/raid1/www/Hosts/bankrupt/TCRLA_Public/061019.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 19, 2006, Vol. 7, Issue 208
Headlines
A R G E N T I N A
ASOCIACION MUTUAL: Claims Verification Deadline Is on Dec. 1
BANCO CREDICOOP: Will Launch 19 New Branches by End of 2007
EL CEIBAL: Enters Bankruptcy Protection on Court Orders
FABRICACIONES TEXTILES: Asks for Court OK to Reorganize Business
FIDEICOMISOS (EDIFICIO): Moody's Puts Junk Ratings on Debts
FREESCALE SEMICONDUCTOR: Expands Joint Efforts with dSPACE
NEGOCIOS Y PARTICIPACIONES: Claims Verification Is Until Dec.13
SANCOR COOPERATIVAS: Moody's Downgrades Ratings to Ca from Caa3
SUCESION DE GREGORIO: Seeks for Court OK to Restructure Debts
* ARGENTINA: Enarsa Meeting with State Firms from Other Nations
* ARGENTINA: Gov. In Talks with Siemens on Power Plant Projects
B A H A M A S
COMPLETE RETREATS: Court Approves De Minimis Asset Sale Process
KERZNER INT: Proposes US$5.28BB Investments on Atlantis Sentosa
PINNACLE ENT: Enters Into US$31.5MM Settlement with Pres. Casino
WINN-DIXIE: IRS Wants Confirmation of Joint Plan Denied
WINN-DIXIE: U.S. Trustee Objects to Four Sections of Joint Plan
B E R M U D A
BEACH DISCRETIONARY: Proofs of Claim Filing Is Until Oct. 25
BEACH FUND: Creditors Must File Proofs of Claim by Oct. 25
BEACH SYSTEMATIC: Proofs of Claim Filing Is Until Oct. 25
FOSTER WHEELER: Names Lisa Nargi VP of Corporate Risk Management
B O L I V I A
* BOLIVIA: Behre Dolbear Provides Report on Cerro Rico Mine
B R A Z I L
BANCO NACIONAL: Awards Ferroanel Study Contract to Universidade
BANCO NACIONAL: Says Power Generation Projects Must be Developed
GENERAL MOTORS: Expects 20% Sales Growth in Latin America
NET SERVICOS: Moody's Reviews B1 Corp. Rating & May Upgrade
NOVELIS INC: Extends 7-1/4% Notes Exchange Offer Until Dec. 15
PETROLEO BRASILEIRO: Meeting Other LatAm Nations' State Firms
RHODIA SA: Selling Carbon Credits on Chicago Climate Exchange
SANTANDER BANESPA: Buys Mainframe Systems from IBM for US$21MM
STEELCASE INC: Appoints David Sylvester as Vice Pres. & CFO
TAM SA: Adds Tenth Airbus A320 to Fleet
USINAS SIDERURGICAS: Sells 83,500 Tons of Steel Waste Products
* BRAZIL: Bovespa Inks Memorandum of Understanding with TSX
C A Y M A N I S L A N D S
AERCAP 320 A: Invites Shareholders for Final Meeting on Nov. 3
AERCAP 320 B: Last Shareholders Meeting Is Set for Nov. 3
AIR TARA I: Shareholders Convene for Final Meeting on Nov. 3
AIR TARA II: Last Shareholders Meeting Is Scheduled for Nov. 3
BARROW LTD: Calls Shareholders for Final Meeting on Nov. 3
DIVI TIARA: Closure Boosts Presale of Villas at New Resort
DOJIMA HOTEL: Shareholders Convene for Final Meeting on Nov. 3
MONTEREY INTERNATIONAL: Final Shareholders Meeting Is on Nov. 3
SONG CHEER: Shareholders Gather for Final Meeting on Nov. 3
SYSTEIA FUTURES: Final Shareholders Meeting Is Set for Nov. 3
C H I L E
FRESH DEL MONTE: Declares US$0.05 Per Share Cash Dividend
GOODYEAR TIRE: On-Going Strike Cues Moody's to Hold B1 Rating
GOODYEAR: Ongoing Strike Cues S&P to Place Ratings on NegWatch
C O L O M B I A
BANCO DEL CAFE: Davivienda Closing Purchase in November 2007
ECOPETROL: Meeting with State Firms from Other Countries
NOVELL INC: Commences 0.50% Sr. Debenture Consent Solicitation
NOVELL: Promotes Tom Francese to Exec. VP for Worldwide Sales
E C U A D O R
DOLE FOOD: Completes Purchase of JP Fruit for US$41.9 Million
PETROECUADOR: Will Meet with State Oil Firms from Other Nations
J A M A I C A
CENTURY ALUMINUM: Moody's Assigns Loss-Given-Default Rating
M E X I C O
AXTEL: Warns Cofetel of Immediate Number Portability Launching
BALLY TOTAL: Closes New US$284 Million Senior Credit Facility
BALLY TOTAL: Moody's Affirms Credit Ratings with Neg. Outlook
DOMINO'S INC: Moody's Assigns Loss-Given-Default Rating
FORD MOTOR: Implements OEConnection's CollisionLink
GENERAL MOTORS: Implements OEConnection's CollisionLink
GLOBAL POWER: U.S. Trustee Appoints 7-Member Creditors' Panel
GREENBRIER COS: Buys Meridian Rail for US$227.5 Million in Cash
GREENBRIER COS: Meridian Deal Prompts Moody's to Review Ratings
GRUPO FINANCIERO: Launching 30-Year Fixed-Rate Mortgage Offering
LG.PHILIPS: Trustee Taps Morris Anderson as Liquidation Experts
LIBBEY INC: Declares Quarterly Cash Dividend of US$0.025 a Share
MERIDIAN AUTOMOTIVE: Wants to Assume 234 Contracts & Leases
MERIDIAN AUTOMOTIVE: Wants to Assume 42 Unexpired Leases
NORTEL NETWORKS: Launches Second Center in Mexico City
OPEN TEXT: Plans 15% Workforce Cut on Hummingbird Integration
OPEN TEXT: Outlines Strategy as Provider of ECM Solutions
P E R U
NUTRO PRODUCTS: Moody's Assigns Loss-Given-Default Ratings
QUEBECOR WORLD: Closing French Roto-Gravure Facility
UNIVERSAL COMM: Completes US$2.5MM Financing from Investors
P U E R T O R I C O
ADELPHIA COMMS: Bear Stearns Wants Trial by Jury
AES CORP: Files US$40-Million Lawsuit Against Alstom in Delaware
CENTENNIAL COMM: Picks BroadSoft & Atreus to Provide Mobile VoIP
MUSICLAND HOLDING: Court Approves Amended Disclosure Statement
PIER 1 IMPORTS: Posts US$73 Million Net Loss in Second Quarter
PILGRIM'S PRIDE: DOJ Terminates Hart-Scott-Rodino Waiting Period
T R I N I D A D & T O B A G O
BRITISH WEST: Caribbean Airlines' Fleet Same as Firm's
DIGICEL: Assures Safety of Rooftop Antennae at University
U R U G U A Y
* URUGUAY: IFC Asks Board to Grant Financing for Orion Pulp Mill
V E N E Z U E L A
PETROLEOS DE VENEZUELA: Meeting with Other LatAm State-Oil Firms
SHAW GROUP: Completes 20% Acquisition of Westinghouse Electric
UNIVERSAL COMPRESSION: Prices IPO at US$21 Per Common Unit
* Upcoming Meetings, Conferences and Seminars
- - - - -
=================
A R G E N T I N A
=================
ASOCIACION MUTUAL: Claims Verification Deadline Is on Dec. 1
------------------------------------------------------------
Mario Leizerow, the court-appointed trustee for Asociacion Mutual de las
Fuerzas de Seguridad's bankruptcy case, will verify creditors' proofs of
claim until Dec. 1, 2006.
Mr. Leizerow will present the validated claims in court as individual
reports on Feb. 28, 2007. A court in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's opinion
and the objections and challenges raised by Asociacion Mutual and its
creditors.
Inadmissible claims may be subject for appeal in a separate proceeding known
as an appeal for reversal.
A general report that contains an audit of Asociacion Mutual's accounting
and banking records will follow on Apr. 24, 2007.
The debtor can be reached at:
Asociacion Mutual de las Fuerzas de Seguridad
Pichincha 1641/165
Buenos Aires, Argentina
The trustee can be reached at:
Mario Leizerow
Bouchard 644
Buenos Aires, Argentina
BANCO CREDICOOP: Will Launch 19 New Branches by End of 2007
-----------------------------------------------------------
Leonardo Bleger, the chief economist of Banco Credicoop Cooperativo
Limitado, told Business News Americas that the bank will launch 19 new units
by the end of 2007 to increase its presence throughout Argentina to 250.
Mr. Bleger said that loans to small and medium-sized enterprises -- the main
focus of Banco Credicoop -- is expected to keep increasing this year and in
2007, due to these entities' working capital needs that come with productive
recovery, BNamericas relates.
According to BNamericas, small and medium-sized enterprises account for 50%
of Banco Credicoop's ARS2.76-billion loan portfolio in June 2006.
BNamericas underscores that Banco Credicoop has achieved its goal of
increasing the small and medium-sized enterprises loan portfolio in the year
ended June 30, 2006, to about ARS1.30 billion.
Mr. Belger said that he expects the ARS1.30 billion to slow down to 59% for
the rest of 2006 and to 55% in 2007 due to a higher comparison base,
BNamericas states.
Moody's Investors Service placed these ratings on Banco Credicoop
Cooperativo Limitado:
-- Ba3 long-term local currency bank deposit rating;
-- Caa1 long-term foreign currency bank deposit
rating;
-- Aa2.ar NSR long-term local currency bank deposit
rating;
-- D- bank financial strength rating;
-- NP short-term local currency bank deposit rating;
-- NP short-term foreign currency bank deposit rating;
and
-- Ba1.ar NSR long-term foreign currency bank deposit
rating.
Moody's said the outlook is stable.
EL CEIBAL: Enters Bankruptcy Protection on Court Orders
-------------------------------------------------------
El Ceibal S.R.L. enters bankruptcy protection by order of Court No. 11 in
Buenos Aires. The order transfers control of the company's assets to a
court-appointed trustee who will supervise the liquidation proceeding.
The trustee will:
-- verify creditors' proofs of claim;
-- prepare and present individual and general reports in
court after the claims are verified; and
-- administer El Ceibal's assets under court supervision
and take part in their disposal to the extent established
by law.
After the verification phase, Court No. 11 will determine if the validated
claims are admissible, taking into account the trustee's opinion and the
objections and challenges raised by El Ceibal and its creditors.
Inadmissible claims may be subject for appeal in a separate proceeding known
as an appeal for reversal.
Clerk No. 21 will assist the court in the case.
The debtor can be reached at:
El Ceibal S.R.L.
Gutierrez 2564
Buenos Aires, Argentina
FABRICACIONES TEXTILES: Asks for Court OK to Reorganize Business
----------------------------------------------------------------
Court No. 5 in Buenos Aires is studying the merits of Fabricaciones Textiles
Argentinas S.A.'s petition to reorganize its business after its stopped
paying its debts on
Apr. 24, 2006.
The petition, once approved by the court, will allow Fabricaciones Textiles
to negotiate a settlement plan with its creditors in order to avoid a
straight liquidation.
Clerk No. 10 assists the court in the case.
The debtor can be reached at:
Fabricaciones Textiles Argentinas S.A.
Empedrado 2551
Buenos Aires, Argentina
FIDEICOMISOS (EDIFICIO): Moody's Puts Junk Ratings on Debts
-----------------------------------------------------------
Fideicomisos Financieros Edificio La Nacion's debts are rated by Moody's
Latin America:
-- Certificados de Participacion Subordinados Clase 1 for
US$17,720,000, C
-- Certificados de Participacion Subordinados Clase 2 for
US$3,784,000, C
-- Titulos de Deuda Clase 1 for US$26,580,000, CCC+
-- Titulos de Deuda Clase 2 for US$3,216,000, CCC+
FREESCALE SEMICONDUCTOR: Expands Joint Efforts with dSPACE
----------------------------------------------------------
dSPACE, Inc., is expanding collaborative efforts with Freescale
Semiconductor, Inc., to maximize production gains and shorten product
development cycles for their shared customer base -- primarily automotive
OEMs and tier-one suppliers.
dSPACE and Freescale are working together to streamline the performance and
functionality of several key products to optimize compatibility and ease of
use.
"dSPACE and Freescale have a long-standing relationship and are committed to
working together to support the best interests of our shared customer base,"
said Santhosh Jogi, Engineering Manager for dSPACE, Inc. "Together, we are
leveraging the best possible performance for our customers."
One of the most beneficial outcomes of the collaborative effort between
these companies is the integration of dSPACE's automatic code generator --
TargetLink with Freescale's newest family of MPC5500 automotive
microcontrollers or MCU built on Power Architecture technology.
Built on the TargetLink base suite, optional modules are available to run
simulations on specific microcontroller targets and to generate code
optimized for those microcontrollers. Today, dSPACE provides a simulation
module for the MPC5500 family and through cooperative engineering with
Freescale, dSPACE will release a Target Optimization Module or TOM for this
popular MCU family. With this TOM, TargetLink can be specifically
configured to interface with MPC5500 processors, resulting in the output of
highly customized, efficient code generation. Both products support
high-end applications requiring complex, real-time control (e.g. multipoint
fuel injection control, electronically-controlled transmissions, avionics,
robotics, motion control, etc.).
"TargetLink, by itself, delivers quality, efficient autocoding," said Mr.
Jogi. "When implemented with the TOM, TargetLink has the added capability
of leveraging the power of MPC5500 hardware to achieve true, optimal
performance."
"Since dSPACE tools work with our automotive MCUs, it is in our best
interest to make sure that dSPACE's TOM is highly optimized for our
silicon," added Momin Salim, Director of Freescale Semiconductor's Virtual
Garage Lab. "Together, we are enabling our customers to achieve optimal
performance from our MCUs."
The TOM will be available in the new 2.2 version of TargetLink, scheduled
for release before the end of 2006.
Another outcome of this joint working relationship is a product\ alignment
between dSPACE's TargetLink and Freescale's RAppID ToolBox.
Freescale has designed its RAppID ToolBox, an add-on library of peripheral
blocksets and optimized code blocks, to work in concurrence with TargetLink,
MATLAB and Simulink. Together, these tools enable control engineers to
quickly execute and evaluate control models on MPC5554 MCU hardware
platforms. The necessary software -- including initialization code, I/O
drivers and a scheduler or operating system -- is automatically generated.
"By making sure that the RAppID ToolBox works seamlessly with
TargetLink, we are enabling customers to move from the modeling phase to
on-target rapid prototyping on our MCU platforms," Mr. Salim said.
A third example of the close relationship between dSPACE and Freescale is
the incorporation of the MPC5554 microcontroller as a core component of
dSPACE's RapidPro Control Unit. This product creates a powerful environment
for engineers to develop and test new concepts for control functions on a
production-oriented microcontroller, and do so in a model-based approach,
with the inclusion of an integration package for TargetLink.
About dSPACE
Headquartered in Paderborn, Germany, dSPACE is a producer of engineering
tools for the design, control and calibration of electronic and mechatronic
systems. dSPACE offers a complete tool chain of products to enhance
development, testing and validation of real-time embedded controllers.
dSPACE tools support model-based control design, rapid control prototyping,
automatic code generation, hardware-in-the- loop simulation and calibration.
About Freescale
Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and
manufactures embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets.
Freescale became a publicly traded company in July 2004. The
company has design, research and development, manufacturing or
sales operations in more than 30 countries. In Latin America,
Freescale has operations in Argentina, Brazil and Mexico.
* * *
Freescale Semiconductor's 7-1/8% Senior Notes due 2014 carry
Moody's Investors Service's Ba1 rating.
As reported in the Troubled Company Reporter on Sept. 26, 2006, Fitch
downgraded Freescale Semiconductor Inc.'s Issuer Default
Rating, senior unsecured notes, and senior unsecured bank credit
facility to 'BB+' from 'BBB-' following the company's
confirmation that it has entered into a definitive agreement to
be purchased by a consortium of private equity firms for US$17.6
billion, the largest ever technology leveraged buy-out.
NEGOCIOS Y PARTICIPACIONES: Claims Verification Is Until Dec.13
---------------------------------------------------------------
Jorge Obes, the court-appointed trustee for Negocios y Participaciones
S.A.'s bankruptcy proceeding, will verify creditors' proofs of claim until
Dec. 13, 2006.
Under the Argentine bankruptcy law, Mr. Obes is required to present the
validated claims in court as individual reports. Court No. 1 in Buenos
Aires will determine if the verified claims are admissible, taking into
account the trustee's opinion and the objections and challenges raised by
Negocios y Participaciones and its creditors.
Inadmissible claims may be subject for appeal in a separate proceeding known
as an appeal for reversal.
Mr. Obes will also submit a general report that contains an audit of
Negocios y Participaciones' accounting and banking records. The report
submission dates have not been disclosed.
Negocios y Participaciones was forced into bankruptcy at the request of
Banco de Montevideo, which it owes US$3,150,000.
Clerk No. 1 assists the court in the case.
The debtor can be reached at:
Negocios y Participaciones S.A.
Rivadavia 969
Buenos Aires, Argentina
The trustee can be reached at:
Jorge Obes
Lavalle 1619
Buenos Aires, Argentina
SANCOR COOPERATIVAS: Moody's Downgrades Ratings to Ca from Caa3
---------------------------------------------------------------
Moody's Investors Service downgraded the ratings of Sancor to Ca from Caa3.
The National Scale ratings were downgraded to D.ar from Caa3.ar. The outlook
is stable.
The rating downgrade to Ca is based on the default status of Sancor's debts,
as interest and principal payments due on September 29th were not made and
have been rescheduled, as informally agreed with creditors. The Ca rating
reflects Moody's expectation of significant losses on the defaulted debt.
Since March of this year, Sancor has been in negotiation with creditors and
bondholders to obtain relief under the terms of its debt. Although
creditors informally agreed to Sancor's proposal to reschedule payments due
on September 29th, no formal agreement has yet been reached. Moody's is
concerned about Sancor's ability to service its debt in the coming months.
The next interest payment comes due in December 2006. In Moody's opinion,
payment is highly unlikely unless the company reaches a new agreement with
creditors, an outcome which Moody's does not expect to be achieved before
year-end.
At their last meeting on September 29th members approved the potential
transformation of Sancor's cooperative status into a corporate structure
that would allow the company to be better capitalized and also to establish
joint ventures with partners in some specific business lines. Moody's
believes that such measures would likely have a positive impact on Sancor's
operations and capital structure.
Although the company has designated a financial advisor to help it to find a
strategic partner, that process could take long time, in Moody's view.
During this process, Sancor's already very weak operating performance could
deteriorate further, resulting in a further decline in its enterprise value.
The stable outlook reflects Moody's view that, despite financial stress and
lack of liquidity, Sancor will be able to continue operating in the diary
business in Argentina and that bondholders' losses are unlikely to exceed
50%. Downward pressure on the ratings could occur if the risk of debt
acceleration or bankruptcy increased or if Moody's perceived a significant
diminution of estimated recovery values. At this time, a rating upgrade is
highly unlikely. No upward rating pressure is e expected until the company
definitely solves its debt situation in a sustainable manner, or unless
estimates of debt recovery values rise significantly above 50%.
Headquarter in Santa Fe, Argentina, Sancor is a diary milk cooperative and
one of the largest milk processors and marketers in Argentina. Annual
revenues for the fiscal year ended
June 2006, are ARUS$1.4 billion.
SUCESION DE GREGORIO: Seeks for Court OK to Restructure Debts
-------------------------------------------------------------
Court No. 12 in Buenos Aires is studying the merits of Sucesion de Gregorio
Chamorro's petition to restructure its debts after it stopped paying its
obligations on May 28, 2003.
The petition, once approved by the court, will allow Sucesion de Gregorio to
negotiate a settlement plan with its creditors in order to avoid a straight
liquidation.
Clerk No. 24 assists the court in the proceeding.
The debtor can be reached at:
Sucesion de Gregorio Chamorro
Remedios de Escalada de San Martin 2749
Buenos Aires, Argentina
* ARGENTINA: Enarsa Meeting with State Firms from Other Nations
---------------------------------------------------------------
Enarsa, the state-run oil company of Argentina, will be meeting with
representatives of other state-owned oil firms from Colombia, Venezuela,
Ecuador, Brazil and Chile on Oct. 26 in Ecuador, Petroecuador, the latter's
state oil company, said in a statement.
Business News Americas relates that the firms will meet to analyze their:
-- structural and organizational processes;
-- domestic and international experience; and
-- legal, regulatory and tax frameworks.
According to BNamericas, the firms will also discuss:
-- financial systems,
-- environmental management, and
-- systems of control designed to ensure transparency.
* * *
* * *
As reported on Oct. 4, 2006, Standard & Poor's Ratings Services raised its
long-term local and foreign currency credit rating on the Republic of
Argentina to 'B+' from 'B'. Standard & Poor's also affirmed its 'B'
short-term ratings on The Republic of Argentina. S&P said the ratings
outlook is stable.
* ARGENTINA: Gov. In Talks with Siemens on Power Plant Projects
---------------------------------------------------------------
The Argentine government is in talks with Siemens AG, Europe's biggest
engineering company, for the construction of two power plants that would
produce electricity for the country's industrial sector, Bloomberg News
reports.
The plants are expected to add 1,600 megawatts of electricity by 2009, which
would help alleviate power shortages in Argentina.
"Unfortunately, this is too little too late," Francisco Mezzadri, the former
president of CMS Energy in Argentina and president of Mezzadri & Asoc., an
energy consulting company in Buenos Aires told Bloomberg in an interview.
"With demand growing at about 1,000 megawatts per year, the added energy
will cover increased usage in the next two years but won't expand capacity
enough to avert outages in the future."
According to the same article, Argentina's power shortages resulted from the
freezing of rates in 2002, making energy companies like AES Corp. and Endesa
to be prudent in their expansion programs. Electricity demand started
increasing 6% in 2003 while supply remained the same.
According to Siemens spokeswoman Konstanze Tauber, the company is the only
one left negotiating for the plants after Alstom SA and Mitsubishi Corp.
dropped out of the bidding, Bloomberg says.
Unconfirmed reports said the projects would cost about US$1 billion.
Bloomberg says the government wants the plants built in the provinces of
Santa Fe and Buenos Aires.
* * *
As reported on Oct. 4, 2006, Standard & Poor's Ratings Services raised its
long-term local and foreign currency credit rating on the Republic of
Argentina to 'B+' from 'B'. Standard & Poor's also affirmed its 'B'
short-term ratings on The Republic of Argentina. S&P said the ratings
outlook is stable.
=============
B A H A M A S
=============
COMPLETE RETREATS: Court Approves De Minimis Asset Sale Process
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Connecticut gave
Complete Retreats LLC and its debtor-affiliates authority to
implement uniform procedures for the sale of their de minimis
assets, free and clear of liens, claims, and encumbrances.
The Court ruled that de minimis assets do not include any
furniture, fixtures, equipment or other property located in or at a house or
other dwelling that is subject to a prepetition
mortgage or other lien in favor of one the DIP Lenders, unless
that house or dwelling is sold pursuant to a Court Order and that Order does
not authorize the sale of those furniture, fixtures, equipment or other
property.
As reported in the Troubled Company Reporter on Sept. 25, 2006, in
connection with their reorganization efforts, the Debtors will be exiting
several properties in various geographic locations throughout the duration
of their bankruptcy cases. Consequently, the Debtors need to relocate or
dispose their furnishings or assets located at those properties.
According to Jeffrey K. Daman, Esq., at Dechert LLP, in Hartford,
Connecticut, the Debtors' assets are typically modeled on "high-end" luxury
furniture but no longer have significant monetary value due to usage and
minor cosmetic damages sustained during relocations. The Debtors do not
anticipate a future need for the assets and it will cost several thousand
dollars for them to move or store the assets, Mr. Daman relates.
Moreover, filing individual motions to sell the assets or
conducting a public auction could limit the net proceeds of any
sale, Mr. Daman said.
To facilitate and effectuate cost-efficient and timely sales of
the de minimis assets, the Debtors propose these procedures:
(a) The Debtors are authorized to conduct separate sales of
de minimis assets up to an aggregate value of US$75,000
per sale transaction.
(b) The Debtors are authorized to consummate a sale without
further notice if:
* sale proceeds are less than US$25,000;
* the buyer is not an insider, employee, or affiliate
of the Debtors;
* no event of default exists under the DIP Credit
Agreement; and
* neither the de minimis asset nor the place where it
is located is subject to a prepetition mortgage lien
in favor of one of the Debtors' prepetition lenders.
(c) The Debtors will deliver a written notice of each
proposed sale to the counsels for the Official Committee
of Unsecured Creditors, The Patriot Group, LLC, and LPP
Mortgage, Ltd., if no Event of Default exists under the
DIP Credit Agreement and:
* the de minimis assets will be sold for more than
US$25,000;
* the de minimis assets will be sold to an insider,
employee, or affiliate of the Debtors; or
* the de minimis assets or its location is subject to
a prepetition mortgage lien in favor of one of the
Debtors' prepetition lenders.
If the DIP Credit Agreement has been replaced and all the
Debtors' obligations to Patriot and LPP Mortgage have
been satisfied, the Debtors will deliver the Notice to:
* the counsel for the agent or lenders under a
Replacement DIP Agreement;
* the office of the United States Trustee; and
* any holder of a known lien, claim, or encumbrance
relating to the de minimis asset to be sold or its
location.
(d) Notices will be served on the date of service and will
contain:
* a brief, reasonably detailed description of the de
minimis asset to be sold;
* the identity of the proposed purchaser and a
description of its relationship, if any, to the
Debtors;
* the proposed purchase price;
* a statement indicating whether or not the Debtors
have received offers from other parties and the
range of the offers, if any; and
* a brief, reasonably detailed explanation of the
Debtors' efforts in marketing the de minimis asset
and why the Debtors chose the Proposed Purchaser's
offer.
The Debtors will have the right to make non-material
amendments to the proposed sale's terms without serving
an amended Notice on the Notice Parties.
(e) Objections to a proposed sale and any alternative offers
for the de minimis assets should be filed and served, or
delivered, by the seventh business day after the Notice
is served, to Joel H. Levitin, Esq., at the offices of
Dechert LLP, at 30 Rockefeller Plaza, in New York.
Otherwise, the Debtors will be authorized to consummate
the Sale without further notice or Court order.
(f) If an objection is properly filed, the Debtors and the
objecting notice party will use good faith efforts to
resolve it. If the Debtors and the objecting notice
party are unable to achieve a consensual resolution, the
Debtors will not proceed with the proposed sale unless
and until the Court approves the sale.
(g) The Debtors, in their sole and absolute discretion, may
seek Court approval at any time of any proposed sale.
(h) Within three business days after the closing of any sale,
the Debtors will deliver to the notice parties a
settlement statement.
The proposed procedures will minimize administrative costs, speed the
necessary sales of the de minimis assets, create value for the Debtors'
estates, increase the Debtors' liquidity and
preserve the rights of interested parties to object to, or make
higher or better offers with respect to, the proposed
transaction, Mr. Daman explained.
The proceeds of any sales will be applied to reduce the balance
of the DIP Credit Agreement, pursuant to which Patriot and LPP
Mortgage have senior liens on the de minimis assets, Mr. Daman
said.
About Complete Retreats
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members. Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in their
restructuring efforts. Michael J. Reilly, Esq., at Bingham McCutchen LP, in
Hartford, Connecticut, serves as counsel to the Official Committee of
Unsecured Creditors. No estimated assets have been listed in the Debtors'
schedules, however, the Debtors disclosed US$308,000,000 in total debts.
