe, and India.
In Europe, Hughes maintains operations facilities and sales
offices in Germany, U.K., Italy, Czech Republic, and Russia.
* * *
As reported by the Troubled Company Reporter on June 13, 2008,
Standard & Poor's Ratings Services revised its outlook on
Germantown, Md.-based satellite services provider Hughes Network
Systems LLC to positive from stable. At the same time, S&P
affirmed all ratings, including the 'B' corporate credit rating,
on the company.
JBS SA: Moody's Confirms B1 Rtg on DOJ Suit Against Nat'l Beef Buy
------------------------------------------------------------------
Moody's confirmed the ratings of JBS S.A. at B1, following
decision by the U.S. Department of Justice (DOJ) to file a lawsuit
to block JBS's proposed acquisition of National Beef Packing
Company LLC, but approving JBS's acquisition of Smithfield Beef
Group, Inc., the beef processing and cattle feeding operations of
Smithfield Group. The rating outlook is negative.
"The confirmation of JBS's B1 corporate family and senior
unsecured debt ratings are mainly based on JBS's expected improved
cash and liquidity position following DOJ's decision to block the
acquisition of National Beef as compared to JBS's liquidity
profile if it had acquired both Smithfield Beef and National
Beef," said Moody's VP Senior Analyst, Soummo Mukherjee.
JBS had agreed to pay a total enterprise value of US$970 million
for National Beef, which included US$465 million in cash,
US$95 million in JBS common stock and US$410 million in assumed
debt and other liabilities at closing.
The negative outlook reflects Moody's view that JBS's cash flow
from operations might still remain weak and liquidity constrained,
especially if JBS is successful in obtaining an appeal to DOJ's
decision regarding the National Beef transaction or if it uses its
current cash balance for other opportunistic acquisitions. On the
other hand, evidence of continued stable or improving operating
performance mainly at its U.S. operations and an improvement of
its liquidity situation, would lead to a stabilization of JBS's
rating outlook.
To fund the contemplated acquisitions, JBS successfully raised
BRL2.55 billion (US$1.5 billion) in equity through a private
placement of which it will now only use US$565 million to purchase
Smithfield Beef, including 100% of Five Rivers Ranch Cattle
Feeding LLC. As of the end of June 30, 2008, JBS had cash and
cash equivalent of nearly BRL2.5 billion and short-term debt of
BRL2.4 billion, of which nearly BRL1.4 billion was related to
export-financing. While, Moody's recognize that export-financing
lines such as (ACC, ACE NCE, Exim) have traditionally remained
available for export-oriented companies such as JBS, recent credit
market conditions caused such lines to significantly become more
scarce or expensive for even investment-grade Brazilian
corporates. An increased strain on JBS's liquidity caused by an
inability to roll over its short-term debt could cause negative
pressure on its ratings.
These ratings were confirmed with a negative outlook:
-- Corporate family rating: B1;
-- US$275 million 9.375% senior unsecured notes due 2011: B1;
and
-- US$300 million 10.5% senior unsecured notes due 2016: B1
Headquartered in Sao Paulo, Brazil, JBS SA --
http://www.jbs.com.br/ir/-- listed on Bovespa's Novo Mercado
under the symbol JBSS3, operates 23 plants in Brazil, six in
Argentina, 12 in the U.S. and nine in Australia from last year's
purchase of Swift & Company. With pro-forma net revenues of
approximately US$20 billion, JBS currently has a slaughter
capacity of approximately 57,600 heads per day for cattle and
47,900 heads per day for hogs.
NET SERVICOS: Books BRL117.3MM Foreign Exchange Losses in 3rd Qtr.
------------------------------------------------------------------
Net Servicos de Comunicacao S.A. reported its results for the
third quarter of 2008.
With its strategy focused on growth with profitability, delivery
of higher quality products and services to its clients and
investments in projects to remain competitive in the long run, the
company once again, in third quarter 2008, has posted results in
line with this strategy. The Pay TV Service base closed the
quarter with 2,923,000 clients, a 22% increase versus third
quarter 2007. The Broadband client base reached 2,059,000 clients
in the quarter, a 60% upturn on third quarter 2007 and the number
of Voice clients increased 208% year-on-year to 1,532,000 clients.
Net additions in the quarter were the highest ever inthe company's
history.
The company's financial result was also consistent with the
ongoing growth strategy. The quarter closed with Net Revenue of
BRL948 million, up 27% on the BRL747.4 million in third quarter
2007, due to the increase in number of clients, and the increased
Average Revenue Per User (ARPU). ARPU in third quarter 2008 was
BRL135.63, 5.6% higher than the BRL128.47 registered in third
quarter 2007. Even with the healthy sales performance of
NetFone.com, the product with lower subscription rates, ARPU
continued to grow, demonstrating the company's capacity to
increase its client base and offer value-added products, thus
increasing the profitability of its client base.
Operating Costs ended the quarter at BRL460.3 million, increasing
by 26% when compared to the BRL365 million registered in third
quarter 2007. As a percentage of revenue, they remained stable at
48.6%. Main reasons for this increase were the continuous
investments made to improve customer services, high usage of the
link due to the growth in the broadband client base and higher
programming costs due to a larger Pay TV client base.
Selling, General and Administrative Expenses totaled BRL231.6
million, increasing by 37% over the BRL168.9 million registered in
third quarter 2007. While General and Administrative Expenses
increased 10% year-on-year, representing 11% of Net Revenue, a 13%
decrease year-on-year, Selling Expenses increased by 82%,
representing 13% of Net Revenue, versus 9% in third quarter 2007.
This increase in Selling Expenses was due to the substantial
increase in the sales of all of the company's products during the
quarter.
EBITDA before Selling Expenses totaled BRL370.5 million,
increasing 36% year-on-year. EBITDA margin before Selling
Expenses was 39%, versus 36% in third quarter 2007, reflecting the
significant growth in the company's client base, which was the key
factor behind the EBITDA margin remaining stable at 26%. EBITDA
totaled BRL246.5 million in the quarter, 21% higher than the
BRL204 million registered in third quarter 2007.
Due to the U.S. dollar-denominated debt in the company's balance
sheet, the strong weakening of the Brazilian Real against the US
Dollar resulted in foreign exchange losses of BRL117.3 million in
the quarter. However, it must be highlighted that these losses
did not affect the company's cash position as it did not carry out
any risky operations in the foreign exchange market and that its
cash generation and position remain solid to fund the investments
necessary for executing its accelerated growth strategy. The
company contracts foreign exchange hedging only for the import
volumes estimated and payment of interest on debt over the term
set by the Financial Committee. Another important issue to be
considered is that, of the total debt in US Dollars, 43% relates
to perpetual bonds, which do not represent any refinancing risk,
and the remaining 57% relates to a loan from Banco Inbursa,
maturing between 2017 and 2019. The company does not have any
short or medium-term debts in US Dollars.