(Complete Retreats Bankruptcy News, Issue No. 11; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).
KERZNER INT: Proposes US$5.28BB Investments on Atlantis Sentosa
---------------------------------------------------------------
Kerzner International plans to invest US$5.28 billion on Atlantis Sentosa in
Singapore if it gets the award for the project, Bloomberg News reports.
Kerzner International is in partnership with CapitaLand for the development
of the casino resort.
Atlantis Sentosa, expected to draw 10 million visitors in its first year of
operation, aims to establish a unique family experience, Bloomberg relates.
The latest technology for family entertainment rides and aquarium experience
would be among the attractions of the proposed casino resort.
Kerzner International is competing for the project against Malaysia's
Genting and Las Vegas' Eighth Wonder. The winning bidder is expected to be
announced this year, Bloomberg says.
Kerzner International Limited -- http://www.kerzner.com-- through its
subsidiaries, is a leading international developer and operator of
destination resorts, casinos and luxury hotels. The company's flagship
brand is Atlantis, which includes Atlantis, Paradise Island, a 2,317-room,
ocean-themed
destination resort located on Paradise Island, The Bahamas -- a
unique property featuring three interconnected hotel towers built around a
seven-acre lagoon and a 34-acre marine environment that includes the world's
largest open-air marine habitat. The resort is also home to the largest
casino in the Caribbean.
PINNACLE ENT: Enters Into US$31.5MM Settlement with Pres. Casino
----------------------------------------------------------------
Pinnacle Entertainment, Inc., has reached a settlement agreement with
President Casinos, Inc., President Riverboat Casino-Missouri, Inc. or PRC-MO
and the Official Committee of Equity Security Holders' of President Casinos,
Inc. As part of the settlement, the Equity Committee will withdraw its
competing reorganization plan and support the PRC-MO reorganization plan,
which provides for the sale of 100% of the PRC-MO common stock to Pinnacle
for approximately US$31.5 million.
Pinnacle holds approximately US$62 million in allowed claims against the
PRC-MO bankruptcy estate. Pursuant to the settlement and the PRC-MO
reorganization plan, Pinnacle will pay approximately US$31.5 million for the
PRC-MO common stock and receive a distribution of approximately US$52
million from the estate. On that basis, Pinnacle effectively will have paid
approximately US$41.5 million for the President Casino in St. Louis and
certain related assets. Pinnacle may receive up to another US$5 million in
payments at a later date, and has agreed to waive an additional US$5 million
in claims.
The United States Bankruptcy Court for the Eastern District of Missouri in
St. Louis granted a motion to approve the settlement at a hearing held on
Oct. 16, 2006. A hearing to consider confirmation of the PRC-MO plan of
reorganization is scheduled to take place on Nov. 29, 2006. In addition, the
Missouri Gaming Commission must approve the change of control from PRC-MO to
Pinnacle. It is expected that the Missouri Gaming Commission will consider
Pinnacle's request for change of control after the PRC-MO reorganization
plan is confirmed by the bankruptcy court.
"This settlement is a further step towards Pinnacle's purchase of the
President Casino St. Louis," said Daniel R. Lee, Chairman and CEO of
Pinnacle Entertainment. "We look forward to welcoming the employees of the
President Casino into the Pinnacle family."
President Casinos and PRC-MO have been operating under Chapter 11 bankruptcy
protection since June 20, 2002. Located on the Mississippi River in
downtown St. Louis, Missouri, the President Casino St. Louis Riverfront
houses approximately 1,000 slot machines and 30 table games. It is located
within walking distance of the Laclede's Landing historic district and
Pinnacle's St. Louis City project.
Groundbreaking on Pinnacle's nearby US$430 million downtown project took
place in September 2005. The first-class resort will open in 2007 and will
include a 90,000-square-foot casino, a 200-room luxury hotel, spa, business
center, fine restaurants and 12,000 square feet of meeting and convention
space.
In November 2005, the company broke ground on the US$375 million River City
Casino & Hotel in the Lemay area of south St. Louis County. Scheduled to
open in 2008, the casino will include 3,000 slot machines and 60 table
games, along with a 100-room hotel, full-service spa, restaurants, a
boutique bowling alley, a multiplex movie theatre, an indoor ice rink, a
public park with athletic fields and a hatch-shell music and entertainment
venue.
Headquartered in Las Vegas, Nevada, Pinnacle Entertainment,
Inc., (NYSE: PNK) -- http://www.pnkinc.com/-- owns and operates
casinos in Nevada, Louisiana, Indiana and Argentina, owns a
hotel in Missouri, receives lease income from two card club
casinos in the Los Angeles metropolitan area, has been licensed
to operate a small casino in the Bahamas, and owns a casino site
and has significant insurance claims related to a hurricane-
damaged casino previously operated in Biloxi, Mississippi.
Pinnacle opened a major casino resort in Lake Charles, Louisiana
in May 2005 and a new replacement casino in Neuquen, Argentina
in July 2005.
* * *
As reported in the Troubled Company Reporter on Sept. 8, 2006
Moody's Investors Service affirmed the ratings and positive
outlook of Pinnacle Entertainment following the signing of a
definitive agreement under which Pinnacle agreed to purchase the
entities that own The Sands and Traymore sites in Atlantic City
for approximately US$250 million, plus an additional US$20
million for certain tax-related benefits and real estate.
Pinnacle has a B2 corporate family rating, B1 senior secured
bank debt rating, and Caa1 senior subordinated debt rating.
As reported in the Troubled Company Reporter on May 24, 2006,
Standard & Poor's Ratings Services revised its CreditWatch
implications on Las Vegas-based casino owner and operator
Pinnacle Entertainment Inc. to positive from negative.
As reported in the Troubled Company Reporter on Mar. 15, 2006,
Fitch Ratings has placed the ratings of Pinnacle Entertainment
on Rating Watch Negative. The ratings affected include 'B'
issuer default rating; 'BB/RR1' senior secured credit facility
rating; and 'CCC+/RR6' senior subordinated note rating.
WINN-DIXIE: IRS Wants Confirmation of Joint Plan Denied
-------------------------------------------------------
The U.S. Internal Revenue Service, which holds a number of claims against
Winn-Dixie Stores, Inc., and its debtor-affiliates, including secured,
priority, and general unsecured claims, asks the U.S. Bankruptcy Court for
the Middle District of Florida to deny confirmation of the Debtors' Joint
Plan of Reorganization.
Marcio W. Valladares, Esq., Assistant U.S. Attorney, in
Jacksonville, Florida, asserts that the Plan:
(1) is contrary to Section 1129(a)(1) of the Bankruptcy Code
because it fails to preserve its rights to set-off as
provided by Section 553;
(2) fails to protect its recoupment rights;
(3) does not meet the Section 1129(b)(2)(A) requirements to
cramdown the secured tax claims;
(4) does not properly provide for priority tax claims; and
(5) does not adequately justify the differing treatment of
general unsecured claims.
Mr. Valladares also notes that the Plan's provision providing for payment
professional fees without seeking Court approval is
contrary to the Bankruptcy Code.
The IRS maintains that the effective date set forth in the Plan
is not definite and should be amended before the Plan is
confirmed.
Debtors' Response
The Debtors, however, note that conditions to Effectiveness are
routine.
The Debtors also refute the IRS' claims that its set-off and
recoupment rights have been abrogated. Nevertheless, the Debtors have
clarified the Plan's language that the Plan does not affect the IRS' set-off
and recoupment rights.
Headquartered in Jacksonville, Florida, Winn-Dixie Stores, Inc.
-- http://www.winn-dixie.com/-- is one of the nation's largest
food retailers. The Company operates 527 stores in Florida,
Alabama, Louisiana, Georgia, and Mississippi. The Company,
along with 23 of its U.S. subsidiaries, filed for chapter 11
protection on Feb. 21, 2005 (Bankr. S.D.N.Y. Case No. 05-11063,
transferred Apr. 14, 2005, to Bankr. M.D. Fla. Case Nos.
05-03817 through 05-03840). D.J. Baker, Esq., at Skadden
Arps Slate Meagher & Flom LLP, and Sarah Robinson Borders,
Esq., and Brian C. Walsh, Esq., at King & Spalding LLP, represent the
Debtors in their restructuring efforts. Paul P. Huffard at The Blackstone
Group, LP, gives financial advisory services to the Debtors. Dennis F.
Dunne, Esq., at Milbank, Tweed, Hadley & McCloy, LLP, and John B. Macdonald,
Esq., at Akerman Senterfitt give legal advice to the Official Committee of
Unsecured Creditors. Houlihan Lokey & Zukin Capital gives financial
advisory services to the Committee. When the Debtors filed for protection
from their creditors, they listed US$2,235,557,000 in total assets and
US$1,870,785,000 in total debts. (Winn-Dixie Bankruptcy News, Issue No. 56;
Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
WINN-DIXIE: U.S. Trustee Objects to Four Sections of Joint Plan
---------------------------------------------------------------
Felicia S. Turner, the U.S. Trustee for Region 21, objects to
four sections of Winn-Dixie Stores, Inc., and its debtor-
affiliates' Joint Plan of Reorganization:
(a) 12.3, which provides that members of the Debtors'
official committees will not be required to file fee
applications or comply with the guidelines and rules
applicable to fee applications, and will not be subject
to Sections 330 or 503(b) of the Bankruptcy Code;
(b) 12.4, which provides for payment of Indenture Trustee
expenses without filing fee applications with the Court;
(c) 12.12, concerning releases to be given by the Debtors to
non-debtor entities; and
(d) 12.15, which exonerates the professionals and major
participants with regards to their conduct in the
Debtors' Chapter 11 cases.
According to Elena L. Escamilla, Esq., in Orlando, Florida, the
U.S. Trustee objects to Sections 12.3 and 12.4 because they are
neither fair nor equitable as they circumvent the U.S. Bankruptcy Court for
the Southern District of New York's authority to review fees.
Ms. Escamilla asserts that appropriate applications should be
filed to allow the Court to determine whether a substantial
contribution to the Debtors' Chapter 11 cases were made and to
determine whether the fees requested are reasonable.
The U.S. Trustee also objects to all of the release provisions in the Plan
on grounds that they are not fair and unnecessary to the Debtors'
reorganization.
Ms. Escamilla asserts that non-debtor entities should not obtain
the benefits of a release of liabilities through the bankruptcy
of a debtor. She also says that releases contemplated in the
Debtors' plan place an improper injunction on claim holders to
pursue certain actions.
There is no controlling authority in the 11th Circuit regarding
the propriety of nondebtor releases in a plan of reorganization
and, in other circuits, there are divergent positions as to
whether the releases can be allowed, Ms. Escamilla notes.
While the 5th, 9th, and 10th Circuits have found that no
authority exists under Section 105 to allow non-debtor releases
due to the language in Section 524(e), other circuits have found
no conflict in allowing non-debtor releases under both sections,
Ms. Escamilla states. However, she points out, most circuits
have determined that release of non-debtors is only appropriate
in rare, extraordinary or unusual circumstances.
Ms. Escamilla contends that no unusual circumstances exist in the Debtors'
Chapter 11 cases that warrant the releases.
Thus, the U.S. Trustee asks the U.S. Bankruptcy Court for the
Middle District of Florida to sustain her objection and deny
confirmation of the Plan or strike the provisions, which
are found to be in violation of the Bankruptcy Code.
Debtors' Response
Winn-Dixie Stores, Inc., and its debtor-affiliates and the
Official Committee of Unsecured Creditors maintain that the
payment of fees of professionals who helped forge the Substantive
Consolidation Compromise complies with Section 1129(a)(4) of the Bankruptcy
Code.
Cynthia C. Jackson, Esq., at Smith Hulsey & Busey, in
Jacksonville, Florida, assures the U.S. Trustee and other
objecting parties that the fees incurred by these professionals
are "reasonable" because they provided tremendous amount of work
that was beneficial to the Debtors' estates.
Ms. Jackson adds that the U.S. Trustee's objections to the Joint
Plan of Reorganization's release provisions are without merit.
She notes that no entity affected by the releases has objected to the
provisions, and the Plan has enjoyed a high degree of support among
creditors.
The Ad Hoc Trade Committee and Wilmington Trust Company also ask
the U.S. Bankruptcy Court for the Middle District of Florida to
overrule the U.S. Trustee's objections and to confirm the Plan.
Representing the Ad Hoc Trade Committee, Thomas R. Califano,
Esq., at DLA Piper US LLP, in New York, says that the U.S.
Trustee's objection to payment of the Trade Committee's
professional fees does not relate to the reasonableness of the
Substantive Consolidation Compromise as a whole.
The Substantive Consolidation Compromise settles the Trade
Committee's fee recovery in recognition of its substantial
contribution to the Debtors' Chapter 11 cases, Mr. Califano
notes.
The U.S. Trustee, according to Mr. Califano, fails to recognize
that the Trade Committee's fees are an integral element of the
Substantive Consolidation Compromise, and are not subject to
review under Sections 330 or 503 of the Bankruptcy Code.
The overall compromise is clearly in the best interests of the
Debtors' estates, Mr. Califano contends, so it is inappropriate
to consider any particular component in a vacuum.
Wilmington Trust, in its capacities as successor indenture
trustee under an Indenture dated December 26, 2000, pursuant to
which the Debtors issued US$300,000,000 of 8-7/8% Senior Notes due
2008, and member of the Creditors Committee, has earned and will
earn fees for which it is entitled to be paid or reimbursed by
the Debtors.
Wilmington Trust refutes the U.S. Trustee's allegations that the
payment of its fees circumvents Section 503 of the Bankruptcy
Code. Wilmington Trust says that its reimbursement rights can be viewed as
payment on its claim as Indenture Trustee, and as such, must comply with
Section 1129 and not with Section 503(b).
Similarly, Wilmington Trust states that its fee as a member of
the Creditors Committee should be viewed as part of the
Substantive Consolidation Compromise. Wilmington Trust maintains that
compensating its efforts toward reaching the Compromise is reasonable and
proper.
Wilmington Trust notes that the Plan also contains provisions to
ensure that only reasonable expenses of professionals will be
compensated. Sections 12.3 and 12.4 of the Plan require service
of documents that substantiate a committee's expenses. In the
event of a dispute with respect to the compensation sought, the
Court remains the final arbiter of reasonableness.
The Trade Committee reserves all of its rights to apply to the
Court for an award of its fees and expenses as an administrative
expense claim should the Plan not be confirmed as it is currently drafted.
Wilmington Trust also expressly reserves its right to oppose a substantive
consolidation of the Debtors' estates if the Plan fails to be confirmed.
Headquartered in Jacksonville, Florida, Winn-Dixie Stores, Inc.
-- http://www.winn-dixie.com/-- is one of the nation's largest
food retailers. The Company operates 527 stores in Florida,
Alabama, Louisiana, Georgia, and Mississippi. The Company,
along with 23 of its U.S. subsidiaries, filed for chapter 11
protection on Feb. 21, 2005 (Bankr. S.D.N.Y. Case No. 05-11063,
transferred Apr. 14, 2005, to Bankr. M.D. Fla. Case Nos.
05-03817 through 05-03840). D.J. Baker, Esq., at Skadden
Arps Slate Meagher & Flom LLP, and Sarah Robinson Borders,
Esq., and Brian C. Walsh, Esq., at King & Spalding LLP, represent the
Debtors in their restructuring efforts. Paul P. Huffard at The Blackstone
Group, LP, gives financial advisory services to the Debtors. Dennis F.
Dunne, Esq., at Milbank, Tweed, Hadley & McCloy, LLP, and John B. Macdonald,
Esq., at Akerman Senterfitt give legal advice to the Official Committee of
Unsecured Creditors. Houlihan Lokey & Zukin Capital gives financial
advisory services to the Committee. When the Debtors filed for protection
from their creditors, they listed US$2,235,557,000 in total assets and
US$1,870,785,000 in total debts. (Winn-Dixie Bankruptcy News, Issue No. 56;
Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
=============
B E R M U D A
=============
BEACH DISCRETIONARY: Proofs of Claim Filing Is Until Oct. 25
------------------------------------------------------------
Beach Discretionary Fund Ltd.'s creditors are given until
Oct. 25, 2006, to prove their claims to Beverly Mathias, the company's
liquidator, or be excluded from receiving any distribution or payment.
Creditors are required to send by the Oct. 25 deadline their
full names, addresses, the full particulars of their debts or
claims, and the names and addresses of their lawyers, if any, to
Ms. Mathias.
A final general meeting will be held at the liquidator's place
of business on Nov. 17, 2006, at 9:30 a.m., or as soon as
possible.
Beach Discretionary's shareholders will determine during the meeting,
through a resolution, the manner in which the books, accounts and documents
of the company and of the liquidator will be disposed.
Beach Discretionary's shareholders agreed on Oct. 6, 2006, to place the
company into voluntary liquidation under Bermuda's Companies Act 1981.
The liquidator can be reached at:
Beverly Mathias
Argonaut Limited, Argonaut House
5 Park Road
Hamilton HM O9, Bermuda
BEACH FUND: Creditors Must File Proofs of Claim by Oct. 25
----------------------------------------------------------
Beach Fund Ltd.'s creditors are given until Oct. 25, 2006, to prove their
claims to Beverly Mathias, the company's liquidator, or be excluded from
receiving any distribution or payment.
Creditors are required to send by the Oct. 25 deadline their
full names, addresses, the full particulars of their debts or
claims, and the names and addresses of their lawyers, if any, to
Ms. Mathias.
A final general meeting will be held at the liquidator's place
of business on Nov. 17, 2006, at 9:30 a.m., or as soon as
possible.
Beach Fund's shareholders will determine during the meeting, through a
resolution, the manner in which the books, accounts and documents of the
company and of the liquidator will be disposed.
Beach Fund's shareholders agreed on Oct. 6, 2006, to place the company into
voluntary liquidation under Bermuda's Companies Act 1981.
The liquidator can be reached at:
Beverly Mathias
Argonaut Limited, Argonaut House
5 Park Road, Hamilton HM O9, Bermuda
BEACH SYSTEMATIC: Proofs of Claim Filing Is Until Oct. 25
---------------------------------------------------------
Beach Systematic Fund Ltd.'s creditors are given until
Oct. 25, 2006, to prove their claims to Beverly Mathias, the company's
liquidator, or be excluded from receiving any distribution or payment.
Creditors are required to send by the Oct. 25 deadline their
full names, addresses, the full particulars of their debts or
claims, and the names and addresses of their lawyers, if any, to
Ms. Mathias.
A final general meeting will be held at the liquidator's place
of business on Nov. 17, 2006, at 9:30 a.m., or as soon as
possible.
Beach Systematic's shareholders will determine during the meeting, through a
resolution, the manner in which the books, accounts and documents of the
company and of the liquidator will be disposed.
Beach Systematic's shareholders agreed on Oct. 6, 2006, to place the company
into voluntary liquidation under Bermuda's Companies Act 1981.
The liquidator can be reached at:
Beverly Mathias
Argonaut Limited, Argonaut House
5 Park Road, Hamilton HM O9, Bermuda
FOSTER WHEELER: Names Lisa Nargi VP of Corporate Risk Management
----------------------------------------------------------------
Foster Wheeler Ltd. disclosed that Lisa Nargi has rejoined the company and
has been appointed vice president of corporate risk management, Foster
Wheeler Inc. Ms. Nargi will report to John T. La Duc, executive vice
president and chief financial officer. Ms. Nargi was most recently director
of insurance at American Standard Companies Inc.
"Lisa is a talented individual with considerable insurance and risk
management experience. I am delighted that Foster Wheeler has been
successful in securing Lisa's return to the company and believe that she
will add significant value to our corporate risk management activities,"
said John T. La Duc.
Lisa worked for Foster Wheeler from 1986 to 2003, most recently as manager
of risk management.
She has a B.A. from St. John's University in New York.
About Foster Wheeler
Headquartered in Hamilton, Bermuda, Foster Wheeler Ltd.
-- http://www.fwc.com/-- offers a broad range of engineering,
procurement, construction, manufacturing, project development
and management, research and plant operation services. Foster
Wheeler serves the refining, upstream oil and gas, LNG and gas-
to-liquids, petrochemical, chemicals, power, pharmaceuticals,
biotechnology and healthcare industries.
* * *
As reported in the Troubled Company Reporter on Aug 7, 2006,
Standard & Poor's Ratings Services assigned its 'BB-' bank loan
rating and '1' recovery rating on Foster Wheeler Ltd.'s proposed
five-year, US$350 million senior secured credit facilities due
2011, reflecting a high expectation of full recovery of
principal (100%) in the event of a payment default.
As reported in the Troubled Company Reporter on May 30, 2006,
Moody's Investors Service upgraded Foster Wheeler's corporate
family rating to B1 from B3 and assigned a Ba3 rating to the
Company's US$250 million senior secured bank revolving credit
facility. Moody's said the rating outlook is positive.
=============
B O L I V I A
=============
* BOLIVIA: Behre Dolbear Provides Report on Cerro Rico Mine
-----------------------------------------------------------
Franklin Mining, Inc., has obtained a report in the Cerro Rico mine during
the capitalization of Bolivia by Behre Dolbear.
Behre Dolbear is one of the oldest, continually operating minerals industry
consulting firms in the world. Since its founding, the company has spanned
the industry from the primitive pick and shovel days of mining to the
computer age of geostatistics. Behre Dolbear offers fully integrated
management consulting and technical advisory services exclusively in the
minerals industries from offices around the world. The company's emphasis on
estimating the potential economic performance of undeveloped deposits and
inactive and active mining operations, based on technical and other
parameters specific to those deposits and operations, is unique to Behre
Dolbear. This integrated, balanced approach towards the prediction of
future performance enables mining company management and the financial
community to make meaningful decisions with a high degree of confidence from
a true business perspective.
In early 2006, Comibol, the mining corporation of Bolivia, and Franklin
Mining signed a contract for an area said to contain five main veins of the
Cerro Rico Mine, considered by many to be the world's largest silver mine.
According to Comibol, the five veins are said to hold over 5.5 million
metric tons of ore, with the combined estimated reserves said to contain
about 938130 kgs of silver, 250,004 tons of zinc and over 72,377 tons of
tin, yielding approximately 33,018,564 ounces of silver, 550,784,040 lbs of
zinc and 159,518,908 lbs of tin.
As agreed in the joint venture with Comibol, Franklin Mining is investing
US$140,000 in a study of the Cerro Rico Mine that Behre Dolbear will advise,
review and approve.
"The review and analysis of the report details are of the utmost importance
to us. Behre Dolbear offers Franklin Mining experience, expertise, and
credibility towards the prediction of the future economic value of the Cerro
Rico Mine, and we look forward to sharing the details of this report with
our shareholders," said Jaime Melgarejo, President of Franklin Mining, Inc.
About Franklin Mining, Inc.
Franklin Mining currently has interests in Bolivia and the United States and
opened a wholly owned subsidiary in Bolivia. Franklin Mining, Inc. Bolivian
subsidiaries include Franklin Mining, Bolivia and majority ownership in
Franklin Oil & Gas, Bolivia.
* * *
Fitch Ratings assigned these ratings on Bolivia:
Rating Rating Date
------ -----------
Country Ceiling B- Jun. 17, 2004
Long Term IDR B- Dec. 14, 2005
Local Currency
Long Term Issuer
Default Rating B- Dec. 14, 2005
===========
B R A Z I L
===========
BANCO NACIONAL: Awards Ferroanel Study Contract to Universidade
---------------------------------------------------------------
Demian Fiocca, the president of Banco Nacional de Desenvolvimento Economico
e Social, told Business News Americas that the bank has awarded Universidade
de Sao Paulo a feasibility study contract for the Ferroanel railroad ring.
Ferroanel will be built around megapolis Sao Paulo, BNamericas says, citing
Mr. Fiocca. Investment on the project is expected at BRL1.5 billion.
BNamericas underscores that the federal transport ministry drafted initial
plans to develop Ferroanel as a public-private partnership. However,
Universidade experts will now determine the feasibility of the model.
"All the details will be determined in the studies," Mr. Fiocca told
BNamericas.
According to BNamericas, Mr. Fiocca said that Ferroanel is expected to
eliminate urban transport bottlenecks and link Vale do Paraiba, Rio de
Janeiro and the interior of Sao Paulo to the port of Sao Sebastiao.
BNamericas relates that all trains in the Sao Paulo metropolitan region
currently share railroad lines and Ferroanel would segregate transport.
Passenger and cargo transport would then be run on separate lines.
Julio Fontana, the president of MRS rail company, told BNamericas, "The
Ferroanel is one of the most important projects to improve rail transport in
Brazil. Expansion of Brazil's rail network is so costly, projects must be
designed that incorporate private and government participation."
Banco Nacional will likely fund majority of the Ferroanel project,
BNamericas states, citing Mr. Fiocca.
* * *
As reported in the Troubled Company Reporter on March 3, 2006,
Standard & Poor's Ratings Services raised its foreign currency
counterparty credit rating on Banco Nacional de Desenvolvimento
Economico e Social S.A. aka BNDES to 'BB' with a stable outlook
from 'BB-' with a positive outlook. The company's local
currency credit rating was also shifted to 'BB+' with a stable
outlook from 'BB' with a positive outlook.
BANCO NACIONAL: Says Power Generation Projects Must be Developed
----------------------------------------------------------------
Demian Fiocca, the head of Banco Nacional de Desenvolvimento Economico e
Social, said during the Dialogos Capitais infrastructure seminar that Brazil
must develop new power generation projects in line with distributor demand
requirements, Business News Americas reports.
BNamericas relates that Brazil must expand installed capacity of 90,000
megawatts an average of 4,000 megawatts per year to keep up with a 5%
projected boost in power demand.
Mr. Fiocca told BNamericas, "The country does need to expand at the maximum
rate every year."
Investments have increased and the rising demand for power will be met,
BNamericas says, citing Mr. Fiocca.
According to BNamericas, Mr. Fiocca said, "Up to 2011, all the country's
power needs have been contracted."
Mr. Fiocca told BNamericas, "It is not true that investments haven't been
made in recent years and there is no risk of a power shortage. These
statements could undermine confidence and decisions to invest in Brazil."
Banco Nacional is funding about BRL9.3 billion in power generation projects
with estimated total investment value of BRL22 billion for about 10% of
Brazil's installed capacity, BNamericas notes, citing Mr. Fiocca.
Mr. Fiocca said that Banco Nacional is Brazil's main source of long-term
funding, BNamericas states. According to him, the bank is analyzing another
BRL16 billion of new financing for the power sector.
* * *
As reported in the Troubled Company Reporter on March 3, 2006,
Standard & Poor's Ratings Services raised its foreign currency
counterparty credit rating on Banco Nacional de Desenvolvimento
Economico e Social S.A. aka BNDES to 'BB' with a stable outlook
from 'BB-' with a positive outlook. The company's local
currency credit rating was also shifted to 'BB+' with a stable
outlook from 'BB' with a positive outlook.
GENERAL MOTORS: Expects 20% Sales Growth in Latin America
---------------------------------------------------------
Ray Young -- the president of GM Brasil, General Motors' Brazilian
operations -- told Dow Jones newswires that the parent firm sees a 20% sales
growth in Latin America, Middle East and Africa region, this year, compared
with 2005.
According to Dow Jones, Mr. Young said, "Sales are very strong. These are
really growth markets."
Mr. Young said that South America is filled with solid markets for General
Motors. The region -- which includes Colombia, Ecuador and Venezuela --
represents some of the highest market shares in the company, ranging between
35% and 45%.
Dow Jones underscores that General Motors is the number two automaker in
Brazil with a market share of 21%.
General Motor's market share is very profitable. However, the company's
business has been affected by the appreciation of the real currency against
the US dollar, Dow Jones notes, citing Mr. Young.
Mr. Young told Dow Jones, "We changed our business model because of the
appreciation of the real."