In line with its focus on acquiring strategic assets, on Aug. 29,
the company announced the acquisition of ESC 90, a leading
provider of Pay TV and broadband services in Brazil. ESC 90 has
31,000 Pay TV clients and 24,000 broadband clients, and operates
under the "NET" brand in Vitoria and Vila Velha in the state of
Espirito Santo. Its 593 km network covers 106,000 homes. This
acquisition, which is awaiting ANATEL's approval, will improve the
company's market share by increasing its area of operations
without any network overlap.
About Net Servicos
Headquartered in Sao Paulo, Brazil, Net Servicos de Comunicacao
S.A. -- http://nettv.globo.com/NETServ/us/empr/sobr_visao.jsp--
is the largest pay-television operator in Latin America. The
company operates in 79 Brazilian cities, including Sao Paulo,
Rio de Janeiro, Belo Horizonte and Porto Alegre. It is also the
leading provider of high-speed cable modem Internet access
through Net Virtua service. Its advanced network of coaxial and
fiber-optic cable covers over 44,000 kilometers and passes
approximately 9 million homes.
* * *
As reported in the Troubled Company Reporter-Latin America on
Jan. 21, 2008, Moody's Investors Service assigned a Ba2 foreign
currency rating to the proposed up to US$200 million guaranteed
long term senior unsecured notes to be issued by Net Servicos de
Comunicacao S.A. Moody's said the rating outlook is stable.
PROPEX INC: Has Until October 29 to File Reorganizational Plan
--------------------------------------------------------------
Judge John C. Cook of the United States Bankruptcy Court for the
Eastern District of Tennessee extended the period by which
Propex, Inc., and its debtor-affiliates have (i) the exclusive
right to file a plan of reorganization through Oct. 29, 2008,
and (ii) the exclusive right to solicit acceptances of that plan
through Dec. 29, 2008.
The Debtors was previously given by the Court until Oct. 20,
2008, to file a Chapter 11 plan, and until Dec. 19, 2008, to
solicit acceptances of that plan.
The Debtors relate that they have engaged in extensive
negotiations with their secured lenders and are finalizing the
terms of consensual treatment for the secured term and revolver
debt in a plan of reorganization. The Debtors note that the
nine-day exclusive period extension order will allow them
additional time to continue those negotiations.
The Debtors' DIP Lenders have agreed to modify the DIP financing
documents to allow the Debtors to propose a Chapter 11 plan
through October 29, according to Mark. W. Wege, Esq., at King &
Spalding, LLP, in Houston, Texas. To note, the Court-approved
DIP Credit Agreement was entered into by the Debtors with BNP
Paribas, as administrative agent, and certain other lenders in
2006. The Debtors relate that they have complied with the
submission of a comprehensive plan to the DIP lenders and the
Official Committee of Unsecured Creditors under the DIP Credit
Agreement.
Before the Court entered the latest Exclusivity Order, the
Creditors Committee filed an objection to the Debtors' extension
request. On the Committee's behalf, Ira S. Dizengoff, Esq., at
Akin Gump Strauss Hauer & Feld LLP, in New York, asserted that
the third exclusivity request is the least substantive
exclusivity motion filed by the Debtors. "[T]he Motion does not
explain why no plan of reorganization has been filed during the
nine months of exclusivity the Debtors already have had or why an
extension of the Exclusive Periods is in the best interests of
the estates and their creditors," he contended.
The Committee also noted that the extension request contradicts
prior statements made by the Debtors at the August 20th hearing
wherein they said they were prepared in the next 60 days to file
a plan. The Committee added that the Debtors refused to respond
to its repeated requests to be included in plan negotiations and
discussions.
The Debtors, Mr. Dizengoff argued, are not permitted to use the
exclusivity as a tactical device to pressure parties to consent
to a plan they consider unsatisfactory. He pointed out that if
granted, the exclusivity request will effectively force other
parties-in-interest to continue to sit on the sidelines while the
Debtors secretly formulate a plan of reorganization with their
secured lenders that provides little if any recovery to unsecured
creditors.
Thus, the Committee urged the Court to deny the exclusivity
request to prevent the Debtors from continuing to improperly use
their exclusivity to cram down unsecured creditors, and thereby
allow them and their creditor constituencies to negotiate from
equal positions.
Nevertheless, Judge Cook approved the Debtors' exclusivity
request on October 17. The Court retains all jurisdiction
related to the Exclusivity Motion.
About Propex Inc.
Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber. It also produces
primary and secondary carpet backing. Propex operates in North
America, Europe, and Brazil.
The company and its debtor-affiliates filed for Chapter 11
protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No.
08-10249). The Debtors have selected Edward L. Ripley, Esq.,
Henry J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in
Houston, Texas, to represent them. The Official Committee of
Unsecured Creditors have tapped Ira S. Dizengoff, Esq., at Akin
Gump Strauss Hauer & Feld, LLP, in New York, to be its counsel.
The Court extended the exclusive plan filing period of the Debtors
through Oct. 20, 2008, and their exclusive solicitation period
through Dec. 19, 2008.
As of June 29, 2008, the Debtors' balance sheet showed total
assets of US$562,700,000, and total debts of US$551,700,000.
(Propex Bankruptcy News, Issue No. 18; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)
SMITHFIELD FOODS: U.S. DOJ Allows Sale of Beef Biz to JBS SA
------------------------------------------------------------
The United States Justice Department said Monday, October 20 that
it is authorizing a deal allowing Brazil's JBS SA to buy the beef
operations of U.S.'s Smithfield Foods Inc. for US$565 million,
Brazzil Magazine reports. Based on industry estimates, the deal
would make JBS the second U.S. beef producer.
However, the report says that the DOJ blocked JBS' attempted
US$560 million purchase of number four U.S. beef producer National
Beef Packing Co. The DOJ explained that deal would give JBS too
much control and lead to lower cattle prices for producers and
higher beef prices for consumers.
U.S. regulators, according to the report, said the deal would mean
three companies would control more than 80% of the U.S. fed cattle
packing capacity, or the amount of cattle that are processed into
beef products. In 2007 packers bought more than 27 million fed
cattle for nearly US$30 billion.
JBS, which is the world's largest beef packer, would raise its
share of U.S. packing capacity from 20% to 35% after the merger,
the report notes. Tyson Foods Inc., based in Springdale, Arkansas
has a beef packing capacity between 25% and 30%. Cargill Inc.,
based in Wayazata, Minnesota with a packing share of 20% to 25%.
Nevertheless, the report relates that JBS and National Beef have
said they will fight to get the DOJ to approve the purchase, which
would allow JBS to eclipse Tyson as the largest U.S. beef
producer.
Smithfield, the largest U.S. hog and pork producer, became part
owner of Five Rivers Ranch Cattle Feeding, the largest U.S. cattle
feeding operation in 2005, Brazzil Mag writes. The feedlots,
which have a combined one-time capacity of 800,000 cattle, also
will go to JBS.
About JBS S.A.
JBS S.A. is a Brazil-based firm involved in the food processing
sector. It manufactures and exports meat products. Its product
line includes corned beef, sausages, canned vegetables and beef
cuts. The company has industrial units in the states of Sao
Paulo, Goias, Mato Grosso, Mato Grosso do Sul, Rondônia, Minas
Gerais, Acre, Rio de Janeiro and Parana. JBS also has various
industrial units in Argentina, Uruguay, United States and
Australia.
The company has various subsidiaries, such as JBS Embalagens
Metalicas Ltda, JBS Global Investments SA, JBS Holding
Internacional SA, JBS USA Inc and JBS Confinamento Ltda. The
company's brand portfolio includes Friboi, Maturatta, Swift and
Anglo. In addition, JBS operates one beef canning plant, five
slaughter plants, four distribution centers and one vegetable
canning plant.
About Smithfield Foods
Smithfield Foods, Inc., (NYSE: SFD) --
http://www.smithfieldfoods.com/-- headquartered in Smithfield
Virginia, is the world's largest pork producer and processor and
the fifth largest U.S. beef processor. The company conducts its
business through five segments: Pork, International, Hog
Production, Other and Corporate, each of which comprises a number
of subsidiaries. The Pork segment produces a variety of fresh
pork and packaged meats products in the United States and markets
them nationwide and to a number of foreign markets, including
China, Japan, Mexico, Brazil, Russia and Canada. The Pork segment
operates over 40 processing plants. The International segment
includes its international meat processing operations that produce
a variety of fresh and packaged meats products. The HP segment
consists of hog production operations located in the United
States, Poland and Romania, as well as its interests in hog
production operations in Mexico. The Other segment comprises its
turkey production operations and its interest in Butterball LLC.
During the fiscal year ended April 27, 2008 it discontinued its
Beef segment operations. Sales for the twelve months ended
July 27, 2008, excluding the revenues of the discontinued beef
business, were approximately US$11.9 billion.
* * *
As reported by the Troubled Company Reporter-Latin America on
Oct. 16, 2008, Moody's Investors Service lowered the long-term
ratings of Smithfield Foods, Inc. LGD assessments are also
subject to adjustment. This action was based on Moody's
expectation that credit metrics will remain weak in the near term
-- despite the anticipated receipt of proceeds from the pending
sale of Smithfield's beef business -- due to poor returns in the
hog production business and very high leverage.
Ratings lowered and continuing under review for possible
downgrade include: Corporate family rating to B1 from Ba2;
Probability of default rating to B1 from Ba2; and Senior unsecured
debt to B3 from Ba3.
The review for possible downgrade continues pending the receipt of
regulatory and other approvals for the sale of Smithfield's beef
business to JBS S.A. Should the sale be completed soon and as
currently contemplated, Moody's is likely to confirm Smithfield's
new long-term ratings, although with a negative outlook given
Moody's concern that live hog prices may not increase
significantly until sometime in the company's fiscal 2010. The
company's speculative grade liquidity rating was affirmed at
SGL-4. Moody's prior rating action was placing the long-term
ratings under review for possible downgrade on June 12, 2008.
* BRAZIL: Central Bank to Offer Foreign Currency Credit Lines
-------------------------------------------------------------
In an effort to alleviate credit crunch, the Brazillian Central
Bank will offer foreign currency credit lines in U.S. Dollar, Yen
and Euro, Mercopress reports, citing bank president, Henrique
Meirelles.
According to the report, an initial auction was held on
October 20 to accept Brazilian sovereign bonds as collateral for
loans and determine the size of the credit lines and loan terms.
The second auction will accept sovereign bonds from other contries
bearing a minimum A credit rating.
Mercopress relates that several officials, including President
Luiz Inacio Lula da Silva, are complaining that funds were
extended to government bond investments rather than to companies
in need of the credit lines.
However, Mercopress quotes Finance Minister Guido Mantega as
saying Brazil is expected to keep up to 4.5% growth despite recent
global crisis. Mr. Mantega also forecasted in September a 5%
growth for Brazil's economy.
==========================
C A Y M A N I S L A N D S
==========================
AMERICAN BUILDINGS: Deadline for Filing of Claims Is Oct. 30
------------------------------------------------------------
American Buildings Company (Asia) LDC's creditors have until
Oct. 30, 2008, to prove their claims to George Ka Ki Chang, 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.
American Buildings' shareholder decided on Aug. 15, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.
The liquidator can be reached at:
George Ka Ki Chang
c/o Flat A 19/F BLK T36
20 Taikoo Wan Road, Oak Mansion
Hong Kong
ASIAN DIVERSIFIED: Proof of Claim Filing Deadline Is Oct. 30
------------------------------------------------------------
Asian Diversified Total Return Ltd. Duration Company's creditors
have until Oct. 30, 2008, to prove their claims to Stuart Brankin
and Desmond Campbell, 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.
Asian Diversified's shareholder decided on July 2, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.
The liquidators can be reached at:
Stuart Brankin and Desmond Campbell
c/o Aston Corporate Managers Ltd.
P.O. Box 1981
Grand Cayman, Cayman Islands
ASIAN DIVERSIFIED: Holds Final Shareholders Meeting on Oct. 30
--------------------------------------------------------------
Asian Diversified Total Return Ltd. Duration Company will hold its
final shareholders meeting on Oct. 30, 2008, at 9:00 a.m., at the
Registered Office of the company.
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 five years from the
dissolution of the company, after which they may be
destroyed.
Asian Diversified's shareholder decided on July 2, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.
The liquidators can be reached at:
Stuart Brankin and Desmond Campbell
c/o Aston Corporate Managers Ltd.
P.O. Box 1981
Grand Cayman, Cayman Islands
BRAZILIAN STEEL: Filing for Proof of Claim Is Until Oct. 30
-----------------------------------------------------------
Brazilian Steel Importer's creditors have until Oct. 30, 2008, to
prove their claims to Guy Major and Jan Neveril, the company's
liquidators, or be excluded from receiving any distribution or
payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
Brazilian Steel's shareholders agreed on Sept. 18, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.
The liquidators can be reached at:
Guy Major and Jan Neveril
c/o Maples Finance Limited
P.O. Box 1093GT
Grand Cayman, Cayman Islands
LADIES MATE: Deadline for Proof of Claim Filing Is Oct. 30
----------------------------------------------------------
Ladies Mate Capital (formerly Future Funding Ltd.)'s creditors
have until Oct. 30, 2008, to prove their claims to Giles Kerley
and Guy Major, 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.
Ladies Mate's shareholders agreed on Sept. 9, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.
The liquidators can be reached at:
Giles Kerley and Guy Major
c/o Maples Finance Limited
P.O. Box 1093GT
Grand Cayman, Cayman Islands
NEA DIVERSIFIED: Proof of Claim Filing Deadline Is Oct. 30
----------------------------------------------------------
NEA Diversified Master Fund Ltd.'s creditors have until Oct. 30,
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.
NEA Diversified'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 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
PUMA ENHANCED: Filing for Proof of Claim Is Until Oct. 30
---------------------------------------------------------
Puma Enhanced Absolute Return Fund Ltd.'s creditors have until
Oct. 30, 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.