Mr. Young said that about 40% of General Motor's production was exported in
2005. However, the firm's exports will decrease to 30% of production in
2006, Dow Jones says.
General Motors has solid market share in Argentina, where it holds about 17%
of the market at profitable levels, Mr. Young told Dow Jones.
According to the report, Mr. Young said, "During the past three years, the
Argentine market has grown a lot because of the competitive level of the
peso. For this reason, GM (General Motors) as well as its competitors are
increasing production."
"In terms of market share and from a financial perspective, we're doing very
well," Mr. Young told Dow Jones.
* * *
As reported in the Troubled Company Reporter-Latin America on Oct. 11, 2006,
Standard & Poor's Ratings Services said that its 'B' long-term and 'B-3'
short-term corporate credit ratings on General Motors Corp. would remain on
CreditWatch with negative implications, where they were placed March 29,
2006. The CreditWatch update follows the announcement that GM, Nissan Motor
Co. Ltd., and Renault S.A. are no longer in talks to explore a global
automotive partnership. Standard & Poor's had not factored any potential
benefits of an alliance into GM's ratings.
NET SERVICOS: Moody's Reviews B1 Corp. Rating & May Upgrade
-----------------------------------------------------------
Moody's has placed Net Servicos de Comunicacao S.A's global local currency
corporate family rating of B1 and its senior unsecured Brazilian national
scale rating of Baa2.br on review for possible upgrade following the
announcement that NET has entered into an agreement with certain
shareholders of VIVAX S.A., whereby NET will initially acquire a minority
interest and subsequently acquire control of VIVAX in an all share deal.
The transaction is subject to the regulator -- ANATEL -- and anti-trust
commission -- CADE -- approvals.
Moody's views this transaction as strategic for NET and the review will
focus on:
1) NET's business plan in light of this transaction,
including growth strategy and capex investments in order
to increase bidirectionality and accelerate digital video
growth,
2) expected cost synergies due to gains in scale, and
3) the competitive environment in Pay TV, broadband and
voice service in the next few years.
Moody's put these ratings on review for possible upgrade:
-- Corporate Family Rating, currently B1; and
-- Senior Unsecured Regular Bond/Debenture, currently B1;
Moody's changed outlook to rating under review from stable.
Net Servicos de Comunicacao S.A., based in Sao Paulo, Brazil, is the largest
pay-TV multi-service provider in Brazil with approximately 1.7 million
subscribers. The company also offers bidirectional broadband internet
access through its Virtua franchise and voice services through Net Fone via
Embratel.
NOVELIS INC: Extends 7-1/4% Notes Exchange Offer Until Dec. 15
--------------------------------------------------------------
Novelis Inc. will extend until Dec. 15, 2006, at 5:00 p.m. Eastern Time, its
offer to exchange up to UDUS$1.4 billion aggregate principal amount of its
7-1/4% Senior Notes due 2015, which were initially issued and sold in a
private placement on Feb. 3, 2005, for an equal aggregate amount of its
registered
7-1/4% Senior Notes due 2015.
The original expiration date of the exchange offer was
Oct. 31, 2005. The expiration date was initially extended on Nov. 1, 2005,
and re-extended on Nov. 7, 2005, Jan. 31, 2006, May 10, 2006, and Aug. 11,
2006. The latest extension started on Aug. 11, 2006, and expires on Oct.
20, 2006. As of
Oct. 16, 2006, US$578,378,000 of the old notes had been tendered for
exchange.
As a result of the original extension announced on Nov. 1, 2005,
Novelis began to accrue, beginning Nov. 11, 2005, and until the exchange
offer closes, a special interest rate on the Senior Notes equaling an
additional 0.25% per annum. The rate of special interest increases 0.25%
during each subsequent 90-day period until the exchange offer closes, with
the maximum amount of additional special interest at a rate of 1.00% per
annum. Accordingly, on Aug. 8, 2006, the rate of special interest increased
from 0.75% per annum to 1.00% per annum.
Novelis expects to file a post-effective amendment to the exchange offer
registration statement filed with the United States Securities and Exchange
Commission when the company is current on its reporting requirements.
Except for the extension of the expiration date, all of the other terms of
the exchange offer remain as set forth in the exchange offer prospectus
dated Sept. 27, 2005.
Any offer will be made by Novelis Inc. only by means of the exchange offer
prospectus.
Any holder of the old notes, who would like to obtain copies of the
prospectus and related documents, or with questions regarding the exchange
offer, should contact Novelis Inc.'s exchange agent at:
Bank of New York Trust Company, N.A.
Tel: (212) 815-5098.
About Novelis Inc.
Based in Atlanta, Georgia, Novelis, Inc., (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- provides customers with a regional
supply of technologically sophisticated rolled aluminum products
throughout Asia, Europe, North America, and South America. The
company operates in 11 countries and has approximately 13,000
employees. Through its advanced production capabilities, the
company supplies aluminum sheet and foil to the automotive and
transportation, beverage and food packaging, construction and
industrial, and printing markets.
Novelis South America operates two rolling plants and primary
production facilities in Brazil. The company's Pindamonhangaba
rolling and recycling facility in Brazil is the largest aluminum
rolling and recycling facility in South America and the only one
capable of producing can body and end stock. The plant recycles
primarily used beverage cans, and is engaged in tolling recycled
metal for its customers.
Full-text copies of the Company's first quarter financials are
available for free at http://ResearchArchives.com/t/s?1221
* * *
As reported in the Troubled Company Reporter on Sept. 7, 2006,
Moody's Investors Service downgraded Novelis Inc.'s corporate
family rating to B1 from Ba3, the bank revolver rating to Ba3
from Ba2, the bank term loan rating to Ba3 from Ba2, and senior
unsecured notes to B2 from B1. Moody's also downgraded Novelis
Corp.'s bank term loan rating to Ba3 from Ba2.
PETROLEO BRASILEIRO: Meeting Other LatAm Nations' State Firms
-------------------------------------------------------------
Petroleo Brasileiro SA, the state-run oil company of Brazil, will be meeting
with representatives of other state-owned oil firms from Argentina,
Venezuela, Ecuador, Colombia and Chile on Oct. 26 in Ecuador, Petroecuador,
the latter's state oil company, said in a statement.
Business News Americas relates that the firms will meet to analyze their:
-- structural and organizational processes;
-- domestic and international experience; and
-- legal, regulatory and tax frameworks.
According to BNamericas, the firms will also discuss:
-- financial systems,
-- environmental management, and
-- systems of control designed to ensure transparency.
Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro
S.A. aka Petrobras was founded in 1953. The company explores,
produces, refines, transports, markets, distributes oil and
natural gas and power to various wholesale customers and retail
distributors in Brazil.
* * *
Petroleo Brasileiro SA's long-term corporate family rating is
rated Ba3 by Moody's.
* * *
Fitch Ratings assigned these ratings on Petroleo Brasileiro's
senior unsecured notes:
Maturity Date Amount Rate Ratings
------------- ------ ---- -------
April 1, 2008 US$400,000,000 9% BB+
July 2, 2013 US$750,000,000 9.125% BB+
Sept. 15, 2014 US$650,000,000 7.75% BB+
Dec. 10, 2018 US$750,000,000 8.375% BB+
Fitch upgraded the foreign currency rating of Petrobras to BB+
from BB, with positive outlook, in conjunction with Fitch's
upgrade of the long-term foreign and local currency IDRs of the
Federative Republic of Brazil to BB, from BB- on June 29, 2006.
RHODIA SA: Selling Carbon Credits on Chicago Climate Exchange
-------------------------------------------------------------
Rhodia SA will well carbon credits on the Chicago Climate Exchange after
converting boilers in its Brazilian units to run on natural gas, according
to a report by Valor Economico.
According to Business News Americas, the group's plants in Brazil produce
polyamide.
Valor Economico notes that Rhodia has invested about US$6 million in the
past three years to convert diesel boilers at Paulinia and Santo Andre, its
units in Sao Paulo.
Rhodia expects the investment to decrease carbon dioxide emissions 6% by
2010 from 2000, Jose Matias, the head of Rhodia Energy Latin America, told
Valor Economica.
* * *
Fitch Ratings assigned a B+ long-term issuer default rating on Rhodia SA.
SANTANDER BANESPA: Buys Mainframe Systems from IBM for US$21MM
--------------------------------------------------------------
Banco Santander Banespa said in a statement that it purchased mainframe
systems for US$21 million from IBM, an information technology firm in the
United States.
Business News Americas relates that Santander Banespa bought two of IBM's
System z9 mainframes to boost:
-- processing capacity,
-- transaction speed, and
-- information integrity assurance.
The infrastructure will handle about 80 million transactions daily from
Santander Banespa branches, self-service terminals, the Internet and
phone-banking lines, BNamericas reports.
* * *
As reported in the Troubled Company Reporter-Latin America on
Sept. 8, 2006, Standard & Poor's Ratings Services assigned its
'BB/B' counterparty credit rating to Banco Santander Banespa
S.A.
STEELCASE INC: Appoints David Sylvester as Vice Pres. & CFO
-----------------------------------------------------------
Steelcase Inc. appointed David C. Sylvester as vice president and chief
financial officer.
Mr. Sylvester is currently vice president for Global Operations Finance.
From 1999 to 2005, he was the finance leader for the Steelcase International
business segment. Before joining Steelcase in 1995, Mr. Sylvester held
several positions with PricewaterhouseCoopers in Chicago. He graduated from
Michigan State University in East Lansing, Mich., in 1987 with a bachelor's
degree in accounting and a master's of business administration in finance.
Mr. Sylvester is also a member of the American Institute of Certified Public
Accountants.
"Dave brings outstanding financial skills along with a global perspective
honed by his three years on assignment in Europe," said James P. Hackett,
president and CEO of Steelcase Inc. "He will be an excellent steward of
Steelcase's reputation for financial integrity."
Mr. Sylvester takes over the chief financial officer position from James P.
Keane, who has been named president, Steelcase Group. He will oversee the
sales, marketing and product development activities of the Steelcase brand
and three subsidiary companies -- Details, PolyVision and Vecta.
Steelcase is also announcing the appointment of Frank Merlotti, Jr. as
president, Design Group. He will lead the development of a new high-design
brand that will include the offerings of three Steelcase companies --
Brayton International, Designtex and Metro Furniture.
"Our brands are performing well and this new focus will allow Steelcase to
drive toward additional growth with greater brand clarity," Hackett said.
"Jim Keane and Frank Merlotti have done outstanding work to help restore
revenue growth and profitability, and I'm excited to be able to leverage
their passions and strengths in these new roles."
Headquartered in Grand Rapids, Michigan, Steelcase, Inc.,
(NYSE: SCS) -- http://www.steelcase.com/-- designs and
manufactures architecture, furniture and technology products.
Founded in 1912, Steelcase serves customers through a network of
more than 800 independent dealers and approximately 13,000
employees worldwide including Brazil and Mexico in Latin
America.
* * *
As reported in the Troubled Company Reporter-Latin America on
Oct. 4, 2006, in connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the U.S. Consumer Products
sector, the rating agency confirmed its Ba1 Corporate Family
Rating for Steelcase, Inc. and its Ba1 rating on the company's
US$250 million senior unsecured notes. Additionally, Moody's
assigned an LGD4 rating to those bonds, suggesting noteholders
will experience a 59% loss in the event of a default.
TAM SA: Adds Tenth Airbus A320 to Fleet
---------------------------------------
TAM S.A. received another Airbus aircraft A320 that started operating on
Oct. 17. This is the 10th Airbus A320 incorporated this year into TAM's
fleet, bringing the total to 91 aircraft, of which 69 are Airbus models --
13 A319, 46 A320, and 10 A330. TAM expects its fleet to achieve a minimum
of 96 airplanes at the end of 2006.
The aircraft is part of contracts that still foresee the acquisition of 62
Airbus aircraft -- 15 A319, 41 A320 and 6 A330 -- to be delivered until
2010. The contracts include the option of an additional 20 aircraft. TAM's
strategic plan foresees an operational fleet of 127 Airbus aircraft by the
end of 2010.
The new A320 aircraft will fly domestic routes as well as routes throughout
South America, following the increase in demand observed over past months.
According to ANAC -- Agencia Nacional de Aviacao Civil -- the Brazilian
authority, the domestic market increased 14.7% in the period from January to
September. During the same period, year-on-year, TAM increased 31.4%. The
company held a 51.7% domestic market share in September 2006.
Manufactured with high technology, the Airbus A320 has the capacity to
transport up to 174 passengers. With this new A320, TAM strengthens its
policy of operating a young aircraft fleet, offering more comfort to
passengers with a high technology product.
About TAM
TAM S.A. -- http://www.tam.com.br/-- operates regular flights
to 47 destinations throughout Brazil. It serves 72 different
cities in the domestic market through regional alliances.
Additionally, it maintains code-share agreements with
international airline companies that allow passengers to travel
to a large number of destinations throughout the world. TAM was
the first Brazilian airline company to launch a loyalty program.
Currently, the program has over 3.3 million subscribers and has
awarded more than 3.6 million tickets.
* * *
Fitch assigned on Aug. 8, 2006, foreign currency and local
currency Issuer Default Ratings of 'BB' to TAM S.A. Fitch has
also assigned a national scale rating of 'A+' (bra)' to TAM.
Fitch said the rating outlook is stable.
USINAS SIDERURGICAS: Sells 83,500 Tons of Steel Waste Products
--------------------------------------------------------------
Usinas Siderurgicas de Minas Gerais SA posted in its Web site that it sold
83,500 tons of steelmaking waste products in September 2006.
According to Business News Americas, Usinas Siderurgicas said that it set a
new waste sales record in September 2006.
Usinas Siderurgicas and Cosipa, its subsidiary, have combined installed
capacity of 9.5 million tons yearly, BNamericas reports.
Headquartered in Minas Gerais, Brazil, Usiminas is among the
world's 20 largest steel manufacturing complexes, with a
production capacity of approximately 10 million tons of steel.
Usiminas System companies produces galvanized and non-coated
flat steel products for the automotive, small and large diameter
pipe, civil construction, hydro-electronic, rerolling,
agriculture, and road machinery industries. Brazil consumes 80%
of its products and the company's largest export markets are the
U.S. and Latin America.
* * *
Standard & Poor's Ratings Services affirmed on June 7, 2006, its
'BB+' long-term corporate credit rating on Brazil-based steel
maker Usinas Siderurgicas de Minas Gerais S.A. -- Usiminas. At
the same time, Standard & Poor's assigned its 'BB+' senior
unsecured debt rating to the forthcoming US$200 million Global
MTNs due June 2016 to be issued by Cosipa Commercial Ltd. The
outlook on the corporate credit rating is stable.
* BRAZIL: Bovespa Inks Memorandum of Understanding with TSX
-----------------------------------------------------------
Raymundo Magliano Filho, President of Sao Paulo-based stock exchange Bovespa
and Richard Nesbitt, CEO of TSX Group -- TSX and TSX Venture Exchange --
have signed a memorandum of understanding to strengthen ties between the
Brazilian and Canadian securities markets.
"The opportunity to strengthen ties with Toronto Stock Exchange and TSX
Venture Exchange is important to BOVESPA at this time, as we are striving to
promote the Brazilian market abroad," he said.
TSX Chief Executive Officer Richard Nesbitt added, "We look forward to
working closer with BOVESPA to seek greater opportunities for issuers from
both countries to expand their reach and shareholder base."
Mr. Nesbitt is in Sao Paulo to attend the annual General Assembly of the
World Federation of Exchanges, which is being hosted by Bovespa.
The MOU is aiming at promoting broader cooperation, exchange of information
and an ongoing relationship between the exchanges in order to facilitate the
interlisting of issuers between all three exchanges. The MOU is an
initiative that favors collaborations and developments together that will
contribute to the strengthening of both markets.
With that initiative Bovespa, Toronto Stock Exchange and TSX Venture
Exchange pave the way for the future and developments of both markets.
About TSX Group Inc.
Headquartered in Toronto Canada, TSX Group -- http://www.tsx.com/--
operates Canada's two national stock exchanges, Toronto Stock Exchange
serving the senior equity market and TSX Venture Exchange serving the public
venture equity market as well as Natural Gas Exchange (NGX), a leading North
American exchange for the trading and clearing of natural gas and
electricity contracts. TSX are the initials attached to the core equity
operations of TSX Group: Toronto Stock Exchange, TSX Venture Exchange, TSX
Markets, TSX Datalinx, TSX Technologies.
About Bovespa
Bovespa was founded in 1890 and today is constituted as a mutual,
non-for-profit and self-regulatory organization under the supervision of the
Brazilian Securities and Exchange Commission -- Comissao de Valores
Mobiliarios. Since 2000, Bovespa has operated as the sole equity market in
Brazil, being the largest stock exchange in Latin America and the third
largest equity options exchange in the world, in terms of number of
contracts. All trades are executed fully electronically through an order
driven trading system called Megabolsa.
Bovespa also manages the BOVESPA FIX and SOMA FIX electronic trading systems
for corporate fixed-income instruments. In recent years, Bovespa has played
a prominent role in disseminating corporate governance standards through the
creation of the Novo Mercado. Bovespa has spearheaded important initiatives
such as regional integration, social responsibility and the increased
participation of individual investors in stock market trading.
* * *
As reported on Sept. 4, 2006, Brazil's foreign currency country
ceiling was upgraded to Ba1 from Ba2 while the government's
foreign- and local-currency bond ratings were changed to Ba2
from Ba3.
===========================
C A Y M A N I S L A N D S
===========================
AERCAP 320 A: Invites Shareholders for Final Meeting on Nov. 3
--------------------------------------------------------------
Aercap 320 A Ltd.'s shareholders will convene for a final meeting on Nov. 3,
2006, at:
HSBC Financial Services (Cayman) Limited
2nd Floor Strathvale House
90 North Church Street
Grand Cayman, Cayman Islands
Accounts on the company's liquidation process will be presented
during the meeting.
The liquidator can be reached at:
Gerard Hastings
c/o Messrs. Maples and Calder, Attorneys-at-law
P.O. Box 309GT, Ugland House
South Church Street, George Town
Grand Cayman, Cayman Islands
AERCAP 320 B: Last Shareholders Meeting Is Set for Nov. 3
---------------------------------------------------------
Aercap 320 B Ltd.'s shareholders will convene for a final meeting on Nov. 3,
2006, at:
HSBC Financial Services (Cayman) Limited
2nd Floor Strathvale House
90 North Church Street
Grand Cayman, Cayman Islands
Accounts on the company's liquidation process will be presented
during the meeting.
The liquidator can be reached at:
Gerard Hastings
c/o Messrs. Maples and Calder, Attorneys-at-law
P.O. Box 309GT, Ugland House
South Church Street, George Town
Grand Cayman, Cayman Islands
AIR TARA I: Shareholders Convene for Final Meeting on Nov. 3
------------------------------------------------------------
Air Tara Caymans I Ltd.'s shareholders will convene for a final meeting on
Nov. 3, 2006, at:
HSBC Financial Services (Cayman) Limited
2nd Floor Strathvale House
90 North Church Street
Grand Cayman, Cayman Islands
Accounts on the company's liquidation process will be presented
during the meeting.
The liquidator can be reached at:
Gerard Hastings
c/o Messrs. Maples and Calder, Attorneys-at-law
P.O. Box 309GT, Ugland House
South Church Street, George Town
Grand Cayman, Cayman Islands
AIR TARA II: Last Shareholders Meeting Is Scheduled for Nov. 3
--------------------------------------------------------------
Air Tara Caymans II Ltd.'s shareholders will convene for a final meeting on
Nov. 3, 2006, at:
HSBC Financial Services (Cayman) Limited
2nd Floor Strathvale House
90 North Church Street
Grand Cayman, Cayman Islands
Accounts on the company's liquidation process will be presented
during the meeting.
The liquidator can be reached at:
Gerard Hastings
c/o Messrs. Maples and Calder, Attorneys-at-law
P.O. Box 309GT, Ugland House
South Church Street, George Town
Grand Cayman, Cayman Islands
BARROW LTD: Calls Shareholders for Final Meeting on Nov. 3
----------------------------------------------------------
Barrow Ltd.'s final shareholders meeting will be at 10:00 a.m. on Nov. 3,
2006, at the company's registered office.
These agendas will be taken during the meeting:
1) accounting of the liquidation process showing how the
winding up has been conducted during the preceding year,
2) requesting the members' approval of the liquidation fees
incurred to date, approval of the liquidator's estimated
costs to completion, and
3) hearing any explanation that may be given by the
liquidator.
A member entitled to attend and vote at the meeting may appoint
a proxy, who need not be a member, in his stead.
The liquidator can be reached at:
John Cullinane
Derrie Boggess
c/o Walkers SPV Limited
Walker House
P.O. Box 908, George Town
Grand Cayman, Cayman Islands
DIVI TIARA: Closure Boosts Presale of Villas at New Resort
----------------------------------------------------------
Developers told Cayman Net News that Divi Tiara Beach Resort's closure has
increased the presale of villas at a new five-story resort on Cayman Brac.
Cayman Net relates that the Cayman Brac and Little Cayman Development
Control Board conditionally ratified plans for the Crystal Azure Beach
Resort in March 2006.
The closure of Divi Tiara caused them to take a short pause to reconfirm
their business plan, Cayman Net notes, citing James Fox, the director of
operations of the Development Control Board.
Mr. Fox told Cayman Net, "After a thorough review, we determined that, while
the closure was a negative for Island tourism and employment, it was a
positive for our development and resulted in three reservations completed in
the two weeks after the announcement."
According to Cayman Net, Mr. Fox said that they currently had six completed
villa reservations with deposits received to date. Once they have three
more completed, they would have reached the minimum financing requirement
needed to proceed with the project.
"Given that we're just now entering the high season for tourism, we don't
anticipate having any problems getting the final three reservations," Mr.
Fox told Cayman Net.
Cayman Net underscores that at that point, the Development Control Board
expect to have final approval on the detailed construction plans for Crystal
Azure.
According to the report, plans for Crystal Azure's dive shop have changed
from an onsite operation to a new location in the southwest end of Cayman
Brac.
Mr. Fox told Cayman Net, "To address the concerns about employment on the
Island, we're currently reviewing the possibility of opening our dive
operation before construction completion. We feel strongly about partnering
with the community and believe an early opening to provide employment will
demonstrate our commitment to the Island."
Mr. Fox refused to tell Cayman Net where the dive shop would be located. He
said that the Development Control Board is in in talks with those who would
operate the ship.
Divi Tiara Beach Resort shut down its operations in Cayman Islands on Sept.
8, 2006, citing economic reasons. It terminated its 37 employees on Sept.
23.
DOJIMA HOTEL: Shareholders Convene for Final Meeting on Nov. 3
--------------------------------------------------------------
Dojima Hotel Investment Ltd.'s final shareholders meeting will be at 9:30
a.m. on Nov. 3, 2006, at the company's registered office.
These agendas will be taken during the meeting:
1) accounting of the liquidation process showing how the
winding up has been conducted during the preceding year,
2) requesting the members' approval of the liquidation fees
incurred to date, approval of the liquidator's estimated
costs to completion, and
3) hearing any explanation that may be given by the
liquidator.
A member entitled to attend and vote at the meeting may appoint
a proxy, who need not be a member, in his stead.
The liquidator can be reached at:
John Cullinane
Derrie Boggess
c/o Walkers SPV Limited
Walker House
P.O. Box 908, George Town
Grand Cayman, Cayman Islands
MONTEREY INTERNATIONAL: Final Shareholders Meeting Is on Nov. 3
---------------------------------------------------------------
Monterey International Ltd.'s shareholders will convene for a final meeting
at 10:00 a.m. on Nov. 3, 2006, at:
Hilgrove House
10 Hilgrove Street
St. Helier, Jersey
Accounts on the company's liquidation process will be presented
during the meeting.
The liquidator can be reached at:
Anthony D. O. Williams
Corporate Filing Services Ltd.
P.O. Box 613, George Town
Grand Cayman, Cayman Islands
Tel: 44 1534 630500
Fax: 44 1534 639669
SONG CHEER: Shareholders Gather for Final Meeting on Nov. 3
-----------------------------------------------------------
Song Cheer International Ltd.'s final shareholders meeting will be at 10:00
a.m. on Nov. 3, 2006, at:
Level 21, 570 Bourke Street
Melbourne, Vic 3000, Australia
These agendas will be taken during the meeting:
1) accounting of the liquidation process showing how the
winding up has been conducted during the preceding year,
2) requesting the members' approval of the liquidation fees
incurred to date, approval of the liquidator's estimated
costs to completion, and
3) hearing any explanation that may be given by the
liquidator.
A member entitled to attend and vote at the meeting may appoint
a proxy, who need not be a member, in his stead.
The liquidator can be reached at:
William Abbott
Attn: Ian Goodall
Corporate Filing Services Ltd.
P.O. Box 613, George Town
Grand Cayman, Cayman Islands
Tel: +1 345 949 4244
Fax: +1 345 949 8635
SYSTEIA FUTURES: Final Shareholders Meeting Is Set for Nov. 3
-------------------------------------------------------------
Systeia Futures USD Ltd.'s final shareholders meeting will be at 11:00 a.m.
on Nov. 3, 2006, at the company's registered office.
These agendas will be taken during the meeting:
1) accounting of the liquidation process showing how the
winding up has been conducted during the preceding year,
2) requesting the members' approval of the liquidation fees
incurred to date, approval of the liquidator's estimated
costs to completion, and
3) hearing any explanation that may be given by the
liquidator.
A member entitled to attend and vote at the meeting may appoint
a proxy, who need not be a member, in his stead.
The liquidator can be reached at:
David A.K. Walker
Attn: Jodi Jones
P.O. Box 258, George Town
Grand Cayman, Cayman Islands
Tel: (345) 914 8694
Fax: (345) 945 4237
=========
C H I L E
=========
FRESH DEL MONTE: Declares US$0.05 Per Share Cash Dividend
---------------------------------------------------------
Fresh Del Monte Produce Inc.'s board of directors has declared the regular
quarterly cash dividend of US$0.05 per share, payable on Dec. 13, 2006, to
shareholders of record on
Nov. 15, 2006.
Fresh Del Monte Produce Inc. -- http://www.freshdelmonte.com/--
is one of the world's leading vertically integrated producers,
marketers and distributors of high-quality fresh and fresh-cut
fruit and vegetables, as well as a leading producer and
distributor of prepared fruit and vegetables, juices, beverages,
snacks and desserts in Europe, the Middle East and Africa.
Fresh Del Monte markets its products worldwide under the Del
Monte(R) brand, a symbol of product quality, freshness and
reliability since 1892.
Del Monte Fresh Produce Company has 3 distribution centers in
Latin America (Argentina, Brazil, Chile) that provide a variety
of services including ripening, sorting, repacking, fresh-cut
processing, and delivery.
* * *
Standard & poor's Ratings Services assigned on June 28, 2006,
its 'BB' bank loan rating and '2' recovery rating on Fresh Del
Monte Produce, Inc.'s term loan, indicating an expected
substantial recovery of principal (80%-100%) in the event of a
payment default, and a '2' recovery rating to the revolving
credit facility. The rating agency also affirmed its 'BB'
rating on Fresh Del Monte's senior secured credit facilities
following the addition of a new US$150 million term loan to its
existing US$600 million revolving credit facility. Existing
ratings on the company, including its 'BB' corporate credit
rating, have been affirmed. S&P said the outlook is negative. About US$434
million total debt was outstanding at
March 31, 2006.
GOODYEAR TIRE: On-Going Strike Cues Moody's to Hold B1 Rating
-------------------------------------------------------------
Moody's Investors Service affirmed Goodyear Tire & Rubber
Company's B1 Corporate Family rating, but changed the outlook
to negative from stable. At the same time, the company's
Speculative Grade Liquidity rating was lowered to SGL-3 from
SGL-2. These rating actions reflect the increased operating
uncertainty arising from the ongoing United Steelworkers strike at
Goodyear's North American facilities, and the company's decision to increase
cash on hand by drawing-down US$975 million under its domestic revolving
credit facility.