Puma Enhanced's shareholder decided on Sept. 10, 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
ST FUNDING: Will Hold Final Shareholders Meeting on Oct. 30
-----------------------------------------------------------
ST Funding Company will hold its final shareholders meeting on
Oct. 30, 2008, at Caledonian House, 69 Dr. Roy's Drive, George
Town, Grand Cayman, Cayman Islands.
The accounting of the wind-up process will be taken up during the
meeting.
ST Funding's shareholder decided on Aug. 26, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.
The liquidators can be reached at:
Griffin Management Limited and Wyvern Management
c/o Caledonian Trust (Cayman) Limited
Caledonian House, 69 Dr. Roy's Drive
P.O. Box 1043
Grand Cayman, Cayman Islands
Contact for inquiries:
Janeen Aljadir
Tel: (345) 914 -4943
Fax: (345) 814-4859
=========
C H I L E
=========
AMERICAN INTERNATIONAL: To Sell Stake in Asian Life-Insurance Biz
-----------------------------------------------------------------
American International Group, Inc., will auction a major stake in
its American International Assurance Co. unit, Rick Carew at The
Wall Street Journal reports, citing people familiar with the
matter.
According to WSJ, the Asian life-insurance business is valued at
more than US$20 billion. Sources said that Goldman Sachs Group,
Inc., and Citigroup, Inc., will run the sale, the report states.
The sale process is "ramping up" on its planned asset sales
generally, the report says, citing an AIG spokesperson.
Citing bankers, WSJ states that the price for the stake in
American International Assurance could be big, requiring the
breakup of the business into smaller pieces to get a deal done.
The report says that according to Cazenove Group's calculations,
the combined value of AIG's Asian life-insurance assets outside
Japan is around US$22.5 billion.
WSJ relates that AIG's CEO Edward Liddy wants to attract buyers
for a minority strategic stake and keep a majority stake in the
business.
About American International
Based in New York City, American International Group Inc. --
http://www.aig.com/-- (NYSE: AIG) is an international insurance
and financial services organization, with operations in more than
130 countries and jurisdictions. The company is engaged through
subsidiaries in General Insurance, Life Insurance & Retirement
Services, Financial Services and Asset Management.
The company's British headquarters are located on Fenchurch Street
in London, continental Europe operations are based in La Defense,
Paris, and its Asian HQ is in Hong Kong. AIG owns Ocean Finance,
a United Kingdom based company providing home owner loans,
mortgages and remortgages. AIG operates in the UK with the brands
AIG UK, AIG Life and AIG Direct. It has about 3,000 employees,
and sponsors the Manchester United football club. In response to
redemption demands, AIG Life (UK) suspended redemptions of its AIG
Premier Bond money market fund on Sept. 19, 2008, in order to
provide an orderly withdrawal of assets.
The company has locations in Argentina, Aruba, Bahamas, Bermuda,
Brazil, Cayman Islands, Chile, Colombia, Dominica, Ecuador, El
Salvador, Grenada, Guatemala, Haiti, Honduras, Jamaica, Mexico,
Panama, Peru, Puerto Rico, Trinidad, Uruguay, Venezuela and Virgin
Islands.
US$85,000,000,000 Federal Reserve Loan
The Federal Reserve Bank of New York has extended to AIG a
revolving credit facility up to US$85 billion. AIG's borrowings
under the revolving credit facility will bear interest, for each
day, at a rate per annum equal to three-month Libor plus 8.50%.
The revolving credit facility will have a 24-month term and will
be secured by a pledge of assets of AIG and various subsidiaries.
The revolving credit facility will contain affirmative and
negative covenants, including a covenant to pay down the facility
with the proceeds of asset sales.
The summary of terms also provides for a 79.9% equity interest in
AIG. The corporate approvals and formalities necessary to create
this equity interest will depend upon its form.
In a statement, the company said "AIG is a solid company with over
US$1 trillion in assets and substantial equity, but it has been
recently experiencing serious liquidity issues."
Standard & Poor's Ratings Services revised the CreditWatch
status of most of its ratings on the AIG group of companies --
including its 'A-' long-term counterparty credit ratings on
American International Group Inc. and the 'A+' counterparty credit
and financial strength ratings on most of AIG's insurance
operating subsidiaries -- to CreditWatch developing from
CreditWatch negative.
S&P raised its ratings on preferred stock of International Lease
Finance Corp. (ILFC; A-/Watch Dev/A-1) to 'BBB' from 'B', and
revised the CreditWatch implications to developing from negative.
All other ILFC ratings remain on CreditWatch with developing
implications.
Fitch Ratings revised its Rating Watch on American International
Group, Inc. to Evolving from Negative. Fitch viewed this
transaction as a favorable development that alleviates significant
near-term liquidity concerns.
* * *
In a U.S. Securities and Exchange Commission filing dated
Aug. 6, 2008, AIG reported a net loss for the second quarter of
2008 of US$5.36 billion compared to 2007 second quarter net income
of US$4.28 billion. Second quarter 2008 adjusted net loss was
US$1.32 billion, compared to adjusted net income of US$4.63
billion for the second quarter of 2007. The continuation of the
weak U.S. housing market and disruption in the credit markets, as
well as global equity market volatility, had a substantial adverse
effect on AIG's results in the second quarter.
Net loss for the first six months of 2008 was US$13.16 billion,
compared to net income of US$8.41 billion in the first six months
of 2007. Adjusted net loss for the first six months of 2008 was
US$4.88 billion, compared to adjusted net income of US$9.02
billion in the first six months of 2007.
==================================
D O M I N I C A N R E P U B L I C
==================================
AES DOMINICANA: Says AES Generator to Resume Operations Next Week
-----------------------------------------------------------------
The Dominican Today, citing AES Dominicana group, reports that the
AES Andres generator that supplies 300 megawatts to the National
Interconnected Electric System (SENI) is out of service, although
it expects to resume operations early next week.
According to the company, the shut down is for a corrective
maintenance in the combustion chambers of the combined cycle
facility's gas turbines, the report says.
The company had said the plant's output so far this year has been
1756 gigawatts, contributing 20% of the system's total demand, the
report adds.
AES Dominicana Energia Finance S.A. is an energy group operating
in the Dominican Republic, which manages two of AES Corp.'s
wholly owned generation assets, Andres and DPP. AES Dominicana,
through an AES Corp subsidiary, also has a management agreement
to operate EDE-Este, one of the three distribution companies in
the country. Andres is a power plant with a 304MW combined
cycle generation facility with duel fuel capability (gas and
diesel) but with natural gas supplied through the LNG import
facility serving as the primary fuel while DPP is a 236MW power
plant comprising two simple cycle combustion turbines that can
burn both natural gas and fuel oil Number 2. Both plants
together have PPA contracts with EDE-Este for 260MW that
increase over time, but Andres is currently servicing all
contracts given its greater efficiency. Andres LNG terminal
includes a large tanker berth and jetty, an LNG refueling pier,
and a one million barrel (160,000 cubic meters, m3) LNG storage
tank, as well as regasification and handling facilities for both
LNG and diesel.
* * *
As reported in the Troubled Company Reporter-Latin America on
May 19, 2008, Standard & Poor's Ratings Services affirmed its
'B-' rating on AES Dominicana Energia Finance S.A.'s
US$160 million notes.
CAP CANA: Lack of Liquidity Prompts Termination of 500 Workers
--------------------------------------------------------------
The Dominican Today, citing newspaper Elviajero, writes that Cap
Cana, Dominican Republic's largest tourist resort complex, has
laid off nearly 500 employees, blaming the lack of liquidity
caused by the world financial crisis in the United States and
other nations.
The newspaper, according to the Dominican Today, had confirmed the
information with group Cap Cana communications director Ellis
Perez, although newspaper El Nacional couldn't do so despite
repeated calls.
As cited by the Dominican Today, Elviajero said the tourist
complex has a "serious" lack of liquidity that has led to a large
debt with local companies and suppliers, and has even placed two
small planes and several vehicles on sale.
Quoted by the Web site, Ms. Perez, clarified that the layoffs are
part of a restructuring of the tourist complex, the Dominican
Today relates. "It's very possible that we end up with more
workers within three months than what we had a short time ago."
* DOMINICAN REPUBLIC: Sees 9.8% Drop in Third Quarter Revenue
-------------------------------------------------------------
The Dominican Government's revenue estimates posted a significant
loss, slipping 9.8% from the expected figure in the third quarter,
The Dominican Today reports.
For the first time income projections of the Internal Taxes and
Customs agencies fell, whereas those of the Treasury are also
expected to fall due to the closing of the Falconbridge nickel
mine, the report quotes Hacienda minister Vicente Bengoa as
saying.
The report relates that the official said the decline was
foreseeable after the government adopted the measures that have
restrained the economy, in response to reduced public spending as
the industrialists had asked. "The three agencies couldn't meet
the estimate."
Mr. Bengoa, as cited by the Dominican Republic, said the measures
also affected imports, Customs revenues and consumption, and
stressed that their effect over the economy is less fiscal income
than estimated.
The report adds that the Hacienda chief, at a conference, stated
that "September was an extremely difficult month for public
coffers . . . "
====================
E L S A L V A D O R
====================
MILLICOM INT'L: Earns US$161 Million in 2008 Third Quarter
----------------------------------------------------------
Millicom International Cellular S.A. reported 2008 third quarter
net income of US$161 million, a 17% increase, compared to net
income of US$138 million for the third quarter of 2007. The
company had net revenues of US$869 million for the 2008 third
quarter compared to net revenues of US$686 million for the same
quarter of 2007.
Marc Beuls, CEO of Millicom, commented: "Millicom's businesses
performed well in a quarter in which there was a dramatic change
in the global economy. We have maintained or increased our market
share and produced good profitability by delivering strong EBITDA
margins. Particularly pleasing were margin increases in Africa,
at 33% and Colombia at 14%. However, recognizing the more
difficult economic environment, we have already initiated a
number of adjustments in many of the countries in which we
operate.
“We have decided to put off an early redemption of the US$460
million 10% 2013 Notes, further strengthening the company’s
balance sheet by reducing short term and increasing long term debt
and, as a result of this decision, the average maturity of our
debt lies close to four years. At the end of September we had
over US$1 billion in cash and a net debt to EBITDA of 0.6 times.
“Today we expect to invest less than US$1.5 billion this year and
we expect capex for 2009 to be substantially lower than for 2008,
as we ensure that our requirements for high returns on new
investment are maintained.”
About Millicom International
Headquartered in Bertrange, Luxembourg, and controlled by
Sweden's AB Kinnevik, Millicom International Cellular S.A.
-- http://www.millicom.com/-- is a global telecommunications
investor with cellular operations in Asia, Latin America and
Africa. It currently has cellular operations and licenses in 16
countries. The Group's cellular operations have a combined
population under license of around 391 million people.
The Central America Cluster comprises Millicom's operations in
El Salvador, Guatemala and Honduras. The population under
license in Central America at December 2005 is 26.4 million.
The South America Cluster comprises Millicom's operations in
Bolivia and Paraguay. The population under license in South
America at December 2005 is 15.2 million.
* * *
Millicom International Cellular S.A. continues to carry Moody's
Investors Service's Ba2 corporate family rating. The rating was
previously at Ba3 and was upgraded by Moody's to its current
level in November 2007. The company also carries B1 rating on
its existing senior notes from Moody's. Moody's said the
outlook on the ratings is stable.
=================
G U A T E M A L A
=================
CENTRAL AMERICAN: Moody's Confirms Sr. Unsecured Debt & CFR at B1
-----------------------------------------------------------------
Moody's Investors Service confirmed the Central American Bottling
Corporation's B1 senior unsecured debt and corporate family
ratings, while changing the ratings outlook to stable. This
rating action concludes the review for possible upgrade initiated
on June 2, 2008.
The ratings confirmation reflects Moody's belief that the recent
deterioration of global economic growth prospects and difficult
credit market conditions has tempered prospects for the company's
near to medium term operating performance, liquidity and credit
metrics. The confirmation also reflects the existence of event
risk as the region's beverage sector continues to consolidate,
which could impact credit metrics if the company decided to carry
out a material debt-financed acquisition.
The bottling company's B1 ratings continue to be supported by the
company's valuable beverage franchises and its role as PepsiCo's
(Aa2, stable) anchor bottler in Central America, its leading
market positions across franchise territories and solid scores on
brand diversity and product innovation because of its access to
PepsiCo's broad product portfolio. The ratings also incorporate
the current management team's proven execution capabilities,
progress with efficiency initiatives, and the company's solid
credit metrics for the rating category.
These positives are partly offset by the company's limited
operating scale vis-a-vis other rated bottlers within and outside
Latin America, its relatively narrow geographic focus, pronounced
emerging markets exposures, and currency risk exposures in its
debt structure at a time of increased volatility in global
financial markets. Liquidity is currently modest because of some
refinancing risk related to the company's 9% senior notes due in
February 2009. The company's ratings do not incorporate any
expectation of external support from PepsiCo.
For the 12 months ended June 30, 2008, (LTM), revenues reached
US$468 million, 3.6% ahead of 2007, while reported LTM EBITDA
remained flat at US$60 million over the same period. LTM EBITDA
margin was 12.7%, 50 basis points below 13.2% in 2007 but still
30 basis points above 2006. Recent margin pressures primarily
stemmed from high energy and fuel costs, which a better product
mix and efficiency initiatives could not fully offset. In 1H08,
EBITDA margin has dropped to 10.3%, down 70 basis points from
1H07, while revenues grew by 7.3%.
Despite some margin pressures, credit metrics remained solid for
the B1 rating category during 1H08. Adjusted second quarter 2008
LTM Debt/EBITDA and EBITA/Interest were 3.0 times and 2.6 times,
respectively, nearly unchanged from first quarter 2008 and year-
end 2007. Likewise, cash flow metrics remained solid, with second
quarter 2008 LTM FFO/Net Debt and RCF/Net Debt of 36% and 32%,
respectively, only slightly below 39% and 36% in 2007. LTM free
cash flow was US$13 million, down from US$23 million in 2007
because of increased capital expenditures for new bottling lines
and a modest drop in operating cash flow.