In the short-term, the extraordinary borrowing confirms liquid
resources at the company's disposal, but does so by increasing
gross leverage and carrying costs while labor negotiations in its critical
North American market remain unresolved.
Goodyear's pro forma global cash position of US$2.3 billion limits any
near-term default probability, and the anticipated investment of the
revolver proceeds in money market securities does not alter its net debt
position. However, the uncertain outcome of any negotiations with the USW,
the resultant impact on Goodyear's North American cost structure and
competitive position, and the potential disruption to its tire production
and customer relationships create an additional degree of near-term risk for
Goodyear's credit stature.
In Moody's view, the decision to draw under the credit facility
may reflect the extent of the gap between the parties and the time frame in
which a conclusion might be reached.
Should the USW negotiations be concluded in a timely and
constructive manner, it is likely that the rating outlook would be changed
to stable and the Speculative Grade Liquidity rating
raised to SGL-2.
Ratings affirmed:
Goodyear Tire & Rubber Company
PDR: B1
* first lien credit facility, Ba1, LGD 2, 10%;
* second lien term loan, Ba3, LGD 3, 35%;
* third lien secured term loan, B2, LGD 4, 63%;
* 11% senior secured notes, B2, LGD 4, 63%;
* floating rate senior secured notes, B2, LGD 4, 63%;
* 9% senior notes, B2, LGD 4, 63%;
* 6-5/8% senior notes, B3, LGD 6, 94%;
* 8-1/2% senior notes, B3, LGD 6, 94%;
* 6-3/8% senior notes, B3, LGD 6, 94%;
* 7-6/7% senior notes, B3, LGD 6, 94%;
* 7% senior notes, B3, LGD 6, 94%; and
* senior unsecured convertible notes, B3, LGD 6, 94%.
Goodyear Dunlop Tyres Europe
* Euro revolving credit facilities, Ba1, LGD 2, 10%; and
* Euro secured term loan, Ba1, LGD 2, 10%
Ratings changed:
Goodyear Tire & Rubber Company
* Speculative Grade Liquidity rating to SGL-3 from SGL-2
Goodyear's announcement of October 13 will increase debt/EBITDA to roughly
5.4 times on a pro forma basis from 5 times using
June 30 results. Similarly, EBIT/interest would experience a minor
deterioration from the 1.5x achieved at the end of June. However, such
calculations would presume a forward run-rate of earnings level with June
LTM results. Weak replacement tire demand in North America, challenges to
yield management from high and volatile commodity costs and surplus industry
capacity, and publicly unspecified rates at which it can replenish tires
sold from inventory while USW workers are on strike underscore risks to
assumptions for future performance metrics.
Moody's would expect Goodyear's international operations, which
generate the preponderance of profits and cash flow, to continue
to perform well. Any emerging changes to Goodyear's profile
must also be considered in the context of the qualitative and
quantitative progress the company has made over the last few
years, and the room established within the current rating category for any
immaterial relapse.
While Goodyear currently has tires to satisfy customer
requirements in North America, should that capacity diminish over time, its
North American enterprise value and cash flows could deteriorate. While
these risks are not imminent, they could appear on the horizon with greater
certainty before year-end. A resolution of the labor negotiations could
clarify the company's prospects beyond the next few weeks, but the time
frame to expect an agreement is unknown. As a precaution, the outlook has
been changed to negative. This could quickly be reversed should a
resolution be announced, its terms assessed, and revolver borrowings
unwound.
The SGL-3 represents adequate liquidity over the next twelve
months. The company's balance sheet resources have been
substantially bolstered by the borrowing, but internal cash flow
beyond the next few weeks is harder to predict. A labor agreement
satisfactory to the company could also involve up-front restructuring
expenditures. The trade-off to the increase in cash is the effective
exhaustion of remaining unused commitments under the domestic revolving
credit facility. The company will have comfortable headroom under its two
financial covenants. But, over time, unknown EBITDA generation may start to
erode this cushion. A near-term resolution of the labor dispute could also
lead to a rapid change in the company's liquidity profile. Consequently,
the Speculative Grade Liquidity profile has been lowered to SGL-3.
Goodyear Tire & Rubber Company, headquartered in Akron, Ohio, is
one of the world's largest tire companies with more than 100
facilities in 29 countries around the world. Products include
tires, engineered rubber products, and chemicals. Revenues in
2005 were approximately US$20 billion.
GOODYEAR: Ongoing Strike Cues S&P to Place Ratings on NegWatch
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' corporate credit rating
on Goodyear Tire & Rubber Co. on CreditWatch with negative implications
because of the potential for business disruptions and earnings pressures
that could result from the ongoing labor dispute at some of its North
American operations. Goodyear has total debt (including the present value
of operating leases and underfunded employee benefit liabilities) of about
US$7 billion.
About 15,000 employees at 14 plants in the U.S. and Canada went on strike on
Oct. 5, 2006. The employees are represented by the United Steel Workers or
USW. Goodyear's contract with the USW expired on July 22, 2006, although
negotiations for a new contract continued until early October. The
company's main priorities for a new labor contract are to lower legacy
costs, reduce its high cost footprint, and improve productivity, while the
union is focused on preserving job security protections and employee
benefits.
Since the strike began, Goodyear has borrowed almost US$1 billion under a
revolving credit facility to enhance liquidity should the strike persist.
The company had about US$1.3 billion in cash before the start of the strike.
Goodyear's liquidity should be more than adequate to allow the company to
comfortably meet its cash requirements for at least the next several months.
But the business and financial costs to the company will rise over time.
Goodyear currently is able to meet most customer requirements through
existing inventory, but as inventory is depleted, the company would
experience shortages that could damage customer relationships.
"Ultimately, we expect the two parties to reach an agreement that should
help Goodyear to lower its burdensome cost position in North America. The
ratings could be lowered, however, if it appears that the strike is likely
to strain the company's credit profile for the near to medium term," said
Standard & Poor's credit analyst Martin King.
About Goodyear Tire
Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company. The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries. It has marketing operations in almost every country
around the world. It has marketing operations in almost every
country around the world including Chile, Colombia and Guatemala
in Latin America. Goodyear employs more than 80,000 people
worldwide.
===============
C O L O M B I A
===============
BANCO DEL CAFE: Davivienda Closing Purchase in November 2007
------------------------------------------------------------
A spokesperson of Banco Davivienda SA told Business News Americas that the
firm aims to wrap up the purchase of Banco del Cafe in November 2007.
As reported in the Troubled Company Reporter-Latin America on Oct. 16, 2006,
Banco Davivienda won the auction of a 99% stake in Banco del Cafe with a
US$927 million bid. Banco Davivienda offered almost twice the minimum price
set by the government and about US$139 million more than what rival Banco de
Bogota offered. Pedro Uribe, the vice president of planning for Banco
Davivienda, said that the firm would pay for the purchase of Banco del Cafe
with the sale of:
-- new shares to existing shareholders for US$100
million,
-- an international bond sale for US$125 million, and
-- a syndicated loan from foreign banks for US$250
million.
The spokesperson told BNamericas that Superfinanciera, the financial
regulator in Colombia, will approve the purchase within the next 30-35 days.
It will then take Banco Davivienda about a year to merge both banks fully.
According to BNamericas, Banco Davivienda's acquisition of a stake in Banco
del Cafe has made the former the third largest bank in Colombia in terms of
assets with COP16.8 trillion. The firm also moved to first spot in mortgage
and consumer loans with market shares of 26.3% and 17.5% respectively.
BNamericas notes that Banco del Cafe had a 4.90% loan market share,
equivalent to COP4.03 trillion, in August. It had 1.5 million clients, and
a 236-strong branch network including offices in Miami and Panama.
Andres Jimenez, an Invercol brokerage analyst, told BNamericas, "Bancafe's
(Banco del Cafe) main strength was its strong corporate loan portfolio as
well as an interesting customer base, mostly comprising wealthy coffee
farmers. As long as Davivienda keeps Bancafe's image as the coffee farmers'
bank, it will take advantage of this customer base."
The Banco Davivienda spokesperson said that the company is considering
getting rid of the Banco del Cafe brand but has not yet come up with a
decision, BNamericas reports.
Banco del Cafe was formed by the merging of its assets and part of
Granahorrar, a local mortgage bank, in March 2005. To save them from
bankruptcy when the country was hit by a financial crisis in the late 90s,
the government had taken control of the banks.
ECOPETROL: Meeting with State Firms from Other Countries
--------------------------------------------------------
Ecopetrol, the state-run oil company of Colombia, will be meeting with
representatives of other state-owned oil firms from Argentina, Venezuela,
Ecuador, Brazil and Chile on Oct. 26 in Ecuador, Petroecuador, the latter's
state oil company, said in a statement.
Business News Americas relates that the firms will meet to analyze their:
-- structural and organizational processes;
-- domestic and international experience; and
-- legal, regulatory and tax frameworks.
According to BNamericas, the firms will also discuss:
-- financial systems,
-- environmental management, and
-- systems of control designed to ensure transparency.
Ecopetrol is an integrated-oil company that is wholly owned by
the Colombian government. The company's activities include
exploration for and production of crude oil and natural gas, as
well as refining, transportation, and marketing of crude oil,
natural gas and refined products. Ecopetrol is Latin America's
fourth-largest integrated-oil concern. Operations are organized
into Exploration & Production, Refining & Marketing,
Transportation, and International Commerce & Gas.
On June 27, 2006, Fitch Ratings revised the rating outlook of
the long-term foreign currency issuer default rating of
Ecopetrol S.A. to Positive from Stable. This rating action
follows the recent revision in the Rating Outlook to Positive
from Stable of the 'BB' foreign currency IDR of the Republic of
Colombia. Ecopetrol's IDR remain strongly linked with the
credit profile of the Republic of Colombia.
NOVELL INC: Commences 0.50% Sr. Debenture Consent Solicitation
--------------------------------------------------------------
Novell, Inc., is soliciting consents from the holders of its 0.50%
convertible senior debentures due 2024 (CUSIP Nos. 670006AB1 and 670006AC9).
Novell is seeking consents to proposed amendments of certain provisions of
the indenture pursuant to which the debentures were issued and a waiver of
rights to pursue remedies available under the indenture with respect to
certain defaults thereunder. The consent solicitation is expected to expire
at 5:00 p.m., New York City time, on Oct. 26, 2006, unless extended to a
later time or date.
Novell has not yet filed with the U.S. Securities and Exchange Commission
its Quarterly Report on Form 10-Q for the quarter ended July 31, 2006. As a
result, Novell has received notices of default from the trustee under the
indenture. Novell believes that these notices of default were invalid and
without merit because the indenture only requires Novell to provide the
trustee copies of SEC reports within 15 days after such filings are actually
made. However, in order to avoid the expense and uncertainties of further
disputing whether a default under the indenture has occurred, Novell has
determined to solicit consents to proposed amendments to the indenture that
would give Novell until March 30, 2007, to become current in its reporting
obligations and a waiver of rights to pursue remedies available under the
indenture with respect to any default caused by its not timely filing SEC
reports.
Holders of record as of 5:00 p.m., New York City time, on
Oct. 16, 2006, who validly deliver and do not revoke their consents prior to
5:00 p.m., New York City time, on
Oct. 26, 2006, will receive an initial consent fee for each US$1,000 in
principal amount of debentures with respect to which consents are received
equal to the product of US$20.00 multiplied by a fraction, the numerator of
which is the aggregate principal amount of debentures outstanding on the
Expiration Date and the denominator of which is the aggregate principal
amount of debentures as to which Novell received and accepted consents. If
Novell has not filed its Quarterly Report on Form 10-Q for the quarter ended
July 31, 2006, and all additional SEC reports required to have been filed,
with the SEC by 5:30 p.m., New York City time, on Feb. 15, 2007, Novell will
pay to these holders an additional US$10.00 for each US$1,000.00 in
principal amount of debentures as to which Novell has received and accepted
consents. These consent fees are collectively referred to as the "Consent
Fees."
The effectiveness of the proposed amendments and waiver and the payment of
the Consent Fees are subject to the receipt of valid consents that are not
revoked in respect of at least a majority of the aggregate principal amount
outstanding of the debentures. Holders of the debentures may revoke their
consents at any time before the proposed amendments and waiver become
effective, but upon receipt by Novell of the consents of a majority of
holders of the debentures and evidence of such receipt provided to the
trustee the waiver will become effective, a supplemental indenture setting
forth the amendments will be executed and consents may no longer be revoked
unless Novell fails to pay holders the Consent Fees.
Citigroup Corporate and Investment Banking is serving as the solicitation
agent for the consent solicitation. Questions regarding the consent
solicitation may be directed to:
Citigroup Corporate and Investment Banking
Tel: (800) 558-3745 (toll-free)
(212) 723-6106
The information agent for the consent solicitation is Global Bondholder
Services Corporation. Requests for copies of the Consent Solicitation
Statement and related documents may be directed to:
Global Bondholder Services Corporation
Tel: (866) 794-2200 (toll- free)
(212) 430-3774.
About Novell
Novell, Inc. -- http://www.novell.com/-- delivers Software for
the Open Enterprise. With more than 50,000 customers in 43
countries, Novell helps customers manage, simplify, secure and
integrate their technology environments by leveraging best-of-
breed, open standards-based software. Novell has sales offices
in Argentina, Brazil and Colombia.
As reported in the Troubled Company Reporter on Sept. 29,2006, Novell, has
received a letter from Wells Fargo Bank, N.A.,
the trustee with respect to company's US$600 million 0.50%
convertible senior debentures due 2024, which asserts that
Novell is in default under the indenture because of the delay in
filing its Form 10-Q for the period ended July 31, 2006.
The letter states that this asserted default will not become an
"event of default" under the indenture if the company cures the
default within 60 days after the date of the notice.
NOVELL: Promotes Tom Francese to Exec. VP for Worldwide Sales
-------------------------------------------------------------
Novell promoted Tom Francese, president of Novell EMEA, to the position of
executive vice president for worldwide sales. Mr. Francese, a proven
industry veteran who joined Novell in
Oct. 2005 after serving as vice president of IBM's software business in
Europe, will assume responsibilities for Novell sales, channel and alliances
activities around the globe. He will continue to serve as president of
Novell EMEA.
"Few executives in the software industry can match Tom in experience,
results, and leadership," said Ron Hovsepian, president and CEO of Novell.
"Tom's done a great job in getting our business in EMEA back on a growth
track, and he's got the vision and skills to drive similar results for us
globally. Tom's deep background in the partnering world will help us
further grow the partner ecosystem around Novell's Linux* and IT management
offerings, a critical factor for our future success."
Mr. Francese brings more than 30 years of technology industry experience to
his new role. A long-time IBM veteran, Francese held positions in sales,
sales management and operations, including vice president, Software Group
Sales for Europe, Middle East and Africa, vice president, central region in
the Americas, vice president, Tivoli Worldwide Financial Services Industry
Sales, vice president, Worldwide Sales and Support, Networking Computing
Software, and director of Enterprise Sales, London. Mr. Francese's career
started with IBM in 1974 as a sales account manager in Houston, Texas.
"Novell is at a tremendously exciting time in its storied history, as we
move aggressively to stake out a leadership position in the rapidly growing
Linux and security, identity and systems management markets," said Mr.
Francese. "We're focused on the right markets, and we have the right
technologies, the right vision and strategy, and, most importantly, the
right people to execute on our strategy. I'm looking forward to driving
sales execution in our key markets around the globe, and working with
partners to reach an even broader market for Novell's solutions."
About Novell
Novell, Inc. -- http://www.novell.com/-- delivers Software for
the Open Enterprise. With more than 50,000 customers in 43
countries, Novell helps customers manage, simplify, secure and
integrate their technology environments by leveraging best-of-
breed, open standards-based software. Novell has sales offices
in Argentina, Brazil and Colombia.
As reported in the Troubled Company Reporter on Sept. 29,2006, Novell, has
received a letter from Wells Fargo Bank, N.A.,
the trustee with respect to company's US$600 million 0.50%
convertible senior debentures due 2024, which asserts that
Novell is in default under the indenture because of the delay in
filing its Form 10-Q for the period ended July 31, 2006.
The letter states that this asserted default will not become an
"event of default" under the indenture if the company cures the
default within 60 days after the date of the notice.
=============
E C U A D O R
=============
DOLE FOOD: Completes Purchase of JP Fruit for US$41.9 Million
-------------------------------------------------------------
Dole Food Co., Inc., completed the purchase of the 65% of JP Fruit
Distributors Ltd. that it does not already from Jamaica Producers Group Ltd.
for US$41,900,000 in cash. JP Fruit imports and sells fresh produce in the
United Kingdom.
Benoit Galland, President of Dole Europe, said, "This acquisition permits
Dole to strengthen its penetration of the vital market for fresh produce in
the United Kingdom and the Republic of Ireland, a market that traditionally
values quality. As we grow this business, Dole's tradition of top quality
produce and exceptional service will complement JP Fruit's reputation for
quality and service to its customers. We will work with our customers
throughout Europe to develop the geographical synergies arising from this
widening of the existing Dole network in Europe. We are pleased to welcome
the JPFD team to Dole."
About Dole Food Co.
Dole Food Company Inc., headquartered in Westlake Village,
California, has revenues of US$5.8 billion. Dole grows and
sources from independent growers and transports bananas grown
primarily in Colombia, Costa Rica, Ecuador, Guatemala and
Honduras for markets principally in North America, Europe, the
Mediterranean and selected Asian markets.
* * *
As reported in the Troubled Company Reporter-Latin America on
Sept. 28, 2006, in connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the US Consumer Products,
Beverage, Toy, Natural Product Processors, Packaged Food
Processors, and Agricultural Cooperative sectors, the rating
agency confirmed its Ba3 Corporate Family Rating for Dole Food
Co., Inc.
Additionally, Moody's revised or confirmed its probability-of-
default ratings and assigned loss-given-default ratings on these
loans facilities:
Issuer: Dole Food Company, Inc.
Projected
Old POD New POD LGD Loss-Given
Debt Issue Rating Rating Rating Default
---------- ------- ------- ------ ----------
Gtd. Sr. Sec.
Term Loan B Due 2013 Ba3 Ba2 LGD2 20%
Gtd. Sr. Sec.
Letter of Credit
Due 2013 Ba3 Ba2 LGD2 20%
Gtd. Global Notes
Due 2010 B3 B3 LGD5 77%
Global Notes Due 2009 B3 B3 LGD5 77%
Gtd. Global Bonds
Due 2011 B3 B3 LGD5 77%
Debentures Due 2013 B3 B3 LGD5 77%
Issuer: Solvest Ltd.
Projected
Old POD New POD LGD Loss-Given
Debt Issue Rating Rating Rating Default
---------- ------- ------- ------ ----------
Gtd. Sr. Sec.
Term Loan C Due 2013 Ba3 Ba2 LGD2 20%
Gtd. Sr. Sec.
Letter of Credit
Due 2013 Ba3 Ba2 LGD2 20%
PETROECUADOR: Will Meet with State Oil Firms from Other Nations
---------------------------------------------------------------
Petroecuador, the state-owned oil company of Ecuador, said in a statement
that it will meet with representatives of other state-run oil firms from
Argentina, Brazil, Colombia, Chile and Venezuela on Oct. 26 in Ecuador.
Business News Americas relates that the firms will meet to analyze their:
-- structural and organizational processes;
-- domestic and international experience; and
-- legal, regulatory and tax frameworks.
According to BNamericas, the firms will also discuss:
-- financial systems,
-- environmental management, and
-- systems of control designed to ensure transparency.
Petroecuador, according to published reports, is faced with
cash-problems. The state-oil firm has no funds for maintenance,
has no funds to repair pumps in diesel, gasoline and natural gas
refineries, and has no capacity to pay suppliers and vendors.
The government refused to give the much-needed cash alleging
inefficiency and non-transparency in Petroecuador's dealings.
=============
J A M A I C A
=============
CENTURY ALUMINUM: Moody's Assigns Loss-Given-Default Rating
-----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the North American Metals & Mining sectors, the
rating agency confirmed its Ba3 Corporate Family Rating for
Century Aluminum Company.
Additionally, Moody's revised its probability-of-default ratings
and assigned loss-given-default ratings on these debentures:
Projected
Old POD New POD LGD Loss-Given
Debt Issue Rating Rating Rating Default
---------- ------- ------- ------ ----------
US$250 Million
7.5% Guaranteed
Senior Unsecured
Notes due 2014 Ba3 B1 LGD5 77%
US$175 Million
1.75% Convertible
Guaranteed
Senior Unsecured
Notes due 2024 Ba3 B1 LGD5 77%
Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default. The LGD rating methodology will disaggregate these two
key assessments in long-term ratings. The LGD rating methodology will also
enhance the consistency in Moody's notching practices across industries and
will improve the transparency and accuracy of Moody's ratings as Moody's
research has shown that credit losses on bank loans have tended to be lower
than those for similarly rated bonds.
Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale. They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.
Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock. Moody's opinion of
expected loss are expressed as a percent of principal and accrued interest
at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6
(loss anticipated to be 90% to 100%).
Headquartered in Monterey, California, Century Aluminum Company
(NASDAQ:CENX) -- http://www.centuryca.com/-- owns and operates a 244,000
mtpy plant at Hawesville, Kentucky; a 170,000 mtpy plant at Ravenswood, West
Virginia; and a 90,000 mtpy plant at
Grundartangi, Iceland. The company also owns a 49.67% interest in a 222,000
mtpy reduction plant at Mt. Holly, South Carolina.
ALCOA Inc. owns the remainder of the plant and is the operating
partner. Century also holds a 50% share of the 1.25 million mtpy Gramercy
Alumina refinery in Gramercy, Louisiana and related bauxite assets in
Jamaica.
===========
M E X I C O
===========
AXTEL: Warns Cofetel of Immediate Number Portability Launching
--------------------------------------------------------------
Local press says that Axtel, SA de CV, has warned Cofetel, the telecoms
regulator in Mexico, that there could be drawbacks to the immediate
introduction of number portability.
Local number portability is the ability to take an existing telephone number
assigned by a local exchange carrier or a mobile phone provider, and
reassign it to another carrier or other telephony provider.
Business News Americas relates that Cofetel has published preliminary rules
for allowing number portability and is now studying feedback from interested
parties. Cofetel will publish a final draft of the rules by November when
it will submit the document to Cofemer, the regulatory reform committee.
Once the rules are ratified, Cofetel expects number portability to be
implemented by May 2007, BNamericas states.
However, Axtel believes Mexico should put number portability on hold until
fixed line penetration is 40%, according to BNamericas.
Figures from the Mexican transport and communications ministry show that the
country has fixed line penetration of 19.5% and mobile penetration of 48.9%,
BNamericas says.
BNamericas underscores that Axtel believes that launching number portability
would force operators to concentrate on customer retention. The company
claimed that it would lead to the reduction of fixed line expansion
investments.
Axtel explained to BNamericas that in nations where number portability has
been introduced it has not had the desired effect of reducing telephony
rates.
However, Telefonica believed the measure has proved successful in most
nations belonging to the Organization for Economic Cooperation and
Development, BNamericas states.
Meanwhile, Ana Gabriela Ocejo, a telecoms analyst at Scotiabank Inverlat,
told BNamericas that one of the reasons for introducing number portability
is to give cable television operators an incentive for launching telephony
services. However, increased service providers do not necessarily mean
there will be a boost in fixed line clients.
According to BNamericas, Ms. Ocejo said that given the high spending power
of the cable operators' existing customers, they are the natural target for
new services like telephony. To steal a significant number of clients from
the fixed line operators the cable firms will have to offer price reductions
in excess of up to 10%. Even then the operators will only attract heavy
users.
Fixed line expansion in Mexico will only happen if telcos are forced into it
by new regulations, BNamericas says, citing an executive of Telefonica, a
Spanish telecoms group.
Miguel Menchen -- the chief executive of Movistar Mexico, the Mexican mobile
unit of Telefonica -- told Telcos IT that the recent drafting of rules under
which cable and telephony operators can offer triple play services was a
missed opportunity for curbing the power of Telmex -- Mexico's largest fixed
line operator -- over its competitors.
The main issue of the new rules called the convergence accord was the
removal of the restrictions that prevent Telmex from offering television
services. Telmex's desire to get rid of the restrictions gave the
government crucial bargaining power, BNamericas notes, citing Mr. Menchen.
The government instead the government treated the accord mainly as a means
of raising competition in the paid television sector. It has been said that
the cable operators' concession contracts allow them to offer telephony
services, Mr. Menchen told BNamericas.
Axtel, S.A. de C.V. provides local and long distance telecommunications
services, data transmission and Internet services in Mexico, to both
residential and business customers.
The company has 600,000 installed lines. Axtel posted net profits of MXP306
million (US$29 million) for 2005 compared to a loss of MXP79.6 million in
2004.
* * *
As reported in the Troubled Company Reporter on June 21, 2006,
Standard & Poor's Ratings Services raised its long-term corporate credit
rating on Monterrey, Mexico-based telecommunications service provider Axtel
S.A. de C.V. to 'BB-' from 'B+'. The outlook was revised to stable from
positive. The rating on Axtel's US$162 million senior notes due 2013 was
also raised to 'BB-' from 'B+'.
BALLY TOTAL: Closes New US$284 Million Senior Credit Facility
-------------------------------------------------------------
Bally Total Fitness Holding Corp. has closed on its new senior credit
facility arranged by J.P. Morgan Securities Inc. and agented by JPMorgan
Chase Bank, N.A. Morgan Stanley Senior Funding, Inc. acted as syndication
agent with Canyon Capital Advisors LLC and Goldman Sachs Credit Partners
L.P. participating in the credit facility. The total amount of the credit
facility is US$284 million, a US$4 million increase from the initially
committed level, and includes a US$34.1 million facility to fund capital
expenditures. The proceeds from the new credit facility refinanced the
Company's existing credit facility and will be used to fund capital
expenditures and provide for additional liquidity.
Bally Total has also agreed to a sale and leaseback of four owned Bally
Total Fitness clubs, which will generate US$10 million of net proceeds and
provide the Company with an additional liquidity cushion. This transaction
is scheduled to close on Oct. 20, 2006.
"I am pleased that we have taken these important steps to strengthen Bally's
capital structure," said Don R. Kornstein, Interim Chairman, Bally Total
Fitness. "There is more work to be done to successfully implement our plan
to improve Bally's financial position, but I believe we are clearly moving
in the right direction by working cooperatively with such highly respected,
world class financial partners."
Chicago, Ill.-based Bally Total Fitness Holding Corp. (NYSE:
BFT) -- http://www.Ballyfitness.com/-- is a commercial operator
of fitness centers, with over 400 facilities located in 29
states, Mexico, Canada, Korea, the Caribbean, and China under
the Bally Total Fitness, Bally Sports Clubs, and Sports Clubs of
Canada brands.
At June 30, 2006, Bally Total's balance sheet showed a
US$1,410,293,000 stockholder's deficit.
* * *
Moody's Investors Service confirmed its Caa1 Corporate Family
Rating for Bally Total Fitness Holding Corp.
BALLY TOTAL: Moody's Affirms Credit Ratings with Neg. Outlook
-------------------------------------------------------------
Moody's Investors Service affirmed the credit ratings of Bally Total Fitness
Holding Corporation. The rating outlook remains negative.
Bally recently closed on a new US$284 million senior secured credit facility
(not rated by Moody's) that was used to refinance borrowings under its prior
credit facility and will be used to fund capital expenditures and provide
for additional liquidity. Moody's withdrew the ratings on Bally's prior
secured bank credit facility.