Its liquidity profile is currently modest. The company is in the
process of putting in place a syndicated credit facility intended
to address the maturity of its 9% senior notes in February 2009
and, depending on the final size of the facility, to refinance
more expensive bilateral bank debt. According to the company, the
syndication process is in advanced stages, with funding expected
by year-end 2008. As of June 30, 2008, the bottling company's
short term debt was US$81 million, including US$50 million for the
9% senior notes, which was not fully covered by US$48 million in
cash reserves. Moody's expects the company to preserve cash until
external funding is in place to fully cover the bond maturity. As
one of Guatemala's (Ba1 foreign currency country ceiling with a
positive outlook) and Central America's major corporates, Moody's
believes that the company benefits from solid local bank support,
which somewhat mitigates its current exposure to refinancing risk.
The stable ratings outlook reflect Moody's expectation that near
to medium term pressures on margins and credit metrics will remain
modest despite an increasingly challenging economic environment,
and that the 9% senior notes will be successfully refinanced by
year-end 2008.
Positive ratings pressure could result from improving operating
performance and credit metrics while short term debt is fully
covered by cash reserves and committed external funding. For an
upgrade, Debt/EBITDA would need to remain below 3.0 times on a
sustainable basis and EBIT/Interest to exceed 4.0 times. A
downgrade could result from weaker credit metrics, for example
because of margin pressures, negative free cash flow or debt
financed acquisitions, with Debt/EBITDA approaching 4.0 times and
EBIT/Interest falling below 2.2 times. A downgrade could also be
caused by a deterioration of the company's liquidity position.
Headquartered in Guatemala City, Guatemala, Central American
Bottling Corporation (aka CABCORP) -- http://www.cabcorp.com/--
is the anchor bottler for PepsiCo in the Central American
countries of Guatemala, its largest market in terms of sales and
earnings, Nicaragua, Honduras and El Salvador. The company
generates most its volume from carbonated soft drinks (CSD) but
continues to grow its non-CSD categories such as beer, juice,
nectars and isotonic and energy drinks. For the 12 months ended
June 30, 2008, revenues reached about US$468 million.
=============
J A M A I C A
=============
AIR JAMAICA: S&P Holds B Corp. Credit Rtng; Changes Outlook to Neg
------------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on Air
Jamaica Ltd. to negative from stable. At the same time, S&P
affirmed its ratings on the company, including the 'B' long-term
corporate credit rating.
"The rating action reflects our outlook revision today on
Jamaica," said S&P's credit analyst Monica Ponce.
S&P revised the outlook on Jamaica to negative from stable, while
affirming its 'B' long- and short-term sovereign credit ratings on
the sovereign.
The ratings on Air Jamaica are aligned with the long-term foreign
currency sovereign credit rating on Jamaica. S&P based this
alignment on the government's unconditional guarantee of both
principal and interest payments on the company's US$200 million
and US$125 million notes due in 2015 and 2027, respectively.
Headquartered in Kingston, Jamaica, Air Jamaica Ltd. --
http://www.airjamaica.com/-- was founded in 1969. The airline
flies passengers and cargo to almost 30 destinations in the
Caribbean, Europe, and North America. It offers vacation packages
through Air Jamaica Vacations. The airline closed its intra-
island services unit, Air Jamaica Express, in October 2005.
The Jamaican government owned 25% of the company after it went
private in 1994. However, in late 2004, the government assumed
full ownership of the airline after an investor group turned over
its 75% stake. The Jamaican government does not plan to own Air
Jamaica permanently.
NATIONAL COMMERCIAL: Appeals SC Ruling on Smith Accounts
--------------------------------------------------------
The National Commercial Bank (NCB) Jamaica Limited has filed an
appeal against a Supreme Court ruling, which quashed its
application last month to close the personal accounts of Olint's
boss, David Smith, and his wife, Tracey, The Jamaica Gleaner
reports.
The Jamaica Gleaner relates that NCB, in seeking to have the
accounts closed, said it did not want to continue to operate
accounts for persons who were associated with Olint based on the
ruling by the Supreme Court.
The Smiths, represented by attorneys-at-law Gordon Robinson and
Georgia Gibson Henlin, opposed the application, the report says.
Justice Patrick Brooks heard legal arguments in chambers and ruled
that he could not grant the application based on a Court of Appeal
ruling in July, the Jamaica Gleaner notes. The court had ruled
that Olint's accounts with the bank must remain open until the
Supreme Court heard the civil suit which Olint has filed against
NCB.
NCB, represented by Michael Hylton, QC, filed an appeal last week
against Justice Brooks' ruling on the grounds that he ignored the
settled common-law principles when he concluded there was a
serious issue to be tried, the report recalls. It states further
that the judge said the serious issue was: "Can a bank in Jamaica
in the 21st century, by merely giving reasonable notice, lawfully
close an account that is not in debit, where there is no evidence
of that account being operated in breach of the law?"
The report adds that Olint is appealing the cease-and-desist
order. The Court of Appeal will hear the matter next month.
NCB Takes Dispute to Privy Council
As cited by the Troubled Company Reporter-Latin America on
Sept. 1, 2008, Radio Jamaica reported that the United Kingdom
Privy Council will hear on Nov. 6, 2008, the NCB's appeal on a
court ruling that prevented the bank from closing Olint Corp.
Limited's accounts.
As reported in the TCR-LA on July 30, 2008, the National
Commercial is seeking to close Olint's accounts for reasons that
include Olint's continued failure to provide audited financial
statement. Olint was granted injunction that prevented the
National Commercial from closing the accounts. A series of denied
appeals from the National Commercial followed, until the bank
decided to go to the UK Privy Council. However, the court that
handled the case turned down the National Commercial's application
for leave to go to the Privy Council to appeal the ruling in its
case against Olint.
"We have filed a petition to the Privy Council for leave to appeal
the Court of Appeal's decision," RJR News' Financial Report quoted
the National Commercial's legal counsel Dave Garcia as saying.
About Olint Corp. Limited
Olint Corp. Limited is an investment scheme based in Jamaica.
It has operations in Turks and Caicos and the U.S. It has been
facing legal problems since 2006 when the Financial Services
Commission served a cease-and-desist order on the firm. On
Dec. 24, 2007, the court ruled that the operations of Olint
breached provisions of the Securities Act. The firm had been
dealing in securities and engaging in the participation of a
profit-sharing agreement, issuing investment contracts, and
providing advice to potential investors without licenses and
registration. Olint appealed the ruling and was granted a stay
of execution of the cease-and-desist order until the appeal was
heard in February 2008.
About National Commercial Bank Jamaica
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.
* * *
As reported in the Troubled Company Reporter-Latin America on
Oct. 2, 2008, that 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 TCR-LA reported on July 3, 2008, Fitch Ratings affirmed
National Commercial Bank Jamaica Limited's ratings on long-term
foreign and local currency Issuer Default Ratings at 'B+'; short-
term foreign and local currency IDRs at 'B'; Individual at 'D';
Support at 4; and Support Floor at 'B'.