The new credit facility provides Bally with modest additional liquidity and
will terminate 14 days prior to the maturity of the 9-7/8% senior
subordinated notes due October 2007, including extensions, but no later than
Oct. 1, 2010. The previous credit facility was set to mature on April 15,
2007 in the event the subordinated notes were not refinanced prior to such
date. The new credit facility includes a US$206 million term loan facility,
a US$34 million delayed draw term loan facility and a US$44 million
revolver. The proceeds of the delayed draw term loan facility are limited
to the financing of capital expenditures.
The Caa1 corporate family rating continues to recognize:
(1) significant near term debt maturities and a probable
need for a recapitalization or sale of the company;
(2) negative free cash flow generation;
(3) litigation and regulatory risks; and
(4) extensive material weaknesses in internal controls.
Moody's affirmed these ratings (LGD assessments for the senior notes and
subordinated notes were revised as needed to reflect the larger size of the
new credit facility):
-- US$235 million 10.5% senior unsecured notes (guaranteed)
due 2011, rated Caa1 (LGD 4, 51%);
-- US$300 million 9.875% senior subordinated notes due 2007,
rated Caa3 (LGD 5, 88%);
-- Corporate family rating, rated Caa1; and
-- Probability of default rating, rated Caa1;
Moody's withdrew these ratings:
-- US$136 million senior secured term loan B facility due
2009, rated B1 (LGD 1, 8%); and
-- US$100 million senior secured revolving credit facility
due 2008, rated B1 (LGD 1, 8%);
The negative rating outlook reflects Moody's expectation that, absent a sale
of the company, Bally may need to restructure its debt to stabilize its
capital structure.
The outlook could be changed to stable or positive if:
(i) the senior subordinated notes are refinanced or extended
on reasonable terms prior to Oct. 1, 2007;
(ii) adequate availability is maintained under the revolving
credit facility;
(iii) regulatory and legal risks are substantially reduced;
(iv) material progress is made in remediating internal
control weaknesses; and
(v) positive free cash flows are expected to be sustained.
The rating could be downgraded if:
(i) efforts to sell the company and refinance near term debt
maturities are not successful and the probability of
default increases or
(ii) continued negative free cash flow generation results in
a decrease in Moody's assessment of Bally's enterprise
value at default.
Chicago, Ill.-based Bally Total Fitness Holding Corp. (NYSE:
BFT) -- http://www.Ballyfitness.com/-- is a commercial operator
of fitness centers, with over 400 facilities located in 29
states, Mexico, Canada, Korea, the Caribbean, and China under
the Bally Total Fitness, Bally Sports Clubs, and Sports Clubs of
Canada brands.
At June 30, 2006, Bally Total's balance sheet showed a
US$1,410,293,000 stockholder's deficit.
DOMINO'S INC: Moody's Assigns Loss-Given-Default Rating
-------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the restaurant sector, the rating agency held its Ba3
Corporate Family Rating for Domino's Inc.
Additionally, Moody's revised or held its probability-of-default
ratings and assigned loss-given-default ratings on these loans and bond debt
obligations:
Projected
Old POD New POD LGD Loss-Given
Debt Issue Rating Rating Rating Default
---------- ------- ------- ------ ----------
US$610M Sr. Sec.
Term Loan
Due 6/2010 Ba3 Ba2 LGD3 36%
US$125M Sr. Sec.
Revolver
Due 6/2009 Ba3 Ba2 LGD3 36%
US$100M Sr. Sec.
Term Loan
Due 10/2011 Ba3 Ba2 LGD3 36%
US$403M 8.25%
Sr. Sub. Notes
Due 7/2011 B2 B2 LGD5 87%
Moody's explains that current long-term credit ratings are
opinions about expected credit loss which incorporate both the
likelihood of default and the expected loss in the event of
default. The LGD rating methodology will disaggregate these two
key assessments in long-term ratings. The LGD rating methodology will also
enhance the consistency in Moody's notching practices across industries and
will improve the transparency and accuracy of Moody's ratings as Moody's
research has shown that credit losses on bank loans have tended to be lower
than those for similarly rated bonds.
Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale. They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.
Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock. Moody's opinion of
expected loss are expressed as a percent of principal and accrued interest
at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6
(loss anticipated to be 90% to 100%).
Domino's Inc is a pizza delivery company. The company has more than 500
stores in Mexico.
FORD MOTOR: Implements OEConnection's CollisionLink
---------------------------------------------------
OEConnection LLC, disclosed a marketing partnership with Ford Motor Company
and General Motors for the national deployment of CollisionLink,
OEConnection's technology for the fast, accurate online fulfillment of
original equipment replacement parts to collision shops. General Motors and
Ford now recommend CollisionLink to their wholesale dealers in recognition
of this online technology being a significant advance towards improving
efficiency and quality for the collision repair industry. This
implementation establishes a national base of wholesale dealers processing
online collision parts orders.
With CollisionLink, dealership wholesalers can significantly transform their
order processing experience using online automation accuracy to help
eliminate parts returns. CollisionLink electronically sends shop parts
orders to dealerships. Parts departments eliminate non-productive,
order-taking phone time and process parts orders faster and accurately using
CollisionLink's automatic part validation and instant VIN-based
error-checking. For collision repairers, CollisionLink's more accurate
parts order system helps speed-up vehicle cycle time, reduce supplemental
ordering, eliminate returns, and enhance overall supplier relationships and
order response time.
OEConnection President and CEO, Chuck Rotuno, said, "Ford and GM's support
of CollisionLink to their wholesale dealers validates the importance and
value of online parts ordering and streamlining this historically cumbersome
business process. CollisionLink is helping these OEMs provide their dealers
with tools to better service collision repairers and insurance companies,
and, simultaneously, provide a technological competitive edge."
General Motors and Ford launched CollisionLink to their network of larger
wholesale dealers through an aggressive schedule of nationwide regional
meetings and dealer visits beginning May 2006. At these sessions,
wholesalers received hands-on demonstration and use of CollisionLink in an
effort to spur rapid national adoption.
About OEConnection LLC
OEConnection is a provider of web-based technology solutions for automakers,
their affiliated dealers, and others in the automotive parts business.
Serving over 14,000 dealerships and collision repairers, OEConnection
provides the industry's largest ecommerce parts exchange and analysis tools
enabling users to better market, manage and move their original equipment
parts inventory. Depended on for over 4 million parts decisions monthly,
OEConnection solutions facilitate US$8 billion in annual parts trade.
OEConnection is a joint venture created by DaimlerChrysler, Ford Motor
Company, General Motors, and ProQuest.
About General Motors
General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the
world's largest automaker, has been the global industry sales
leader since 1931. Founded in 1908, GM employs about 317,000
people around the world. It has manufacturing operations in 32
countries, including Mexico and Brazil, and its vehicles are
sold in 200 countries.
About Ford Motor
Headquartered in Dearborn, Michigan, Ford Motor Company --
http://www.ford.com/-- manufactures and distributes automobiles
in 200 markets across six continents including Brazil and Mexico. With more
than 324,000 employees worldwide, the company's core and affiliated
automotive brands include Aston Martin, Ford, Jaguar, Land Rover, Lincoln,
Mazda, Mercury and Volvo. Its automotive-related services include Ford
Motor Credit Company and The Hertz Corp.
* * *
As reported in the Troubled Company Reporter on Aug. 22, 2006,
Dominion Bond Rating Service placed long-term debt rating of Ford Motor
Company Under Review with Negative Implications following announcement that
Ford will sharply reduce its North American vehicle production in 2006.
DBRS lowered on July 21, 2006, Ford Motor Company's long-term debt rating to
B from BB, and lowered its short-term debt rating to R-3 middle from R-3
high. DBRS also lowered Ford Motor Credit Company's long-term debt rating
to BB(low) from BB, and confirmed Ford Credit's short-term debt rating at
R-3(high).
Fitch Ratings also downgraded the Issuer Default Rating of Ford
Motor Company and Ford Motor Credit Company to 'B' from 'B+'.
Fitch also lowered the Ford's senior unsecured rating to 'B+/RR3' from
'BB-/RR3' and Ford Credit's senior unsecured rating to 'BB-/RR2' from
'BB/RR2'. Fitch said the rating outlook remains negative.
Standard & Poor's Ratings Services also placed its 'B+' long-term and 'B-2'
short-term ratings on Ford Motor Co., Ford Motor Credit Co., and related
entities on CreditWatch with negative
implications.
As reported in the Troubled Company Reporter on July 24, 2006,
Moody's Investors Service lowered the Corporate Family and senior unsecured
ratings of Ford Motor Company to B2 from Ba3 and the senior unsecured rating
of Ford Motor Credit Company to Ba3 from Ba2. The Speculative Grade
Liquidity rating of Ford has been confirmed at SGL-1, indicating very good
liquidity over the coming 12-month period. Moody's said the outlook for the
ratings is negative.
GENERAL MOTORS: Implements OEConnection's CollisionLink
-------------------------------------------------------
OEConnection LLC, disclosed a marketing partnership with Ford Motor Company
and General Motors for the national deployment of CollisionLink,
OEConnection's technology for the fast, accurate online fulfillment of
original equipment replacement parts to collision shops. General Motors and
Ford now recommend CollisionLink to their wholesale dealers in recognition
of this online technology being a significant advance towards improving
efficiency and quality for the collision repair industry. This
implementation establishes a national base of wholesale dealers processing
online collision parts orders.
With CollisionLink, dealership wholesalers can significantly transform their
order processing experience using online automation accuracy to help
eliminate parts returns. CollisionLink electronically sends shop parts
orders to dealerships. Parts departments eliminate non-productive,
order-taking phone time and process parts orders faster and accurately using
CollisionLink's automatic part validation and instant VIN-based
error-checking. For collision repairers, CollisionLink's more accurate
parts order system helps speed-up vehicle cycle time, reduce supplemental
ordering, eliminate returns, and enhance overall supplier relationships and
order response time.
OEConnection President and CEO, Chuck Rotuno, said, "Ford and GM's support
of CollisionLink to their wholesale dealers validates the importance and
value of online parts ordering and streamlining this historically cumbersome
business process. CollisionLink is helping these OEMs provide their dealers
with tools to better service collision repairers and insurance companies,
and, simultaneously, provide a technological competitive edge."
General Motors and Ford launched CollisionLink to their network of larger
wholesale dealers through an aggressive schedule of nationwide regional
meetings and dealer visits beginning May 2006. At these sessions,
wholesalers received hands-on demonstration and use of CollisionLink in an
effort to spur rapid national adoption.
About OEConnection LLC
OEConnection is a provider of web-based technology solutions for automakers,
their affiliated dealers, and others in the automotive parts business.
Serving over 14,000 dealerships and collision repairers, OEConnection
provides the industry's largest ecommerce parts exchange and analysis tools
enabling users to better market, manage and move their original equipment
parts inventory. Depended on for over 4 million parts decisions monthly,
OEConnection solutions facilitate US$8 billion in annual parts trade.
OEConnection is a joint venture created by DaimlerChrysler, Ford Motor
Company, General Motors, and ProQuest.
About Ford Motor
Headquartered in Dearborn, Michigan, Ford Motor Company --
http://www.ford.com/-- manufactures and distributes automobiles
in 200 markets across six continents including Brazil and Mexico. With more
than 324,000 employees worldwide, the company's core and affiliated
automotive brands include Aston Martin, Ford, Jaguar, Land Rover, Lincoln,
Mazda, Mercury and Volvo. Its automotive-related services include Ford
Motor Credit Company and The Hertz Corp.
About General Motors
General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the
world's largest automaker, has been the global industry sales
leader since 1931. Founded in 1908, GM employs about 317,000
people around the world. It has manufacturing operations in 32
countries, including Mexico and Brazil, and its vehicles are
sold in 200 countries.
* * *
As reported in the Troubled Company Reporter on July 28, 2006,
Standard & Poor's Ratings Services held all of its ratings on
General Motors Corp. -- including the 'B' corporate credit
rating, but excluding the '1' recovery rating -- on CreditWatch
with negative implications, where they were placed
March 29, 2006.
As reported in the Troubled Company Reporter on July 27, 2006,
Dominion Bond Rating Service downgraded the long-term debt
ratings of General Motors Corp. and General Motors of Canada
Limited to B. The commercial paper ratings of both companies
are also downgraded to R-3 (low) from R-3.
As reported in the Troubled Company Reporter on June 22, 2006,
Fitch assigned a rating of 'BB' and a Recovery Rating of 'RR1'
to General Motor's new US$4.48 billion senior secured bank
facility. The 'RR1' is based on the collateral package and
other protections that are expected to provide full recovery in
the event of a bankruptcy filing.
As reported in the Troubled Company Reporter on June 21, 2006,
Moody's Investors Service assigned a B2 rating to the secured
tranches of the amended and extended secured credit facility of
up to US$4.5 billion being proposed by General Motors Corp.,
affirmed the company's B3 corporate family and SGL-3 speculative
grade liquidity ratings, and lowered its senior unsecured rating
to Caa1 from B3. Moody's said the rating outlook is negative.
GLOBAL POWER: U.S. Trustee Appoints 7-Member Creditors' Panel
-------------------------------------------------------------
Kelly Beaudin Stapleton, the U.S. Trustee for Region 3, appointed seven
creditors to serve on an Official Committee of Unsecured Creditors in Global
Power Equipment Group Inc. and its debtor-affiliates' chapter 11 case:
1. Steelhead Investments Ltd.
Attn: Jeffrey D. Estes
c/o HBK Investments L.P.
300 Crescent Court
Dallas, TX 75201
Phone: 214-758-6107
Fax: 214-758-1207;
2. Kings Road Investments Ltd.
Attn: Erik M.W. Casperson
598 Madison Avenue, 14th Floor,
New York, NY 10022
Phone: 212-359-7331
Fax: 212-359-7303;
3. D.B. Zwirn Special Opportunity Fund, L.P.
Attn: Robert A. Levinson
745 Fifth Avenue, 18th Floor
New York, NY 10151
Phone: 646-720-9140
Fax: 646-720-9040;
4. Aarding Thermal Acoustics B.V.,
Attn: Norbert Pieterse/Hugo V. Vredendaal
Industrieweg 5g
Nunspeet, The Netherlands, 8071 C.S.
Phone: 31-341-252635
Fax: 31-341-262112;
5. Fan Group Inc.
Attn: John E. Tinsley
1701 Terminal Road
Suite B
Niles, MI 49120
Phone: 269-687-1216
Fax: 269-683-2789;
6. Turner Industries, Inc.
Attn: Don Wendt, 1700 South Westport Drive
Port Allen, LA 70767,
Phone: 225-376-4157
Fax: 225-376-4176; and
7. Cogburn Bros. Inc.
Attn: Scott Sullivan, 3300 Faye Rd.
Jacksonville, FL 32226
Phone: 904-358-7344
Fax: 904-358-0446.
The Committee has selected Landis Rath & Cobb LLP as its counsel
in the Debtors' bankruptcy proceedings.
Official creditors' committees have the right to employ legal and accounting
professionals and financial advisors, at the Debtors' expense. They may
investigate the Debtors' business and financial affairs. Importantly,
official committees serve as fiduciaries to the general population of
creditors they represent. Those committees will also attempt to negotiate
the terms of a consensual chapter 11 plan -- almost always subject to the
terms of strict confidentiality agreements with the Debtors and other core
parties-in-interest. If negotiations break down, the Committee may ask the
Bankruptcy Court to replace management with an independent trustee. If the
Committee concludes reorganization of the Debtors is impossible, the
Committee will urge the Bankruptcy Court to convert the chapter 11 cases to
a liquidation proceeding.
Headquartered in Tulsa, Oklahoma, Global Power Equipment Group
Inc., aka GEEG, Inc. -- http://www.globalpower.com/-- provides
power generation equipment and maintenance services for its
customers in the domestic and international energy, power and
infrastructure and service industries. The Company designs,
engineers and manufactures a range of heat recovery and auxiliary equipment
primarily used to enhance the efficiency and facilitate the operation of gas
turbine power plants as well as for other industrial and power-related
applications. The Company has facilities in Plymouth, Minnesota; Tulsa,
Oklahoma; Auburn, Massachusetts; Atlanta, Georgia; Monterrey, Mexico;
Shanghai, China; Nanjing, China; and Heerleen, The Netherlands.
The company and 10 of its affiliates filed for chapter 11
protection on Sept. 28, 2006 (Bankr. D. Del. Case No 06-11045).
Attorneys at White & Case LLP and The Bayard Firm, P.A., represent the
Debtors. As of Sept. 30, 2005, the Debtors reported total assets of
US$381,131,000 and total debts of US$123,221,000. The Debtors' exclusive
period to filed a chapter 11 plan expires on Jan. 26, 2007.
GREENBRIER COS: Buys Meridian Rail for US$227.5 Million in Cash
---------------------------------------------------------------
The Greenbrier Companies has entered into a definitive agreement
to acquire the stock of Meridian Rail Holdings Corp., which
principally conducts business under the name Meridian Rail
Services, from Stamford, Connecticut-based private equity firm,
Olympus Partners.
The purchase price of the acquisition will be US$227.5 million in cash, plus
or minus working capital adjustments. The acquisition is subject to
customary closing conditions and is expected to close within the next 30
days. It is expected to be immediately accretive to Greenbrier's fiscal
2007 earnings.
Meridian provides wheel maintenance services to the North American freight
car industry, with over 25 years' experience. Operating from six
strategically located wheel facilities, Meridian supplies replacement wheel
sets and axle services to approximately 170 freight car maintenance
locations where worn or damaged wheels, axles, or bearings are replaced.
Meridian also operates a coupler reconditioning facility and performs
railcar repair at one of its wheel services facilities.
With the addition of Meridian's facilities, Greenbrier believes
its expanded network of 10 strategically located wheelshops and 20 repair,
refurbishment and replacement parts facilities provides a competitive
advantage and economies of scale. The combined entities will become the
largest wheel service network and one of the largest purchasers of wheels in
North America. Together, the two companies' facilities will create an
end-to- end shop network spanning much of the continental United States and
Mexico.
As network partners over the past seven years, Meridian and
Greenbrier have provided certain customers total wheel set
inventory management, utilizing proprietary, web-enabled
transaction and reporting systems. Through these systems,
Meridian's and Greenbrier's customers realize freight as well as
administrative savings on all types of components and procured
items. Customers include various Class 1 railroads, the largest
of which is Union Pacific Railroad, which over the past seven
years, has outsourced all wheel services to Meridian in
partnership with Greenbrier.
Over the last 12 months Meridian has generated approximately US$225 million
in revenues. Headed by chief executive officer, Rick Turner, Meridian will
maintain its current management team and a workforce of approximately 300
personnel. Mr. Turner will become president of Greenbrier's Wheel Services
group, reporting to Tim Stuckey, president of Greenbrier's Rail Services
group.
"The Meridian acquisition further reinforces Greenbrier's strategy to
distinguish itself within the rail industry with an integrated, diversified
business model," William A. Furman, Greenbrier's president and chief
executive officer, said. "The acquisition, along with our recent
acquisition of Railcar America, supports our strategy to continue to grow
our railcar repair, refurbishment, maintenance and replacement parts
businesses, which are less cyclical and higher margin than our new railcar
manufacturing business. In North America, large customers in rail
transportation are moving towards relationships with fewer suppliers who can
provide a comprehensive set of freight railcar products and support
services. The increased emphasis by railroads on velocity and efficient
capacity utilization will bring rapid change and favor Greenbrier's business
model."
Mr. Furman continued, "We believe with our integrated business
strategy and an expanded network of 30 repair shops, wheel service centers,
and replacement parts locations, there will be meaningful economies of
scale, as well as significant revenue synergies and opportunities to grow
our overall business. As an example, our parts business now consists of
wheel sets, axles, boxcar doors and roofs, end of car cushioning units,
sideframes, bolsters, couplers, and yokes. We can now provide a more robust
and comprehensive set of parts and services throughout our repair shop
network, our new car manufacturing business, and by serving our owned and
managed fleet of 145,000 railcars. Similarly, we can also maximize value
from recycled parts on railcars which we reengineer, repair or refurbish."
Mr. Furman concluded, "The rail freight industry in North America currently
consumes approximately 1.5 million wheels a year, and replacement demand has
been growing steadily for many years, even during railroad industry
downturns. We expect demand for wheel services to remain strong. Demand is
forecast to grow in the foreseeable future, driven by fundamental economic
forces that have driven growth in rail traffic, strong equipment
utilization, increased pressure on railroad service design, and wear and
tear on rolling stock. Following the Meridian acquisition, Greenbrier's
Rail Services group is expected to generate close to US$400 million in
annual revenues, nearly 4 times greater than fiscal 2006."
Tim Stuckey, president of Greenbrier's Rail Services group, added, "Meridian
and Greenbrier have been long-standing partners in the wheel services
business, serving key freight car customers, such as Union Pacific Railroad,
together over the past seven years. Meridian and Greenbrier will continue
to provide Union Pacific almost 130,000 wheel sets per year under a
multi-year contract. We are excited to have Rick Turner and the rest of the
Meridian team join Greenbrier, bringing their exceptional wheel shop
capabilities to our Rail Services group."
Mark Rittenbaum, senior vice president and treasurer of
Greenbrier, noted, "Concurrent with this acquisition, Greenbrier
will increase its revolving line of credit with a US$275 million, five-year
facility, led by Bank of America, to support this acquisition and provide
additional liquidity. As part of our financing strategy, we intend to
monetize some of our railcar leasing investments in fiscal 2007, as we
reinvest these proceeds in recent acquisitions. We remain confident about
Greenbrier's strong financial position, and its ability to generate
significant operating cash flow and earnings growth potential. In the near
term, we will continue to focus on integrating our recent acquisitions,
while also selectively seeking opportunities to grow our business, both
organically and through acquisition."
Headquartered in Birmingham, Alabama, Meridian Rail Services
supplies both new and reconditioned wheel sets to railroads,
maintenance centers and repair shops across the U.S. and Mexico.
It operates six full service freight car wheel facilities in
Chicago Heights, Ill.; Corsicana, Tex.; Kansas City, Kans.;
Lewistown, Pa.; San Bernardino, Calif.; and Mexico City.
Headquartered in Stamford, Conn., Olympus Partners --
http://www.olympuspartners.com/-- is a private equity firm
managing US$1.7 billion of capital on behalf of corporate pension funds,
endowment funds and state-sponsored retirement programs. Olympus emphasizes
investments in family businesses, industries in upheaval and orphaned
corporate divisions.
Headquartered in Lake Oswego, Ore., The Greenbrier Companies
-- http://www.gbrx.com/-- supplies transportation equipment and
services to the railroad industry. The Company builds new
railroad freight cars in its manufacturing facilities in the U.S., Canada,
and Mexico and marine barges at its U.S. facility. It also repairs and
refurbishes freight cars and provides wheels and railcar parts at 30
locations (post Meridian acquisition) across North America. Greenbrier
builds new railroad freight cars and refurbishes freight cars for the
European market through both its operations in Poland and various
subcontractor facilities throughout Europe. Greenbrier owns approximately
9,000 railcars, and performs management services for approximately 136,000
railcars.
* * *
As reported in the Troubled Company Reporter on May 18, 2006,
Standard & Poor's Ratings Services assigned its 'B+' rating to
The Greenbrier Companies Inc.'s proposed US$85 million
convertible note offering, which will mature in 2026. At the
same time, Standard & Poor's affirmed its ratings on the Lake
Oswego, Oregon-based railcar manufacturer, including its 'BB-'
corporate credit rating. S&P said the outlook is stable.
GREENBRIER COS: Meridian Deal Prompts Moody's to Review Ratings
---------------------------------------------------------------
Moody's Investors Service placed the ratings of The Greenbrier
Companies -- corporate family of Ba3, senior unsecured of B1,
LGD4, and SGL-2 -- under review for possible downgrade.
The review is prompted by Greenbrier's announcement to acquire
Meridian Rail Holding Corp for approximately US$227 million in cash, which
is in addition to the recent US$34 million purchase of Rail Car America.
Funding the Meridian purchase is expected to increase Greenbrier's debt
level by approximately US$140 million to approximately US$540 million. The
remainder of the purchase will be from cash on hand. Pro-forma for both
acquisitions using company estimates of EBITDA and Moody's standard
adjustments, debt to EBITDA would be approximately 3.5x.
As the amount and pace of acquisitions have exceeded Moody's
expectations of earlier in the year when Greenbrier raised
US$100 million of debt, the review will evaluate how this more
active acquisition profile could affect funding the expected
growth in the leasing portfolio. Moody's review will consider
management plans to control potentially rapid asset growth during the
company's expansion phase, as continued acquisitions and increased leases
could result in even higher debt levels. As well, Moody's will review
Greenbrier's plans to integrate these acquisitions into its now considerably
larger repair and
maintenance business. Greenbrier plans to increase its bank
revolving credit facility, and Moody's speculative grade liquidity rating
will consider the company's ultimate capital structure, the amount and
quality of the committed bank facility and the stability of cash from
operations.
Moody's notes that the Meridian acquisition will improve
Greenbrier's market position in railcar wheel services, and
is expected to close at a competitive acquisition multiple of
approximately 6x EBITDA. Combining Meridian's extensive
operations with those of Greenbrier -- operations which have
operated in partnership for several years -- will create the
nation's largest wheel servicing network for the railroad
industry.
In addition, the orders and backlog for new railcars for
Greenbrier's car building business are expected to remain strong
over the near term. New rail car orders are highly cyclical,
however, and the cash flow from the now much expanded railcar
service business along with the portfolio of leases could be
helpful in easing some of the cyclical pressures over time, in
Moody's view.
The Greenbrier Companies, based in Lake Oswego, Oregon provides
services to Class I railroads including railcar manufacturing,
leasing and car repair.
GRUPO FINANCIERO: Launching 30-Year Fixed-Rate Mortgage Offering
----------------------------------------------------------------
Grupo Financiero Banorte told MarketWatch that it will begin offering
Mexico's first 30-year fixed-rate mortgage.
Grupo Financiero said in a press release, "Banorte's (Grupo Financiero)
analysis and studies project stable conditions that provide for a long-term
view of lending."
MarketWatch underscores that Grupo Financiero's product needs a minimum down
payment of 5% for a new or used home with no prepayment penalties. Most
competitors offer 20-year mortgages with a 10% minimum down payment.
Grupo Financiero's mortgages increased 34% to MXN26.31 billion in June 2006,
compared with June 2005, MarketWatch states.
Grupo Financiero Banorte S.A. de C.V. is a holding company that
operates, through its subsidiaries, in the Mexican banking
industry. The company's main activities include commercial,
personal and investment banking, securities trading, insurance,
pension funds, leasing and credit financing. Its two main
subsidiaries are Banorte (96.11%) and Bancentro (99.99%), which
both offer personal and commercial banking services such as
credit and debit cards, insurance products, savings accounts and
mortgage financing. As of Dec. 31, 2005, Grupo Financiero
Banorte run a total of 986 offices and over 2,800 automated
teller machines across Mexico.
* * *
As reported in the Troubled Company Reporter-Latin America on
Aug. 2, 2006, Fitch upgraded the individual and Issuer Default
Ratings of Mexico's Grupo Financiero Banorte and Banco Mercantil
del Norte as:
Grupo Financiero Banorte and Banco Mercantil del Norte:
-- Foreign & local currency IDR to 'BBB' from 'BBB-';
-- Short-term local currency to 'F2' from 'F3'; and
-- Individual to 'C' from 'C/D'.
Fitch said ratings outlook is stable.
At the same time, Banorte's national-scale long-term rating was
upgraded to 'AA+(mex)' from 'AA(mex)', while subordinated
debentures BANORTE 02D were upgraded to 'AA(mex)' from 'AA-
(mex)'.
These ratings were affirmed:
GFNorte
-- Short-term foreign currency IDR 'F3'; and
-- Support '5'.
Banorte
-- Short-term foreign currency IDR 'F3';
-- Short-term national-scale rating 'F1+(mex)'; and
-- Support '3'.
LG.PHILIPS: Trustee Taps Morris Anderson as Liquidation Experts
---------------------------------------------------------------
Jeoffrey L. Burtch, Esq., the chapter 7 trustee appointed in
LG.Philips Displays USA Inc.'s liquidation proceeding, asks the
U.S Bankruptcy Court for the District of Delaware for permission
to employ Morris Anderson & Associates Ltd. as his liquidation
consultants, effective Aug. 11, 2006.
Morris Anderson is expected to:
a) review and analyze Debtors' financial records and
information to assist the Trustee and his other
professionals with respect to the investigation of liens
of the Security Agent and investigation of causes of
action against the Security Agent and insider transactions
as instructed by the Trustee;
b) review other documentary and testimonial information that
may become available to recommend additional causes of
action, and to recommend liquidation of other potential
assets of the estate as instructed by the Trustee and at
an appropriate time in the Chapter 7 case;
c) assist the Trustee in the claims administration process as
instructed by the Trustee and perform any other tasks
related to the administration of the Chapter 7 Estate as
instructed by the Trustee; and
d) handle nothing to monies or funds and all settlements, if
any, will be subject to Trustee and Bankruptcy Court
approval.
Robert F. Troisio, a Morris Anderson managing director, will
receive US$300 per hour for his work. Mr. Troisio discloses that the firm's
other professionals bill:
Professional Hourly Rate
------------ -----------
David Daddy US$250
Senior Analysts US$175 - US$200
Clerical US$45
Mr. Troisio assures the Court that his firm does not represent any interest
adverse to the Debtor or its estate.
Headquartered in San Diego, California, LG.Philips Displays USA,
Inc., is an indirect American affiliate of LG.Philips Displays
Holding B.V. The company manufactures cathode ray tubes that are
incorporated into television sets and computer monitors. The company filed
for chapter 11 protection on Mar. 15, 2006 (Bankr. D. Del. Case No.
06-10245). Adam Hiller, Esq., at Pepper Hamilton LLP represents the Debtor
in its restructuring efforts. Scott L. Hazan, Esq., at Otterbourg,
Steindler, Houston & Rosen, P.C., and Bonnie Glantz Fatell, Esq., at Blank
Rome LLP represented the Official Committee of Unsecured Creditors. The
Court converted the Debtor's case to a chapter 7 liquidation on May 25,
2006. Jeoffrey L. Burtch, Esq., serves as the Debtor's chapter 7 trustee,
and is represented by Cooch & Taylor. When the Debtor sought protection
from its creditors, it listed debts of more than US$100 million and assets
between US$50 to US$100 million.
LIBBEY INC: Declares Quarterly Cash Dividend of US$0.025 a Share
----------------------------------------------------------------
Libbey Inc.'s board of directors declared quarterly cash dividend of
US$0.025 cents per share. The dividend will be paid on Nov. 28, 2006, to
shareholders of record as of Nov. 8, 2006. As of Oct. 13, 2006, Libbey had
14,291,958 shares outstanding.
About Libbey Inc.
Based in Toledo, Ohio, Libbey Inc. -- http://www.libbey.com/
-- operates glass tableware manufacturing plants in the United
States in Louisiana and Ohio, in Mexico, Portugal and the
Netherlands.
* * *
Standard & Poor's Ratings Services assigned on May 16, 2006, its
'B' corporate credit rating to Libbey Inc. At the same time,
Standard & Poor's assigned its 'B' senior unsecured debt rating
to the company's proposed US$400 million of senior unsecured
notes due 2014, which will be issued by the company's wholly
owned subsidiary Libbey Glass Inc. and guaranteed on a senior
basis by Libbey Inc. Standard & Poor's said the outlook is
stable.
MERIDIAN AUTOMOTIVE: Wants to Assume 234 Contracts & Leases
-----------------------------------------------------------
Meridian Automotive Systems Inc. and its debtor-affiliates seek
permission from the U.S. Bankruptcy Court for the District of
Delaware to assume around 234 contracts and leases as of the
Effective Date of a plan of reorganization filed in their Chapter 11 cases.
Prior to their bankruptcy filing, the Debtors entered into several contracts
and leases, to which they are still a party and which remain executory or
unexpired within the meaning of Section 365 of the Bankruptcy Code.
Robert S. Brady, Esq., at Young Conaway Stargatt & Taylor, LLP,
in Wilmington, Delaware, argues that the Assumed Contracts and
Leases are necessary to sustain the Debtors' business operations
upon their emergence from bankruptcy.
The Debtors are not in default under the 234 Assumed Contracts
and Leases, Mr. Brady informs the Court. In addition, there are
no associated cure amounts owing as of the Assumption Effective
Date under the 234 Contracts and Leases.
A 15-page list of the 234 Contracts and Leases is available at no charge at
http://ResearchArchives.com/t/s?1388
Headquartered in Dearborn, Mich., Meridian Automotive Systems,
Inc. -- http://www.meridianautosystems.com/-- supplies
technologically advanced front and rear end modules, lighting,
exterior composites, console modules, instrument panels and other interior
systems to automobile and truck manufacturers. Meridian operates 22 plants
in the United States, Canada and Mexico, supplying Original Equipment
Manufacturers and major Tier One parts suppliers. The Company and its
debtor-affiliates filed for chapter 11 protection on April 26, 2005 (Bankr.
D. Del. Case Nos. 05-11168 through 05-11176). James F. Conlan, Esq., Larry
J. Nyhan, Esq., Paul S. Caruso, Esq., and Bojan Guzina, Esq., at Sidley
Austin Brown & Wood LLP, and Robert S. Brady, Esq., Edmon L. Morton, Esq.,
Edward J. Kosmowski, Esq., and Ian S. Fredericks, Esq., at Young Conaway
Stargatt & Taylor, LLP, represent the Debtors in their restructuring
efforts. Eric E. Sagerman, Esq., at Winston & Strawn LLP represents the
Official Committee of Unsecured Creditors. The Committee also hired Ian
Connor Bifferato, Esq., at Bifferato, Gentilotti, Biden & Balick, P.A., to
prosecute an adversary proceeding against Meridian's First Lien Lenders and
Second Lien Lenders to invalidate their liens. When the Debtors filed for
protection from their creditors, they listed US$530 million in total assets
and approximately US$815 million in total liabilities. (Meridian Bankruptcy
News, Issue No. 41; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
MERIDIAN AUTOMOTIVE: Wants to Assume 42 Unexpired Leases
--------------------------------------------------------
Meridian Automotive Systems, Inc., and its debtor-affiliates seek authority
from the U.S. Bankruptcy Court for the District of Delaware to assume 42
lease agreements as of the effective date of the plan of reorganization
filed in their cases and pay the appropriate cure amounts to the
counterparties of those Leases.
Robert S. Brady, Esq., at Young Conaway Stargatt & Taylor, LLP,
in Wilmington, Delaware, relates that the cure amounts total
US$93,353.
A list of the 42 Leases and the corresponding Cure Amounts is
available at no charge at http://ResearchArchives.com/t/s?1389
The Debtors are substantially current on all postpetition amounts owing
under the 42 Leases, Mr. Brady relates. Moreover, the Cure Amounts
associated with the Leases are relatively insignificant in light of the size
of the Debtors' estates and the benefits that the Leases provide to the
Debtors' business operations, Mr. Brady maintains. "Payment of the Cure
Amounts is necessary to the Debtors' reorganization efforts and will not be
overly burdensome to their estates and creditors."
The counterparties to the Leases have adequate assurance of the
Debtors' performance under the Contracts & Leases, Mr. Brady
assures the Court. With the increased liquidity the Debtors
expect to enjoy under the terms of their exit financing, the
Debtors will have greater financial ability to meet their
obligations under the Leases.
To the extent that the Debtors make payments on any of the
Assumed Leases on account of the Cure Amounts prior to the
Assumption Effective Date, the Debtors ask the Court to reduce
the Cure Amounts by the amount of the payments. The Debtors have been and
will continue to pay any amounts under the Leases
accruing after Aug. 31, 2006, in the ordinary course of
business, Mr. Brady says.
Headquartered in Dearborn, Mich., Meridian Automotive Systems,
Inc. -- http://www.meridianautosystems.com/-- supplies
technologically advanced front and rear end modules, lighting,
exterior composites, console modules, instrument panels and other interior
systems to automobile and truck manufacturers. Meridian operates 22 plants
in the United States, Canada and Mexico, supplying Original Equipment
Manufacturers and major Tier One parts suppliers. The Company and its
debtor-affiliates filed for chapter 11 protection on April 26, 2005 (Bankr.
D. Del. Case Nos. 05-11168 through 05-11176). James F. Conlan, Esq., Larry
J. Nyhan, Esq., Paul S. Caruso, Esq., and Bojan Guzina, Esq., at Sidley
Austin Brown & Wood LLP, and Robert S. Brady, Esq., Edmon L. Morton, Esq.,
Edward J. Kosmowski, Esq., and Ian S. Fredericks, Esq., at Young Conaway
Stargatt & Taylor, LLP, represent the Debtors in their restructuring
efforts. Eric E. Sagerman, Esq., at Winston & Strawn LLP represents the
Official Committee of Unsecured Creditors. The Committee also hired Ian
Connor Bifferato, Esq., at Bifferato, Gentilotti, Biden & Balick, P.A., to
prosecute an adversary proceeding against Meridian's First Lien Lenders and
Second Lien Lenders to invalidate their liens. When the Debtors filed for
protection from their creditors, they listed US$530 million in total assets
and approximately US$815 million in total liabilities. (Meridian Bankruptcy
News, Issue No. 41; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
NORTEL NETWORKS: Launches Second Center in Mexico City
------------------------------------------------------
Nortel Networks Corp. said in a statement that it has opened its second
center of excellence in Mexico City, Mexico, in which it plans to invest
US$38 million over the next five years.
Business News Americas relates that the center will employ by June 2007
about 300 local university graduates to provide telecommunications solutions
to Nortel Networks service providers in North America, Europe, Latin America
and the Caribbean.
Nortel told BNamericas that the center launched will offer these services:
-- engineering of next generation networks; and
-- solutions for:
* Voice Over Internet Protocol or VoIP,
* multimedia,
* databases, and
* radio frequency technology.
BNamericas underscores that the two centers are aimed at helping costumers
ensure excellence in their information technology processes.
According to BNamericas, the three main focuses in the centers are:
-- administration of the provider's life cycle;
-- standardization of parts and designs; and
-- identifying the standard cost of products and
components in order to give their clients a better
bargaining stance when ordering materials for
manufacturing.
The newly launched center will complement a VoIP center on excellence opened
in Mexico City in September 2005, Nortel Networks said in a statement.
BNamericas states that launching centers on excellence is part of Nortel
Network's global plan to consolidate over 100 sites globally into fewer
centers of excellence that comply with the Six Sigma processes.
BNamericas previously reported in June that Nortel Networks expects the plan
to cost about US$100 million over the next two years.
The plan will lead to cost savings of US$100 million next year and about
US$175 million in 2008, helping the firm reach its US$1.5 billion operating
margin goal by 2008, Nortel Networks told BNamericas.
Headquartered in Ontario, Canada, Nortel Networks Corp.
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers technology solutions
encompassing end-to-end broadband, Voice over IP, multimedia services and
applications, and wireless broadband designed to help people solve the
world's greatest challenges.
Nortel does business in more than 150 countries including Mexico.
* * *
As reported in the Troubled Company Reporter on Oct. 5, 2006,
Moody's Investors Service upgraded its B3 Corporate Family
Rating for Nortel Networks Corp. to B2.
As reported in the Troubled Company Reporter on July 10, 2006,
Dominion Bond Rating Service confirmed the long-term ratings of
Nortel Networks Capital Corp., Nortel Networks Corp., and Nortel
Networks Limited at B (low) along with the preferred share ratings of Nortel
Networks Limited at Pfd-5 (low). All trends are Stable.
DBRS confirmed B (low) Stb Senior Unsecured Notes; B (low) Stb
Convertible Notes; B (low) Stb Notes & Long-Term Senior Debt;
Pfd-5 (low) Stb Class A, Redeemable Preferred Shares; and Pfd-5 (low) Stb
Class A, Non-Cumulative Redeemable Preferred Shares.
Standard & Poor's also affirmed its 'B-' long-term and 'B-2' short-term
corporate credit ratings on the company, and assigned its 'B-' senior
unsecured debt rating to the company's proposed
US$2 billion notes. S&P said the outlook is stable.
OPEN TEXT: Plans 15% Workforce Cut on Hummingbird Integration
-------------------------------------------------------------
Open Text Corp. has disclosed plans to integrate the newly
acquired operations of Hummingbird. The changes align Open Text
with its business strategy to lead the ECM market by delivering
advanced software solutions in vertical markets and leveraging
strategic relationships with major enterprise software partners.
Open Text is moving quickly on its integration plan to leverage
its strong and unique position as the world's largest independent software
company focused exclusively on ECM. Open Text also remains the only ECM
vendor with strong global partnerships with three of the world's largest
enterprise software companies -- Microsoft, Oracle and SAP. This is matched
with deep vertical-market solutions expertise realized through the
combination of Open Text and Hummingbird. This position allows Open Text to
deliver powerful solutions that bridge content across multiple enterprise
systems, helping customers across many industries manage their toughest
business and compliance challenges.
"Our plan to integrate the companies is based on our long-term
vision for the future and the strategic plans we've staked out to lead the
ECM market," said John Shackleton, President and Chief Executive Officer of
Open Text. "With the changes we're making, we will be organized to deliver
on our strategy, and leverage our unique strengths, including our extensive
vertical-market expertise, to deliver leading solutions to customers."
Business Integration Strategy
Open Text is continuing to organize its product and solutions
expertise into groups focused on key vertical segments, including legal,
financial services, energy, pharmaceuticals, retail, manufacturing, and
media and entertainment. This structure allows the Company to align its
industry and ECM solutions expertise with specific customer needs in each
segment. RedDot Solutions will be maintained as part of the Company's Web
Content Management strategy and the Hummingbird Connectivity unit will
continue to operate as a distinct brand.
As part of the integration, Open Text said that it is reducing
worldwide employment by approximately 15 percent of a combined
workforce of 3,500 people. Functions impacted by the cuts include redundant
positions or areas of the business that are not consistent with the
Company's strategic focus. Open Text is also reducing facilities by closing
or consolidating offices. As of the current date, the full details of the
reductions in the workforce and facilities are still being determined and it
is expected that these details will be determined during the second quarter
of fiscal 2007.
"The changes we're making involve some tough decisions.
Unfortunately, this is necessary to eliminate the redundancies
that invariably come when turning two companies into one," said
Mr. Shackleton. "As we go through this transition, customers will remain
our top priority. Customers expect us to be there for them when they need
us. We have a track record of delivering excellent service and we will
continue to do so through a combined organization composed of highly trained
service and support professionals."
"In our experience with acquisitions, we typically see a reduction of the
acquired company's revenue run-rate going forward, usually in the 30 percent
range. We believe this metric is consistent with our expectations of
Hummingbird ECM revenue," said Mr. Shackleton.
About Open Text
Open Text Corp -- http://www.opentext.com/-- provides Enterprise Content
Management solutions, processes and information in global organizations.
The company supports approximately 20 million seats across 13,000
deployments in 114 countries and 12 languages worldwide. It has a field
office in Mexico.
* * *
As reported in the Troubled Company Reporter on Sept. 12, 2006,
Standard & Poor's Ratings Services assigned its 'BB-' long-term
corporate credit rating to Open Text Corp. At the same time,
Standard & Poor's assigned its 'BB-' bank loan rating, with a
recovery rating of '2', to the company's proposed US$490 million
senior secured bank facility, which consists of a US$75 million
five-year revolving credit facility and a US$415 million seven-year term
loan B.
OPEN TEXT: Outlines Strategy as Provider of ECM Solutions
---------------------------------------------------------
Open Text Corp. outlines its strategy for continued leadership as a provider
of Enterprise Content Management or ECM solutions for the legal market,
reaffirming its commitment and ongoing investment in the product portfolio
and support of its global base of legal customers.
Open Text Legal Solutions provide an integrated product offering developed
specifically to support law firms' business practices and proactive
compliance needs throughout the lifecycle of a legal matter. Open Text
software and solutions are deployed at many of the world's largest law
practices and professional services organizations including nine of the top
10 global law firms and more than 65 percent of AmLaw 100 firms.
"The merger of Hummingbird and Open Text has resulted in a leading
independent ECM vendor that is one of the top three vendors in this rapidly
consolidating market," said Sue Hall, CTO, Baker & McKenzie and co-chair of
Open Text Legal CIO Advisory Board. "This brings exciting possibilities for
legal customers both in terms of products and services. I am looking
forward to working with Open Text management to help deliver solutions that
meet the needs of the legal market."
Open Text Legal Solutions portfolio includes Livelink ECM -- eDOCS DM
(formerly Hummingbird Enterprise DM) and LegalKEY practice support solutions
featuring Matter Lifecycle Management, New Business Intake, Conflicts
Management, Records Management and Critical Dates Management systems, all
tailored specifically to the way that information flows and is used in law
firms.
As part of its commitment to the legal market and Livelink ECM
-- eDOCS DM customers, Open Text declared the Tallahassee office, the
development and support location for Livelink ECM -- eDOCS DM, as a primary
development site for the combined company moving forward.
"Hummingbird's position in the legal market, its commitment to the legal
industry and its ability to predict and respond to law firm needs was one of
the key strategic factors behind our acquisition," said John Shackleton,
President and Chief Executive Officer, Open Text. "We will continue to
support, innovate and further develop solutions to better serve the needs of
the legal community as their practice and application requirements evolve."
Open Text is planning to uphold the Legal CIO Advisory Board that was formed
in 2003. The Board is comprised of a diverse group of Chief Information
Officers who represent a broad cross section of law firms globally in terms
of geography, size and products deployed. The Board will continue to
provide a forum where thought leaders of the legal market will provide Open
Text Legal Solutions Group with strategic input and direction with respect
to products, solutions and go-to-market strategies.
About Open Text
Open Text Corp. -- http://www.opentext.com/-- provides
Enterprise Content Management solutions that bring together
people, processes and information in global organizations. The
company supports approximately 20 million seats across 13,000
deployments in 114 countries and 12 languages worldwide. It has
a field office in Mexico.
* * *
As reported in the Troubled Company Reporter on Sept. 12, 2006,
Standard & Poor's Ratings Services assigned its 'BB-' long-term
corporate credit rating to Open Text Corp. At the same time,
Standard & Poor's assigned its 'BB-' bank loan rating, with a
recovery rating of '2', to the company's proposed US$490 million
senior secured bank facility, which consists of a US$75 million
five-year revolving credit facility and a US$415 million seven-
year term loan B.
=======
P E R U
=======
NUTRO PRODUCTS: Moody's Assigns Loss-Given-Default Ratings
----------------------------------------------------------
In connection with Moody's Investors Service's implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology for the
U.S. Consumer Products sector, the rating agency confirmed its B2 Corporate
Family Rating for Nutro Products, Inc.
Additionally, Moody's revised or held its probability-of-default ratings and
assigned loss-given-default ratings on the company's loans and bond debt
obligations:
Projected
Old POD New POD LGD Loss-Given
Debt Issue Rating Rating Rating Default
---------- ------- ------- ------ ----------
US$100 million Sr.
Secured Revolving
Credit Facility
Due Jan. 26, 2012 B1 Ba3 LGD2 29%
US$470 million Sr.
Sec. Term Loan
Due July 26, 2013 B1 Ba3 LGD2 29%
US$165 million Sr. Flt.
Rt. Global Notes
Due Oct. 15, 2013 B3 B3 LGD5 75%
US$150 million 10.750%
Sr. Sub. Global Notes
Due April 15, 2014 Caa1 Caa1 LGD6 91%
Moody's explains that current long-term credit ratings are opinions about
expected credit loss which incorporate both the likelihood of default and
the expected loss in the event of default. The LGD rating methodology will
disaggregate these two key assessments in long-term ratings. The LGD rating
methodology will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy of Moody's
ratings as Moody's research has shown that credit losses on bank loans have
tended to be lower than those for similarly rated bonds.
Probability-of-default ratings are assigned only to issuers, not specific
debt instruments, and use the standard Moody's alpha-numeric scale. They
express Moody's opinion of the likelihood that any entity within a corporate
family will default on any of its debt obligations.
Loss-given-default assessments are assigned to individual rated debt
issues -- loans, bonds, and preferred stock. Moody's opinion of expected
loss are expressed as a percent of principal and accrued interest at the
resolution of the default, with assessments ranging from LGD1 (loss
anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%).
Based in City of Industry, California, Nutro Products, Inc. --
http://www.nutroproducts.com/-- formulates and manufactures dry and canned
food, biscuits, and treats for dogs and cats. The company's brand names
include Natural Choice, MAX, and Gourmet Classics. Its products are
available in feed stores and pet supply shops, such as Petco and PetSmart,
across the US and Canada. Nutro's products are also distributed worldwide,
including Indonesia, Peru and Austria, among others.
QUEBECOR WORLD: Closing French Roto-Gravure Facility
----------------------------------------------------
Quebecor World Inc. intends to close its roto-gravure facility in Lille,
France as part of its ongoing restructuring efforts.
The Lille facility will be phased out during the coming months and is
expected to close at the end of the second quarter of 2007. The closure
will affect approximately 230 employee positions. Some of the workforce
will be offered opportunities to transfer to the Charleroi, Belgium
facility.
Taking into account earlier restructuring initiatives and the
investment in the latest wide-web gravure technology in Charleroi, the
Company estimates the impact to its European gravure capacity is essentially
neutral.
Quebecor World Inc. -- http://www.quebecorworld.com/-- provides
print solutions to publishers, retailers, catalogers and other
businesses with marketing and advertising activities. Quebecor
World has approximately 29,000 employees working in more than 120 printing
and related facilities in the United States, Canada, Argentina, Austria,
Belgium, Brazil, Chile, Colombia, Finland, France, India, Mexico, Peru,
Spain, Sweden, Switzerland and the United Kingdom.
* * *
As reported in the Troubled Company Reporter on Oct. 2, 2006,
Standard & Poor's Ratings Services lowered its ratings on
commercial printer Quebecor World Inc., including its long-term
corporate credit rating to 'B+' from 'BB-', and placed the ratings on
CreditWatch with negative implications.
As reported in the Troubled Company Reporter on Aug. 18, 2006,
Moody's Investors Service placed the Ba3 Corporate Family Rating, Ba3 Senior
Unsecured rating and B2 Senior Subordinated ratings of Quebecor World Inc.'s
subsidiaries under review for possible downgrade.
As reported in the Troubled Company Reporter on Aug. 11, 2006,
Dominion Bond Rating Service downgraded the long-term debt ratings of
Quebecor World Inc. and related entities to BB from BB (high) and downgraded
the Cumulative Redeemable Preferred Shares to Pfd-4 from Pfd-4 (high). DBRS
said the trends remain negative.
UNIVERSAL COMM: Completes US$2.5MM Financing from Investors
-----------------------------------------------------------
Universal Communication Systems, Inc., company chairman and CEO Michael J.
Zwebner disclosed that the company has concluded final agreements and
completed the US$2.5 million in financing in the form of convertible debt
and warrants from a consortium of investors. The first tranche of the
funding was concluded when the company received a total of US$1.25 million
of gross proceeds on Feb. 28, 2006, and the second and final tranche of
about US$1.25 million of gross proceeds was delivered to the company on Oct.
16, 2006.
Going Concern Doubt
As reported in the Troubled Company Reporter on Jan. 19, 2006,
Reuben E. Price & Co. expressed substantial doubt about
Universal's ability to continue as a going concern after it
audited the Company's financial statements for the fiscal years
ended Sept. 30, 2005, and 2004. The auditing firm pointed to the company's
over US$1.5 million working capital deficit and
recurring losses from operations.
About Universal
Universal Communications Systems, Inc. -- http://www.ucsy.com/
-- and its subsidiaries are actively engaged worldwide in
developing and marketing solar energy systems, as well as
systems for the extraction of drinkable water from the air.
Consolidated subsidiaries include wholly-owned subsidiaries
AirWater Corp., AirWater Patents Corp, Millennium Electric
T.O.U. Ltd, Solar Style (USA) Inc., Solar One Inc, Solar Style
Ltd., and Misa Water International, Inc, and majority-owned
subsidiaries Atmospheric Water Technologies and Millennium USA.
Prior to 2003, the Company was engaged in activities related to
advanced wireless communications, including the acquisition of
radio-frequency spectrum internationally. Currently, the
Company's activities related to advanced wireless communications
are conducted solely through its investment in Digital Way,
S.A., a Peruvian communication company and former wholly owned
subsidiary.
=====================
P U E R T O R I C O
=====================
ADELPHIA COMMS: Bear Stearns Wants Trial by Jury
------------------------------------------------
Bear, Stearns & Co. Inc., DK Acquisition Partners, L.P., and
Varde Investment Partners, LP, request the U.S. Bankruptcy Court
for the Southern District of New York for a trial by jury.
Bear Stearns, DK Acquisition, and Varde Investment deny all of
Adelphia Communications Corp. and its debtor-affiliates' factual
averments.
Diane Harvey, Esq., at Weil, Gotshal & Manges LLP, in New York,
argues that:
(a) the ACOM Debtors' alleged Preferential Transfer was:
* intended by Motorola, Inc.; General Instrument
Corporation; and General Instrument Authorization
Services, Inc.; and Adelphia Communications Corp.,
to be a contemporaneous exchange for new value given
to ACOM; and
* made according to ordinary business terms;
(b) ACOM did not make any unavoidable transfer to or for the
benefit of Motorola on account of the new value given by
Motorola to Adelphia;
(c) in exchange for any transfer alleged by the ACOM Debtors
to be fraudulent, Motorola gave reasonably equivalent
value pursuant to Section 548 of the Bankruptcy Code or
other applicable law;
(d) Motorola, Bear Stearns, DK Acquisition, and Varde
Investment acted in good faith and gave value in exchange
for the ACOM Debtors' alleged Fraudulent Transfer
pursuant to Section 548(d) or other applicable law;
(e) to the extent that the ACOM Debtors seek to avoid any
transfer pursuant to other applicable law under Section
544(b), Bear Stearns, DK Acquisition, and Varde
Investment assert any and all defenses arising under
those other applicable law;
(f) the ACOM Debtors' claims are barred:
* because ACOM engaged in acts and courses of conduct
which rendered it in pari delicto;
* under the doctrine of equitable estoppel because of
ACOM's acts, omissions, representations and courses of
conduct on which Motorola was lead to rely to its
detriment;
* by the doctrine of unclean hands because of ACOM's
inequitable conduct;
* by estoppel to the extent the Debtor is seeking to
take positions in the proceeding inconsistent with
positions taken by ACOM in other judicial proceedings;
and
* because Motorola was fraudulently induced to enter
into transactions with ACOM;
(g) the ACOM Debtors fail to state a claim on which relief
may be granted; and
(h) the ACOM Debtors lack standing to assert their claims
and, accordingly, the Court does not have subject matter
jurisdiction.
Based in Coudersport, Pa., Adelphia Communications Corp.
(OTC: ADELQ) -- http://www.adelphia.com/-- is the fifth-largest
cable television company in the country. Adelphia serves
customers in 30 states and Puerto Rico, and offers analog and
digital video services, high-speed Internet access and other
advanced services over its broadband networks. The Company and
its more than 200 affiliates filed for Chapter 11 protection in
the Southern District of New York on June 25, 2002. Those cases
are jointly administered under case number 02-41729. Willkie Farr &
Gallagher represents the ACOM Debtors. PricewaterhouseCoopers serves as the
Debtors' financial advisor. Kasowitz, Benson, Torres & Friedman, LLP, and
Klee, Tuchin, Bogdanoff & Stern LLP represent the Official Committee of
Unsecured Creditors.