* JAMAICA: High Fiscal Surpluses Prompt S&P's Neg. Outlook Shift
----------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Jamaica to negative from stable. At the same time, S&P affirmed
its 'B' long-term and short-term sovereign credit ratings on
Jamaica.
"Our ratings on Jamaica are supported by the government's high
primary fiscal surpluses; timely policy response to rising
pressures in the foreign exchange market; important local capital
markets; and support from the trade unions and the business
sector," said S&P's credit analyst Olga Kalinina. These all help
Jamaica alleviate its rising fiscal and external risks. At the
same time, S&P's 'B' noninvestment-grade ratings continue to
reflect Jamaica's weak fiscal position, narrow economic structure,
and rising external liquidity risks.
The country's reliance on external funding for its sizeable fiscal
and external deficits is becoming more problematic because of
deteriorating global economic and financial conditions. The large
amortization and surging current account payments put pressure on
the U.S. dollar liquidity. The current account deficit is
projected to widen to 32% of current account receipts in 2008,
from 22% in 2007, and 16% in 2006. In addition, net foreign
direct investment inflows are slowing to an estimated 26% of the
current account deficit in 2008, from 43% last year. The
government successfully raised half of the external amortization
due this fiscal year, enough to cover the Eurobond bullet payment
in February 2009, and is seeking concessional financing from
multilateral lending institutions. The financial sector is
dealing with lower availability of credit lines from foreign banks
due to tight liquidity in international markets, and there are
margin calls stemming from the deterioration in government bond
prices. The Bank of Jamaica infused US$300 million into the
currency market, but this did not prevent currency depreciating by
2.8% in the past 30 days. During the same period, the
international reserves fell to US$2 billion (about two months of
current account payments), from US$2.3 billion. Because of the
ongoing pressures, the Bank of Jamaica set up an additional US$300
million temporary lending facility for the financial institutions.
External financing needs stemming from current account payments
and short-term debt maturities likely will reach 131% of current
account receipts and useable reserves in 2008, up from 116% in
2007, and 106% in 2006.
External pressures are expected to dampen economic growth, strain
already-high government borrowing needs, and weaken the country's
external liquidity profile. These factors could trigger further
weakness in the local currency, with negative implications for
fiscal performance and the debt trajectory, given the substantial
reliance on foreign currency and foreign-currency linked
obligations.
S&P's negative outlook reflects a likely downgrade if external
pressures add to fiscal uncertainty, raise capital outflows, or
significantly impair external liquidity. Other risks include the
deteriorating asset quality of Jamaican banks (nonperforming loans
are thus far stable, at 2.2% of total loans), and a further
spillover of the negative international developments that could
weaken the financial sector's ability to finance the government's
large fiscal borrowing requirement. If Jamaica gets through this
difficult period without significant loss of reserves, and the
current account deficit adjusts in an orderly manner, S&P could
maintain its rating, and revise the outlook to stable.
Ratings List:
-- Jamaica Sovereign Credit Rating: to B/Negative/B from
B/Stable/B
-- Jamaica Transfer & Convertibility Assessment: BB-
-- Jamaica Senior Unsecured (39 issues): B
Ratings Affirmed:
-- Jamaica Senior Unsecured US$400 mil 11.75% bnds due
5/15/2011: B, Recovery Rating: 4
-- US$250 mil 11.875% nts due 01/15/2022: B, Recovery Rating: 4
-- US$425 mil 10.625% nts due 06/20/2017: B, Recovery Rating: 4
-- EUR200 mil 10.5% bnds due 02/11/2009: B, Recovery Rating: 4
-- EUR200 mil 11% bnds due 07/27/2012: B, Recovery Rating: 4
-- EUR150 mil 10.5% bnds due 10/27/2014: B, Recovery Rating: 4
-- US$300 mil 9% nts due 06/02/2015: B, Recovery Rating: 4
-- US$250 mil 9.25% nts due 10/17/2025: B, Recovery Rating: 4
-- US$250 mil 8.55% bnds due 02/28/2036: B, Recovery Rating 4
-- US$500 mil 8% bnds due 03/15/2039: B, Recovery Rating: 4
-- US$350 mil 8% Global sec registered nts nts due 06/24/2019:
B, Recovery Rating: 4
===========
M E X I C O
===========
* MEXICO: Probes Companies on Use of Derivatives
------------------------------------------------
Mexico's financial regulators last week announced an investigation
into some of the country's best-known listed companies in an
attempt to reveal the nature of their use of foreign-exchange
derivatives, The Financial Times reports.
The announcement, confirmed by Guillermo Babatz, Mexico's
financial regulator, comes as a sudden and unexpected scramble for
dollars two weeks ago sent the peso to a 10-year low against the
U.S. currency, the FT says. It also forced the central bank to
spend about 11% of its international reserves in less than 72
hours.
Initial suspicions, including those of Agustin Carstens, Mexico's
finance minister, have centered on the possibility that Mexican
companies played a decisive role in the peso's plunge as
businesses ran to cover dollar-denominated debt and positions they
had taken in exchange-rate derivatives.
The resulting concern about companies' exposure to derivatives has
compounded existing fears for Mexico's corporate sector, which is
highly dependent on the U.S. economy.
In a separate report, the FT writes that banks and investment
banks face investigation over the loss of more than US$2 billion
through foreign-exchange derivatives sold to Mexican businesses,
according to the country's leading financial regulator.
As cited by the FT, Guillermo Babatz, head of the CNBV watchdog,
said in an interview with the Financial Times that the case "does
terrible damage to the reputation of financial institutions and to
the market".
Mr. Babatz said that his investigation would focus initially on
two Mexican non-financial companies, though he said he could not
provide names because of legal reasons, the FT notes.
He added that the initial results would be known by the end of
November, and could involve fines for companies and individuals of
up to MXN5 million (US$390,000, EUR292,000, GBP227,000) for each
case of wrong-doing, the FT reports.
=================
V E N E Z U E L A
=================
CHRYSLER LLC: Bankruptcy to Resolve Labor Woes, Economist Says
--------------------------------------------------------------
Tim Higgins and Katie Merx at Free Press (Detroit) report that
Peter Morici, a University of Maryland business professor and
former chief economist at the U.S. International Trade Commission,
said that Chrysler LLC should be allowed to file for bankruptcy.
"The simple fact is that the best solution for Chrysler is Chapter
11 to remove the burdens of the UAW [United Auto Workers] contract
and scale down the company to something one half to two thirds its
current size. That would serve GM's [General Motors Corp.]
interests, too -- both Ford and GM would benefit from some
capacity and cars going off the market," Free Press quoted Mr.
Morici as saying.
According to court filings by the UAW, a financial analysis made
before the economic crisis indicates an up to 50% chance of a
Chrysler insolvency by 2013.
According to Free Press, Mr. Morici said that if GM acquired
Chrysler's Jeep brand and minivan program, "GM would still have to
pay heavy severance bonuses to workers it laid off streamlining
their operations, similar payments would be required to shutter
much of Chrysler's unattractive truck and car operations, and GM
would still have to fund the union health care fund for retired
Chrysler employees."