Adelphia Cablevision Associates of Radnor, L.P., and 20 of its
affiliates, collectively known as Rigas Manged Entities, are
entities that were previously held or controlled by members of the Rigas
family. In March 2006, the rights and titles to these
entities were transferred to certain subsidiaries of Adelphia
Cablevision, LLC. The RME Debtors filed for chapter 11 protection on March
31, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10622 through 06-10642). Their cases
are jointly administered under Adelphia Communications and its
debtor-affiliates chapter 11 cases. (Adelphia Bankruptcy News, Issue Nos.
149; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
AES CORP: Files US$40-Million Lawsuit Against Alstom in Delaware
----------------------------------------------------------------
AES Corp. is seeking US$40 million from Alstom SA, a French firm, in a trial
of a warranty dispute that started in a federal court in Delaware on Monday,
Bloomberg reports.
Bloomberg notes that a unit of AES Corp. filed a lawsuit against Alstom
Power Inc. in 2004, claiming that the latter breached contract over
corrosion in pollution-control systems at an US$800 million coal-fired power
plant in Guyama, Puerto Rico.
The report says that Dane H. Butswinkas, the legal representative of AES
Corp., told the jurors on Monday that parts of the 454-megawatt plant, which
uses steam to generate electricity, rusted to bits in a year after it
started operating in 2002.
Meanwhile, John Anthony Wolf, Alstom's attorney, said that AES Corp. failed
to maintain and run the equipment properly and that AES Corp. is seeking
exaggerated damages for problems that were self-inflicted, Bloomberg
relates.
Dane H. Butswinkas can be reached at:
Williams & Connolly LLP
725 Twelfth St., N.W.
Washington, DC 20005
Phone: 202-434-5110
Fax: 202-434-5029
E-mail: dbutswinkas@wc.com
John Anthony Wolf can be reached at:
Ober Kaler
120 East Baltimore Street
Suite 800
Baltimore, MD 21202-1643
Phone: (410) 347-7346
Fax: (410) 230-7272
AES Corp. -- http://www.aes.com/-- is a global power company.
The Company operates in South America, Europe, Africa, Asia and the
Caribbean countries. Generating 44,000 megawatts of electricity through 124
power facilities, the company delivers electricity through 15 distribution
companies.
AES's Latin America business group is comprised of generation plants and
electric utilities in Argentina, Brazil, Chile, Colombia, Dominican
Republic, El Salvador, Panama and Venezuela.
Fuels include biomass, diesel, coal, gas and hydro. The group also pursues
business development activities in the region. AES has been in the region
since May 1993, when it acquired the CTSN power plant in Argentina.
* * *
As reported in the Troubled Company Reporter on May 25, Fitch affirmed The
AES Corporation's Issuer Default Rating at 'B+'.
Fitch also affirmed and withdrew the ratings for the company's junior
convertible debt. Fitch said the rating outlook for all remaining
instruments is stable.
In March, Standard & Poor's Ratings Services raised its corporate credit
rating on diversified energy company The AES Corp. to 'BB-' from 'B+'. S&P
said the outlook is stable.
CENTENNIAL COMM: Picks BroadSoft & Atreus to Provide Mobile VoIP
----------------------------------------------------------------
Centennial Communications Corp. has chosen BroadSoft's BroadWorks VoIP
application platform to offer Mobile PBX telephony services. Centennial has
completed BroadSoft's QuickStart Express program with VoIP provisioning
partner Atreus Systems Inc., in preparation of launching Mobile PBX
services.
Centennial is the first carrier in North America to offer BroadSoft's Mobile
PBX application, an advanced, differentiated solution to IP PBXs and mobile
IN solutions. BroadWorks Mobile PBX delivers the same feature-rich
enterprise functionality to mobile devices that is available with hosted
PBX. BroadWorks features available through Centennial's Mobile PBX offering
will include remote office, selective call acceptance, call notify, auto
attendant and simultaneous ring -- where any call to an office number will
automatically ring any other number specified by the end-user.
Centennial expedited its go-to-market strategy by going through the
QuickStart Express program with BroadSoft and VoIP provisioning partner
Atreus Systems.
"Fast-growing SMBs and enterprises in Puerto Rico conduct business across
the Caribbean and in mainland U.S. states, such as Florida and New York, and
require telephony services with a high degree of flexibility, scalability
and mobility," said Carlos Blanco, president of Centennial de Puerto Rico.
"BroadWorks Mobile PBX will give these companies and entrepreneurs the
telecommunications capabilities they need to operate anywhere, at any time,
on any device. BroadSoft and Atreus complemented our product deployment
efforts very well, culminating in a highly successful launch."
Built on best practices, BroadSoft's QuickStart Express defines a planning,
sales and deployment model and provides supporting go-to-market framework,
toolkits and collateral for telecom service providers. Atreus Systems
extends the BroadSoft QuickStart Express program with automated provisioning
and customer self-management software for BroadWorks that enables Centennial
to automate the provisioning of BroadSoft's Mobile PBX features, while
streamlining service ordering, simplifying VoIP bundle package creation, and
automating IP phone ordering, shipment and configuration.
"Our pre-packaged provisioning support for BroadSoft's QuickStart Express
program will empower Centennial to become operational quickly by simplifying
the complex processes in deploying the Mobile PBX application," said Andrea
Baptiste, CEO of Atreus Systems.
"Centennial is leveraging its strong market position with enterprises by
offering VoIP through our Mobile PBX solution," said Michael Tessler,
president and CEO of BroadSoft. "This agreement also shows that Centennial
is willing to lead the way in providing advanced telecommunications
technology among carriers in North America and the Caribbean."
About the BroadWorks Platform
BroadSoft's IMS-compliant BroadWorks platform provides a comprehensive range
of VoIP applications, including hosted PBX, IP Centrex, mobile PBX, business
trunking and residential broadband services fully integrated into a single
VoIP application platform. BroadWorks provides these applications with the
reliability, redundancy, scalability and regulatory capabilities required to
deliver carrier-class service.
About Centennial Communications
Headquartered in Wall, New Jersey, Centennial Communications
Corp. -- http://www.centennialwireless.com/-- provides
wireless communications with cellular licenses covering smaller
markets in the central United States. Centennial also offers
personal communications services in the Caribbean, as well as
wireline and wireless broadband services. It operates as a
competitive local-exchange carrier in Puerto Rico, offering
traditional and Internet-based phone service. Centennial sold
its Puerto Rican cable operations in 2004. Venture capital firm
Welsh, Carson, Anderson & Stowe (54%) and a unit of the
Blackstone Group (24%) are Centennial's controlling
shareholders.
* * *
As reported in the Troubled Company Reporter on Jul. 3, 2006,
Fitch assigned Centennial Communications Corp.'s issuer default
rating at 'B-' and senior unsecured notes rating at 'CCC/RR6'.
Fitch said the rating outlook is stable.
MUSICLAND HOLDING: Court Approves Amended Disclosure Statement
--------------------------------------------------------------
The Honorable Stuart M. Bernstein of the U.S. Bankruptcy Court for the
Southern District of New York approved the Disclosure Statement explaining
Musicland Holding Corp. and its debtor-affiliates' Joint Plan of Liquidation
on Oct. 13, 2006.
The Court held that the Disclosure Statement contains adequate
information within the meaning of Section 1125 of the Bankruptcy
Code.
Any objections to the Disclosure Statement that have not been
withdrawn are overruled.
Claims & Distributions
As reported in the Troubled Company Reporter on Sept. 19, 20056,
on the Effective Date, the Debtors will establish:
(i) a Senior Claims Reserve with sufficient fund to pay all
Allowed and Disputed Senior Claims to the extent those
Claims are not paid by the Debtors on the Effective Date;
and
(ii) an Administrative Fund with sufficient funds to pay the
projected costs and expenses of liquidating and
administering the Estates as set forth in the
Administrative Budget.
After the Effective Date, the Responsible Person will make
distributions to the holders of Allowed Senior Claims, which
become Allowed after the Effective Date from the Senior Claims
Reserve.
On the Effective Date, the Secured Trade Creditors will provide,
out of Secured Creditor Assets, these sums to be used to pay the
fees and expenses of the professionals to the Responsible Person:
(a) US$175,000 to be used to investigate and make a
recommendation whether or not to pursue any potential
Other Actions;
(b) US$250,000, plus any unused funds remaining in the
Investigation Fund after completion of the investigation,
to be used to Prosecute any Avoidance Actions; and
(c) US$_____ plus any unused funds remaining in the (i)
Investigation Fund, or (ii) Avoidance Fund after
completion of the Prosecution of the Avoidance Actions,
to be used to Prosecute any Other Actions.
The Responsible Person, in consultation with the Plan Committee
and in accordance with the Post-Effective Date Agreement, will
have sole and absolute authority to direct its selected counsel
and other advisors to prosecute (a) the Avoidance Actions to the
extent those Avoidance Actions are included on the Schedule of
Avoidance Actions, and (b) the Other Actions.
A full-text copy of Musicland's First Amended Joint Plan of
Liquidation is available for free at:
http://researcharchives.com/t/s?11ce
A full-text copy of the Disclosure Statement explaining
Musicland's First Amended Plan is available for free at:
http://researcharchives.com/t/s?11cf
Headquartered in New York, New York, Musicland Holding Corp., is a specialty
retailer of music, movies and entertainment-related
products. The Debtor and 14 of its affiliates filed for chapter
11 protection on Jan. 12, 2006 (Bankr. S.D.N.Y. Lead Case No.
06-10064). James H.M. Sprayregen, Esq., at Kirkland & Ellis,
represents the Debtors in their restructuring efforts. Mark T.
Power, Esq., at Hahn & Hessen LLP, represents the Official
Committee of Unsecured Creditors. When the Debtors filed for
protection from their creditors, they estimated more than US$100
million in assets and debts. (Musicland Bankruptcy News, Issue
No. 20; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
PIER 1 IMPORTS: Posts US$73 Million Net Loss in Second Quarter
--------------------------------------------------------------
For the three months ended Aug. 26, 2006, Pier 1 Imports Inc.
reported a US$73 million net loss on US$370.6 million of net revenues,
compared to a US$10.1 million net loss on US$423.6 million of net revenues
for the three months ended
Aug. 27, 2005.
The company ended the second quarter of fiscal 2007 with
US$150.3 million in cash and temporary investments compared to
US$40.6 million a year ago.
At the end of the second quarter, the company's minimum operating lease
commitments remaining for fiscal 2007 were US$118.8 million. The present
value of total existing minimum operating lease commitments discounted at
10% was US$890.6 million at the fiscal 2007 second quarter-end.
A full-text copy of the Company's Quarterly Report is available
for free at http://researcharchives.com/t/s?1391
Based in Fort Worth, Texas, Pier 1 Imports, Inc. (NYSE:PIR)
-- http://www.pier1.com/-- is a specialty retailer of imported
decorative home furnishings and gifts with Pier 1 Imports(R)
stores in 49 states, Puerto Rico, Canada, and Mexico and Pier 1
kids(R) stores in the United States.
* * *
As reported in the Troubled Company Reporter on Sept. 26, 2006,
Moody's Investors Service downgraded Pier 1's corporate family
rating to B3 from B1 following continued degradation in same store sales,
which have resulted in modest operating results and
negative free cash flow. Moody's said the rating outlook is stable.
PILGRIM'S PRIDE: DOJ Terminates Hart-Scott-Rodino Waiting Period
----------------------------------------------------------------
Pilgrim's Pride Corp. disclosed that the U.S. Antitrust Division of the
Department of Justice or DOJ has granted early termination of the waiting
period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in
connection with its offer to purchase all of the outstanding shares of Gold
Kist Inc. common stock for US$20 per share in cash.
O.B. Goolsby, Jr., president and chief executive officer of Pilgrim's Pride,
said, "We are pleased to have been granted early termination under HSR in
connection with our offer to purchase Gold Kist. This is a positive step
forward in our efforts to acquire Gold Kist."
Pilgrim's Pride commenced its offer to purchase all of the outstanding
shares of Gold Kist common stock for US$20 per share in cash on Sept. 29,
2006. The Pilgrim's Pride offer represents a premium of 55% over Gold
Kist's closing stock price on Aug. 18, 2006, the last day of trading before
Pilgrim's Pride notified Gold Kist's board of directors in a public letter
that it was proposing to acquire Gold Kist for US$20 per share in cash.
Pilgrim's Pride's tender offer is scheduled to expire at midnight, New York
City Time, on Oct. 27, 2006, unless extended.
Pilgrim's Pride has obtained financing for the tender offer through a
combination of an amendment to its existing credit facility and a commitment
letter for an additional credit facility from Lehman Brothers Inc.
Baker & McKenzie LLP and Morris, Nichols, Arsht & Tunnell, LLP are acting as
legal counsel and Credit Suisse, Legacy Partners Group LLC and Lehman
Brothers Inc. are acting as financial advisors to Pilgrim's Pride.
Innisfree M&A Incorporated is acting as information agent for Pilgrim's
Pride's offer.
Gold Kist Lawsuit Against Unaffected by
Early Termination of Hart-Scott-Rodino Waiting Period
Gold Kist Inc. responded to Pilgrim's Pride's announcement on the early
termination of the waiting period under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976 in connection with Pilgrim's unsolicited tender
offer to acquire all outstanding shares of common stock of Gold Kist at a
price of US$20.00 per share.
Gold Kist explained that the early termination of the HSR waiting period has
no effect on Gold Kist's lawsuit against Pilgrim's filed in the United
States District Court for the Northern District of Georgia on Oct. 12, 2006.
In its lawsuit, Gold Kist asserts claims under Section 8 of the Clayton Act,
as well as the federal securities laws. The HSR Act review process does not
address, or immunize a party from, a violation of Section 8 of the Clayton
Act, or from a violation of any other antitrust or securities laws.
Section 8 of the Clayton Act prohibits officers and directors of companies
of a certain size from sitting on the board of directors of a competitor.
The HSR Act, on the other hand, provides for agency review of potential
acquisitions of a certain size to determine whether the transaction, if
consummated, would violate Section 7 of the Clayton Act, which prohibits
mergers or acquisitions that may substantially lessen competition. The
early termination of the HSR waiting period, which was anticipated, does not
bar litigation challenging any aspect of the transaction under the antitrust
laws.
Gold Kist's lawsuit alleges that Pilgrim's attempt to add nine of its own
officers to the Board of Directors of Gold Kist prior to any possible
acquisition of Gold Kist would, if successful, violate Section 8 of the
Clayton Act. Gold Kist does not raise Section 7 claims in its lawsuit. The
early termination of the waiting period under the HSR Act is substantively
irrelevant to the issues raised in Gold Kist's lawsuit against Pilgrim's.
The Gold Kist Board believes that it is critical that its stockholders
receive full and fair disclosure about Pilgrim's tender offer and believes
that the election of Gold Kist directors should be in compliance with the
law. Gold Kist remains committed to pursuing its claims under Section 8 of
the Clayton Act and the federal securities laws, protecting the rights of
its stockholders to full and accurate disclosure regarding Pilgrim's tender
offer and protecting the integrity of the director election process. Gold
Kist believes Pilgrim's is not permitted to submit an alternative slate of
nominees under Gold Kist's bylaws and Delaware law.
The Board of Directors of Gold Kist has rejected, as inadequate, Pilgrim's
unsolicited tender offer and strongly recommends that its stockholders not
tender their shares.
Gold Kist's Board of Directors is committed to continuing to explore
strategic alternatives to seek to maximize value for the Company's
stockholders. A Special Committee of the Board, made up of independent
directors, is engaged in preliminary discussions with certain parties as
part of the Board's review of strategic alternatives to maximize shareholder
value.
Merrill Lynch & Co. and Gleacher Partners LLC are serving as financial
advisors to Gold Kist. Alston & Bird LLP and Richards, Layton & Finger P.A.
are serving as outside legal counsel to Gold Kist.
About Gold Kist
Based in Atlanta, Georgia, Gold Kist Incorporated (NASDAQ: GKIS)
-- http://www.goldkist.com/-- operates a fully integrated chicken
production, processing and marketing business. Gold Kist's production
operations include nine divisions located in Alabama, Florida, Georgia,
North Carolina and South Carolina.
About Pilgrim's Pride
Headquartered in Pittsburg, Texas, Pilgrim's Pride Corp.
(NYSE: PPC) -- http://www.pilgrimspride.com/-- produces,
distributes and markets poultry processed products through
retailers, foodservice distributors and restaurants in the
United States, Mexico and in Puerto Rico. Pilgrim's Pride
employs approximately 40,000 people and has major operations in
Texas, Alabama, Arkansas, Georgia, Kentucky, Louisiana, North
Carolina, Pennsylvania, Tennessee, Virginia, West Virginia,
Mexico and Puerto Rico, with other facilities in Arizona,
Florida, Iowa, Mississippi and Utah.
* * *
As reported in the Troubled Company Reporter on Oct. 3, 2006,
Moody's Investors Service placed the Ba3 senior unsecured, the B1 senior
subordinated, and the Ba2 corporate family ratings of
Pilgrim's Pride Corporation under review for possible downgrade.
The review followed Pilgrim's announcement that it intends to
commence a cash tender offer to purchase all of the outstanding
shares of Gold Kist, Inc. for approximately US$1 billion, as well as offer
to acquire Gold Kist's US$130 million in 10.25% senior notes.
As reported in the Troubled Company Reporter on Aug. 24, 2006,
Standard & Poor's Ratings Services placed its 'BB' corporate
credit rating and other ratings on Pilgrim's Pride on CreditWatch with
negative implications following the company's unsolicited bid for Gold Kist
Inc.
=================================
T R I N I D A D & T O B A G O
=================================
BRITISH WEST: Caribbean Airlines' Fleet Same as Firm's
------------------------------------------------------
Dionne Ligoure, the director of corporate affairs of British West Indies
Airlines aka BWIA, told Caribbean 360 that Caribbean Airlines' fleet will be
the same as that of BWIA, but with two less 737's.
Caribbean 360 relates that BWIA flies two Airbus A340s and seven 737-800s.
As reported in the Troubled Company Reporter-Latin America on Oct. 18, 2006,
Caribbean Airlines, which would take the place of BWIA, was launched on Oct.
16. Peter Davies, the chief executive officer of BWIA, said that Caribbean
Airlines would use the image of a hummingbird as its logo, as the
hummingbird is found in the New World and Trinidad and Tobago was known as
the Land of the Hummingbird. Caribbean Airlines will fly throughout the
Caribbean and to Miami, New York Toronto and London. Tickets bought for
travel on BWIA can be used in Caribbean Airlines. Frequent flyer miles and
membership in Club BWEE will be automatically transferred, guaranteeing
continuity and confidence for all clients.
British West Indies aka BWIA was founded in 1940, and for more than 60 years
has been serving the Caribbean islands from Trinidad and Tobago, the hub of
the Americas, linking the twin island republic and many other Caribbean
islands with North America, South America, the United Kingdom and Europe.
The airline has reportedly been losing US$1 million a week due to poor
operational management. An employee survey revealed that lack of
responsibility by the management is a major issue in the company. A number
of key employees moved to other companies caused by a deadlock in the
airline's negotiation with its labor union.
The Trinidad & Tobago government, which owns 97.188% of BWIA, decided to
shut down the airline on Dec. 31, 2006, and reopen a new airline that will
be called Caribbean Airlines. The government approved a substantial capital
injection for the creation of Caribbean Airlines.
DIGICEL: Assures Safety of Rooftop Antennae at University
---------------------------------------------------------
"Digicel reiterates that, as indicated by a number of internationally
recognised bodies including the World Health Organisation, there is no
reasonable evidence of any harmful effects of radio frequency emissions on
humans from cellular towers and this includes the University of the West
Indies rooftop antennae," Trinidad Express reports, citing a statement from
the company.
"It is important to note that UWI itself has confirmed that the emissions of
Digicel's antennae are well within the limit set by the Telecommunications
Authority of Trinidad and Tobago (TATT)," the statement added.
"In light of TATT's findings and the absence of reasonable evidence
supporting UWI's position on the effects of the emissions, Digicel finds it
difficult to see how any harm could be caused to the public, including UWI's
employees," Digicel said.
Digicel issued the statement in response to a call from vice chairman Peter
Permell at the Association for Radio Frequency Emission Control in Trinidad
and Tobago, the Express says.
"Serious concern has been expressed by the staff of the university
community, particularly those of the Engineering building, about the health
risks posed by the radiation emitted by the antennae," Mr. Permell was
quoted by the Express as saying.
Digicel added that the erection of the cellular antennae received approval
from the Town and Country Planning Division. The telecommunication provider
emphasized that the UWI antenna is vital for communication in the St.
Augustine area and "provides students on campus with added security," the
Express relates.
Digicel Limited 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 among others. 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.
* * *
On July 12, 2006, Moody's Investors Service assigned a B3 senior
unsecured rating to the US$150 million add-on Notes offering of
Digicel Limited and affirmed Digicel's existing B3 senior
unsecured and B1 Corporate Family Ratings. Moody's changed the outlook to
stable from positive.
Fitch Ratings assigned on July 14, 2006, a 'B' rating to Digicel
Limited's proposed add-on offering of US$150 million 9.25%
senior notes due 2012. These notes are an extension of the
US$300 million notes issued in July 2005. In addition, Fitch
also affirms Digicel's foreign currency Issuer Default Rating
and the existing US$300 million senior notes due 2012 at 'B'.
Fitch said the rating outlook is stable.
=============
U R U G U A Y
=============
* URUGUAY: IFC Asks Board to Grant Financing for Orion Pulp Mill
----------------------------------------------------------------
The World Bank Group's International Finance Corp. and Multilateral
Investment Guarantee Agency will ask their Boards of Directors to approve
IFC financing and MIGA guarantee support for Oy-Metsa Botnia's Orion pulp
mill project in Uruguay.
The decision to proceed was based on an extensive due diligence process,
which included the conclusive and positive findings of a cumulative impact
study and a subsequent review of the study undertaken by independent experts
(the Hatfield report).
The conclusions of the study and the experts' report confirm that the mill
will comply with IFC and MIGA's environmental and social policies while
generating significant economic benefits for the Uruguayan economy.
The experts' report, issued today, assesses the final cumulative impact
study, which examined the combined impacts of the Orion plant and Grupo
Empresarial ENCE's Celulosa de M'Bopicua plant. The experts reviewed
whether their recommendations and findings made in April 2006 were addressed
in the final study:
"We consider that the revised cumulative impact study of September 2006
effectively addresses the issues raised by ourselves and by stakeholders."
"We further consider that the study shows that the mills are designed in
accordance with modern, environmentally sustainable practices, in accordance
with Best Available Techniques."
The results of the cumulative impact study and the experts' report confirm
that the local area in Argentina and Uruguay will experience no adverse
environmental impacts. In particular, the Argentine city of Gualeguaychu
will experience no adverse environmental impacts.
IFC, the private sector arm of the World Bank Group, is considering
providing a US$170 million loan to the Orion pulp mill project. In
addition, MIGA is considering providing political risk insurance for the
project. IFC had been considering support for both the Orion and CMB
projects. However, following Grupo Empresarial ENCE's announcement to
relocate its plant, IFC has decided to put the CMB project on hold until the
Corporation has had an opportunity to assess that project in its new
location, and to consider only the financing of the Orion mill at this time.
IFC and MIGA will seek Board consideration for the Orion project in
mid-November.
The Orion project will have a significant, positive impact on the economy of
Uruguay. It is expected to generate revenues equivalent to 2 percent of the
country's GDP (2005 figures) and more than 8 percent of the country's
exports annually for an estimated 30 years of full production. The
employment impacts will also be significant. The Orion project will create
approximately 2,500 jobs in Uruguay, of which 300 will be at the mill and
2,200 will be in forestry and local transport. This project represents the
largest foreign investment in Uruguay's history and supports the country's
strategy to diversify its export base and increase its competitiveness. It
will help Uruguay move up the value chain beyond the export of primary
products.
For a copy of the cumulative impact study and the experts' report, and for
more information, please visit:
http://www.ifc.org/ifcext/lac.nsf/content/Uruguay_Pulp_Mills
* * *
Fitch Ratings assigned these ratings on Uruguay:
Rating Rating Date
------ -----------
Country Ceiling BB- Mar. 7, 2005
Long Term IDR B+ Dec. 14, 2005
Short Term IDR B Dec. 14, 2005
Local Currency
Long Term Issuer
Default Rating BB- Mar. 7, 2005
=================
V E N E Z U E L A
=================
PETROLEOS DE VENEZUELA: Meeting with Other LatAm State-Oil Firms
----------------------------------------------------------------
Petroleos de Venezuela, the state-run oil company of Venezuela, will be
meeting with representatives of other state-owned oil firms from Argentina,
Brazil, Ecuador, Colombia and Chile on Oct. 26 in Ecuador, Petroecuador, the
latter's state oil company, said in a statement.
Business News Americas relates that the firms will meet to analyze their:
-- structural and organizational processes;
-- domestic and international experience; and
-- legal, regulatory and tax frameworks.
According to BNamericas, the firms will also discuss:
-- financial systems,
-- environmental management, and
-- systems of control designed to ensure transparency.
Petroleos de Venezuela SA is Venezuela's state oil company in charge of the
development of the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the operational
activities of its divisions, both in Venezuela and abroad.
* * *
Standard & Poor's said on July 17 that it may lower the company's B+
foreign-currency debt rating in part because of the absence of timely
financial and operating information.
SHAW GROUP: Completes 20% Acquisition of Westinghouse Electric
--------------------------------------------------------------
The Shaw Group Inc. disclosed that the Westinghouse Acquisition Companies
have completed the acquisition of Westinghouse Electric Company. Shaw holds
20% interests in the Westinghouse Acquisition Companies through a wholly
owned subsidiary, Nuclear Energy Holdings, L.L.C. The acquisition completes
a series of transactions that result in Shaw's 20% ownership stake in
Westinghouse Electric Company. The remaining ownership in Westinghouse
Electric is held by Toshiba Corporation, 77%; and Ishikawajima-Harima Heavy
Industries Co., Ltd, 3%.
J.M. Bernhard, Jr., Chairman and Chief Executive Officer of Shaw, said,
"Along with Toshiba, we are very pleased to complete these transactions and
become a 20% owner of Westinghouse Electric, the premier provider of nuclear
fuels, services and pressurized water reactor technology in the world today.
With this transaction Shaw now holds a stake in every aspect of the nuclear
power business. As I stated two years ago before the U.S. Senate
Subcommittee on Energy, we believe that nuclear-powered electricity
generation will be critical to addressing the world's energy needs in the
21st century."
Mr. Bernhard continued, "In 1957, Westinghouse and Shaw successfully
collaborated to establish the first commercial nuclear plant reactor in the
United States at Shippingport, Pennsylvania. Today, Westinghouse remains a
leader in reactor primary systems, fuels, and equipment. Shaw is a
preeminent nuclear architect-engineer, constructor, and piping supplier and
Toshiba is a world leading manufacturer and supplier of boiling water
reactor nuclear technology, heavy equipment and components for nuclear power
plants. With this transaction, Toshiba, Shaw and Westinghouse have formed
the world's strongest nuclear services team and are positioned to lead in
all facets of the global nuclear renaissance."
The Shaw Group Inc. -- http://www.shawgrp.com/-- is a leading
global provider of technology, engineering, procurement,
construction, maintenance, fabrication, manufacturing,
consulting, remediation, and facilities management services for
government and private sector clients in the energy, chemical,
environmental, infrastructure and emergency response markets.
Headquartered in Baton Rouge, Louisiana, with over US$3 billion in annual
revenues, Shaw employs approximately 20,000 people at its offices and
operations in Venezuela, Chile, North America,
Europe, the Middle East and the Asia-Pacific region.
* * *
As reported on the Troubled Company Reporter on Oct 06, 2006,
Standard & Poor's Ratings Services placed its 'BB' corporate
credit rating and other ratings for The Shaw Group Inc. on
CreditWatch with negative implications.
"The CreditWatch placement followed followed the company's
announced agreement to take a 20% ownership interest in the
US$5.40 billion acquisition, led by Toshiba Corp. (BBB/Watch
Neg/A-2), of Westinghouse Electrical Company Co. from British
Nuclear Fuels Ltd.," said Standard & Poor's credit analyst Dan
Picciotto.
UNIVERSAL COMPRESSION: Prices IPO at US$21 Per Common Unit
----------------------------------------------------------
Universal Compression Partners, L.P. disclosed the pricing of the initial
public offering of 5,500,000 of its common units at US$21.00 per unit. The
underwriters have been granted a 30-day over-allotment option to purchase up
to 825,000 additional common units. The common units will begin trading
today on the Nasdaq Global Market under the symbol "UCLP." The offering is
expected to close on or about Oct. 20, 2006.
The common units offered to the public will represent approximately 42.6% of
the outstanding equity of Universal Compression Partners, or approximately
49.0% if the underwriters exercise in full their over-allotment option.
Universal Compression Holdings, Inc., will indirectly own the remaining
equity interests in Universal Compression Partners.
Merrill Lynch & Co. and Lehman Brothers are acting as joint book-running
managers, Wachovia Securities is acting as joint lead manager and A.G.
Edwards and Deutsche Bank Securities are acting as co-managers for the
offering.
Headquartered in Houston, Texas, Universal Compression, Inc. --
http://www.universalcompression.com/-- provides natural gas
compression equipment and services, primarily to the energy
industry in the United States, as well as in Canada, Venezuela,
Argentina, Columbia, and Australia.
* * *
As reported in the Troubled Company Reporter-LatinAmerica on
Oct. 9, 2006, in connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the oilfield service and refining
and marketing sectors last week, the rating agency confirmed its
Ba2 Corporate Family Rating for Universal Compression Inc.
In addition, Moody's revised its probability-of-default ratings
and assigned loss-given-default ratings on these debentures:
Projected
Old POD New POD LGD Loss-Given
Debt Issue Rating Rating Rating Default
---------- ------- ------- ------ ----------
Sr. Sec. Gtd.
Term Loan
Due 2012 Ba2 Ba1 LGD3 36%
Sr. Sec. Gtd.
Revolving Credit
Facility Due 2010 Ba2 Ba1 LGD3 36%
7.25% Sr. Unsec.
Global Notes
Due 2010 Ba3 B1 LGD5 88%
* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
October 19, 2006
BEARD AUDIO CONFERENCES
Surviving the Digital Deluge:
Best Practices in E-Discovery and Records
Management for Bankruptcy Practitioners and Litigators
Contact: http://www.beardaudioconferences.com
240-629-3300
October 25, 2006
BEARD AUDIO CONFERENCES
Deepening Insolvency - Widening Controversy:
Current Risks, Latest Decisions
Review Risks, Examine Latest Decisions Affecting
Directors, Advisors and Lenders of Troubled Companies
Management for Bankruptcy Practitioners and Litigators
Contact: http://www.beardaudioconferences.com
240-629-3300
October 16, 2006
TURNAROUND MANAGEMENT ASSOCIATION
Luncheon Presentation with
guest speaker Jeff Carhart of Miller Thomson
Petroleum Club, Edmonton, AB
Contact: http://www.turnaround.org/
October 16, 2006
AMERICAN BANKRUPTCY INSTITUTE
A Year After BAPCPA
Georgetown University Law Center, Washington, DC
Contact: 1-703-739-0800; http://www.abiworld.org/
October 17, 2006
TURNAROUND MANAGEMENT ASSOCIATION
Updates on the New Bankruptcy Law
Kansas City, Missouri
Contact: http://www.turnaround.org/
October 18-19, 2006
EUROMONEY
2nd Annual Latin America Syndicated Loans Conference
JW Marriott Hotel, Miami, FL
Contact: http://www.euromoneyplc.com/
October 18, 2006
TURNAROUND MANAGEMENT ASSOCIATION
Dinner Meeting
Washington Athletic Club, Seattle, WA
Contact: http://www.turnaround.org/
October 19, 2006
TURNAROUND MANAGEMENT ASSOCIATION
TMA of Nevada's 1st Breakfast Meeting
The A,B,C's of Valuing and Selling a Business
Palace Station, Las Vegas, NV
Contact: http://www.turnaround.org/
October 19, 2006
TURNAROUND MANAGEMENT ASSOCIATION
Navigating the Potholes and Speed Bumps on Today's
Economic Highway
Waller Lansden Dortch & Davis
Nashville, TN
Contact: http://www.turnaround.org/
October 19, 2006
BEARD AUDIO CONFERENCES
Surviving the Digital Deluge:
Best Practices in e-Discovery and Records Management
for Bankruptcy Practitioners and Litigators
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
October 19, 2006
TURNAROUND MANAGEMENT ASSOCIATION
Billards Networking Night - Young Professionals
TBA, New Jersey
Contact: 908-575-7333 or http://www.turnaround.org/
October 21, 2006
TURNAROUND MANAGEMENT ASSOCIATION
Applying Lean Methodology to Manage
Operational Turnarounds
Oxford Hotel, Denver, CO
Contact: http://www.turnaround.org/
October 23, 2006
TURNAROUND MANAGEMENT ASSOCIATION
Annual Meeting and Networking Reception
100th Bomb Group & Banquet Facility
Cleveland, OH
Contact: http://www.turnaround.org/
October 23, 2006
TURNAROUND MANAGEMENT ASSOCIATION
A View from the Bench: A Panel Discussion
Recent Developments in Bankruptcy
Sheraton at Four Seasons, Greensboro, NC
Contact: http://www.turnaround.org/
October 25, 2006
BEARD AUDIO CONFERECES
Deepening Insolvency - Widening Controversy: Current Risks,
Latest Decisions, Review Risks, Examine Latest Decisions
Affecting Directors, Advisors and Lenders of Troubled
Companies
Contact: http://www.beardaudioconferences.com/
240-629-3300
October 26, 2006
TURNAROUND MANAGEMENT ASSOCIATION
Breakfast Event "The Latest in Fraud Investigations"
with guest speaker Chad Cretney of
PricewaterhouseCoopers
Ernst & Young Tower
Calgary, AB
Contact: http://www.turnaround.org/
October 26, 2006
TURNAROUND MANAGEMENT ASSOCIATION
Hedge Funds - Expanded Financing Opportunities in Business
Turnarounds
Arizona
Contact: http://www.turnaround.org/
October 26, 2006
TURNAROUND MANAGEMENT ASSOCIATION
Breakfast Speaker Series #3
TBA, Calgary, Alberta
Contact: 403-294-4954 or http://www.turnaround.org/
October 26, 2006
TURNAROUND MANAGEMENT ASSOCIATION
Breakfast Speaker Series #3
TBA, Calgary, Alberta
Contact: 403-294-4954 or http://www.turnaround.org/
October 27, 2006
TURNAROUND MANAGEMENT ASSOCIATION
Breakfast with Coach Dan Reeves
Westin Buckhead, Atlanta, GA
Contact: 678-795-8103 or http://www.turnaround.org/
October 28, 2006
TURNAROUND MANAGEMENT ASSOCIATION
BK/TMA Golf Tournament
Orange Tree Golf Resort, AZ
Contact: 623-581-3597 or http://www.turnaround.org/
October 30-31, 2006
Distressed Debt Summit: Preparing for the Next Default Cycle
Financial Research Associates LLC
Helmsley Hotel, New York, NY
Contact: http://www.frallc.com/
October 31, 2006
TURNAROUND MANAGEMENT ASSOCIATION
Luncheon
Citrus Club, Orlando, Florida
Contact: 561-882-1331 or http://www.turnaround.org/
October 31 - November 1, 2006
INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION
IWIRC Annual Conference
San Francisco, California
Contact: http://www.iwirc.com/
November 1, 2006
ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
AIRA/NCBJ Dessert Reception
Marriott, San Francisco, CA
Contact: 415-896-1600 or http://www.airacira.org/
November 1, 2006
TURNAROUND MANAGEMENT ASSOCIATION
Halloween Isn't Over! - Ghosts of turnarounds past who
remind you about what you should have done differently
Portland, Oregon
Contact: http://www.turnaround.org/
November 1-4, 2006
NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
National Conference of Bankruptcy Judges
San Francisco, California
Contact: http://www.ncbj.org/
November 2, 2006
TURNAROUND MANAGEMENT ASSOCIATION
TMA UK Annual Conference
Millennium Gloucester Hotel, London, UK
Contact: http://www.turnaround.org/
November 2-3, 2006
BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
Third Annual Conference on Physician Agreements & Ventures
Successful Strategies for Medical Transactions and
Investments
The Millennium Knickerbocker Hotel - Chicago
Contact: 903-595-3800; 1-800-726-2524;
http://www.renaissanceamerican.com/
November 3, 2006
ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
AIRA/NCBJ Breakfast Program
Marriott, San Francisco, CA
Contact: 415-896-1600 or http://www.airacira.org/
November 7, 2006
TURNAROUND MANAGEMENT ASSOCIATION
Networking Breakfast
Marriott, Bridgewater, New Jersey
Contact: 908-575-7333 or http://www.turnaround.org/
November 7-8, 2006
EUROMONEY
5th Annual Distressed Debt Investment Symposium
Hyatt Regency, London, UK
Contact: http://www.euromoneyplc.com/
November 8, 2006
TURNAROUND MANAGEMENT ASSOCIATION
Luncheon & Guest Speaker, Joel Naroff to
discuss the economy, lending and M&A markets
Davio's Northern Italian Steakhouse, Philadelphia, PA
Contact: http://www.turnaround.org/
November 8, 2006
TURNAROUND MANAGEMENT ASSOCIATION
Breakfast Meeting
Marriott Tyson's Corner, Vienna, Virginia
Contact: 703-912-3309 or http://www.turnaround.org/
November 8, 2006
TURNAROUND MANAGEMENT ASSOCIATION
TMA Australia National Conference
Sydney, Australia
Contact: http://www.turnaround.org/
November 9, 2006
TURNAROUND MANAGEMENT ASSOCIATION
Webinar "Second Lien Financing or Investing: Are
There Opportunities for You?"
TMA HQ, Chicago, IL
Contact: http://www.turnaround.org/
November 14, 2006
TURNAROUND MANAGEMENT ASSOCIATION
Luncheon Program
St. Louis, Missouri
Contact: 815-469-2935 or http://www.turnaround.org/
November 14, 2006
TURNAROUND MANAGEMENT ASSOCIATION
Luncheon Program - Cost Containment Strategies
St. Louis, MO
Contact: http://www.turnaround.org/
November 14, 2006
TURNAROUND MANAGEMENT ASSOCIATION
Holiday Cocktail Reception Honoring the
Bankruptcy Benches of the Southern &
Eastern Districts of New York and New Jersey
Association of the Bar of the City of New York
New York, NY
Contact: http://www.turnaround.org/
November 15, 2006
TURNAROUND MANAGEMENT ASSOCIATION
Joint Reception with NYIC/NYTMA
TBA, New York
Contact: 908-575-7333 or http://www.turnaround.org/
November 15, 2006
LI TMA Formal Event
TMA Australia National Conference
Long Island, New York
Contact: http://www.turnaround.org/
November 15, 2006
TURNAROUND MANAGEMENT ASSOCIATION
South Florida Dinner
Citrus Club, Orlando, Florida
Contact: 561-882-1331 or http://www.turnaround.org/
November 15-16, 2006
EUROMONEY INSTITUTIONAL INVESTOR
Asia Capital Markets Forum
Island Shangri-La, Hong Kong
Contact: http://www.euromoneyplc.com/
November 16, 2006
TURNAROUND MANAGEMENT ASSOCIATION
Bankruptcy Judges Panel
Duquesne Club, Pittsburgh, Pennsylvania
Contact: http://www.turnaround.org/
November 16, 2006
TURNAROUND MANAGEMENT ASSOCIATION
Dinner Program
TBA, Seattle, Washington
Contact: 503-223-6222 or http://www.turnaround.org/
November 16, 2006
TURNAROUND MANAGEMENT ASSOCIATION
Dinner Program
TBA, Seattle, WA
Contact: 403-294-4954 or http://www.turnaround.org/
November 16, 2006
TURNAROUND MANAGEMENT ASSOCIATION
Life in the Bankruptcy Court with BAPCPA,
A View from The Bench
Oxford Hotel, Denver, CO
Contact: http://www.turnaround.org/
November 16-17, 2006
STRATEGIC RESEARCH INSTITUTE
8th Annual West Distressed Debt Investing Forum
Venetian Resort Hotel Casino, Las Vegas, NV
Contact: http://www.srinstitute.com
November 17, 2006
TURNAROUND MANAGEMENT ASSOCIATION
Breakfast with Harry Nolan, Author of
Airline without a Pilot - Lessons in Leadership
Westin Buckhead, Atlanta, GA
Contact: http://www.turnaround.org/
November 23, 2006
TURNAROUND MANAGEMENT ASSOCIATION
Martini Party
Vancouver, British Columbia
Contact: 403-294-4954 or http://www.turnaround.org/
November 23-24, 2006
EUROMONEY CONFERENCES
5th Annual China Conference
China World Hotel
Beijing, China
Contact: http://www.euromoneyconferences.com/
November 27-28, 2006
BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
Thirteenth Annual Conference on Distressed Investing
Maximizing Profits in the Distressed Debt Market
The Essex House Hotel - New York
Contact: 903-595-3800; 1-800-726-2524;
http://www.renaissanceamerican.com/
November 28, 2006
TURNAROUND MANAGEMENT ASSOCIATION
Luncheon
Centre Club, Tampa, FL
Contact: 561-882-1331 or http://www.turnaround.org/
November 28, 2006
TURNAROUND MANAGEMENT ASSOCIATION
Joint TMA Florida/ACG Tampa Bay Luncheon
Buying and Selling a Troubled Company
Centre Club, Tampa, FL
Contact: http://www.turnaround.org/
November 29, 2006
TURNAROUND MANAGEMENT ASSOCIATION
Special Program
TBA, New Jersey
Contact: 908-575-7333 or http://www.turnaround.org/
November 29, 2006
TURNAROUND MANAGEMENT ASSOCIATION
Turnaround Industry Trends
Jasna Polana, Princeton, NJ
Contact: http://www.turnaround.org/
November 30, 2006
EUROMONEY CONFERENCES
Euromoney/DIFC Annual Conference
Managing superabundant liquidity
Madinat Jumeirah, Dubai
Contact: http://www.euromoneyconferences.com/
November 30-December 2, 2006
AMERICAN BANKRUPTCY INSTITUTE
Winter Leadership Conference
Hyatt Regency at Gainey Ranch, Scottsdale, Arizona
Contact: 1-703-739-0800; http://www.abiworld.org/
December 5, 2006
EUROMONEY CONFERENCES
CFO Forum
Hyatt Regency, Hangzhou, China
Contact: http://www.euromoneyconferences.com/
December 6, 2006
TURNAROUND MANAGEMENT ASSOCIATION
Holiday Dinner
Portland, Oregon
Contact: 503-223-6222 or http://www.turnaround.org/
December 7, 2006
TURNAROUND MANAGEMENT ASSOCIATION
Networking Breakfast
The Newark Club, Newark, New Jersey
Contact: 908-575-7333 or http://www.turnaround.org/
December 7, 2006
TURNAROUND MANAGEMENT ASSOCIATION
Cash Management After The Storm:
Near-Term Planning for Long-Term Business Success
Sheraton, Metairie, LA
Contact: http://www.turnaround.org/
December 13, 2006
TURNAROUND MANAGEMENT ASSOCIATION
LI TMA Holiday Party
TBA, Long Island, New York
Contact: 631-251-6296 or http://www.turnaround.org/
December 13, 2006
TURNAROUND MANAGEMENT ASSOCIATION
Christmas Function
GE Commercial Finance, Sydney, Australia
Contact: 0438 653 179 or http://www.turnaround.org/
December 20, 2006
TURNAROUND MANAGEMENT ASSOCIATION
Holiday Extravaganza - TMA, AVF & CFA
Georgia Aquarium, Atlanta, GA
Contact: 678-795-8103 or http://www.turnaround.org/
January 11, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Lender's Panel
University Club, Jacksonville, FL
Contact: http://www.turnaround.org/
January 12, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Annual Lender's Panel Breakfast
Westin Buckhead, Atlanta, GA
Contact: http://www.turnaround.org/
January 17, 2007
TURNAROUND MANAGEMENT ASSOCIATION
South Florida Dinner
TBA, South FL
Contact: 561-882-1331 or http://www.turnaround.org/
January 17-19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Distressed Investing Conference
Wynn, Las Vegas, NV
Contact: http://www.turnaround.org/
February 8-11, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Certified Turnaround Professional (CTP) Training
NY/NJ
Contact: http://www.turnaround.org/
February 22, 2007
TURNAROUND MANAGEMENT ASSOCIATION
TMA PowerPlay - Atlanta Thrashers
Philips Arena, Atlanta, GA
Contact: 678-795-8103 or http://www.turnaround.org/
January 25-27, 2007
AMERICAN BANKRUPTCY INSTITUTE
Rocky Mountain Bankruptcy Conference
Hyatt Regency, Denver, CO
Contact: 1-703-739-0800; http://www.abiworld.org/
February 25-26, 2007
NORTON INSTITUTES
Norton Bankruptcy Litigation Institute
Marriott Park City, UT
Contact: http://www2.nortoninstitutes.org/
February 2007
AMERICAN BANKRUPTCY INSTITUTE
International Insolvency Symposium
San Juan, Puerto Rico
Contact: 1-703-739-0800; http://www.abiworld.org/
March 15, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Martini Madness Cocktail Reception with Geraldine Ferraro
Westin Buckhead, Atlanta, GA
Contact: 678-795-8103 or http://www.turnaround.org/
March 15-18, 2007
NATIONAL ASSOCIATION OF BANKRUTPCY TRUSTEES
NABT Spring Seminar
Ritz-Carlton Buckhead, Atlanta, GA
Contact: http://www.NABT.com/
March 21, 2007
TURNAROUND MANAGEMENT ASSOCIATION
South Florida Dinner
TBA, South FL
Contact: 561-882-1331 or http://www.turnaround.org/
March 27-31, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Spring Conference
Four Seasons Las Colinas, Dallas, Texas
Contact: http://www.turnaround.org/
March 29-31, 2007
ALI-ABA
Chapter 11 Business Reorganizations
Scottsdale, Arizona
Contact: 1-800-CLE-NEWS; http://www.ali-aba.org/
April 11-15, 2007
AMERICAN BANKRUPTCY INSTITUTE
ABI Annual Spring Meeting
J.W. Marriott, Washington, DC
Contact: 1-703-739-0800; http://www.abiworld.org/
April 12, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Luncheon
University Club, Jacksonville, FL
Contact: 561-882-1331 or http://www.turnaround.org/
April 20, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Breakfast meeting with Chapter President, Bruce Sim
Westin Buckhead, Atlanta, GA
Contact: 678-795-8103 or http://www.turnaround.org/
April 29 - May 1, 2007
INTERNATIONAL BAR ASSOCIATION
International Insolvency Conference
Zurich, Switzerland
Contact: http://www.ibanet.org/
May 14, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Annual TMA Atlanta Golf Outing
White Columns, Atlanta, GA
Contact: 678-795-8103 or http://www.turnaround.org/
May 16, 2007
TURNAROUND MANAGEMENT ASSOCIATION
South Florida Dinner
TBA, South FL
Contact: 561-882-1331 or http://www.turnaround.org/
June 6-9, 2007
ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
23rd Annual Bankruptcy & Restructuring Conference
Westin River North, Chicago, Illinois
Contact: http://www.airacira.org/
June 14-17, 2007
AMERICAN BANKRUPTCY INSTITUTE
Central States Bankruptcy Workshop
Grand Traverse Resort, Traverse City, Michigan
Contact: 1-703-739-0800; http://www.abiworld.org/
June 28 - July 1, 2007
NORTON INSTITUTES
Norton Bankruptcy Litigation Institute
Jackson Lake Lodge, Jackson Hole, WY
Contact: http://www2.nortoninstitutes.org/
July 12, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Luncheon
University Club, Jacksonville, FL
Contact: 561-882-1331 or www.turnaround.org
July 12-15, 2007
AMERICAN BANKRUPTCY INSTITUTE
Northeast Bankruptcy Conference
Marriott, Newport, RI
Contact: 1-703-739-0800; http://www.abiworld.org/
July 18, 2007
TURNAROUND MANAGEMENT ASSOCIATION
South Florida Dinner
TBA, South FL
Contact: 561-882-1331 or http://www.turnaround.org/
September 19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
South Florida Dinner
TBA, South FL
Contact: 561-882-1331 or http://www.turnaround.org/
October 10-13, 2007
NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
National Conference of Bankruptcy Judges
Orlando, Florida
Contact: http://www.ncbj.org/
October 11, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Luncheon
University Club, Jacksonville, FL
Contact: 561-882-1331 or http://www.turnaround.org/
October 16-19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Marriott Copley Place, Boston, Massachusetts
Contact: 312-578-6900; http://www.turnaround.org/
December 6-8, 2007
AMERICAN BANKRUPTCY INSTITUTE
Winter Leadership Conference
Westin Mission Hills Resort, Rancho Mirage, California
Contact: 1-703-739-0800; http://www.abiworld.org/
December 19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
South Florida Dinner
TBA, South FL
Contact: 561-882-1331 or http://www.turnaround.org/
January 10, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Luncheon
University Club, Jacksonville, FL
March 25-29, 2008
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
Ritz Carlton Grande Lakes, Orlando, Florida
Contact: http://www.turnaround.org/
June 4-7, 2008
ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
24th Annual Bankruptcy & Restructuring Conference
JW Marriott Spa and Resort, Las Vegas, NV
Contact: http://www.airacira.org/
September 24-27, 2008
NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
National Conference of Bankruptcy Judges
Scottsdale, Arizona
Contact: http://www.ncbj.org/
October 28-31, 2008
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Marriott Copley Place, Boston, Massachusetts
Contact: 312-578-6900; http://www.turnaround.org/
October 5-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Marriott Desert Ridge, Phoenix, Arizona
Contact: 312-578-6900; http://www.turnaround.org/
2009 (TBA)
NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
National Conference of Bankruptcy Judges
Las Vegas, Nevada
Contact: http://www.ncbj.org/
October 4-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
JW Marriott Grande Lakes, Orlando, Florida
Contact: http://www.turnaround.org/
2010 (TBA)
NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
National Conference of Bankruptcy Judges
New Orleans, Louisiana
Contact: http://www.ncbj.org/
BEARD AUDIO CONFERENCES
Coming Changes in Small Business Bankruptcy
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Distressed Real Estate under BAPCPA
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
High-Yield Opportunities in Distressed Investing
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Fundamentals of Corporate Bankruptcy and Restructuring
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Reverse Mergers - the New IPO?
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
Employee Benefits and Executive Compensation
under the New Code
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Validating Distressed Security Portfolios: Year-End Price
Validation and Risk Assessment
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Changing Roles & Responsibilities of Creditors' Committees
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
Healthcare Bankruptcy Reforms
Audio Conference Recording
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
The Emerging Role of Corporate Compliance Panels
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com
BEARD AUDIO CONFERENCES
Privacy Rights, Protections & Pitfalls in Bankruptcy
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com
BEARD AUDIO CONFERENCES
High-Yield Opportunities in Distressed Investing
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com
BEARD AUDIO CONFERENCES
BAPCPA One Year On: Lessons Learned and Outlook
Contact: http://www.beardaudioconferences.com
240-629-3300
BEARD AUDIO CONFERENCES
Calpine's Chapter 11 Filing
Contact: http://www.beardaudioconferences.com
240-629-3300
BEARD AUDIO CONFERENCES
Changes to Cross-Border Insolvencies
Contact: http://www.beardaudioconferences.com
240-629-3300
BEARD AUDIO CONFERENCES
Changing Roles & Responsibilities of Creditors' Committees
Contact: http://www.beardaudioconferences.com
240-629-3300
BEARD AUDIO CONFERENCES
Clash of the Titans -- Bankruptcy vs. IP Rights
Contact: http://www.beardaudioconferences.com
240-629-3300
BEARD AUDIO CONFERENCES
Coming Changes in Small Business Bankruptcy
Contact: http://www.beardaudioconferences.com
240-629-3300
BEARD AUDIO CONFERENCES
Dana's Chapter 11 Filing
Contact: http://www.beardaudioconferences.com
240-629-3300
BEARD AUDIO CONFERENCES
Deepening Insolvency - Widening Controversy: Current Risks,
Latest Decisions
Contact: http://www.beardaudioconferences.com
240-629-3300
BEARD AUDIO CONFERENCES
Distressed Market Opportunities
Contact: http://www.beardaudioconferences.com
240-629-3300
BEARD AUDIO CONFERENCES
Distressed Real Estate under BAPCPA
Contact: http://www.beardaudioconferences.com
240-629-3300
BEARD AUDIO CONFERENCES
Employee Benefits and Executive Compensation under the New
Code
Contact: http://www.beardaudioconferences.com
240-629-3300
BEARD AUDIO CONFERENCES
Fundamentals of Corporate Bankruptcy and Restructuring
Contact: http://www.beardaudioconferences.com
240-629-3300
BEARD AUDIO CONFERENCES
Healthcare Bankruptcy Reforms
Contact: http://www.beardaudioconferences.com
240-629-3300
BEARD AUDIO CONFERENCES
High-Yield Opportunities in Distressed Investing
Contact: http://www.beardaudioconferences.com
240-629-3300
BEARD AUDIO CONFERENCES
Homestead Exemptions under BAPCPA
Contact: http://www.beardaudioconferences.com
240-629-3300
BEARD AUDIO CONFERENCES
Privacy Rights, Protections & Pitfalls in Bankruptcy
Contact: http://www.beardaudioconferences.com
240-629-3300
BEARD AUDIO CONFERENCES
Reverse Mergers-the New IPO?
Contact: http://www.beardaudioconferences.com
240-629-3300
BEARD AUDIO CONFERENCES
Surviving the Digital Deluge: Best Practices in E-Discovery
and Records Management for Bankruptcy Practitioners and
Litigators
Contact: http://www.beardaudioconferences.com
240-629-3300
BEARD AUDIO CONFERENCES
Validating Distressed Security Portfolios: Year-End Price
Validation and Risk Assessment
Contact: http://www.beardaudioconferences.com
240-629-3300
BEARD AUDIO CONFERENCES
When Tenants File -- A Landlord's BAPCPA Survival Guide
Contact: http://www.beardaudioconferences.com
240-629-3300
The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday. Submissions via e-mail
to conferences@bankrupt.com are encouraged.
***********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter - Latin America is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA,
and Beard Group, Inc., Frederick, Maryland USA. Marjorie C. Sabijon, Sheryl
Joy P. Olano, Stella Mae Hechanova, and Christian Toledo, Editors.
Copyright 2006. All rights reserved. ISSN 1529-2746.
This material is copyrighted and any commercial use, resale or publication
in any form (including e-mail forwarding, electronic re-mailing and
photocopying) is strictly prohibited without prior written permission of the
publishers.
Information contained herein is obtained from sources believed to be
reliable, but is not guaranteed.
The TCR Latin America subscription rate is US$575 per half-year, delivered
via e-mail. Additional e-mail subscriptions for members of the same firm
for the term of the initial subscription or balance thereof are US$25 each.
For subscription information, contact Christopher Beard at
240/629-3300.
* * * End of Transmission * * *