Merger May Help in Contract Renegotiation With Union
A merger between GM and Chrysler would be a high-risk deal, but
may give the new company "high leverage" to renegotiate with the
United Auto Workers, Free Press reports, citing J.P. Morgan
analyst Himanshu Patel.
Free Press quoted Mr. Patel as saying, "GM desperately needs a
reason to renegotiate many parts of its 2007 UAW contract." GM
must renegotiate the "VEBA funding level" and wages for core
workers, the report states, citing Mr. Patel.
Free Press relates that due to the precarious financial positions
of Ford Motor Corp., GM, and Chrysler, UAW had agreed to a deal
that allows the comanies to pay new hires less money than core
workers and to shift billions of dollars of retiree health care
spending to VEBA, an independent trust fund. According to the
report, the union had agreed to the deal, saying that it had to
make a sacrifice to help the industry better compete against
foreign automakers that have lower costs from their U.S.
workforces. The report says that the VEBA was a way to guarantee
retiree health care benefits even if the companies go broke.
Jim Millstein, managing director and co-head of Lazard Freres &
Co.'s restructuring group, said in court documents, "Chrysler's
long-term ability to meet its medical obligations to UAW retirees
has deteriorated."
According to Free Press, UAW President Ron Gettelfinger has said
that he wouldn't agree to further delays in the VEBA payments.
Free Press states that the union already agreed to let GM delay
US$1.7 billion in payments to the VEBA that had been scheduled for
2008 and 2009. Mr. Gettelfinger said he is against a Chrysler-GM
merger that results in more job losses, the report says.
A Wall Street analyst said that GM could "win enough goodwill to
extract further savings from the UAW," if the company is seen as
saving Chrysler from bankruptcy and preserving jobs and benefits,
Free Press states.
Free Press relates that Harley Shaiken, a union expert from
University of California-Berkeley, said, "After closing X-number
of plants, eliminating say 30,000 to 50,000 jobs, my sense is that
the UAW might not be in the best of moods to give further
concessions."
Free Press quoted Mr. Patel as saying, "By saving Chrysler from a
liquidity event, GM may also be able to get itself much-needed
secured bank financing from the same banks that are currently
holding Chrysler debt."
About General Motors
Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908. GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries. In 2007, nearly 9.37 million GM cars and
trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.
GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in
Miramar, Florida.
At June 30, 2008, the company's balance sheet showed total assets
of US$136.0 billion, total liabilities of US$191.6 billion, and
total stockholders' deficit of US$56.9 billion. For the quarter
ended June 30, 2008, the company reported a net loss of
US$15.4 billion over net sales and revenue of US$38.1 billion,
compared to a net income of US$891.0 million over net sales and
revenue of US$46.6 billion for the same period last year.
About Chrysler LLC
Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products. The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K., Argentina,
Brazil, Venezuela, China, Japan and Australia.
* * *
As reported in the Troubled Company Reporter-Latin America on
Aug. 11, 2008, Standard & Poor's Ratings Services said lowered
its ratings on Chrysler LLC, including the corporate credit
rating, to 'CCC+' from 'B-'.
As reported in the Troubled Company Reporter June 24, 2008,
Moody's Investors Service affirmed the B3 corporate family
rating and probability of default rating of Chrysler LLC, but
changed the outlook to negative from stable. The change in
outlook reflects the increasingly challenging environment faced
by Chrysler as the outlook for US vehicle demand falls, and as
high fuel costs drive US consumers away from light trucks and
SUVs, and toward more fuel efficient vehicles.
As reported in the Troubled Company Reporter on May 9, 2008,
Fitch Ratings downgraded the issuer default rating of Chrysler
LLC to 'B' from 'B+', with a negative rating outlook. Fitch
also downgraded the senior secured bank facilities, including
senior secured first-lien bank loan to 'BB/RR1' from 'BB+/RR1';
and senior secured second-lien bank loan to 'CCC+/RR6' from
'BB+/RR1'. The recovery rating on the second lien was also
downgraded from 'BB+/RR1' to 'CCC+/RR6' based on lower asset
value assumptions and associated recoveries in the event of a
stress scenario.
PETROLEOS DE VENEZUELA: US$5BB Loan Withdrawal Not True, Says RBS
-----------------------------------------------------------------
Royal Bank of Scotland has not pulled a credit line to Petroleos
de Venezuela S.A., denying a report it has withdrawn a
US$5 billion facility, El Universal reports.
Citing U.S. business news channel CNBC, El Universal relates that
RBS had eliminated a US$5 billion credit line to Venezuela's state
holding, following reports by two small anti-Chavez Venezuelan
newspapers.
RBS spokeswoman, as cited by El Universal, disclosed that the
credit line referred to had not been approved earlier this year
and had therefore never been withdrawn. The British Bank had
other credit lines out to Venezuela from both its RBS and ABN Amro
businesses and that these were running as usual, she added.
PDVSA's level of indebtedness amounted to US$15.748 billion,
according to official data submitted by PDVSA in its report for
the first half of the year, El Universal notes.
Headquartered in Caracas, Petroleos de Venezuela S.A. --
http://www.pdvsa.com/-- is Venezuela's state oil company in
formed to develop the petroleum, petrochemical and coal industry.
The company also plans, coordinates, supervises and controls 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, 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.
* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
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
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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
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BEARD AUDIO CONFERENCES
Handling Complex Chapter 11
Restructuring Issues
Audio Conference Recording
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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;
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BEARD AUDIO CONFERENCES
Privacy Rights, Protections & Pitfalls in Bankruptcy
Audio Conference Recording
Contact: 240-629-3300;
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BEARD AUDIO CONFERENCES
Real Estate Bankruptcy
Audio Conference Recording
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BEARD AUDIO CONFERENCES
Reverse Mergersthe New IPO?
Audio Conference Recording
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BEARD AUDIO CONFERENCES
Second Lien Financings and Intercreditor Agreements
Audio Conference Recording
Contact: 240-629-3300;
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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;
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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;
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BEARD AUDIO CONFERENCES
The Subprime Sector Meltdown:
Legal Developments and Latest Opportunities
Contact: 240-629-3300;
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BEARD AUDIO CONFERENCES
Twenty-Day Claims
Audio Conference Recording
Contact: 240-629-3300;
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BEARD AUDIO CONFERENCES
Using Virtual Data Rooms to Expedite Corporate Restructuring
Audio Conference Recording
Contact: 240-629-3300;
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BEARD AUDIO CONFERENCES
Using Virtual Data Rooms to Expedite M&A and Insolvency
Proceedings
Audio Conference Recording
Contact: 240-629-3300;
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BEARD AUDIO CONFERENCES
Validating Distressed Security Portfolios: Year-End Price
Validation and Risk Assessment
Audio Conference Recording
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http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
When Tenants File -- A Landlord's BAPCPA Survival Guide
Audio Conference Recording
Contact: 240-629-3300;
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* * *
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, and Pamella Ritah K. Jala, Editors.
Copyright 2008. All rights reserved. ISSN 1529-2746.
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